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+660 Part V: Index Options and Futures 
+priced or underpriced as well. The arbitrage possibilities would be calculated in a 
+manner similar to that described for index futures, the futures premium versus cash 
+being the determining factor. 
+OPTIONS ON FUTURES 
+The reader is somewhat familiar with options on futures, having seen many examples 
+of index futures options. The commercial use of the option is to lock in a worst-case 
+price as opposed to a future price. The U.S. businessman from the earlier example 
+sold Swiss franc futures to lock in a future price. However, he might decide instead 
+to buy Swiss franc futures put options to hedge his downside risk, but still leave room 
+for upside profits if the currency markets move in his favor. 
+DESCRIPTION 
+A futures option is an option on the futures contract, not on the cash commodity. 
+Thus, if one exercises or assigns a futures option, he buys or sells the futures contract. 
+The options are always for one contract of the underlying commodity. Splits and 
+adjustments do not apply in the futures markets as they do for stock options. Futures 
+options generally trade in the same denominations as the future itself ( there are a few 
+exceptions to this rule, such as the T-bond options, which trade in sixty-fourths while 
+the futures trade in thirty-seconds). 
+Example: Soybean options will be used to illustrate the above features of futures 
+options. 
+Suppose that March soybeans are selling at 575. 
+Soybean quotes are in cents. Thus, 575 is $5.75 - soybeans cost $5.75 per 
+bushel. A soybean contract is for 5,000 bushels of soybeans, so a one-cent move is 
+worth $50 (5,000 x .01). -
+Suppose the following option prices exist. The dollar cost of the options is also 
+shown (one cent is worth $50). 
+Option Price Dollar Cost 
+March 525 put 5 $ 250 
+March 550 call 35 1/2 $1,775 
+March 600 call 81/4 $ 412.50 
+The actual dollar cost is not necessary for the option strategist to determine the 
+profitability of a certain strategy. For example, if one buys the March 600 call, he