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training_data/curated/text/f71e5c66f5827f207d8d9d79afe871c5f3a9cb0a58f341537558bf47a5e7caec.txt

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+662 Part V: Index Options and Futures 
+Thus, if one is long calls or short puts and, therefore, acquires a long futures 
+contract via exercise or assignment, respectively, he should be aware of when the first 
+notice day of the futures is; he could receive a delivery notice on his longfutures posi­
+tion unexpectedly if he is not paying attention. 
+OTHER TERMS 
+Striking Price Intervals. Just as futures on differing physical commodities have 
+differing terms, so do options on those futures. Striking price intervals are a prime 
+example. Some options have striking prices 5 points apart, while others have strikes 
+only 1 point apart, reflecting the volatility of the futures contract. Specifically, S&P 
+500 options have striking prices 5 points apart, while soybean options striking prices 
+are 25 points (25 cents) apart, and gold options are 10 points ($10) apart. Moreover, 
+as is often the case ,vith stocks, the striking price differential for a particular com­
+modity may change if the price of the commodity itself is vastly different. 
+Example: Gold is quoted in dollars per ounce. Depending on the price of the futures 
+contract, the striking price interval may be changed. The current rules are: 
+Striking Price 
+Interval 
+$10 
+$20 
+$50 
+Price of Futures 
+below $500/oz. 
+between $500 and $1,000/oz. 
+above $1,000/oz. 
+Thus, when gold futures are more expensive, the striking prices are further 
+apart. Note that gold has never traded above $1,000/oz., but the option exchanges are 
+all set if it does. 
+This variability in the striking prices is common for many commodities. In fact, 
+some commodities alter the striking price interval depending on how much time is 
+remaining until expiration, possibly in addition to the actual prices of the futures 
+themselves. 
+Realizing that the striking price intervals may change - that is, that new strikes 
+will be added when the contract nears maturity - may help to plan some strategies, 
+as it will give more choices to the strategist as to which options he can use to hedge 
+or adjust his position. 
+Automatic Exercise. All futures options are subject to automatic exercise as are 
+stock options. In general, a futures option will be exercised automatically, even if it is