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+the time value of the option. The time value reflects the possibility that
+exercise will become more profitable if the futures price moves farther
+away from the strike price. Generally, the more time until expiration, the
+greater the time value of the option because the likelihood of the option
+becoming profitable to exercise is greater. At expiration, the time value is
+zero and the option price equals the intrinsic value.
+Volatility
+The degree of fluctuation in the price of the underlying futures contract is
+known as “volatility” (see Appendix B, Resources, for the formula). The
+greater the volatility of the futures, the higher the option premium. The
+price of a futures option is a function of the futures price, the strike price,
+the time left to expiration, the money market rate, and the volatility of the
+futures price. Of these variables, volatility is the only one that cannot be
+observed directly. Considering all the other variables are known, however, it
+is possible to infer from option prices an estimate of how the market is
+gauging volatility. This estimate is called the “implied volatility” of the
+option. It measures the market's average expectation of what the volatility
+of the underlying futures return will be until the expiration of the option.
+Implied volatility is usually expressed in annualized terms. The significance
+and use of implied volatility is potentially complex and confusing for the
+general investor, professionals having a decided edge in this area. Their
+edge can be removed by serious study.
+Exercising the option
+At expiration, the rules of optimal exercise are clear. The call owner should
+exercise the option if the strike price is less than the underlying futures
+price. The value of the exercised call is the difference between the futures
+price and the strike price. Conversely, the put owner should exercise the
+option if the strike price is greater than the futures price. The value of the
+exercised put is the difference between the strike price and the futures price.
+To illustrate, if the price of the expiring futures contract is 7,600, a call
+struck at 7,500 should be exercised, but a put at the same or lower strike
+price should not. The value of the exercised call is $1,000. The value of the