Chapter 34: Futures and Futures Options 
TABLE 34-1. 
Month symbols for futures or futures options. 
Futures or Futures Options 
Expiration Month Month Symbol 
January F 
February G 
March H 
April J 
May K 
June M 
July N 
August Q 
September u 
October V 
November X 
December z 
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Bid-Offer Spread. The actual markets - bids and offers - for most futures 
options are not generally available from quote vendors ( options traded on the 
Chicago Mere are usually a pleasant exception). The same is true for futures con­
tracts themselves. One can always request a ~rket from the trading floor, but that 
is a time-consuming process and is impractic!al if one is attempting to analyze a large 
number of options. Strategists who are used to dealing in stock or index options will 
find this to be a major inconvenience. The situation has persisted for years and shows 
no sign of improving. 
Commissions. Futures traders generally pay a commission only on the closing 
side of a trade. If a speculator first buys gold futures, he pays no commission at that 
time. Later, when he sells what he is long - closes his position - he is charged a com­
mission. This is referred to as a "round-tum" commission, for obvious reasons. Many 
futures brokerage firms treat future options the same way - with a round-tum com­
mission. Stock option traders are used to paying a commission on every buy and sell, 
and there are still a few futures option brokers who treat futures options that way, 
too. This is an important difference. Consider the following example. 
Example: A futures option trader has been paying a commission of $15 per side -
that is, he pays a commission of $15 per contract each time he buys and sells. His bro-