I.Underlying

The underlying of an option contract refers to the assets that the buyer of the 

option contract has the right to buy (sell) and the seller has the obligation to 

sell (buy). The underlying of an INE crude oil option contract is an INE crude oil 

futures contract. 

II.Contract Type

Option contracts include call options and put options. 

A call option is the option contract which entitles the buyer to buy, and obligates 

the seller to sell, the underlying futures contract at a predetermined price in a 

specified period of time in the future.

A put option is the option contract which entitles the buyer to sell, and obligates 

the seller to buy, the underlying futures contract at a predetermined price in a 

specified period of time in the future.

III.Contract Size

The contract size of an option contract is lot, and option contracts should be

traded in an integral multiple of one lot. 

IV.Price Quotation

An option contract has the same price quotation as the underlying futures 

contract. 

V.Minimum Price Fluctuation

The minimum price fluctuation of an option contract refers to the minimum

allowable price movement of the option contract. 

VI.Daily Price Limit

An option contract is subject to the same daily price limit as the underlying 

futures contract. 

Daily price limit = the previous day’s settlement price of the underlying futures 

contract× the current day’s price limit rate for the underlying futures contract.

VII.Contract Month

The contract month of an option contract refers to the delivery month of the 

underlying futures contract. 

VIII.Last Trading Day and Expiration Date

The last trading day of an option contract is the final trading day on which the

option contract may be traded. 

The expiration date of an option contract is the final trading day on which the

buyer may exercise its right.

IX.Strike Price

The strike price of an option contract is the price, specified in the option

contract, at which the buyer has the right to buy or sell the underlying in a 

specified period of time in the future.

The strike price interval is the gap between two adjacent strike prices of an 

option contract. 

The Exchange may adjust the strike price intervals and strike price range to 

reflect market conditions.

X.Option Style

Options are classified into American-style options, European-style options and

other style options as prescribed by the Exchange. The buyer of an Americanstyle option may exercise the option on the expiration date or any trading day 

before; and the buyer of a European-style option may exercise the option only

on the expiration date. 

INE crude oil options are American-style ones. 

XI.Contract Symbol

The contract symbol of an option contract comprises the contract symbol of the 

underlying futures contract, contract month, call or put option symbol, and strike 

price. 

声明：本资料仅用于投资者教育，不构成任何投资建议。我们力求本资料信息准确可靠，但对这些信息的准确性、完整性或及时性不作保证，亦不对因使用该等信息而引发的损失承担任何责任，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险，投资须谨慎。