Disclaimer: Trading in futures and options involves a substantial degree of a risk of loss and is not suitable for all investors. Past performance is not indicative of future results. It is important to note that options and futures markets are separate and distinct and do not necessarily respond in the same way to similar market conditions. Option prices do not move in lockstep with changes in the underlying futures market price. Strategies using combinations of positions such as spreads and straddles are no less risky than taking straight long or short futures or options positions. Examples of trades have been simplified for instructional purposes and do not include commissions and fees which should always be included when calculating the true cost or net profit or loss in actual trades. Option spreads (option strategies with more than 1 option) have multiple contracts and therefore commissions and fees would be based on the quantity of contracts that make up the spread.