"Yes, electronic trading has been revolutionary for the industry. But for us to provide our customers with the best possible service and executions on all their orders, you need flexibility. For orders like options, intercommodity spreads, swaps and strategy orders, our rolodex of executing floor brokers rivals any in the industry."
– Ed Ziecina
Trading Desk Manager
Futures and Options Trading Strategy Guide
Using futures and options, whether separately or in combination, can offer countless trading opportunities.
The 21 strategies in this guide are not intended to provide a complete guide to every possible trading strategy, but rather a starting point. Whether the contents will prove to be the best strategies and follow-up steps for you will depend on your knowledge of the market, your risk-carrying abitdty and your commodity trading objectives.
| How to use this Guide & Tables | Initiating a Market Position |
| 01. Long Futures | 02. Short Futures |
| 03. Synthetic Long Futures (Split-Strike) |
04. Synthetic Short Futures (Split-Strike) |
| 05. Long Call | 06. Short Call |
| 07. Long Put | 08. Short Put |
| 09. Bull Spread | 10. Bear Spread |
| 11. Long Butterfly | 12. Short Butterfly |
| 13. Long Straddle | 14. Short Straddle |
| 15. Long Strangle | 16. Short Strangle |
| 17. Ratio Call Spread | 18. Ratio Put Spread |
| 19. Call Ratio Backspread | 20. Put Ratio Backspread |
| 21. Box or Conversion / Reversal |









