Getting started with
Micro WTI Crude Oil options
1. Know the basics
Before you start trading, get anunderstanding of how options work in
our All About Options curriculum,
specifically Option Hedging with Micro
WTI Crude Oil futures.
2. Find a broker and open an accountIn order to trade options, you must find aregistered broker who will maintain youraccount and guarantee your trades.
3. Fund your accountAfter an account is established, it must
be enabled to trade options. Brokers may
require a minimum deposit before youcan trade.
4. Select a trading platform
Brokers may offer different trading
platforms with varying cost structures tomeet your needs most efficiently.
5. Understand the underlying
Options derive their value from anunderlying futures contract. It is importantto understand the Micro WTI Crude Oil
futures that underlie these options.
6. Be a knowledgeable trader
Inform your trading strategy with CMEGroup’s innovative tools, such as theStrategy Simulator, Options Calculator,and Volatility Term Structure.

7. Know the option listings and expiration
All options have an expiration date.
A variety of option listings are available,
allowing greater flexibility for your trading
strategies. Even if you don’t hold yourposition until expiration, you need to beaware of how expiration is handled.
8. Select the option strike priceMultiple strike prices across different
expiration dates are offered, providing
more trading opportunities. Strike intervals
vary based on the underlying futures priceand time to expiration.
Learn more about strike prices.
9. Understand daily profit and loss
The process of mark-to-market (MTM) is
used to determine daily options profit andloss based on the settlement price of Micro
WTI Crude Oil options.
10. Track trades, positions, andmark-to-markets
Your futures broker will provide you withtrade confirmations and statements thatshow all transactions, charges/credits, andyour account balance.

Learn more at
cmegroup.com/micro-wti

MICRO WTI CRUDE OIL MONTHLY OPTIONS CONTRACT SPECIFICATIONSCONTRACT SIZE

TRADING HOURS
AND VENUEMINIMUM PRICE
FLUCTUATION

100 Barrels
CME Globex: Sunday – Friday 6:00 p.m. – 5:00 p.m. ET (5:00 p.m. – 4:00 p.m. CT) with a 60-minute breakeach day beginning at 5:00 p.m. ET (4:00 p.m. CT)
CME ClearPort: 6:00 p.m. Sunday to 6:45 p.m. Friday ET (5:00 p.m. – 5:45 p.m. CT) with a 15-minutemaintenance window between 6:45 p.m. – 7:00 p.m. ET (5:45 p.m. – 6:00 p.m. CT) Monday – Thursday.
$0.01 per barrel
CME Globex: MCO

PRODUCT CODE

CME ClearPort: MCO
Clearing: MCO

LISTING CYCLE

Twelve consecutive monthly contracts.

FINAL SETTLEMENT

Cash settled by reference to daily settlement price of Micro WTI Crude Oil futures (MCL).

TERMINATION OF
TRADING

Trading terminates at 1:30 p.m. CT, two days prior to the expiration of Micro WTI Crude Oil futures (MCL).

MICRO WTI CRUDE OIL WEEKLY OPTIONS CONTRACT SPECIFICATIONSCONTRACT SIZE

TRADING HOURS
AND VENUEMINIMUM PRICE
FLUCTUATION

100 Barrels
CME Globex: Sunday – Friday 6:00 p.m. – 5:00 p.m. ET (5:00 p.m. – 4:00 p.m. CT) with a 60-minute breakeach day beginning at 5:00 p.m. ET (4:00 p.m. CT).
CME ClearPort: 6:00 p.m. Sunday to 6:45 p.m. Friday ET (5:00 p.m. – 5:45 p.m. CT) with a
15-minute maintenance window between 6:45 p.m. – 7:00 p.m. ET (5:45 p.m. – 6:00 p.m. CT)
Monday – Thursday.
$0.01 per barrel
CME Globex: MW1-MW5

PRODUCT CODE

CME ClearPort: MW1-MW5
Clearing: MW1-MW5

LISTING CYCLE

Two weekly contracts listed.
No weekly contract listed if the corresponding monthly option expires on Friday of that week.

FINAL SETTLEMENT

Cash settled by reference to daily settlement price of Micro WTI Crude Oil futures (MCL).

TERMINATION OF
TRADING

Trading terminates on Friday of the contract week. If Friday is not a business day, trading terminates on theprior business day.

cmegroup.com
Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Swaps trading should only be undertaken by investors who are Eligible
Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Futures and swaps each are leveraged investments and, because only apercentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for either a futures or swaps position. Therefore, traders should
only use funds that they can afford to lose without affecting their lifestyles and only a portion of those funds should be devoted to any one trade because traders cannot expect toprofit on every trade.
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The information within this communication has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions.
Additionally, all examples in this communication are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results ofactual market experience. All matters pertaining to rules and specifications herein are made subject to and superseded by official CME, CBOT, NYMEX and COMEX rules. Current
rules should be consulted in all cases concerning contract specifications.
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