Does the expiration of a futures option always determine the delivery date of the underlying, in particular does the option always expire into the earliest-delivering futures contract?

For example, /OGH22 (H = March) expires 23 Feb into /GCH22, even though /GCG22 (G = February) settles on 24 Feb. It seems that /OG always settles a day before the /GC contracts, but they actually settle into the "2nd-earliest contract".

Maybe I should be looking at the month code to tell me what it expires into. However, /OG4G22 expires on 25 Feb, so there's no way it could settle into /GCG22.

In summary: given the symbol for a futures option, how can I determine the delivery date of the underlying?

  • Can you clarify (and add links) as to what options and futures you're looking at it? When I look for those tickers (OGH22 and GCH22) I get unrelated chains.
    – D Stanley
    Feb 22 at 15:20
  • /GC are the futures contracts on gold. /OG are the monthly futures options on /GC. /OG4 are the Week 4 futures options on /GC. Please click links to be taken to the relevant CME calendars. Feb 22 at 16:11


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