# Trade

## Trading Options

### Overview

ClickOptions specializes in **crypto options trading**.\
All contracts are **cash-settled in USDT** and can be **closed at any time before expiry** or held until maturity.

Options give the buyer the right, but not the obligation, to buy or sell an underlying asset at a specified strike price.

### Contract Specifications

* **Underlying Assets**: BTC, ETH on Version 1 — expanding to 15+ assets.
* **Contract Size**:
  * BTC options → 0.01 BTC per contract
  * ETH options → 0.1 ETH per contract
* **Settlement Currency**: USDT (linear, not inverse).
* **Expiry Times**:
  * Daily, Weekly, Monthly, and Quarterly contracts are offered.
  * Each option expires at **08:00 UTC on its maturity date**.
* **Settlement Method**: Proprietary Index Price TWAP (see [*Expiry & Settlement*](/trade/expiry-and-settlement.md)).

***

### Option Types

ClickOptions supports cash settled:

* **Call Options** → Right to buy the underlying asset at the strike price.
* **Put Options** → Right to sell the underlying asset at the strike price.

Both Calls and Puts are:

* **European-style** → Exercised automatically at expiry.
* **Closeable before expiry** → A trader may close an open option position at any time before maturity.

***

### Order Types

Currently, ClickOptions supports only **limit-style order execution**.

* **Market Order** (not available yet)
  * Reserved for future phases.
* **Limit Order**
  * Executes at or better than the latest available market price at the moment the order request is submitted.
  * In most cases, the order is filled immediately.
  * If the price shifts unfavorably during order transition, the request remains as a **limit order** in the order book until it is matched.
  * Orders may be **partially filled** depending on liquidity.

***

### Index Price

#### Index Price

ClickOptions uses a **proprietary index price** as the settlement reference for all options contracts.

* The index is derived by aggregating **real-time data from multiple major exchanges and liquidity venues**.
* Pricing is computed using a **weighted average formula and filter** that incorporates both **spot and perpetual futures market data**.
* This ensures **robust, tamper-resistant pricing**, particularly during high-volatility events.

***

### Example – Buying a Call Option

* **Underlying**: BTC
* **Strike**: 100,000 USDT
* **Expiry**: Daily, 08:00 UTC
* **Contract Size**: 0.01 BTC
* **Premium**: 150 USDT

If BTC Index settles at 105,000 USDT:

$$
IntrinsicValue = (105{,}000 - 100{,}000) \times 0.01 = 50 ; USDT
$$

$$
Profit = IntrinsicValue - Premium - Fees
$$


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