In the futures or options market, open contracts refer to the number of "open" contracts bought or sold unilaterally at the end of the day. A futures contract is "terminated" because the contract expires, the goods are delivered, or the responsibility is terminated by reverse operation, which is called liquidation. The option contract can be "terminated" due to the expiration of the contract, the holder's exercise of rights or the termination of liability through reverse operation. Open contracts are one of the important reference data for analyzing futures and options markets. Open positions are mainly for pure futures trading. You may know that there is a time limit for the delivery of futures. For CME futures, it takes three months for each trading position to be delivered, but now speculators who sell and buy can't wait three months to close their positions. How can we protect the existing profits from being returned? So while keeping the previous long position or long position, we re-sell a new contract with the same number but in the opposite direction. We call it hedging. The clearing institution of the exchange records that all the hedged contracts do not need to be tracked and liquidated every day, and only the contracts without hedging are liquidated every day. This kind of contract without hedging is an "open contract".

Open position: refers to the ratio of the market value (amount) of money held by investors to the total investment. In the futures market, open position refers to the sum of positions bought (or sold) before open position, and generally refers to the sum of open contracts in the buying and selling directions, also known as order quantity, which is generally even. By analyzing the change of positions, we can analyze the size, change and renewal of long and short forces in the market, thus becoming one of the technical analysis indexes different from stock investment. In the analysis of futures graphic technology, it is very important to cooperate with each other in volume and position. A correct understanding of the relationship between trading volume and position change can help us grasp the combination of graphic K-line analysis more accurately and help us understand the market language more deeply.