The fluctuation of warrants is limited to the fluctuating absolute price, and the calculation formula is as follows: the fluctuating price of warrants = the closing price of warrants the day before (the fluctuating price of underlying securities-the closing price of underlying securities the day before) × 125%× exercise ratio.

For example, the one-day closing price of a company's warrants is 4 yuan, and the closing price of a company's shares is 16 yuan. The next day, the stock of Company A can go up or down by 10%, that is, 1.6 yuan; The range that warrants can rise or fall the next day is (17.6-16) ×125% = 2 yuan, and the conversion rate can be as high as 50%.

The daily fluctuation of stock index futures design is based on the fluctuation limit of spot market stocks 10%, and the "fuse" system is introduced (fuse 10 minute when the fluctuation reaches 6%);