Opening a position, also known as opening a position, refers to investors buying or selling a certain number of stock index futures contracts. If investors hold stock index futures contracts until the last trading day, they must settle futures transactions by cash delivery.

Closing position refers to the behavior of futures investors to buy or sell stock index futures contracts with the same variety, quantity and delivery month, but in the opposite direction, and close the stock index futures trading.

The open contract of stock index futures investors after opening positions is called open contract, also known as open position. There are two ways for stock index futures investors to close the stock index futures contract after opening their positions: either choose the closing time or hold it until the last trading day for cash delivery.