According to the relationship between the exercise price and the underlying market price, options can be divided into real options, flat options and virtual options.

1. Call options with futures prices higher than the strike price and put options with futures prices lower than the strike price are real options.

For example, a call option with a wheat futures price of 1.620 yuan/ton and an exercise price of 1.600 yuan/ton is a real option; A put option with an exercise price of 1640 yuan/ton is a real option.

2. An option with a futures price equal to the strike price is called an equal option.

For example, the current wheat futures price is 1.620 yuan/ton, and the call option and put option with the exercise price of 1.620 yuan/ton are all equivalent options.

3. Call options with futures prices lower than the strike price and put options with futures prices higher than the strike price are hypothetical options.

For example, the call option with the current wheat futures price of 1620 yuan/ton and the exercise price of 1640 yuan/ton is a virtual option; Put options with exercise price of 1600 yuan/ton are hypothetical options.

The greater the difference between the strike price and the futures price, the greater the real or imagined amount, which is called deep real option or deep imagined option. In the process of option trading, real options, flat options and virtual options change with the change of futures prices.