The exercise price refers to the price at which the warrant holder buys or sells the underlying securities from the issuer when the issuer issues warrants in options. Generally speaking, the exercise price of growth options is the amount needed to form the underlying asset investment. The exercise price of the withdrawal option is the price at which the underlying asset can be sold in the future exercise time, or the value of the subscribed asset when it can be used for other purposes.

The exercise price is a negotiable price, which is actually determined by both parties on the basis of enterprise development strategy, investment planning and economic behavior, combined with their own judgments. In addition, the lower the exercise price, the higher the call option price; The higher the exercise price, the lower the call option price, and there is an inverse relationship between them. These changes are mainly determined by the intrinsic value of options.

For example, the call option contract with the exercise price of 3000 points on the Shanghai and Shenzhen 300 stock indexes gives the buyer the right to buy the Shanghai and Shenzhen 300 stock indexes at the price of 3000 points on the contract expiration date. The buyer of a call option contract exercises the right to buy the Shanghai and Shenzhen 300 Index at the price of 3000 points on the expiration date of the contract, which is called exercise.

Option is a kind of transaction contract, which gives the holder a right, that is, the holder can ask the debtor to perform his obligations according to the agreed time, price and method. For example, an investor buys 50ETF options and 2500 contracts in April, assuming that April 22 is the exercise date and the exercise price is 2.5 yuan; On April 22nd, investors will be eligible to buy options at 2.5 yuan prices. Suppose the price of the option contract is 2.7 yuan at this time, and the cost for other investors to buy it is lower than others, so they can exercise at this time.

The exercise date of the option is the fourth Wednesday of each month. If it is only for arbitrage investors, don't drag the option to the exercise date. The exercise procedure is very complicated, so many investors close their positions before the exercise date. According to the trend of stock index exercise date in the past, the exercise date of stock index futures or options generally has little influence on the stock market. On the contrary, the rise and fall of the stock market has a certain impact on the delivery of stock indexes. If the market rises sharply on the exercise date, then the corresponding contract will also rise sharply.