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This article assumes you are familiar with the entity and security level elections that have been made for processing an option on a future without variation margin. For example, you must enter a value for the Net Option Positions field. If you set this field to Yes, you can only open (buy) the option long. The short positions are represented by negative quantities. The transaction elections are buy and sell. If you set this field to No, you can open (buy) the option either long or short and the contracts are displayed as positive numbers. The transaction elections are buy, write, sell, and buy to cover. Also, you must enter a value for the Expiration Delay Days field. If there is no value, the system automatically expires the option on the expiration date, preventing entry of an exercise trade on that date. You can access these fields using the AddCreate/Change Edit Entity panel.
To manually book an open/close trade for an option on a future without variation margin:
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