How to trade options in commodities futures
Brokers typically open up a window lasting around 3-5 minutes to exercise this feature, which is usually shortly before the option expires. Also, you are typically allowed to extend your option only once for its entire duration. Traders usually use this option when their trade is profitable and they are unsure whether it will remain like that. Also, brokers tend to charge a premium for this option which can amount to as much as 50 of the original payout.