Purchase an Option
Buying option contracts are the most common way of interacting with the Optix protocol. For end-users, purchasing option contracts is straight forward.
To buy and option start by selecting the market you want to trade:
When you are ready to purchase the option use the form to select:
The direction you believe it will go. If you are:
Bullish select "Long Call"
Bearish select "Short Put"
The size of the option you want exposure to & the token you want to pay in premium / get paid out in
The strike price you want to be able to exercise at
The period of holding before the option expires
With this information the protocol will query the set of Vaults. The best price will be presented and a premium will be presented that needs to be approved before purchasing.
Once purchased, an option will appear in the "Your Contracts" section under active options.
Your Contracts
Options are NFTs that can be transferred while they are active. Active options are those that haven't been exercised yet and also haven't passed their expiry date. You can exercise an active option when it is at or passed the strike price. If the Exercise button isn't available it is because the oracle price hasn't passed the strike price.
Exercising an Option
The Optix protocol uses the American style of options that can be exercised at any time.
Click the "Exercise" button to exercise the option. It will pay out the amount of the underlying that is owed to you.
It is important to note that options must be exercised manually before they expire. Even if it is in the money, once an option passes it's expiry date it will expire worthless if it isn't exercised.
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