Contract code
The symbol that encodes both the underlying asset and the expiry of a futures contract.
How to read the number
The code reads as an address: the asset first, then the month and year of expiry, so a trader can see which series an order is about to enter.
When the metric lies
Neighbouring series of the same asset trade at once and look almost identical. One wrong character opens a position in the wrong expiry, and that is usually discovered near delivery.
Also known as: futures contract code