Option exercise
Acting on the right an option carries: the holder claims the position or the asset at the strike.
How to read the number
After exercise the option is gone and a position stands in its place, in futures or in the asset itself depending on the contract.
When the metric lies
Exercising an option on futures brings no cash: it opens a position that requires collateral. A holder expecting profit to be credited finds a new obligation instead.
Also known as: exercising an option