more than two strikes on the third Friday. Here is a subset of options available for goog (so the underlying asset here is Google stock) on a day when the stock price was around 750, as taken from Yahoo Finance. Don't assume that index options settle in the same way as equity options. Therefore, the investor purchases one put option with a strike price of 20 for.10 (multiplied by 100 shares since each put option represents 100 shares which expires in one month. Strike Price, for each expiry date, an option chain will list many different options, all with different prices. If Bok does not understand the settlement process, he may not even know that he has hit the maximum risk until after Friday. With the Russell 2000 Index (RUT) trading exclusively at Cboe, the average daily volume has grown to over 83,000 contracts in 2015. The investor's hedge caps the loss to 500, or 100 shares x (25 - 20 less the premium (10 total) paid for the put option. Change.50.89, volume, volume 0 previous close 1,518.98 1,532.49.