OKX Options Contract Closing Tutorial and Profit Calculation

This guide will walk you through the steps to close an options contract on OKX, including quick closing and manual order placement, as well as how to calculate your profits or losses after closing a position.

How to Close an Options Contract on OKX

1. Viewing Your Current Positions

  • Navigate to "All Positions" to see your active options contracts.

  • Select the contract you want to close (e.g., BTCUSD-20200327-6000-P).

2. Quick Closing Method

  • Click "Quick Close" on the right side of the selected position.

  • A confirmation pop-up will appear, showing the lowest available selling price at the current limit.

  • Confirm the action to place a limit order at the best available price.

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3. Manual Order Placement (Custom Price)

If the quick close price isn’t favorable, you can manually set your desired closing price:

  • Go to the simplified trading interface by clicking on the contract.

  • Under "Current Positions," enter:

    • Closing price

    • Quantity

  • Click "Close" to submit a limit order.

Alternatively, in the main trading interface:

  • If you bought the option, select "Sell" to close.

  • If you sold the option, select "Buy" to close.

Calculating Profit or Loss After Closing

Formula for Selling to Close:

Profit = (Closing Price - Entry Price) × Contract Multiplier × Number of Contracts

Example:

  • Entry Price: 0.0030 BTC

  • Closing Price: 0.0040 BTC

  • Contract Size: 0.1 BTC

  • Contracts: 2

Calculation:(0.004 - 0.003) × 0.1 × 2 = 0.0002 BTC profit.

Formula for Buying to Close:

Profit = (Entry Price - Closing Price) × Contract Multiplier × Number of Contracts

Once the order is filled, check "Contract Bills" for the final settlement amount and fees.

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Frequently Asked Questions (FAQs)

1. What’s the difference between quick close and manual close?

  • Quick Close: Executes at the best available market price instantly.

  • Manual Close: Allows setting a custom price, which may take longer to fill.

2. Why does my closing order sometimes not execute?

  • If your set price is too far from the market price, liquidity may be insufficient. Adjust the price or use quick close.

3. Are there fees for closing options contracts?

  • Yes, OKX charges a small trading fee per transaction, visible in your contract bills.

4. Can I partially close a position?

  • Yes, enter a smaller quantity than your total holdings to close only part of the position.

5. How do I track my closed trades?

  • All executed orders appear in "Contract Bills" under the history tab.

6. What happens if my options contract expires?

  • Expired contracts are automatically settled based on the final index price.

By mastering these techniques, you can efficiently manage your OKX options trading strategy, minimize risks, and maximize returns. For further learning, explore OKX’s official guides and market analysis tools.

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