Contracts & Rolls
Preserve contract identity, expiry, quote units and the distinction between reference histories and trade records.
Contract Identity and Expiry: Know What a Futures Price Describes
Identify exchange, product, delivery month, units and settlement terms before interpreting a futures observation.
Continuous Futures Series: A Construction, Not a Contract
Learn how contract selection, switching and blending shape a continuous reference series and limit what it can establish.
Back-Adjustment and the Return Traps Hidden in Smooth Charts
Compare additive and ratio adjustment with checked examples, and learn which differences, ratios and signals remain meaningful.
Roll Schedules and Liquidity: Timing the Change of Contract
Compare calendar and activity-based roll conventions while separating liquidity evidence, information timing and transaction counts.
Contango, Backwardation and Roll: Read the Curve Carefully
Separate a futures curve observed at one instant from price changes through time, roll transactions and realized outcomes.
Quote Units and Contract Multipliers: Make the Arithmetic Match
Convert quotes, ticks and contract counts into consistent dollar sensitivities using specified crude-oil and corn futures examples.
Negative Futures Prices: Contract Context and Arithmetic Limits
Understand the documented May 2020 WTI event and why zero crossings require explicit handling of ratios, logarithms and contract sensitivity.