A strike is the price level on which a contract is traded that is compared to the underlying index level at the expiry to determine the settlement value for the given contract.


Strike values and information vary depending on which product you are trading. Select which product you’re interested in to learn more:

Forex and Metals



Strikes for FOREX and Metals contracts

What strikes are typically offered for any given forex or metals contract are the strike level nearest the underlying index value when the contract starts, plus two strike levels above and two strike levels below the current underlying index value.


The list of strikes shown for forex or metals contracts changes as the underlying market changes. That is, as the market moves around, more strikes will be added accordingly. These are rolling strikes. Rolling strikes allow you to trade even if the market moves out of the norm.


What is the difference between each strike?

For non-Yen currency pairs


• 1 pip in non-Yen currency pairs = .0001

• A pip is a number value in the forex market.

• One pip is the smallest price change that an exchange rate can make.

• Each strike is 5 pips wide. So if the first strike listed is 1.3000, then the following strike will be 1.3005.


For Yen currency pairs


• 1 pip in Yen currency pairs = .01

• Each strike is 5 pips wide. So if the first strike listed 135.00, then the following strike will be 135.05.


For metals

• Each strike is ½ point wide. So if the first strike listed is 1155.500, then the following strike will be 1155.000.


Strikes for Weather contracts

For Atlantic Named Storm Landfall (ANSL) weather contracts, each “strike” is equal to 1 zip code area. If a named tropical storm makes landfall within a 75 mile radius from the centroid of your selected zip code area, then you will receive a payout based on the number of contracts you purchased for that zip code location.


For more information about weather trading, please visit TradeWx Help.


For more information about strikes, contact us!