• Is a position which is focused on a particular delivery or expiration date. For example, a futures position which is comprised of 12 contracts all of which are established for December delivery. This compares to a Strip.
Strip: In option trading, strip refers to two puts and one call.Is a term in the commodity markets which refers to the placement of contracts in different delivery months. For example, the simultaneous placement of 12 contracts in the January through December calendar months would be a strip. This compares to a Stack.