Strike Price Law and Legal Definition

According to 17 CFR 1.3 [Title 17 -- Commodity And Securities Exchanges; Chapter I -- Commodity Futures Trading Commission; Part 1 -- General Regulations Under The Commodity Exchange Act; Definitions] strike price means the price, per unit, at which a person may purchase or sell the contract of sale of a commodity for future delivery or the physical which is the subject of a commodity option: Provided, That for purposes of § 1.17, the term "strike price" means the total price at which a person may purchase or sell the contract of sale of a commodity for future delivery or the physical which is the subject of a commodity option (i.e., price per unit times the number of units).