Futures – A contract decided to buy/sell at some specific price at some date
The date is usually last thursday of the contract specified month.
Options
Call – Buy x
risk – premium
reward – current – (x +premium)
call – sell x
risk – (current+premium) – x
reward – premium
put – buy x
risk – premium
reward – (current + premium) – x
put – sell x
risk – (x +premium) – current
reward – premium