Thai Investment Consultant Licensing Exams - P3 - หลักสูตรความรู้เกี่ยวกับตราสารที่มีความซับซ้อน : สัญญาซื้อขายล่วงหน้า - [12]

Let me analyze this Thai language multiple choice question about futures contract spreads:

The question asks "Which of the following options is correct regarding futures contract spreads?"

Let's examine each option:

Option A: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ" This translates to: "Calendar Spread is the sum of futures contract prices that have the same underlying asset but different expiration dates."

This definition isn't quite right. A calendar spread (or time spread) is not the sum of prices, but rather a strategy that involves taking opposing positions (one long, one short) in the same underlying asset but with different expiration dates. The trader is seeking to profit from the change in price relationship between the contracts, not their sum.

Option B: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" This translates to: "Bull Spread is used when expecting that the futures contract price of the near-term delivery month will increase compared to the far-term delivery month."

This also seems incorrect. A bull spread in futures generally refers to a strategy where you're bullish on the underlying asset overall - typically buying a near-term contract and selling a longer-term contract when you expect prices to rise. The description given doesn't quite match the standard definition of a bull spread in futures trading.

Option C: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง" This translates to: "Creating a spread requires at least 2 positions on futures contracts, by buying one futures contract while selling another futures contract."

This statement is correct. The fundamental definition of a futures spread is taking opposite positions (long and short) in related futures contracts - either the same underlying with different expirations, or related commodities, etc.

Option D: "ถูกทุกตัวเลือก" means "All options are correct."

Since we've identified that options A and B contain inaccuracies, option D cannot be correct.

Therefore, option C is the correct answer.

Wait, let me double-check option B again, as I'm not fully certain about my translation and interpretation:

"Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล"

On second thought, this could be referring to a specific situation where the price difference between near-month and far-month contracts is expected to widen because the near-month contract price is increasing faster (or decreasing slower) than the far-month contract. This would be one manifestation of a bull calendar spread strategy. So, option B could potentially be correct in some contexts, but it's not the general definition of a bull spread in futures trading.

Let me also check option A again: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ"

Upon review, this is definitely incorrect. A calendar spread is not the "sum" of prices but rather the difference or relationship between the prices of contracts with different expiration dates.

Based on my analysis, option C is the only fully correct statement, so the answer should be C.

Let me check this once more and make sure.

Option A: Incorrect - Calendar spread is not the "sum" of futures prices Option B: Potentially misleading - while there are bull calendar spreads, the definition given isn't the standard definition of a bull spread Option C: Correct - A spread by definition involves taking opposite positions in related contracts Option D: Incorrect - Not all options are correct

Therefore, option C is the correct answer.

This is a question in Thai about futures contract spreads. Let me translate and understand each option:

a) "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ" Translation: "Calendar Spread is the sum of futures contract prices with the same underlying asset but different expiration dates" This is incorrect - Calendar Spread is the DIFFERENCE, not the sum, between futures prices with different expiration dates.

b) "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" Translation: "Bull Spread is used when expecting that the near-month futures contract price will be higher compared to the far-month" This is correct - a bull spread in futures typically involves being long the near month and short the far month when you expect the near month to outperform.

c) "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

Creating a spread requires at least two positions on futures contracts, with one long position and one short position on another contract.

d) "ถูกทุกตัวเลือก" Translation: "All options are correct"

I see that option (a) contains an error about Calendar Spread, which means option (d) cannot be true. Option (b) provides an accurate description of a Bull Spread. The spread strategy requires multiple positions to effectively manage market expectations.

The most promising answer appears to be option (b), which correctly explains the Bull Spread concept. The key is understanding the nuanced relationship between near and far-month futures contracts.

This is a Thai language question about futures contract spreads. Let me translate and understand each option:

The question asks: "Which of the following options is correct about futures contract spreads?"

a) "Calendar Spread is the sum of futures contract prices that have the same underlying asset but different expiration dates"

• This is incorrect. Calendar spread is the difference (not sum) between futures prices with different expiration dates.

b) "Bull Spread is used when predicting that the near-month futures contract price will be higher compared to the far-month"

• This is incorrect. A bull spread is used when expecting the underlying asset price to rise, not specifically about near vs far month comparison.

c) "Creating a spread requires at least [number missing] positions in futures contracts, with a long position in one futures contract and a short position in another futures contract"

• This seems correct despite the missing number. A spread indeed requires two positions - one long and one short.

d) "All options are correct"

• Since options a and b are incorrect, this cannot be correct.

Option c appears to be the correct answer, even though there's a missing number in the text (it should be "2" positions).

This is a question in Thai about futures contract spreads. Let me analyze each option:

a) "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ" Translation: "Calendar Spread is the sum of futures contract prices that have the same underlying asset but different expiration dates"

This is incorrect. A calendar spread is not the "sum" of prices, but rather the difference between prices of futures contracts with the same underlying but different expiration dates.

b) "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" Translation: "Bull Spread is used when predicting that the price of near-month delivery futures contracts will be higher compared to far-month delivery contracts"

This is correct. A bull spread (in calendar spread context) involves buying the near-month contract and selling the far-month contract when you expect the near-month to outperform the far-month.

c) "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

Creating a spread requires multiple positions, typically involving one long and one short futures contract. This ensures the trader can capitalize on price differences between contracts.

d) "ถูกทุกตัวเลือก" Translation: "All options are correct"

Option (d) is false since option (a) contains an incorrect definition. The most accurate description is option (b), which correctly explains the bull spread strategy in futures trading.

First, the question is in Thai: "ตัวเลือกใดต่อไปนี้ถูกต้องเกี่ยวกับสเปรดของสัญญาฟิวเจอร์ส" which translates to "Which of the following is correct about futures contract spreads?"

The options are:

a: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ" – This means "Calendar Spread is the sum of the prices of futures contracts with the same underlying asset but different expiration dates." That doesn't sound right. A calendar spread involves buying and selling contracts with different expiration dates, not summing prices. It's about the price difference, not the sum.

b: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" – This means "Bull Spread is used when predicting that the price of the near-month futures contract will increase compared to the far-month." A bull spread can be calendar spread where you expect the near-month to outperform the far-month, but it's not exclusively that. Bull spread typically involves buying a lower strike and selling a higher strike in options, or similar in futures, but for calendar spreads, it might be about the spread narrowing or widening. I need to recall.

c: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง" – This means "Creating a spread requires at least two positions on futures contracts, with one long position on one futures contract and one short position on another futures contract." That sounds correct. A spread involves multiple legs, typically one long and one short.

d: "ถูกทุกตัวเลือก" – This means "All options are correct."

I need to evaluate each option.

Starting with a: Calendar spread is not the sum of prices; it's a strategy that involves taking opposite positions in contracts with different expiration dates. The definition given is wrong because it says "ผลรวม" which means "sum," but it should be about the difference or the spread itself.

Option b: Bull spread in the context of calendar spreads. A bull calendar spread might involve buying the near-month and selling the far-month if you expect the near-month to rise relative to the far-month. But is this accurate? In futures, a bull spread could be implemented with calendar spreads if you're bullish on the near-term contract. However, bull spreads are often defined for vertical spreads in options, but for futures, calendar spreads can be used bullishly. The statement says "Bull Spread จะใช้เมื่อ..." which might be oversimplified. It could be correct in some contexts, but I'm not sure.

Option c: This seems straightforward. A spread requires at least two positions: one long and one short. That's basic for any spread strategy.

Now, option d says all are correct, but if a is wrong, then d can't be right.

Let me double-check option a. "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์ส" – no, it's not the sum; it's the difference. For example, in trading, you might buy one contract and sell another, and the spread is the price difference. So a is incorrect.

Option b: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" – This describes a bullish calendar spread where you expect the near-month contract to increase in price relative to the far-month. That is a valid strategy. So b might be correct.

Option c: Definitely correct; spreads involve multiple positions with opposing sides.

But a is wrong, so not all are correct. Therefore, d is false.

Now, between b and c, which one is correct? The question is "ตัวเลือกใดต่อไปนี้ถูกต้อง" meaning "which of the following is correct?" It might be that multiple could be correct, but since d is "all correct," and a is wrong, we need to see if b and c are both correct individually.

Perhaps the question expects a single answer, so I need to find which one is unequivocally correct.

Option c seems universally true for spreads.

Option b: Is a bull spread specifically used for that? In futures, a bull spread can be set up with calendar spreads if you're bullish on the near-term, but it's not the only way. Also, the term "Bull Spread" might refer to a specific type. Upon second thought, in futures trading, a bull spread typically involves buying a near-month contract and selling a far-month contract if you expect the spread to narrow (i.e., near-month rises more or falls less than far-month). So the statement says "ราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" which means "the price of the near-month futures contract will increase compared to the far-month." That implies the near-month price increases relative to far-month, which would cause the spread to narrow if near-month is cheaper, or widen if near-month is more expensive, but in standard calendar spreads, if you buy near-month and sell far-month, you profit if the spread narrows, meaning near-month outperforms far-month. So the statement is essentially correct for a bullish calendar spread.

But is it precisely "Bull Spread"? The term might be used broadly.

However, option a is clearly wrong.

Option c is correct.

But the question might have only one correct answer, or perhaps c is always true, while b might be context-dependent.

Let's look back at the options. Option d is "all correct," which is false because a is wrong.

So possible correct answers could be b or c individually.

But I need to see if b is accurate.

Upon thinking, in financial terms, a bull spread can refer to a calendar spread where you are bullish on the near-term contract. So b might be correct.

But let's read a again: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์ส" – this is definitely wrong. Calendar spread is not defined as the sum; it's a strategy involving the difference.

For b: "Bull Spread จะใช้เมื่อ..." – this seems like a correct description of when to use a bull calendar spread.

For c: It's correct that a spread requires at least two positions with one long and one short.

Since a is wrong, d is wrong.

Now, the question is "ตัวเลือกใดต่อไปนี้ถูกต้อง" which might imply that only one is correct, or we need to choose the correct one.

Perhaps both b and c are correct, but since d is not an option for multiple, and the answer choices include d as "all correct," which is false, so we should not choose d.

But in multiple choice, if b and c are both correct, but the question might expect us to choose d if all are correct, but they are not.

Perhaps I need to see if b is entirely accurate.

Let me think about bull spread. In a broader sense, a bull spread can be implemented with options or futures, and for calendar spreads, it's about the price difference changing. The statement in b says "ราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" which means "the price of the near-month futures contract will increase compared to the far-month." This is correct for a bullish calendar spread where you long near-month and short far-month.

Similarly, c is correct.

But a is wrong, so not all.

Perhaps the question is designed such that only c is correct, or only b is correct.

Another thought: in option a, it says "ผลรวมของราคาสัญญาฟิวเจอร์ส" which is "sum of prices," but in spread trading, the spread is the difference, not the sum. So a is incorrect.

For b, the term "Bull Spread" might not be exclusively for calendar spreads; it can be for vertical spreads. But in the context of the question, it might be referring to calendar spreads specifically, as the question is about spreads of futures contracts, and calendar spread is mentioned in a.

The question is "เกี่ยวกับสเปรดของสัญญาฟิวเจอร์ส" so it's about spreads in general.

Option b specifies "Bull Spread" in the context of months, so it's likely calendar spread.

But let's see the exact wording: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" – this seems correct.

However, I recall that in some definitions, bull spread for futures might be defined differently, but I think this is standard.

Perhaps option c is unambiguously correct, while b might have some nuance.

But let's consider if there's a mistake in b. The phrase "โดยเปรียบเทียบกับ" means "compared to," so it's saying the near-month price will increase compared to the far-month, which is correct for a bullish calendar spread.

Now, for c, it says "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ" – "อย่างน้อย สถานะ" might be a typo; it probably means "อย่างน้อยสองสถานะ" or "at least two positions." It says "อย่างน้อย สถานะ" which could be "at least position," but that doesn't make sense. Looking back: "อย่างน้อย สถานะ" – in the text, it's "อย่างน้อย สถานะ" with a space, but it might be "อย่างน้อยสองสถานะ" meaning "at least two positions." In the original message, it's written as "อย่างน้อย สถานะ" which might be intended as "อย่างน้อยสองสถานะ" but it's missing the number. Let's read carefully.

In the user's input: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

It says "อย่างน้อย สถานะ" – this seems like a error; it should be "อย่างน้อยสองสถานะ" or "at least two positions." But as written, it might be interpreted as "at least a position," which is vague. However, the second part clarifies "โดยสถานะซื้อ...พร้อมกับสถานะขาย..." so it implies two positions.

In context, it's clear that it means at least two positions: one long and one short.

So c is correct.

Now, a is wrong, b is correct, c is correct, so d is false.

But since the question is multiple choice and d is "all correct," which is false, we need to choose either b or c, but the answer might be that c is always true, while b is specific.

Perhaps the question expects us to see that a is wrong, so d is wrong, and then we need to see which one is correct.

But in standard testing, if multiple are correct, and d is not chosen, we might need to select the correct one, but here b and c both seem correct.

Let's double-check option a. Is there any way a could be correct? "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์ส" – no, definitely not. It's the difference, not the sum.

For b, is "Bull Spread" used that way? Upon quick search in my mind, yes, a bull calendar spread involves buying the near-term and selling the far-term contract if you expect the spread to narrow.

For c, it's correct.

Perhaps the answer is d is wrong, and we need to choose another, but since the response should be in JSON with "correct_answer_key", I need to output one key.

Perhaps I should see if there's a trick.

Another thought: in option b, it says "Bull Spread" without specifying calendar, but it talks about months, so it's implied. But in some contexts, bull spread might refer to something else, but here it seems fine.

Perhaps the correct answer is c because it's universally true for all spreads, while b is specific to calendar spreads.

But the question is about spreads in general, so both could be correct.

Let's look at the options again. Option a is about calendar spread, b is about bull spread (which might be calendar), c is about spread in general.

Perhaps a is incorrect, b is correct for calendar spread, c is correct.

But since d is "all correct" and a is wrong, d is false.

Now, the question might be designed to have c as the correct answer because it's always true, or perhaps b is also correct.

I recall that in some definitions, a spread requires at least two positions, so c is correct.

For b, it might be accurate.

But let's see the first word in b: "Bull Spread" – is this the term? In English, it's often "bull calendar spread" or something, but it might be acceptable.

Perhaps in Thai financial terminology, it's standard.

I think both b and c are correct, but since a is wrong, d is not correct.

For the purpose of this, I need to choose the best answer or see what is intended.

Perhaps option a is so wrong that we can ignore, and b and c are correct, but since the response must be one key, and d is not it, maybe the question has c as the answer.

Another idea: in option c, it says "อย่างน้อย สถานะ" which might be grammatically incorrect; it should be "อย่างน้อยสองสถานะ" so perhaps it's poorly worded, but the meaning is clear.

Perhaps the correct answer is b or c.

Let's read the question again: "ตัวเลือกใดต่อไปนี้ถูกต้อง" – "which of the following is correct?" and the options include a, b, c, d.

Perhaps I should consider that option d is "ถูกทุกตัวเลือก" which is false, so the answer might be b or c.

But in many cases, for such questions, if not all are correct, we choose the correct one.

Perhaps I can check online or recall that in futures spreads, the definition in a is wrong.

For b, "Bull Spread" might not be precisely defined for calendar spreads; sometimes it's called "calendar spread" with bullish bias.

But let's assume that b is correct.

Perhaps the answer is c because it's fundamental.

I remember that in spread trading, you always have at least two positions: long and short.

For calendar spread, it's a type of spread.

So c is correct for all spreads.

b is correct for bull calendar spread.

a is wrong.

So perhaps the question expects c to be correct, or maybe b.

But look at the options: a is about calendar spread, b is about bull spread, c is about spread in general, d is all.

Perhaps the most accurate is c, as it's always true.

But b is also true.

Another thought: in option b, it says "Bull Spread จะใช้เมื่อ" which means "Bull Spread is used when", and it describes a scenario, which is correct.

But let's see if there's any mistake in b. The phrase "ราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล" – "the price of near-month futures contract will increase compared to the far-month." This is correct for a bull calendar spread where you expect the near-month to outperform.

So b seems correct.

Similarly, c is correct.

But since a is wrong, d is wrong.

Perhaps for the purpose of this exercise, I should consider that the answer is not d, and perhaps the correct key is c or b.

But the user asked to provide the correct_answer_key in JSON, so I need to choose one.

Perhaps I can see that in option a, it's clearly wrong, so not d.

Now, between b and c, both might be correct, but maybe the question is from a test where c is the intended answer because it's more general.

Let's read option c carefully: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง" – "Creating a spread requires at least [ ] position on futures contracts, with one long position on one futures contract and one short position on another futures contract." The "อย่างน้อย สถานะ" is awkward; it might be "อย่างน้อยหนึ่งสถานะ" but that doesn't make sense because it says "หนึ่งพร้อมกับอีกสัญญาหนึ่ง" so it must be at least two positions. Probably, it's a typo, and it should be "อย่างน้อยสองสถานะ" . In context, it's clear.

So c is correct.

Perhaps in some spreads, like butterfly spreads, there are more than two positions, but the minimum is two: one long and one short. So c is correct.

For b, it is also correct.

But perhaps the answer is d is not correct, and we need to select b or c.

Maybe the correct answer is c because it's always true, while b is specific.

I think I should go with c because it's unambiguously correct, while b might be context-dependent.

But let's see the first option a: it's about calendar spread, and it's wrong.

Perhaps the answer is that c is correct, and b might be correct but not listed alone.

Another idea: in option b, it says "Bull Spread" but in futures, a bull spread can also be done with different strikes in options, not necessarily calendar. But here, it specifies months, so it's calendar spread.

I think it's fine.

Perhaps for this question, the intended answer is that all are correct except a, but since d is all, it's not.

Maybe the correct answer is b or c.

Let's look for which one is definitely correct.

Perhaps option a is so wrong that we can say c is correct.

I recall that in some sources, the definition of calendar spread is not the sum, so a is wrong.

For b, it is correct.

But let's assume that the answer is c.

Perhaps the response should be with the key for the correct one.

Another thought: in the option c, it says "อย่างน้อย สถานะ" which might be interpreted as "at least position," which is incomplete, so perhaps it's poorly worded, and might not be correct because it doesn't specify the number. But in context, it's clear.

Perhaps the correct answer is b.

I can think that for spread trading, you always have two positions, so c is correct.

Perhaps the answer is d is wrong, and the correct choice is not d.

But I need to output a key.

Let's see the user's example: in the first message, for a simple math question, the answer was c.

For this, perhaps it's c.

I can search my memory: in futures, a spread requires two positions, so c is correct.

For b, it is also correct, but maybe not all bull spreads are for calendar; however, the description fits.

Perhaps the answer is c.

Let's see the question: "เกี่ยวกับสเปรดของสัญญาฟิวเจอร์ส" so about spreads in futures.

Option c is general and correct.

Perhaps the answer is c.

Maybe b is correct, but a is not, so not d.

I think I'll go with c because it's always true.

But let's see the options: a, b, c, d.

Perhaps the correct answer is that c is correct, and b might be correct but not the only one.

Since the response must be one key, and d is not it, I'll choose c.

Another idea: in option b, it says "โดยเปรียบเทียบกับเดือนส่งมอบไกล" which means "compared to the far-month," so it's correct.

But perhaps for bull spread, it's when you expect the price to rise, but for calendar spread, it's about the spread change.

I think it's fine.

Perhaps the answer is that all are correct except a, but since d is all, it's not.

I recall that in some multiple choice, if not all are correct, we choose the correct one.

Perhaps for this, the correct answer is c.

Let's assume that.

Perhaps from the wording, option c is clearly correct, while b might have a slight issue, but I think not.

I can think that in bull spread, it's not always that the price increases; it's that the spread changes in your favor.

But the statement says "คาดการณ์ว่าราคา...จะมีราคาสูงขึ้น โดยเปรียบเทียบกับ" so it's relative, which is correct.

So b is correct.

But since a is wrong, d is wrong.

Now, for the response, I need to provide the correct_answer_key.

Perhaps the question has c as the answer because it's the only one that is always true for all spreads.

Maybe the answer is b.

Let's look at the initial JSON: the user gave an example where the answer was c for math.

For this, I need to decide.

Perhaps I can say that option a is incorrect because calendar spread is not the sum, it's the difference.

Option b is correct for bull calendar spread.

Option c is correct for spreads in general.

So both b and c are correct, but since the question might expect a single answer, and d is not it, perhaps the correct_key is c.

Maybe the answer is "d" is not correct, but I have to choose from a,b,c,d.

Another thought: in option c, it says "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ" – this might be interpreted as "at least one position," which is wrong because a spread requires two positions. But then it says "โดยสถานะซื้อ...พร้อมกับสถานะขาย..." so it implies two. So it's correct.

Perhaps in Thai, "อย่างน้อย สถานะ" is a mistake, and it should be "อย่างน้อยสองสถานะ" .

I think it's safe to assume c is correct.

Perhaps the correct answer is that b is correct, and a is wrong, so not d.

I found a way: let's see if option b is always true. Is Bull Spread only used for that? Not necessarily; bull spread can be done with different strategies, but for calendar spread, it is used that way.

But the statement is specific: "Bull Spread จะใช้เมื่อ..." so it might be correct.

Perhaps for this question, the answer is c.

I recall that in some tests, the definition of spread requires two positions, so c is correct.

Moreover, option a is clearly wrong.

So I think the correct answer is c.

Perhaps the answer is b.

Let's see the user's message: the question is in Thai, and I need to respond.

Perhaps I can output the key for c.

But let's see the options: a, b, c, d, e in the first example, but here only a,b,c,d.

In this case, no e.

So for this, I'll go with c.

So the correct_answer_key is "c".

But let's confirm.

Option c: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง" – this means "Creating a spread requires at least [two] positions on futures contracts, with one long position on one futures contract and one short position on another futures contract." This is correct.

For a and b, a is wrong, b might be correct, but c is also correct, and since the question might be designed to have c as the answer, I'll choose c.

Perhaps the answer is that d is not correct, and c is correct.

So I'll go with that.

First, the user has provided a JSON object with a question in Thai. I need to understand the question and the options.

The question is: "ตัวเลือกใดต่อไปนี้ถูกต้องเกี่ยวกับสเปรดของสัญญาฟิวเจอร์ส" which translates to "Which of the following options is correct about the spread of futures contracts?"

Options:

a: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ"

• This says: "Calendar Spread is the sum of the prices of futures contracts that have the same underlying asset but different expiration dates."

• This is incorrect. A Calendar Spread typically involves buying and selling futures contracts of the same underlying asset but with different delivery months, and it's about the difference in prices, not the sum.

b: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล"

• This says: "Bull Spread is used when predicting that the price of the near-month futures contract will be higher compared to the far-month."

• Bull Spread is generally a strategy in options or futures where you expect the price to rise, but for futures spreads, it's more about the spread widening. However, in the context of calendar spreads, a bull spread might involve buying the near-month and selling the far-month if you expect the near-month to rise relative to the far-month. This might be partially correct, but let's verify.

• Actually, in futures, a bull spread often refers to buying a call with a lower strike and selling one with a higher strike, but for calendar spreads, it's different. This option seems to describe a situation for a calendar spread that could be bullish.

c: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

• This says: "Creating a spread requires at least one position on futures contracts, by buying one futures contract and selling another one."

• This is generally correct. A spread involves taking opposite positions in two related futures contracts, like buying one and selling another.

d: "ถูกทุกตัวเลือก" which means "All options are correct."

Now, evaluating each:

• a: Incorrect, as Calendar Spread is not the sum; it's the difference or the strategy involving different months.

• b: This is tricky. A Bull Spread in futures could mean expecting the spread to widen in a way that benefits from rising prices. But typically, for calendar spreads, if you expect the near-month to rise relative to the far-month, it might be a type of bull spread. However, the standard definition might not align perfectly. Upon second thought, in futures, a bull spread is more common in options, but for futures spreads, it's about inter-month spreads. This might be considered correct in some contexts.

• c: This seems accurate. To create a spread, you need to be long one contract and short another.

• d: If not all are correct, then this is wrong.

From my knowledge:

• Option a is definitely wrong.

• Option b: In futures trading, a bull spread for calendar spreads isn't standard terminology. Typically, calendar spreads are neutral, but if you're betting on the spread narrowing or widening, it could be bullish or bearish. This option might be misinterpreted.

• Option c is correct.

Since a is wrong, d is wrong. Between b and c, c is clearly correct.

The question is multiple choice, and I need to select the correct one. If only c is correct, then the answer is c.

In the initial instruction, I need to provide a brief explanation and then respond in JSON with the "correct_answer_key".

So, for this:

Brief explanation: Option a is incorrect because a Calendar Spread involves the difference in prices, not the sum. Option b is not entirely accurate for Bull Spread in futures contexts. Option c is correct as spreads involve offsetting positions. Option d is incorrect since not all are right.

Thus, the correct answer is c.

Finally, respond in JSON: {"correct_answer_key":"c"}

First, the user is providing another multiple-choice question in JSON format. I need to follow the same pattern as before: provide a brief explanation, then respond in JSON with the "correct_answer_key".

The question is in Thai: "ตัวเลือกใดต่อไปนี้ถูกต้องเกี่ยวกับสเปรดของสัญญาฟิวเจอร์ส" which translates to "Which of the following options is correct about the spread of futures contracts?"

The options are:

• a: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ"

  This seems incorrect. A Calendar Spread typically involves buying and selling futures contracts of the same underlying asset but with different expiration dates, not the sum of prices.

• b: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล"

  This is about Bull Spread, which is used when you expect the price of the near-term futures to rise relative to the far-term ones. But in futures, a Bull Spread might refer to expecting prices to go up, often in options, but for futures spreads, it's about the difference.

  In futures, spreads like calendar spreads are about the price difference between contracts. A bull spread in futures might involve going long on near-month and short on far-month if you expect the spread to widen in a certain way.

• c: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

  This says: "Creating a spread requires at least one position on futures contracts, by buying one futures contract and selling another one."

  This is generally correct for spreads in futures, which involve taking opposite positions in related contracts.

• d: "ถูกทุกตัวเลือก" which means "All options are correct."

I need to evaluate which one is accurate.

Let me double-check each:

• a: Calendar Spread is not the sum of prices; it's the difference or the strategy involving buying one and selling another with different expirations. So, this is incorrect.

• b: For Bull Spread in futures, it's typically about expecting the price to rise, so you might go long on a spread where the near-month is expected to outperform the far-month. The description says it's used when you expect the near-month price to be higher compared to the far-month, which could align with a bull spread in calendars. This might be somewhat correct, but I need to confirm.

  In futures, a bull spread often means a calendar spread where you buy the nearer month and sell the farther month, expecting the spread to widen (nearer month to rise relative to farther).

• c: Yes, a spread generally involves being long one contract and short another, so this is correct.

• d: If not all are correct, then this is wrong.

From my knowledge:

• Option a is definitely wrong.

• Option b: In futures, a bull calendar spread is when you expect the futures curve to flatten or the near contract to strengthen relative to the far one. So, it might be correct.

• Option c: Correct.

If both b and c are correct, then d might be the answer.

Is b accurate? Let me think carefully.

A Bull Spread in options is clear, but in futures spreads, it's less standardized. However, in the context of calendar spreads, if you expect the near-month to rise relative to the far-month, you might set up a bull spread.

The option says: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล"

Which means: "Bull Spread is used when forecasting that the price of the near delivery month futures contract will be higher compared to the far delivery month."

This is essentially correct for a bull calendar spread.

So, both b and c seem correct, and a is incorrect. Therefore, d "All options are correct" is not true because a is wrong.

d says "ถูกทุกตัวเลือก" which means all the above options are correct, i.e., a, b, and c are all correct.

Since a is incorrect, d is incorrect.

So, only b and c are correct, but the question is "Which of the following options is correct", and it's multiple choice with single select, I assume.

The question is to pick one, and d is "all are correct", which it's not.

The question might expect only one correct answer.

Perhaps only c is precisely correct, and b might be debatable.

Upon second thought, in standard futures terminology, "Bull Spread" isn't as commonly used as in options. In futures, we talk about calendar spreads, and whether it's bull or bear depends on the position.

But the option describes it in a way that could be accurate.

This is getting tricky. Since I'm not 100% sure, and the user might expect based on standard knowledge, I need to decide.

Perhaps the correct one is c, as it's the most straightforward.

Looking back at the original response format, I need to provide a brief explanation and then the JSON.

I should say that option c is correct, as it accurately describes the creation of a spread.

To be precise, let's assume based on common knowledge:

• a is wrong.

• b is partially correct but might not be the best definition.

• c is correct.

• d is wrong.

The question is "which of the following is correct", and since it's multiple choice, perhaps more than one could be, but d is the option for all.

The question doesn't specify, but in the format, it's likely single choice.

Perhaps in the context, only c is intended to be correct.

Another way: the user might have meant for me to evaluate as is.

Upon reflection, I think c is unambiguously correct, while b might be acceptable, but since a is wrong, and d claims all, the answer is not d.

If the question is to choose one, and both b and c are correct, but that's not an option, so perhaps it's c.

The question is: "ตัวเลือกใดต่อไปนี้ถูกต้อง" which means "Which of the following options is correct", implying pick the correct one, and d is "all are correct", which is not.

In multiple-choice, if more than one is correct but d is not, then I need to pick one.

This is confusing. Perhaps I should pick c as the most accurate.

Maybe the correct answer is b, but I think c is safer.

Let's think differently: in the first interaction, the answer was straightforward.

For this, I'll go with c as the correct one.

So, my response: Brief explanation: Option C correctly describes that creating a spread involves buying one futures contract and selling another.

Then, JSON: {"correct_answer_key":"c"}

Yes.

Okay, let's tackle this question about futures contracts spreads. The question is in Thai, so I need to make sure I understand each option correctly. Let me start by translating and breaking down each part.

The question asks which of the following options is correct regarding the spread of futures contracts. The options are a, b, c, d. Let's go through each one.

Option a: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ"
Translation: "Calendar Spread is the sum of futures contract prices that have the same underlying asset but differ in expiration dates."
Hmm, I think Calendar Spread is actually the difference between two futures contracts of the same asset but different expiration dates, not the sum. So this might be incorrect.

Option b: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล"
Translation: "Bull Spread is used when anticipating that the price of the nearby delivery month futures contract will increase compared to the far delivery month."
Bull spread typically involves buying a nearby contract and selling a distant one when expecting the near to outperform. That sounds right because if the near contract goes up more, the spread increases. So this might be correct.

Option c: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"
Translation: "Creating a spread requires having at least one position on the futures contract, with a long position in one futures contract and a short position in another futures contract."
Wait, the wording here is a bit confusing. It says "at least one position" but actually, a spread involves both a long and a short position in different contracts. So maybe it's saying you need at least two positions (one buy, one sell). The phrasing might be off, but the concept is correct. So this could be correct.

Option d: "ถูกทุกตัวเลือก" which means "All of the above are correct."
But if any of the previous options are wrong, then d is incorrect.

Now, let's verify each point again.

For option a: Calendar Spread is indeed the difference between two contracts of the same asset but different expiration months. The option says "sum" which is wrong. So a is incorrect.

Option b: Bull Spread. The definition here seems correct. A bull spread in futures is when you buy the near month and sell the far month, expecting the near to rise more. So b is correct.

Option c: The translation says "at least one position" but actually, a spread requires both a long and a short. The Thai might have a typo. The original says "สถานะ" (position) twice. Wait, the Thai says: "สถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง" which translates to "a long position in one futures contract and a short position in another futures contract." So the first part says "at least one position" but actually, you need two positions. The wording might be a mistake, but the second part correctly describes a spread. So maybe the first part is a translation error. The key is that a spread requires both a long and a short. So option c is correct in describing that, even if the "at least one" is confusing. Maybe the Thai meant "at least two positions" but the user wrote "อย่างน้อย สถานะ" which is "at least one position". Hmm, that's conflicting. Wait, looking again: the Thai for option c is: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

Wait, maybe there's a typo. The phrase "อย่างน้อย สถานะ" might be "อย่างน้อยสองสถานะ" (at least two positions). If it's written as "อย่างน้อย สถานะ" (at least one position), that's incorrect. But perhaps it's a mistake in the question. Alternatively, maybe the user intended to say that you need a combination of a long and a short, so two positions. If the option says "at least one position" but actually requires two, then option c is wrong. But the second part of the sentence does specify both a long and a short, so maybe the first part is just a wording issue. Since the second part is correct, maybe the answer considers c as correct.

Assuming that option c is correct, then all except a are correct? Wait, but option a is wrong. So if only b and c are correct, then d (all correct) would be wrong. But the options are a, b, c, d. Let me check again.

Option a is definitely wrong because it's the sum, not the difference. So a is incorrect.

Option b is correct.

Option c: If the first part says "at least one position" but actually requires two, then it's incorrect. But the second part says you have a long and a short, so maybe the first part is just a translation error. The Thai might have meant "at least two positions" but wrote "one". If that's the case, then c is correct. Alternatively, maybe the Thai is correct and the "อย่างน้อย สถานะ" is a typo. Since the second part clearly states both positions, perhaps the first part is just a minor error, and the option is still correct.

Assuming that c is correct, then the correct options are b and c, making d (all correct) wrong because a is wrong. But if c is incorrect, then only b is correct.

Alternatively, maybe I'm misunderstanding option c. Let me parse it again. The Thai says: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

Breaking it down: "Creating a spread requires having at least one position on the futures contract, with a long position in one futures contract and a short position in another futures contract."

The first part says "at least one position" but the second part specifies two positions. That's contradictory. So the first part is wrong. Therefore, option c is incorrect because it says "at least one position" when actually you need two. So c is wrong.

So now, only option b is correct. But let me check again.

Wait, maybe the Thai wording for option c is different. Let me check again:

Original option c: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

The phrase "อย่างน้อย สถานะ" might be a typo. Perhaps it should be "อย่างน้อยสองสถานะ" (at least two positions). If it's written as "อย่างน้อย สถานะ" (at least one position), then it's incorrect. But maybe the user made a typo and the correct answer is that c is correct. Alternatively, maybe the Thai is correct and the "สถานะ" is repeated. Let me see the structure:

"การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

The structure is: "Creating a spread requires having at least [สถานะ] position on the futures contract, with a long position in one futures contract and a short position in another futures contract."

The "อย่างน้อย สถานะ" part is "at least one position", but the following part says you have two positions. So the first part is wrong. Therefore, option c is incorrect.

So now, only option b is correct. But let me check option b again.

Option b says: Bull Spread is used when expecting the nearby contract to increase compared to the far. That's correct. A bull spread is buying the near and selling the far, so if the near rises more, the spread increases. So yes, that's right.

So the correct options are b. But what about option c? If it's incorrect, then the answer is b. But maybe I'm missing something.

Wait, maybe the Thai in option c is different. Let me read again:

"การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

The phrase "อย่างน้อย สถานะ" might actually be "อย่างน้อยสองสถานะ" (at least two positions) but there's a typo. If that's the case, then the option is correct. Alternatively, maybe the first "สถานะ" is a mistake and it should be "สองสถานะ". Since the user might have made a typo, but in the given options, as presented, option c is incorrect because it says "at least one position" but requires two.

Therefore, the correct options are only b. So the answer would be option b. But let me check the options again.

Wait, the options are a, b, c, d. The user is asking which is correct. If only b is correct, then the answer is b. But let me check again.

Alternatively, maybe I made a mistake with option c. Let me think again. The Thai says: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง"

The first part says "at least one position", but the second part says you have a long and a short. So the first part is wrong. Therefore, option c is incorrect.

So the only correct option is b. But let me check the other options again.

Option a: Calendar Spread is the sum. No, it's the difference. So a is wrong.

Option d says all are correct, but since a and c are wrong, d is wrong.

Therefore, the correct answer is b. But wait, the user's options are a, b, c, d. So the correct answer key is "b".

Wait, but I'm a bit confused because sometimes Bull Spread can have different definitions. Let me confirm:

A Bull Spread in futures typically involves buying a nearby contract and selling a deferred (far) contract when expecting the near to rise more than the far, which would widen the spread. So yes, that's correct. So option b is correct.

Therefore, the correct answer is option b.

Alright! Let's tackle this question about futures spreads. The user provided a multiple-choice question in Thai, asking which of the options is correct regarding the spread of futures contracts. The options are labeled a through d, with d stating that all are correct.

First, I need to understand each term mentioned in the options: Calendar Spread, Bull Spread, and the general concept of creating a spread.

Starting with option a: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ." Translating this, it says a Calendar Spread is the sum of futures prices with the same underlying asset but different expiration dates. Hmm, I recall that a Calendar Spread involves taking positions in futures with different expiration dates, typically buying one and selling another. However, it's not just the sum of prices; it's more about the difference between the two prices. So, option a might be incorrect because it mentions the sum rather than the difference.

Next, option b: "Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล." This translates to a Bull Spread being used when expecting the price of a near-month futures contract to rise compared to a far-month contract. That makes sense because a Bull Spread typically involves buying a near-month contract and selling a far-month one, anticipating that the near-month will increase more than the far-month. So, option b seems correct.

Option c: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง." Translating, it states that creating a spread requires at least one position on futures by simultaneously buying one futures contract and selling another. This is accurate because a spread involves combining two or more futures positions, typically a long and a short, to speculate or hedge based on price differences. So, option c is also correct.

Now, considering option d: "ถูกทุกตัวเลือก" meaning all options are correct. From my analysis, option a was incorrect because it described a Calendar Spread as the sum of prices instead of the difference. Therefore, since not all options are correct, option d is incorrect.

Putting it all together, only options b and c are correct. However, looking back at the options, there isn't a combined choice for b and c. The available options are a, b, c, and d (all correct). Since a is incorrect and d claims all are correct, the correct answer must be either b or c individually. But wait, the user might expect a single correct answer. Given that, both b and c are correct statements, but since the options don't allow selecting multiple, perhaps the question expects the best single correct answer. However, in the context of futures spreads, both b and c are valid strategies. It's possible that the question intends for both to be correct, but since d is an option, it might be trying to trick us. But since a is incorrect, d cannot be correct. Therefore, the correct answers are b and c, but since they aren't combined, I might have to choose the most accurate single option. Alternatively, if the system allows, both b and c could be correct, but in multiple-choice questions, usually, only one is correct. Given that, I'll go with option c as the correct answer because it's a fundamental aspect of spreads, while option b is a specific strategy.