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.

Okay, let's tackle this question about futures spreads. The question is in Thai, so I need to make sure I understand each option correctly.

First, the question asks which of the following is correct regarding futures spreads. The options are a, b, c, d (all correct). Let's break them down one by one.

Option a: Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ. Translating that, it says "Calendar Spread is the sum of futures contract prices with the same underlying commodity but different expiration dates." Wait, I remember that a calendar spread involves buying and selling futures contracts of the same underlying asset but with different expiration dates. But the term "sum of prices" doesn't sound right. A spread is usually the difference between two prices, not the sum. So maybe option a is incorrect because it mentions sum instead of difference.

Option b: Bull Spread จะใช้เมื่อคาดการณ์ว่าราคาสัญญาฟิวเจอร์สเดือนส่งมอบใกล้จะมีราคาสูงขึ้น โดยเปรียบเทียบกับเดือนส่งมอบไกล. This translates to "Bull Spread is used when anticipating that the near-month futures contract price will rise compared to the far-month." A bull spread typically involves buying the near-month and selling the far-month if you expect the near to outperform. But wait, bull spreads can be either in the same commodity with different months or different strike prices in options. In futures, a bull spread would mean buying the near contract and selling the farther one if you expect the near to go up more. So this seems correct. But I need to confirm. If the near-month is expected to increase relative to the far, then the spread (near - far) would widen, which is profitable for a bull spread. So option b might be correct.

Option c: การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง. Translation: "Creating a spread requires at least a position in futures contracts by taking a long position in one futures contract and a short position in another futures contract." Yes, a spread involves both long and short positions in different contracts. So this is correct. So option c is correct.

Option d: ถูกทุกตัวเลือก. "All options are correct." But if option a is incorrect, then d can't be correct. Let me recheck.

Option a: Calendar Spread is the sum of prices. No, it's the difference. So a is wrong. Therefore, d (all correct) is incorrect. But wait, maybe the translation is off. Let me check the Thai again. The key part is "ผลรวมของราคาสัญญาฟิวเจอร์ส" which is "sum of futures contract prices". That's definitely wrong. So a is incorrect. Therefore, options b and c need to be checked again.

Option b: Bull Spread used when expecting near-month to rise compared to far-month. Yes, that's correct. Because in a bull spread, you profit if the near-month increases more than the far-month. So buying the near and selling the far. So b is correct.

Option c: Creating a spread requires at least two positions: long one and short another. Yes, that's the definition of a spread. So c is correct.

Wait, but the question is in Thai, and the options are a, b, c, d. If a is wrong, but b and c are correct, then which is the correct answer? The options are a, b, c, d (all correct). So if both b and c are correct, but a is wrong, then the correct answer would be d only if all are correct. But since a is wrong, d is not correct. Therefore, the correct answer must be both b and c. But the options are single-choice. Wait, the user's options are a, b, c, d. Let me check again.

Wait, the user's options are:

a: Calendar Spread is sum of prices (incorrect, should be difference)

b: Bull Spread used when expecting near-month to rise compared to far (correct)

c: Spread requires long and short positions (correct)

d: All options are correct (since a is wrong, d is wrong)

So the correct answers are b and c. But the options are a, b, c, d. So the user must have intended that either b and c are correct, but since it's a multiple-choice question with single answer, perhaps the correct answer is d only if all are correct. But since a is wrong, d is not correct. Therefore, the correct answer is both b and c. But the options don't have a combined choice. Wait, looking back at the original question, the options are a, b, c, d. So the user must have intended that option c is correct. Wait, let me check option c again.

Option c: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง" – "Creating a spread requires at least a position in futures contracts by taking a long position in one futures contract and a short position in another futures contract." The translation might be slightly off, but the key point is that a spread involves both long and short positions. That's correct. So c is correct.

But then, if both b and c are correct, but the options don't have a combined answer, and d says all are correct, which they aren't because a is wrong. So the correct answer must be c and b. But since it's a single-choice question, perhaps the user made a mistake, or maybe I'm misunderstanding.

Wait, let's re-examine option a. The user wrote: "Calendar Spread คือ ผลรวมของราคาสัญญาฟิวเจอร์สที่มีสินค้าอ้างอิงประเภทเดียวกัน แต่แตกต่างที่วันหมดอายุ" – "Calendar Spread is the sum of futures contract prices with the same underlying but different expirations." That's incorrect. The spread is the difference between two contract prices, not the sum. So a is wrong.

Option b: Bull Spread is used when expecting the near-month to rise compared to the far-month. That's correct. Because in a bull spread, you go long the near and short the far, expecting the near to increase more.

Option c: Creating a spread requires at least two positions: long one and short another. Correct.

So both b and c are correct. But the options are a, b, c, d. If the question allows multiple correct answers, but the options are single-choice, then there's a problem. However, looking at the original Thai question, the options are presented as single-choice. Therefore, perhaps the correct answer is d: all are correct, but since a is wrong, d is incorrect. Therefore, the correct answer must be both b and c. But since the options don't have that, maybe the user intended that option c is correct. Alternatively, maybe I'm missing something.

Wait, let's check option c again. The Thai says: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง" – "Creating a spread requires at least a position in futures contracts by taking a long position in one futures contract and a short position in another futures contract." The key here is "อย่างน้อย สถานะ" which might be "at least positions" but the wording might be "at least two positions". If the original Thai says "อย่างน้อยสองสถานะ" (at least two positions), then it's correct. But the user's input has "อย่างน้อย สถานะ" which might be a typo. Assuming that it's supposed to be "อย่างน้อยสองสถานะ" (at least two positions), then c is correct. So if c is correct, and b is correct, but a is wrong, then the answer can't be d. Therefore, the correct answer is both b and c. But since the options don't have that, perhaps the question is flawed. However, in the given options, the correct answer would be d only if all are correct. But since a is wrong, d is incorrect. Therefore, the correct answers are b and c, but since the options don't allow multiple selections, perhaps the intended answer is d, but that's incorrect. Alternatively, maybe the user made a mistake in option a's description.

Alternatively, maybe the user intended that option a is correct. Let me think again. Calendar Spread is the sum of prices? No, that's not right. The spread is the difference between two contracts. So a is definitely wrong. Therefore, the correct answers are b and c. But since the options are a, b, c, d, and the user expects a single answer, perhaps the correct answer is d is wrong, and the correct answer is c. Wait, but option c says that creating a spread requires at least a position (maybe two positions). The wording in Thai might be "อย่างน้อย สถานะ" which could be "at least a position", but that doesn't make sense. Maybe it's a typo and should be "อย่างน้อยสองสถานะ" (at least two positions). If that's the case, then c is correct. So if c is correct, and b is correct, but a is wrong, then the answer is not d. Therefore, the correct answer is c. But wait, option b is also correct. So this is conflicting.

Alternatively, maybe option b is incorrect. Let's think again. Bull Spread in futures: if you expect the near-month to rise compared to the far-month, you would buy the near and sell the far. That's a bull spread. So if the near-month's price increases more than the far-month, the spread (near - far) would increase, leading to profit. So option b is correct.

Therefore, both b and c are correct. But since the options don't allow multiple answers, and d says all are correct (which they aren't), then the correct answer must be either b or c. But according to the analysis, both are correct. However, the user's options are a, b, c, d. So perhaps the correct answer is d, but that's only if all are correct. Since a is wrong, d is incorrect. Therefore, the correct answer is both b and c. But since the options don't have that, there's a problem. However, in the Thai question, maybe the user intended that option c is correct. Let me check option c again. The Thai says: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง" – "Creating a spread requires at least a position in futures contracts by taking a long position in one futures contract and a short position in another futures contract." The key here is whether "อย่างน้อย สถานะ" is "at least a position" or "at least two positions". If it's "at least a position", that's incorrect because a spread requires two positions. But if it's "at least two positions", then correct. The way it's written in Thai might be a typo. If the original says "อย่างน้อยสองสถานะ" (at least two positions), then correct. But as written, it's "อย่างน้อย สถานะ" which could be "at least a position", which is wrong. But maybe in Thai, the wording is correct. Let me check the exact wording again. The user's input for option c is: "การสร้างสเปรดจะต้องมีสถานะบนสัญญาฟิวเจอร์สอย่างน้อย สถานะ โดยสถานะซื้อสัญญาฟิวเจอร์สหนึ่งพร้อมกับสถานะขายสัญญาฟิวเจอร์สอีกสัญญาหนึ่ง". The part "อย่างน้อย สถานะ" translates to "at least position". But that doesn't make sense. It should be "อย่างน้อยสองสถานะ" (at least two positions). So this is likely a typo. Therefore, option c is incorrect. But that contradicts my previous analysis. If option c is incorrect, then the correct answer is b. But earlier analysis said c is correct. This is confusing.

Alternatively, maybe the user made a mistake in the options. Given the confusion, perhaps the correct answer is d: all are correct, but that's not possible because a is wrong. Alternatively, maybe the user intended that option a is correct. Let me check again. Calendar Spread is the sum of prices. No, that's wrong. So a is incorrect. Therefore, the correct answers are b and c. But since the options don't allow multiple answers, and the user expects a single key, perhaps the intended answer is d, but that's incorrect. Alternatively, maybe the correct answer is c. If the user intended that creating a spread requires both long and short positions, then c is correct. So if c is correct, and b is also correct, but the options don't allow multiple answers, then there's a problem. However, in the given options, the correct answer would be c. But according to the analysis, both b and c are correct. This is conflicting.

Given the ambiguity, perhaps the correct answer is d: all are correct, but that's not true. Alternatively, the user might have intended that option a is correct. But since a is wrong, the correct answer must be either b or c. Given that, and considering that option c is about the basic definition of a spread (long and short), which is a fundamental concept, perhaps the correct answer is c. However, option b is also correct. This is a problem.

Wait, let's think again. In futures trading, a spread involves simultaneously entering into a long and short position in two different contracts. So option c is correct. A bull spread can be constructed using either calls or futures. In futures, a bull spread would involve buying the near-month and selling the far-month if you expect the near to outperform. So option b is correct. Therefore, both b and c are correct. But since the options don't allow multiple answers, and d is incorrect, there's a mistake in the question. However, given the options provided, the correct answer would be d only if all are correct, which they aren't. Therefore, the correct answer must be both b and c. But since the user expects a single key, perhaps the intended answer is c. Alternatively, the user might have made a mistake.

Alternatively, maybe option a is correct in Thai terminology. Let me check. Calendar Spread: in Thai, maybe they refer to the sum, but in standard finance, it's the difference. So likely, a is incorrect. Therefore, the correct answers are b and c. But since the options don't allow that, perhaps the intended answer is d, but that's wrong. Therefore, the correct answer is c. But I'm not sure. Given the confusion, I'll go with option c being correct and option b also correct, but since the user expects a single answer, perhaps the correct answer is d, but that's not possible. Alternatively, maybe the user intended that option c is correct. Given that, I'll proceed with option c as the correct answer.

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"}

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.