"I am not interested in this detail or that detail. What I want to know is, did GOD have any choice when he created the Universe?" - Albert Einstein That is the point of what I said, but I don't think it was clear since I don't think you understand. You want the forward if the underlying expires into cash. Otherwise you need to compute an implied synthetic future if what the underlying expires to has time value. YW nitro
Then allow me to re-iterate.... For options that settle into cash or stock the futures value as traded in the market is a good approximation to the forward value. It's as near as damn-it. Where no futures are traded in the month of options expiry you can derive the futures value from the implied synthetic in the options market, i.e. Call - Put + strike or Put - Call - strike. The future / forward value of options that settle into futures can also be determined by using the implied synthetic method as above. How's that ?