Chris, I may not have given you enough info in that last answer on bond futures options. So, let me give you some more specific numbers and places to go:
1. First, take a look at cbt.com, which is The Chicago Borad of Trades Home Page. They have pages running down the day's trading in the bond futures and in the futures options. One hint, always look at settlement prices on this page. It is there most readable page. Current prices are delayed and my even be confusing.
2. Nailing down numbers on the example I gave you, the December Bond future closed at 133 2/32. The December 128 puts settled at 22/64, while the 130s settled at 40/64. If you buy one of each to create a synthetic 129 strike price, you are in for about $500 a put after commissions.
3. Be careful, as the expiration days are not the same as for stock options.
4. Bond futures generally trade at a discount to cash bonds, as the carrying cost is lower than the bond interest rate. Right now, that is a very low spread, but it is still like running a race while starting a yard or two behind the other racers.
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