### Question
How is the term strike price defined?


### Answer
The term **strike price** is defined in *17 CFR § 1.3* as the following:

> the total price at which a person may purchase or sell the contract of sale of a commodity for future delivery or the physical which is the subject of a commodity option (*i.e.,* price per unit times the number of units)

#### Citation:
  - *17 CFR § 1.3*
  - Heading: **PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT**

