Exercise price (行使价）是期权（options) 或 期货（futures) 合约内指定在到期日或行使日持有人可以这个价钱买入或卖出相关股份的价钱。Exercise price 也可以叫做 strike price。 行使价会根据特定的购入期权而有所变化。 期权合约允许期权购买者以某一合约价格购买股票。 比如，一股票的市价为10元每股。人们可以购买一个期权合约，约定可以有权在一定时间内以例如11元每股的价格购买该股票。
由两个有相同行使价的看跌和看涨期权形成的组合，同时二者都看跌，叫做组合卖出期货。
A combination of a put and a call with the same strike price, in which both are bullish, called synthetic long futures.
当期权的行使价非常接近标的资产的市价时，期权即处于平值状态。 平值期权实际上可以是处于略为价内或价外的状态。
An option is described as being at the money when the exercise price is approximately the same as that of the underlying instrument.
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