Hi.. i wanted to know the difference between a lock in rate and a closing futures price, im a little confused. Am i right if i say the lock in rate is calculated when the transaction takes place before the expiry of the future and we are not given the spot on the date of the transaction so we use the opening futures price/spot rate and basis to find the lock in rate?
And the closing futures price is when we use the spot rate on the date of the transaction and add the basis to get the closing futures price?