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"After the Spring Festival, under the influence of the epidemic situation and the sharp drop of crude oil price, the price of PTA futures main contract continued to decline from about 5000 yuan / ton at the beginning of the year. For enterprises that have used short hedging of futures, good floating profit has been generated at the futures end. However, due to the unclear future market situation, the floating profit of futures can not be realized and can only be held until the end of the period." Shen Zhuofei, an analyst of CSI Anxin futures, said that under such circumstances, when the implied volatility of options is not high, enterprises can replace short positions in futures with buying put options and realize the profits of futures hedging. If the future price of PTA futures falls further, PTA option can also achieve hedging effect, but if the price rebounds, the loss of call option is limited, and the enterprise does not need to worry about the risk of margin call.