Typically how much time is there between the strike date of an Option on a Future and the maturity of the resulting Futures position? Is there a choice and is it different for different markets/asset classes.

The futures and options represent two of the most common form of "Derivatives".Derivatives are financial instruments that derive their value from an 'underlying'.The first thing that probably throws a curve ball at you when initially approaching options on futures is that you may not be familiar with a futures contract,the underlying instrument upon which options on futures trade.