I was wondering if you could read this quote and tell me what it means.

" The limit is variable , and if the market closes , the limit one day , it is raised for 3 subsequent days.

Also when you buy an option do you say american or european with regard to what type you want . Does the american allow you to sell up whenever and the European you have to sell at expiration.

In futures if you buy in dec an august price but leave it to late June to sell the contract do you have reduced liquidity as its a matter of weeks before the contract is up.