 | This article's factual accuracy may be compromised due to out-of-date information.(March 2011) |
In financial markets, an option naming convention is a method of identifying which of many possible options is being quoted or traded.
| This article's factual accuracy may be compromised due to out-of-date information.(March 2011) |
In financial markets, an option naming convention is a method of identifying which of many possible options is being quoted or traded.
US equity options, typically cleared by the Options Clearing Corporation, underwent an initiative between 2008 and 2010 to change the standard symbology. [1] [2] The proposed revision was meant to address several deficiencies with the old standard convention described below. In particular: [2]
The new symbology does away with the letter codes for strike and expiration, and instead employ a 21-byte series key in the style of Root symbol (ticker symbol) + Expiration Year (yy) + Expiration Month (mm) + Expiration Day (dd) + Call/Put Indicator (C or P) + Strike Price: [2]
For Example, an April 16, 2015 $30.00 Call Option on Yahoo would be listed as "YHOO150416C00030000". [3]
All options that settle into the same underlier (e.g. 100 shares of the underlier) share the same symbol field. [2]
Prior to 2010, [1] standard equity option naming convention in North America, as used by the Options Clearing Corporation, was as follows:
For example, an Apple Inc AAPL.O call option that would have expired in December 2007 at a $122.50 strike price would be displayed as APVLZ in old convention (AAPL071222C00122500 in new convention).
Stock option names are written in the following format: SYMBOL+MONTH+STRIKE
| Month | Call | Put |
|---|---|---|
| January | A | M |
| February | B | N |
| March | C | O |
| April | D | P |
| May | E | Q |
| June | F | R |
| July | G | S |
| August | H | T |
| September | I | U |
| October | J | V |
| November | K | W |
| December | L | X |
| Code | Strike Prices | Code | Strike Prices | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A | 5 | 105 | 205 | 305 | 405 | 505 | N | 70 | 170 | 270 | 370 | 470 | 570 |
| B | 10 | 110 | 210 | 310 | 410 | 510 | O | 75 | 175 | 275 | 375 | 475 | 575 |
| C | 15 | 115 | 215 | 315 | 415 | 515 | P | 80 | 180 | 280 | 380 | 480 | 580 |
| D | 20 | 120 | 220 | 320 | 420 | 520 | Q | 85 | 185 | 285 | 385 | 485 | 585 |
| E | 25 | 125 | 225 | 325 | 425 | 525 | R | 90 | 190 | 290 | 390 | 490 | 590 |
| F | 30 | 130 | 230 | 330 | 430 | 530 | S | 95 | 195 | 295 | 395 | 495 | 595 |
| G | 35 | 135 | 235 | 335 | 435 | 535 | T | 100 | 200 | 300 | 400 | 500 | 600 |
| H | 40 | 140 | 240 | 340 | 440 | 540 | U | 7.5 | 37.5 | 67.5 | 97.5 | 127.5 | 157.5 |
| I | 45 | 145 | 245 | 345 | 445 | 545 | V | 12.5 | 42.5 | 72.5 | 102.5 | 132.5 | 162.5 |
| J | 50 | 150 | 250 | 350 | 450 | 550 | W | 17.5 | 47.5 | 77.5 | 107.5 | 137.5 | 167.5 |
| K | 55 | 155 | 255 | 355 | 455 | 555 | X | 22.5 | 52.5 | 82.5 | 112.5 | 142.5 | 172.5 |
| L | 60 | 160 | 260 | 360 | 460 | 560 | Y | 27.5 | 57.5 | 87.5 | 117.5 | 147.5 | 177.5 |
| M | 65 | 165 | 265 | 365 | 465 | 565 | Z | 32.5 | 62.5 | 92.5 | 122.5 | 152.5 | 182.5 |
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