Options symbols may look confusing at first, but they follow a logical structure that tells you everything about the contract. Learning to read options symbols helps you quickly identify what you are trading and avoid costly mistakes.
The OCC Options Symbol Format
The Options Clearing Corporation (OCC) standardized options symbols in 2010. Every options symbol follows this format:
Format: [Underlying] + [Expiration Date] + [Call/Put] + [Strike Price]
Example: AAPL240119C00150000
Breaking Down the Symbol
Let us decode AAPL240119C00150000 piece by piece:
1. Underlying Symbol (AAPL)
The first 1-6 characters identify the underlying security.
Examples: AAPL, TSLA, SPY, AMZN, GOOGL
The symbol is padded to fit the format but usually displayed as shown by your broker.
2. Expiration Date (240119)
Six digits in YYMMDD format:
24 = Year (2024)
01 = Month (January)
19 = Day (19th)
This option expires on January 19, 2024.
3. Call or Put Indicator (C)
A single letter identifies the option type:
C = Call option
P = Put option
4. Strike Price (00150000)
Eight digits representing the strike price:
First 5 digits = dollars (00150 = $150)
Last 3 digits = decimal portion (000 = .000)
00150000 = $150.00 strike price
More Symbol Examples
TSLA250221P00200000
Underlying: TSLA (Tesla)
Expiration: February 21, 2025
Type: Put option
Strike: $200.00
SPY240315C00450000
Underlying: SPY (S&P 500 ETF)
Expiration: March 15, 2024
Type: Call option
Strike: $450.00
QQQ240621P00375500
Underlying: QQQ (Nasdaq ETF)
Expiration: June 21, 2024
Type: Put option
Strike: $375.50
Non-Standard Strike Prices
The 8-digit strike format allows for non-standard strikes:
- 00150000 = $150.00 (standard)
- 00150500 = $150.50 (half dollar)
- 00150125 = $150.125 (eighth of a dollar)
- 00007500 = $7.50 (low-priced stock)
Note: Non-standard strikes often appear after stock splits, special dividends, or in options on low-priced stocks.
How Brokers Display Symbols
While the OCC format is standardized, brokers often display options in more readable formats:
Common Display Formats
- Full OCC: AAPL240119C00150000
- Shortened: AAPL Jan 19 2024 150 Call
- Abbreviated: AAPL 1/19/24 C150
- With spaces: AAPL 240119 C 150
Regardless of display format, the underlying data remains the same. Your broker's trading platform will typically show a human-readable version.
Index Options Symbols
Index options follow the same format but use index symbols:
SPX240315C04500000
Underlying: SPX (S&P 500 Index)
Expiration: March 15, 2024
Type: Call option
Strike: $4,500.00
NDX240315P17500000
Underlying: NDX (Nasdaq-100 Index)
Expiration: March 15, 2024
Type: Put option
Strike: $17,500.00
Adjusted Options Symbols
When corporate actions adjust options, the symbols change to identify them:
- AAPL1 - First adjustment (split, dividend)
- AAPL2 - Second adjustment
- XYZ1240119C00075500 - Adjusted option with non-standard strike
Adjusted options may have different deliverables (not standard 100 shares), so always verify contract specifications.
Weekly vs Monthly Expiration Symbols
The symbol format is the same for both weekly and monthly options - the expiration date tells you which type:
Standard Monthly Options
Expire on the third Friday of the month. The date in the symbol reflects this.
Weekly Options
Expire on other Fridays (or sometimes other days). The date shows the actual expiration day.
Tip: To quickly identify weekly vs monthly options, check if the expiration falls on the third Friday. Most brokers also clearly label weekly options.
Special Expiration Symbols
Some products have special expiration conventions:
- End-of-month (EOM): Expire on the last trading day of the month
- Quarterly: Expire at quarter-end dates
- LEAPS: Long-dated options (same format, just further out dates)
Track Your Options Trades
Pro Trader Dashboard automatically parses options symbols and displays your positions in an easy-to-read format.
Common Mistakes to Avoid
Confusing Similar Symbols
Double-check before trading. AAPL240119C00150000 and AAPL240119P00150000 are very different - one is a call, the other a put.
Missing the Year
With LEAPS options, make sure you have the right year. A 2024 expiration versus 2025 is a significant difference.
Strike Price Decimals
00150000 is $150.00, but 00150500 is $150.50. The last three digits matter for non-standard strikes.
Quick Reference
- Symbol length: 21 characters in full OCC format
- Underlying: 1-6 characters (left-padded with spaces)
- Date format: YYMMDD (6 characters)
- Option type: C or P (1 character)
- Strike: 8 characters (5 whole + 3 decimal)
Summary
Options symbols follow a standardized OCC format that encodes the underlying security, expiration date, call or put type, and strike price. Learning to read these symbols helps you quickly identify contracts and avoid trading errors. While brokers display symbols in various human-readable formats, the underlying structure remains consistent. Pay attention to all components, especially when dealing with adjusted options or similar-looking contracts.
Learn more about call options and put options.