Options Series

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Option Series

What Is an Option Series?

An option series refers to a grouping of options listed on the same underlying security with various specified strike prices, but for the same expiration month. These may be both call and put options. An option series therefore lists the available calls and puts that will expire at the same time for a given underlying security, and may also include quote information such as price and volume for each.

How Option Series Work

An option series shows all the calls or puts available on an underlying security, with different strike prices, for the same expiry month. If, for instance, stock in XYZ corporation has options listed on it, and XYZ is trading for $100 a share, the option series for June may look like:

  • June 80 Call | June 80 Put
  • June 85 Call | June 85 Put
  • June 90 Call | June 90 Put
  • June 95 Call | June 95 Put
  • June 97.5 Call | June 97.5 Put
  • June 100 Call | June 100 Put
  • June 102.5 Call | June 102.5 Put
  • June 105 Call | June 105 Put
  • June 110 Call | June 110 Put
  • June 115 Call | June 115 Put
  • June 120 Call | June 120 Put
  • June 130 Call | June 130 Put

In some option series both calls and puts are listed side by side. In other cases only call series or put series are listed.

Key Takeaways

  • An option series shows all the calls or puts available on an underlying security, with different strike prices, for the same expiry month.
  • Options series may also include quote information, such as last price, bid and offer, and volume for each option in the series.
  • Options series are related to expiration cycles, which assigns the months that options series will expire on.

Option Cycles

An option will be listed with a specified strike price. For example, XYZ Company may have a call option with a strike price of $110. When the option is listed it can be assigned one of three cycles:

Cycle one: JAJO – January, April, July and October

Cycle two: FMAN – February, May, August and November

Cycle three: MJSD – March, June, September and December

Exchange traded options follow their designated cycle with listings available for the first two months followed by the next two cycle months. If the XYX $110 call is a cycle three then in January it would have the following listings: XYZ 110 Jan, XYZ 110 Feb, XYZ 110 March, XYZ 110 June. Each listing would be considered an individual option series with the four option offerings together representing the option cycle. Most all exchange traded option series listings will expire on the third Friday of their listed expiration month.

Option Classes

An investor will find multiple option series listings within a designated option class. An option class refers to the option’s designation as either a call or a put. Generally, most option exchanges will list options by class. Therefore, an investor seeking to buy call options on an underlying security would see a long list of call option series listings, each with their own individual strike price and expiration. Similarly, an investor seeking put options on an underlying security would first look to the put option class for all of the series listings at different strike prices and expirations.

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Option Regulation

Publicly traded option exchanges list option classes uniformly with many different strike prices and expirations all within an option’s designated cycle. The value of each option will vary based on the price of the underlying option.

Options trading on regulated exchanges are supported by regulators who ensure options in the case of default. Thus, option investors need not worry about replacement risk with publicly traded options since the regulators will step in to cover counterparty positions in the event of any potential counterparty default.

Please correct the error(s) listed below:

The Series Search provides series information based on underlying or option symbol. Results include trading exchange, series/contract date, strike and open interest.

About This Report

Open interest figures are derived from the previous day’s settlement. For example, the figures represented here on a Friday morning represent open interest following Thursday’s matching executions.

As of December 2008, the Series Search results include the Series/Contract date.

Batch processing information can be found here.

This web site discusses exchange-traded options issued by The Options Clearing Corporation. No statement in this web site is to be construed as a recommendation to purchase or sell a security, or to provide investment advice. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies of this document may be obtained from your broker, from any exchange on which options are traded or by contacting The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 ([email protected]).

© 2020 The Options Clearing Corporation. All rights reserved.

Options Series

The Volatility Finder scans for stocks and ETFs with volatility characteristics that may forecast upcoming price movement, or may identify under- or over-valued options in relation to a security’s near- and longer-term price history to identify potential buying or selling opportunities.

Volatility Optimizer

The Volatility Optimizer is a suite of free and premium option analysis services and strategy tools including the IV Index, an Options Calculator, a Strategist Scanner, a Spread Scanner, a Volatility Ranker, and more to identify potential trading opportunities and analyze market moves.

Options Calculator

The Options Calculator powered by iVolatility.com is an educational tool intended to help individuals understand how options work and provides fair values and Greeks on any option using volatility data and delayed prices.

Cboe Mobile App

No matter your trading level, free, on-the-go Cboe lessons will bring you up to speed on trading options. Available on both iOS and Android.

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