Online options trading 4 passage questions

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Please follow these instructions to install Firefox. Automatic Exercise, After-Hours Risk, and Other Options Expiration Issues. Obviously, with a name like OptionsHouse, the majority of our customers trade options. Each expiration Friday, our trade desk is flooded with calls as we inevitably have customers that have questions around the actual expiration process. “What happens if I am long options, and they finish in-the-money?” … “Will I be assigned?” … and et cetera. Hopefully, I can walk through some common expiration-afternoon questions here and shed some light on the process. First, the Options Clearing Corporation (OCC) automatically exercises options whose official close is one penny or more in-the-money. Those holding long calls would buy 100 shares for each call they owned after the close on Friday afternoon. Those with short calls might sell 100 shares for each call they were short as of the close. The short does not control the exercise.

For those long the options, it is your right whether or not you exercise these calls. If you wanted to, you could call our trade desk and ask to not exercise an option that finished slightly in-the-money. That way your option would expire worthless but you would not have to take delivery of the stock (more on this later). Please note that your options that settle in-the-money on the close will be automatically exercised on expiration if you don’t proactively ask that they not be exercised. Question #1: what happens if the stock price moves after 4 p. m. Eastern Time on Friday? Well, this is where it starts to get interesting. As any of you who trade in the after-hours market know, stocks continue to trade after the bell. Option strikes can move from out-of-the-money to in-the-money, or vice versa. Trust me, the professionals in this market watch this very closely. They have approximately 1.5 hours after the close to make their decision on whether or not to exercise. The most common examples of this behavior are with ETFs like the Spiders (NYSE:SPY) and the PowerShares QQQ Trust (NASDAQ:QQQQ). These options even trade through 4:15 p. m. Eastern, but the options are settled based on the 4 p. m. close. Because of this, you might be assigned on an option you are short when you don’t expect it. Small moves in broad-based ETFs are risky, but probably controlled. However, when there is an unexpected event right after the close on an expiration Friday, things can get really crazy.

Over the years I have been trading, there have been a handful of instances where a major event (think FDA ruling) occurs that moves a stock a huge percentage. The stock might close at $51, but if a drug is approved, the stock could be trading at $73 after the close. In this instance, one could expect to get short calls assigned even at the $55, $60, $65, and $70 strikes. All of them might not be assigned, because if the person long the calls did not realize what happened, he may not call in to exercise them. Again, this is very rare, but it has happened. For those who tend to be sellers of options, please remember: YOU DO NOT CONTROL WHETHER OR NOT YOU GET ASSIGNED … EVER. If something happens, you are at the whim of the people long the options. How can you avoid some of these corner cases? Well, you could close your positions before 4 p. m. Eastern. If you do this, there is no exercise or assignment risk. However, if you are short, you might be paying commissions and a small fee to buy back the options you feel will be worthless in almost every situation. I think you should assess these case by case.

Is there risk in being short calls in the SPY that are 10% out-of-the-money? Yes, but the odds of the market going up 10% in the 1.5 hours after the close are very remote. It is probably a risk you can live with. The odds are much different if you are short options in, for example, Priceline (NASDAQ:PCLN) that are only 10 cents out-of-the-money near the close. Since PCLN is both volatile and a high-dollar priced stock, the chance this stock could move through your strike is actually very high. By not closing out of these options, you might have to take delivery of a lot of stock, which may not be ideal for your account size. At that point, closing the options out shortly before the close takes a lot of risk off the table. Question #2: what happens if I exercise or get assigned options and take delivery of the stock? A lot of this depends on the size of your options trade vs. your account value. The biggest risk is you end up with much more risk than your account value can justify. You will have to close the stock position on Monday morning or bring in a lot of money. Think about this scenario: you have $5,000 in your account.

If you sold five of the 170175 bear call spreads in Netflix Inc. (NASDAQ:NFLX) for $3, you would have to post $2*5*100, which equals $1,000 (and leave the $1,500 you collected in premium in your account). So this trade takes up 20% of your account. This is probably a little too high, but within the realm of reality. Your maximum risk of the options position alone is only $1,000. If you leave the trade on until expiration and the stock closes at $171, however, theoretically you should be happy. The spread was worth $1 at expiration and you originally collected a net credit of $3, so your profit is $2. However, if you did not close the spread, your trade is far from over. You will be assigned on the $170 calls and the $175 calls will not be an exercise. On Monday, your account will be short 500 shares of NFLX. That is $85,500 worth of short stock. Margin on this trade is $51,300.

Your account probably has $6,000 in it. On Monday morning, you have a couple of choices: first, if you have $45,300 laying around, you can wire it into your account and keep the short position. Second, you can buy back the NFLX stock. If the stock is still trading at $171, then no harm no foul. You still made $1 on the put spread. If the stock is trading lower, you actually would make some money. If the stock starts to trade higher, your whole account value is at risk pretty quickly. NFLX is a pretty volatile stock. If the stock is up 8.5% on the open on Monday, your account would be wiped out. That is not a very big move for this stock. There is almost no way that at the time of this trade, a customer with $5,000 in his account was thinking “I am willing to lose my entire account value, and then owe OptionsHouse money if the stock moves 8.5% over the weekend.” Getting into a situation like this puts the OptionsHouse trade desk and risk departments in a bad spot. Some customers want to wait until Monday to sort this out. Others did not know about the risk, and they would have rather we busted out of the trade for them. We cannot read your minds, so we close out of positions that we deem too risky for the account size before the market closes on Friday afternoon.

This depends on the underlying dollar amount of the stock in which you have expiring options positions, as well as the dollar value of your account. This does not mean we will close positions down due to the size of your account value. You can expect that if you leave one of these positions open through expiration, you will have some decisions to make Monday morning (along with likely a margin call). (Sign up for our free webinar series on margin calls for more information on these fun things). Hope this article is helpful please make sure you pay attention as your positions head into expiration. All traders lose money on some of their trades over time. The bad ones lose money but don’t understand why. You should know the risks of your positions. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc. Online options trading 4 passage questions A once-close relationship has grown apart. Investing Tools Stock Screener Guru Screener Financial Advisor. Some big changes in store. Stock Ratings My Ratings Smart Portfolio Overview My Holdings My Portfolio Analysis Crowd Insights My Performance Customize Your.

Join the NASDAQ Community today and get free, instant access to portfolios, stock ratings, real-time alerts, and more! Edit Favorites. Enter up to 25 symbols separated by commas or spaces in the text box below. These symbols will be available during your session for use on applicable pages. Customize your NASDAQ. com experience. Select the background color of your choice: Select a default target page for your quote search: Please confirm your selection: You have selected to change your default setting for the Quote Search. This will now be your default target page unless you change your configuration again, or you delete your cookies. Are you sure you want to change your settings? Please disable your ad blocker (or update your settings to ensure that javascript and cookies are enabled), so that we can continue to provide you with the first-rate market news and data you've come to expect from us. IELTS Reading Sample (Academic) #10. Skip any questions you are not sure about, rather than wasting too much time on a particular question.

You can come back to the missing answers later. Choose the TWO best answers according to the text, and write the letters A - E in boxes 1 - 3 on your answer sheet. 1) The Aboriginal demand that bones be returned to Australia is based on which TWO ideas? A The rightful place for the remains is Australia. B Britain had no right to take the remains. C The remains have religious significance for Aborigines. D Some remains have already been returned. E Aboriginal ancestors cannot find peace unless their remains are laid to rest there. 2) Which TWO factors might cause problems when it comes to returning the remains? A Scottish and English law does not allow museums to return objects. B It is not clear what will happen to the remains once they have been returned. C The remains are scientifically important and need to be studied. D Not all the Australian artefacts are human remains.

E Some museums do not have the right to return objects to their countries of origin. 3) Which TWO points may help to speed up the process of returning the remains? A The British government is going to discuss the return of Aboriginal items. B Some items have already been returned to their countries of origin. C There is already some sympathy to the Aborigines' claims in the world of archaeology. D Not all the Australian artefacts are human remains. E The remains have religious significance for Aborigines. With any matching type question, the questions are not in the same order as in the text. A good method is to circle or underline the names of each of the people in the text, read what they say carefully and match what they say with the statements in the questions. NB You will be told if you need to use any of the people more than once and there may be people you do not need to use. Classify the following opinions as referring to. Write the correct letter A, B, C, D or E in boxes 4-9 on your answer sheet. 4) No country would allow the bones of its citizens to be used for scientific purposes in another country. 5) The Glover Museum is ready to return its Aboriginal bones. 6) Australian remains are a useful resource for scientific study.

7) It would be a problem to accurately identify the human remains. 8) Many Aboriginal remains in Britain have been made into artefacts. 9) Discrepancies in the laws of different countries can hinder the return of relics. Complete the following paragraph based on information in Reading Passage using ONE or TWO WORDS from the Reading Passage for each answer. Write your answers in boxes 10 -13 on your answer sheet. Aborigines believe that the remains should be returned for a number of reasons. First is the fact that the relics were taken during the period when Australia was a (10) . . The Aborigine belief that their ancestors can only (11) . if their bones are returned is a further factor. Thirdly, the restitution of the remains is an issue of human rights. However, objectors who oppose the return of the artefacts point out that not only is there a (12) . problem, but also that the remains constitute an important (13) . in studying the lifestyle of the Aborigines. Slaves in the Middle Passage: Definition, Facts & Summary. As a member, you'll also get unlimited access to over 70,000 lessons in math, English, science, history, and more.

Plus, get practice tests, quizzes, and personalized coaching to help you succeed. Already registered? Login here for access. 1. The U. S. Constitution banned the transatlantic slave trade, beginning in 1808. Which of the following BEST describes the state of the slave trade after 1808? The slave trade was effectively ended after 1808. Despite restrictions, slavers continued trading in slaves up to the beginning of the Civil War. The U. S. Navy forced many slave ships to discontinue the practice of slave trading for most of the 19th century. None of the answers are correct. 2. Which of the following statements is accurate about the transatlantic slave trade? Slaves were shipped from the west coast of Africa to Europe for a period of seven years' service. Slaves in the Americas were often able to purchase their own freedom. Slaves could expect to go through a 'breaking in' period in the Caribbean or SouthCentral America, before being sold in the U. S. The slave trade ended in 1843, after a Supreme Court case involving kidnapped Africans.

About This Quiz & Worksheet. Gauge your understanding of slavery and the Middle Passage by testing yourself with our easy-to-use worksheet and quiz combo. You'll have to be familiar with the conditions of the slave trade along the Middle Passage as well as the number of fatalities. Quiz & Worksheet Goals. This worksheet and quiz will ask you about: Transatlantic slave trade How many Africans were kidnapped and shipped across the Atlantic during the Triangle Trade Severe conditions on slaving ships en route to the Americas on the Middle Passage State of the slave trade after 1808. Use these skills when working with the worksheet and quiz: Critical thinking - apply relevant concepts to examine information about slavery in America in a different light Information recall - access the knowledge you've gained regarding the Triangle Trade Knowledge application - use your knowledge to answer questions about the number of people traded and killed because of the Triangle Trade and the Middle Passage. The attached lesson called Slaves in the Middle Passage: Definition, Facts & Summary will prepare you to: Chart the Triangle Trade and list the goods traded for human slaves Describe the conditions that slaves were subjected to along the Middle Passage Discuss Olaudah Equiano's account of being sold into slavery and buying back his freedom. AP US History: Help and Review. 30 chapters | 478 lessons | 1 flashcard set. Go to Settling North America (1497-1732): Help and Review. Go to The American Revolution (1775-1783): Help and Review. Go to The Virginia Dynasty (1801--1825): Help and Review.

Go to Life in Antebellum America (1807-1861): Help and Review. The Oregon Trail: Westward Migration to the Pacific Ocean 7:05 Manifest Destiny's Texas Annexation Problem 5:17 President John Tyler: American Expansion and Sectional Concerns 10:08 President James K. Polk's Accomplishments in the Lower 48 States 7:57 The Mexican-American War, Treaty of Guadalupe Hidalgo & the Wilmot Proviso 8:37 Election of 1848 and the California Gold Rush 7:34 President Fillmore and the Compromise of 1850 7:46 President Franklin Pierce's Politics and Economics 6:29 The Presidential Election of 1852 The Tariff of 1828 5:52 54-40 or Fight: Slogan History & Significance 7:06 General Lewis Cass: History & Biography Slaves in the Middle Passage: Definition, Facts & Summary 6:41 5:38. Go to American Civil War (1861-1865): Help and Review. Go to Industrialization and Urbanization (1870-1900): Help and Review. Go to American Imperialism (1890-1919): Help and Review. Go to The Great Depression (1929-1940): Help and Review. Go to The World During WWII (1941-1945): Help and Review. Go to The Cold War (1950-1973): Help and Review. Go to The 1970s (1969-1979): Help and Review. Go to Contemporary America (1992-2013): Help and Review. Go to AP U. S. History: Test-Taking Skills and Prep: Help and Review.

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Do all listed stocks have listed options? By the standards established by the options exchanges, securities meeting the following criteria can list options: A national stock exchange in accordance with the National Market System (NMS) lists the underlying equity. The underlying has a minimum price of $3 per share for five consecutive trading days prior to listing. There are at least 7 million publicly held shares outstanding, excluding shares held by directors or holders of 10% or more of the underlying equity shares (e. g., the public float must be 7 million or more). There are at least 2,000 shareholders. Generally, there would be a minimum of five trading days from the IPO date before listing options on any stock, but meeting these criteria alone would not guarantee listing. Was this content helpful? Is increased open interest bullish? Open interest only reflects the total number of open (long or short) option contracts for a given option series that have not yet been closed out. This indicates neither a bullish nor bearish outlook. For example, if there is no existing open interest and you buy one contract from another customer, and no more trading occurs, the open interest in that series is reported as one contract.

That open interest reflects one call seller (bearish) and one call buyer (bullish). Was this content helpful? On a recent trading day, the volume of options traded on a specific contract was about 3,000, yet the next day open interest had only increased by approximately 1,800. How can that be? To accurately reflect open interest we need to know if the buyer and seller are opening or closing positions. (Example assumes one contract traded.) As the above table illustrates, the open interest depends on whether the buyer and seller are opening or closing positions. OCC can only report new open interest after clearing and pairing opening and closing positions at the end of the day. Was this content helpful? Liquidity can have many meanings. In the context of securities trading, liquidity is generally the term used to describe the ease of entering and or exiting a securities position at a fair price. A “liquid market” is evidenced by a tight (or small) spread between bid and offer, as well as large size bid and offer. Liquidity can also refer to the availability of stock near the last sale price.

When the bid-ask spread on an option is wider than typical, it usually means that the market makers are not sure where they can reliably buy or sell shares of the underlying stock to hedge possible options transactions. Sometimes that means that the stock is more volatile, but not always. It is possible to have a volatile stock that is liquid. This means that there are many stock shares to buy or sell at prices near the last sale. In that case, the options' bid-ask is likely narrow. When the market on an option is narrow, it typically means that investors can buy or sell shares of the underlying stock in quantity near the last sale price, or that the option itself has a lot of buyers and sellers near the last sale price of the option. Usually if an option is liquid, the underlying stock is also liquid. Was this content helpful? How do I choose a strike price when buying an option? One method would be to enter the strikes into the Position Simulator to see how they might react. The investor could adjust for the passage of time, movement of the underlying, and even a change in volatility. Others might want to use a spreadsheet. The investor could put the strike prices across the top row, the current price of each option in the second row, and the range of potential stock prices at expiration in the leftmost column.

Then plot a grid of percent return on each option at expiration given a range of prices for the stock. This should provide a good idea of the risk-reward ratio for the various strikes. Was this content helpful? What do “buy to open” and “sell to close” mean? An opening transaction is one that adds to or creates a new trading position. It can be either a purchase or a sale. With respect to an option transaction, consider both: An opening purchase is a transaction in which the purchaser's intention is to create or increase a long position in a given series of options. An opening sale is a transaction in which the seller's intention is to create or increase a short position in a given series of options. A closing purchase is a transaction in which the purchaser's intention is to reduce or eliminate a short position in a given series of options. This transaction is frequently referred to as "covering" a short position. A closing sale is a transaction in which the seller's intention is to reduce or eliminate a long position in a given series of options.

Was this content helpful? Can I sell my stock today at a loss and simultaneously buy a call option that allows me to participate in any upward movement in the stock I just sold? This particular method may be a violation of the wash-sale rule. The wash-sale rule prevents taxpayers who are not broker-dealers from selling stock or securities (including options) at a loss and reacquiring substantially identical stock or securities (or options to acquire substantially identical stock or securities) within a 30-day period before or after the loss. Contact your broker or tax advisor for guidance. For more information on wash-sale rules and other tax-related matters you may refer to our online Taxes & Investing - A Guide for the Individual Investor brochure (PDF). Was this content helpful? I recently bought a LEAPS® call option. The stock has risen in value, and so has the call option. I'd like to sell my contract, but am I obligated to deliver stock if another option holder exercises their call option? When you “close” an option position you eliminate your rights or obligations associated with the option position. Since you are closing out your position by selling an open long call, the closing sale will eliminate your position the sale will offset the previous purchase.

Accordingly, you will not have an open short position in the call, and will not be obligated to deliver the underlying stock. When an investor sells a call option to establish an open short position, the option seller or writer is obligated to deliver the stock at any time during the life of the option contract, if assigned. The life of the option contract ends either at expiration of the option or when you choose to close your position. Think of it this way: option holders have rights, and option sellers have obligations. The rights and or obligations are eliminated when you no longer hold an open position. One options industry operational caveat is that assignments are determined based on net positions after the close of the market each day. Therefore, if you bought back your short call, you no longer have a short position at the end of the day and no possibility of assignment thereafter. Was this content helpful? Where can I find a list of all options? Was this content helpful? How can I find options with large open interest to guarantee that I can find adequate size for my eight (8) contract order?

A common misconception is that volume and open interest equate with liquidity. While higher trade activity may create added liquidity through competition, each option has market makers and professional traders who take on the responsibility of making a market for all of the series that they represent. By asking your broker for a two-sided market with size, you can find out how many contracts are bid or offered at any time during the trading day. Don't let the open interest or volume fool you into thinking that there is or is not liquidity in that specific contract. Unless the option is so out-of-the-money that nobody has any interest in a purchase or in very unusual market conditions, such as a trading halt in the underlying, there will normally be a market. For example, if an option has less than five trading days left and is 10 points out-of-the-money, you may not find anyone that would want to own that contract. Then, the market might be .00 bid - .20 ask. When you look at open interest, which is simply the number of outstanding long (or short) contracts, you're seeing an indication of which options were previously the most active. If you feel it's important to trade only options with a high level of activity, you can find volume and open interest data under Market Data on our site. Was this content helpful?

Is there a report that shows all equity option products that have non-standard terms of settlement andor multiple components of delivery? OCC's Equity Special Settlement Report contains all equity option products that have non-standard terms of settlement andor multiple components of delivery. The file contains one record per delivery component for every option contract considered to have special settlement terms. There is a key at the top of the headings. The file represents data on non-standard options that were eligible to be cleared the previous day. It will not represent options that became non-standard on the effective date. To read about how that adjustment came about, you can access the Information Memos section of the OCC's website. Was this content helpful? What is the one-point strike program? The SEC allows the options exchanges to list strike prices in one-point increments. Initially, the program allowed the exchanges to list one-point strike prices on equity options for up to five individual stocks if the strike prices are $20 or less, but greater than or equal to $3. Under the new program, each exchange can elect to list one-point strike prices on equity options for up to 150 individual securities provided that the strike prices are $50 or less, but greater than or equal to $1. The options exchanges are restricted from listing any series that would result in strike prices being $0.50 apart. In addition, all ETFs may list strikes in $1 intervals up to $200.

Note: The participating securities may change from time to time. Was this content helpful? Where can I find historical options prices? For files of data you will need to contact a data vendor. You can find a list of vendors on the OPRA site here. Your broker may be able to obtain some prices for you. Each exchange will provide a limited amount of data from their exchange for free. For larger amounts of data they will charge a fee. Was this content helpful? How do I figure out the taxes on my options trades? You will want to contact your broker or tax advisor for guidance. For more information on tax-related matters, you may refer to our onlineTaxes & Investing - A Guide for the Individual Investor brochure (PDF). Was this content helpful? Where can I find an Options Expiration Calendar?

The Options Expiration Calendar is available through OCC’s website where you may view or print a copy: Options Expiration Calendar. You may also obtain one by submitting a request via email: investorservices@theocc. com. Was this content helpful? During 2013, I engaged in a covered call position that expired in 2014 with the short call not being assigned. For tax purposes, does the IRS consider the premium received from the sale of the call short-term or long-term capital gain? Please be advised that OCC does not assume any responsibility as tax professionals. A CPA or your brokerage firm can best answer all tax-related questions. For your specific scenario, our Taxes and Investing Guide states: "Premium received from writing a call is not included in income at the time of receipt, but it is held in suspense until the writer's obligation to deliver the underlying stock expires. If the writer's obligation expires, the premium is short-term capital gain to the writer upon expiration regardless of the length of time the call is outstanding.

" Was this content helpful? Can I trade options in my IRA? Probably, depending on your brokerage firm’s policies and procedures regarding trading in retirement accounts. Find a firm that offers you the flexibility you desire. Read the CBOE White Paper (PDF) on the subject. Was this content helpful? Where can I find current and historical putcall ratios for individual stocks? Access putcall ratios for any individual equity by entering the underlying symbol on the OCC’s Volume Query tool or perform searches in the PutCall Ratio page of OCC's Market Data section. Access this data by day, week, month or year. Please note that all values stated in these reports represent contract sides (one side long, one side short). Was this content helpful? What are equity options position limits and where can I find them? Position limits are the amount of contracts that any controlling entity's account may have open positions in, on the same side of the market. For example, long calls and short puts are considered to be on the same side of the market.

Although most public investors will never come close to the position limits for any option class, OCC offers a current list (represented in shares) of the limits. In addition, each options exchange has its own position limit rule. You can find these rules by visiting their respective websites. Was this content helpful? What is the record for the highest option volume day? As of July 31, 2013, the top option volume day was August 8, 2011 when 41,859,875 options traded. Was this content helpful? How do employee stock options differ from standardized options? Employee stock options differ in three main ways from what many refer to as standardized (or ordinary) options: Exchanges do not trade employee stock options. In contrast, standardized options are traded on exchanges. Employee stock options are not standardized as they have unique expiration dates and restrictions specific to the employee’s company and compensation program whereas exchange-traded options have standardized terms, normally representing 100 shares of the underlying equity, with routine expiration dates. Employee stock options generally are not transferable. Standardized options are fungible and can be bought and sold during exchange trading hours on any exchange that lists them. Was this content helpful?

What are current option trading hours? Options on equities, narrow-based (sector) indexes and narrow-based ETFs, generally open at 9:30 a. m. ET and close for trading at 4:00 p. m. ET. Options on some broad-based ETFs and index products trade until 4:15 p. m. ET. Please consult the product specifications at the exchange where the product trades for exact trading hours. Was this content helpful? What are the trading hours for ETFs? Trading hours for ETFs vary. Generally, ETFs based on broad-based indexes trade until 4:15 p. m. ET. The general rule for options on ETFs is that they are open for trading whenever shares of the underlying ETF are open in the primary market. Was this content helpful? What are quarterly options? Quarterly options (Quarterlys) are options that expire at the close of business on the last business day of a calendar quarter (MarchJuneSeptemberDecember). The last business day of a calendar quarter is also the last trading day for quarterly options. Visit the exchange website where the option trades to learn more.

Was this content helpful? Can you explain options trading in penny increments? In early 2007, the option exchanges began a pilot program to trade options in $.01 increments. The pilot included 13 stocks and exchange-traded funds (ETFs). The $0.01 increments were available for options with a quoted price of less than $3. Options with a quoted price above $3 were available in nickel ($0.05) increments. All IWM, SPY and QQQ options, however, were quoted in $.01 increments. Since its initial rollout, the penny pilot program has been expanded to include well over 350 securities. Please note that all of the exchanges have the ability to provide executions in penny increments. Was this content helpful? Why does the value of an option appear as a negative in my account after selling a covered call to open? When you open a short option position, your account will be credited the premium of the option less commissions. However, to account for the position, brokerage firms generally show the short option as a negative in the account, essentially subtracting the market value of the call from the account net worth.

Consider buying stock: you do not immediately make the amount of the purchase. Rather there is a debit in the account equal to the cost of the stock plus commissions. If you started with $5,000 and purchased $5,000 worth of stock, there is a credit for the stock and a debit for the cost. The account value is still $5,000 (assuming the stock price does not change). When shorting options (like a covered call), you are credited the proceeds and debited the option value. If the option eventually goes worthless, this debit would become zero. If you did not subtract the short option from the value of the account, the value would appear inflated. To prevent this, subtract the market value of the short option from the account net worth. The proceeds from the option are generally available to use for other investments or to remove from the account. Discuss this further with your broker as we can only generalize how they may be accounting for your positions. Was this content helpful?

Can you tell me about the $0.50 strike program? The options exchanges utilize a $0.50 strike program that allows the exchanges to list $0.50 strikes, beginning at $0.50 and up through and including $5.50, on up to 20 equity option classes whose underlying security closed at or below $5.00. To be eligible, an underlying stock must close at or below $5.00 in its primary market on the previous trading day and have a national average daily volume that equals or exceeds 1,000 contracts per day as determined by OCC during the preceding three calendar months. After adding an option class to the $0.50 strike program, the exchanges can list $0.50 strike prices of $0.50, $1, $1.50, $2, $2.50, $3 and $3.50, $4, $4.50, $5, and $5.50. This program has been expanded to include some short-term options. Was this content helpful? Can you explain why some securities have several expirations available over 4-5 weeks? In the last quarter of 2012, the options exchanges received regulatory approval for extended weekly expirations. The options exchanges can now list up to five consecutive weekly expirations for selected securities. Although any product with weekly expirations can be part of the extended weekly program, the exchanges will typically select the most actively traded options. If the regular monthly expiration is three weeks away, then investors would most likely see weekly, weekly, monthly, weekly and weekly expirations listed over a five-week period. Therefore, no new weeklys are listed that would expire during the expiration week for regular options, which is typically the third Friday of each month, nor would they be listed if they would expire on the same date as a quarterly option on the same underlying. Was this content helpful? Email Options Professionals. Questions about anything options-related?

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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, One North Wacker Dr., Suite 500 Chicago, IL 60606 (investorservices@theocc. com). © 1998-2017 The Options Industry Council - All rights reserved. Please view our Privacy Policy and our User Agreement.