How to Read Options Symbols
4 stars based on
Fidelity implemented changes during the weekend of January 23, The new options symbology expands the current option series key, commonly referred to as the OPRA symbol, from a 5 character convention to a new key that accommodates up to 22 characters.
For more in-depth information concerning the Option Symbology Initiative you can go to the following industry website: To allow for a more orderly transition from old symbology to new symbology, the OCC will use a two-phased approach. Phase One, Conversion, rolled out elements of the new symbology. Phase Two, Consolidation, will introduce all aspects of the new convention and will complete the process. Phase Two involves simplifying the root symbols.
The multiple-option root symbols currently used to identify options will be replaced by the symbol of the underlying stock.
Below is a detailed look at the upcoming changes. Please carefully review the following symbol formats and timelines. The industry mandated cutover date was February 12, Until the weekend of January 23, you used to get quotes and place orders under the old symbology.
New options symbol format January 23, you will get quotes, analyze options, and place orders using the new symbology. Consolidation is the process of converting option root symbols that share the same underlying to the same underlying stock or index symbol. In nearly all new options symbol format, the resulting symbol will be the same as the underlying symbol. There are a few known exceptions to the consolidation strategy new options symbol format.
One is for previously adjusted options with non-standard terms of delivery. The strategy for consolidating these nonstandard options is to convert the symbol new options symbol format the primary underlying appended by a single integer. The goal of this approach is to have all classes consolidated prior to June The list below reflects both the dates and underlying stock and indexes whose options will begin trading under the consolidated and FINAL symbol.
The following is the initial group of stock and indexes that will be converted to the final symbol format. If an index or stock was not part of the March 12th consolidation it will be converted based on the following schedule. Additionally, if during the last consolidation event scheduled for May 14,a stock or index is new options symbol format to a corporate action, that class will be removed and consolidated on Tuesday, May 18, It is important to note that Fidelity.
The only change will be the symbol used. Below is a detailed explanation of the old option symbology and the new option series key for both conversion and consolidation. The OPRA series key is comprised of 3 individual data elements Underlying, Expiration New options symbol format, and Strike Price that collectively were used to fully qualify a unique option.
The new OSI symbol format contains 4 key fields: For example, Microsoft, under the old symbology, has several different root codes to identify the underlying. After consolidation, all of the unique identifiers will be converted to MSFT and new options symbol format options will be identified with an appended integer.
Nature of the symbol change OSI Symbol — Up to 22 characters — the new options symbol format will include:. Adjusted options will be followed new options symbol format an integer to indicate that the option is non-standard. This means it represents something other than the typical share deliverable when an option is issued. See below for detailed information on the change. This additional designation indicates that this option has undergone an adjustment and is a non-standard option.
A leading hyphen is used by Fidelity to identify the instrument as an option. Examples and company trading symbols mentioned herein are provided for illustrative purposes only and should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for the security. It provides more flexibility than the OPRA symbols. The new convention allows for the addition of unique identifiers for new issuers, for the indication of expiration days other than the standard monthly new options symbol format, and for adjusted contracts.
It also indicates more precise and varied strike prices. How this change affects you The main impact to you as a Fidelity customer is learning the new symbology. Below is a guide that explains this new symbology and the important dates that you need to know. Existing functionality in Fidelity. You will still get quotes, place trades and do your analysis in the same way you did before this change. If you choose not to input the new OSI symbol you can use the option chain to bring up quotes, click to trade, or use the drop down menus for quick and easy point-and-click access.
Proposed Timeline To allow for a more orderly transition from old symbology to new symbology, the New options symbol format will use a two-phased approach. Phase One weekend of January 23, Phase Two March 12, through May 14, What did this mean for you?
Current options series key: