Options contracts follow a standardized format that packs key information into a short code. Each part of the code represents important details, such as the stock ticker, expiration date, option type (call or put), and strike price.
Below is a breakdown of how to read and interpret each part of the code:
Format Breakdown:
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Ticker Symbol: XXXX
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Year: YY (last two digits of the year)
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Day: DD (day of expiration)
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Option Type: Call or Put
Call Month Codes (A–L):
Letters A through L represent January through December for call options.
Example: A = January Call
Put Month Codes (M–X):
Letters M through X represent January through December for put options.
Example: X = December Put
Strike Price: $XXX.XX
Example: VOO2509Q480
Let’s break down the sample options code VOO2509Q480:
First part – VOO2509:
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Ticker Symbol: VOO
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Year: 25 → 2025
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Day: 09 (expiration date)
Second part – Q480:
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Month Code: Q → May Call
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Strike Price: $480