- More detail in new symbol will be a bit longer but more descriptive
- The new option symbol will always include the companies common stock Ticker symbol
- The new option symbol will include the expiration date
- The new option symbol will include the strike price
- The new option symbol will include the type of option (call or put)
For example let's assume we want to purchase November $200 strike call options on Apple (AAPL). The current ticker may look like APVKT (under old symbology K is code for November call, and T is code for the 200 strike (also code for 100, 300, and 400 strikes). When the symbol change takes place the new option symbol will look like:
Breakdown of new symbol is fairly easy once familiar with it.
I have not heard too much about this change, and it will certainly be confusing for those who aren't expecting this change. Being that option volumes have surged over the past 5 years (see chart here), I figured this change would have been talked about a bit more than it has been. Hope this gives you some kind of heads up before the day it changes.
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