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I believe exchanges try to maintain some range of ITM/ATM/OTM issues for a particular underlying/expiry pair. Eg minimum 5-1-5 to maximum 10-1-10, so there are atleast 5 OTM issues and maximum 10 OTM issues at any time for a given expiry/underlying. How does one obtain this rule set or the dates when new strike options get issued to maintain this rule set.

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This depends on the exchange. The exchanges I have access to release new instruments on schedule, prior to market open, and the strike range is relatively stable. It appears to be based on a formula.

Having rules in the database that alert on new instruments as well as on reference data changes can be useful in this regard. As an example, we have a bot that posts new instruments and changes to a dedicated private channel in Telegram, with a daily report as a backup.

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The option exchanges have a set of general rules for the distance between strikes as well as a fixed schedule for when new expirations are added.

When an underlying first begins offering options, in-, at- and out-of-the-money strike prices are initially listed. New strike prices can be added as the underlying index level moves up or down.

Addition of new strike prices is a price driven not a liquidity driven event. IOW, they're not going to add further OTM strikes just because the Open Interest of current strikes is increasing with price relatively unchanged.

The liquidity of the options is a big determining factor. For something like the SPY, there are can be 120+ different strike prices for a single expiration.

You can contact the CBOE and request that they add new strikes (see their web site). They will accommodate you if your request is reasonable such as adding a strike for a later weekly option that exists for earlier week(s).

Here's the general outline for CBOE equity options.

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Strikes might be added by the exchange at the request of market participants, i.e. there is not always a set of rules that govern strike availability. I would suggest downloading the options chain each day and comparing to previous strikes, but this is by no means foolproof.

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