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training_data/curated/text/5921e942976a13aa286a4c2e7f781f961ddd3721b06d5a7fc30f73665e3740ef.txt

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+Chapter 1: Definitions 25 
+MORE STRIKING PRICE CODES 
+The letters A through T cannot handle all of the possible striking price codes. Recall 
+that many stocks, especially lower-priced ones, have striking prices that are spaced 
+2½ points apart. In those cases, a special letter designation is usually used for the 
+striking price codes: 
+Striking Price Code 
+u 
+V 
+w 
+X 
+y 
+z 
+Possible Meanings 
+7.5 or 37.5 or 67.5 or 97.5 or even 127.5! 
+12.5 or 42.5 or 72.5 or 102.5 or 132.5 
+17.5 or 47.5 or 77.5 or 107.5 or 137.5 
+22.5 or 52.5 or 82.5 or 112.5 or 142.5 
+27.5 or 57.5 or 87.5 or 117.5 or 147.5 
+32.5 or 62.5 or 92.5 or 122.5 or 152.5 
+Typically, only the first or second meaning is used for these letters. The higher-priced 
+ones only occur after a very expensive stock splits 2-for-l (say, a stock that had a strike 
+price of 155 and split 2-for-l, creating a strike. price of 155 divided by 2, or 77.50). 
+WRAPS 
+Note that any striking price code can have only one meaning. Thus, if the letter A is 
+being used to designate a strike price of 5, and the underlying stock has a tremen­
+dous rally to over $100 per share, then the letter A cannot also be used to designate 
+the strike price of 105. Something else must be done. In the early years of option 
+trading, there was no need for wrap symbols, but in recent - more volatile - times, 
+stocks have risen 100 points during the life of an option. 
+For example, if XYZ was originally trading at 10, there might be a 9-month, XYZ 
+December 10 call. Its symbol would be XYZLB. If, in the course of the next few 
+months, XYZ traded up to nearly 110 while the December 10 call was still in exis­
+tence, the exchange would want to trade an XYZ December 110 call. But a new let­
+ter would have to be designated for any new strikes (A already stands for 5, so it can­
+not stand for 105; B already stands for 10, so it cannot stand for 110, etc.). There 
+aren't enough letters in the alphabet to handle this, so the exchange creates an addi­
+tional option base symbol, called a wrap symbol. 
+In this case, the exchange might say that the option base symbol XYA is now 
+going to be used to designate strike prices of 105 and higher ( up to 200) for the com­
+mon stock whose symbol is XYZ. Having done that, the letter A can be used for 105, 
+B for 110, etc.