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training_data/curated/text/e4a0cfa04dbb0765fb3000922e83ee6598294c5906ab6989750e583450e41ac5.txt

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+Cl,apter 1: Definitions 23 
+OPTION SYMBOLOGY 
+It is probably a good idea for an option trader to understand how option symbols are 
+created and used, for it may prove to be useful information. If one has a sophisticat­
+ed option quoting and pricing system, the quote vendor will usually provide the 
+translation between option symbols and their meanings. The free option quote sec­
+tion on the CBOE's Web site, www.cboe.com, can be useful for that purpose as well. 
+Even with those aids, it is important that an option trader understand the concepts 
+surrounding option symbology. 
+THE OPTION BASE SYMBOL 
+The basic option symbol consists of three parts: 
+Option symbol = Base symbol + Expiration month code + Striking price code 
+The base symbol is never more than three characters in length. In its simplest form, 
+the base symbol is the same as the stock symbol. That works well for stocks with three 
+or fewer letters in their symbol, such as General Electric (GE) or IBM (IBM), but 
+what about NASDAQ stocks? For NASDAQ stocks, the OCC makes up a three-let­
+ter symbol that is used to denote options on the stock. A few examples are: 
+Stock 
+Cisco 
+Microsoft 
+Qualcomm 
+Stock Symbol 
+csco 
+MSFT 
+QCOM 
+Option Base Symbol 
+CYQ 
+MSQ 
+QAQ 
+In the three examples, there is a letter "Q" in each of the option base symbols. 
+However, that is not always the case. The option base symbol assigned by the OCC 
+for a NASDAQ stock may contain any three letters (or, rarely, only two letters). 
+THE EXPIRATION MONTH CODE 
+The next part of an option symbol is the expiration month code, which is a one-char­
+acter symbol. The symbology that has been created actually uses the expiration 
+month code for two purposes: (1) to identify the expiration month of the option, and 
+(2) to designate whether the option is a call or a put. 
+The concept is generally rather simple. For call options, the letter A stands for 
+January, B for February, and so forth, up through L for December. For put options, 
+the letter M stands for January, N for February, and so forth, up through X for 
+December. The letters Y and Z are not used for expiration month codes.