Generally, $5, $10, $25, $50, $100, and $200 strike prices are available. Newly added and longer-term expirations have less granularity. Granularity is added over the life of the expiration with nearer term options having the most granularity. Standard 3rd Friday AM and PM options always have the most granularity and widest ranges.
Strike (Exercise) Prices
In-, at- and out-of-the-money strike prices are initially listed. New strikes can be added as the index moves up or down.
溢价报价
以小数表示。每个点位等于 100 美元。交易价格低于 3 美元的期权的最小变动幅度为 0.05（5.00 美元）；其他的期权，最小变动幅度为 0.10（10.00 美元）。
For complex orders legs may trade in .01 ($1.00) increments, but net package price must be in .05 ($5.00) increments except for Boxes and Box Swaps which are eligible to trade in .01 ($1.00) increments.
Exercise Style
European - SPX/SPXW options generally may be exercised only on the expiration date.
Last Trading Day
Trading in SPX options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value (i.e., the expiration date) is calculated, 4:00pm CT.
Trading in SPXW options will ordinarily cease on the day of expiration, 3:00 pm CT.
Expiration Date for Standard, Weekly and EOM Option
SPX AM options expire on the third Friday of the expiration month or the immediately preceding business day if the Exchange is not open on that Friday.
SPXW PM expiring options including Monday thru Friday, EOM and EOQ settle on their expiration date. If the Exchange is not open on that Friday. SPXW options expire on a Monday, Tuesday, Wednesday, Thursday, or a Friday. If the Exchange is not open on a Tuesday, Wednesday, Thursday, or Friday, the normally expiring Tuesday, Wednesday, Thursday, or Friday Weekly will expire on the immediately preceding business day. If the Exchange is not open on a Monday, the normally expiring Monday XSP Weekly will expire on the first business day immediately following that Monday. EOM XSP options expire on the last business day of the expiration month.
Expiration Months
Cboe may list up to twelve standard monthly expirations. Cboe may list up to ten (10) SPX LEAPS® monthly expirations at one time that expire from 12 to 180 months from the date of issuance.
For SPXW, the exchange lists 5 weeks of daily expirations for each Monday-Thursday expirations, if an EOM or EOQ falls on a Monday-Thursday it is counted towards that total. The Exchange lists 5 weeks of EOW expiring options, if a 3rd Friday, EOM or EOQ expiration falls on the EOW it is not counted towards the total. The Exchange may list series that expire at the end of the next consecutive four calendar quarters (EOQ), as well as the fourth quarter of the next calendar year. The Exchange may list 12 expirations for Monthly Options Series (EOM). Monthly Option Series expirations need not be for consecutive months; however, the expiration date of a nonconsecutive expiration may not be beyond what would be considered the last expiration date if the maximum number of expirations were listed consecutively.
Settlement of Options Exercise
Exercise will result in delivery of cash on the business day following expiration. The exercise-settlement value, SET, is calculated using the opening sales price in the primary market of each component security on the expiration date. The exercise-settlement amount is equal to the difference between the exercise-settlement value and the exercise price of the option, multiplied by $100.
SPXW exercise will result in delivery of cash on the business day following expiration. The exercise-settlement value is calculated using the closing sales price in the primary market of each component security on the expiration date. The exercise-settlement amount is equal to the difference between the exercise-settlement value and the exercise price of the option, multiplied by $100.
