Is there an easy way to determine the first three characters of an options contract?
There is no easy way for determining options root symbols, so let me give you some general guidelines. For NYSE stocks, the options root and the stock root are usually the same. For example, IBM options begin with IBM, and T options begin with T. Options roots, however, can never have more than three letters. So options root symbols for NASDAQ stocks are different than the stock symbols. Microsoft, for example, has the symbol MSFT for the stock and MSQ for the root options symbol. And Intel has INTC for the stock and INQ for the options. The last two letters after the options root symbol indicate (1) the options type and expiration month and (2) the strike price. One complication is that when a stock’s price range is greater than $100, then the option root symbol has to change for every $100. Otherwise, the 105, 205 and 305 calls would have the same symbols, and that obviously cannot happen. Another complication, as you pointed out, is that the same strike-price options sometimes have
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