Identifying Standard, Weekly and Mini Options

Please review all the other Option links on the left menu(including Mini Options and Weekly Options) before reading this section to have a better understanding.

SCENARIO ONE
August Calendar
Sun Mon Tue Wed Thur Fri Sat Options Expiration Day
1 2 3 1st Week- Ending Aug 2nd Friday
4 5 6 7 8 9 10 2nd Week- Ending Aug 9th Friday
11 12 13 14 15 16 17 3rd Week- Ending Aug 17th Saturday
18 19 20 21 22 23 24 4th Week- Ending Aug 23rd Friday
25 26 27 28 29 30 31 5th Week- Ending Aug 30th Friday

Assuming today is Aug 13 and the Options table is listed like the one below(collapsible):

August 2013
Weekly
Weekly
Weekly
Weekly
September 2013  
October 2013
(4 days to expiration)
expires 8/23/2013
expires 8/30/2013
expires 9/6/2013
expires 9/13/2013
(37 days to expiration)
(65 days to expiration)

Below is how you would identify the Option with reasoning:
Expiration Date Option Identification Today's Date Reasoning/Comments
Aug 2013 (3 day to expiration) Standard Monthly Option for August Aug 13 Since it expires on the 3rd week of Aug (Aug 17)
Weekly expires 8/23/2013 Weekly 4 Option for August Aug 13
Weekly expires 8/30/2013 Weekly 5 Option for August Aug 13
Weekly expires 9/6/2013 Weekly 1 Option for September Aug 13 First 2 weeks of Aug have already passed
Weekly expires 9/13/2013 Weekly 2 Option for September Aug 13 First 2 weeks of Aug have already passed
September 2013 (37 days to expiration) Standard Monthly Option for Sep Aug 13 Expiring the 3rd week of Sep (Sep 21)
October 2013 (65 days to expiration) Standard Monthly Option for Oct Aug 13 Expiring the 3rd week of Oct (Oct 19)

Note: Weekly options are only provided for the next 4/5 weeks in advance. This is why we only see 4 Weekly rows above (i.e. No weekly options for October 2013 are listed!)

SCENARIO TWO
Lets again assume that today is Aug 13 and you're on a brokerage site in their trading options section and you're filling out the form to place an option trade.
When you're about to pick the Expiration date for a call option from a dropdown list, you see the following options:

Expiration Dates DropdownList Values
August 2013
September 2013
October 2013
Weekly 4
Weekly 5
Weekly 1
Weekly 2

Below is how you would identify the Option with reasoning:
Expiration Date Option Identification Today's Date Reasoning/Comments
August 2013 Standard Monthly Option for August Aug 13 Expires on the 3rd week of Aug (Aug 17)
September 2013 Standard Monthly Option for September Aug 13 Expires on the 3rd week of Sep (Sep 21)
October 2013 Standard Monthly Option for October Aug 13 Expires on the 3rd week of Oct (Oct 19)
Weekly 4 Weekly 4 Option for August Aug 13 Expires on the 4th Week of Aug (Aug 23)
Weekly 5 Weekly 5 Option for August Aug 13 Expires on the 5th Week of Aug (Aug 30)
Weekly 1 Weekly 1 Option for September Aug 13 First 2 weeks of Aug have already passed. Expires Sep 6
Weekly 2 Weekly 2 Option for September Aug 13 First 2 weeks of Aug have already passed. Expires Sep 13


SCENARIO THREE
How to Identify Mini Options?- Hints
Mini Options Strike Prices might have the letter 'M' next to them
Mini Options contract symbol will have an extra number '7' in it

Example(VCL is the stock symbol):
VCL130817C00410000 => Standard Option (3rd week- Aug 17,2013)
VCL7130817C00410000 => Mini Options. Number '7' extra in the contract symbol.

How to Identify Standard, Mini or Weekly Options from the list below?
Strike Price Symbol Bid Ask
400 VCL130817C00410000 98 99
400 VCL7130817C00410000 96 95
400 VCL130823C00400000 94 96
400 VCL7130823C00400000 97 98
400 VCL130830C00410000 95 96


VCL130817C00410000 expires Aug 17,2013 which is a Saturday and the 3rd week of August and thus is a Standard Monthly Option for August
VCL7130817C00410000 has an extra letter '7' and expires Aug 17,2013 as well and thus is a Mini Standard Monthly Options for August
VCL130823C00400000 expires Aug 23,2013 which is a Friday and the 4th week of August and thus is a Weekly 4 Option for August
VCL7130823C00400000 has an extra letter '7' and expires Aug 23,2013 which is the 4th week of August and thus is a Mini Weekly 4 Option for August
VCL130830C00410000 expires Aug 30,2013 which is a Friday and the 5th week of August and thus is a Weekly 5 Option for August




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