CBOE Options on S&P 500 Index

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CBOE Options on S&P 500 Index (SPX) Overview

In the security options world, the Chicago Board Options Exchange (CBOE)is the sole options exchange licensee for the S&P 500 index options, the most actively traded index at the exchange.[1]

Multiplier $100
Premium Quote Stated in decimals. One point equals $100. Minimum tick for options trading below 3.00 is 0.05 ($5.00) and for all other series, 0.10 ($10.00).
Strike Prices In-, at- and out-of-the-money strike prices are initially listed. New series are generally added when the underlying trades through the highest or lowest strike price available.
Strike Price Intervals Five points. 25-point intervals for far months.
Expiration Months Three near-term months followed by three additional months from the March quarterly cycle (March, June, September and December).
Exercise Style European - SPX options generally may be exercised only on the last business day before expiration.
Trading Hours 8:30 a.m. - 3:15 p.m. Central Time (Chicago time)


  1. "CBOE contract specs". Chicago Board Options Exchange.