The option symbol has three parts; the root, the month and the strike price.

The root is the letters that refer to the underlying security. The root should be the same for all options for a specific security. The exception to this rule is when the options are long duration options, also known as LEAPs.

Then the letter that represents the expiration month for the option is after the root letters:

 month code

Then the last letter represents the Strike Price for the option:

strike price codes

Option symbols are easy to find on the internet today. I think all brokers have a link to option chains. They can also be found at financial websites, such as yahoo.com or cnbc.com. Just input the stock symbol and look for a button that says options or option chains.

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