Two or more options with the same parameters

samovar

samovar

I'm trying to figure out what's the difference between several CALL (or PUT) options for the same underlying, that have the same strike price and expiration?

I've see these listed for TWX, WFC, (two each), CM (3) etc.

Also, they are sometimes listed, sometimes not. For example, CM:

Morningstar lists 3 CALLs and PUTS for APR 09 with strike prices 35 and 40:

http://quote.morningstar.com/Option/Options.aspx?ticker=cm

BUT CBOE lists only one of each:
http://www.cboe.com/DelayedQuote/QuoteTable.aspx
and so does Yahoo! Finance:
http://finance.yahoo.com/q/op?s=CM

So what's the deal here? What are these duplicate options?
LEAPS?
Why doesn't CBOE list them?
Where's the "real" data?
How can I find which one was issues in which year?
Why do they have such different premiums, if they're all supposed to expire in April 09?
Why can I trade only one of the CM 30 APR 09 CALL/PUT options in InteractiveBrokers TWS?
 
Quote from samovar:

I'm trying to figure out what's the difference between several CALL (or PUT) options for the same underlying, that have the same strike price and expiration?
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Take the specific option symbol and do a seacrh on the CBOE site.

When a stock is involved with a merger or spin-off, the option changes to reflect that merger.

Then new options are offered with a DIFFERENT UNDERLYING. That's why the option premium differs. they also have different option symbols. The symbol that is 'different from the majority' is the one that has the different underlying asset. You will almost never want to trade those.

Mark
 
Quote from samovar:

Yahoo! is now also showing 3 TWX options with the same parameters:

Morningstar shows two of each for TWX:

Are both Yahoo! and Morningstar mistaken or am I missing something when reading the options there?
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Do you see that the option SYMBOL is different?

That's all you need to know that they are NOT he same option.

Unless you plan to trade these, what difference does it make to you? And if you want the details, search for them at the cboe site, and find out what TXD options are.

Mark
 
Quote from dagnyt:
Do you see that the option SYMBOL is different?
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I had seen that. My question was how were they different in essence, not in what they're called; and why were the premiums different.

Unless you plan to trade these, what difference does it make to you?
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Isn't inconsistency enough to be bothered? Here are some potential implications spelled out:

1. Yahoo! and Morningstar deliver bad data. I'd report this to them, preferably via insiders, so it gets fixed.

2. CBOE doesn't really list all options. Why?

3. IB doesn't let me trade options that are genuinely available.

And if you want the details, search for them at the cboe site, and find out what TXD options are.
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TXD? In case you meant TWX, I did go to CBOE, but I didn't find any extra information vs. Yahoo!, like when were these options issued?

http://finance.yahoo.com/q?s=TWXDT.X and http://www.cboe.com/DelayedQuote/SimpleQuote.aspx?ticker=TWX+DT-E


http://finance.yahoo.com/q?s=TXZDD.X and http://www.cboe.com/DelayedQuote/SimpleQuote.aspx?ticker=TXZ+DD-E

http://www.cboe.com/DelayedQuote/SimpleQuote.aspx?ticker=TWX+DD-E

http://finance.yahoo.com/q?s=TWXDD.X and http://www.cboe.com/DelayedQuote/SimpleQuote.aspx?ticker=TWX+DD-E (CBOE doesn't find this one)

--
Indifference will be the downfall of mankind, but who cares?
 
Quote from samovar:

TXD? In case you meant TWX, I
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TXD was the symbol of those extra options.Some were TWX, some were TXD

It appears that they are old symbols - expired long ago, but I did not take the tiime to try to discover truth.

CBOE does list all options.

R U really trading options at IB that are not CBOE listed?

The reason the premium is different is because the underlying asset is different.

TWX gives right to buy/sell 100 shares of stock.

TXD was different - due to corporate action. Perhaps it was 80 shares plus cash. Perhaps it was shares of cash plus bonds plus??? Those corporate actions require that option symbols change to reflect that they are non-standard.

Mark
 
Quote from samovar:

Here are some potential implications spelled out:

1. Yahoo! and Morningstar deliver bad data. I'd report this to them, preferably via insiders, so it gets fixed.

2. CBOE doesn't really list all options. Why?

3. IB doesn't let me trade options that are genuinely available.
More...
Let's see. The CBOE is in the option business. IB is in the business of letting you trade options. Yahoo and Morningstar are in the business of providing general financial info. Take a wild guess which would be more reliable when it comes to options.
 
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