optionsXpress - Online Options, Stock & Futures Brokers

LIVE HELP | QUESTIONS? (888) 280-8020

THE CHANGE

Prepare to bid farewell to the traditional - and often cryptic - five-character symbol that has defined the options world for the past quarter century. In its place, you'll find a more detailed and descriptive sequence that clearly outlines root symbol, expiration, strike price, and option type.

While the symbol format will be changing across the industry at the behest of the Options Clearing Corporation (OCC), we see it as a great opportunity to make the optionsXpress, Inc. site even easier to use. That's why we're working to incorporate our clean, intuitive new symbol entry into every page and tool we offer.

THE REASON

The new symbology is designed to help put the essential elements of an option's identification at the fore, making it easier for traders to find, remember, and enter option symbols throughout the site.

THE BENEFITS

Options traders stand to enjoy a clearer and more convenient trading experience working with the new symbol sequences. Why?

No more cryptic, difficult-to-remember symbols.
Greater ease in finding and entering options symbols
throughout the site.
Less likelihood of entering a wrong symbol.
A clearer overall display of option information.

THE PROCESS

Because this represents a major overhaul of most traders' understanding of options symbols, optionsXpress, Inc. will be making the symbol switchover gradually, allowing you to use and view both legacy symbols and their shiny new replacements over a span of several months on our tool, position, balance and trade pages. Be sure to check the "What's New" tab on this page often for the most recent updates on the symbol transition.

ABCD Corp.

$50 strike call option,
expires March 20, 2010

Departing:

Arriving:

.ABACJ

ABCD

Root

Mar10

Expiration

Strike

Call

Type

OLD SYMBOL ENTRY

NEW SYMBOL ENTRY

WHAT'S NEW

JANUARY 2010

As we head toward the finish line of this major transition, you'll find the new symbol format on dozens of additional pages, tools and elements throughout the site.

Quote Pages
Account Pages
Trade Pages
Tools

QUOTES PAGES

Chains

All of the options chains have been revamped to feature the new symbology, including the default Call/Put chain seen here. The quote book and Greeks are now accessible by hovering over the new Detail link found on most of the chains pages. Clicking the Detail link will pass you over to the quote detail page for that particular contract.

Chains

Other chains upgraded to the new symbology this month include:

Covered Calls
Calendar Call/Put Spreads
Diagonal Call/Put Spreads
Delta & Implied Volatility
Straddles
Strangles
Call/Put Spreads
Collars
Butterfly Call/Put Spread
Iron Condor Spreads
Combos

The Quote Frame screen has also been upgraded to the new format:

My View

ACCOUNT PAGES

A number of vital pages have also received the symbology makeover this month, including the Positions page, which features the new symbol format throughout the My View (below), Daily P&L, Alerts, Cost Basis, Greeks, and Analyzer tabs.

Account Page

Other account pages now featuring the new symbology include the Overview, Activity, and Analysis pages (pictured below):

All of the modules in myOX now display the new symbol format, including the Watch List module:

TRADE PAGES

Both the Multi-Trade and Multi-Leg Trade pages have been upgraded with the new symbology in our latest release:

Multi Trade

Trade Page

Trade Page

Multi-Leg Trade

Trade Page

Trade Page

TOOLS

Final major upgrades have been completed on our powerful trading tools, including Virtual Trade, The Dragon, IDEAS, and Screener:

Virtual Trade

Virtual Trade

The Dragon^SM

The Dragon

Screener^SM

Screener

DECEMBER 2009

Our site-wide symbology upgrade continues, as we prepare you for the industry-wide transition in February. You'll see updates to the options trade pages, the trade calculator, and the quote pages. Take a look at the tweaks we've made to the pages listed below to start getting familiar with the updated design and functionality.

Option Trade Pages (Entry, Preview, and Order Status)
Quote Pages
Trade Calculator

OPTION TRADE PAGES

The option trade pages now mirror changes released to the quote detail and watch list pages. You no longer need to remember a five character option symbol – just type the stock root symbol (like C for Citigroup, Inc.), and hit 'enter' or click the option link. From there, choose the expiration, strike price and option type. It is that simple!

If you do not remember a stock symbol, just type in the first few characters of the stock and the smart symbol search will assist you in finding the root symbol of the option you would like to trade.

The small gray "X" can be clicked to clear the entry.

For users accustomed to the 'Find Chain' link, nothing has changed. We have also maintained the current symbol format (.XXXYY) and you will continue to see this for informational purposes until the February cutover.

The push-pin feature is now available on the option trade screens. Simply click the down arrow to the right of the symbol entry field – and select a recently entered stock or option.

TRAILING STOPS AND CONTINGENT ORDERS

The trailing stop and contingent option order entry pages contain the same option entry interface.

After choosing a root symbol you can either proceed (using a stock as a trailing stop), or you can expand the interface by clicking on the 'Option' link and choosing the option contract of your choice.

XSPREADS® (SPREADS, STRADDLES, BUTTERFLIES, AND CONDORS)

Our Xspreads® option order entry screens contain the same option symbol interface. In addition you will find a time saving feature: Enter your root symbol on the top row and hit the 'enter' key – all the legs on your spread order are now updated with the underlying symbol you entered.

Please note that you will need to pick the appropriate option contract for each leg of the spread after entering your root symbol.

COVERED CALL, PROTECTIVE PUT, AND COLLAR

These pages have also been updated to utilize our new option entry interface.

PREVIEW AND ORDER STATUS

We have made slight adjustments in the options entry preview pages and in the order status page. The symbol column was expanded to reflect the upcoming change while the old five character code will continue to be displayed.

Option Order Preview

Order Status

Quote Pages

Various ancillary quote pages have been upgraded with the new simpler option symbol entry interface. These pages include Historical Quotes, Time and Sales, and both the HTML and streaming Quote Boxes.

Trade Calculator

The Trade and Probability Calculator has been enhanced to include the new option symbol entry interface.

Frequently Asked Questions

Is this change really necessary?
What are the advantages of this change?
How will my existing positions be affected?
How will my positions be displayed?
Is anything changing with regards to expiration and possible assignment?
What happened to the option symbol on the chains?
How do I enter an option symbol?
How will I enter orders?
Will I have to change the symbols I currently use on Xtend or FleXChart watch lists?
I have an option that expires after FEB 2010. What will happen with my position?
All of my positions expire before FEB 2010. Do I need to think about these changes?
With your most recent changes, how do I close a position that I opened using the .ABACJ format?
Can I still use the .ABACJ format on the symbol box?
Do I have to close positions with the .ABACJ format?
Where can I find the latest information on these changes?

Is this change really necessary?: The new symbol format is a directive from the Options Clearing Corporation (OCC) designed to help overhaul and simplify the way options are identified across the entire industry.; We're working hard to make the transition as seamless as possible for our customers, and to incorporate the mandated changes into the optionsXpress site in a way that makes the option entry and identification process easier and more coherent than ever before.
What are the advantages of this change?: The new symbol format is designed to more accurately and descriptively align with the option's defining characteristics.; The new option symbols clearly reference elements such as root symbol, expiration, strike price, and option type, making it easier to find and enter options information throughout the optionsXpress site.
How will my existing positions be affected?: The only thing changing is the symbol format - how options are displayed and entered on the site. There will be no material effect on positions.
How will my positions be displayed?: Here is an example of the old versus new symbol formats:; ABCD Corp. $50 strike call option, expires March 19, 2010
Is anything changing with regards to expiration and possible assignment?: No. All notices and obligations with respect to expiration and assignment will remain unchanged.
What happened to the option symbol on the chains?: In light of the industry-wide transition to a new option symbol format, the old symbol listings (i.e. .XXXYY) will no longer be applicable after February 11, 2010. Therefore, the symbol column has been removed from some of the chains. The new, more descriptive option symbols can now be retrieved by hovering over the Detail link on the chains.; Hovering over this link also conveniently displays the quote book and the Greeks, while clicking on Detail will bring up the full Quote Detail screen.
How do I enter an option symbol?: The old standard of cryptic, five-character symbols has been replaced by a more descriptive and intuitive new format.; Start by entering the underlying stock symbol into the text box. If you don't know the underlying stock symbol, simply enter the name of the company and our Smart Search will help suggest the corresponding stock symbol. Once you've selected the underlying symbol, click on the "Option" link to the right. Three dropdown menus will appear with values pre-populated for the at-the-money option. The first field contains the valid expiration months, the second valid strike prices, and the third lets you select either a call or a put.; Use the dropdowns to select the option you need and click "Go" to display the corresponding option information. To get information on an option for a different underlying stock, simply click on the small "x" next to the dropdown boxes to reset your search.; This new way of entering option information should help reduce the potential for entering the wrong symbol.
How will I enter orders?: Much more logically and easily than ever before, we hope. The new symbol format will feature a convenient series of dropdown boxes to help you quickly and accurately select the elements of the option you're looking to trade.
Will I have to change the symbols I currently use on Xtend or FleXChart watch lists?: No. Your current selections on these pages will be automatically switched to the new symbol format during the final phase of the transition in early 2010.
I have an option that expires after FEB 2010. What will happen with my position?: The symbol format will change, but the position itself will remain unaffected by this transition.
All of my positions expire before FEB 2010. Do I need to think about these changes?: You'll likely notice the new symbol format showing up on more and more pages alongside the current symbols as we approach February 2010. But the symbol change will not affect the positions themselves in any way.
With your most recent changes, how do I close a position that I opened using the .ABACJ format?: While you'll see the new symbol boxes appear on most pages during the transition period, the site will continue to accept entry of the old symbols until the switchover is completed in February. So for now, you can close a position using either the old or new symbol format.
Can I still use the .ABACJ format on the symbol box?: Yes. The old symbol format will continue to be accepted on most pages until the transition is completed in February 2010.
Do I have to close positions with the .ABACJ format?: No. Positions are unaffected by this change - only the symbols themselves are changing.
Where can I find the latest information on these changes?: Be sure to check the What's New tab on this page regularly to see the latest updates on the symbol transition.; Back to Top

This is an exciting change that we'll be happy to discuss with you.
As always, be sure to contact us with any questions at (888) 280-8020.

Options involve risk and are not suitable for all investors. Please read "Characteristics and Risks of Standardized Options" or available by calling 1-888-280-8020.

optionsXpress, Inc. makes no investment recommendations and does not provide advice, including but not limited to financial, tax or legal advice. Content and tools are provided for educational and informational purposes only. Any stock, options, or futures symbols displayed are for illustrative purposes only and are not intended to portray a recommendation to buy or sell a particular security.

Online trading has inherent risk due to system response and access times that may vary due to market conditions, system performance, volume and other factors. An investor should understand these and additional risks before trading. Products and services may not be available or offered in other jurisdictions.