Types of Options

Index Options

An index option is an option whose underlying security is an index. For example, instead of buying an option contract based on the performance of a particular stock, you could buy an option contract based on the performance of, say, the S&P 500.

Currency Options

Currency options allow investors to purchase option contracts on the value of foreign currency as it compares to the U.S. dollar.

Quarterly Options

Quarterly options, or "Quarterlies", are available on a select group of index-based products, which may be an exchange-traded fund (ETF) or an index. Quarterlies share many of the same characteristics as traditional monthly options.


Weeklys options were created by CBOE to provide investors with an efficient means to trade options specifically around certain news or events, such as economic data announcements.


Long-Term Equity Anticipation Securities (LEAPS) are long-term option contracts that allow investors to establish positions that can be maintained for a period of up to three years.

Adjusted Options

A standard option contract will typically represent a deliverable of 100 shares of stock. However, there are many instances in which an option contract may have its deliverable adjusted to something other than 100 shares.