Here is a screenshot showing some call options available for the SPY ETF:

enter image description here

As you can see, strike prices are available for every dollar increment (281.00, 282.00, 283.00, etc).

Strike prices are also available for certain half-dollar increments, such as 280.50, 281.50, 282.50, 283.50, 284.50, 287.50, and 292.50.

Why are those half-dollar strike prices available, but others (such as 285.50, 286.50, 288.50, 289.50, 290.50, and 291.50) are not available?


1 Answer 1


The option exchange decides what strike prices to offer. Sometimes the oddball ones come into existence because of a stock split (not applicable here). Other times, it's because someone contacts the exchange and they add the strike price.

For example, if you want a new CBOE strike price, use this:


They will review your request and if they approve your request, the new strike price will begin trading the next day.

  • 1
    I asked my broker and they also said it was up to the option exchange on what strike prices to offer. Thanks for the link. In case anyone wants to know, if you click on the Product Listings & Trading Inquiries dropdown, there is an option for New Strike Price Requests.
    – 7529
    Jan 27, 2018 at 1:54
  • 1
    Well, the exchanges decide what strike prices to display, not to offer. No exchange originates any of the options (originators can write options with any strike they want), but the exchanges can dictate that they'll only support certain strikes. With the many options exchanges' individual rules, Nasdaq's (the source of the data) rules, and Yahoo's rules, you're bound to end up looking at only an approximation of reality.
    – dg99
    Jan 27, 2018 at 2:29

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