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Old 04-12-2009, 01:27 PM   #1 (permalink)
 
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Symbol for Oil Call Options


Hello, does anyone know the symbol to buy call options on oil? I have searched the web and cannot find reference to it. Alot of articles about oil options, but I can't find the symbol. I found a futures symbol for cl, but it says invalid symbol when I enter it for an option.

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scott

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Old 04-12-2009, 04:44 PM   #2 (permalink)
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Hi Scott
On the right column are links for calls
Crude Oil (Light) Futures Price Quote

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Tek
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Old 04-12-2009, 04:52 PM   #3 (permalink)
 
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Quote:
Originally Posted by ScottD View Post
Hello, does anyone know the symbol to buy call options on oil? I have searched the web and cannot find reference to it. Alot of articles about oil options, but I can't find the symbol. I found a futures symbol for cl, but it says invalid symbol when I enter it for an option.

Thanks
scott
Also, you can trade the ETF, USO(United States Oil), options. I have traded them myself, smooth instrument. Just a heads up. Oil is approaching resistance on all derivatives. Good luck with whatever you decide.

Happy Trading

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Old 04-13-2009, 03:47 PM   #4 (permalink)
 
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Tek Help!


Hey Tek,
I looked at that link, then clicked on the far right column on "call" but I don't understand the next window that opens? I still don't see a symbol for oil calls that I would enter into ETrade. I also don't see prices. I copied the chart below, but it didn't copy and paste correctly so it doesn't look right. I don't understand the numbers under "strike". I thought strike referred to price, but these numbers are way to high for a barrell of oil. I don't know what it means. It doesn't look like a normal options chain. What would I type on ETrade to see the available call options for oil? I would really appreciate your help on this, I can't find any valid info on the web either.
Thanks
Scott

Strike Session Pr.Day Expiry
Date
Open High Low Last Time Sett Chg Vol Sett OpInt
future - - - 66.98 Apr 09, 17:57 67.17 -1.44 7034 68.61 75341
480 - - - 14.98 Apr 09, 17:53 23.24 -1.07 - 24.31 150 2010-10-16
500 - - - 12.50 Apr 09, 17:57 21.85 -1.04 - 22.89 400 2010-10-16
540 - - - 9.49 Apr 09, 17:53 19.21 -0.96 - 20.17 800 2010-10-16
545 - - - 9.29 Apr 09, 17:52 18.90 -0.95 - 19.85 - 2010-10-16
550 - - - 10.81 Apr 09, 17:54 18.58 -0.94 - 19.52 705 2010-10-16
560 - - - 10.56 Apr 09, 17:53 17.96 -0.92 - 18.88 550 2010-10-16
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Old 04-13-2009, 05:09 PM   #5 (permalink)
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Hi Scott

These are oil future calls. Are you sure you can trade future calls on etrade?
If not, you could trade calls an oil ETF like USO.
There is an option list on yahoo-

Yahoo! Finance
Enter in USO, and then click on "options" on the left hand side of the page.
You should also be able to get an options list right through etrade. Just use USO as the stock symbol for the option chain.

There are other oil ETFs as well-
Oil Price ETFs - Complete ETF List
_____________________
The list you posted from the link I gave is a list of different options for a particular oil futures contract. I don't trade futures or future options, so I am not very knowledgeable on them.
However, I can break down some of what is presented-

Open High Low Last Time Sett Chg Vol Sett OpInt
future - - - 66.98 Apr 09, 17:57 67.17 -1.44 7034 68.61 75341
480 - - - 14.98 Apr 09, 17:53 23.24 -1.07 - 24.31 150 2010-10-16
500 - - - 12.50 Apr 09, 17:57 21.85 -1.04 - 22.89 400 2010-10-16
540 - - - 9.49 Apr 09, 17:53 19.21 -0.96 - 20.17 800 2010-10-16
545 - - - 9.29 Apr 09, 17:52 18.90 -0.95 - 19.85 - 2010-10-16
550 - - - 10.81 Apr 09, 17:54 18.58 -0.94 - 19.52 705 2010-10-16
560 - - - 10.56 Apr 09, 17:53 17.96 -0.92 - 18.88 550 2010-10-16

___________________________________________
"future - - - 66.98 Apr 09, 17:57 67.17 -1.44 7034 68.61 75341 "
Means that this particular future contracts last selling price was $66.98
________________________________________________
The first 2 columns underneath are the price you get to buy the contract at with the option (the strike price) and the last price that option sold for-

"480 - - - 14.98
500 - - - 12.50
540 - - - 9.49
545 - - - 9.29
550 - - - 10.81"
_____________________________________________

The rest are things like how much the price went up and down (low and high prices) and how many open options on that contract have been written.

Hope that helps some.
Cheers
Tek
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Old 08-04-2010, 07:44 PM   #6 (permalink)
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Why the strike prices are so high?


This might be a stupid question (I'm very new at this), but how come the strike prices are way higher than the future price?

The future price is 66.98 and the strike prices start from 480 and above!! How how there are no strike prices close to 66?

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