# Options Listing Policy

####  Listing Cycle

* **Daily Options**
  * Added every day at 08:00 UTC.
  * Expire 08:00 UTC on their maturity date.
  * Default listing horizon: **T+3** (always three daily expiries live).
* **Weekly Options**
  * Expire at 08:00 UTC every **Friday**.
  * New weekly listed at 08:00 UTC on **Thursday** before expiry.
  * Default listing horizon: **3 weekly expiries live**.
* **Monthly Options**
  * Expire at 08:00 UTC on the **last Friday of each month**.
  * New monthly listed one week before expiry.
  * Default listing horizon: **3 monthlies live**.
* **Quarterly Options**
  * Expire at 08:00 UTC on the **last Friday of March, June, September, December**.
  * Default listing horizon: **4 quarterlies live**.

**Overlap Rule**

* If a Daily, Weekly, or Monthly expiry overlaps with an existing higher timeframe expiry (e.g., a Quarterly), no duplicate expiry is created.

#### Strike Interval Policy

Our strike policy ensures sufficient **ITM, ATM, and OTM coverage** while adapting to volatility.

* **Initial Listing**
  * Always list:
    * 1 ATM strike
    * 3 strikes above and 3 below ATM
* **Delta Range**
  * Call strikes listed from \~0.05 to 0.95 delta
  * Put strikes listed from \~–0.05 to –0.95 delta
* **Dynamic Expansion**
  * New strikes are added if the **underlying price moves** outside the existing strike range.
  * Strike step size scales with volatility:
    * **Low volatility**: smaller step size
    * **High volatility**: larger step size
* **Indicative Intervals (Phase 1)**
  * **BTC**
    * ≤ 2 days: 250 USDT steps
    * ≤ 2 weeks: 500 USDT steps
    * ≤ 2 months: 1,000 USDT steps
    * > 2 months: 2,000–5,000 USDT steps
  * **ETH**
    * ≤ 2 days: 10 USDT steps
    * ≤ 2 weeks: 25 USDT steps
    * ≤ 2 months: 50 USDT steps
    * > 2 months: 100–200 USDT steps

*(Intervals may be adjusted dynamically based on realized and implied volatility.)*


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.clickoptions.ai/trade/options-listing-policy.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.