> For the complete documentation index, see [llms.txt](https://docs.clickoptions.ai/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.clickoptions.ai/trade/options-listing-policy.md).

# 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.)*


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