> 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/trust/pricing-and-spread-benchmarks.md).

# Pricing and Spread Benchmarks

ClickOptions commits to publishing **independent, data-driven benchmarks** of its option pricing and market quality, ensuring full transparency for traders and partners.

#### **Benchmark Reports**

* Reports are published on a **weekly, monthly, and quarterly basis**.
* Each report compares **ClickOptions quotes and liquidity** against major external options venues (names not disclosed, but benchmarked against industry leaders).
* The goal is to provide **transparent evidence** that ClickOptions consistently delivers competitive spreads and meaningful liquidity.

#### **Methodology**

1. **Data Collection**
   * ClickOptions records all live bid/ask quotes for its listed assets.
   * External benchmark data is collected from major venues via public APIs at synchronized timestamps.
2. **Spread Comparison**
   * For each listed strike and expiry:
     * Calculate ClickOptions’ **best bid–ask spread**.
     * Compare against benchmark venues’ spreads.
   * Spreads are normalized as a percentage of option premium to allow fair cross-venue comparison.
3. **Volume & Depth Analysis**
   * Report includes **best bid/ask depth**: how much volume is available at top-of-book on ClickOptions vs. competitors.
   * Ratio of ClickOptions depth to benchmark depth is published, giving a liquidity coverage score.
4. **Reporting Frequency**
   * **Weekly Snapshot:** high-level spread + volume coverage for the week.
   * **Monthly Report:** detailed analysis with average spreads per asset and tenor.
   * **Quarterly Report:** long-term trend analysis across assets, showing ClickOptions’ relative competitiveness.

#### **Example Metrics (Published in Reports)**

* Average bid–ask spread (% of premium).
* % of time ClickOptions had the best price vs benchmarks.
* Top-of-book depth ratio (ClickOptions vs market).
* Effective liquidity score (weighted by volume).

#### **Transparency Commitment**

* Reports are made public and archived in the ClickOptions GitBook + Research Portal.
* Methodology is fully disclosed and reproducible, allowing independent validation.

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