BIST VIOP Most Change O_KCHOLE0120C21.20 % -100,00 O_KCHOLE0120C21.20 % -100,00 O_KCHOLE0120C21.20 % -100,00 O_KCHOLE0120C21.20 % -100,00 O_KCHOLE0120C21.20 % -100,00 Highest Open Position O_KCHOLE0120C21.20 00

STRIKE PRICES

In the case of option contracts, strike prices refer to the prices at which the option holder may buy (for call options) and those at which the option holder may sell (put options).

 

Example 1: 

O_AKBNKE0417C8.00 contract represents a European call option with a strike price of TL 8. This contract entitles its holder (investor with long position) to buy 100 units of Akbank equities at TL 8 at the maturity date of April 30, 2017.

 

If the spot price of the underlying security is over TL 8, the option contract is in-the-money, at TL 8, it is at-the-money, and if the price falls below TL 8, the option contract will be out-of-the-money.

Example 2:
O_AKBNKE0417P10.00 contract represents a European put option with a strike price of TL 10. This contract entitles its holders (investors with long position) to sell 100 units of Akbank equities at TL 10 at the maturity date of April 30, 2017.

If the spot price of the underlying security is below TL 10, the option contract is in-the-money, at TL 10, it is at-the-money, and if the price rises over TL 10, the option contract will be out-of-the-money.

 

Strike Price Ticks

Single Stock Option

The strike price tick for the single stock option contracts to start trading will be determined as follows on the basis of the price of the underlying asset, and will be applied as two digits after the comma.
 

Option Contract Strike Price Gap (TL) 

Strike Price Tick (TL) 

 0.01 – 0.99

 0.01

 1.00 – 2.49

 0.02

 2.50 – 4.99

 0.05

 5.00 – 9.99

 0.10

 10.00 – 24.99

 0.20

 25.00 – 49.99

 0.50

 50.00 – 99.99

 1.00

 100.00 – 249.99

 2.00

 250.00 – 499.99

 10.00

 500.00 – 999.99

 25.00

 1,000.00 and over

 50.00



By taking closing price of underlyings in spot market in previous trading day as base price and using theoretical price calculation method, at-the-money price levels are determined. Contracts with seventeen different (one at-the-money, four in-the-money and twelve out-of-the-money) strike price levels are opened.

In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 20% of minimum/maximum of the current strikes.

USD/TRY Options 

For call options, 50 Turkish Lira (Example: 2,000, 2,050, 2,100 etc.)
For put options, 50 Turkish Lira (Example: 2,000, 2,050, 2,100 etc.)

Theoretical price for each contract month are calculated on the basis of the value of multiplying the average of USDollar selling and buying rate announced by the Central Bank of the Republic of Turkey at 15:30 of the last trading day by 1,000. At the  Money strike price levels are determined using these theoretical prices for each contract month. At eleven different strike prices such that two is “in the money”, one is “at the money” and eight are “out of the money” shall be opened for each of call and put options.

In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 20% of minimum/maximum of the current strikes of all options.

BIST 30 Index Options

Strike price tick is 2 (2,000 index points)

By taking previous day’s closing price of underlying (index) in spot market as base price and using theoretical price calculation method, at-the-money price levels are determined. Contracts with eleven different (one at-the-money, two in-the-money and eight out-of-the-money) strike price levels are opened.

In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 20% of minimum/maximum of the current strikes.

Strike Prices to be Introduced for Trading

 Following regulations related to strike prices to be introduced for trading are in effect:

  •  New option strikes and ATM level may differ per expiration since they will be calculated according to the theoretical price (rather than spot price) of underlying
  • ATM levels for each expiration will be published daily to our members via trading workplace and FIXRD (reference data) channels.
  • Inactivation of option series due to underlying price changes will be ceased and auto generated options will be tradable until expiration date unless inactivated by mandatory reasons.

In the BISTECH system, at the money strike price level will be determined for each contract month by using the theoretical price calculation method based on the underlying price and the contracts will be created in the following numbers.


Instrument Class

In The Money Contracts

At The Money Contracts

Out of The Money Contracts

Equity Options

4

1

12

BIST30 Index Options

2

1

8

USDTRY Options

2

1

8