On NSE‘s index options market, there are one-month, two-month and three-month expiry contracts with minimum nine different strikes available for trading. Hence, if there are three serial month contracts available and the scheme of strikes is 6-1-6, then there are minimum 3 x 13 x 2 (call and put options) i.e. 78 options contracts available on an index.
Option contracts are specified as follows: DATE-EXPIRYMONTH-YEARCALL/PUT-AMERICAN/ EUROPEAN-STRIKE.
For example: the European style call option contract on the Nifty index with a strike price of 5000 expiring on the 26th November 2009 is specified as ‘26 NOV 2009 5000 CE‘.
