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What are Non-Standard Options?

An option contract that gets adjusted due a merger, acquisition, spin-off, large dividend payment, or another similar corporate action of the underlying security, is called a non-standard option.

Non-standard options have a different root symbol than regular options. This means you’ll see more than one call or put option at each strike price within a given month.

Note that for non-standard options, the In-the-Money designation shown in the option chains, may or may not apply, depending upon the adjusted contract terms. It may be necessary to complete a more complex calculation that takes into account the adjusted underlying deliverables to determine whether these non-standard options are in-the-money.

Non-standard options are also called "adjusted options," "complex options," "options with an adjusted contract," "options with non-standard deliverables" or "options with complex deliverables."

Please note: Options trading involves risk and isn’t suitable for every investor. Before investing in options, please read the Characteristics and Risks of Standardized Options.