SPX Index Options
Are financial contracts for trading the S&P 500 index, offering cash-settled, European-style.
Cash-Settled
Profits/losses are paid in cash, not shares, at expiration.
Contract Multiplier
Each contract controls 100 times the index value (e.g., SPX at 4,000 means $400,000 notional value).
How VIX® Index & SPX Move
The VIX Index
Your quick hub for VIX market insight—track volatility in real time and see how sentiment shifts across the day. Use the chart ranges to review short-term movement or zoom out for broader context.
S&P 500 Index Options
Follow SPX market direction at a glance and pair it with volatility to understand risk, hedging activity, and broader equity momentum—then switch timeframes to compare trend behavior.
VIX
Cboe Volatility Index
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Types of SPX Options
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Trade Data (as of January 2, 2026)
Calls vs Puts:
Learn the core of options trading
CALL
PUT
Quick, clear definitions — then use the tabs on the right for details.
Types of SPX Options
An index option is a financial contract based on a stock market index
In essence, SPX options are powerful tools for gaining broad market exposure, managing risk, and potentially benefiting from the market's direction without needing to trade hundreds of individual stocks.
Are contracts giving the buyer the right, but not the obligation, to buy (call) an underlying asset at a set price (strike price) by a specific date (expiration).
- Give the right to buy
- You expect the asset's price to increase above the strike price.
Are contracts giving the buyer the right, but not the obligation, to sell (put) an underlying asset at a set price (strike price) by a specific date (expiration).
- The right to sell the asset.
- You expect the asset's price to decrease below the strike price.
The three key elements
Thorough Market Analysis
Successfully trading SPX options requires a deep understanding of the broader market environment, as the S&P 500 index is influenced by numerous factors.
Cash-Settled
Positions settle directly to cash at expiration without the need to deliver or receive unwanted shares
European Exercise
Options can only be exercised at expiration, providing certainty and eliminating early assignment risk.
Expanded Choice
Choose from A.M or P.M, standard, weekly, and daily expirations to align precisely with your market outlook.
60/40 Tax Advantage
Benefit from potentially favorable 60/40 tax treatment (60% long-term, 40% short-term).*
Dual Market Dynamic
Leverage the S&P 500/VIX® index inverse relationship to strategically position for both market direction and volatility shifts simultaneously.
Nearly 24/5 Market Access
Execute strategies with news breaks—regardless of time zone during global trading hours.
Lastest Market Insights
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