The fundamental parts of an option symbol are as follows:

Option root symbol + Expiration date code + Strike price code

For example, the International Business Machines (IBM) December Call Options with a strike price of 80 would be listed as options symbol:  (IBMLP).

For NYSE/AMEX stocks, the option root symbol is typically the same as the symbol used on the stock exchange.

Keep in mind that the root options symbol is not always the same as the underlying stock ticker symbol. For example, NASDAQ stock symbols are a minimum of four letters, whereas the base symbol of an option is three letters or less. So the options authorities will assign an option root symbol for each NASDAQ stock that has options traded on it.

You want to always look at the option chain or check with your broker to find the corresponding root options symbol.

Once you know the root options symbol, you can use the tables below to aid you in creating or deciphering options symbols.

Here are the expiration month codes:

And here are the standard strike price codes:

One exception is LEAPS options symbols as the ‘expiration month letter’ format typically differs from the chart above.

Another exception is if the options strike price is not typical like 17.5 or 19, in this case ’strike price letter’ format differs from the chart above.

Make sure you get the correct options symbol by pulling up an option chain or check with your broker.  One of the best free sites to look up options chains is Yahoo Finance.  Here is the link:

http://finance.yahoo.com/

Simply enter the stock symbol and click “GET QUOTES”

Then, click on “Options” on the left hand side to pull up the options chain.

Source:  Understanding Options Symbols