Are you trying to enter a single-leg option order, but it ends up automatically canceling? Then chances are you're entering an incorrect price increment. If you're entering a price in a penny increment and it's getting canceled, then try a nickel or dime increment. Generally, most single options trade in either nickel ($0.05) or dime ($0.10) increments, depending on the price. However, there is one exception to this rule. In the world of multi-leg options trades, such as verticals or iron condors, nickel or dime increment options can be routed in penny increments. Below we'll go over how you can spot whether a single option trades in a specific increment.
Nickel and Dime Increments Options
Increments depend on the price
| Options Price | Increment |
| Below $3 | $0.05 |
| Above $3 | $0.10 |
Penny Pilot Program Pricing Increments
Not all options trade in penny increments
Currently, there are a handful of symbols that trade in a penny ($0.01) or nickel ($0.05) increments, depending on the price.
| Options Price | Increment |
| Below $3 | $0.01 |
| Above $3 | $0.05 |
There is ONE exception though. ETFs such as SPY, QQQ, and IWM all trade in penny ($0.01) increments, regardless of price.
Lastly, if you’re wondering about option price increments for cash-settled index options, such as SPX, then please click here.