The Penny Interval Program allows options for some related stocks and indexes to trade in increments of $0.01. The minimum increments for all classes in the Penny Pilot (except for QQQ, IWM and SPY) are based on price.

Options related to equities and indexes that are in the Penny Pilot Program are quoted in increments of $0.01 for option series with a premium below $3, and $0.05 for all option series with a premium of $3 and above.

Options related to equities and indexes that are not in the Penny Pilot Program are quoted in increments of $0.05 for option series with a premium below $3, and $0.10 for all option series with a premium of $3 and above.

The minimum increment for all option series in QQQ, IWM and SPY is $0.01.