LEAPS and OptionsDaily's long-dated C/P metric
OptionsDaily editorial · Updated
Standard LEAPS are long-term options; Cboe describes expirations up to three years. OptionsDaily's Longbridge enrichment uses the legacy field name LEAP for a different measure: call volume divided by put volume for contracts expiring strictly more than 90 calendar days after the trading date.
A product field is not a standard LEAPS definition
LEAPS is the name used for long-term options in official educational material. A filter greater than 90 days includes contracts with much shorter maturities. OptionsDaily retains the field label LEAP for compatibility, but this measure is a long-dated C/P volume ratio, not the percentage of LEAPS contracts and not a classification of all contracts as standard LEAPS.
The verified Longbridge enrichment formula
The enrichment code sets a cutoff at the trading date plus 90 calendar days and includes only expirations strictly after that date. Day 90 is excluded; day 91 is included. It sums qualifying call and put volume, divides calls by puts, and rounds to two decimals. For example, 1,200 qualifying calls ÷ 400 qualifying puts = 3.00. This description applies to that enrichment path; imported legacy reports may use different source conventions.
Why a stored zero needs special care
When qualifying put volume is zero, the enrichment currently stores 0 rather than infinity or a missing value. That stored zero is a data convention and must not be interpreted as a bearish ratio. A ratio also becomes unstable with a small nonzero denominator: 100 calls ÷ 1 put = 100. Review the component volumes and data availability before drawing a conclusion.
Investigate activity without claiming intent
Check the report date, the enrichment method and the actual expirations first. Compare qualifying call and put volume across sessions, then examine bid/ask spreads and contract details. High long-dated call volume can include sales, closing trades, hedges or spreads. It does not confirm institutional accumulation. Even a correct view of stock direction can lose money through time decay, volatility changes and transaction costs.