What are OPRA Condition Codes?
OPRA (Options Price Reporting Authority) condition codes are threecharacter alphanumeric symbols that accompany every option quote and trade transmitted through the U.S. options market. They give market participants additional context about why a price was reported, how it should be interpreted, or what special circumstances applied at the time of the event.
Because options prices can change rapidly and are influenced by a wide range of operational and regulatory factors, condition codes are essential for anyone building pricing models, monitoring market quality, or conducting compliance checks. While the price itself tells you what was quoted, the condition code explains why that price appeared the way it did.
Structure of a Condition Code
Each code consists of three characters, often grouped as ABC. The first character primarily identifies the type of event (trade, quote, or special condition). The second and third characters provide additional detail, such as the source of the data, the reason for a delay, or regulatory actions.
For example, the code Q00 indicates a normal quote, whereas T10 signals a trade that was executed on an alternative trading system (ATS) and later reported to the consolidated tape.
Major Categories of Condition Codes
1. QuoteRelated Codes (Qxx)
Codes beginning with Q describe the state of bid and ask quotes. Common entries include:
| Code | Description |
|---|---|
| Q00 | Normal, regular quotation no special condition. |
| Q01 | Quote is a firm quote; cannot be withdrawn without a trade. |
| Q02 | Quote is nonfirm may be withdrawn at any time. |
| Q03 | Quote reflects a market makers best bid/offer commitment. |
| Q04 | Indicative quote derived from a combination of market maker quotes. |
| Q05 | Quote posted by an exchange after a trading halt. |
2. TradeRelated Codes (Txx)
Codes that start with T give insight into the execution venue, reporting timing, and special handling of a trade.
| Code | Description |
|---|---|
| T00 | Standard trade reported by the originating exchange. |
| T01 | Trade executed on an ATS and subsequently reported. |
| T02 | Latereported trade (reported after the 15minute reporting window). |
| T03 | Trade flagged for regulatory review (e.g., potential wash trade). |
| T04 | Trade executed at a midpoint price. |
| T05 | Trade resulting from a marketonclose order. |
3. Miscellaneous / Administrative Codes (Axx, Bxx, Cxx)
These codes are used less frequently but are still important for dataquality checks.
- A01 Administrative message: market open.
- A02 Administrative message: market close.
- B01 Bunched quote several quotes received within a short interval.
- C01 Cancellation a previously reported quote has been withdrawn.
- C02 Correction price or size has been corrected after initial publication.
Putting It All Together An Example Message
Below is a simplified representation of a realtime OPRA feed line. The fields are separated by the | character for readability.
2026-06-04T14:32:10.125Z | AAPL 210618C00150000 | Q00 | 5.45 | 120
Interpretation:
- Timestamp: 20260604 14:32:10.125 UTC
- Instrument: AAPL, June 182026, Call, $150 strike
- Condition Code: Q00 a normal, regular quote
- Bid Price: $5.45
- Bid Size: 120 contracts
If the same line had the code Q02, a trader would know the quote is nonfirm and could be withdrawn without a trade. If it showed T01 instead of a Q code, the line would be a trade executed on an ATS, not a quote.
