"Right now, the implied volatilty of index options is around 32 percent."

"I have a good customer who thought he sold some index options short on Monday," one broker said.

But because index options are traded, investors can buy other terms.

Selling index options 12 times per year can produce significant income.

For this reason, index options are typically closed out after the market has closed.

Otherwise, the value of an index option is listed at the price paid.

Currently, some trading in index options begins before the stock market opens.

Big Board officials would like all major index options and futures to expire in the morning.

Despite the changes, index options and futures contracts remain very popular.

This was why many optimistic investors used index options as a hedge against a market break.