In a nutshell: We have made symbol formats the same for our newly launched WebSocket API and to be launched Velocity 3.0. The major change in the new format is that the NSE Options symbol formats for Weekly and Monthly would now be the same.
Benefits of new symbol formats:
1) Difference between Weekly and Monthly Options which created confusion, has now been removed.
2) With the previous Options symbols format, there used to be confusion during the month of October through December, since the format used to have an alphabet instead of digits, this too has now been removed.
New Symbol Formats for Market Data (WebSocket API):
Weekly & Monthly Options Symbols Format: <ticker> <expiry> <strike price> <option type>
<expiry format> => YYMMDD
E.g. > BANKNIFTY21031834500PE / BANKNIFTY21031834500CE>> 18-Mar-2021 Weekly Expiry
E.g. > BANKNIFTY21032534500PE / BANKNIFTY21032534500CE>> 25-Mar-2021 Monthly Expiry
E.g. > BANKNIFTY21040134500PE / BANKNIFTY21040134500CE>> 01-APR-2021 Weekly Expiry
E.g. > BANKNIFTY21042934500PE / BANKNIFTY21042934500CE>> 29-APR-2021 Monthly Expiry
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Symbols Format for Indices:
NIFTY 50, NIFTY BANK, INDIA VIX, NIFTY IT
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