DAVE. thanks for the reply.. so if u see my OP.... all i did was buy 3 cent SPY OTM options which were expiring the same day . and I closed them before EOD... so since it was SPY -do you think my 1000 round trip trades make me a Large Trader? Also, i dont think I will go over 1000 contracts round trip .-in a day. again.. because of this hassle. i cud have easily spread the trade over 2 days instead..
Darwin, SPY is not an index and the calls you bought are not index options as described in Dave's response to his broker or in the SEC 13-H FAQ. SPY is the SPDR S&P 500 ETF Trust that tracks the S&P500. To purchase calls on the S&P index, you'd need to buy calls on SPX.
As options on ETF's are treated the same as options on equities, you multiply the number of contracts x the contract multiplier x the price of the underlying. So, 1000 SPY calls would be 1000 x 100 x ~$210.85 = $21,085,000.
The best advice that I can offer is to go through the SEC rules and see how they apply to your specific situation. It may take a little time, but I think it might be worth the investment of effort.