CME site says weekly Friday treasuries options trade until 4pm Central time (unlike M and W only till 2pm), but the Friday settlement is based on the 2PM underlying future's price? So if you trade 2-4pm you know the outcome (strike vs earlier 2pm futures price?) in advance? Must be something to do with contrary instructions for longs being allowed only on Fridays, till that later time, so maybe you can still buy longs that were otm at 2pm and "contrary instruction" them, if underlying moves, to execute despite strike being otm at 2pm? But wouldn't the option price stay fixed at "intrinsic of strike vs 2pm settlement" value? I must be getting this wrong, since why have options trading at all if they stay fixed (I'd have to wait till coming Friday to see if even true). From CME site: Friday Weekly Treasury options The 2:00 p.m. CT will determine if the options are in- or out-of-the-money. Options will continue to trade on Globex until 4:00 p.m. CT. Per the futures settlement at 2:00 p.m. CT. In-the-money options will be auto-exercised. Out-of-the-money options will be auto-abandoned. At-the-money options will be auto-abandoned Contrary instructions are allowed, giving the long position holder the ability to exercise an out-of-the-money option or abandon in-the-money options. https://www.cmegroup.com/education/...aq-weekly-options-on-us-treasury-futures.html
Can't edit or delete post, so putting this here. Basically I didn't read carefully...the 2pm settlement is just for itm otm determination, so options keep moving based on underlying moves till 4pm.
no idea what you wrote but when an option expires at 2pm est, it expires. from 2pm to 4pm, the next expiration ticker continues to be priced, nothing strange.