Okay well how about 1256 contract rule taxation? Does that interest you? Or would you prefer paying 100% short-term gain tax on SPY and accounting for every single trade at the end of the year? The only thing SPY options have going for them is liquidity during market trading hours and a smaller size vs ES or SPX. (Assuming you're in the US)
No. Just pointing out that using longer dated options is not somehow safer because your theta burn rate is lower. Theta is a derivative calculated from a model that's wrong, so I wouldn't get too caught up in it. It's a theoretical sieve used to bleed premium offsetting continuous dynamic gamma hedging within a no-arb, complete market world. In the real world, the market is not going to give you a free pass on a longer expiry. If you buy longer dated options and the market doesn't move, at some point the vol will be repriced lower and you will get smoked.
@OTM-Options you are very active here I am doing some paper trading still not able to crack it, It looks like I my destiny is to be a option seller instead of been long on options. Pro side- Better probabilities Con Higher the Risk <- This why I am not happy with my current strategy EG