Yep So is it right to conclude, there are no options for my instruments. Sorry for the bother. I just wanted to here from pros, before I waste my time. (have 0 clue about options at the moment) Thanks
I would forget about using options for 5min - 2 hour holding period, unless you just trade very few of stocks with the most option volume (eg. Tesla), but even that could be problem for such a sort holding period. With stocks you can use market order for quick executions, on options the bid/ask spread is too wide for market orders, even for the OTM options on the most liquid stocks. Look at the option chains, and you’ll see.
Pardon the sarcasm ... trading has many variables... I have found that attempting to "generalize" too early has bad consequences. IFF you find an instrument you day-trade successfully with your strategy(s), that does have liquid options, look again! -- Note: Even if the "generalized" notion that day-trading using options is a bad idea... Your specific case may be an exception! Be careful not to throw the baby out with the bath water.
I think it's already very hard as a retail trader to make more money than your costs. Implicit/explicit transaction costs on options are way more than on stocks, in general. So I also would say, again in general, it is not worth it.
The most liquid equity option out there is SPY. You can get filled between the bid/ask and essentially have zero slippage. As for individual company stock options, its a mixed bag where the wide bid/ask width may turn a profitable short term trade into a loser.
Check out this thread,and others by Dustin https://www.elitetrader.com/et/threads/everyday-expirations-coming-to-the-spx.364748/
Options have the benefit of theta decay if you're short. Some time I'll turn my directional trade into a strangle if the stock goes against me.and collect theta. Of course requires being able to value an option and knowing how to adjust positions. It's required to have an if-thin plan and understand how the Greeks change.