Summarize your understanding of the option expiration games. One of my rules/hypothesis: on Thursday and Friday of expiration week, the underlying ETF/index becomes a derivative of the options. Therefore, the underlying/derivative relationship between options and equities are reversed.

how do you make money by knowing the underlying/derivative relationship between options and equities are reversed?

Not sure how, but I price undelying using options rather that pricing options using undelying. It is more an insight rather than a recipe to make money. If underlying is a derivative of options then the market is manipulated. Maybe avoiding it is a way to make money (by avoiding losses).

Whoosh....whoosh.. whoosh... No, I did not inhale. I'm just a heavy breather On a more serious note, if there are any IB/DDE/TWS users proficient in Excel, I'd greatly appreciate your two cents regarding a problem I'm having. Math skills not optional http://www.elitetrader.com/vb/showthread.php?s=&postid=2228437#post2228437

I also believe I heard there will be S&P rebalancing tomorrow, and this causes some strange trading with big volume near the close.

If the problem is really a zero appearing between dde cell updates you can solve your problem by setting iterations to some finite number, say 10, in your Calculations menu, and then using a circular reference. If the dde data of interest is in A1, then the following formula in B1 should do it: =IF(A1=0,B1,IF(A1>0.30,beep(),0)) assuming your have created a function named beep

I wonder if the problem is DDE, which is ancient and horrible. Hoadley has a much-improved way of bringing data into Excel - and it works with IB. It is certainly more user-friendly than DDE, as it doesn't use DDE-style hard coding. That is particularly true for option traders, who end up having to do a lot of manual hard-coding with DDE, or use clumsy work-arounds. So the Hoadley method would be much easier to use, but I don't know if it would solve your beeping problem. It would only cost about $100 to try it though.