I've been trading stocks and options for years , but I only trade SPY weeklys now.Do you guys use limit or market orders ?i missed the big one today , they keep spreads so wide , that its hard to keep up with them. So who trades weeklys? thanks
You may also want to look at the SPX weekly options. They are traded electronically (monthlies are traded in the pit) and have pretty tight markets. Since they are 10x the size of the SPY's, commissions will be less.
How wide are those spreads usually? Atleast with stock options its easy to get filled midpoint + little bit negative towards your side. Weeklys are tougher.
Aren't these trades of yours papertrades!? In which case you are hardly qualified to provide any advice or opinion on which type of order to use.
I don't know who you trade with , or what screen you looking at ,but I'd say SPY weekly spreads are kept wide time to time .That's how they make money.
If the bid/ask spread is only one cent, if you buy market order, you will get ask and if you sell market you will get bid. For out of the money options, the spread increases (sometimes 20-30 cents). In those cases if you put market order, most probably get filled in between.