Where's The $SPX.X Options "Finish Line"?

Discussion in 'Options' started by Arnie Guitar, Dec 21, 2012.

  1. I've noticed this several times...

    There are Friday's when they're not traded, and Friday's when they are traded.

    Today, the Dec 22's weren't traded. I am short the 1410's. I called my broker and was told last night's close was the end.

    How do you know which Friday's are which? Knowing this would certainly affect my decision on taking a position. Sometimes one less trading day means a LOT!

    How do you know where the "finish line" is?

  2. 1245


    Hard too understand what your question is. However, SPX options expire at the open on Friday. They are AM options. The settlement price this morning was 1433.59. the symbol for the settlement is SET. These options stop trading at 4:15pm ET Thursday but settle based on the open Friday. Your puts expired worthless.


    SPXW and SPXQ expire Friday afternoon at 4 pm ET,based on the settlement price at 4pm.

    I hope this helps.

  3. FSU


    On traditional expiration days, (the third Friday of every month) the SPX weeklies are not traded and you are stuck with the regular SPX options which expire Friday Morning (the weeklies expire Friday Afternoon)

    They do offer the SPXPM's which will expire on Friday afternoon just like the SPX weeklies on regular expiration days.

    Certainly is confusing, especially as the weeklies are traded on the CBOE Hybrid system, so you get tighter markets and instant fills. Regular SPX options are pit traded so you may or may not get instant fills depending on how an order is displayed.

    SPXPM's are all electronic traded on the C2 exchange (soon to be moved to the CBOE's Hybrid system)
    Arnie Guitar likes this.
  4. Thank you.

    Lunch is on me.

  5. Well FSU, I believed you, but I still was anxious this morning...but I've got a stress free 3 day weekend ahead of me. No worrying about Black Swans, no big upside moves taking me out...

    I took a rare (for me) "credit spread sammich" (or sandwich, depending on where you come from) position on Monday. Most call them Iron Condors, but I like credit spread sammich better. 99% of the time I just take the bottom side, bull put credit spreads, but I felt like taking the top side too this time. I went short the 1430, long the 1420 puts, and short the 1495, long the 1505 calls.

    As you can see, it worked out. I can't believe the 1495 calls traded as high as .55 yesterday...had they traded today I could have understood it, but with a couple of hours of trading to go? :confused:

    Anyways, thanks again for the clear explanation. This was as big a revelation as when I wasn't getting fills, and found out you had to place SPX.X option orders in .05 increments :confused: ...One day I may figger most of this shtuff out...

    Lunch is on me.

  6. FSU


    Glad it worked out Arnie. I was selling the 1495 calls as well yesterday, as the did appear a bit high. I bought the 1490 and 1500 calls against them and turned it into a butterfly for .10. No joy this morning so I am out a dime.

    Don't underestimate how much the SPX can move on a markup or markdown on Friday morning.

    Yes, .05 increments in the SPX for prices below 3.00 and .10 increments over 3.00. Spread increments must be in .05.
    Arnie Guitar likes this.