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Coach, looks like both, see yourself: HICAGO, March 15, 2006 – CME, the world’s largest and most diverse financial exchange, announced today that it will launch end-of-month options, where the expiration date falls on last trading day of the month, for its CME S&P® 500 and CME E-mini...

Not sure if I understand clearly - you bought 1215p first to build spread on it ? 1200/1215 - it is always easier to get out of such position if market makes little reverse north. You have a lot of space to hedge if this correction would be brutal.

Donna, our basic problem (Option CTAs) is, that we have to report our results monthly. As you know, opening positions usually makes your equity (depends on fills) somewhat dipped, so to keep numbers smooth we open new ones after 1st day of the month. I am not sure if there will be so many...

As I trade solely index options I know that european style are: SPX, ES, XEO, RUT, XSP but thiese are all I know at the moment.

S&P500 options expiring on the last session of the month. Some good news for Money Managers: http://www.cme.com/about/press/cn/06-36EndofMonthOptions17618.html

No more third Fridays ? Finally here: http://www.cme.com/about/press/cn/06-36EndofMonthOptions17618.html

And last but not least - in scale 1 to 10 how would you rate importance of good entry/fill in regards to overall strategy performance ?

I hedge my positions first then I convert them into verticals. Once converted, they are not being rolled - I rather use prego flies and open some more OTMs. However - before conversions I tend to roll the position. Answering your question - looks like ATM is also psychological barrier...

Right, each leg. The same b/a I can see for the spread. Now is 0.05/0.8. I understand that you can open spreads anyway, patience always pays. But how about adjustments ? If you need to roll them etc. ?

Banana... sounds good. As I am looking at TWS SPX options now I can see 1 bid and 1 ask for APR1235, and 55/5 for APR1225. Is that because I use IB ? How is your perspective ?

No, you are talking exactly like reading from the crystal ball :) Thank you for this explanation.

Here is the list: http://www.nfa.futures.org/registration/cta.asp

Thank you for info. When I was to choose the form I noticed that most of my honorable competition (Options CTA) held Corp C. Frankly still not sure if anything is hidden here or we just follow one another :D

It means that second taxation takes place when profits are being withdrawn ? What about non-US shareholders ?

MTE, thank you far clarifying this.

Arnie, it`s pretty much as JJ said. Exchanges use sometimes complicated formulas (I know that CME used 16 patterns model) but most brokers use simplified formulas, based on risk. For more see this...

For CTA you don`t need sponsorship. Depends on type of your business entity, you may be CTA or your Corp or LLC, LLP can sponsor you.

Cache, my CTA is managed by Corp C, but we had discussion on Elite some time ago in which double taxation issue was used as argument against Corp C vs. LLC. Could you briefly clarify advantages and disadvantages Corp C vs. LLC for trading purposes ? Thx.

Creating pro trader is a long-term process. Many pros would help you, but they are not educators and you may have a problem to understand them if your base knowledge is not ready yet. As SethArb said, first you must define what you need. There is no trick for whole market.

BTW - I was participating in webinar today. We had a little talk about IB acces to large S&P options pit.: "CME floor segment has been implemented. IB has trades going through to the big S+P pits"