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I think it has something to do with the actual reference price being a calculation, not simply the last trade, something about the last 30 seconds and VWAP: https://www.cmegroup.com/trading/equity-index/faq-sp-500-price-limits.html

Hmmm, I didn't know the 2 went together....I would have sworn that I was trading after the limit down 2 nights ago. I guess it makes sense, no live sentiment to look at. Perhaps it was last night when the limit up was touched a gazillion times. I should be asleep anyway. Thanks!

I can't find any news. No spx option activity, wtf? (Yes, I know CBOE's not on Wall Street.)

You are the better man for taking all that time to answer! Re vol, my first thought without checking his underlying was the op bought when, say, vix was at 77 and then at time of post was at about 70. But, yeah, I guess not likely vol.

volatility.

Crap, I hereby apologize to the op, @Option_Attack is spot on (and perhaps that's what @qwerty11 had in mind, so I apologize to him too). I should keep my mouth shut when talking about the basics, as I never keep trades until expiration. If I ever have, it would have been with cash-settled...

Long puts and long calls are debit transactions, period, no exotic anything. If you're referring to "strategies" such as verticals, calendars, backspreads, butterflies, etc., well the op hasn't gotten that far in his studies and didn't ask. Or have I been missing some exotic buy-to-open...

No. So long as you can afford to lose your bet, that's all you're gonna lose. (P.S.: It's not an investment....it's hedging or speculation.)

Have you investigated Sierra Chart? https://www.sierrachart.com/ The site looks as if it's still 1996, but the software, etc., are solid. And you wouldn't have to learn complicated syntax. On the other hand, their connection to/integration with IB is complicated...

How's that movie quote go? "You keep using that word....I'm not sure 'hedge' means what you think it means." If you buy a (second) 45 call as a "hedge", it's just turning your vertical spread into a (expensive) backspread. If you buy a 40 call, that's actually buying-to-close your 40...

Well, before it hit 65, and depending on time to expiration, you could always buy the spread back to close it out to minimize the risk of exercise. But if it happens, and you've got the margin to keep it open, and you're still bearish, then your 70 call is still protection. But really you need...

Your example is $500 wide for $100 credit and potential loss of $400, so it's a 20/80 split. Going $2000 wide might get you, say, $150 credit but with a $1,850 potential loss, a 7.5/92.5 split, but odds are lower you'll reach max loss. You gotta know the stats and your own risk tolerance. A...

Coding your own isn't too difficult... it'll take more than a week though. :-( Or you could pay for a front end such as https://www.multicharts.com/net/ (C# as you mentioned) or Sierra Chart (their own language with a bit of C++)...

Sorry, before I spend any more time on this thread, I gotta ask you to think about a vertical on SPX, which means figuring out why I picked that underlying and why I suggested a debit trade. If you can talk about those things, then your follow-on questions will be more informed.

There're a lot of issues here....regular exercisable options or cash-settled? debit trade or credit? how far in- or out of the money (of course, can always end up itm)? account size? position size percent of account? reg-t or pm? Trying to glean your intention, how do you feel about putting on...

No, it makes no sense. Please try again. Or perhaps read some more and then try again, if necessary.

We're talking past each other, and nobody else cares about our opinions. Reminds me of the old bbs's and usenet:

Nice plot, but that looks like a broad population, many jobs, right? I'd like to see data for just traders (probably doesn't exist, even in those few studies of day traders (IQ not measured)).

Dude, nobody said football or a degree was a requirement. IMO playing college sports is evidence of competitive drive and a getting into a top-10 business school is evidence of intelligence. I'm the first to admit a degree in itself means nothing, as I have several and as a trader I kinda...

Yes. And coincidentally, here's an admittedly old anecdote I learned from @Real-Money post earlier in this very thread: (from his obituary https://www.chicagotribune.com/news/ct-xpm-1991-05-24-9102160343-story.html ) Charlie D. (a top CBOT pit trader in the '80's), "who grew up in Waukesha...