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So, this position is synthetically equivalent to: short sep 1255 call short dec 1240 put

You are long the dec futures contract, not short!

The resulting position I have mentioned is a synthetic position. Your 4 positions synthetically reduce to 2 naked short option positions. In other words, instead of trading this: short ES sep @1250 long es dec @1245 short sep 1255 put @37 short dec 1240 call @65 You can trade...

No, it's a naked short strangle.

Short sep futures+short sep 1255 put=short sep 1255 call. Long dec futures+short dec 1240 call=short dec 1240 put. So, your position reduces to a "calendarized short strangle".

An OTM long call butterfly would benefit from a market rise and a drop in volatility. Otherwise, any long delta-short vega position would benefit.

Your SPY put option prices are wrong. SPY Sep 125 put closed at 2.27 bid @ 2.32 yesterday, which is basically inline with the ES Sep 1250 put, which is currently 21 bid @ 23. Your total cost (excl. commissions) should be about the same irrespective of which underlying you use. However...

The strategy is called systematic option writing and it works as long as the underlying doesn't crash.

It is possible if it is a non-standard option or there is some corporate event coming up. It can also be if it's a european-style option (but since you mention stock price, this is an unlikely scenario).

Yeah, I know that bloomberg gives you the contract value. I was pointing out that the contract size is 125,000 EUR.

I don't know where you copied the data from, but on CME website it clearly states 125,000 euros (link provided by Maximuus above). On bloomberg professional it also says 125,000 EUR.

1 6E contract is 125,000 EUR not USD. So at 1.4510 it is 125,000 EUR or 181,375 USD.

Just multiply the price by 125,000 to get the contract notional value. At 1.3296 it is $166,200.

I had several condors one and closed out the majority last week, taking a loss on them. I still have one open, but this one looks ok for now.

Looking at the percentages sfwind is still 47% down.

:D

Never look at the last trade price since it is completely irrelevant. The only true indication of the current market price are the bid and ask, which in this case is 0 bid, 0.10 ask. In other words, good luck trying to sell it @ 0.15. Portfolio margin account is definitely not for you, since...

No, since it's a U.S. rule.

I haven't noticed wider spreads. I did notice, however, that it's got a lot harder to get filled close to the mid, i.e. you really need to give up a lot of edge if you wanna get filled.

Since we are nitpicking, Norway is part of Scandinavia.