Imagine trying to close or roll a position in weekly SPX or OEX options on a big down day and the exchange is down.
Job #1 in trading is managing risk. There's only 1 way to manage this risk and that's to avoid these single exchange vehicles.
It's possible. Some data fees were unbundled a while back and you had to start paying like $1 or $2 a month for a couple of the indexes. I know I have to pay for my RUT quotes and I think NDX is the same.
Wow, I used to trade OEX options (CBOE-only); I'm glad I've only been in RUT and NDX lately.
I'll have to reconsider whether I want to be in these single exchange products in the future.
This sounds like a credit spread or half of an iron condor.
Why not come up with some rules based on delta where you roll the short further OTM. Then when the new short expires you'll have covered some or all of the loss on the old short.
I personally wouldn't let price get that close...
Just to reiterate what 2rosy said: don't hawk your wares to individuals. Your time is worth $0/hour to them and there's a high risk of being screwed. I'd only approach an individual I knew in person and that would be for a business partnership, not as a code slave.
I'd target funds, props...
I got it sorted. The MySQL install on XP wasn't working because the default credentials for starting the MySQL service don't work. I overrode the defaults with my normal login credentials and got it started.
The only stop I use for long option positions is position sizing. If your max risk is 1% and your account has $100K in it then size the position such that the net debit is $1000 or less.