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The CME determines end of day settlement of every option. There is no NBBO for CME options, just the CME. There are no "outside regular trading hours" with futures, but there are wider spreads when US markets are not open. It is up to your FCM to determine marks while trading is open. They...

It is typical on stocks with dividends and when very hard to borrow. It is not typical without one of those conditions.

For an LLC, yes. Think of the alternative. The investor puts up $100,000. He has costs like platform fees and market data he can’t expense. The trader has a great year and makes a net of $40,000. Let’s say the payout is 30%. The investor owes the trader $12,000. How does the investor reduce his...

No, you do not have to have a legal agreement but I think it makes sense to have one. A joint account is not correct as to provides you with joint ownership of the capital and if set up wrong would direct that capital to you and not his family in the case of his death. If this will be a long...

You can joke about Ant Man, no one likes him.

Interesting that 1-4 do not include the risk losing money. The risk of being wrong.

Was this a spread or single leg. If it was a spread and you bid/offer mid-market, it is typical for a MMs algorithm to do small lots and then check the market conditions and then do more.

Were these spread orders?

No, I read it. If I expect the market to go down, I would never, ever, buy a call first looking for a dip after it goes up enough to get short after. I'm going to scale into a short delta position. I guess you only trust the opinion of destriero. Good luck.

Ok, If you have a downward bias and the index goes down before up-what next?

Sorry, but no. It makes no sense. I just read it again, and even worse. He starts with you have a downward bias but you will buy a call and hedge it after the ES goes up enough to own the call at or below parity.

If you are not a full-time trader, you can stick with one. If you need to make a living every week and every month, you need tools that work in all market environments.

If you short both the P/L and range are inverted. If you buy one and short the other, they are very similar. https://www.lightspeed.com/trading-education-center/short-call-butterfly/ https://www.lightspeed.com/trading-education-center/short-iron-butterfly/

Yes.

Do you ever breach the 390/month limit?

Your internet hops will provide a larger delay than your broker's order router. Your order will not go from your desk to the CBOE.

This will not help you as you are sending your orders to your brokers' server for routing, not direct. Also, exchange matching engines are not located where their offices are. I assume you are asking about equity options not options on futures?

It makes more sense to do this with cash-settled indexes so you do not have to worry about expiration day. You also get better tax treatment.

Since I did not speak to anyone looking to execution-only, I know you did not call or email me. The reason to Prime at IB or any larger bank is for their banking rates and the size of the institution. If you are a $1b fund, you might not want to custody all your funds at a smaller clearing...

Your on the wrong path and would take too long to type a full response. Happy to chat on the phone one day.