Gambling on Weekly S&P500 options

Thanks. It's my policy/practice to open and close vertical spreads as a spread and not leg into or out of a spread position. I used to close out the short side of a profitable spread and leave the long side open "just in case" there was a black swan event which would make the long more valuable. Since beginning futures options trading that has happened exactly zero times. So I gave up the practice and either close out the spread as a spread or let the spread expire OTM. That said I should note that I don't purposely trade iron condors (i.e. all four legs a to once) but usually end up with a dynamic one because I'm trading both sides of the market using similar deltas. When I close one side or the other I may, or may not, reenter the market on the closed side.

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The Rookie said:
Your information about spx options is wrong
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At least you're honest in letting everyone know you're a rookie. It turns out @FSU is actually one of the few here with professional experience and one of the most knowledgeable folks here on trading mechanics in general and SPX in particular. He's also a nice guy, notice how he didn't rip you a new one like someone like me might have?

If you want to learn and benefit from advice from people who have been doing this for years longer than we have, you might consider talking less and listening more, at least when it comes to the people here who are most helpful and knowledegable. That might also allow you figure out who those people are before you needlessly question them on something they've literally been doing for years and you appear not to have done at all. Just a thought.
 
Sig said:
At least you're honest in letting everyone know you're a rookie. It turns out @FSU is actually one of the few here with professional experience and one of the most knowledgeable folks here on trading mechanics in general and SPX in particular. He's also a nice guy, notice how he didn't rip you a new one like someone like me might have?

If you want to learn and benefit from advice from people who have been doing this for years longer than we have, you might consider talking less and listening more, at least when it comes to the people here who are most helpful and knowledegable. That might also allow you figure out who those people are before you needlessly question them on something they've literally been doing for years and you appear not to have done at all. Just a thought.
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I use the Rookie name to imply that I am willing to learn all the time no matter if I am a newbie or an old timer. I read a lot on this forum than I post. So I don't talk as much as you think I do. Yes, I do benefit from pieces of advice here and there.
 
FSU said:
Please explain how my information is wrong. I said that SPX (and VIX) options trade between 3am and 915am et.
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I trade with E*Trade and they don't have spx options open at the time you mentioned. The futures are open. The hours are from 930 to 415 on the spx options. Are you saying other brokers have spx options available to trade at the hours you mentioned?
 
The Rookie said:
I trade with E*Trade and they don't have spx options open at the time you mentioned. The futures are open. The hours are from 930 to 415 on the spx options. Are you saying other brokers have spx options available to trade at the hours you mentioned?
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Not all brokers offer access to this after hours session (3am to 915am et). Most retail brokers don't. Interactive Brokers does and Fidelity offers access to part of the this overnight session.

Other brokers will show the quotes, but not allow trading. I know TOS does, not sure about others.
 
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