SPX vs SPXW options with same expiration

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lucho37

What is the difference between SPX and SPXW options expiring on the same day?

I can see on the SPX options chain on 19-Jan-2023 that there are both SPX and SPXW options expiring the same day but they have different prices.

Please help me understand what is their difference. Thanks :)

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SPX are the monthly options. Although they stop trading Jan 19th, they expire based on Jan 20th opening of the SPX component stocks. These are AM expirations.

SPXW are the weekly options. They will expire based on the afternoon closing price of the SPX component stocks on Jan 19th. These are PM expirations.
 
lucho37 said:
What is the difference between SPX and SPXW options expiring on the same day?

I can see on the SPX options chain on 19-Jan-2023 that there are both SPX and SPXW options expiring the same day but they have different prices.

Please help me understand what is their difference. Thanks :)

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One without the W has an AM expiration expiring the morning of the 20th and the other one with the W expires at the end of the day at 4 on Jan. 19, 2023. You need to be careful with the one that expires in the morning of Jan. 20th. Even though it doesn't expire until the morning of the Jan. 20th, it stops trading at 4:00 PM EST the day before on the 19th and then it takes the opening price on Jan. 20th of all of the stocks that make up the S&P 500 as the closing price for the settlement value of the option so there is tremendous pin risk there if your short strike is close to the closing price.

https://www.cboe.com/tradable_products/sp_500/spx_options/

The way that IB has it is really confusing.
 
TheDawn said:
One without the W has an AM expiration expiring the morning of the 20th and the other one with the W expires at the end of the day at 4 on Jan. 19, 2023. You need to be careful with the one that expires in the morning of Jan. 20th. Even though it doesn't expire until the morning of the Jan. 20th, it stops trading at 4:00 PM EST the day before on the 19th and then it takes the opening price on Jan. 20th of all of the stocks that make up the S&P 500 as the closing price for the settlement value of the option so there is tremendous pin risk there if your short strike is close to the closing price.

https://www.cboe.com/tradable_products/sp_500/spx_options/

The way that IB has it is really confusing.
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The SPX AM options expiring Jan 20th, will continue to trade until 415pm et on Jan 19th (not 4pm) in regular trading hours. They will also trade for another 45 minutes (from 415 to 5pm) in the curb session which IB allows access to. This is different from the PM SPXW expiring options which stop trading at 4pm.
 
FSU said:
The SPX AM options expiring Jan 20th, will continue to trade until 415pm et on Jan 19th (not 4pm) in regular trading hours. They will also trade for another 45 minutes (from 415 to 5pm) in the curb session which IB allows access to. This is different from the PM SPXW expiring options which stop trading at 4pm.
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Ok. Good to know. The volume during the curb session is extremely low though. If your order is not executed by 4:15 PM, chances are it won't be during the curb session either so if you need to close the SPX AM option position, it's better to make sure it's closed by 4:15 PM.
 
destriero said:
The AM series has infinitegamma. You can wake up owing the National Debt or buying a controlling interest in Tesla. Unpossible to know.
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Aren’t you pathetic? Lol lol
And the idiots who wait for a chance to like(lick) your every “”. How pathetic are they?

why would anyone who trades millions hang around here posting like this? I would have done much more with my life if I truely had millions. From now on, you will be known as DestituteHero like BeggingTao. lol
 
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SavedByTheBell said:
Aren’t you pathetic? Lol lol
And the idiots who wait for a chance to like(lick) your every “”. How pathetic are they?

why would anyone who trades millions hang around here posting like this? I would have done much more with my life if I truely had millions. From now on, you will be known as DestituteHero like BeggingTao. lol
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The infinite gamma thing is an inside joke here. Too bad you are on the outside.
 
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