SPY weekly traders .

tickmagnet · Aug 11, 2011

I've been trading stocks and options for years , but I only trade SPY weeklys now.Do you guys use limit or market orders ?i missed the big one today , they keep spreads so wide , that its hard to keep up with them. So who trades weeklys?

thanks

FSU · Aug 11, 2011

Quote from tickmagnet:

I've been trading stocks and options for years , but I only trade SPY weeklys now.Do you guys use limit or market orders ?i missed the big one today , they keep spreads so wide , that its hard to keep up with them. So who trades weeklys?

thanks

You may also want to look at the SPX weekly options. They are traded electronically (monthlies are traded in the pit) and have pretty tight markets. Since they are 10x the size of the SPY's, commissions will be less.

Gustaf · Aug 12, 2011

Quote from ForexForex:

I like to trade the QQQ weekly options and I use MARKET orders to get filled, I don't like chasing unfilled LIMIT orders. My latest QQQ trade was opened with 56 seconds left in the trading day on August 10, 2011 so it had to be filled, closed this morning 13 minutes into the trading day, also a MARKET order.

http://www.elitetrader.com/vb/showthread.php?s=&postid=3267444#post3267444

How wide are those spreads usually?

Atleast with stock options its easy to get filled midpoint + little bit negative towards your side. Weeklys are tougher.

MTE · Aug 12, 2011

Quote from ForexForex:

I like to trade the QQQ weekly options and I use MARKET orders to get filled, I don't like chasing unfilled LIMIT orders. My latest QQQ trade was opened with 56 seconds left in the trading day on August 10, 2011 so it had to be filled, closed this morning 13 minutes into the trading day, also a MARKET order.

http://www.elitetrader.com/vb/showthread.php?s=&postid=3267444#post3267444

Aren't these trades of yours papertrades!? In which case you are hardly qualified to provide any advice or opinion on which type of order to use.

Cdntrader · Aug 12, 2011

Quote from tickmagnet:

I've been trading stocks and options for years , but I only trade SPY weeklys now.Do you guys use limit or market orders ?i missed the big one today , they keep spreads so wide , that its hard to keep up with them. So who trades weeklys?

thanks

wide spreads?? not last time I looked, which is every day.

tickmagnet · Aug 12, 2011

Quote from Cdntrader:

wide spreads?? not last time I looked, which is every day.

I don't know who you trade with , or what screen you looking at ,but I'd say SPY weekly spreads are kept wide time to time .That's how they make money.

Gustaf · Aug 15, 2011

Is it possible to get filled better than bid?

Anyone that trades SPY weeklys alot?

Br

hajimow · Aug 15, 2011

Quote from Gustaf:

Is it possible to get filled better than bid?

Anyone that trades SPY weeklys alot?

Br

If the bid/ask spread is only one cent, if you buy market order, you will get ask and if you sell market you will get bid. For out of the money options, the spread increases (sometimes 20-30 cents). In those cases if you put market order, most probably get filled in between.

Gustaf · Aug 15, 2011

Quote from hajimow:

If the bid/ask spread is only one cent, if you buy market order, you will get ask and if you sell market you will get bid. For out of the money options, the spread increases (sometimes 20-30 cents). In those cases if you put market order, most probably get filled in between.

Thanks. Actually did a spread today got filled midpoint + tiny bit, and fast.

Br Gustaf

MTE · Aug 16, 2011

Quote from Gustaf:

Is it possible to get filled better than bid?

Anyone that trades SPY weeklys alot?

Br

Are you asking about getting filled better than the bid on a sell or a buy?