expiration day sales are tricky at best. The only places I know of that can give you a some type of profit are weeklies or really large spreads. Either way, you need some decent cash in your margin account to make it worthwhile and you likely wont be able to close out your position at the close of the market if you wanna keep your profit.
I got burned by this strategy in late July after being succesfull with SPX weeklies for about 6 weeks straight, and this was because the SET was 3 points against me and about 10 points different from Thurs. close and Fri. opening..they basically took the high pt of Fri. and made that the SET, even though SPX was at that point for about 15 min during the entire fri. I thought that 7 points was a fairly decent cushion, needless to say, i was wrong and now adjust is the strike price gets within 15 pts of me now and i never leave it open at expiration...just close out when I get a profit. For options, other than SPX weeklies, I dont know what kind of profit from expirationd ay trades you can get without being in range of random SET movement, but you never know.
I got burned by this strategy in late July after being succesfull with SPX weeklies for about 6 weeks straight, and this was because the SET was 3 points against me and about 10 points different from Thurs. close and Fri. opening..they basically took the high pt of Fri. and made that the SET, even though SPX was at that point for about 15 min during the entire fri. I thought that 7 points was a fairly decent cushion, needless to say, i was wrong and now adjust is the strike price gets within 15 pts of me now and i never leave it open at expiration...just close out when I get a profit. For options, other than SPX weeklies, I dont know what kind of profit from expirationd ay trades you can get without being in range of random SET movement, but you never know.