When did spx weekly options start trading

In Cboe began to offer SPXW Weeklys with Monday and Wednesday expirations, in addition to the existing SPXW Weeklys with Friday expirations (​SPXW.
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Baidu Option Series for March. While looking at an option chain, you may have come across an underlying where there are two or more option contracts listed for the same strike price, where one or more of the options has market prices significantly higher than the other.

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How can this be? What you're seeing are listed weekly options. Weekly options aka "Weeklys" are calls and puts listed with one week expiration dates. They are typically listed on a Thursday and expire on the Friday of the following week. The Friday is both the last trading day and the expiration date this is also referred to as "PM Settled".

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Weekly's are an initiative of the CBOE and were created to stimulate the trading activity of retail option traders. The idea is that due to the short expiration dates these short term options - being more sensitive to changes in the underlying price - would be more attractive to speculators. The CBOE couldn't really call them bi and tri weeklys, so they simply referred to options longer than a week but less than typical serial options as "extended weeklys".

So now, on some stocks, depending on the time of year it is possible to have 4 option expirations within the one month! Out of the possible 4 series, 3 would have been listed on the first Thursday of the month weekly plus the standard serial month option contracts. One key specification difference between standard options and Weeklys are when they "expire" in relation to their last trading day. When options were first listed 40 or so years ago settlement procedures were handled manually so the expiration day was the day following the last trading day - and this format has been the same since inception.

Weeklys originated at a time where technological advances have meant it is not possible for the options to settle on the same day as their last trading day.

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Thus, Weekly options expire the same day as their last trading day, which will be a Friday while standard options expire on a Saturday with the last trading day being on the Friday prior. In this example there are 3 options listed on BAIDU for the 80 strike call with the following tickers;. The first 4 characters represent the underlying ticker code. Followed by C or P for call or put and the final 8 numbers note the strike price. Going from this format we have expiration dates as 16th, 22nd and 28th: Saturday, Friday and Thursday respectively. The series expiring on the 16th is obviously a quarterly option and 22nd a Weekly option.

But what about the 28th Well, Friday the 29th is Easter Friday and therefore a non-trading holiday. Options due to expire on holidays are moved to the closest available trading day, which in this case is a Thursday.


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At the time of writing update 28th Feb, , weekly options are only available on US underlyings. However, you have many to choose from. Weekly options are available for trading on over different underlyings: equities stocks , 6 indices and 29 ETFs exchange traded funds.

You can take a look at the complete list from the CBOE;. Weeklys are generally traded by speculators taking a view on an underlying with the expectation of capitalizing on a favorable move in the underlying asset. The reason shorter term options are more sensitive can be explained by the option gamma. You can use our information to duplicate our trades, or apply to your own own trading plan.

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So, this is easy to follow as we provide precise entry prices.


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