fuzzballl 8:31 am on Thursday, January 18, 2018

SPX

Why are there 2 different options showing tomorrow’s date? Is there a PM settled on the monthly expiration now along with the usual one that settles at the Friday open on monthly expirations?

elitethink 8:34 am on Thursday, January 18, 2018

yes.
- fuzzballl 8:36 am on Thursday, January 18, 2018
  
  Thanks. I’m in the one that says weekly and showing one day to go. I was hoping that was the case.
  - elitethink 8:38 am on Thursday, January 18, 2018
    
    It is always a little creepy. I view the am contract as evil and a stone age product as set is manipulated. I’m thankful IB separates their date by 1 day. good trading.
Jeff 8:36 am on Thursday, January 18, 2018

Yes.. they were called $SPXPM for a while, now they are just SPX or SPXW, included with all the other Monday, Wednesday, and Friday options.
- fuzzballl 8:38 am on Thursday, January 18, 2018
  
  Thanks. Here’s how TOS shows it…
smasty 8:45 am on Thursday, January 18, 2018

The first one is AM settled, it is the regular monthly close. The 2nd one is PM settled, it is considered the “weekly” option. The first one settles after all components open in the morning, so you can’t go by Thursday closing prices.
- fuzzballl 8:49 am on Thursday, January 18, 2018
  
  I avoid that AM settled like the plague. Forgot there was a PM also. When I originally sold the position I saw weekly with the days remaining that I needed and didn’t even notice it matched up with monthly expiration..
  
  Thanks!
  - smasty 8:51 am on Thursday, January 18, 2018
    
    If you “leg in” on spreads, it’s really easy to mix up the dates and have half your spread on one day and half on the other day. I avoid the morning expirations too, I’ve found they are less liquid, a little more difficult to negotiate exits.