CBOE

DennyDalton

In the US, per the CBOE, LEAPS expiring in more than 9 months are marginable but I have never come across a broker who offered this.

Ken385

Leaps 9 months out and longer can be marginable. From the CBOE, *Margin:* *For purchases of puts or calls with more than 9 months until expiration, deposit / maintain 75% of the total cost / option current market value. When time to expiration reaches 9 months, the option no longer has value for margin purposes. Purchases of puts or calls with 9 months or less until expiration must be paid for in full.* [https://www.cboe.com/tradable\_products/equity\_indices/leaps\_options/specifications](https://www.cboe.com/tradable_products/equity_indices/leaps_options/specifications) It will depend on you broker though, if they allow this.

SunTintFlorida

How big is your bank roll? I think you are correct in your assessment of Selling vs Buying. Buying a Call hoping the stock goes up and you 4x your money is much riskier than own 100 shares of a dividend paying stock and selling a Call and collecting the Premium. I've been running the so called Wheel by selling Calls above where I don't think the stock will go and by selling CSP below where I think it will be in the next 10 - 21 days and collecting premium and dividends along the way. It's not sexy but I'm avaeraging about 10% per 6 months. (I'm not sure how to calculate ROI% so I use Net Premium collected / Portfolio Value.) For example, I Sold to Open 10 different Calls & Puts with 4 to 11 DTE on MSFT, GD, MMM, AMZN, ORLY, NVDA, TQQQ for $1,450 in Premium and collected $480 in Dividends on Monday. I don't expect anything to be assigned but I'm OK if anything is assigned. They are not all going to be winners. I don't watch the market during the day and only check in after work. Good luck. \*Not ffinancial advice, don't listen to me, past performance is no guarantee o ffuture results.\* \*\*I'm not selling anything and I don't recommend buying courses. All the info is free at the library and CBOE\*\*

NationalOwl9561

Trying to figure out how to get the same insight from CBOE data without paying for it lol... UnusualWhales Periscope tool is useless because there is no per-strike gamma or delta. No direction. Very bad design. OptionsDepth?

TemptingChocolate

Ah ok, with CBOE you should be able to tell if an OI strike was mostly sold on the bid or bought on the ask

NASBIT_

Makes sense. I just use CBOE and calculate max pain myself

Arcite1

CBOE is an exchange. The OCC is the clearing house.

anamethatsnottaken

I thought options traded on the CBOE are cleared in the OCC?

hgreenblatt

Yes you are correct, and exchanges (Philx, ISE) have gone broke , I was thinking of the CBOE which is a clearing house but the exchange in the name always gets me.

EvolvingDior

Not until CBOE opens they aren't.

EvolvingDior

Don't count your chickens until CBOE opens.

LGO_from_KDCA

The exchanges (e.g. CBOE, NASDAQ, etc.) are already looking into expanding the current list of daily expirations to the other symbols. TSLA and NVDA is sometimes mentioned in the news, IWM and TLT in the case of ETFs and the VIX and RUT in the case of an additional index symbols. What needs to be considered is the cost/benefit of adding a bunch of new daily expiration dates to the mix. I am guessing we'll see a few new symbols added to the list of those that have daily expirations by years end. But, as [Arcite1](https://www.reddit.com/user/Arcite1/) pointed out market demand is just one of many issues faced by the exchanges.

SPXQuantAlgo

SPX options only trade on CBOE, thus PFOF doesn’t exist. Maybe put that into ChatGPT, idiot

Krammsy

I think you need to reread what I typed, and perhaps what you typed in the morning once sober, maybe some holiday drinking has blurred your vision. \*\* "unless it's ITM" absolutely not. Positive gamma (ie a long option) will make delta move favorably whether it is OTM, ATM, ITM." I actually said: "decreases as price moves away from strike, unless it's ITM, in the money,", you cropped the relevant portion of the sentence. Otherwise, you're saying a put that's OTM will have have an increasing Delta when it moves away from strike, that's interesting - You're going to need to make some calls on Monday to CBOE/options institute, they 've gotten Black Scholes all wrong....they owe me a lotta money. \*\* Then - "No, your definition of Vega is wrong. Vega measures the change in premium as volatility changes. " What I actually said: "Vega & Gamma depict how much Delta will change as volatility and underlying price moves," No shit, Sherlock, I didn't say a thing about how Vega or Gamma affects Delta, only that it does, you just assumed what I said and went off on an asshat demonstration. \- Note to self, mind typing while drunk, you can really make an ass of self.

Ultimus_Omegus

So the IV percentile gauge doesn’t work very well in futures because of how different contracts are traded. I actually don’t look at it for futures. When I was learning therr were various’s until CME and CBOE stopped their partnership because CME launched CVOL (their equal of vix) But I used to look at things like CIV — corn vix SIV — soybeans vix OIV — Oil vix GVX — Gold futures The historical data is still there and can be pulled up. Some of the etf’s though have vix like OVX is USO and GVZ is gold etf vix It gave me a metric that I could learn from and tell when something is overpriced. I have such experience that I can look generally at a ticker and tell the option pricing is overpriced or not. This is because I am familiar with the products and know how they trade. As for things I have strangles recently were Crude Oil futures, Corn and Soybeans Corn and Soybeans have a seasonality aspect so they tend to be at their peaks in May June both in price and in volaility.

Duncan810

SPX trades overnight on CBOE. ES futures are open until 12:00 CT today but SPX options stop at 11:30. Although I do not see any activity at the moment. [https://www.cboe.com/about/hours/us-options/](https://www.cboe.com/about/hours/us-options/)

blackqBadger

u/r\\**bfreis**, if one has a portfolio of $100K LEAPS and runs a PMCC strategy, what is the amount of box-spread that he can sell against this portfolio? My understanding is none (i,e $0), since most brokers don't consider options marginable (even though CBOE regulations allow for 75% margin for options over 9 month DTE) This means that you can sell a box-spread with a portfolio that has underlying stocks and writes covered calls against them (i.e borrow against your portfolio) but you cannot sell a box-spread in a portfolio that has LEAPS and runs PMCC against them. Is my understanding correct?

Ultimus_Omegus

Yes CVOLB was why the partnership with CBOE ended. They used to have Vix’s on some futures products like corn, soybeans, wheat, etc. Even if you look back at the them (IE CIV is corn vix) can give you an idea why seasonality is lucrative

Ken385

I have seen this. Good deep dive into AIM. Thanks for posting. Short summary for others, AIM is an auction process that allows price improvement for crossed orders. Good for the customer. So if Citadel wants to take the other side of an order it still needs to be crossed at the CBOE.

Ken385

My understanding is all SPX/SPXW orders will need to be traded at the CBOE as it is single listed there. Citadel won't be able to trade these orders off exchange. This also makes SPX orders far less valuable to brokers. Not only is there an extra exchange fee, but they are far less valuable to providers that buy order flow as there is only one exchange to trade the orders at.

MrKhutz

>but where does one buy large options like that?  If you check the volume of options traded daily (through your broker app or on CBOE), 9000 contracts is nothing big, my broker shows 2.5 million NVDA contracts traded today!  In terms of finding the strike and expiry of the options, you could search for details in the 13f filing for his company Scion - but I don't think they have to file those details?

need2sleep-later

You aren't going to find the broker (not that it matters one iota) and no, options aren't OTC, they are traded at the CBOE. At the end of Q1, his filing said he owned puts on 900,000 shares of NVIDIA worth $97542000. At the end of March NVIDIA's share price was 108. Soon thereafter Trump's Screweveryone day (except those with puts) resulted in NVIDIA going down to a low of $86.62, I would fully expect someone like Burry to cash in at that point, there's no way he's still holding them today. We'll know more in mid-August.

dip-the-buy

VIX is calculated and quoted 1 hour before the US *premarket* starts. Which is still far cry from covering SPX options GTH, but not as dumb as you picture. The lack of standardized ~around-the-clock volatility index sucks. For example, CME has a family of CVOL indexes on their futures: https://www.cmegroup.com/market-data/cme-group-benchmark-administration/cme-group-volatility-indexes.html , but they smartly omit one for the ES futures. Either to avoid IP fight with CBOE, or because they like to keep us in the dark.

Doobwacito24

CBOE Silexx or Sterling Trader?

Murphysdad917

My neighbor is an analyst at the CBOE - highly recommended the same thing!

Ultimus_Omegus

Sure it can on a long enough timeline it could. CBOE was did an analysis showing that utilizing options like that outperformed just buy and hold almost all the time except when markets went straight vertical. Not sure what kind of timeline you are expecting to go from 25 k to 1 Million though and depends on the product.

DennyDalton

It was nice to be able to call the CBOE to list a new strike price and if it was a reasonable request, it was available for trading. Alas, not all progress is progress ;->)

greytoc

yeah - you used to be able to request new strikes and expirations through the CBOE directly. But CBOE stopped accepting those requests about 5 years ago. Pressumably, when retail trading exploded and every rando retail options trader started to bug them. New option strike listings must be requested by a TPH (CBOE trading permit holder). I am pretty sure that Ibkr is a TPH so you could ask your broker - but I doubt they would do it for a casual user since may not be worth the effort. CBOE announcement on the change here - [https://cdn.cboe.com/resources/release\_notes/2020/New-Series-Requests.pdf](https://cdn.cboe.com/resources/release_notes/2020/New-Series-Requests.pdf)

greytoc

The problem with sentiment data is that the sources tend to be echo chambers. There are regular attempts to source and score that sort of data. A couple of years ago - VanEck even had an ETF called BUZZ that was based on an S&P sentiment index. It's a failing ETF with very little interest but you could check to see their holdings here - [https://www.vaneck.com/us/en/investments/social-sentiment-etf-buzz/overview/](https://www.vaneck.com/us/en/investments/social-sentiment-etf-buzz/overview/) There are also sentiment data which are based on news, etc. Polygon distributes such data - [https://polygon.io/landing/stock-sentiment-api](https://polygon.io/landing/stock-sentiment-api) \- there are similar data aggregators that also provide such data. The Fed San Francisco has a daily news sentiment indicator which I have sometimes looked at. It's mostly academic in nature but interesting to read how it's constructed - [https://www.frbsf.org/research-and-insights/data-and-indicators/daily-news-sentiment-index/](https://www.frbsf.org/research-and-insights/data-and-indicators/daily-news-sentiment-index/) There are also technical indicators which are meant to measure market sentiment - there are lots of them out there if you look around - the most well-known is probably CBOE's VIX index which is a measure of volatility - [https://www.cboe.com/tradable\_products/vix/](https://www.cboe.com/tradable_products/vix/)

ResearchPurple1478

Nice! I too have built an app but so far it’s just for my own personal use. I get my data from CBOE which is pricey but necessary for my purposes. I added a GPT analysis page to it and I’m finding that “training” the agent is pretty intense. Unlike chat gpt, the api agent doesn’t remember things so full context needs to be passed to it through the instructions with each call. Mine is really specific and analyzes thousands of rows of market flow data so I really need to define everything in order to get an accurate response. How did you deal with the AI setup? What tool did you use to build the app?

ComprehensiveTax7353

1. Retail money doesn’t buy up 500 contracts of e-mini on a Sunday night nor do they even significantly participate in futures. 2. Retail is a proportion of the market but not what the media says it is. We are just a good clearing system for the mid sized guys and probably don’t provide next to any noteable liquidity to fill a a big lot institution order. CBOE had a paper out during the gme short squeeze that the primary float came from institutions choking each other out

NukerX

Thanks for that insigh! For funsies I had chat for reply to your comment. Enjoy! You’re spot-on that virtually no retail brokers let you choose a specific options exchange directly. Even TOS or IBKR route options orders using smart-routing logic rather than giving you a drop-down to pick “CBOE” or “MIAX” like you sometimes can with stocks. So on that point, my mention of “advanced order routing” can sound misleading if taken literally for exchange selection. But the deeper issue is how brokers route and process complex option orders. Here’s where Robinhood often comes up short: - NBBO vs. true liquidity: While brokers must route to a price at or better than the NBBO, not all brokers handle odd-lot or hidden liquidity the same way. TOS and IBKR tend to aggregate and “work” an order across more venues or liquidity providers. Robinhood’s routing is simpler and sometimes prioritizes speed over price improvement—fine for single-leg trades, not great for complex orders where fills are thin. - Handling of complex orders: You’re right that no broker forces you into legging into complex trades if you submitted it as a combo. But TOS, IBKR, and Tastytrade are better at: - Sending complex orders to multiple exchanges simultaneously instead of one - Re-pricing working orders quickly based on live quotes - Showing mid-price estimates more accurately so you can price your order realistically - Letting you replace and adjust complex orders easily Robinhood is notoriously rigid. If your combo order isn’t filling, you often have to cancel and start over, with no good tools to analyze why the fill is failing or how far off your price really is from the market. - Dynamic adjust / legging: The idea of “dynamic adjust” is a bit fuzzy, but there are brokers (like IBKR) that can try to leg into multi-leg orders if you instruct them to. It’s true that this adds risk (because one leg might fill and the other might not), so most brokers default to sending the entire complex order as a single package. But the reality is, more advanced platforms give you the option to manually leg in or work partial fills. Robinhood doesn’t give you those choices. - Slippage and losses: You’re right that if

the_humeister

Depends on where you are. CBOE and other US exchanges count an iron condor as one order. 

The-Dumb-Questions

> How/when is the strip published by cboe? Can it be calculated in advance? CBOE publishes the SOQ strip at the time of expiration. The current expected strip is essentially a replication of forward variance swap. > In order to replicate the VIX using the SPX strip, can you trade only parts of the strip? Yeah. Not straightforward, but yes. > How do you hedge for movements in SPX while holding the SPX strip 30dte options? Since it's a forward starting variance swap (i.e. you'd need two strips to replciate it, one expiring on VIX futures expiration and one expiring on expiration + 3), the delta will only come from the skew so it's going to relatively small. > Is the trade to enter into the SPX 30dte strip x days before the settlement and exit it during the settlement while allowing VIX futures and VIX options to expire? Yeah, more or less. > How do VIX options come into play for the arb/basis trade? VIX options provide the convexity adjustment. VIX is linear with respect to volatility, while underlying variance swap is convex (as per Jensen's inequality, E[X²] ≥ (E[X])²). So you need to trade a strip of VIX options to correct for it.

bobdole145

Not without eating into your overall total return as you’ll inevitably miss the few moves a year that drive the returns. CCs reduce returns and variance. Review the performance of the CBOE buy write indexes.

TheInkDon1

Hi again. First a little primer on terminology: an option (Call or Put) is only called a LEAPS option if it's a year or more out. Otherwise it's just a plain old option. But in actual fact, it's *still* just a plain old option. They're all the same: 180 days out, or 2 years out. It's just that you'll confuse people if you say you're buying LEAPS that are 180DTE. Here's an article from [Investopedia ](https://www.investopedia.com/terms/l/leaps.asp)that says the same thing. At the very bottom it says that LEAPS were invented in 1990, and that was because until then option contracts were *less than a year*. So the CBOE said, "Hey, we've got this shiny new product we're calling Long-term Equity AnticiPation Securities, you should buy some!" And they were off to the races. Okay, when should you sell a Call you own? Well, theta starts to really "kick-in" around 45 days, so while your Call has been plugging along losing a little bit of time value every day, at around 45 days that [decay curve](https://cdn.simplertrading.com/2022/06/13143931/Time-remaing-Expiration-Date.png) starts to increase, for whatever reasons. That curve actually shows 30 days, but use either one. And as an aside, that right there is the reason they advise us to sell CCs 30-45 days out, because that's where theta decay starts to ramp up. And in a CC we're selling time, so we want to sell it right as time decay is starting to increase. So 30-45 days, anywhere in there is going to be fine. If you still like the ticker, roll the long option "up and out," back to about 80-delta in whatever expiration you can get that. That'll make more sense as this situation comes up for you and you start really looking at the option chains. But here's another thing for ya: you don't have to wait until then to roll. As the stock rises and the option goes deeper ITM, its Delta increases. Its price increases. That represents profit you've made on that long Call. *You can take that profit out along the way if you want to.* You don't have to wait for the "end" to pocket it. Here's how: say one day you see that your long Call is at 85-delta. There's going to be a strike below that at 80-delta (or about), right? You can sell your option and buy that option, and because the one you're buying is cheaper, you pocket the difference in price. You rolled your option "up." You just took profit out of your long Call and reset it back to 80-delta. That will be cash in your account. But more likely what you'd want to do is use that built-in profit to buy more time. So you look at the next expiration out, find the 80-delta Call, and see if yours is worth more than that. If it is, roll your option "up" and "out" to that new 80-delta strike a month or a quarter out. And look: that way you never have to worry about your long Calls getting down to 30-45 days. Take care.

voltrader85

Buy it from CBOE data shop

DennyDalton

Reg T margin for stocks is usually 50% (brokers can require more) so $50k of cash allows you to buy $100k of stock and you pay margin interest on the $50k margin loan that you borrowed The Reg T margin requirement for naked options is 10-20% of the stock's price, depending on the type of security (brokers can require more). See the CBOE Margin Manual for the specifics: [https://cdn.cboe.com/resources/options/margin\_manual\_april2000.pdf](https://cdn.cboe.com/resources/options/margin_manual_april2000.pdf) Check with your broker to see if they match these minimums or if they require more.

GeologistSpirited851

Hi, Can you please help me in deciding which service to take. I am also researching about the CBOE Trade Alert and there are 2 options ( Premium 395$ and Standard 174$). is the Premium service worth the extra price? Can you please suggest me which one is useful.

GeologistSpirited851

Hi, Can you please help me in deciding which service to take. I am also researching about the CBOE Trade Alert and there are 2 options ( Premium 395$ and Standard 174$). is the Premium service worth the extra price? Can you please suggest me which one is useful.

yeneews69

Ignore people giving you flak, you did nothing wrong. However, this is a good lesson on edge case risks that people don’t normally foresee. Maybe trade SPY options instead? CBOE is the only one who executes SPX options, so they have a monopoly and can act like it. SPY options are non-proprietary so there’s more competition amongst MM’s. Also if WeBull doesn’t make you whole here maybe it’s time to move on to a more well established broker (Fido, IB, Schwab, Tasty, etc).

Ken385

I don't see how this can be prevented, that's the problem for a retail trader. The OP had a limit order in and was filled. He wasn't trying to game the system. In the SPX, MM's will send quotes electronically. When there is a big event about to occur or in times of sudden extreme volatility, MM's may widen their quotes or may stop quoting completely momentarily. It appears in this case the CBOE felt this fill was too far away from where it should have been. OP didn't post why the trade was busted, so that's just a guess. The problem I have is OP had the best bid. He shouldn't be penalized that his was the best bid and the MM's should have had a better bid quoted. If it was a technical problem on the CBOE's part, again the OP shouldn't be punished.

XperTeeZ

You know what, I don't even know what the hell we can do.... I was thinking about recording my trading day after this...But you can't do shit if the CBOE cancels it bc the broker isn't at fault. Something is wrong with my issue though. Today my account is down ANOTHER $1100 and the buying power went back to normal, but wiped my account down to $6050 from $7150 without me doing anything at all...!

meteoraln

How could this be prevented in the future? > So your fill doesn't necessarily seem out of line. Could you explain this? He had a limit order, so wouldn't his bid be the best bid at the time someone sold a put to him? What really happened at the CBOE and how the market making work? Is it some kind of software / latency error that results in a market maker sing one put, but let's say 2 different buyers were marked as filled on their bids?

COSMlCfartDUST

OP doesn’t know why they busted the trade. They most likely busted trade due to technical error on broker part, by letting the sell to open go thru. The broker cannot close the position once filled without clients okay, that’s why they were spam calling him. CBOE doesn’t bust trades because of profit limit fills lol

iwasshotbyatigeronce

I shorted oil by buying SPX calls before the CBOE exchange closed yesterday at 11:26...

css555

>The problem is they closed his long out for no reason. Not true. The CBOE busted the trade. We all agree it was unfair, but that was the reason, and it's in their rules that they can do it. Read all the comments for the reason, has to do with a quick moving market. 

XperTeeZ

It's supposedly a data error in a trade that was placed at the CBOE who manages options and provides the actual data to the brokers. They can reverse a trade just like that later in the day or even the next day it has happened to people. They can just reverse one side of it I guess, like in this instance. But doing so here made it an invalid trade on my account. Very invalid. It put me in a huge short position when I shouldn't have EVER been able to do so on my cash account with 7k in there... The buying power needed was 660k and it actually shows in a cash account with 7k that I have 660k buying power. Only a margin account can have more buying power than there is cash. And it's usually like 3x or so. 7k x 3 is 21k. Not 660k.

FamiliarPermission

I started trading options through Webull and made the switch to IBKR only because of the extended trading hours that IBKR has: Sunday to Friday: 8:15pm to 9:25am Monday to Friday: 4pm to 5pm I'm not sure if Webull allowed trading on SPX for Juneteenth but IBKR allowed me to place trades. IBKR wouldn't be able to save you any better than Webull from a busted trade, it is the exchange's (CBOE) prerogative. I never noticed a difference between fills on Webull vs IBKR. The commissions are a lot higher on IBKR but I'm happy with the service I get in return. Being able to enter and exit positions outside of normal hours has been awesome. Plus a wire withdraw is free once a month, and I can do a direct deposit from my bank account to IBKR to get my money available for trading quick (usually same or next day).

XperTeeZ

Yeah. MMs have direct lines to the CBOE. Something goes wrong they tell them to reverse it seems.... This is rough.

Ken385

With the SPX, it doesn't really matter what broker you use. All orders are sent to the CBOE and filled there.

Ken385

Wow, this seems particularly bad, and I am former MM in the SPX and someone who has traded the SPX for many years as a customer. First, Webull is not responsible for this. The CBOE busted the trade. Webull's responsibility would be to notify you as quickly as possible (which it seems they did) and maybe to make sure the rules for busting the trade were followed. There is nothing they can do with your second closing trade. This trade was legitamate. There is no way under the rules it could be busted, as this would hurt another trader who did nothing wrong (not saying you did anything wrong). The only option Webull had would be to cover your loses out of their own money, which is unliley as they didn't do anything wrong here. I went back and looked at time and sales here. The market on these puts were moving quickly and were quite wide, due to the Fed announcement. I see a quoted market of 11/19.50 (among other quoted markets just before and after). So your fill doesn't necessarily seem out of line. I would go back to Webull and try and get a specific reason for the bust. If you do end up making a FINRA complaint, it should be based on the CBOE busting the trade in a way that didn't conform to their rules (if that was the case) I will also say it seems unfair that the retail trader, who has done nothing wrong, shoulders the cost of a bust like this. The Exchange (CBOE) should have a duty to have fair and orderly markets and make sure quotes that are disseminated are valid. When they don't do this, it doesn't seem right they can say "not our problem"

molseh

Not uncommon.. CBOE are a joke. [https://www.reddit.com/r/wallstreetbets/comments/wm8uuw/wtf\_trading\_mistakes\_call\_cboe\_to\_get\_them/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/wallstreetbets/comments/wm8uuw/wtf_trading_mistakes_call_cboe_to_get_them/?utm_source=share&utm_medium=web2x&context=3) [https://www.reddit.com/r/Daytrading/comments/15ux69m/advice\_request\_broker\_not\_honoring\_transactions/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/Daytrading/comments/15ux69m/advice_request_broker_not_honoring_transactions/?utm_source=share&utm_medium=web2x&context=3) [https://www.reddit.com/r/wallstreetbets/comments/16orfnv/webull\_robbed\_me/](https://www.reddit.com/r/wallstreetbets/comments/16orfnv/webull_robbed_me/)

FamiliarPermission

CBOE

GoZukkYourself

CBOE: Today's option volume of 51.9M contracts was -3.00% below recent average levels, with calls leading puts 4 to 3. Index & ETF products saw relatively heavy volume, while single stock flow was moderate. Among the 500 most liquid single stocks, 30-day IV was higher for 143 & lower for 302. Unusual total option volume was observed in AMD ORCL CRCL OXY & VZ

leveragedshort

Thank you - yes, I figured out that the options on VIX futures are not available to me, but I don't think I want to trade them, anyway. This is why the guy in futures was telling me that VIX options can be traded, but on the equity account, not the futures account (I understand now that they're on completely different exchanges, overseen by different organizations.) I understand the "margin" in a futures account is really a performance bond, and that assets (or money) are not actually being lent to me. I've been doing nothing but reading all weekend. Ha ha I made a bunch of phone calls today to Etrade Futures and also to the CBOE and I understand a lot more about the "margin requirements" and notional values. For one thing, requirements are not based on a percentage of the position, or even the notional value. This is like waking up in a country across the world and having to learn the language and customs without much of a travel guide. At least it's like that for me since I'm thoroughly familiar with equities and options trading, and even short-selling, but futures are new to me. Thanks for sharing what you know!

Maximumm_Drawdowns

Convinced that somewhere over at the CBOE, there’s a dartboard with my face on it.

ResearchPurple1478

I’m a fan of Trade Alert from CBOE. The data is very accurate as it comes straight from CBOE.

LarryStink

Well the IV on the options is listed on all brokerages options chains. My broker conveniently also gives the IV % change i think 1 day and 5 day.  For tracking vix and vix derivatives, you can see them on tradingview by using the compare feature. Then just look at current month VIX which is VXM2025 and compare it with the other contracts. VXN2025 VXU2025 VXQ2025 and so on. I think this visual representation is more telling than the numbers alone but you can also just check the prices on the CBOE website. I also track VVIX which tend to lead the VIX, VIX1D, SKEW, and VOLI. 

cobwebscripts

Oh well! It's a shame right? If the CBOE or the OCC just had a sentence or two just giving the general reasoning that'd be fine, but there isn't anything anywhere beyond the September date. I guess after releasing January, they try to get the big months out first (June, December, then March and September) and the rest become much more driven by demand. Thanks for taking the time to respond, I appreciate it!

cobwebscripts

Looking at the calendar \[1\], it looks like they will open 2028 equity options starting September 15, 2025. Looks like they have a pretty set schedule on when they release each year's LEAPs. Last year was also in September. This isn't the CBOE's calendar, but the Options Industry Council (OIC), is a reliable source of option information, as I believe it's an information council funded by the Options Clearing Corporation (OCC), the one that releases the handbook "Characteristics and Risks of Standardized Options" that gets sent out by the brokers. Source(s): \[1\] [Options Expiration Calendar](https://www.optionseducation.org/referencelibrary/expiration-calendar)

hgreenblatt

All trades are between you and CBOE or another exchange, NEVER A CUSTOMER.

greytoc

It's not the number of contracts. It's the number of orders. You may be hitting their API limits. If you were directly using their API with an algo - the API would throttle you. And since you are likely over the CBOE 390 rule limit - while Schwab does support Rule 390 traders - not all brokers support Rule 390 traders. I know that Tasty doesn't support Rule 390 traders. You can try Ibkr - but you ought to speak with them first about your trading patterns and disclose that you are considered a CBOE Rule 390 professional trader.

greytoc

You may be hitting the API limit. And since you are likely over the CBOE 390 rule limit - not all brokers support Rule 390 traders. You can try Ibkr - but you ought to speak with them first about your trading patterns.

greytoc

Are you using Schwab API - there is an API limit per day. I think it's about 3000 to 4000 orders per day. If you are hitting that API limit - you are probably bound by CBOE Rule 390. Every broker is required to enforce Rule 390.

Fish_theDogg

VIX up, CBOE SKEW sitting at 141, being rally the entire month. What can go wrong ? SPY call it is 🚀🚀🚀

DoubleSkew

#There are 15 stock exchanges for every single publicly listed equity #Yet my order still can't get a fill 😠 >All 15: NYSE, NYSE Arca, NASDAQ Global, NASDAQ Capital, CBOE BZX, CBOE BYX, CBOE EDGA, CBOE EDGX, IEX, NYSE American, NYSE Chicago, NYSE National, MEMX, LTSE, MIAX Pearl

DoubleSkew

#There are 15 stock exchanges and 30AT systems for every single publicly listed equity, yet my order still can't get a fill >All 15: NYSE, NYSE Arca, NASDAQ Global, NASDAQ Capital, CBOE BZX, CBOE BYX, CBOE EDGA, CBOE EDGX, IEX, NYSE American, NYSE Chicago, NYSE National, MEMX, LTSE, MIAX Pearl 😠

goodkarmaforyou

I did this options course through CBOE which is quite good, highly recommended and it’s free. https://www.cboe.com/optionsinstitute/options_basics/options_101/

RagingBearBull

We really need to go back to the Golden age of American. Part of this is destroying all the computers in the stocks and making people buy and sell stocks in person. Also corded phones in the corner of the NSYE and the Treasury department and the CME, CBOE floors should be mandatory. We need to go back.

31andnotdone

I belong in the kitchen and not loitering at the CBOE tbh.

Opposite_Engine_6776

Was gonna buy CRCL yesterday but I was a bitch ass and told myself that I’m going to wait until CBOE opens up an options chain

SuspiciousStress1

I paper traded options for a few months & built more than 1k, kept depositing & not doing anything with it(well, it was in an etf, but same thing). Then began my options journey. Heres the thing, I had been investing for a couple decades at this point, my cousin works for CBOE, so I understood basics(looking back not sure why I never played options before 🤷‍♀️) Then I lost as much as I gained for ~2/3mos until I really got it. Now Im pretty comfortable, although I don't always find something worth my time these days. Just wait for what you see as a good play.

TimelyAd8822

depends on the stock, most penny stocks not supported by CBOE

MerryRunaround

A good stock for CCs is one that has two main features. 1. Steady predictable growth. It does not need to be fast growth just steady and consistent. 2. Good option liquidity and volume. Guess what has both these features. Major index ETFs, not stocks. Stocks are sexy but they are erratic and they have many ways to shit on your carpet. ETFs are house trained. Consider SPY IWM or the CBOE analogs.

hv876

Getting a trade busted is rare but can happen. It’s not your broker, it’s a MM who probably got rekt on the other side of your trade and showed that it was mispriced. So CBOE reversed the trade.

iwasshotbyatigeronce

Man, it really seems like puts only print on CBOE indexes that you can realize profits in the early AM.

EventHorizonbyGA

Did the CBOE post this same data for 2020 or earlier? I am fairly certain this is not new and has been happening for quite awhile. The conclusion here is small, unsophisticated retail traders are using the same applications to automate buying/selling options. And, more sophisticated algorithms have noticed the tendency for this to happen and are taking advantage. This occurs at whole number lots for options and has for a decade. And, twenty years ago people there were automated systems that would buy on payroll withdrawals. Say you set up to buy a basket of 10 stocks every time you got paid. People figured out that these hit the market on Wednesday at 3pm and so the stocks people tended to buy in this programs would spike just a little beforehand. And remember, market making algorithms compete against other market making algorithms. The hardware race given up a long time ago. Most of these algorithms do no or minimal error checking. Error checking slows your code down. There is a lot of movement within the spread for hedge funds and more advanced market participants.

snark42

> The point is that you can't prove with 100% certainty if volume is retail or not CBOE absolutely can, they know the counter parties/accounts of every trade.

PapaCharlie9

The point is that you can't prove with 100% certainty if volume is retail or not. Using small lots to infer retail is just that, an inference. Unless CBOE is doing full route analysis, tracing a trade all the way back to where it originates from, you can't be sure a quant or institution isn't breaking up their orders and routing them to look like retail. Not that I'm saying there's an incentive to do so, I'm just saying it's possible, which introduces at least some uncertainty into the claim that this is all retail volume.

Ken385

Regular trading hours are 830am to 315pm ct (Monday to Friday). Curb trading is 315pm to 4pm ct (Monday to Friday.), Extended hours trading is 715pm ct to 825am ct (Sunday to Thursday) Interactive Brokers allow access to all these sessions. Most other retail Brokers only offer access to the regular trading hours, although some (such as Fidelity) offers access to part of the after hours session. Link to details at the CBOE, [https://cdn.cboe.com/resources/features/24x5\_Trading\_FAQ.pdf](https://cdn.cboe.com/resources/features/24x5_Trading_FAQ.pdf)

Riptide34

I know IBKR supports the extended hours on both SPX and XSP. For SPX (and I believe XSP is the same), there is a "curb session" from 4:15 PM to 5:00 PM Eastern after the normal RTH hours. The options then re-open at 8:15 PM Eastern for overnight ("Global Trading Hours") and trade until 9:15 A.M. Then the normal RTH hours of 9:30 AM to 4:15 PM. You can look at CBOE's website for more information.

SpecialFeature77

This comes to 16 dollars per IC. Hopefully you're exaggerating a little bit. I have 1.22 per contract with Schwab on SPX. I did notice that NDX is also cash settled -be careful of the next morning settlement and has .66 cents per contract with my account at Schwab (inside the US). If you're feeling a little hesitant there is a smaller version of SPX symbol XSP also cash settled but it's the same size as SPY or 1/10 SPX. Checking out the CBOE page shows some interesting alternatives.

Intelligent_Lab_6507

How does news get inserted into the implied volatility of the option pricing calculation since its so random? Is there someone who sits in front of the computer in CBOE everyday and enter the value for IV when theres a tweet from trump?

greytoc

Sorry - I wasn't clear. If you are trading CBOE contracts - the exchange has a COB (complex order book) for common spreads like put credit spreads. Unless you are legging into the spread - you don't usually have to worry much about spread execution. I was referring to brokerage handling of the spread near/at expiration if you are itm/atm on just one of your legs.

iwasshotbyatigeronce

Reminder: If you have a goated broker like IBKR you could have been trading SPX options all last night. It's crazy that HOOD offers CBOE options WITHOUT Global Trading Hours!

randomwalk2020

Oh wowza CBOE data. Which package did you purchase and how much did it cost? It would’ve cost me 72k to buy the data I needed from CBOE. I’m using thetadata for historical option data. And VolVue for some volatility estimators

joedoebshah

What's CBOE

jkb5444

It’s fake. Multiple people have audited the CBOE tape for record of this 100k buyin, nothing could be found.

MediocreTapioca69

another guy pointed out this trade is not on the CBOE tape so likely all fake anyway

MachThreve

Starting to think this is fake. It’s not on the tape at CBOE

tg4l

It’s not Schwab’s decision. It’s the exchange’s. See the CBOE rulebook

Ken385

You are right lots of volume yesterday on these puts. Most single leg. The one big order of 17,505 was marked SLFT on the CBOE. Which means Single Leg Floor trade. The OCC put a memo out today saying that all options will settle for cash and expiration dates will be accelerated to June 20th (for options expiring after this date.) The cash settlement price is 24.50 (24.25 + .25 special dividend) So 25 strike puts are worth .50. OCC Memo link, [https://infomemo.theocc.com/infomemos?number=56587](https://infomemo.theocc.com/infomemos?number=56587) Nordstrom press release today, [https://press.nordstrom.com/news-releases/news-release-details/nordstrom-announces-completion-acquisition-nordstrom-family-and](https://press.nordstrom.com/news-releases/news-release-details/nordstrom-announces-completion-acquisition-nordstrom-family-and) Not sure why there was so much volume here.

Tasty-Window

**is there anyway, that I can see in real-time when the SOQ turns into the actual VIX?** I guess this happens on Wednesday mornings usually. I'm just curious if there's a way on the CBOE website. [https://www.macroption.com/vix-soq/](https://www.macroption.com/vix-soq/) >The exercise-settlement value for VIX/VIXW options (Ticker: VRO) shall be a Special Opening Quotation (SOQ) of VIX calculated from the sequence of opening prices for regular trading hours for the SPX options used to calculate the index on the settlement date. The opening price for any series in which there is no trade shall be the average of that option's bid price and ask price as determined at the opening of trading. [Click here for Settlement Information for VIX/VIXW options](https://www.cboe.com/index_settlement_values/). **Or is it the VRO symbol?** [https://finance.yahoo.com/quote/%5EVRO/](https://finance.yahoo.com/quote/%5EVRO/)

ResearchPurple1478

I use Trade Alert from CBOE. It’s pretty great. In addition to the highly customizable alerts, you can get trade recaps on any underlying or basket of symbols and leverage 50 API calls per day to run your own custom app. It uses CBOE volatility and pricing data so it’s very accurate compared to something like Barchart or thinkorswim. I was using Barchart for a while but I noticed that a lot of their volatility data was very different than other services and different than thinkorswim which uses composite IV. I personally prefer IV30, 60, 90 over composite IV. I’ve heard that a lot of services use trade alert as their back end and I know that fidelity uses their other product, LiveVol. Trade alert doesn’t have a lot of bells and whistles though. It’s a pretty basic interface but that’s what I like about it. Their other service called liveVol is more of a dashboard type thing. I’m surprised more people here don’t use either of these services.

IllUpvoteEverything

CBOE should just stop selling puts

ResearchPurple1478

I like your z-score approach. I assume you have some sort of spreadsheet or custom app you use to perform those calculations? Where do you get your data from? I ask because I find getting quality data from a professional source really makes a big difference. I use thinkorswim for trading but I think that some of their volatility data is a bit off so for that I buy data direct from CBOE and parse it with a custom app I built.

PapaCharlie9

CBOE folks want to go home on time? FWIW, SPX and SPXW do trade up to 4:15, but not on expiration day. Probably to allow some time to calculate the SET for PM settled contracts, but I'm just guessing, I don't actually know.

papakong88

There are many ETFs doing that with puts. For example, SPUT. There are many ETFs doing that with calls. Google covered call etfs for a list. Therefore, there are benchmarks from different organizations. For example from CBOE. [https://www.innovatoretfs.com/etf/default.aspx?ticker=sput](https://www.innovatoretfs.com/etf/default.aspx?ticker=sput) I have been doing that successfully with NDX naked strangles for over 10 years.

Bullishbear99

No it really is correct in this instance. Even on the CBOE they state most people who trade options lose money, the vast majority. It isn't a made up statistic.