CBOE

therealjadebronco

Not news. Not new. CBOE C2 digital has been around for a year to those who can afford it. It's only order matching, but my broker TOS Schwab refuses to upgrade to it. Look to IB if you want access

Potential-March-1384

Free options school from the CBOE

Critical_Boot9433

Kindly and respectfully don't trade options until you understand. Get a book, Get an account at CBOE, and trade with a paper account until you are a few million up. Then, use your real dollars.

VAer1

Below is answer from live customer service: Options at Fidelity can be traded during Market hours on Fidelity.com. If you download and utilize Active Trader Pro, then after agreeing to the Directed Trading User Agreement, then you can trade them in the extended hours trading sessions but only through ATP (Active Trader Pro). Extended hours trading for Options on the CBOE Fidelity allows includes: Mon. - Fro. 7:00 a.m. - 9.15 a.m. ET.

Xerlic

They charge a broker fee of .65 per contract for each transaction except buy to close is free if it's under .65. They do pass on the regulatory fee which is like .03. They do not pass on the CBOE's exchange fee. You can see [this thread](https://www.reddit.com/r/fidelityinvestments/comments/16tl815/anyone_trade_spx_or_spxw_on_fideility_fee_question) for more info. If you have further questions about this reach out to them since I am not a fidelity employee. I'm just a client. Their active trader platform isn't bad, but I do all of my day trading on thinkorswim so I prefer that. I have my IRA at fidelity so don't do much active trading. No idea if you can negotiate the fees down on Fidelity since I don't have the trade volume to do so. Yes, tasty charges $5 per contract per assignment. I like to do butterflies on XSP and usually leg into them for a credit and let them expire. I noticed that my account balance was going down even though I was collecting net credit. That's when I realized I was paying $20 in fees each time they were fully ITM. Flies consist of 4 legs/contracts.

Ken385

Here are the actual charges from the CBOE [Cboe\_FeeSchedule.pdf](https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf) They can vary greatly based on price, SPX vs. SPXW, whether they are leaps or enter into the exchanges AIM system, etc. It seems some brokers simplify the fee. Tasty Trade simply adds .65 to all SPX trades, others try to break it down to the exact price that is charged. The above link is interesting as it also explains what MM's and Firms pay in fees, as well as the MM's other charges for trading permits, etc.

LUNA_underUrsaMajor

No, the people at CBOE have to manually fill an order over 50, but you can ask to have that requirement taken off.

Any_Yogurtcloset362

They aren’t as much spikes really as an action reset to the daily CBOE futures reset. Reset is at 5:45pm which is when the open auction occurs and you see the same spikes around 8am as well when early trading action picks up as well too. Basically some poor souls who had limit orders in that haven’t been removed. The TSM fade though is interesting and probably a hedge fund (not a market maker necessarily) that has downside exposure leveraged to the tits. So this makes sense. As far as the TSM dip, the big miss was on their “legacy” product side. Everyone here is talking about the HPC chips and revenue but the majority of it still comes from regular wafers. So that drop is a little concerning. They can only make so many HPC chips so it’s not like one can fully replace the other without retooling of manufacturing. NVDA got wtfpwned by SMCI not reporting a pre earnings so everyone is scared it will be a huge miss. MSFT is generally seen as a safe haven sure bet kind of play.

Ok_Significance_4008

only WSB trades SPY, big boys trade SPX on CBOE and 5000 SPX support held strong on Thursday with intraday low of 5,001.89.

Glittering_Bill9176

Go to the CBOE website. They have a formula for Vix. It’s basically the measure of volatility for contracts. High vol usually means markets are going down because market usually goes up. So high Vix means market is going down. That’s it.

Zero2Hero2MarginCall

I’m literally trading ES options on thinkorswim right now. It’s not closed, the globex doesn’t halt unless it hits a breaker. Robinhood 24 hour trading isn’t the actual globex futures market. Use a broker where you can actually trade on CBOE.

BongHitsForLisaSu

&#x200B; WSB sentiment: bearish RSI (14): < 36 CBOE put/call ratio: 1.01 Days of consecutive selling: 4 ​ 

BongHitsForLisaSu

 WSB sentiment: bearish RSI (14): < 36 CBOE put/call ratio: 1.01 Days of consecutive selling: 4 

greytoc

All leverage have an expense. It's the cost to borrow some ratio against the value of some collateral. When someone refers to leveraged shares. They are likely either discussing using margin to buy more shares of an investment. Or commonly also referring to ETPs (exchange traded products) which provide leverage through the use of various techniques such as futures, options, margin, etc. Futures are standardized forward contracts which are regulated and listed on exchanges. They differ from options because a futures contract sets the price for delivery of some underlying asset at a future date. (kinda why they are called futures). With future - there is a margin system called SPAN is what allows for that leverage. A decent primer can be found here - [https://www.schwab.com/futures/what-are-futures](https://www.schwab.com/futures/what-are-futures) The CME which one of the larger futures exchanges has a educational site here - [https://www.cmegroup.com/education.html](https://www.cmegroup.com/education.html) Options are contracts which give the holder the right to exercise the right to sell or buy an underlying asset at a specific strike price - more information at the CBOE education site here - [https://www.cboe.com/optionsinstitute/](https://www.cboe.com/optionsinstitute/) Among traders and investors - options are commonly used on equity and ETF assets. But it's also common to trade options on futures contracts - sometimes the term "fops" is used.

Sensitive_Pilot3689

#Can you guys stop shitting in the tank on the far left stall on the first floor bathroom of the CBOE? LMAO 🤣

Affectionate-Idea690

Market fear signals are flashing red as stocks pull back from record highs-CBOE Volatility Index,

Ken385

No you can't. SPX expiring options stop trading at 4pm et. This is not a broker thing, its a CBOE thing. The CBOE halts trading on the expiring PM SPX options (SPXW) at 4 pm et.

sharpetwo

First of, the VIX is already in percentage point technically speaking. You may not want to compute percentage on it. Sure it is "helpful" to put that movement in a very recent history. But otherwise, you should just look at price changes. A 2 points move in the VIX is not that big in a grand scheme of things. It shows concerns but not massive fear. The other thing you should pay close attention to, is the VIX ov VIX - VVIX. It is the same calculation methodology than VIX, except it uses OTM option on the VIX complex. It is basically a good indication of how much vix protection the marketplace is currently buying. Understanding these two index is not that hard (read the paper from the CBOE about it) and extremely insightful to polish your trading. VVIX and VIX are both mean reverting. And the correlation between VVIX and VIX is much stronger than between VIX and SPX. This gives a relatively simple strategy where for extreme values of VVIX, you can infer that it will revert to its most recent average, bringing back with it VIX and most likely SPX. VXX has its own set of complexities - it trades VIX futures complex. Therefore like most ETP, it is designed to go to zero as most of the time the VIX is in contango (the front month is less expensive and converge faster to the spot than the back month). There is no real advantage in trading options in VXX rather than the VIX directly. It is just a different tool and depends on what you are trying to do.

greytoc

A good resource is the OIC education web site. The OIC or Options Industry Council is a service by the OCC whose members are the various option exchanges in the US like the NYSE and CBOE. Link here - https://www.optionseducation.org. There are webinars that you can attend and free blog articles. The Getting Started section here - [https://www.optionseducation.org/optionsoverview/getting-started-with-options](https://www.optionseducation.org/optionsoverview/getting-started-with-options) is a great place to start. The CBOE which is the largest listed options exchange in the US provides free education at the Options Institute here - [https://www.cboe.com/optionsinstitute/](https://www.cboe.com/optionsinstitute/) In the wiki - there is a reading list which includes some good books on options - [https://www.reddit.com/r/investing/wiki/readinglist#wiki\_options\_and\_derivatives](https://www.reddit.com/r/investing/wiki/readinglist#wiki_options_and_derivatives) I think you will have a hard time learning how to trade options if you don't read at least one of the basic fundamental books.

Ken385

It will be much harder to negotiate commissions if you are primarily trading SPX options. These aren't as valuable to the Payment for Order flow buyers as they are single listed. Even if they lower your commissions a bit, they won't lower the exchange fees that the CBOE charges for the SPX. These can be more than base commissions.

maltewitzky

That's what AI tells us about it. The movement of the VIX, also known as the CBOE Volatility Index or “fear gauge,” is determined by a variety of factors. Here are some key influences: Market Sentiment: The VIX reflects the market’s expectation of volatility over the next 30 days. It tends to move inversely to the S&P 500 index; when the market is confident, the VIX usually goes down, and when there is uncertainty or fear, the VIX goes up1. Economic Indicators: Various economic indicators can impact investor sentiment and thus affect the VIX. For example, strong economic data may lower the VIX, while weak data can raise it due to increased uncertainty1. Geopolitical Events: Events such as elections, policy changes, or international conflicts can cause market uncertainty, leading to a rise in the VIX2. Investor Behavior: The VIX is calculated based on the prices of S&P 500 index options. A higher demand for put options, which are used to hedge against market downturns, can drive up the VIX1. Implied Volatility: The VIX measures the implied volatility of the S&P 500 index options, not the actual or historical volatility. High implied volatility indicates that traders expect larger price swings in the near future3. Understanding these factors can help traders and investors gauge the level of risk and potential price movements in the market. For more detailed insights, you can refer to educational resources and market analysis reports that focus on VIX movements13. 1fastercapital.com2stockbrokerreview.com3investopedia.com+1 mehr 1von30 Weitere Vorschläge anzeigen What is the historical range of VIX? How can I use VIX in my trading strategy? Can you explain contango and backwardation in relation to VIX futures? Response stopped Neues Thema

esInvests

Yep, in that approach you will. Additionally it’ll take forever to experiment with many concepts and you’ll be related to your ability to manually parse through them which is naturally constrained for all of us. I buy the data from CBOE. Store it on a home server. Analyze it through python. There are cheaper and simpler solutions that are built but they lack the ability to manipulate things as you want. It’s honestly worth taking a rudimentary course on python, I’m by NO means a programmer at all. I taught myself the basics to be able to run the analysis I’m looking to. Unfortunately something like excel generally won’t cut it for most of the useful analysis. Also, don’t be afraid to ask ChatGPT for help - I essentially use it like an analyst at this point lol.

esInvests

I think by its nature that’s what you’ll find in much of trading, building pattern recognition. In a broad sense I: 1. Build a hypothesis around a market effect that makes money(aka breakouts to upside, variance risk premiums, etc) 2. Define the criteria I think make the effect tradable 3. Research the criteria to validate - this is backtesting round 1. 4. Define structures that I think provide exposure to the thesis 5. Backtest round 2 via the structures in python, using minute level full Greeks data I buy from CBOE 6. Adapt the better performing structures into strategies with rules that enhance the profile, backtest round 3. 7. Break broad backtests down into segments and sub segments to understand performance in smaller windows (this removes smoothing of one single large timeframe) this is backtest 4-many 8. Choose whether or not I want to live test via paper or forward test first, I used to forward test most things now I have a sense of how it will play out I don’t always 9. When I move to live testing via either paper or test capital, I maintain live papertrade variants of the strategy to bolster the live dataset and assess realtime performance. You said something about rote? Hahaha

LarryStink

Look up the CBOE SKEW INDEX on your charts and overlay the s&p or the nasdaq. You will notice their correlation. And unlike stock price, SKEW is measured by implied volatility. Which means mean it is mean reverting. 

LarryStink

Am I the only one in here that uses and trades with the CBOE SKEW INDEX ? It tells a MUCH more clear picture than the VIX. 

PapaCharlie9

Done. It will take a while for google search to update, but this search: `site:https://www.reddit.com/r/options/wiki/faq/ expiration` Should lead you to the correct set of links to find the answer to your question. Which FWIW is: [https://www.reddit.com/r/options/wiki/faq/#wiki\_options\_exchange\_operations](https://www.reddit.com/r/options/wiki/faq/#wiki_options_exchange_operations) Which links to: [TIME OF EXPIRATION- Contract Specifications: Expiring 11:59 PM Friday, for equities (CBOE)](https://www.cboe.com/exchange_traded_stock/equity_options_spec/) and [Options that trade until 4:15 (Eastern) 3:15 pm (Central), 15-min. after the close (TastyWorks)](https://support.tastyworks.com/support/solutions/articles/43000435335-options-that-trade-until-3-15-pm-central-15-min-after-the-close) FWIW, the FAQ is structured as a collection of curated links. This was to reduce the effort of transcribing thousands of lines of information and data, keep things up to date as the primary source pages change, and avoid duplication, at the cost of making it harder to do direct text search of the FAQ itself. We try to put as much keyword information into the link text as possible to make searching easier, but in this case we could have done a better job.

Affectionate-Idea690

CBOE Volatility Index hits highest level since October 2023; last up 3.75 points at 18.66

hgreenblatt

As other have said there is no Other Guy. Actually there is an Exchange (CBOE) they have strict rules, make up the "contracts" and authorize the market makers at the sub exchanges across the country (Phil, Chi, NY, ..) These market makers have to keep the market and always have a bid and ask for every strike. They do not have to be great prices , but they have to have them. You broker is on the hook for you to honor your contract. If the broker fails (yes this has happened) then the CBOE is on the hook to honor the contract. There are other players that pay for the order flow and always take the other side ... these are the Smart guys and they make billions. If you want to Sell they will buy , If you Buy , they Sell and Bernie Sanders is all over them because they make most of the money.

sporks_and_forks

what kinda legal trouble can i get into for paying some crackheads to go shit in front of the CBOE and take a pic? i'm really mad my options are going to expire worthless 💩

BarnFines

probably not any time soon. I don't think this meets CBOE min req. due to the small float. Maybe some other exchange?

Pharmacologist72

Options are complex as hell. Depends on how much you want to learn and would it be worth it? I like to listen to the Options Bootcamp podcast. Here is the kicker. Both hosts are ex CBOE traders with decades of experience and on a recent episode, one of them revealed that all he does primarily are covered calls and cash secured puts. The other one currently trading VIX only. So there you go. Even the pros keep it simple. I suggest starting with covered calls and puts for a few months, maybe then try some market neutral strategies like Condor and Butterfly. Go slow, learn from your mistakes. Trade small. I personally have a gambling streak. So, I do covered calls and outs and bet on earnings and iv rush. Have lost big and won big with the latter. YMMV. This is not financial advice.

esInvests

First, good on you. This is a really smart place to start for a beginner. There isn’t really a defined timeframe, like we say in the military - train to a standard not a time. So I’d consider hopping on CBOE and taking some of their options courses and tests until you’re comfortable with the material. Also, remember, markets can go extended durations without showing some of its different moods. I started trading in 2007, over this 16 year period I’ve seen just 3 bear markets, two of which were in the past 4 years. Id also recommend backtesting and papertrading. This accomplishes a few things like allowing you to quickly test ideas, then test them in a more detailed manner. There are shortfalls to both but overall great tools to speed up skillset development without wasting money making stupid mistakes. Good luck!

Fond_Memory

CBOE VIX Futures This sounds like a bad idea to me.

OurNewestMember

what's the strategy? if you're shorting volatility and on reg-T then you might look at futures products which can be "cheaper" if you mean the margin/cash requirement is too high for the ETF options. If it's long options, then you might be asking for a smaller notional value -- possibly CBOE nanos or other index products like IWM or QQQ options

ched41

Big thanks for the detailed info. I agree with you on the differences in opinion for option strategies. Experienced option traders probably won’t see much benefit with a tool like this, they understand and take advantage of these small differences between the strategies . But beginners like me are gonna take dumb risks anyway. I think there is room to make something that makes your dumb risk play slightly less dumb. Another use case revolves around copying plays. Imagine I see a detailed investment analysis or Reddit post and I agree with the underlying hypothesis but not the price target or risk levels, or maybe I have a different investment timeline. A well tuned LLM sound be able to take an options play and provide analogous plays on the same underlying with less or more risk than the initial input. It doesn’t mean that this new option is guaranteed to result in a profit. This isn’t for people that attend CBOE events and presentations for fun. But I see some value in this for beginners.

Keizman55

CBOE lists minis for the three major indexes. XSP for SP500, .MRUT for Russell, which represent 10 shares rather than 100.

Upset_Scallion_5210

Data brokers such as Bloomberg like you suggested or Factset typically won’t even provide those, they’ll show the tape and you can dig through that but imo any option trade larger than 10,000 options is typically directed to the large order block desk in which the order is auctioned as not held and is likely hidden in dark pools or FINRA’s ADF The closest you may be able to get is via the CBOE Book Depth, but it’s a system designed more for market makers and is really only available if you have a sizable trading firm https://www.cboe.com/market_data_services/us/options/ Really the main option is you can to review the trading tape after the trades are executed, but then again it’s tough as the trades have no context and could be a hedge or a bet

UsuallylurknotToday

it's incredibly complicated. there's a white paper by CBOE. start there. then ask. but also you should know once you know and undertand the vix, it's all also bullshit - even the originator of the product says it's a fugazi lmao

Evening_Cut4422

I am looking at the CBOE version

AstockcollapseNow

1 day VIX went from an all time (since CBOE launched it in Aug 2023) closing low on March 25th to an all time closing high today!

Ken385

My guess would be that when you order was resubmitted, it went through an auction at an exchange that improved your price. This is when MM's compete for an order electronically and your limit price is improved. The CBOE's AIM (Automated Improvement Mechanism) is described here. [https://www.cboe.com/us/options/trading/crossing\_orders/](https://www.cboe.com/us/options/trading/crossing_orders/)

Oxianas

They expired ITM and worthless, because after the halt I was not allowed to exercise. Although the CBOE and OCC would have allowed it and processed the exercise, both of my brokerages said I couldn't open a short shares position.

LiveHerMore

This may be wrong! CBOE traders in Chicago might be trying to beat the rush out and leave early.

a1b1c11970

Looks like shortists dropped her off under the cash with no bad news. Interesting messages and in my opinion a message in the barrel can lead to a short Squeeze 1. Vocodia Launches Pilot Program with Major Utility Provider 2. Vocodia Announces Founder and Management Team Investments in Company IPO $4.25 per share s. Vocodia Holdings Corp Announces Closing of $5.95 Million Initial Public Offering and the First IPO to be Listed on The BZX Exchange of CBOE Global Markets

big-rob512

Bro 'AI' has crashed the DOW already through spoofing futures contracts, probably 90% or more of volume is through algorithms ran on supercomputers right next to NYSE, NASDAQ, CBOE, CME shits not new its called high frequency trading

cantgetthistowork

Their SMART router fills internally before routing the balance to CBOE

thinkofanamefast

Did virtual 0dte SPX trade Thursday on IBKR, selling a put at 4600. 4pm close SPX was 5254.35, as you can see as "close" on Yahoo etc, and the debit against my account for loss was exactly 4600 strike- that 4pm spx close price of 5254.35 = $565.00 loss/debit. BUT shouldn't this be calculated agains the "SET" symbol settlement price for spx, and not the 4pm SPX price, which is almost never the same? Not sure of Thursdays SET price, thought it might be 5250.95 in this link, but that might be Wednesdays judging by timestamp. Regardless SPX 4pm and SET settlement are almost never the same based on comparing a dozen..sometimes $5-10 apart. So my question is why did the settlement on my virtual account show it settled against 4pm spx and not whataver that SET will be? What is the point of SET if not that? CBOE page for SET settlement price: https://www.cboe.com/us/indices/dashboard/set/ Image of trade settlment showing it using 4pm spx price exactly. https://i.imgur.com/kSCLaJE.png

big-rob512

I'm literally pulling earnings moves from CBOE, not analyzing the stock. Yes, the fundamentals are good.

thinkofanamefast

Thanks..trying to find it now. I dont see it in polygon ticker search, but my freelancer is smarter than me. CBOE only has this years numbers in download despite selecting ALL, and not available in their data shop as far as I can see...no luck on Yahoo or WSJ. There's a Thai company with that symbol further making search tricky. If I knew how to scrape a website, it looks like the chart on this cboe page has the monthly ones that we need. I'm sure my freelancer can do it. Thanks again https://www.cboe.com/us/indices/dashboard/set/

voltrader85

Yeah this is a common question and common point of confusion. Settlement level does not necessarily equate to the opening index level. I’m sure CBOE has some literature or white paper on their site that explains the process they use to determine index settlement levels.

lordxoren666

Believe it or not most brokerages won’t let you. Even CBOE really, really, really doesn’t want you to.

Chipsky

That is how the CBOE is pricing meme stocks now.

LabDaddy59

Did you read the CBOE definition? You do know LEAPS is their trademark, right?

More_Advertising_383

That the DEA is accepting official HHS (and FDA’s) recommendations to move cannabis from Schedule I to schedule III, effectively eliminating tax code 280(e) so companies can deduct expenses immediately turning some bigger names to profitable. That’s a big catalyst, Germany/Florida legalizing is a small to medium catalyst, and then if congress passes the SAFER banking act later this year (which the American Banking Association just published a poll saying an overwhelming majority of Americans support it) then we’re mooning. Fun fact: Bank of America, Mastercard, CBOE, and Merrill Lynch are among those lobbying for the banking act.

Opposite-Layer-6139

I worked for both E*Trade and Fidelity, they both had one single Bloomberg Terminal. Bloomberg: You get news 7 minutes faster than news sites can report it. Earnings 5 min faster, and allowed me to identify and utilize a few Arbitrage situations... unfortunately, high frequency traders have ruined a single person's ability to cash in on that guaranteed-profit scenario. Yeah, $ .65 is the standard options contract fee now (it used to be $.25, then $.45, but since all discount brokerages do free trades now, they had to increase their profits somewhere).  If you find that you are doing many, many options contracts (100+ contracts per trade), you can always speak/appeal to the brokerage's Financial consultant's as they can see what trades you do, and you can negotiate a better rate, the more you gamble! (Just like a casino) They have different rates for different clientele. Lowest I ever saw was .02/contract for a client that was trading around 7500 contracts per day, but someone trading 100 was able to negotiate 20% off. Regarding time it takes to fill, I've never seen that latency issue unless it's dictated by limit price and contract terms (fill/kill, limit/market)... unless the system you use is only searching one market exchange, and not multiple (CBOE, PHLX, BX, NOM). Sorry if it's a long answer... but the more you know, the less you can be taken advantage of.

BaconJacobs

CBOE is a private entity and has their own reasons behind what they publish and what they don't. For example they've greatly understated the effects and volume of 0DTE options... why? Because commissions are good for them as a private business entity. Glad you "do VIX for a living" though you sound really chill to have as a coworker

deustrader

SPY is +10% YTD, while CBOE put write index (your strategy) is only +5% YTD. And CBOE provides hundreds of indexes and benchmarks for every option strategy, none of them beating SPY, with occasional exceptions that aren’t worth pursuing because of lack of consistency. So if you want to invest into the market then buy SPY and forget about options. Options make you work hard while making less money than not doing anything. (in most cases, unless you’re very experienced and survived at least couple market crashes)

itsreallyreallytrue

Uhh that’s not what happened. Will either killed them or drove them out west. Someone felt bad enough to let them run casinos to rob the dumbest gamblers amongst us and that’s how they came to run the CBOE.

PapaCharlie9

> Plus, the CBOE rulebook itself uses both "LEAP" and "LEAPs." Seriously? Link, please. They hired a bad writer, if so.

Funny_Effect_9239

Oh damn. I’m not sure if this will be available for trade under Wealth Simple. On WS website it says it can trade under CBOE Canada however I don’t see their debentures stock on WS even though it’s on CBOE.

captaincaveman87518

The CBOE is “supposed to” change the option to DJT for tomorrow’s first day of trading. Everything else should be the same. But who knows.

Additional_Grand6954

Then if you checked your orders, The exchange on which some of your orders were executed was changed from Best to CBOE, and the others was not. Why? My understanding is that if the orders were executed on Best exchange, that means that these orders were filled somewhere else other than CBOE (otherwise the exchange were changed to CBOE) and if they were not filled on CBOE, I think that only other place on which the orders could be executed was TDA itself internally.

ConcentrateOdd8190

CBOE

Arcite1

To be fair, the S in IRS doesn't stand for the plural "services," and unlike IRS, LEAPS is a gimmicky backronym. It's not like they started by saying "let's call far-to-expiration options Long-term Equity AnticiPation Securities, complete with a capital P in the middle of the word 'anticipation'... hey, whaddaya know, we could abbreviate that as LEAPS!" but rather chose the word LEAPS because it kind of connoted the concept and they could dream up a phrase that it could be an acronym for. Plus, the CBOE rulebook itself uses both "LEAP" and "LEAPs." So I don't think it's a hill worth dying on.

captaincaveman87518

I don’t think so, according to the CBOE, which is the organization that governs options trading, I think the options just change name?

noobstockinvestor

I don't think they should sell it yet. There's no rush The next portion of debt isn't due until June 2025. It's currently at 60m but if the third tranche converts, it'll knock it down to 45m. For the third tranche to convert, the price needs to trade over 0.87 for 5 consecutive days with \~500k volume on CBOE. It'll likely gravitate to that price so the conditions are met. The debt holder can't purchase those shares on the open market. The massive dump from 0.55c to 0.28c was done on less than 10mil trading volume over a few weeks.

Additional_Grand6954

I have been trading average 200+ contracts a day of SPX options and TDA is one of my brokers. My feeling is that TDA tried to fill my orders internally first with the orders from other TDA's clients, compared to my other brokers. If there was no match for my orders, my orders were filled on CBOE. But I don't know how TDA does that and whether TDA has a designated pit broker for SPX. As it has been mentioned, the order prices are still the key to be filled.

Additional_Grand6954

I have been trading average 200+ contracts a day of SPX options and TDA is one of my brokers. My feeling is that TDA tried to fill my orders internally first with the orders from other TDA's clients, compared to my other brokers. If there was no match for my orders, my orders were filled on CBOE. But I don't know how TDA does that and whether TDA has a designated pit broker for SPX. As it has been mentioned, your order prices are still the key to be filled.

Additional_Grand6954

I have been trading average 200+ contracts a day of SPX options and TDA is one of my brokers. My feeling is that TDA tried to fill my orders internally first with the orders from other TDA's clients, compared to my other brokers. If there was no match for my orders, my orders were filled on CBOE. But I don't know how TDA does that and whether TDA has a designated pit broker for SPX. As it has been mentioned, the order prices are still the key to be filled.

Additional_Grand6954

I have been trading average 200+ contracts a day of SPX options and TDA is one of my brokers. My feeling is that TDA tried to fill my orders internally first with the orders from other TDA's clients, compared to my other brokers. If there was no match for my orders, my orders were filled on CBOE. But I don't know how TDA does that and whether TDA has a designated pit broker for SPX. As it has been mentioned, your order prices are still the key to be filled.

yogiiibear

I don't know precisely how TDA works but I think it will go directly to CBOE even if you have it on SMART. There is no 'PFOF' as such for SPX options If you want to get a market maker directly, and you have a Bloomberg, you can connect to some broker-dealers directly with EMSX, in this case, they will directly respond to your request, either 1-sided or 2-way if you don't want to leak information. They'll usually give you the option price 'on a ref', so given futures are at x level, they'll fill your options delta adjusted to that reference. If you trade, the options will then get crossed through the pit. At this point, you might very rarely get cut down on your order if some of the pit traders want to jump in on your side (this is very rare though if you're the one crossing spread/ taking liquidity). You'll need to contact equity sales at the broker-dealers to set you up on EMSX. Silexx definitely has some tools to help execute, you can specify different order types, as well as using some 'managed' orders. I'd recommend getting on the phone with someone like DASH - who can act as an executing broker or full service brokerage etc. [https://dashprime.com/](https://dashprime.com/) . They know the infrastructure of US markets better than most and your account size is big enough that they would be interested in a chat. They'll obviously be trying to sell you their service, but can give you a really good overview of your options. If you do use DASH for executing broker, they can get you set up with silexx or tbricks or whatever other tools you might want for execution, and they can handle the low latency side for you. They have different order types for e.g. aggressive sweep across the equity exchanges.

randyranderson-

Where did I say that I knew better than financial analysts? I was just trying to discuss a thought, and now you’re gatekeeping it by telling me to get a CFA. I want to learn, not get told to shut up and blindly follow analysts. I work in IT and have worked for prop trading firms in the past so I m ow these companies and people you’re talking about. I’ve spent time on floor in the CME and CBOE and talked to the traders. I’m no expert but I’m certainly aware of what resources there are in industry. You’re making a lot of assumptions that I don’t know how the financial industry works.

OurNewestMember

do you also happen to use a CBOE large trader ID, and if so, has it been easy and reliable to get IBKR to honor the extra field in your orders?

voltrader85

Orders over 100 contracts for any leg get automatically routed to CBOE par station. Call TD and ask them to explain the process. If you are trading multi-leg orders, they go to COB if they cannot be executed at the par station.

Mhipp7

Actually you can use options to hedge positions. If used in the right way they can reduce your risk. Go to the CBOE website & takes the option courses if you truly want to pursue your understanding of them.

RubiksPoint

Haha, you're definitely not dumb. I think I just misunderstood your question. This strategy should be profitable because it *is* SHORTVOL which has positive EV. Puts on VIX are essentially just puts on /VX and, by the put-call parity, this is nearly equivalent to shorting /VX and buying calls on /VX. This is almost exactly CBOE's [VPN index](https://www.cboe.com/us/indices/dashboard/VPN/). Buying puts on UVXY is the same as buying puts on 2x LONGVOL since that's the index UVXY tracks. With a sufficiently deep ITM put, your put ends up looking like 2x SHORTVOL (and some bonds). &#x200B; I thought I'd share it here because these methods of obtaining SHORTVOL don't require you to: 1. Pay a high ER (SVXY, SVIX), 2. Pay a high cost-to-borrow (shorting UVXY, VXX), 3. Pay high transaction costs (daily futures balancing in SVXY, SVIX), or 4. Trade options/futures that require margin or high-level options approvals.

Ken385

It would be very helpful if the OP posted his specific position so I could suggest what the "real' market is for his spread. As you say when a spread order is placed it is generally sent to the exchanges COB. Here it is looked at as a spread. It doesn't make sense when the OP mentioned there is no bid for is iron condor, as one side will be in the money, Both sides won't be worthless, hence I would like to know his specific position and how he thinks there is "no bid" The MM's will look at the spread and if they don't want it will stay in the COB. The COB is exchange specific, so if the MM doesn't want the trade, the COB can "auto trade" with current bid and offers *on that exchange only.* It there is a bid on one exchange and an offer on another that would fill the spread (and the MM's still don't want it) it won't fill. Interactive brokers claim their spread filling program may auto trade in different exchanges. Since the CBOE single lists the SPX spreads in the COB can "autofill" on bids/offers if the MM's don't want it at that price.

Opposite_Engine_6776

Depends on trading volumes, liquidity etc. I think an already heavily traded one like this it should be the bare minimum before some market maker applies to the CBOE for options going like 

Vurkgol

CBOE usually only waits 5 days for big names.

PoppaTroll

Appreciated, thank you. I’ll feed CBOE into Teh Google and see if that’s of any more use than what I’d found in earlier searching.

captaincaveman87518

You’re right. I guess it doesn’t. But ultimately, if the ticket changes, you’ll get adjusted into an updated position based on CBOE rules. If you hold past the merger.

AKdemy

Well, you said you don't see a way to attach it, so I showed you one. With regards to the other offers, I have no need because the pantry at work offers complimentary food and drinks and I drink too much coffee anyways. Thanks for the offer though. I still don't think what was claimed in the comment I responded to is possible. OK, there is a form for the CBOE, but it's only for trade permit holders and it's very unlikely it will be added because of [CBOE Rule 4.5.01(d)](https://cdn.cboe.com/resources/regulation/rule_book/C1_Exchange_Rule_Book.pdf), which clearly states the strike Intervals. Even if there ever was an example where a strike was added in recent years, I don't think decimals like the .57 suggested would be possible at all. That's what OTC markets are for. Moreover, [this SEC filing](https://www.sec.gov/files/rules/sro/cboe/2021/34-91456.pdf) discusses the aforementioned rule and states that the **"proposal seeks to widen the intervals between strikes in order to limit the number of strikes listed ... "**

apurimac777

if there was still open outcry at this rate there'd be one on the CBOE floor just for us regards

deustrader

Just found older email from CBOE approving my strike addition request, but I don’t see a way to attach it here on Reddit.

deustrader

And another 5 sec search: here is new CBOE form for this, although I believe now it needs to be submitted from/via a broker. https://cdn.cboe.com/resources/release_notes/2022/Cboe-Options-Introduces-New-Listing-Request-Form.pdf

TrustyJules

CBOE offers it - I use an option package that automatically loads them so I can see at 5mn intervals the option price for any ticker on any day except the live day.

deustrader

I wrote that it was in the past, maybe 4 years ago or so, so no such strike now. I don’t have Bloomberg or Refinitiv, and don’t have company name as I’m a retail trader. Do you always make so many assumptions out of thin air? I may find older emails later, but it was an official CBOE policy to email such requests to them so why is anything so strange about this. It was also commonly discussed in the past and I’m not the only one sending requests to CBOE. Here is another guy doing the same, just found via 5 sec search: https://www.reddit.com/r/options/s/8KrASkvr6u

AKdemy

[Strikes are clearly defined by the CBOE](https://www.cmegroup.com/education/articles-and-reports/faq-sp-500-options-strike-price-listing-rules-changes.html).

deustrader

I’ve done that in the past, at least in terms of asking CBOE to add strikes for some stock/equity options. And I did get positive response, or occasional rejection. Later they changed the rules to require traders to make such requests through their brokers.

malceum

CBOE doesn't have a wheel benchmark. All of their put-selling strategies adjust the strike price after expiration to match a constant delta. The wheel strategy typically raises the delta of its short puts to capture rebounds in stock prices. The wheel can make money in a downtrending stock if the downtrend is not too severe.

deustrader

How does the wheel save you from a stock that continually loses? CBOE has many wheel benchmarks proving that the wheel provides the same returns as simply holding the stock and not using the wheel. So it works only if people pick the right stocks that don’t crash.

animositisomina35

I'm patiently waiting for the CBOE to introduce hourly options.

Ready2gambleboomer

*Thoughts?* *Welcome regard. You belong here & are among friends.* *Of course you are reliant on what the market offers. Isn't that the case in any market? Real estate, used cars, art, $CORN etc.* *The CBOE estimates that only 10% of all options are actually exercised. Over 60% are closed out before expiration and the other 30% (****this is where we come in****) expire worthless.*

Ken385

At one time you could contact the CBOE directly and ask them to list new strikes. For example, in the SPX the highest strike in a month might be the 10,000 strike and I would request them to add the 12,000 strike. Or if there were 90 and 100 strikes in an equity, you might request the 95 strike to be added. A few years ago, they would no longer take requests from customers and required you to go through your broker. They were once very accommodating, but the last 4 requests my broker made for me, they said no. Some brokers seem to be more accommodating than others in asking the exchanges for their customers.

Ken385

There're actually 17 different options exchanges currently with the CBOE doing about 18% of the total volume so far this year. Over 2.5 billion contracts traded so far this year. Here's a breakdown, [https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-by-exchange](https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-by-exchange)

Terrible_Champion298

CBOE and a couple other smaller exchanges. Option strikes and expirations tend to follow market cap, shares issued, and market interest. It is, after all, a market where what is sale-able is sold.

larrykeras

okay, what strat constructions are lower risk. what are examples of this either published as theory or empirically as deployed by any of the thousands of money managers since CBOE was established?

LarryStink

CBOE SKEW index will tell you regars how fukt ur calls are if you hold them for here, or decide to buy anymore with more than 1dte

MrDetail123

Fintel gets its sources from multiple sources. Who told you only one source? Start Min Max Latest 2024-03-14 230.65 230.65 304.63 304.63 Where does Fintel get its data? We source our short interest data from a variety of providers. The Short Interest figures we provide are sourced directly from the stock exchanges (NASDAQ, NYSE, NYSE American, NYSE Arca, CBOE, and IEX) and FINRA. This is the official data and covers a broad spectrum of the market. We do not source short interest from a single broker. For Canadian, Australian, and Hong Kong markets, the short interest is published by the regulatory agencies of those countries. We get this data directly from those agencies on a daily or twice-weekly basis. The float and shares outstanding we use are sourced from Capital IQ, which is one of the top firms that provide this data. Start, Min, Max, Latest (Borrow Rates) These represent borrow rates for the day, with the rate at the start of the day, the end of the day (or the latest for the current day), the minimum rate in the day, and the maximum rate for the day. Unlike the Options Implied Borrow Rates, our source for this data always presents them as positive numbers, and they represent an annualized interest rate that is paid by the borrower for the shares. Update Frequency: Intraday every 30 minutes.

LarryStink

Look at CBOE SKEW index, daily Chart. Add 10d and 30d moving averages. Than compare to SPY or QQQ. Thank me later.