Before Christmas I talked to Scott Sheridan one of the partners on TOS before they sold and works with Tasty Trade and he suggested SPY to me. The only thing I don't like is they charge $1 per contract to open and zero to close on SPY but they don't have any limit on commissions. So you can figure $.50 per contract which is what I have at TDA and hundreds more contracts. Scott also told me their was a $.10 per contract fee and might consider not charging that on SPY. He said they had to charge the SPX fees.So we are no the same boat. For what I heard SPY has super execution and super liquidity. You miss .5c flexibility though, but I don't think it is very important. I did not trade SPY for a long time due to comm. nor did look at Vol Skew. Hope it is pretty similar to SPX because I have data for SPX already nicely organized.
I don't want to do any hasted moves though.
Can you list brokers who have cap on option commissions? The only one I know is ChoiceTrade - $50, before that $.40/contract.
I watched presentation of TastyTrade' platform. I really like some elements of it.
I hitted CT with a wish list for their Elite (because I like their comms). I talked to them before and they asked for it. We'll see what will happen.
Thanks for the info. The thing about limited commissions is why would you ever let it an ITM option go to expiration if you can close it for free.Some interesting facts I found out recently about SPY that maybe others already knew it may be just new to me
1 On TOS on the trade tab where you see some of the expiration have weeklies next to them while other do not It doesn't mean anything because they are all pm settled
2 You can get assigned up to 5:30 pm on expiration day on SPY I am not sure if it's the same for all equities You would think that after the market close you cannot be assigned but it seems that is not the case at least not for SPY
If I can't use SPY then I will trade it at Fidelity. They only charge $.50 per contract but as you know their platform is just past stone age. One of my friends is moving some of his accounts Schwab because they offered the same commission and he hopes they one day roll it into TOS and drop the fees. It will probably be a long time before that happens. Schwab and Fidelity platforms are about the same.That's a decent gain
So that's about 15% in commissions and I guess about 30% with the index fees
I just put one in analyzer and locked the price. Then saved it. Will save any adj. Let me know how your trade does.Yes I just started with the new year more like an experiment to see how the commissions are and if it's profitable enough to play with it until SPX volatility comes back
Just doing 1 lots very short term IC
That was a reply to your post earlier about TastyworksWho is they?
It's better than expected I did about 6 trades in the first 2 and a half weeks and I was up 50% on my margin except on this last day that ended on Friday I gave back a little on the call side as usual but still up 43%Let me know how your trade does.
One thing that some of us are doing when the vols are really low especially below vix of 14 we switch to calendars. It allows us to trade while the vix is really low and they have been working pretty good. Last week the grind up has made it challenging but that's just part of making money.It's better than expected I did about 6 trades in the first 2 and a half weeks and I was up 50% on my margin except on this last day that ended on Friday I gave back a little on the call side as usual but still up 43%
Of course I have not been challenged too much yet but I will keep experimenting with it and tweaking it
At least it will keep me occupied while I am waiting for a better entry time in SPX