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There are monthly options for the ES only for March, June, September, and December. The options for the 3rd week of the other months corresponds to the monthly options. There is no week 3 option for the months with a monthly option.
Hi Jefforey,
You had asked similar questions sometime ago about as option symbol. Actually, the trading platform indicates the symbols for all option chains. I think your platform doesn't display these symbols or you have not explored all the features of your platform. I suggest you to subscribe to Thinkorswim platform which is designed mainly for trading options. You can try demo version if you wish. Your most questions will be answered by studying the option chains for various month/weeks in this platform. I am sure there are other good platforms too but I find Thinkorswim the best for ES or Index options trading.
Regards,
Dilip
My question was not addressed to you and I what i meant to ask was why weekly options against monthly. anyway it has been addressed by the person to whom it was addressed.
Hi Jefforey,
As GoldenRatio has written, I was just trying to help you on the option symbol query. If you see various posts in this forum, you will notice that many forum members chip in and try to help even though questions may not be addressed to them. That is the spirit of the forum. I had noticed that your past few questions were about options symbol, hence I suggested Thinkorswim which has answers to your queries and may help you in future queries.
Aside to GoldenRatio: Thanks for your reply to Jefforey.
Regards,
Dilip
Again with the attitude. We are spending time answering your nubie questions by giving up our free time. Yet you give us back attitude. Reading your past posts I see this isn't the first time you have done this here. Knock it off or nobody will be answering your questions.
Most of your questions are answered in the thread. Have you read it yet? The most of the rest of your questions would have been easily answered by a proper google search. If you aren't willing to do the research, then we won't be willing to answer your questions. Trading is not an easy. Spend hours and hours researching and reading.
I traded ES ratio credit spread as mentioned in the book by James Cordier for two years from 2016 till Feb 2018 using weeklys. I stopped it as it required too much monitoring when the trade is on and encountered big loss on Feb 2, 2018 because I could not exit on time at planned stop loss.
I was doing the spread about 15 DTE on ES weeklys, about 2 trades per month. A position involved one long Put contract at a strike 10 points below a strong support which was 40-50 points below ES at that point in time and 3-4 short Put contracts 40-50 points below the long strike to get a premium around $70-100. I never had a losing trade till Feb 2, 2018 as the market was uptreding till then. I used to let the options expire worthless which worked for all trades except on Feb 2, 2018 after which I decided to stop for the reason given above.
But, due to many successful weekly ratio spread trades prior to Feb 2018, I am tempted to do (using first papermoney or backtesting) ES ratio credit spread similar to the current strategy being discussed in this forum at 90-110 DTE; but doing reverse i. e. one long Put contract at certain delta of say -3 and 3-4 short Put contracts at lower delta of say -1. Exit is similar to that of the current strategy we have now with 6x IM etc etc.
I feel if ES comes down slowly, the long put option premium will increase more than that of the short put option giving a profit to the position. Only when ES falls sharply, both puts' premiums will increase and the position will be at a loss. The strike at which the trade makes a loss can be calculated.
Has anyone done this kind of ES ratio credit spread and if so, at what deltas? Is it worth spending time on this? Will be thankful for any inputs.
Regards,
Dilip
Correction->I feel if ES comes down slowly, the long put option premium will erode less than that of the short put option giving a profit to the position. Only when ES falls sharply, both puts' premiums will increase by different percentage and the position will be at a loss.
Apologies for the inadvertent error.
Regards,
Dilip
