Is CBOE still offering Weeklys/where do you find? (short term options).?

Question

I have been paper trading for a several months now and have found that I really like to trade options. In the past I have used the investools program (powered by think or swim), but now think that I would like to try make (and hopefully not lose) some real money.

I recently signed up for an account with Scottrade and it says something about 'weeklys' for option trading. However, I have never seen anything listed about where to find them. I know that it was a trial run back in 2005, but have not seen anything where it was cancelled. I am assuming that it has been, but I was curious if anyone knew anything about it or has tried using this method (whether or not it was cancelled). The idea of it is very intriguing for many reasons to me.

Thanks for any help/information! Have a nice week.

Answer 1

Weekly options have traded on the CBOE on the SPX (S&P 500) and OEX (S&P 100) indexes since October 2005. Codes for these options are given in the attached link. You may need to have your broker tell you how to access these options through their trading system.

Answer 2

I don't know about weeklys, but I'll bet OptionsXpress or Interactive Brokers has lower commissions than Scottrade. Commissions can kill you on short-term options.

I don't trade options any more so I don't know if the standard 5c and 10c spreads have been reduced yet. I do know Interactive Brokers has or had a program where they try to reduce the spread on option trades.

Answer 3

If you have $50K to invest i would say you can afford more risk than a CD unless you are going to use it for college or to buy a house in 6 months. In those cases CD is a good investment vehicle. If you can afford to risk some then keep some in A CD and put some in a mutual fund or stock such as berkshire Hathaway B shares. you don't have to put all your eggs in the secure basket. With all due respect Helmut are you 15 years old and if so why are you answering investment questions.