Art of Options

SPY options:  Underlying 100 shares of SPY . Trading Hours SPY options trade from 9:30 AM until 4:15 PM Est  if they don’t expire that same day .  SPY  options trade until 4:00 PM Est if they expire the same day. Margin U ncovered writers of SPY options must deposit 100% of the options proceeds plus 15% - 20% of the aggregate contract value (current SPY price multiplied by $100) minus the amount by which the option is out-of-the-money. The minimum margin is 100% of the option proceeds plus 10% of the aggregate contract value. Long SPY puts or calls must be paid in full . Exercise A merican - SPY options generally may be exercised on any business day up to and including on the expiration date. A utomatic exercise is according to the last market print, i.e. 4:00PM Est. O ption holders have up until 90 minutes after the regular close (4:00PM Est.) to request exercise (until around 5:30 PM Eastern, consult your broker). Settlement of Option Exercise Physical Delivery. Exercise notices pr

 Short naked Calls:

Short Call spreads:

  Am trying to take a little advantage of the little bear market:

 Credit Call Spreads:

  Short SPX credit put spreads: