When do weekly expirations expire ?

Discussion in 'General Discussion' started by status1, Jul 3, 2018.

  1. status1

    status1 Well-Known Member

    So let's say I have an SPX spread with the 7/2/2018 expiration
    Does that actually expire on 7/2 or is that like the monthly expiration where it expires on the AM the next day ?
    I thought it expires on 7/2 but when I look at TOS at EOD it still shows the T+n line I have to advance the day to 7/3 in order for the T+n line to go away
    Or is this just a TOS issue ?
     
  2. ACS

    ACS Well-Known Member

  3. status1

    status1 Well-Known Member

    Thanks for the link
    According to that
    "SPX Monday expiring Weeklys are PM-settled; that is, their exercise settlement value is based on the
    closing level of the S&P 500 Index on the day the options expire."

    Which is what I expected so I am not sure why TOS makes it look like it still has time as the t+n line is still visible
    To make things even more strange the simulated trade that I had on the analyze tab that was showing July 2 expiration now shows July 3 expiration without me changing anything
    I have not seen that before
    I have to ask TDameritrade why it is doing that
     
  4. status1

    status1 Well-Known Member

    I got a reply from TOS but they really not address the problem They are trying to say that the market needs some time to close but I don't think that that is the problem
    Just to add to that a little more detail
    The trade that changed from July 2 to July 3 by itself now shows it as July 6
    It used to be that when a trade expires it would say next to it "not traded" but now it seems that they changed it so that it doesn't do that anymore and it just automatically changes my trade to the next expiration
    I think this is why the trade doesn't show expired it's because it already shows the next expiration even as you are still looking at the expired trade
    I suppose this is not an issue to most who close the trade early before expiration but I am sure there are others who may carry the trade closer or into expiration and do not want to see some big losses in p/l if they are not real
    Also it would be interesting to find out when do they apply the change is it right after the trade closes or maybe a little earlier so the change is not so noticeable
    If it's earlier than how much earlier a day or two perhaps ? I am thinking this may throw off the p/l for someone who tries to make an adjustment based on the current expiration not knowing that the p/l may not be accurate
    I sent them a follow up email Let's see what they have to say about it
     

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