Weekly options are options that expire at the end of the week. Trading weekly options is very popular. The Chicago Board Options Exchange® (CBOE) began trading of options based on Standard & Poor’s Depositary Receipts (known as “SPDRs”, with the ticker symbol “SPY”) in January 2005. The SPDR exchange-traded fund (ETF) is designed to track the performance of the S&P 500® Index.It is being reported that the famous investor and hedge fund manager George Soros has doubled his bet earlier this year that the stock market is going down. Soros Fund Management disclosed that it held put options on 7,090,000 shares of the SPDR S&P 500 ETF (SPY) at the end of Q4.
There are many traders who make a living trading weekly options. You can read this Investopedia article that provides a detailed introduction to weekly options. Watch this 1 hour 19 minute video tutorial that explains in detail how to trade SPY weekly options.
You should also watch this video that explains this weekly options expiration strategy using SPY ETF.
This is a good video that gives an exhaustive introduction on how to generate income with weekly options!