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This is what Price Headley says on how to trade the new weekly options: “One of the biggest innovations in the option trading field for some time has been the recent growth and acceptance of Weekly Options. Most of these are provided by the Chicago Board Options Exchange (CBOE), which is the world’s busiest options exchange.
What are Weekly Options and how do they differ from normal Monthly Expiration options?
Well as you may be aware, normal monthly options are issued on a quarterly basis for each stock/ETF/index. And there are different cycles of expiration, so some, but not all options are on a January/April/July/October. The other 2 main cycles are February, May, August, and November, and March, June, September, and December.
For an option buyer of Calls or Puts, this time premium can often act like a ticking clock against the profit potential of their position. Each day that elapses, time decay erodes from the option’s value in addition there is risk in implied volatility going up or down and changing the option’s value. So one could look at Weekly Options as an alternative to get more bang for the buck in your options trading. These options, which are rapidly growing in popularity, are generally issued/listed on a Thursday morning and expire the following Friday. The exception being expiration week, where new issues are not presented to the market (Thursday prior to a normal option expiration cycle). The short maximum holding period of these options means that the time premium in their pricing (and their time decay) is less than a normal monthly option.
How To Trade Weekly Options?
For the aggressive trader the short-term, bang for the buck nature of Weekly Options is something that you want to have in your trading arsenal. In trading Weekly Options I tend to utilize short-term charts, from 15 minute to 1 hour to target the big profit opportunities. The short holding period and narrow time frame focus fits well with the big discount on time premium and time decay in Weekly Options. I have innovated a unique combination of technical indicators to trade Weekly Options. The indicators include Percent R, CCI, Acceleration Bands, Bollinger Bands, and DMI/ADX, with my own personal settings and triggers to help me know when to enter and exit Weekly Options trades.