The principle strategy I use for trading Weekly Index Options is to use 2 sigma Condors: Short Calls 2 standard deviations above the market and the Long Calls the next strike price higher; Short Puts 2 standard deviations below the market and the Long Puts the next strike price lower. This is called 2 Sig Iron Condors. I have developed software using Weekly Index Options. I have simplified the software so that it uses only GOOGL, SPY and SPX Weekly Index Options expiring each Friday (except the third Friday, a change that started in February 2015). CBOE introduced a format that once per month Weeklies have a two week period for expiration. Chapter One documents the first 2 week options period. This shows how one may open a 2sig Iron Condor for SPX, SPY, and/or GOOGL and make a profit using each of the underlying equities. I have had to develop trading tips to Profit when Wall Street causes Daily large Up and Down movements in the Indices SelfAdapSPYSPXweeklyVLTY is the name of my software which I use to Profit despite large daily fluctuations in the Indices. The software described in this book uses Microsoft Excel to compute the 2 sig Iron Condors for Googl, SPY, & SPX. The 2 sig computations are made using SPX. SPY is one tenth of the SPX. GOOGL uses a RATIO: GOOGL/SPX to adjust the GOOGL 2 sig from the computed SPX 2 sigma. This book describes how to use the Options House Real-time Option Chain Quotes for feeding information into my Software: SelfAdapSPXSPYWeeklyVLTY. This method is much easier than using the previous 15 minute delayed CBOE option quotes. Options House Real-time Option Chains quotes for weekly options can be accessed by opening a new Options Trading Account with $100 funding. If you wish to use the account for Weekly Options trading you must send the broker a minimum of $2,000.
Jon Schiller received his BS in Physics from the California Institute of Technology (Caltech) and the MS and PhD from the University of Southern California (USC). As an executive of an aerospace corporation he designed guidance and control systems for aircraft and missiles. After retiring he became active writing documentary books using research from the Internet in addition to creating books about options trading strategies which use his mathematical skills.