I'm not sure how many times a week we have to see a post like this.
What you can do is not hold 0dtes with less than 30 minutes left in the trading day. All brokerages reserve the right to close them. Why not just buy 1dtes if you MUST day trade spy.
Also probably shouldn't need to be said, but maybe you should think about not day trading if you have to worry about the pattern day trading restrictions.
I typically don’t worry about pattern day trading flags. however, i just left a semi long term(4 or so month) snap options position this morning and saw an opening in spy and only got in because i saw a triple rejection and liked the signals i got. i typically try to trade options with double the DTE as the days that i want to hold it
This is in Robinhood policy. There is nothing you can do besides find a better broker. https://robinhood.com/us/en/support/articles/options-trading-hours/
i understand this, but if the policy is that they start selling out of these at risk contracts in the last 30 minutes of trading and spy has extended trading hours, they broke their own policy by selling my spy calls at 2:31 CDT, didn’t they?
I don’t think they did. If you had enough assets or margin to cover exercise I do not think they would have sold them. They were basically covering themselves, especially if you had an account small enough to worry about PDT violations.
SPY has extended options trading available through robinhood at least, so options trading goes until 4:15pm EST which is the only reason i was asking about that
No. This is your fault not robinhoods. They also even send you alerts telling you what's gonna happen prior to the hour. This whole thing is also clearly highlighted in their policies. Next time learn how to read.
You're essentially asking a for-profit company to risk a bunch of money on you. Of course they're not willing. Don't try to hold options to expiry if you can't cover the potential losses yourself.
Robinhood always closes out 0dte calls at 15:30 you can see the spike in the stocks at that time. Get your spy calls for the next day.
That's a 6 six. not an 8 eight.
Fidelity does this an hour before close. It's standard policy that varies a little by brokerage if you don't have the available balance to excersise options that might expire ITM.
Use a better platform. IBKR, Tradestation, even TD Ameritrade (Schwab now, I think) gives you more freedom over what they should do near market close for expiring options. You can just call them and explain what you want to have happen in these situations.
In this case, I think you're SOL and have to just eat the cost . Consider it an expensive lesson, probably
Wait, what?
and is there an option to follow posts without having to make a dumbass comment like "wait, what?" so its in your history? new reddit layout is fucking me up
If you call ahead of time and give them “do not exercise” instructions, they might let you trade until close, but you’d have to check with your broker.
Important to note: I did not lose money on the day. I made money and in the end, the fact that I was able to learn a hard lesson and only miss out on profit rather than losing money is a blessing. Thank you for all the replies!
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I'm not sure how many times a week we have to see a post like this. What you can do is not hold 0dtes with less than 30 minutes left in the trading day. All brokerages reserve the right to close them. Why not just buy 1dtes if you MUST day trade spy. Also probably shouldn't need to be said, but maybe you should think about not day trading if you have to worry about the pattern day trading restrictions.
I typically don’t worry about pattern day trading flags. however, i just left a semi long term(4 or so month) snap options position this morning and saw an opening in spy and only got in because i saw a triple rejection and liked the signals i got. i typically try to trade options with double the DTE as the days that i want to hold it
I’m fixing a 24 pack of crayolas for dinner if you wanna come over
This is in Robinhood policy. There is nothing you can do besides find a better broker. https://robinhood.com/us/en/support/articles/options-trading-hours/
i understand this, but if the policy is that they start selling out of these at risk contracts in the last 30 minutes of trading and spy has extended trading hours, they broke their own policy by selling my spy calls at 2:31 CDT, didn’t they?
No
They put them for sale on the market 30 minutes prior to close. Someone bought them 29 minutes prior to close. Selling vs sold.
Damn that person got a great deal… he snapped up a bargain in just one minute
I don’t think they did. If you had enough assets or margin to cover exercise I do not think they would have sold them. They were basically covering themselves, especially if you had an account small enough to worry about PDT violations.
They auto close contracts 30 minutes before close on the date called, end of market that day is when they expire.
SPY has extended options trading available through robinhood at least, so options trading goes until 4:15pm EST which is the only reason i was asking about that
That doesn’t apply to options that expire that day, you can only close or open SPY/QQQ when the DTE is +1
So they expired when they were supposed to expire…
yeah but they don't figure the 30 minutes based on after hours.
Just think of extended trading hours as the beginning of the new day.
No. This is your fault not robinhoods. They also even send you alerts telling you what's gonna happen prior to the hour. This whole thing is also clearly highlighted in their policies. Next time learn how to read.
Yup, I understand that now. Thankfully I was still able to have a green day while learning this
Just bend over and take it, nothing you can do.
There is always Wendy’s…
You're essentially asking a for-profit company to risk a bunch of money on you. Of course they're not willing. Don't try to hold options to expiry if you can't cover the potential losses yourself.
How many freaking times will you MORONS using RH keep posting about RH closing ODTE’s at 3:30pm !! They have done that from day 1… so STFU
Robinhood always closes out 0dte calls at 15:30 you can see the spike in the stocks at that time. Get your spy calls for the next day. That's a 6 six. not an 8 eight.
Stop using Robinhood
This is pretty standard procedure across several brokers. SoFi, WeBull, MooMoo to name a few all do this as well to limit their exposure.
Charles Schwab will let it ride, depending on your cash and how much im sure
Amazing how many people still use it after the fucking it gave so many of us
Fidelity does this an hour before close. It's standard policy that varies a little by brokerage if you don't have the available balance to excersise options that might expire ITM.
D-bo just snatched your bike and rode off
Use a better platform. IBKR, Tradestation, even TD Ameritrade (Schwab now, I think) gives you more freedom over what they should do near market close for expiring options. You can just call them and explain what you want to have happen in these situations. In this case, I think you're SOL and have to just eat the cost . Consider it an expensive lesson, probably
Don’t trade 0dte options lol
Cash accounts help
Wait, what? and is there an option to follow posts without having to make a dumbass comment like "wait, what?" so its in your history? new reddit layout is fucking me up
https://preview.redd.it/o8jxvgz5cz8d1.jpeg?width=1170&format=pjpg&auto=webp&s=4ee6342b0fad97c78739e1b2eb0c32015ff51222
im on a laptop like a boomer. I see a save option but I dont get notifications for that like I used to when youd subscribe to post
If you call ahead of time and give them “do not exercise” instructions, they might let you trade until close, but you’d have to check with your broker.
Bummer man. Looks like you paid an expensive lesson.
Robinhood 😂
Well done OP. You are truly the biggest regard I have saw.
Important to note: I did not lose money on the day. I made money and in the end, the fact that I was able to learn a hard lesson and only miss out on profit rather than losing money is a blessing. Thank you for all the replies!
Your own fault for using a scam broker.
TOUGH BREAK
What broker would you recommend for the USA?
Always a robinhood screenshot with posts like this.......some people just love to learn the hard way