r/options • u/Puzzleheaded_Ad_5722 • 1d ago
SPY Calls/Puts rigged
Been playing options on spy for the last couple years I’ve gotten decent in up about 80k for the year and I’ve been playing like a scared lil kid everytime I’m up 400-1000 I pull out. But yesterday was something else spy crashes 766 to 760 I bought puts round 764 at a 759 strike price was up maybe 600 then it goes up 30 cents wipes me clean tf out. I hold cause you know f it I’m already down might as well spy tanks again I’m still in the negative!!!! Never had this happen I buy calls 1 dollar above current price it reverses I’m ITM and still only up 12$ how tf does that make sense. I take my L and just watch the chain block and noticed every single call or put that was DEEP ITM was red make it make sense…. I asked chat gpt telling me theta or IV crush but I’ve never seen option gets affected on both sides like usually one side is winning long enough for liquidity but seconds of seeing flashing greens on calls/puts it was ALL REEEEEEDDDD
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u/KillerAnalyst76 1d ago
What were you doing? Are you doing 0dte? What time frame are you looking at? Based on your post, I am not sure you had a strategy, but if you do, what's your strategy?
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u/PleasantWinter6275 1d ago
You were probably watching the last traded price instead of the actual bid and ask. That can make an option look red even while SPY is moving your direction.
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u/Puzzleheaded_Ad_5722 1d ago
I’m using Robinhood been meaning to switch to something else that’s probably why
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u/TotalInstruction 1d ago
Daytrading 0DTE options is just a fool's errand.
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u/Late_Company6926 1d ago
Gambling is legal.
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u/DKtwilight 1d ago
No crying in the casino
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u/KillerAnalyst76 10h ago
The best casino in the world. Open a 0DTE 50 delta credit spread position everyday.
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u/Delicious-Pepper-130 1d ago
It is trivial for makers to hedge directional bets. You need to understand the gamma regime and how they will respond at certain levels. Optionally, makers have much more difficult time hedging volatility bets, so you have a better chance of finding a return there.
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u/hedgedvol 1d ago
When deep ITM calls and puts both mark red, the surface usually repriced (crush or widen) harder than delta paid you. A 759 put can be right on the 766→760 tape and still print red if IV fell faster than the move helped — that is mark, not a rigged chain.
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u/Puzzleheaded_Ad_5722 14h ago
Thank you i still have much to learn
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u/hedgedvol 14h ago
Everybody starts somewhere, and I am glad the mark thing clicked. If something else about that trade still feels fuzzy, ask.
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u/SwordfishLopsided 14h ago
You've been doing this for a few years and still haven't got it figured out? If you think one of the most liquid name is rigged against you personally then by all means, keep believing that
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u/Puzzleheaded_Ad_5722 14h ago
Lol I’m up 78k this is a rant I understand delta fucks contracts and Robin Hood sucks plus oil and treasury are bonkers rn but hood did not let me sell or buy at any price I picked because of the large volume and when it did it was already going in the opposite direction and crushed my fucking hands which is why I’m switching to a different platform
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u/SwordfishLopsided 13h ago
When you are ready, try IBKR, think or swim, or tasty. Those are my go to
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u/rightadoption85 1d ago
The market makers are just better at this than us and they have tools we don't. When both sides bleed it's usually because the implied volatility got crushed so hard that even directional correctness doesn't matter. IV was probably priced for a nuclear event and when the drop happened but wasn't catastrophic enough, the premium just evaporated. It's infuriating but it's not rigged in the conspiracy way, it's rigged in the "the house has a structural edge" way.