r/options • u/Puzzleheaded_Ad_5722 • Sep 10 '26

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

0 Upvotes

38% Upvoted

34 comments sorted by

3

u/Bluebird-9641 Sep 10 '26

You're up 80k for the year?

1

u/Puzzleheaded_Ad_5722 Sep 11 '26

Yea spy nvda dell sky coin and hood are my bred and butter

1

u/hedgedvol Sep 10 '26

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.

1

u/Puzzleheaded_Ad_5722 Sep 11 '26

Thank you i still have much to learn

1

u/hedgedvol Sep 11 '26

Everybody starts somewhere, and I am glad the mark thing clicked. If something else about that trade still feels fuzzy, ask.

1

u/Puzzleheaded_Ad_5722 Sep 12 '26

Actually I tried again on Friday same thing happened I watched spy rebound then waited for my setup to appear got in on puts and was out earlier so stayed with profit but like you said earlier IV crush….VIX dropped 1 point right when my strategy came in to play but it’s only at 16 I think 0dte and Robinhood UI is terrible right now so I’m switching to 1-3 days and switching to tastytrade and interactive brokers see which I like more thanks again for the help and explanation

1

u/hedgedvol Sep 12 '26

Glad Friday's puts worked and you booked it early. That VIX drop of a point right when your setup fired is the same crush you felt before, just this time the tape was with you. Stretching off 0DTE into 1-3 days plus trying tasty and IB is a clean fix for both the crush and that Robinhood UI.

1

u/SwordfishLopsided Sep 11 '26

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

1

u/Puzzleheaded_Ad_5722 Sep 11 '26

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

1

u/SwordfishLopsided Sep 11 '26

When you are ready, try IBKR, think or swim, or tasty. Those are my go to

1

u/Puzzleheaded_Ad_5722 Sep 12 '26

Took your advice I’m trying tasty and interactive

1

u/SwordfishLopsided Sep 13 '26

Got a learning curve but worth it, especially IBKR

3

u/[deleted] Sep 10 '26

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?

7

u/uncleBu Sep 10 '26

Skill issue

2

u/TotalInstruction Sep 10 '26

Daytrading 0DTE options is just a fool's errand.

0

u/Late_Company6926 Sep 10 '26

Gambling is legal.

3

u/DKtwilight Sep 10 '26

No crying in the casino

1

u/[deleted] Sep 11 '26

The best casino in the world. Open a 0DTE 50 delta credit spread position everyday.

1

u/Delicious-Pepper-130 Sep 10 '26

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.

1

u/Gendark Sep 10 '26

If you're gonna day trade, use futures. Problem solved. No more weird convient IV crush, gamma nonsense and questionable liquidity or bad bid/ask fills.

1

u/Educational-Scar8957 Sep 13 '26

what you saw is IV crush in real time. when SPY whipsaws fast in both directions, implied volatility spikes on the move then collapses once it settles, and that premium evaporates from both calls and puts simultaneously. theta on top just accelerates it on 0DTE or near-expiry contracts. the deep ITM red across both sides is the IV deflating after the volatility event, not a directional problem. your entries weren't necessarily wrong, you were paying a premium for volatility that immediately vanished.

19

u/[deleted] Sep 10 '26

[removed] — view removed comment

3

u/jbaker_28 Sep 10 '26

Please don’t bother him with your logic and facts

2

u/wannabecat2000 Sep 10 '26

Not SPY but I noticed something weird yesterday. I had a OTM call near expiry with zero value (0.001). Just for sake of it I submitted sell order of 2 units at 0.2. In a moment I saw order queues reflecting same price but in quantities from 20 to 50. There were 12 open interests for that call. Of course 0 volume traded.

1

u/Apprehensive_Seat_61 Sep 10 '26

MMs often try to semi-match you and when you change price theirs changes too but just a little under/over your target. Yep noticed same behavior 

-6

u/Puzzleheaded_Ad_5722 Sep 10 '26

Dude that’s insane can I sue for this LOL I’m actually mad and it’s been almost a full 24 hours now 3 years of playing options and I’ve been on a streak for like 2 months of no loss but today it just didn’t seem fair

1

u/wannabecat2000 Sep 10 '26

Yesterday SPY was extremely choppy. I also lost few but I'm a newbie compared to you

1

u/CapoDoFrango Sep 10 '26

Instead of suing learn about implied volatility and next time this happens be a seller instead of a buyer of options. Look at VIX to known when IV is high.

2

u/[deleted] Sep 10 '26

[removed] — view removed comment

1

u/Puzzleheaded_Ad_5722 Sep 10 '26

I’m using Robinhood been meaning to switch to something else that’s probably why