Welp I like old school Metallica. Helps me trade better when I can't hear my limit orders being filled over ride the lightning...
Just Call Cthulu to you, and you'll be right as rain! Here's something you might have never seen. I love this bit when they grab the guitar. Amazing.
So now you have two assumptions in your thesis: 1) that at the end of a year-long tenor, SPY will be higher than at the start, and 2) that starting that tenor at the end of the year will provide some additional edge. I'll agree that #1 makes sense based on past history - but can't see any reason at all for assuming #2. But my point about having to lift the offer still holds; the volume at those strikes is generally in the single digits. You'd be risking more than 50% of the spread width one way or another.
I prefer "Dr Awkward & Olson in Oslo" by Lawrence Levine, myself. I spent a few years at anchor in St. Augustine, and he hails from there, so... yay, home team.
Dude, are you seriously telling me that you think that on January 2nd 2022, the SPY is going to be at 430? Are you high man?
All right, all right... here, have some notes from a padre in his confessional: "Dennis, Nell, Edna, Leon, Nedra, Anita, Rolf, Nora, Alice, Carol, Leo, Jane, Reed, Dena, Dale, Basil, Rae, Penny, Lana, Dave, Denny, Lena, Ida, Bernadette, Ben, Ray, Lila, Nina, Jo, Ira, Mara, Sara, Mario, Jan, Ina, Lily, Arne, Bette, Dan, Reba, Diane, Lynn, Ed, Eva, Dana, Lynne, Pearl, Isabel, Ada, Ned, Dee, Rena, Joel, Lora, Cecil, Aaron, Flora, Tina, Arden, Noel, and Ellen sinned."
Nice palindrome there. I now know you are pissed off at me when you come up with shit like that, lol!
No, I'm telling you what ATM, ITM, and OTM refer to. It has nothing to do with where you "think" it's going to be.