Weekly Options for ES?

I am new to trading ES the S%P mini futures.

I understand that ES has quarterly futures contracts. The closest one is the December ES contract.

However I noticed that there are weekly options contracts for the ES also. How do these work?

For example, there are ES options expiring November 1st.What is the underlying for these weekly's. I want to know in case there is assignment.

Say I am long the December ES contract. If I sell a ES weekly call option (November 1st expiry), and ES goes further higher causing the call option to be in-the-money, what happens?

Is it simply cash settled after? Or is the December ES contract of which I am long, called away?

How does futures options work for the ES? Especially for the weeklys. ES is cash settled right?
 
Of course I know about that.

I want some confirmation on specifics. For the weekly options expiring say November 1st, the settlement is for the December contract right? Just like equity weeky's?

The problem with ES is there is an expiration date and not a continuous instrument like equities. So you have expiration and options with expirations, and then there are weekly options that don't state what the underlying is.
 

tmefutures

Junior member
13 0
ES is futures contract for sp emini. Are you looking to trade options on the SP? If so SPX is the options symbol. Depending on what you are trying to do you can also try the SPY options as well. If you can provide more info on what you are trying to do with the weeklies or how you are trying to trade them I can certainly advise. I trade weekly SPX calendar or Iron Butterfly in SPX.
 
 
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