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Closing Uncovered SPY Options Trade

There are several ways our trading system may close a SPY short option position:

1. Every SPY signal generated by our system has a "Suggested Exit" price parameter and in the event when SPY option contracts are trading at or below this price, we will buy back the SPY option to cover (close out) our short options position. In this case the trade exit price is usually the same as the "Suggested Exit" price. Still, there could be situations, especially at the market open, where the SPY options price moves significantly below the "Suggested Exit" price and in this case the actual trade exit price could be substantially lower.
2. Depending on the market condition and results of technical analysis, our system may suggest closing a position by changing a "Suggested Exit" price into an "at the market price". If such change occurred  during the trading hours, we will cover our short SPY options position by buying SPY options contracts back. If the "Suggested Exit" price was changed after the market close, we will close our short position at the market open on the next trading day. In both cases an exit trade price is usually equal to the available (traded) market price of the SPY options right after the change in the signal.
3. There is the possibility that our stop-loss price could be hit. If we indicated a "Suggested Stop-Loss" price and SPY options are traded at or above this level, we will cover out our short position.

Important: In most case our trade exit price is based on the confirmation emails received from online brokers who autotrade our signals, and is usually equal to the exit trade price of our autotrading subscribers.