Igor, just got a mail about MAY IC management. Please check the prices of these 2 trades: SELL -2 SPX MAY5 2170 CALL @ 3.80 (I see a mid around 3.00); and BUY +1 SPX 100 MAY 2135 CALL @ 8.60 ( I see a mid around 6.90)
I think as far as premiums go, they’re very similar, they use same or similar pricing models. However, there are some differences between the two. ES options have a multiplier of 50, whereas SPX options have a multiplier of 100 (so you’d have to do 2X size for ES options). ES is American style options, SPX is European. I’m not sure if ES options have the same treatment as SPX options do, for tax purposes.. One advantage ES options do have is margin requirement for selling naked options. Personally, I try to find the path of least resistance, I also want to keep things as simple as possible, so I havent really looked into trading ES options as an IC income trade.
Most of the upside exposure was trading at premiums that is very stubborn and closing those spreads didnt really add a ton of positive delta. I am going to look for a new IC next week probably around 56 days out.