Updating the option market makers' P&L and helping us understand the effects these types of trades have on the underlying market

Back at the beginning of April, I wrote about an SPX OPTION WHALE (Part 1 and Part 2).

Some readers have asked for updates on this position, so I thought it would be instructive to walk through what’s likely happened to the option market makers who took the other side of this massive option structure, and while we are at it, use this position to explai…

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