A systematic manager of same-day index options.
Kogan Capital trades S&P 500 index options with zero days to expiration. Decisions come from tested rules, not market forecasts, and each strategy has to earn its place on data it was not tuned on.
Short-dated. Systematic. Measured.
Kogan Capital runs systematic S&P 500 index options strategies, built around contracts that expire the day they are opened.
About
Strategies
Several independent strategies in each account.
Non-directional premium
Same-day condors, flies and related spreads that aim to collect option premium without a view on market direction.
Signal-based directional
Same-day credit spreads that open only when defined trend and volatility conditions are met.
Multi-day positions
Some accounts also hold short-dated positions across several days, such as calendars. These carry overnight risk.
Approach
Every rule is written down and tested before it trades.
Rules over discretion
Entries, exits and position sizes follow predefined rules. Trades outside the plan are flagged and reviewed.
Conservative testing
A strategy has to hold up on data it was not tuned on. We test with fine-grained stops and no assumed cap on losses.
Live results checked against tests
Live fills are compared with the backtest for the same days, so slippage and execution gaps surface early.
The trading day
Most positions begin and end within one session.
S&P 500 index options are European-style and cash-settled, so same-day positions leave no shares to deliver at expiry. All times are Eastern.
- Market open
Each day's conditions decide which strategies are eligible to trade.
- Staggered entries
Positions open at different times instead of all at once.
- Stops monitored
Each position has a predefined exit that is tracked while it is open.
- Settlement
Same-day contracts expire, and results are reconciled against the test.
Risk
Options selling can lose money quickly.
Short-dated options strategies can suffer large, sudden losses. Fast markets can push fills well past a stop price, and backtests cannot capture every real-world cost.
We plan around the deepest historical drawdowns and size positions to the account, which reduces this risk but does not remove it.
FAQ
Common questions.
- Do you hold positions overnight?
- Most positions open and expire the same day. Some accounts also hold multi-day positions, which are exposed to overnight moves.
- How do you try to limit large losses?
- Most positions are spreads that include long protective options, every strategy has predefined exits, and position sizes are set against each account's balance. Losses can still exceed what we plan for.
- Do results move with the stock market?
- It depends on the account. See how the books move with the S&P 500 for the figures and their limits.
- How are S&P 500 index options taxed?
- Broad-based index options are generally Section 1256 contracts: gains and losses are treated as 60% long-term and 40% short-term, and open positions are marked to market at year end. Please ask your own tax adviser how this applies to you.
- How is capital held?
- Each client's capital is kept in a separate account and is not pooled.
- Can I invest through this website?
- No. This website does not offer any investment or take applications.