With no fanfare whatsoever Schwab has added support for weekly and quarterly options on all of their current trading platforms: Schwab.com, StreetSmart Pro, and StreetSmart.com. I thought we would have to wait for the new StreetSmart Edge. See this link for CBOE’s currently offered weekly options.
At least on StreetSmart Pro the option greeks on the non-standard options appear to be computed correctly. Instead of expiring on Saturday like regular monthly options, weeklies expire on Friday afternoon after normal trading halts (unless it is a holiday shortened trading week). Historically Schwab and Fidelity have used “whole day” timing in computing their option greeks—they don’t update time to expiration in finer resolution than a day. Until they are close to expiration this difference is insignificant, but when you get close to expiration this is a big deal. On Fridays Fidelity’s greeks on weeklies are totally bogus (e.g., delta of 1 for ITM options), but apparently Schwab has addressed this issue. My reference for accurate greeks is LiveVol (free, but registration required).
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