Weekly Options are essentially the same as standard options in every respect but duration. They have the same strike prices and ranges, the same underlying contracts, and the same settlements. They have many benefits, two of the most important being affordability and flexibility. Because they expire weekly, traders do not have to pay for excessive time value lowering the cost for near or at the money strike prices. Traders can risk smaller amounts and have staying power in volatile markets that they previously could not participate in.
Secondly, weekly options give flexibility to traders. They can customize their strategies for shorter term plays in the markets due to government reports. For example, weekly e-mini S&P options can be used ahead of the usually volatile, non-farm payroll report. You can pick up near the money options at a reasonable price. Your total risk on the trade would be the price paid for the options. If the options expire in the money, you will be assigned a position at the strike place. If not, you forfeit the premium paid. This gives an attractive risk reward profile for this type of trading.