After selling an eight-rung ladder of SPY ICs, 21 dte, 16delta both sides, starting with Feb8 expiration, one IC has closed with $38 in profits. I’m confident that with proper management, the spycraft strategy has edge and a positive expectancy over time. However, it doesn’t jive with my trading style. There are lots of positions to manage and then at best a small profit. I could sell 10x or 20x instead of 2x but I’d rather trade SPX than do that.
After my SPY Mar1 spreads expire, I’m going to move on. I may come back but for now, there are other strategies that keep me more engaged; hence better profits. I will report back here on total profits when the last spreads close.