Jeff 5:25 am on Tuesday, January 30, 2024
Tags: SPX1dte ( 1,714 )

SPX trades 1/30

#SPX1dte Sold to Open $SPX Jan 30th 4860/4880-4955/4975 condors for 1.35, deltas -.08 +.08 IV 17.6%

Aggressive again on deltas… JOLT jobs report at 10am ET

Jeff 7:45 am on Tuesday, January 30, 2024

Third day straight of 0-dte Butterfly PAPER strategy achieving 10% max profit before 7:30am (1 hour after open). Today benefitted from the slight drop after the JOLT report. Had the reaction been positive, the positions would have either been stopped or struggling.

Haven’t yet considered whether stops should be expected move, or 2 or 3 times 10% profit goal.
- matt0311 8:06 am on Tuesday, January 30, 2024
  
  I agree with the potential struggle. Yet so far all worked and i hadn’t to go with any stops.
  - Jeff 9:34 am on Tuesday, January 30, 2024
    
    I am also thinking that based on conditions at the time the 10% becomes available, holding out for more may often be a good choice. I would rarely suggest waiting too long in the day or until expiration, but waiting even another 30-60 minutes could double your profit if there is no impending news and markets are not swinging much. It will be interesting to see how these work tomorrow with the Fed announcement not coming until 2pm ET.
    - matt0311 12:13 pm on Tuesday, January 30, 2024
      
      I am not sure I would ever do a trade like this on volatile days as for example the Fed Announcement. You just don’t know the outcome of any release and until the release you see hardly any move in the IV. But there might be an opportunity after.
      - Jeff 7:48 pm on Tuesday, January 30, 2024
        
        The test will show if there is enough decay between open & announcement to take the profit before 2pm.
Jeff 8:31 am on Tuesday, January 30, 2024

Closed 4880/4860 put side for .10
- Jeff 9:32 am on Tuesday, January 30, 2024
  
  Closed 4955/4575 calls for .10. Flat for the day.

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