Jeff 5:51 am on Tuesday, February 20, 2024
Tags: IronButterfly ( 141 ), spx0dte ( 421 )

SPX 0-dte 2/20/24

#SPX0dte Sold to Open $SPX Feb 20th 4960/4990/5020 #IronButterfly for 16.85, IV 18.6%

Small accounts: 4960/4990-4995/5025 condors for 14.85.

Jeff 6:33 am on Tuesday, February 20, 2024

Today I entered the trade 41 minutes before the open. That gained me about 50 extra cents in premium. I think early entry can be beneficial if it is a light day with no expected news. Otherwise, like I saw last week, it may be best to wait for the open.
- geewhiz112 8:37 am on Tuesday, February 20, 2024
  
  SAme position. Received 16.70 at 9:40. Have BTC at 14. Also watching closely.
  - geewhiz112 12:00 pm on Tuesday, February 20, 2024
    
    $14 target hit. 16% profit at 2:45.
    BTC 4960/4990/5020 at 14. Sold to open at 16.70.
    But not enjoyable. Did make a mistake in my favor. Placed a BUPS (I thought) early in the downtrend. I did not wait for a green bar to place it. Foolish. Impetuosity not out friend. Thought it was bad trade. Noticed in the PM that it was a BEPS. Closed that at a profit.
- Jeff 9:05 am on Tuesday, February 20, 2024
  
  I’ve been waiting for enough recovery but it looks futile now, will exit for a loss on the next bounce.
  - davidm501 10:42 am on Tuesday, February 20, 2024
    
    I took the 4955/4985/5015 @ 9:30 for 16.95. Took myself out at 1:33 for 21.95. I said i was going to wait until 9:45 to 10:00 to get a feel for the day, had a meeting @ 9:30 which would prevent that so I sold early. Bad move. Need to figure out how to manage these or more importantly, manage me.
  - Jeff 11:22 am on Tuesday, February 20, 2024
    
    Closed IB for 20.00, so 3.15 loss
    Closed IC for 18.50, so 3.65 loss
    - Jeff 11:51 am on Tuesday, February 20, 2024
      
      …..aaaaaannnnddd 10% profit hit 30 minutes after closing at a loss. Never fails.
      - fuzzballl 12:10 pm on Tuesday, February 20, 2024
        
        I know that feeling. Waited all day Friday for a decent pullback to do a roll. Had to leave so forced the order. Blue arrow is where I was filled. LOL
Jeff 12:20 pm on Tuesday, February 20, 2024

So far, I’ve had 6 wins and 4 losses since switching to the strategy.

TWO of those losses were due to stops being hit. In both cases, had I waited, I would have hit profit target.
The other two losses were instances of 10% being hit but I held out for more.

So from a 10% w/20% stop perspective, this has been an 8 to 2 win-loss ratio.
- davidm501 5:23 am on Wednesday, February 21, 2024
  
  Are you placing stop orders or handling the stops manually? I am curious how well stops work/how are the fills?

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