Jeff 5:34 am on Friday, March 1, 2024
Tags: spx0dte ( 421 ), SPX0DTEflies ( 2 )

SPX 0-dte 3/1/24

#SPX0dte Sold to Open $SPX Mar 1st 5070/5100-5105/5125 condors for 16.90, IV 20.14%

Jeff 6:33 am on Friday, March 1, 2024

10% hit within a minute of the open. Holding off on profits.
geewhiz112 6:37 am on Friday, March 1, 2024

#spx0dteflies

$SPX STO 3/1 5070/5100/5130 Iron fly for 17.60 at the open.

Out at 20.50. Loss of 3.90

Greed is not good. 10% was close and I did not bite.

Have a great weekend.
- davidm501 7:09 am on Friday, March 1, 2024
  
  $SPX STO 5080/5110/5140 IB for 17.25 at the open
- Jeff 7:10 am on Friday, March 1, 2024
  
  @geewhiz112 I would call that an Iron Butterfly, since both sides share the same center strike.
matt0311 7:08 am on Friday, March 1, 2024

Impressed with your pin selection so early in the day. Are you using SPX previos day closing and ad the move from the /ES?
- Jeff 7:11 am on Friday, March 1, 2024
  
  No, I’m just looking where the /ES futures are in premarket.
  - davidm501 7:34 am on Friday, March 1, 2024
    
    out @ 15.25, probably should have stayed in
  - Jeff 7:35 am on Friday, March 1, 2024
    
    Closed at 14.25, so 2.65 profit. Caps off a strong week… Actually my best week in two years. +10.45 in profit for IB accounts, +12.30 for IC in smaller accounts.
    
    I have to keep in mind it was an EASY week. There were some dips and peaks but no dramatic moves, and no major economic news. I still need to be ready to GTFO on a day that will crater or fly.
    - matt0311 7:47 am on Friday, March 1, 2024
      
      congrats!
      I am not as strong, I am fighting discipline issues to stick to my plans.
      - Jeff 8:07 am on Friday, March 1, 2024
        
        That is definitely a more difficult aspect to this than the 6-delta condors. Condors have a capped profit from the start, and you’re going for all of it, or almost all. These have a maximum profit that is huge and tempting, which introduces temptation.
        
        This week I took a 2.00 approach. If the index seems to be in consolidation around my center point, I might push it for a bit more. Today I was going for 3.90 after the initial dip and as we rose to cross my center. Then, as it seemed to want to go up, I adjusted down to 2.65 and got filled.
        
        I would suggest approaching next week with either a 10% goal or a 2 dollar goal and push for a bit more very cautiously and only if no intraday trends have formed. But I will also look at next week’s economic calendar. Friday is jobs day so I will be cautious then.

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