Jeff 5:23 am on Friday, March 15, 2024
Tags: spx0dte ( 421 )

SPX 0-dte 3/15/24

#SPX0dte Sold to Open $SPX 5130/5150-5155/5185 condors for 18.00, IV 22%

20-winged test going for 14.00.

Jeff 6:44 am on Friday, March 15, 2024

Not the day to sell pre-market. There was some economic data releases but I think this is just elevated volatility from the week of traders wringing hands over inflation data and Fed fears. Inflation came in stronger than hoped, so it’s surprising we aren’t lower already.

I’m waiting to see if a bounce can materialize before deciding about exit at P or L or BE.
- Jeff 6:52 am on Friday, March 15, 2024
  
  Going back to basics… more confident in this trade today
  Sold to Open $SPX 5040/5060-5175/5195 condors for 1.119 (partial fill at 1.15, remainder at 1.10)
  
  Deltas -.06 +.05
  - Jeff 7:39 am on Friday, March 15, 2024
    
    Closed put spread for .15. Leaving the call side unless it gets threatened.
- Jeff 7:25 am on Friday, March 15, 2024
  
  Closed initial condors for 20.50, so 2.50 loss.
  
  If my 6-delta condors survive I will be at a 1.00 loss for the week. That’s not bad, but it was not a good week for the 0-dte strategy… at least the way I traded it. I lost on Tuesday by waiting for the open, and I lost today by NOT waiting for the open. I think the message is that it can not withstand volatility. The market is still at all time highs but swinging widely rather than rising steadily.
  
  Next week we have the Fed decision on Wednesday which often means a fairly quiet Monday and Tuesday. I will have to consider how to approach the week.
  - Jeff 7:39 am on Friday, March 15, 2024
    
    Interesting note about today I cannot explain… normally the short put and short call are very close in sale price, but today there was a strong skew on the call side… $14 vs $9 for the put, despite them being about same distance from where futures were trading. This may have saved me from a bigger loss when the put side was the one that got challenged.
    - matt0311 7:57 am on Friday, March 15, 2024
      
      this is actually what I saw too. I abstained from a trade today because of the witching, but that may have been also a reason for that extreme scew.
      Still had a late test trade, 5100/5130/5135/5165 opened at 6:43 at 18.40 . Just closed for a 2 profit a few minutes ago. Go figure.
  - davidm501 8:22 am on Friday, March 15, 2024
    
    I tried to wait for the market to settle down. @9:58 I Sold -1 IRON CONDOR SPX 100 (Weeklys) 15 MAR 24 5125/5155/5120/5090 CALL/PUT @18.40 LMT
    Got nervous the way things were going and closed it @ 10:39 for $18, $40 before commissions.
    
    Tried again @ 10: 43, sold -1 IRON CONDOR SPX 100 (Weeklys) 15 MAR 24 5135/5165/5130/5100 CALL/PUT @15.95 LMT re-centering on the current price which was around 5131.50. Looked like price had calmed down a bit, weekly EM is just above @ 5138. Of course if I had sit on the first trade I would be out w/10%. I need to work on my discipline.
    - davidm501 9:31 am on Friday, March 15, 2024
      
      Stopped out. Obviously should have stuck with my original trade.
      Stop limit side of the bracket order was 18.80/19.10, once again the limit order dictated the price of $19.10.
      Still working on the rules, for me I don’t like the risk of going early even with the extra premium received. A quick run through the data I have been keeping shows that starting at right around the open most days the IC value does not drop and is frequently higher between 9:45 and 10:0o. I will be opening the trades in this period.

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