Jeff 5:59 am on Monday, March 25, 2024
Tags: spx0dte ( 421 )

SPX 0-dte 3/25/24

#SPX0dte At 8:56 ET, sold to Open $SPX Mar 25th 5200/5230-5235/5265 condors for 14.85, IV 14.45%

Jeff 6:02 am on Monday, March 25, 2024

Just realized I positioned this wrongly… I was 10 points too high; centered would have been between 5220 & 5225. This shouldn’t matter too much, however. I got higher premium for it being off centered and regardless of which way I’m leaning price should decay.

It will matter some, however… the decay will be at a slower pace than a centered condor because the price at close would be 10.00 rather than zero, if it closes on the mark. So I’ll need to get out at 10% and not push it.
- Jeff 6:32 am on Monday, March 25, 2024
  
  Already got 10% at 9:32. I needed only a small rise since I was positioned bullishly. Closed for 13.25.
  
  May look to reload, this time centered properly.
  - Jeff 6:38 am on Monday, March 25, 2024
    
    ROUND 2: At 9:38, sold to open $SPX Mar 25th 5190/5220-5225/5255 condors for 11.30, IV 13.34%
    
    Order to close at 10.00
    - davidm501 6:53 am on Monday, March 25, 2024
      
      @ 11:38 SELL -1 IRON CONDOR SPX 100 (Weeklys) 25 MAR 24 5225/5255/5220/5190 CALL/PUT @11.35 LMT
      
      Smallest I have sold.
      Limit: 10.20
      bracket:
      stop limit: 13.35/13.50
      - davidm501 6:54 am on Monday, March 25, 2024
        
        Make that @ 9:38.
        
        davidm501 8:22 am on Monday, March 25, 2024
        
        Out @ 10:30, hjit the limit order 10% for $10.20. Did not make much on that one but as i was away from my desk I could not do anyting further . (to screw it up)
      - matt0311 7:54 am on Monday, March 25, 2024
        
        Aren’t you using bracket-orders? I have a question to your fills of any stop loss limit orders. I realized that I am always get a fill at the limit and never at the stop (which would be a surprise) but also not between the stop and the limit. What is your experience?
        
        davidm501 8:24 am on Monday, March 25, 2024
        
        The bracket orders have gone for the limit every time. I am am guessing at how much room to give it and am not sure how to handle it better. My thought is to tighten it up and set an alert if I will be available to check it. That is not today.
        
        matt0311 8:29 am on Monday, March 25, 2024
        
        Thanks. I tried to play a bit today and moved the stop loss order lower and lower to secure profits and still having the opportunity to make more with a very low profit taking order. Worked to a certain extend, but at some point I was to cute and order was triggered. Order was 10.20/10.35 and was filled at 10.35. Naturally now we are somewhere at 8.20.
        
        davidm501 9:22 am on Monday, March 25, 2024
        
        Sort of what happened to me on Friday.
    - Jeff 7:37 am on Monday, March 25, 2024
      
      Closed for 10.00 at 7:34. Double dip today for 2.90
      
      My early morning error ended up being a benefit, and also an unintended experiment. If you have a bias and think the index will move even slightly in a certain direction, an off-center condor can be a quick profit. The risk if your wrong, however, is greater, in that premium would have risen quickly had SPX dropped rather than risen at the open.
      - davidm501 8:26 am on Monday, March 25, 2024
        
        I had mentioned that my son is actively day trading. Most of what he is doing is 30 wide IB with a directional bias.
        
        Jeff 10:57 am on Monday, March 25, 2024
        
        How has he done when he picked wrong direction?
        
        davidm501 12:42 pm on Monday, March 25, 2024
        
        Not well. He has had many very profortable days but always by taking excessive risk. He took a huge hit a couple weeks back by taking too many IBs and not getting out when they started going the wrong way, too convinced that he was right and things would turn around. This may have been enough for him to add a bit more focus on risk. He has shrunk his position size and has imposed a reasonable daily target after which he shuts down for the day. No huge hits since then.
geewhiz112 7:12 am on Monday, March 25, 2024

Took the “centered properly”
$SPX STO 3/25 5195/5225-5265/5235 at 12.00 at 9:35. Bad skew put versus call side
$SPX BTC 3/25 5195/5225-5265/5235 at 9.50 at 10. I had order in and it was executed. 21% of max gain.
Thank you

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