Jeff 5:27 am on Tuesday, April 23, 2024
Tags: spx0dte ( 421 )

SPX 0-dte trades 4/26/24

#SPX0dte Sold to Open $SPX Apr 23rd 4940/4960-5070/5090 condors for 1.20, deltas -.06 +.06, IV 23.38%

Jeff 6:52 am on Tuesday, April 23, 2024

Call side stopped out for 1.60. Economic data at 9:45 drove SPX up into my stop. The news was “not good,” meaning traders may think it will encourage rate cuts. But we already pulled back from the highs giving me a decent exit with only a small loss. May add additional spreads.
- Jeff 8:21 am on Tuesday, April 23, 2024
  
  ROLL: Sold $SPX Apr 23rd 4990/5010-5100/5120 condors for 1.15, IV 24.34%, deltas -.07 +.08
  
  Slightly aggressive, I will watch closely.
  - Jeff 9:08 am on Tuesday, April 23, 2024
    
    When I put this last trade on I also looked at the 5-wide condor, going for 15.00. I would have made the 10% already (1.50), whereas on the wide condor I’m only up .30.
    
    A strong move in either direction would have probably meant a similar stop/loss on either trade. It is probably better to lean toward the narrow condor if BOTH of your options are reliant on the absence of a big move. The time required is much shorter.
    - Jeff 9:15 am on Tuesday, April 23, 2024
      
      Since I switched to wide condors last Monday, here are the widths of the middles I have gotten with the pre-open entry time:
      
      120 (monday the 15th)
      175
      145
      135
      160
      125
      110 (today)
      
      The first day was the biggest move and far outside the expected move. That jacked up the IV for the second day, but since then it has steadily decreased. It’s probably time to switch back to tight condors, since I feel 100-110 is not wide enough for the 6-delta ones.
  - Jeff 9:56 am on Tuesday, April 23, 2024
    
    Closed 5100/5120 call side for .35. I have no problem admitting I’m nervious about the upside right here. I’m leaving put spreads to expire unless threatened.

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