Jeff 5:50 am on Thursday, May 23, 2024
Tags: spx0dte ( 421 )

SPX 0-dte 5/23/24

#SPX0dte May 23rd 5315/5345-5350/5380 condors for 15.25, IV 18.77%, at 8:46 ET

Jeff 7:18 am on Thursday, May 23, 2024

Stopped for 20.50, so 5.25 loss. Wipes out my profit for the week and puts me a bit into the red. Stop level was hit when premium hit 18.25 but just could not get a bounce, so I hoped for some bounce off yesterday’s closing level and got it.
- Jeff 7:48 am on Thursday, May 23, 2024
  
  Sold 5280/5310-5315/5345 for 14.55, IV 19.76%, tight leash
  - Jeff 8:01 am on Thursday, May 23, 2024
    
    Nope. Out for 15.20. Index dropped 14 points pretty quickly. Trade is pretty resilient that premium only went up by about a buck.
- hcgdavis 1:06 pm on Thursday, May 23, 2024
  
  Dailys are tough, they are binary. If you are making money on them awesome and will watch how you are doing it. Never have much luck with the dailys unless written against a longer term position.
  - Jeff 6:12 am on Friday, May 24, 2024
    
    Performance has been mixed on the tight condors so far, mostly due to clunky handling of positions like the one in this post, where market moves strongly. But they are my preferred trade now in less volatile periods. My wide condor trade I have been doing for a few years became less lucrative around summer 2023 when the distance between -.06 and +.06 deltas became narrower. Now I use these only when volatility is high, like during Downside Warnings or even today (Friday), after yesterday’s outsized drop.
    
    If you click on: #SPX0dte you can see some recent posts. These trades can be repeated during the day, like last Friday when I profited from 3 rounds.

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