Jeff 5:40 am on Friday, August 30, 2024
Tags: protectprofits ( 12 ), spx0dte ( 421 )

SPX 0-dte for 8/30/24

#SPX0dte Sold to Open $SPX Aug 30th 5525/5545-5670/5690 condors for 1.05, IV 22.49%, deltas -.06 +.05

#protectprofits

Jeff 7:36 am on Friday, August 30, 2024

Sold 5595/5625-5630/5660 condors for 16.45, IV 22.04%
- Jeff 8:04 am on Friday, August 30, 2024
  
  Stopped for 17.00. I will wait to see some new consolidation before trying again. #protectprofits
Jeff 9:02 am on Friday, August 30, 2024

Closed put side for .30
- Jeff 10:19 am on Friday, August 30, 2024
  
  Sold 5570/5600-5605/5635 condors for 13.55, IV 23.44%
  - Jeff 10:50 am on Friday, August 30, 2024
    
    Closed for 12.00, about 11%. Will breathe a bit then look for another entry.
    - Jeff 11:50 am on Friday, August 30, 2024
      
      One last try: Sold 5585/5610-5615/5640 condors for 9.35. 25-pt wings, since premium too low on the 30-pt
      - Jeff 12:34 pm on Friday, August 30, 2024
        
        Stopped out for 13.60. Well, I tried, but only made the week worse in the end. I actually did enter this last one at a good time for consolidation, got about six 5-min bars, but premium would not drop at all. Guess someone knew this move would happen. Gave back last two weeks of wins. Really sucks. I have to review how it went down more closely. I think there may have been a sign to stop trading the tight condors for a few days, given the whipsaw nature of the last three days. I just need to figure out what that sign was.
        
        Hawk 7:08 pm on Saturday, August 31, 2024
        
        Sorry, I know too well that feeling. In spirit of learning together and no insult intended, it may help to check this last trade against your own rules for this strategy and see what may have been violated, ex. width, premium, time left, and stop etc.
        
        To me that trade had a much higher risk compared to your earlier winner, with a much worse R/R and very little time left. Of course if you are at the desk and can manage a tight stop it shouldn’t matter as much. I suck with managing losers, so I try to only put on structures with more tolerable risk. Occasionally if I feel SPX may pin to a strike, I would put on a 10-15 wide BF in the pm, only if it could provide at least 6x max return. much smaller in size as it’s low prob.
        
        Jeff 5:39 am on Tuesday, September 3, 2024
        
        You are correct. The trade was ill-advised, mainly because there had not been sufficient consolidation during the day. However, a bigger sign I saw to bail was the premium wouldn’t drop in the 30 minutes of consolidation i did get. I believe this was a sign that another move was in store for the last hour and I should have bailed breakeven.

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