Jeff 6:34 am on Thursday, December 12, 2024
Tags: spx0dte ( 421 )

SPX 0-dte trades for 12/12/24

#SPX0dte Sold to Open $SPX Dec 12th 6015/6035-6105/6125 condors for .70, IV 12.03%, deltas -.08 +.04

Pretty low premium for a narrow condor, but it filled on the down move.

Jeff 6:44 am on Thursday, December 12, 2024

Sold 6040/6070-6075/6100 condors for 10.70, IV 12.19%. Unbalanced wings to avoid strikes in other condor.
- Jeff 7:15 am on Thursday, December 12, 2024
  
  Stopped for 12.00. Such a bummer week, although still in profit. This one looked bad from the start, but ALMOST got to my 10% on the last spike up. Such a reverse from yesterday when the upside stopped me out. Now gotta manage the 6035-6015 put spread from first condor.
  
  Was hoping to just skate by with these two trades and take tomorrow off. I will probably still do that and just take my small profit for the week.
  - Jeff 7:24 am on Thursday, December 12, 2024
    
    ….and there’s the 10% profit… reached down to barely breach my stop, then offers the profit. Almost like specifically to kill my trade!
    - geewhiz112 8:06 am on Thursday, December 12, 2024
      
      Our orders including stops are sold to folks who check for pockets of stops they can drive down to, take us out of our position and then ride themselves to profits. Or, am I angry and paranoid? 😉
      - Jeff 8:45 am on Thursday, December 12, 2024
        
        I don’t think the entire S&P 500 is driven down to take out MY stops. But regardless, I don’t enter my stops as pre-orders. I handle them manually once levels on the chart are broken.
Jeff 7:25 am on Thursday, December 12, 2024

Closed 6035/6015 put side for .30, because I don’t trust it.
- Jeff 7:36 am on Thursday, December 12, 2024
  
  Was shooting to finish the week with around 5.00 profit but settling for 2.30. Coincidentally, I made 2.20 on the long strangle trade on Monday. So throwing a little something different on the fire can make or break a week when your usual strategy ain’t quite cutting it. (however I also tried one on Wednesday that lost me .60)
  
  I also know that my stops may be too tight on the 5-point-centered condors. But I’ve kind of settled on this, as it is a risk averse approach. On a strong move past stops, these trades put you in the hole deeply and quickly. I’d prefer to be able to get out for zero to two bucks on these rather than 4 or 5. This trade *most often works* for 10%. But three or four 10% wins can be wiped out with one 5-dollar loss.
  
  Reviewing this week, I took two shots at split exits that both failed, costing me 1.20 total (both trades were profitable but the 2nd exit getting stopped cost me). I probably need to be more careful with these, at least as long as this market remains as choppy as it has been.
  - Jeff 9:46 am on Thursday, December 12, 2024
    
    My trade could have been a great one since we are consolidating today, so I went ahead and entered again for 7.70, closed for 6.95. That puts me above 3.00 for the week so I’m happier.
    - Jeff 9:48 am on Thursday, December 12, 2024
      
      Actually, my order was for 6.95 but actually filled for 6.90, due to a pretty sharp jump up at 12:45 ET.