Jeff 5:55 am on Wednesday, May 21, 2025
Tags: spx0dte ( 421 )

SPX o-dte trades for 5/21/25

#SPX0dte Sold to Open $SPX May 21st 5805/5825-5975/5995 condors for 1.20, IV 26.88%, deltas -.06 +.06

Jeff 7:51 am on Wednesday, May 21, 2025

Closed puts for .15. It seems the gap between closing at .10 and .15 can be significant on these 6-delta condors.
- geewhiz112 8:18 am on Wednesday, May 21, 2025
  
  I was able to close the puts for .10 but I sold the 5820/5840 put spread at the open
- Jeff 10:14 am on Wednesday, May 21, 2025
  
  Closed calls for .10
  - Jeff 10:29 am on Wednesday, May 21, 2025
    
    Damn, today i was worried about down side which is why I upped the close from .10 to .15. Wish I’d reloaded long for .05!
Jeff 10:26 am on Wednesday, May 21, 2025

This week paper trading the 20-delta condors (idea from @hcgdavis). 30 minutes before the open, sell first delta UNDER 20 on each side with 20-point wings. These are going for about 4.50 lately. They usually hit $1 profit a few minutes after open and $2 profit not much later. Stop can be $1 or $2 loss, based on your preference. Monday’s spread lost quickly (any neutral trade lost that morning), but Friday, yesterday and today worked great. Today was the 5855/5875-5960/5980 at 9am (ET) for 4.40. It hit 3.40 at 9:42, 2.40 at 10:09, and 1.40 at 11:36.

I’m considering progressive stops… for instance, today after 1.50 profit was hit (2.90), my new stop became 3.40, thus guaranteeing the $1 profit. Similar move after the 2.50 mark is hit.

Yesterday also got down to $3 profit at 11:37 without being stopped. Monday hit $1 stop quickly and just got worse. Friday hit $2 profit by 10:05, got close to $3, but then reversed and took the stop at $2 profit at 10:45.

Perhaps Monday should have been avoided due to over 1% move on SPX before the open. That could be a metric to skip the trade. I plan to start these live next week.
- matt0311 3:32 pm on Wednesday, May 21, 2025
  
  I have realized quite some difference in the SPX Delta’s between TOS, IAB, and Tastyworks. It is larger before market opens and the first few minutes after open. I have seen 3 Delta difference often. Which one do you trust the most at 30 minutes before open?
  - Jeff 6:27 am on Thursday, May 22, 2025
    
    I only really look at TOS, and I can tell the deltas are off based on relative distance to Futures price and also difference in premium. I don’t trust delta readings on IB. On days with bad delta reads it is significant at 6 delta, but less so as you move toward ATM. So the 20-delta strikes seem more accurate.
    
    I’m assessing whether to sell these 20d condors before market or after open. I think during volatile periods waiting for open may be best, as decay before the open only seems to happen on quieter days.

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