Jeff 5:47 am on Wednesday, July 23, 2025
Tags: spx0dte ( 421 )

SPX 0-dte trades for 7/23/25

#SPX0dte Sold to Open $SPX July 23rd 6265/6285-6365/6385 condors for 1.05, IV 14.21%, IB deltas -.08 +.06

Jeff 6:24 am on Wednesday, July 23, 2025

After looking at my trade records I’ve decided to move my trade stops on these wide condoirs to short strike breach. I have made 120 of these trades this year (not every trading day), but it has only turned a minimal profit due to so many stop-outs. But of those stops, only 15 followed through to actually breach the short strike. Estimating a $6 price for stopping out during the breach (which I believe is above what the average cost will be), my trades would have earned an additional $50-$70 in premium in 2025. At least until the nature of the intraday action changes, that’s worth making this change.

I’m also holding off on the 20-delta tighter condors for now, given the recent spate of large morning moves.
- Jeff 7:33 am on Wednesday, July 23, 2025
  
  Sold 6295/6325-6330/6360 condors for 11.60, IV 14.09%
  - Jeff 8:59 am on Wednesday, July 23, 2025
    
    Damn! Stayed greedy and got stopped out for 11.70. I had a Trail limit at .80, but also had a safety Trail MKT at 1.50. That’s the one that hit…. the stop was around 10.60 but the FILL was a 1.10 more because the spike was so strong. Premium got as high as 18.00 on this spike.
    
    So therein lies the dilemma on these trades. Some can ride for hours and net 7 or 8 dollars or more. But usually, you just gotta find a place to take profits. This one got almost down to 9.00. I think in this market, with too many tweet-driven spikes, I gotta settle for 10-20%.
    - geewhiz112 9:19 am on Wednesday, July 23, 2025
      
      It’s a roller coaster market right now. Trend up but daily churn is becoming norm.
    - Jeff 9:37 am on Wednesday, July 23, 2025
      
      Closed 6365/6385 call side for .10. I’m on the fence as to whether to close each side cheaply or let them expire. I’m especially leery of the 9%+ day when Trump tweeted a delay in tariffs. Today I was trying to close the short call only (not the spread) for .10 before the big spike, but wasn’t filled.
      - Jeff 10:47 am on Wednesday, July 23, 2025
        
        Rode the 6310/6335-6340/6365 condors from 8.20 to 7.00, this time getting out before stops hit.

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