#SPX5dte (formerly #SPX7dteLong) I started this during the depths of the pandmeic-panic in April 2020. I was getting blown out on my #SPX1dte strategy with gap opens that hadn’t happened in years, and I realized it was pretty much guaranteed that the market would move more than 20 points each week. I stuck with it and it turns out it has been a workable strategy even in quieter times. After a weaker performance in Jan-Jun 2021, I started being more active with exits, rather than waiting for expiration. That as helped and you can see the trend improving in recent months. Happy to answer questions, and I can provide more details in the coming weeks.

The chart is tracking PER OPTION gains and losses, so does not account for quantities. Currently, for every $15,000 in each account, I am buying 1 condor per expiry in this strategy, and simultaneously 1 condor per expiry in my #SPX1dte strategy. So for this strategy from April 2020 to present I have made 10K for every 15K in each account.

#SPX5dte Officially changing the name of my long trade to #SPX5dte from the gangly and inaccurate #SPX7dteLong.

Bought to Open $SPX Oct 22nd 4460/4480-4490/4510 condors for 14.85, with SPX at 4483.

Expiring with max credit of 20.00: Oct 18th 4365/4385 call spreads. Condors bought for 17.30 last Tuesday.

#SPX1dte Expiring worthless: Oct 18th 4380/4400-4515/4535 condors, sold Friday for 1.05.

#SPX1dte Sold to Open $SPX Oct 18th 4380/4400-4515/4535 condors for 1.05, SPX at 4468, IV 8.6%, deltas -.07 +.07

Expiring: Oct 15th 4345/4365-4485/4505 condors, sold yesterday for .95

#SPX5dte Expiring at max credit of 20.00: Oct 15th 4385/4405 call spreads, bought Monday for 17.20. Puts sold yesterday for .80, so total profit of 3.60.

Officially changing the name of my long trade to #SPX5dte from the gangly and inaccurate #SPX7dteLong.

#SPX7dteLong Bought to Open $SPX 4415/4435-4445/4465 condors for 15.75, with SPX at 4438.

#spx1dte

#SPX7dteLong Sold to close $SPX Oct 13th 4415/4395 put spreads for 16.75. Still holding call side. Condors bought for 16.85 last Thursday. In the recent volatility I have been letting these expire, but after yesterday’s drubbing I need to return to closing these on swings.

#spx1dte

#SPX7dteLong Bought to Open $SPX Oct 15th 4355/4375-4385/4405 condors for 17.20, with SPX at 4384.

#spx1dte

#SPX1dte Sold to Open $SPX Oct 11th 4290/4310-4450/4470 condors for 1.20, SPX at 4396, IV 10.5%, deltas -.06 +.06

Expiring: Oct 8th 4310/4330-4465/4485 condors, sold yesterday for 1.10

#SPX7dteLong Expiring with max credit of 20.00: Oct 8th 4300/4320 call spreads. Condors bought Monday for 17.90.

#SPX7dteLong Earlier: Bought to Open Oct 13th 4395/4415-4425/4435 condors for 16.85, with SPX at 4418.

#SPX1dte Sold to Open $SPX Oct 8th 4310/4330-4465/4485 condors for 1.10, SPX at 4410, IV 13.4%, deltas -.06 +.06

#SPX7dteLong Sold to close $SPX Oct 6th 4340/4320 put spreads for 10.90. Still holding call side for any additional bounce today. Condors bought for 17.90 last Thursday.

#spx1dte

#SPX7dteLong Bought to Open $SPX Oct 11th 4335/4355-4365/4385 condors for 17.40, with SPX at 4360.

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#SPX7dteLong Bought to Open $SPX Oct 8th 4270/4290-4300/4320 condors for 17.90, with SPX at 4292.

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#SPX7dteLong Bought to Open $SPX Oct 6th 4320/4340-4350/4370 condors for 17.90, with SPX at 4341

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#SPX7dteLong Sold to Close $SPX Oct 1st 4455/4475 call spreads for .70. Condors bought Monday for 15.25. Puts sold for 15.30. So .75 profit.

Expiring today worthless: Sep 29th 4470/4490 call spreads. Condors bought for 15.95 last Thursday. Put side sold for 9.20 on Monday, so 6.75 loss.

#spx1dte

#SPX7dteLong Sold to close $SPX Oct 1 4445/4425 put spreads for 15.30. Condors bought for 15.25 yesterday. This is a breakeven move, but I still hold the call spreads until Friday. So any meaningful bounce, even today, will give me profit.

#spx1dte

#SPX7dteLong Sold to close $SPX Sep 29th 4460/4440 put spreads for 9.20. Still have the call side for two more days. Bought condors for 15.95 on Thursday.

#spx1dte

#SPX1dte Sold to Open $SPX Sep 27th 4355/4375-4500/4520 condors for 1.20, SPX at 4458, IV 9.2%, deltas -.06 +.09

Expiring: Sep 24th 4355/4375-4495/4515 condors, sold yesterday for 1.05

#SPX7dteLong Expiring at max credit of 20.00: Sep 24th 4330/4350 call spreads. Condors bought Monday for 18.20.

#SPX7dteLong Sold to close $SPX Sep 22 4415/4435-4445/4465 condors for 15.35. Bought for 17.05 last Thursday, so loss of 1.70. There’s too much risk of a face-ripping event after Fed announcement, so I had to take this off rather than wait for the close.

#spx1dte

#SPX7dteLong Bought to Open $SPX Sep 27th 4340/4360-4370/4390 condors for 18.00, with SPX at 4365.

#spx1dte

#SPX1dte Woke up at 4:30 to close put side: Bought to close $SPX Sep 20th 4330/4310 put spreads for 3.20. Condors sold for 1.05 on Friday. Looks like it would have been better to wait for the open, but market was falling all night.

#spx7dtelong

#SPX7dteLong Sold to close $SPX Sep 17th 4445/4425 put spread for 3.50. I’m kind of back on the bullish train, since the VIX has been tepid, but even so I sold this too early and we are dropping more.

#spx1dte

Yesterday:
#SPX7dteLong Bought to open $SPX Sep 17 4425/4445-4455/4475 condors for 17.10.
#SPX1dte Expired: Sep 13th 4370/4390-4525/4545 condors, sold Friday for 1.00.

Today:
Sold to close Sep 15th 4505/4525 call spreads for 2.50. Sold put side for 12.40 yesterday, so total. Bought for 16.10 last Thursday so 14.90 total, loss of 1.20.

#SPX7dtelong In pre-market, sold to close $SPX Sep 13th 4515/4535 call spreads for 8.00. Sold puts yesterday for 8.25, so 16.25 total. Condors bought for 14.70 on Wednesday, so 1.55 in profit.

#spx1dte

#SPX7dteLong Sold to close $SPX Sep 10th 4525/4505 put spreads for 5.00. Leaving call spreads for more upside.

Made the mistake of getting spooked by yesterday’s drop, and did not sell this put side then. I should have heeded the Upside Warning and closed it. But hopefully we can revisit the highs around 4545 tomorrow.

#spx1dte

#SPX7dteLong Bought to Open $SPX Sep 13th 4485/4505-4515/4535 condors for 14.70, with SPX at 4511.

Today’s 4535/4555 call spread will expire worthless, leaving me only with the 8.00 credit I got for the put side yesterday. Bought for 14.55 last Thursday so 6.55 loss.

#SPX1dte Expected to expire worthless: $SPX Sep 8th 4460/4480-4550/4570 condors, sold yesterday for 1.30.

#SPX7dteLong Sold to close $SPX Sep 8th 4525/4505 put spreads for 8.00. Saving call spreads for the hopeful bounce.

I was travelling last week so was unable to post. For the condor expiring today:
Purchased last Tuesday for 14.30
Sold put side on Thursday for 5.25
Sold call side Friday for 12.00
Total profit: 2.95

#spx1dte

#SPX7dteLong Sold to close $SPX Aug 27th 4485/4505 call spreads for 17.60. Put side sold for 2.75 yesterday so 20.35 total credit. Condors bought for 14.20 on Monday, so 6.15 profit.

#spx1dte

#SPX7dteLong Sold to close $SPX Aug 25th 4400/4420 call spreads for 19.70. Condors bought for 17.30 last Thursday.

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#SPX1dte Bought to close $SPX Aug 23rd 4480 calls for 1.00. Condors sold for .95 on Friday. Hit the stop early but kept missing the fills. Took a trip up to 10.00… now back below a dollar.

#spx7dtelong

#SPX7dteLong Sold to close $SPX Aug 20th 4470/4490 call spreads for .75. Puts sold for 8.40 on Tuesday, so 9.15 total credit off a purchase of 13.10, so 3.95 loss.

#spx1dte

#SPX7dteLong Sold to close $SPX Aug 23rd 4460/4480 call spreads for 8.50. Bought yesterday for 7.90.

My *guess* is that yesterday’s VIX spike was a head-fake and we are still going higher. But gotta follow my rules and dump out of this while some profit is available. Another dip would likely mean full loss, since I have no put side on this one.

#spx1dte

It actually is somewhat common for the first day after the Upside Warning fires that we get a pullback. It makes sense; it requires three straight days of low volatility to fire it, so a fourth day of some pullback seems in order. The UpW almost always works, but getting the timing right can be tough.

#SPX7dteLong
Sold to close $SPX Aug 16th 4435/4415 put spreads for 2.50. Looking for a bounce to close call side.

Sold to close $SPX Aug 18th 4450/4430 put spreads for 7.80. Still have time for the call side.

#spx1dte

#SPX7dteLong Sold to close $SPX Aug 13th 4460/4440 call spreads for 19.00. Put side sold for 2.45, yesterday, for 21.45 total, on purchase price of 14.10, means 7.35 profit.

#spx1dte

#SPX7dteLong Sold to close $SPX Aug 13th 4430/4410 put spreads for 2.45. Leaving call spreads for now. Condors bought for 14.10 on Monday.

#spx1dte

#SPX7dteLong Sold to close $SPX Aug 11th 4425/4445 call spreads for 15.10. Could not risk any further down move. Put side sold for 2.25 yesterday so 17.35 total. Bought for 15.05 last week, so 2.30 profit.

#SPX1dte Expected to expire worthless: Aug 11th 4365/4385-4465/4485 condors, sold yesterday for 1.00.

#SPX7dteLong Sold to close $SPX Aug 11th 4415/4395 put spreads for 2.25. Condors bought for 15.05 last Thursday. Saving call spreads to sell later today or tomorrow.

#spx1dte

#SPX7dteLong Bought to Open $SPX Aug 13th 4410/4430-4440/4460 condors for 14.10, with SPX at 4434.

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#SPX7dteLong Bought to Open $SPX Aug 11th 4395/4415-4425/4445 condors for 15.05, with SPX ar 4419.

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#SPX7dteLong Bought to open Aug 9th $SPX 4390/4410-4420/4440 condors for 15.20, with SPX at 4415.

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#SPX7dteLong Bought to Open $SPX Aug 6th 4380/4400-4410/4430 condors for 15.50, with SPX at 4398.

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#SPX7dteLong Sold to close $SPX July 30th 4410/4390 put spreads for 5.40. Tried to close at the open but was not filled, and then chased all morning as it only went up. Not a great way to start the day when I could have gotten over 12.00!!!

Hoping for a strong rally to get the call side ITM.

#spx1dte

#SPX7dteLong Bought to Open $SPX 4400/4420-4430/4450 condors for 15.05, with SPX at 4422. I compared this one to the 4395/4415-4425/4445, and it was going for about 25 cents cheaper. That seems to often be the case, that savings can be found if you look at the condor 5 point higher or lower.

#spx1dte

#SPX7dteLong Sold to close $SPX June 28th 4375/4395 call spreads for 14.75. Condors bought for 15.15 last Thursday. Took a small loss now as we could end the day lower. WIll get some from the put side if there’s any downward pressure over next hour or so.

#spx1dte

#SPX7dteLong Bought to Open $SPX Aug 2nd 4355/4375-4385/4405 condors for 16.75, with SPX at 4378.

#spx1dte

#SPX7dteLong Bought to Open $SPX July 30th 4390/4410-4420/4440 condors for 15.30, with SPX at 4415.

Expiring at full loss: July 26th 4260/4240 put spreads, bought last Tuesday for 5.65.

#SPX1dte Expecting to expire at full gain: July 26th 4330/4350-4450/4470 condors, sold Friday for 1.00.

#SPX1dte Sold to Open $SPX Juy 26th 4330/4350-4450/4470 iron condors for 1.00. SPX at 4407, IV 7.2%, deltas -.07 +.07

Crappy week because of the (thus far) head-fake Downside Warning. After taking a small loss on #SPX1dte trade Monday, skipped the trade for Wed & Fri. Took nice profit Monday on #SPX7dteLong but assumed more downside and took losses on Wed, Fri, and next Mon trades. Hopefully back to normal next week.

#SPX7dteLong Sold to close $SPX July 16th 4380/4360 put spreads for 12.00. Condors bought for 14.20 on Monday. Since bank earnings are good I’m banking on more upside into tomorrow’s close, so I can sell the call side. But if we go lower loss is only 2.20.

#SPX1dte Expired yesterday: July 14th condor, sold Tuesday for 1.35.

#SPX7dteLong Bought to Open $SPX July 19th 4350/4370-4380/4400 condors for 15.25, with SPX at 4374.

#spx1dte

#SPX7dteLong Bought to Open $SPX July 16th 4360/4380-4390/4410 condors for 14.20, with SPX at 4382.

#SPX1dte Expiring worthless when I didn’t want it to: LONG condor bought Friday for .80.

#SPX1dte STOPPED Bought to close $SPX July 9th 4365/4385 call spreads for 1.85. Condors sold yesterday for .95

#spx7dtelong

#SPX7dteLong Bought to Open $SPX July 14th 4305/4325-4335/4355 condors for 15.90, with SPX at 4326.

I forgot to buy one for next Monday… the holiday threw me off.

#spx1dte

#SPX7dteLong Sold to close $SPX July 7th 4320/4340 call spreads for 15.00. Condors bought for 13.10 last Thursday.

Leaving put spreads for possible further down move. I don’t trust that we will finish day OTM on the call spread so took profit now.

#spx1dte

#SPX7dteLong Bought to Open $SPX July 9th 4310/4330-4340/4360 condors for 13.75 with SPX at 4337.

#SPX1dte Expected to expire worthless: July 6th 4290/4310-4385/4410 condors, sold Friday for 1.00

#SPX7dteLong Sold to close $SPX July 6th 4270/4290-4300/4320 condors for 19.25. Bought for 13.85 on Tuesday.

#SPX1dte Sold to Open $SPX July 6th 4290/4310-4385/4405 condors for 1.00, SPX at 4350, IV 5.7%, deltas -.09 +.08

Today’s 1-dte looking like a loss, currently 6 points ITM.

#SPX7dteLong Bought to Open $SPX July 7th 4290/4310-4320/4340 condors for 13.10, with SPX at 43167. Another new record for lowest price paid for this strategy.

#spx1dte

#SPX1dte Expiring worthless: $SPX June 30th 4240/4260-4320/4340 condors, sold yesterday for 1.00
#SPX7dteLong Expiring with max credit of 20.00: June 30th 4275/4295 call spreads. Condors bought last Thursday for 13.60.

#SPX7dteLong Bought to Open July 2nd 4260/4280-4290/4310 condors for 13.35, when SPX was at 4283.

Expiring with max credit of 20.00: June 28th 4255/4275 call spreads; condors bought last Tuesday for 14.10.

#SPX1dte Expiring worthless: June 28th 4215/4240-4315/4340 condors, sold Friday for 1.00. Didn’t realize until now it was 25-pt-wide, rather than my usual 20.

#SPX7dteLong Bought to Open $SPX June 28th 4225/4245-4255/4275 for 14.10. Partially filled when SPX was at 4247. The rest filled before the bell.

Sold to Close June 23rd 4185/4205 call spreads for 19.40. Condors bought for 17.15 last Thursday. Taking profit early to avoid any surprises tomorrow.

#spx1dte

#SPX7dteLong Bought to Open $SPX June 25th 4200/4220-4230/4250 condors for 15.25, with SPX at 4224.

#spx1dte

#SPX7dteLong Bought to Open $SPX June 21st 4225/4245-4255/4275 iron condors for 15.70, with SPX at 4249.

#spx1dte

#SPX1dte Sold to Open $SPX June 14th 41890/4200-4270/4290 iron condors for 1.05, SPX at 4239, IV 6.7%, deltas -.10 +.07. Getting aggressive on deltas as we’ve been trading in a tight range and premium is pretty low. It is working and will continue to work, until it doesn’t!

#spx7dtelong

#SPX7dteLong Bought to Open $SPX 4215/4235-4245/4265 iron condor for 14.45, with SPX at 4237.

#spx1dte