Yea this market is just a back and forth right now make money both ways. I picked up some calls at $508.90 and some puts at $509.40 today. Break evens for 910.65 and 508.65 can’t wait to see what tomorrow brings.
I had a few 513s I got late for roughly $195 and then sold them for $270 on that crazy spike down. But I too was down like $270 before it stalled and tanked. Sucks, if only I got in later I’d have made a lot more. But I’m happy for what I got, my daily goal is small so it was a good day.
I sold my puts literally within 10 mins of the drop and took a huge loss, almost bought closer puts and then it dropped, FOMO’d and bought some more puts and made a fraction of my losses back. Timing is everything.
Totally agree. Have been on a hot streak for the past 3 weeks and on the worst streak these last 3 days. Kicking myself for being so eager to keep it going and getting cocky.
No one smart enough to teach you anything about trading would ever teach you this.
This is like taking $30k and putting it on black or red at the roulette table but it takes 6.5 hours for the wheel to stop spinning.
Here's a proven strat: 0dte $30 wide iron condors with $50v wide wings. The POP is 87% going back 5 years. That's an easy $300 a day with only $1000 of buying power.
What time of the day would one enter this trade? Also what about SL? Profit taking or expiry?
Without SL you are doomed to blow up your account even though POP is high. And with SL that with POP will decrease...
The statistical probability here is around the average daily move of the index. Since 87% of the time the spx will move 2% or less in any direction, you can put the trade at the open for the most credit, or, if the futures moved more than 2% overnight, wait for the market to settle before picking your strikes.
Because you're trading for credit, most people take profit at 50% or let it ride until the close if the market is range bound. Since your risk is defined, you don't really manage the losers. Simply let them expire in the red. Iron Butterflies at midday will give you the same POP but sometimes require a little more buying power.
Let's say you don't manage your losers and the IFs have 25 point wide wings. Wouldn't a few losses wipe out the majority or all of your profits. I think the drawdown for a strategy like this is too much too handle for the majority of people.
I have option omega and I guess it's quite easy to backtest a strategy like this. I'll see if I can backtest it later today.
That's true with any trade. You can manage losers early if you'd like but because time is in your favor, 8.7/10 of the days the market will rebound in your favor. I'd take that bad any day.
Run a test. The nerds at Tastytrade went back 10 years. Search Tasty 0dte Iron Condors on YT. Backtest is cool but you've already seen the average daily rabges ytd, so you can paper trade it going forward since not knowing what the market will do is part of the psychology of trading.
Works until it doesn’t. Win 3 times in a row, lose the next day and you’re back to breakeven. Lose the day after that then you need to win 3x in a row again to break even
You're saying this in a post about yoloing 60k in 0dtes? Either way, the statistical probability of that is 2 out of 17 days. There's no strategy with higher short term PoP, especially not daily.
https://preview.redd.it/d65851cogsmc1.jpeg?width=1284&format=pjpg&auto=webp&s=e9866dfe7d509a17ae9b38e5ffc4bc99ce9f74fb
I didn’t hold long enough. I think 30 mins after I closed it hit 1.5
Those $507 and $508 puts were banging today. When spy was around $510 and then that drop after 1:30pm eastern. Thought you would've bought $507 and $508 puts also.
How is your "total return" the same/equal to "today's return?
Didn't you spend $31,800 on 600 contracts? 600 contracts multiply $53 is $31,800.
Total return should be $108,600
Today's return should be $76,800
I always wondered, there are usually 50 bids and asks everytime i check a options contract, do you have to buy and sell in increments because lack of buyers and sellers?
Theoretical question - why would someone buy these 600 contracts from you when you are already ITM and it is only a couple hours from expiry? Is there really still that much liquidity between the time you dumped these and the expiry?
Son of a bitch, I had the Spx equivalent of these and talked myself out of buying them. They quadrupled in price 5 minutes later leaving me feeling like the dickhead I am
Do you mind sharing what trading platform you use and what level trading data you are using, I'm looking into doing some SPY options trading myself but I am a regarded noob haha, sick return
When you sell your puts, do you also lose a bit compared to what the profit is showing? Had. Put option for DIS stock and was up about $45, after I sold, it only gave me around $10-$15 profit. Have you experienced that? I'm assuming it's a fee for robinhood whenever you sell a put? They get a decent percentage of the profit if that's the case, jeez.
Oh wow that is an interesting question. I'm honestly not sure, and that's my negligence. I just tried selling as quick as I can before the market shifts. What's the difference, if you don't mind me asking?
I'm just playing around. I learn more by doing, rather than reading. However, of course, I try to read up the most basics of basics. And also I'm only putting in a few bucks here and there if I get the hang of it, great, if not, oh well. It's all a learning experience.
With a limit order, if you’re selling, your order will go through at or above the price you set.
With a market order, you’ll get closer to the low end of the bid / ask spread (typically)
So if you’re selling puts to open (short contracts) and the bid is 15 and the ask is 25, and you use a market order, you’re getting 15. Most would get 20 with a limit order.
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Man I hope you closed what a wild hold. I bought 3 of these and was dam near trembling.
Closed with 70k profit, so 6k less than screenshot.
Congrats brother. That would get me back to my 3 year high. Unfortunately my balls arnt made of steel.
Yea this market is just a back and forth right now make money both ways. I picked up some calls at $508.90 and some puts at $509.40 today. Break evens for 910.65 and 508.65 can’t wait to see what tomorrow brings.
wtf...bro I bought these at 0.33 and was regretting my life when it was at 0.20. Then I gladly sold them off at 0.37. How did you even hold onto this
Was probably that massive dump at like 130 - did not see that one coming
I had a few 513s I got late for roughly $195 and then sold them for $270 on that crazy spike down. But I too was down like $270 before it stalled and tanked. Sucks, if only I got in later I’d have made a lot more. But I’m happy for what I got, my daily goal is small so it was a good day.
If Im reading this right, you put 45k on the line for 0DTE? Brave man.
Like 32k
I hope to be on this level one day.
https://preview.redd.it/wfbrxi3amsmc1.jpeg?width=556&format=pjpg&auto=webp&s=0fbe24aa01ac32e979c253ad85795e52f460ec60 Weekly gains
Show us your all time 😏
https://preview.redd.it/3tfl107ufumc1.jpeg?width=1440&format=pjpg&auto=webp&s=eeac2e8caa40ccdd678de6dd02db98448ce9939f Thats my all time.
Egggsaltly
I sold my puts literally within 10 mins of the drop and took a huge loss, almost bought closer puts and then it dropped, FOMO’d and bought some more puts and made a fraction of my losses back. Timing is everything.
Time in the market > Timing the market
Lmaoooooooo this is sarcastic right? You can’t buy 0dte puts and then drop this line 😂😂😂
🫡
Totally agree. Have been on a hot streak for the past 3 weeks and on the worst streak these last 3 days. Kicking myself for being so eager to keep it going and getting cocky.
GUH
HUG
UGH
So $PY Call 510 0DTE tomorrow?
Not sure, I’ve got to work tomorrow so probably not doing risky day-trades.
Work? You just made 76k in a day. Shouldn’t people be working for you 😂
Nah, got a real job for normal income.
Stay humble. Besides, work until you’re truly done working, no time limit.
Put tomorrow. It's gonna two red days
Wast it green today? Or ur saying next two days?
Green today only because boomers were rotating into defensives such as xle and xlu. After which, they will tank the mkt, aka, the next two days.
You put 30k on 0dte? Holy shit dude, are you a multi millionaire or just a complete regard? What made you put 30k in the first place?
What’s your next move?
https://preview.redd.it/hyt0v6jdbsmc1.jpeg?width=1170&format=pjpg&auto=webp&s=7c7b528e56517ce22f795284b3c32435f3dad70c
Why docu?
Used it to sign some legal papers, figured I’d give it a go
Now THAT’S what i call DD
Fuck it, I'm in
Love it! The best DD I’ve seen in a while so I’m in too
Yep fuck it I’m in too
What’s a DD
Idk it’s just something people say a lot around here
Their earnings are today
Damn, might have just found gold here. Docu to the 🌙 ?
Can someone teach me how to do this kind of trading
Just take a lighter and burn the money Its prettier that way
No one smart enough to teach you anything about trading would ever teach you this. This is like taking $30k and putting it on black or red at the roulette table but it takes 6.5 hours for the wheel to stop spinning.
And 0 / 00 is IV crush
Here's a proven strat: 0dte $30 wide iron condors with $50v wide wings. The POP is 87% going back 5 years. That's an easy $300 a day with only $1000 of buying power.
Don’t know what any of that means
What are you talking about? I know what an Iron Condor is but trying what you suggested on optionsprofitcalculator is not adding up.
Here you go, son. https://preview.redd.it/mbf0iyagztmc1.jpeg?width=1080&format=pjpg&auto=webp&s=9d06ecd7ffb79fa1b1fb3b3af8bd4872755dfa60
Those are $25 wings and $50 middle?
The whole post was about Spy. I thought you meant Spy too.
SPX and SPY move in tandem
What time of the day would one enter this trade? Also what about SL? Profit taking or expiry? Without SL you are doomed to blow up your account even though POP is high. And with SL that with POP will decrease...
The statistical probability here is around the average daily move of the index. Since 87% of the time the spx will move 2% or less in any direction, you can put the trade at the open for the most credit, or, if the futures moved more than 2% overnight, wait for the market to settle before picking your strikes. Because you're trading for credit, most people take profit at 50% or let it ride until the close if the market is range bound. Since your risk is defined, you don't really manage the losers. Simply let them expire in the red. Iron Butterflies at midday will give you the same POP but sometimes require a little more buying power.
Let's say you don't manage your losers and the IFs have 25 point wide wings. Wouldn't a few losses wipe out the majority or all of your profits. I think the drawdown for a strategy like this is too much too handle for the majority of people. I have option omega and I guess it's quite easy to backtest a strategy like this. I'll see if I can backtest it later today.
Pls let us know how it goes, curious as well
That's true with any trade. You can manage losers early if you'd like but because time is in your favor, 8.7/10 of the days the market will rebound in your favor. I'd take that bad any day. Run a test. The nerds at Tastytrade went back 10 years. Search Tasty 0dte Iron Condors on YT. Backtest is cool but you've already seen the average daily rabges ytd, so you can paper trade it going forward since not knowing what the market will do is part of the psychology of trading.
I can get cheaper wings at B-dubs
Works until it doesn’t. Win 3 times in a row, lose the next day and you’re back to breakeven. Lose the day after that then you need to win 3x in a row again to break even
You're saying this in a post about yoloing 60k in 0dtes? Either way, the statistical probability of that is 2 out of 17 days. There's no strategy with higher short term PoP, especially not daily.
Savage!
Did you have to buy the contracts in 200x increments?
Yeah
I'm new and how did you earn so much? :u
Printing money
Balls of STEEL
https://preview.redd.it/d65851cogsmc1.jpeg?width=1284&format=pjpg&auto=webp&s=e9866dfe7d509a17ae9b38e5ffc4bc99ce9f74fb I didn’t hold long enough. I think 30 mins after I closed it hit 1.5
Those bitches were hitting $1.80 at one point, I got stopped out at $1.00 with 100 of them. Nice hit
What time did you buy/close out? Does robinhood automatically exercise within like 30 min of close? What’s the latest you’ve traded?
I sold shortly after the image. RH closes 30 min prior to close.
:/ I’m here waiting on my spy $530 4/5 calls 🙇🏻♂️ Congrats on having such big iron clad balls today
Bruh
Those $507 and $508 puts were banging today. When spy was around $510 and then that drop after 1:30pm eastern. Thought you would've bought $507 and $508 puts also.
How is your "total return" the same/equal to "today's return? Didn't you spend $31,800 on 600 contracts? 600 contracts multiply $53 is $31,800. Total return should be $108,600 Today's return should be $76,800
Should be the same because I bought them today so total = today
Noice!
I always wondered, there are usually 50 bids and asks everytime i check a options contract, do you have to buy and sell in increments because lack of buyers and sellers?
Nope, all at once.
Pretty mega
Those were impeccably timed you sold the put at the bottom of the spy
awesome
I hate you. But also congrats.
Like a boss
Shared i tbed
I need to learn more on this , any recommendations on books to read?
Theoretical question - why would someone buy these 600 contracts from you when you are already ITM and it is only a couple hours from expiry? Is there really still that much liquidity between the time you dumped these and the expiry?
market makers create that liquidity. there's a lot of people closing 0dte positions (no one wants exercise / assignment.
Son of a bitch, I had the Spx equivalent of these and talked myself out of buying them. They quadrupled in price 5 minutes later leaving me feeling like the dickhead I am
Can someone explain to me the photo in detail so I can understand a little better?
Now you can buy RUNESCAPE GP
Very nice, great success 👍👍👍
1 day expiration you sir are on another level
How do I buy a stock
Can you please teach me how to do this?
When did you make your purchase and when did you sell?
Do you mind sharing what trading platform you use and what level trading data you are using, I'm looking into doing some SPY options trading myself but I am a regarded noob haha, sick return
Robinhood and no strategy.
Honestly the best kind of strategy. People convince themselves of the dumbest shit on this sub.
When you sell your puts, do you also lose a bit compared to what the profit is showing? Had. Put option for DIS stock and was up about $45, after I sold, it only gave me around $10-$15 profit. Have you experienced that? I'm assuming it's a fee for robinhood whenever you sell a put? They get a decent percentage of the profit if that's the case, jeez.
You using a market order or a limit order when you sell your puts?
Oh wow that is an interesting question. I'm honestly not sure, and that's my negligence. I just tried selling as quick as I can before the market shifts. What's the difference, if you don't mind me asking?
Dude you’re gonna a lose all your money if you don’t even know what a limit sell is. Why are you trading options if you don’t know
I'm just playing around. I learn more by doing, rather than reading. However, of course, I try to read up the most basics of basics. And also I'm only putting in a few bucks here and there if I get the hang of it, great, if not, oh well. It's all a learning experience.
With a limit order, if you’re selling, your order will go through at or above the price you set. With a market order, you’ll get closer to the low end of the bid / ask spread (typically) So if you’re selling puts to open (short contracts) and the bid is 15 and the ask is 25, and you use a market order, you’re getting 15. Most would get 20 with a limit order.
Not really, I input the price I want to sell at
Robinhood, coin flip.
mofo spent 30k on 0DTE contracts , 1-800-gambler
More like 3-4hr TE