Superfly!

Risking $1.15 to see if spx will stick 4800 to close the year

no, that was a total loss. Loss of $115 not something that hurts me. But it sucks, nonetheless.

My experiment with 0dte SPX trading so far, over the last few months, has been discouraging. I'd much prefer zooming out and trading credit spreads with a lot more time. That is easier and more reliable. I have another thread I started where I talk about trading the 45dte ICs with management at 21 days, per tastytrade mechanics: https://www.forexfactory.com/thread/...6#post14703576

However, the allure of getting paid every day is understandable. It might not be enough for me to go much further though. For one thing, I don't need the extra stress and workload of managing trades multiple times a day. And, I'd rather keep free buying power at a maximum so I can always manage longer-term trades that I am in.

I have been paper trading variations on the 0dte iron fly. If you are good at spotting consolidating markets, that looks like one of the easier ways to trade 0dte. This babe has some good vids on youtube on how she does it:

Probably shortest duration I will be going on ICs is 7dte, which I typically look to set up @ 2x the expected move (usually about -5 to -7 delta) and $25 wings. Even with current uberlow iv's, these ICs can usually return $2.00 +/-. Ideally these would run Monday to Monday & you'd be buying back both sides for a nickel. As usual, though, your market awareness will inform you about when to put the trades on, or when to keep them off.

alternative to a strangle - double verts, Wed maybe a good day, with ISM/Jolts at 1000 and FOMC minutes at 1400...

took a shot at a 0dte RUT fly for today, looking for a dovish Fed to boost RUT

took a shot on a pullback of opening SPX today....

Most trading days have these dead guts that are tailor-made for iron flys. Get in about 30-60 min past the open and be prepared to exit about 90 minutes b4 the close

Looking for a riskoff selloff today, could be worth a shot for cheap SPX put flys...

Great thread. I am doing some 1dte fly now and was searching online about them. This came up. Still working with them?

not so much. I still but on cheap 0dte long flys (ie, sell guts/buy wings) & those do well sometimes. But not a mainstay of my trading.

Similar here, cheap 1dte Spx, (ATM or slightly otm) open in the morning with next day exp, about 10 to 20 point per wing depending on IV and close next day whenever possible.

How r u doing amigo Fool? Cool to read your adventures with options. Thanks.

Doing ok. Do you trade the 0dte's? Most of my volume is in 1-2 week swing trades but I will put on small trades on the daily SPX couple times a week, usually long delta stuff like flys or verticals. Never risking more than a buck or 2. With lots of news coming out during any given day you can catch some big moves for large returns.

Doing ok? Good to hear. Unfortunately i don't trade options as yet, but i'm gonna look at them. Doing ok here too trading USA indices. My biggest learning curve is my psychology. Slow improvements that are fast tracked with a trading plan. Good trading amigo.

I have been trading the 1dte dbl SPX flys, as shown. Looking to trade these 3-5 times per week. Modest goal is $500-$1k per week off these. Flys are cheaper when iv's are up. These symmetrical flys are also margin neutral. Some general rules and comments:

- looking at $10 or $15 wings, max
- looking to spend $25 - $50 per side, per unit
- enter for next day expiry, in the last hr of the NY cash session (1 dte gets you out of the pdt trap)
- looking at the 1dte expected move, and the fly needs to bracket that target
- one side will usually make some profit. If the SPX price is sitting dead on the guts, I'll usually close most of the units on that side, maybe leave just a few to run
- you can hold til the last 1/2 hour to see if you can fish the theoretical maximum. Ideally, this could be about $8 net on $10-wing fly, about $13 on the 15-wings.
- so, the closing hours of the session are where the action is
- if SPX wants to sit still, these combos can lose money, even be a complete loss, so use market awareness to avoid those kinds of days
- no need to trade 2-sided, if you have strong directional conviction. The debits are pretty small & painless if you're wrong.

With SPX down 70 taking a chance on a reversal at the end of the day off invidia call

No dice in an uncommonly dead day....complete loss. I usually just shoot one-lots at these

3xWitch Friday and sometimes we get some movement, sometimes not. Not a bad idea to bet on a run to pin 5600 or 5700, again I will likely shoot 1-lots. I have gotten burned looking for movement on the monthly opex Fridays before. I tend to favor puts these days, with general geopoli storms a'brewing.

I go back and forth between playing these 1dte, with entry near the day1 close, or going 0dte with entry in the first hour or so of day0. I want to go 20 or 25 wings and I want to pay no more than $5 for the pair, usually get in for a little over $4.

I am shooting for the theoretical maxima on these, but, I rarely hold til the end to get the max. Happy to get a $8-10 winner in the last hour. Since just shooting 1-lots, take the money 'n run is the only smart choice....

adding a 1-lot XSP long call/put at the outside wings can save the trade in a hard run....

IN for today, looking for a touch of 5600 or 5650....wasting $1.60 and will close either one for $2 or better...

Sometimes monthly opex packs some vol into the last hour, we'll see.