not financial advice. 0dte options come with massive risk, know that risk before attempting any such trades. this is for educational purposes only. #optionstrader #options #optionselling #spx #nq

I've made 30,000 dollars this month off of this one strategy in a zero DTE iron condor on SPX. I'm going to walk you through my entry, my exit, how I manage them, and what days I actually put these on. I have yet to have a losing day on this trade in all of August. I only put these on when there's the variance risk premium. I measure this through the implied volatility looking forward seven days versus the realized volatility of the past five days. I make sure volatility is overpricing the options. I also look generally for the VIX to be downward sloping and the same goes for the VIX one day. It is relatively stagnant. I typically do not enter these on major news days where there is a lot of chop. But these only get entered in the morning around 9.35 to 9.45 so this typically doesn't matter as much because most news does not come out at that time. So what strikes am I looking at? I sell my short strikes right outside of the daily expected range. So when you open the options chain, you can see what the expected move for the day is up or down a certain number. This is right where I position my short strikes right outside of it further out of the money. From there, I buy protection by buying 100 wide wings. By putting these on early in the morning, you are harvesting early aggressive theta decay on these out of the money options. I typically do not end up staying in this trade any longer than an hour or two. I take my profits at 25% of the max credit received every single time. This allows me to have a very high win rate, avoid massive gamma risk, and it's just more consistent. For managing losses, I typically manage the short strike that is being tested. If I sold a short call, $50 out of the money, and this strike is tested, I close this short strike when it is equal to the net total credit received of the entire iron condor. I then leave the untested side completely on for the rest of the day, so it expires worthless. And thus, if this happens, my trade is completely break even. Most of the time this does not happen though, and what ends up happening is my trade is closed at 25% of max profit, and this happens probably 93% of the time. If you have any questions about this strategy, how I manage it, how I put it on, please drop them in the comments below. I'd love to answer some questions.