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Mixed Conditions
Signals disagree — gamma and premium aren't pointing the same direction. Trade selectively and size down.
SPXW
0DTE
GEX
-21.0B
DEX
-95.5M
Weekly
GEX
-2.6B
DEX
28.3M
Monthly
GEX
4.4B
DEX
283.5M
30+ DTE
GEX
31.6B
DEX
1.7B
Total
GEX
12.4B
DEX
1.9B
SPY
0DTE
GEX
-53.5M
DEX
2.8M
Weekly
GEX
1.9B
DEX
42.1M
Monthly
GEX
-825.9M
DEX
84.6M
30+ DTE
GEX
855.7M
DEX
344.8M
Total
GEX
1.9B
DEX
474.2M
QQQ
0DTE
GEX
-2.2B
DEX
-10.9M
Weekly
GEX
-472.9M
DEX
29.7M
Monthly
GEX
1.7B
DEX
195.3M
30+ DTE
GEX
1.3B
DEX
623.0M
Total
GEX
393.6M
DEX
837.1M
Negative Gamma Regime (SPXW 0DTE) — dealers are short gamma and hedge against the tape, amplifying moves instead of dampening them. 0DTE/1DTE theta-selling strategies land in a loss far more often in this regime. Consider standing aside, sizing down, or widening strikes until GEX turns positive.
Options Income Strategies
SPY
$774.92
0DTE / 1DTE Theta Strategies — SPY, QQQ & Highly Liquid Tickers
IV Rank: 42%
VRP: 3.1
Ticker
Timeframe
Expiration
Iron Condor — Net Credit TOP PICK
Defined-risk credit spread built to cap max loss on both sides. Best risk-adjusted 0DTE strategy. Rank #1 overall.
Legs: —
Best: —
Worst: —
Net Credit Value
Seller P&L % (Green = Profit, Red = Loss)
Total Volume
| TIME | NET VALUE | PROFIT % | P&L $ | VOLUME |
|---|
Daily open/close and best/worst intraday seller profit. Today's row updates live until the nightly close.
| DATE | EXPIRATION | DTE | LEGS | GEX (SPX) | REGIME | STATUS | OPEN CREDIT | CLOSE DEBIT | CLOSE P/L % | BEST INTRADAY P % | WORST INTRADAY L % | AVG WIN RATE | PROFIT FACTOR |
|---|
Managed Iron Condor
Rank #1 — Best Risk-Adjusted 0DTE Strategy
The Iron Condor is the most successful overall 0DTE/1DTE theta strategy for SPY in backtests. Defined risk makes bad days survivable by capping the loss on both sides of the trade.
StructureShort inner call & put · long protective outer wings
Max ProfitNet credit received at open
Max LossWidth of spread − net credit (defined risk)
ManagementClose at 50% profit, or before last 30 min on 0DTE
Short Strangle — OTM Strikes
Sell OTM call + put for premium. Highest premium edge. Rank #2 overall.
Put Strike: — · Call Strike: —
Best: —
Worst: —
Strangle Price
Seller P&L % (Green = Profit, Red = Loss)
Net Volume Bars
| TIME | CALL | PUT | PREMIUM | PROFIT % | P&L $ | BE UPPER | BE LOWER | NET VOL |
|---|
Daily open/close and best/worst intraday seller profit. Today's row updates live until the nightly close.
| DATE | EXPIRATION | DTE | LEGS | GEX (SPX) | REGIME | STATUS | OPEN CREDIT | CLOSE DEBIT | CLOSE P/L % | BEST INTRADAY P % | WORST INTRADAY L % | AVG WIN RATE | PROFIT FACTOR |
|---|
Short Strangle
Rank #2 — Highest Premium Edge
Sell an OTM call and an OTM put. Collects more premium than the Iron Condor but has unlimited risk. One large move can wipe out many winning trades — size carefully.
StructureSell 1 OTM Call · Sell 1 OTM Put
Max ProfitTotal premium collected (both expire worthless)
Max LossUnlimited (stock breaks hard in either direction)
ManagementClose at 50% profit · roll tested side if challenged
Short Straddle — ATM Strike
Sell ATM call + put at same strike. Highest theta decay. Rank #3 overall.
ATM Strike: —
Best: —
Worst: —
Straddle Price / 2
Seller P&L % (Green = Profit, Red = Loss)
Net Volume Bars
| TIME | STRIKE | PREMIUM | PROFIT % | P&L $ | BE UPPER | BE LOWER | NET VOL |
|---|
Daily open/close and best/worst intraday seller profit. Today's row updates live until the nightly close.
| DATE | EXPIRATION | DTE | LEGS | GEX (SPX) | REGIME | STATUS | OPEN CREDIT | CLOSE DEBIT | CLOSE P/L % | BEST INTRADAY P % | WORST INTRADAY L % | AVG WIN RATE | PROFIT FACTOR |
|---|
Short Straddle (ATM)
Rank #3 — High Reward, High Risk
Sell an ATM call and ATM put at the same strike. Captures maximum theta decay but is highly sensitive to any directional move. Particularly dangerous on 0DTE — avoid holding into the close.
StructureSell 1 ATM Call · Sell 1 ATM Put (same strike)
Max ProfitTotal premium collected (stock pins at strike)
Max LossUnlimited (stock moves far from strike)
ManagementClose at 25–50% profit · exit early on 0DTE
Cash Secured Put — OTM Strike
Sell an OTM put. Hold 100× strike in cash. Outperforms Covered Call in flat or down markets. Rank #4 overall.
Legs: —
Best: —
Worst: —
Put Premium
Seller P&L % (Green = Profit, Red = Loss)
Volume
| TIME | PUT PREMIUM | PROFIT % | P&L $ | VOLUME |
|---|
Daily open/close and best/worst intraday seller profit. Today's row updates live until the nightly close.
| DATE | EXPIRATION | DTE | LEGS | GEX (SPX) | REGIME | STATUS | OPEN CREDIT | CLOSE DEBIT | CLOSE P/L % | BEST INTRADAY P % | WORST INTRADAY L % | AVG WIN RATE | PROFIT FACTOR |
|---|
Cash Secured Put
Rank #4 — Better Than Covered Call
Sell an OTM put. Hold cash equal to 100× strike. Works well in sideways-to-up markets. Outperforms Covered Call in flat or down markets.
StructureSell 1 OTM Put · Hold 100× strike in cash
Max ProfitPremium collected (expires worthless)
Max LossStrike − premium (stock goes to zero)
Best ForNeutral to bullish outlook · stocks you want to own at a discount
Strategy Rankings (0DTE/1DTE)
#1
Iron Condor
Best risk-adjusted · defined max loss
#2
Short Strangle
Highest edge · one bad day hurts
#3
Short Straddle (ATM)
High reward · dangerous 0DTE
#4
Cash Secured Put
Decent · beats CC in down markets
#5
Covered Call (Naked)
Pure premium capture · uncapped risk with no shares to offset a rally
Covered Call — OTM Strike (Naked, Premium Only)
Sell an OTM call for premium, tracked naked (no shares). Uncapped risk, profit capped at 100%. Rank #5 overall.
Legs: —
Best: —
Worst: —
Call Premium
Seller P&L % (Green = Profit, Red = Loss)
Volume
| TIME | CALL PREMIUM | PROFIT % | P&L $ | VOLUME |
|---|
Daily open/close and best/worst intraday seller profit. Today's row updates live until the nightly close.
| DATE | EXPIRATION | DTE | LEGS | GEX (SPX) | REGIME | STATUS | OPEN CREDIT | CLOSE DEBIT | CLOSE P/L % | BEST INTRADAY P % | WORST INTRADAY L % | AVG WIN RATE | PROFIT FACTOR |
|---|
Covered Call (Naked)
Rank #5 — Simplest Premium Capture
Sell an OTM call for premium — tracked naked, no shares owned or required. Tracked identically to Cash Secured Put's premium-based P&L, just on the call side. Because there's no stock position backstopping it, this carries uncapped risk if the underlying rallies hard.
StructureSell 1 OTM Call
Max ProfitPremium collected (expires worthless) — capped at 100% of credit
Max LossUnlimited (stock rallies with no shares to offset it)
Best ForFlat or bearish outlook · pure premium capture, no capital tied up in shares
AiPe
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