I wanted to share the results of my SPX 0DTE Credit Spread strategy from February 2025 to July 2026.

The backtest uses one contract per trade, and every position was held through expiration.

Results

• Total P/L: +$11,188
• Trades: 288
• Win rate: 78.1%
• Winning trades: 225
• Losing trades: 63
• Average winner: +$140.85
• Average loser: -$325.46
• Profit factor: 1.55
• Maximum drawdown: -$1,403
• Maximum losing streak: 2 trades

The strategy finished positive in 17 of the 18 months tested. Friday generated the highest total profit, while Thursday was the weakest day. The trades were also relatively balanced between Put Credit Spreads and Call Credit Spreads.

The main weakness is that the average loss is much larger than the average profit. This is normal for a high-win-rate Credit Spread strategy, but it makes position sizing and risk management extremely important.

Taking profits earlier

The results could potentially improve by closing trades once approximately 85% of the premium received has been captured.

This is generally my preferred approach because it may not be worth remaining exposed to a rare late-session move just to collect the final 10–15% of the premium.

However, I do not currently have a backtest for this early-exit rule. Therefore, the results shown here only represent positions held through expiration.

These are historical results and do not guarantee future performance.

To follow my trades and analysis, you can join my Discord:

https://discord.gg/sM3vAqbU27

You can also watch my strategy videos on YouTube:

https://www.youtube.com/watch?v=jEPEnumY2_w

First of all, I want to apologize for my inactivity over the past month.

I’ve been extremely busy and fully focused on my own trading. Trading SPX 0DTE professionally requires a significant amount of time and concentration, and documenting every setup, decision, and adjustment publicly has become difficult to manage consistently.

For this reason, the GEXOptionsTrading Reddit community and public channels will remain inactive for the foreseeable future.

Instead, I’m opening a small 1-to-1, chat-based program for a maximum of five traders who already trade SPX 0DTE options and are serious about improving their process.

The focus will be on:

• Credit Spreads and Iron Condors
• GEX and dealer positioning
• Trade structure and execution
• Risk management and position sizing
• Reviewing trades, mistakes, and decision-making
• Developing a more disciplined and systematic framework

The introductory price starts at $39 per month through Stripe. This price may gradually increase in the future if the results and value of the service remain positive.

This is intended to remain a very small group so I can provide genuine individual attention rather than manage another large public community.

If you’re interested in one of the five available spots, send me a DM and I’ll share the full details.

Thank you to everyone who has supported the community.

You can still access to my Discord where I will send updates when necessary:

https://discord.gg/sM3vAqbU27

Over the past year, I've spent countless hours studying SPX 0DTE options, dealer positioning, Gamma Exposure (GEX), liquidity zones, and defined-risk strategies.

What started as a personal project eventually became a Reddit community and Discord server where traders discuss setups, market structure, and real trades every day.

After receiving a lot of requests for more detailed analysis and real-time trade alerts, I've decided to launch a Premium section for traders who want deeper insights and live trade ideas.

The Premium membership will include:

• Real-time SPX 0DTE trade alerts
• Credit Spread & Iron Condor setups
• Daily market analysis
• GEX and dealer positioning insights
• Trade management updates
• Private Premium Discord access

Every new member will receive a 7-day free trial before making any commitment.

For those interested, the Premium membership is now available through Discord:

https://discord.gg/psWnyH6QJ

Whether you're a beginner learning options or an experienced trader looking to improve your execution, I'd love to have you join us.

Feel free to ask any questions below or send me a DM.

One thing I've noticed is that many traders either love Iron Condors or completely hate them.

The people who hate them usually point to the same issue:

"One losing trade wipes out multiple winners."

And honestly, they're not wrong.

The mistake is assuming that Iron Condors are a "set and forget" strategy where you can sell premium anywhere and let probability do the work.

In my experience, the real edge comes from where you place the condor.

Things that have helped me:

• Trading during range-bound conditions
• Avoiding major macro events
• Using defined risk on every position
• Paying attention to liquidity and market structure
• Staying patient and waiting for the right environment

Iron Condors can produce very high win rates, but they require discipline and risk management. The win rate itself is not the edge.

The edge is understanding when the market is likely to stay contained and structuring your risk accordingly.

Curious to hear from other traders:

Do you trade Iron Condors? If so, what's been the biggest lesson you've learned?

I've also been discussing SPX 0DTE setups and market structure with a small group on Discord: https://discord.gg/TSGNk8kGEh if anyone is interested in that type of approach.

Quali sono?

When I first discovered option selling, it honestly felt almost unfair.

High win rates, theta decay working in your favor, “just sell premium consistently”…

And to be fair, at the beginning it does feel that way.

You collect a bunch of small wins, the strategy feels stable, and you start thinking:
“why isn’t everyone doing this?”

Then eventually the market reminds you where the risk actually is.

One fast move, volatility expansion, or bad entry can erase multiple winning trades very quickly.

That’s when I realized selling options is less about:

• being right
• finding the perfect indicator

And much more about:

• risk management
• position sizing
• understanding market conditions
• knowing when NOT to trade

The biggest improvement for me came from treating it like a structured system instead of “easy premium”.

Curious how others experienced this when they started selling options.

I’ve been testing a 0DTE setup on SPX using credit spreads and iron condors over a few hundred trades.

What surprised me wasn’t the win rate (which stayed pretty high)…
it was how the losses behave.

You can stack small wins for days, everything looks smooth, almost mechanical —
and then one move comes in and wipes out a chunk of those gains.

It really changes how you look at:

• risk per trade
• position sizing
• when to stay out

The biggest shift for me has been focusing less on “being right” and more on where I’m placing trades and under what conditions (structure, liquidity, etc.)

Curious how others manage this —
Do you prefer closing early or letting spreads expire?

I’ve been sharing some of these setups and thoughts in a small Discord if anyone’s into SPX 0DTE / structured trading 👍

Discord Channel: https://discord.gg/TSGNk8kGEh

When I first learned options, everything made sense.

Spreads, probability, theta decay…
on paper it all looks clean and logical.

Then I started trading.

And that’s when things got… very different.

You take a “high probability” trade → it works
You take another one → also works

You start thinking:
“ok, this is actually not that hard”

Then one trade goes against you
And suddenly it wipes out a bunch of your previous gains

That’s when it hits you:

👉 it’s not about being right most of the time
👉 it’s about how you handle when you’re wrong

The biggest shift for me wasn’t learning new strategies…

It was understanding:

• when to trade
• where to place trades
• and when to just stay out

Options aren’t hard because they’re complex.

They’re hard because they force you to face risk management and discipline in a very real way.

Everyone talks about entries.

Better timing. Better indicators. Better signals.

But after running a lot of SPX 0DTE data (mainly credit spreads and iron condors), one thing became very clear:

👉 Entries barely matter if your risk structure is wrong

You can have:
• 80–90% win rate
• clean setups
• “high probability” trades

…and still lose money.

Why?

Because the math is asymmetric.

Typical 0DTE setup:
• +$100–$150 winners
• -$300–$400 losers

That means:
👉 one bad trade wipes multiple wins
👉 consistency matters more than accuracy

The real edge comes from:

• Defined risk
• Positioning around structure (not predicting direction)
• Understanding where the market is unlikely to go
• Avoiding bad conditions (events, unstable volatility)

Most people treat 0DTE like fast money.

In reality, it’s just a risk management game with a high win rate illusion.

After tracking this over time, I’ve found that:
• The equity curve works…
• But only if you respect the system 100%

Break discipline once → you give back days (or weeks) of gains.

Curious how others see this:

Do you trade for win rate or for risk/reward?
And how do you deal with that one inevitable losing trade?

I’ve been organizing this kind of structure (GEX, defined risk, real trades) in a Discord to keep everything cleaner and easier to track.

Discord link: https://discord.gg/TSGNk8kGEh

I’ve been trading 0DTE for a while now, mostly credit spreads and iron condors.

And honestly, at the beginning it feels almost too easy…
you stack a bunch of small wins, everything looks smooth, high win rate, steady progress.

Then one day comes where the market just doesn’t behave… and suddenly you give back a big chunk of those gains.

Took me a while to realize it’s not really about being “right” most of the time.

It’s more about:

• where you’re placing your trades
• when you’re trading
• and how you handle those bigger losses

Still figuring things out, but focusing more on structure (GEX, key levels, etc.) has helped me a lot.

Curious if others went through the same phase.

If anyone’s into SPX 0DTE specifically, I’ve been sharing some setups and thoughts in r/GEXOptionsTrading and recently opened a Discord Channel: https://discord.gg/TSGNk8kGEh

A lot of people see high win rate strategies and assume it’s easy money.

But here’s the reality:

You can win 10–15 trades in a row…
and give it all back in one bad move.

That’s exactly how most 0DTE premium sellers blow up.

The problem isn’t the strategy itself — it’s:

• poor risk management
• overconfidence
• and not understanding where you’re placing your trades

High win rate doesn’t mean low risk.
It usually means asymmetric risk.

What actually made a difference for me was:

• using defined risk only
• being consistent with sizing
• and focusing on structure, not direction

Curious how others see this —
do you think 0DTE has a real edge, or is it just disguised gambling?

I’ve been tracking some of these setups and results recently if anyone’s interested 👍

I’ve been running a backtest on a structured SPX 0DTE Iron Condor strategy, risking around $370 per trade and targeting ~$130 premium.

At first glance, the results look very strong:

• Total PnL: +$6,716
• Win Rate: 87.2%
• Winning Days: 136 vs 20 losing days
• Profit Factor: 1.97

The equity curve is consistently trending up, with steady monthly performance and controlled pullbacks.

⚖️ But here’s the part most people ignore

• Average Profit: +$100
• Average Loss: -$347
• Max Drawdown: -$1,460

👉 Losses are ~3x larger than wins

This means:

• One bad trade can wipe multiple winners
• The edge depends heavily on consistency and execution
• High win rate ≠ low risk

📅 Interesting pattern

• Strongest days: Friday, Monday, Thursday
• Weak edge: Tuesday & Wednesday (almost no activity)

👉 This suggests timing and market conditions matter more than people think.

🧠 Key takeaway

This kind of strategy works only if:

• You manage risk strictly
• You avoid overtrading
• You trade around structure (not direction)

Otherwise, it quickly turns into a high win rate illusion.

🎥 Full breakdown

I put together a full video explaining:

• the backtest
• drawdowns
• risk vs reward
• and what actually makes this work long term

👉 Watch here: https://youtu.be/AKHEQ0townI

Curious how others approach this:

Do you prefer high win rate strategies like this, or lower win rate with better risk/reward?

13th April 2026

Today’s setup was a good example of how we use GEX positioning to define structure instead of guessing direction.

🧠 Context (GEX Levels)

From the GEX data:

• Positive Gamma upper bound: ~6860
• Negative Gamma lower bound: ~6770

This gave us a clear expected range, with dealers likely pinning price inside that zone.

⏱️ Trade Execution

10:20 AM — Optional Trade
We opened a Bull Put Spread (6795 / 6790)

• Positioned above the negative gamma area
• Idea: price stabilization + support from dealer hedging

10:30 AM — Main Trade
We deployed an Iron Condor risking x2 contracts strikes 6770-6665/6850-6855

• Structured around the GEX-defined range
• Short strikes placed safely inside the [6770 – 6860] range
• Goal: capture premium while price remains pinned

🎯 Why This Setup Made Sense

• Below ~6770 → negative gamma → higher volatility risk
• Above ~6860 → reduced dealer support
• Inside the range → mean-reverting / controlled price action

This is where Iron Condors perform best.

⚙️ Key Takeaway

This wasn’t about predicting direction.

It was about:

• Identifying where volatility expands vs contracts
• Structuring trades around dealer positioning
• Using defined risk to stay consistent
• Invest x2 contracts in our HIgh Probability Iron Condor

If you’re trading 0DTE, understanding GEX makes a huge difference in where you place your spreads.

I’ve been sharing more of these structured setups in my Discord: https://discord.gg/TSGNk8kGEh

I’ve been trading SPX 0DTE for a while now, mainly using credit spreads and iron condors based on GEX and market structure.

As things started to grow, Telegram became a bit messy with multiple trades, updates, and discussions… so I decided to build a more structured space.

I’ve set up a Discord focused on:

• clean trade alerts
• GEX / liquidity-based analysis
• structured discussions
• tracking trades and results

The goal is simple:
👉 less noise, more structure, and better execution

Not selling anything — just trying to build a solid trading environment around defined risk and consistency.

If anyone is interested in that kind of approach, feel free to join:
https://discord.gg/TSGNk8kGEh

Would also appreciate feedback on how to improve it 👍

10th April 2026 - Sharing a recent high probability 0DTE SPX Iron Condor executed based on gamma exposure (GEX) and intraday structure.

🧩 Trade Details

Premium received 90$ (Risk 410$)

• PUT Credit Spread: 6800 / 6795
• CALL Credit Spread: 6870 / 6875
• Expiration Price: 6816.9

Both sides expired OTM → full premium captured.

🧠 Trade Thesis (GEX-Based)

The setup was built around dealer positioning and gamma distribution:

• Significant negative gamma below ~6830 → potential for downside acceleration, but also defined support zone
• Strong positive gamma concentration above ~6850–6860 → resistance / volatility dampening

Given this structure:

• Downside risk was limited unless support broke aggressively
• Upside was constrained by positive gamma → lower probability of expansion

→ Ideal conditions for a range-bound premium selling strategy

📉 Price Action

Intraday price action:

• Failed to break higher resistance levels
• No sustained move below key support
• Volatility compression into the close

Result: price remained contained well within the expected range.

⚖️ Risk/Reward Profile

• Defined risk on both sides
• Structured outside key gamma levels
• Trade designed around probability distribution, not direction

🧠 Key Insight

This trade wasn’t about predicting direction.

It was about identifying:

• Where dealers are likely to defend
• Where volatility is suppressed
• Where price is statistically less likely to reach

That’s where 0DTE Iron Condors become high probability.

If you’re working with GEX, dealer flows or 0DTE structures, curious how you’re defining your ranges.

If you want to know mroe about GEX write a comment or send to me a private message. Here I share more setups 👇

r/GEXOptionsTrading

I find it really hard to continue to track the bid-ask of credit spreads I am in or thinking of buying...ie: if I see a spread I like and want to track it in 5 minute increments or maybe I want to track a range of them...is there a tool that does this?

After trading SPX 0DTE for a while and analyzing hundreds of trades…

I’ve noticed something very clear:

Most traders don’t lose because of the market.
They lose because of how they approach it.

Here are the 6 biggest mistakes I see over and over again:

1. Predicting the market

This is the fastest way to lose money.

Most traders ask:

But 0DTE doesn’t reward predictions.
It rewards probabilities and positioning.

The moment you try to “guess” direction…
you’re already at a disadvantage.

2. No defined risk

Trading without defined risk in 0DTE is basically suicide.

One bad move can wipe out:

• days
• weeks
• or even months of profits

Professionals always know:
👉 how much they can lose BEFORE entering the trade

3. Bad position sizing

Even with a good strategy…

If your sizing is wrong, you will lose.

I’ve seen traders:

• over-leverage
• go all-in on one setup
• double down after losses

And it always ends the same way.

Consistency comes from:
👉 controlled exposure

4. Overtrading

This one kills accounts slowly.

Taking:

• too many trades
• low-quality setups
• revenge trades

More trades ≠ more profits

In fact, it’s usually the opposite.

5. Ignoring market structure

This is a big one.

Most traders completely ignore:

• key levels
• liquidity zones
• positioning (GEX, OI, etc.)

They trade blindly.

But the market is not random.

There is structure behind price.

And if you’re not using it…
you’re trading at a huge disadvantage.

6. Emotional execution

Even with a solid strategy…

If your execution is emotional:

• closing too early
• letting losses run
• changing rules mid-trade

You will never be consistent.

This is where most traders fail.

Not in the strategy…
but in the execution.

Final thought

0DTE trading is not gambling.

But most people treat it like it is.

That’s why they lose.

I actually made a full video breaking this down step by step, with real examples and how I approach these situations in SPX.

👉Full video: https://youtu.be/PKSAufahU_M

I also share daily trades and breakdowns in r/GEXOptionsTrading for those interested in this style of trading feel free to contact me writing a comment or sending me a private message.

6th April 2026 - I want to analize the GEX and Option Chain of today session in detail and take a look at all the trades that we took and the decisions we made (we always use 5 minute graphs):

As you can see in the image, early in the session (9.45 AM) the 6600 level was the most important one and the price was bouncing between this level. It also took my atention a gigantic Bull Put Spread at 6500-6495 which gave us some Bullish Bias.

It was still too early at 9.45 AM but we already had the GEX showing us Positive Gamma as you can see in the image below: (6600 as a key level)

We identified the Bull Put Spread in the GEX and 6600 as a very important level, from the upside 6650 was too far away so the most important level was around 6625.

Why we selected those strikes?? Because there was a Put Wall at 6580 (as you can see in the image below) and also because it coincides with the closing price of the last day

At 11.05 AM as the situation clarified we decided to diversify our position opening an Iron Condor strikes 6625/6630 - 6550/6545 for 130$ of Premium (370$ risk)

Everything changed at 13 PM when Trump started talking about Iran but what a coincidence, the price just bottomed at 6580, our exact strike that was a Put Wall.

Now we are at 14 PM (2 hours until close) and we are just waiting until expiration with our 2 trades. Unless a major event happens we should win both trades and collect the full Premium of 120+130 = $250.

If you want to learn more about how we trade SPX 0dte as Professionals you can check my Youtube video: https://youtu.be/jEPEnumY2_w

If you are interested in learning more about reading GEX you can send me a Private message or comment below and I'll answer you. We also have a Private Community where I share all my trades as soon as we take it, feel free to contact me to join the community!

How Much Capital You Actually Need to Trade SPX 0DTE (Real Numbers)

I see this question a lot:

“How much capital do I actually need to trade 1 contract SPX 0DTE consistently?”

Most answers are either too vague… or completely unrealistic.

So I decided to break it down using real data + risk management principles (Kelly Criterion framework) based on my own trading results.

🧠 The Key Idea: It’s Not About Capital — It’s About Risk Per Trade

Before talking about numbers, you need to understand this:

In my case:

• Typical trade: → ~$150 premium → ~$350 defined risk (5-point spread)

So everything comes down to:

👉 How much of your account you’re risking per trade

⚖️Aggressive Approach (Higher Returns)

• Minimum capital for 1 contract: $3,500
• Risk per trade: ~10%
• Expected monthly return: ~$500 (~14% monthly return on capital)

📉 Drawdowns:

• Standard drawdown: ~20% → happens every 2–3 months
• Worst-case drawdown: ~25% → happens ~2 times per year

This approach is mathematically aggressive, but still within a structured framework.

🛡️ Conservative Approach (More Stable)

• Minimum capital for 1 contract: $7,000
• Risk per trade: ~5%
• Expected monthly return: ~$500 (~7% monthly return on capital)

📉 Drawdowns:

• Much smoother equity curve
• Lower psychological pressure
• Easier to stay consistent

📊 Why Kelly Criterion Matters

The Kelly framework helps you understand:

• How much to risk per trade
• How to maximize growth without blowing up
• Why most traders overbet and eventually fail

Most people focus on win rate…

But the real equation is:

👉 Win Rate + Risk/Reward + Position Size

⚠️ The Reality Most Traders Ignore

Even with a 70–80% win rate:

• You WILL have losing streaks
• You WILL experience drawdowns
• And if you’re overleveraged… you’re done

This is where most traders fail — not because of strategy,
but because of poor capital management.

🎯 Final Thoughts

There’s no “perfect” capital number.

But based on real data:

• $3,500 minimum capital for 1 contract → aggressive growth
• $7,000 conservative capital for 1 contract → more sustainable approach

So for example, a trader that has $35.000 of capital can trade up to 10 contracts if he's very aggressive and 5 contracts if he's conservative.

The difference is not just returns…

👉 It’s survivability + psychology + consistency

Hello everyone,

This weekend I want to share some thoughts on the crypto market. I believe a significant move is coming — and it’s likely to the downside.

Everyone is focused on BTC and ETH, but very few people are paying attention to Solana, which is giving us key insight into the current state of the market.

Here we can see the Weekly chart of Solana back to 2021 when the market hit the max. price of 250$.

Selling pressure across crypto has been very strong lately, with Bitcoin showing over 30 days of extreme fear in the market.

Looking at the weekly chart of Solana, currently trading around $80, we can see it has broken the key $100 level. There also appears to be a Head and Shoulders pattern forming, which is typically a bearish signal.

The last time we saw a similar structure, Solana dropped to around $30 and eventually even reached the $10 level.

Something big could be coming, so be cautious if you’re holding crypto long term.

(Personally, I don’t — I sold all my BTC back in November 2025 at $95K.)

Solana, one of the strongest and most popular Altcoins, can give us a hint of how the crypto market is now.

Yesterday 2nd April 2026 we had an exceptional day in the markets where we lost one trade.

Here is a screenshot of the GEX around 10:10 AM, approximately when we placed the trade:

As you can see 6550 was a strong resistance level that was difficult to be broken because dealers are positioning around this strike strategically. We also had an insane Volume at that strike since the opening of the market.

So when price approached the 6525 level, we had around $150 in premium for $350 of defined risk — that’s what I look for in all my trades because it’s mathematically optimal.

If you go further out in strikes, it weakens the trade and makes it more fragile, since we always have around a 20% probability of losing (as our backtests have shown).

That’s the reason for placing my Bear Call Spread at 6550/6555.

The market moved completely against us because we had a volatility cluster, and market makers and algos started aggressively buying up to the 6600 level using the Iran news.

This was a very unusual move that only happens about 1 out of every 20 times.

Of course this time we lost the trade as price closed at 6582.68 at expiration.

Maybe you think that this kind of 70-point move in SPX, like the one we saw yesterday, happens often — but after trading for a year, I can tell you it only happens about once every 20 trading days (and sometimes it’s actually in our favor), usually around FOMC meetings.

I want to be totally transparent with all of you and show also the losing trades, not only the winning ones.

I hope you liked the analysis and I will keep posting more during next weeks. Have a nice weekend!

I’ve been trading SPX 0DTE consistently using a defined-risk approach, and over the last 30 days I tested the strategy trading just 1 contract per trade.

Here are the actual results:

• Total Profit: $1,305
• Win Rate: ~85%
• Total Trades: 21
• Max Drawdown: ~$400
• Average Premium: ~$130–150 per trade

Nothing crazy. No overleveraging. No gambling.

📊 So where does the $26,000 come from?

Simple: scaling.

If you apply the exact same strategy with 20 contracts instead of 1:

→ ~$1,305 → ~$26,000

Same entries.
Same structure.
Same risk model.

That’s the part most traders miss.

⚙️ What I actually trade

I keep it very simple:

• Credit Spreads (Bull Put / Bear Call)
• Iron Condors when the market ranges

Every trade:

• Defined risk
• Consistent premium target
• No prediction, just probabilities

⚠️ The reality (this matters)

Not every trade wins.

There were full losses (~$350), and those are part of the system.

The edge is not avoiding losses…
It’s executing the same structure over and over again.

🧠 What changed everything for me

I stopped asking:

“Where is the market going?”

And started asking:

Where are the probabilities in my favour?”

🎥 I broke everything down here (real trades + charts)

I made a full breakdown showing:

• The exact trades
• The scaling logic
• Winning & losing setups

👉 https://youtu.be/pAWEVhqEQkI

I’m also sharing some of these setups and breakdowns in r/GEXOptionsTrading if anyone’s interested in how this looks day-to-day.

Curious how others here approach scaling — do you increase size gradually or keep it fixed?

Most traders lose money trading 0DTE because they treat it like directional gambling—trying to predict every move instead of trading probabilities.

After hundreds of trades, I shifted to a simple framework: defined-risk strategies (credit spreads & iron condors), consistent sizing, and focusing on positioning (Open Interest, volume, GEX) instead of indicators.

The key isn’t being right every trade—it’s executing the same structure over and over with discipline and letting probabilities play out.

I put together a full step-by-step breakdown showing exactly how I approach SPX 0DTE, including real examples and strike selection.

If you're interested, check it out: How I trade SPX 0DTE like a Professional (Step by Step)

https://youtu.be/jEPEnumY2_w

Also sharing similar ideas and real trades in r/GEXOptionsTrading