Hello Hive,
Hope you are doing well. :)
Here is my trade from yesterday.. wednesday 19th. It was my usual IC (iron condor) that I trade on SPX on 0dte days. (that's 0 days till expiration)
I went with a smaller wingsize (price between calls/puts sold and bought) based on the VIX
A vix of 22 is pretty high, so this tells me to reduce my wings.
I enter my trade around 3.5 hours after the market opens. For me that's at 7am.
Things were going good and price stayed nicely between my short call and put strikes.
At 8:50am I took this snap..
The deltas show what % price has of touching that price. By taking 100 and subtracting the delta, we can get an idea of the trades success. I use a stop, so we need to subtract another 10% from this number. So if both deltas are at 2 or less.. 100-2=98 then minus +10% for the stop.. total of 88% profit potential.
By 10am price started falling.. :(
Price continued down, but luckily it ended within my zone. (above mt short put strike)
It never got higher than delta 5 on the put side, but still was a bit nerve wracking towards the end. :P
Here's my winning on this trade..
55 (credit won) - 4.20 (exchange+broker fees) =50.80
I know it might be confusing to some people, so feel free to say any question or comment.
:)