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[0-dte-ic-blog]

Date: July 14, 2023

Delta on shorts: 18

Delta on longs: 3

Open time: 9:08

Open credit: 2.85

BP: 1,680

Close time: 9:37

P/L: -72

ROC: -4.29%

Date: July 14, 2023

Delta on shorts: 18 put, 24 call

Delta on longs: 5

Open time: 9:37

Open credit: 3.95

BP: 1,605

Close time: 10:44

P/L: 158

ROC: 9.84%

Date: July 14, 2023

Delta on shorts: 15 put, 20 call

Delta on longs: 3

Open time: 2:09

Open credit: 1.60

BP: 1,840

Close time: 2:32

P/L: 78

ROC: 4.24%

Comments: messy start; opening at the start of the first 15 minutes of power hour is tough

[0-dte-ic-blog]

Date: 13 Jul 2023

Delta on shorts: 19 put, 15 call

Delta on longs: 5 put, 3 call

Open time: 9:04

Open credit: 2.80

BP: 1,720

Close time: 11:41

Close debit: 

P/L: 155

Comments: tasty; good time to open; felt like I held it a long time

Date: 13 Jul 2023

Delta on shorts: 29 put, 19 call

Delta on longs: 4 put, ? call

Open time: 2:12 

Open credit: 2.60

BP: 1,800

Close time: 2:33

Close debit: 1.75

P/L: 80

Comments: ETRADE. This was an ugly open. The moment it was on, it slipped into a loser down about 100. Then within a minute it turned around. Lucky for me it filled for 60 more than what I was asking, because I only made 80 on this.

I found out I can't do bracket orders on iron condors in ETRADE or tastytrade. What I'm doing is entering a stop loss limit immediately on open for 30% and then monitoring the position, looking for 60% profit. Neither of these made 60% profit, so maybe I should reconsider these parameters.

[0-dte-ic-blog]

Today I opened a trade right before 9:00 Chicago time and that went smoothly. I closed the trade right when I canceled the Stop Loss Limit because I wasn't staying at the computer. That trade made 235.

The second iron condor I opened just before 11:00, which has not been a good time to open since I've been experimenting with the trade. I realize that trading conditions can change, so maybe in six months or a year this will be a good time.

But I do think that near the end of the first half hour of trading is a great time because there is then typically volatility contraction. It's hard to imagine this changing on a continuing basis. There could be days of selling that start after the open, but it's hard to imagine it enduring. You never know, though!

I attended a tastytrade platform demo this afternoon, and this proved to be very helpful because I learned that they have bracket orders! Therefore, in that account I can set the stop loss limit AND the profit target once the trade has opened. ETRADE doesn't have bracket limits. This is a huge problem, the way I see it.

[0-dte-ic-blog]

Refining Rules

Yesterday I traded too much, which cost me money but helped me improve my system for trading 0 DTE iron condors.

1/ Open trade times: 8:45 to 9:00, 2:00, or when volume is higher on the day

2/ Stop Loss Limit = 30% of credit

3/ Profit Target = 60% of credit

4/ Stop Loss Limit initiated when position opens

5/ Stop Loss Limit canceled and position closed manually when Profit Target reached: this must be watched

6/ Position closed immediately when Profit Target is reached or near: no pennying down to keep more money

7/ Single contracts only for the first three months, then scale up one at a time

8/ Close all orders at least 15 minutes before the close

There is a discrepancy between the total loss on the day, so I sent a message to ETRADE asking about that.

Delta on shorts: 27

Delta on longs: 05

Open time: 10:05

Open credit: 4.40

BP: 1,540

Close time: 11:00

Close debit: 5.50

P/L: -113

Comments: ETRADE, stop/loss close

Delta on shorts: 20

Delta on longs: 03

Open time: 11:00

Open credit: 2.50 

BP: 1,750

Close time: 11:28

Close debit: 3.30

P/L: -83

Comments: tasty, stop/loss close

Delta on shorts: 24

Delta on longs: 04

Open time: 11:05

Open credit: 3.40

BP: 1,660

Close time: 11:30

Close debit: 4.50

P/L: -113

Comments: ETRADE, stop/loss close

Delta on shorts: 18

Delta on longs: 03

Open time: 12:55

Open credit: 2.30 x2 (460)

BP: 3,540

Close time: 1:11

Close debit: 1.00

P/L: 257

Comments:

Delta on shorts: 18

Delta on longs: 02

Open time: 2:05

Open credit: 1.30 x 3 (435)

BP: 5,565

Close time: 2:55

Close debit: 4.05

P/L: -825

Comments: ETRADE, removed stop/loss and didn’t close the position immediately for a profit, 3 contracts is too many

[0-dte-ic-blog]

Here are the strikes, odds, and delta on the three iron condors I traded today. The first two opened at 9:00 after I lowered the credit limit; the first was 2.50 credit and the second 5.25. I put stop-limit orders on them to not lose more than about $100 per trade. When they were definitely profitable and reaching my target, I canceled the stop-limit and put a profit limit order. They both closed between 10:40 and 10:55 with GTC orders. The first made 115 and the second 185.

I then resisted the urge to open another iron condor. My experience last week was that when I open one at around 11:00, it is a huge struggle and/or loses money. I chalk that up to opening at a time in the day where volume and volatility are low. This is my thinking; maybe I'm wrong. But I waited and watched volume in SPX trading.

I then opened the third and final iron condor of the day at 12:49 for 2.75. Again, I opened a stop-limit order to not lose more than about 100, and when it was getting close to my profit target I canceled that and entered a profit limit order. That closed at 1:31 with a GTC for 135.

The total BP when the first two trades were open was 3,125. The total BP for the third was 1,725. The first two trades made 9.6% on the buying power and the third made 7.8%. Like I said above though, I had stop-limit orders to not lose more than about 100 per trade. Last week I entered those wrong and lost hundreds of dollars. I've never used them, so I had to watch a couple of YouTubes about how to do that.