Market booms again + MEIC strategy - Weekly summary (Sep 16 - Sep 20)
Market broke new highs again last week.
This was not good for me, as I had a ton of bearish positions which ended up taking max losses.
I also started experimenting with a new 0DTE strategy, known as the MEIC (multiple entry iron condor). More in the summary.
Here are the trades of past week:
Opened: #
| Ticker | Action | Type | Date | Expiry | Sell Strike | Buy Strike | Premium | Qty | Fee | Net |
|---|---|---|---|---|---|---|---|---|---|---|
| XSP | open | BCS | 2024-09-16 | 2024-10-25 | 569 | 570 | 0.5 | 1 | 1.86 | 48.14 |
| SPY | open | BCS | 2024-09-16 | 2024-10-25 | 568 | 569 | 0.489999999999999 | 1 | 1.43 | 47.5699999999999 |
| SPX | open | BPS (IC) | 2024-09-16 | 2024-09-16 | 5595 | 5585 | 0.55 | 1 | 3.41 | 51.59 |
| SPX | open | BCS (IC) | 2024-09-16 | 2024-09-16 | 5640 | 5645 | 0.55 | 1 | 3.21 | 51.79 |
| SPX | open | BPS (IC) | 2024-09-16 | 2024-09-16 | 5610 | 5600 | 0.75 | 1 | 3.21 | 71.79 |
| SPX | open | BCS (IC) | 2024-09-16 | 2024-09-16 | 5645 | 5655 | 0.75 | 1 | 3.21 | 71.79 |
| SPY | open | BPS | 2024-09-17 | 2024-09-27 | 548 | 545 | 0.3 | 1 | 3.09 | 26.91 |
| XSP | open | BCS | 2024-09-17 | 2024-11-01 | 574 | 575 | 0.5 | 1 | 1.86 | 48.14 |
| COST | open | BPS | 2024-09-17 | 2024-12-20 | 795 | 785 | 1.43 | 1 | 2.15 | 140.85 |
| SPX | open | BCS (IC) | 2024-09-17 | 2024-09-17 | 5660 | 5670 | 0.5 | 1 | 3.12 | 46.88 |
| SPX | open | BPS (IC) | 2024-09-17 | 2024-09-17 | 5600 | 5595 | 0.5 | 1 | 3.3 | 46.7 |
| SPX | open | BCS (IC) | 2024-09-17 | 2024-09-17 | 5580 | 5595 | 0.55 | 1 | 3.12 | 51.88 |
| SPX | open | BPS (IC) | 2024-09-17 | 2024-09-17 | 5660 | 5670 | 0.55 | 1 | 3.21 | 51.79 |
| XSP | open | BCS (IC) | 2024-09-17 | 2024-09-17 | 570 | 571 | 0.16 | 1 | 1.86 | 14.14 |
| XSP | open | BPS (IC) | 2024-09-17 | 2024-09-17 | 557 | 556 | 0.15 | 1 | 1.86 | 13.14 |
| AMD | open | BCS | 2024-09-19 | 2024-11-15 | 165 | 166 | 1.55 | 1 | 2.13 | 152.87 |
| XSP | open | BCS | 2024-09-17 | 2024-10-18 | 575 | 576 | 0.54 | 1 | 1.86 | 52.14 |
| SPX | open | BCS (IC) | 2024-09-19 | 2024-09-19 | 5745 | 5750 | 0.54 | 1 | 1.86 | 52.14 |
| SPX | open | BPS (IC) | 2024-09-19 | 2024-09-19 | 5690 | 5680 | 0.55 | 1 | 3.21 | 51.79 |
| SPX | open | BCS (IC) | 2024-09-19 | 2024-09-19 | 5755 | 5765 | 0.55 | 1 | 3.12 | 51.88 |
| SPX | open | BPS (IC) | 2024-09-19 | 2024-09-19 | 5705 | 5695 | 0.55 | 1 | 3.3 | 51.7 |
| SPX | open | BCS (IC) | 2024-09-19 | 2024-09-19 | 5745 | 5760 | 0.55 | 1 | 3.12 | 51.88 |
| SPX | open | BPS (IC) | 2024-09-19 | 2024-09-19 | 5680 | 5660 | 0.55 | 1 | 3.21 | 51.79 |
| V | open | BPS | 2024-09-20 | 2024-12-20 | 255 | 250 | 0.48 | 2 | 2.31 | 93.69 |
| SPY | open | BCS | 2024-09-20 | 2024-11-01 | 574 | 575 | 0.520000000000001 | 1 | 1.43 | 50.57 |
| PG | open | BPS | 2024-09-20 | 2024-12-20 | 160 | 155 | 0.5 | 2 | 1.34 | 98.66 |
| SPX | open | BCS (IC) | 2024-09-20 | 2024-09-20 | 5735 | 5750 | 0.55 | 1 | 3.12 | 51.88 |
| SPX | open | BPS (IC) | 2024-09-20 | 2024-12-20 | 5675 | 5665 | 0.55 | 1 | 1.34 | 53.66 |
| SPX | open | BCS (IC) | 2024-09-20 | 2024-09-20 | 5730 | 5740 | 0.6 | 1 | 3.41 | 56.59 |
| SPX | open | BPS (IC) | 2024-09-20 | 2024-12-20 | 5680 | 5660 | 0.55 | 1 | 3.12 | 51.88 |
| SPX | open | BCS (IC) | 2024-09-20 | 2024-09-20 | 5720 | 5725 | 0.53 | 1 | 3.41 | 49.59 |
| SPX | open | BPS (IC) | 2024-09-20 | 2024-12-20 | 5680 | 5670 | 0.55 | 1 | 3.22 | 51.78 |
Closed / Expired: #
Too many trades. Biggest losses were on SPY trade idea bear call spread, and ROKU which I should've closed a lot earlier.
| Ticker | Action | Type | Date | Expiry | Sell Strike | Buy Strike | Premium | Qty | Fee | Net | Profit/Loss |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | open | BPS | 2024-07-16 | 2024-10-18 | 405 | 390 | 1.63 | 1 | 1.41 | 161.59 | $90.48 |
| MSFT | close | BPS | 2024-09-19 | 2024-10-18 | 390 | 405 | -0.7 | 1 | 1.11 | -71.11 | |
| MSFT | open | BPS | 2024-07-24 | 2024-10-18 | 400 | 385 | 1.71 | 1 | 1.41 | 169.59 | $90.48 |
| MSFT | close | BPS | 2024-09-17 | 2024-10-18 | 385 | 400 | -0.77 | 1 | 2.11 | -79.11 | |
| SPY | open | BCS (IC) | 2024-08-02 | 2024-09-20 | 551 | 554 | 1.14 | 1 | 2.12 | 111.88 | -$188.12 |
| SPY | assigned/exercised | BCS (IC) | 2024-09-20 | 2024-09-20 | 554 | 551 | -3 | 1 | 0 | -300 | |
| SPY | open | BPS (IC) | 2024-08-02 | 2024-09-20 | 511 | 508 | 0.58 | 1 | 2.12 | 55.88 | $55.88 |
| SPY | close | BPS (IC) | 2024-09-20 | 2024-09-20 | 508 | 511 | 0 | 1 | 0 | 0 | |
| SPY | open | BCS | 2024-08-05 | 2024-09-20 | 541 | 544 | 1.2 | 1 | 1.42 | 118.58 | -$181.42 |
| SPY | assigned/exercised | BCS | 2024-09-19 | 2024-09-20 | 544 | 541 | -3 | 1 | 0 | -300 | |
| XLY | open | BCS | 2024-08-15 | 2024-09-20 | 185 | 186 | 0.5 | 1 | 2.11 | 47.89 | -$52.11 |
| XLY | assigned/exercised | BCS | 2024-09-20 | 2024-09-20 | 186 | 185 | -1 | 1 | -100 | ||
| ROKU | open | BCS | 2024-08-21 | 2024-09-20 | 65 | 68 | 0.977 | 1 | 1.41 | 96.29 | -$203.71 |
| ROKU | assigned/exercised | BCS | 2024-09-20 | 2024-09-20 | 68 | 65 | -3 | 1 | -300 | ||
| XLP | open | BCS | 2024-08-30 | 2024-09-20 | 82.5 | 83 | 0.2 | 1 | 1.1 | 18.9 | -$31.10 |
| XLP | assigned/exercised | BCS | 2024-09-20 | 2024-09-20 | 83 | 82.5 | -0.5 | 1 | 0 | -50 | |
| TLT | open | BCS (IC) | 2024-08-30 | 2024-10-18 | 101 | 104 | 0.3 | 1 | 2.1 | 27.9 | -$17.15 |
| TLT | close | BCS (IC) | 2024-09-20 | 2024-10-18 | 104 | 101 | -0.42 | 1 | 3.05 | -45.05 | |
| TLT | open | BPS (IC) | 2024-08-30 | 2024-10-18 | 93 | 90 | 0.38 | 1 | 2.1 | 35.9 | $24.85 |
| TLT | close | BPS (IC) | 2024-09-20 | 2024-10-18 | 90 | 93 | -0.08 | 1 | 3.05 | -11.05 | |
| SPX | open | BPS (IC) | 2024-09-16 | 2024-09-16 | 5595 | 5585 | 0.55 | 1 | 3.41 | 51.59 | $51.59 |
| SPY | expired | BPS (IC) | 2024-09-16 | 2024-09-16 | 5585 | 5595 | 0 | 1 | 0 | 0 | |
| SPX | open | BCS (IC) | 2024-09-16 | 2024-09-16 | 5640 | 5645 | 0.55 | 1 | 3.21 | 51.79 | -$46.71 |
| SPY | close | BCS (IC) | 2024-09-16 | 2024-09-16 | 5645 | 5640 | -0.95 | 1 | 3.5 | -98.5 | |
| SPX | open | BPS (IC) | 2024-09-16 | 2024-09-16 | 5610 | 5600 | 0.75 | 1 | 3.21 | 71.79 | $71.79 |
| SPY | expired | BPS (IC) | 2024-09-16 | 2024-09-16 | 5600 | 5610 | 0 | 1 | 0 | 0 | |
| SPX | open | BCS (IC) | 2024-09-16 | 2024-09-16 | 5645 | 5655 | 0.75 | 1 | 3.21 | 71.79 | $71.79 |
| SPY | expired | BCS (IC) | 2024-09-16 | 2024-09-16 | 5655 | 5645 | 0 | 1 | 0 | 0 | |
| SPX | open | BCS (IC) | 2024-09-17 | 2024-09-17 | 5660 | 5670 | 0.5 | 1 | 3.12 | 46.88 | $46.88 |
| SPX | expired | BCS (IC) | 2024-09-17 | 2024-09-17 | 5670 | 5660 | 1 | 0 | |||
| SPX | open | BPS (IC) | 2024-09-17 | 2024-09-17 | 5600 | 5595 | 0.5 | 1 | 3.3 | 46.7 | -$41.60 |
| SPX | close | BPS (IC) | 2024-09-17 | 2024-09-17 | 5595 | 5600 | -0.85 | 1 | 3.3 | -88.3 | |
| SPX | open | BCS (IC) | 2024-09-17 | 2024-09-17 | 5580 | 5595 | 0.55 | 1 | 3.12 | 51.88 | $51.88 |
| SPX | expired | BCS (IC) | 2024-09-17 | 2024-09-17 | 5595 | 5580 | 0 | 1 | 0 | 0 | |
| SPX | open | BPS (IC) | 2024-09-17 | 2024-09-17 | 5660 | 5670 | 0.55 | 1 | 3.21 | 51.79 | $51.79 |
| SPX | expired | BPS (IC) | 2024-09-17 | 2024-09-17 | 5670 | 5660 | 0 | 1 | 0 | 0 | |
| XSP | open | BCS (IC) | 2024-09-17 | 2024-09-17 | 570 | 571 | 0.16 | 1 | 1.86 | 14.14 | $14.14 |
| XSP | close | BCS (IC) | 2024-09-17 | 2024-09-17 | 571 | 570 | 0 | 1 | 0 | 0 | |
| XSP | open | BPS (IC) | 2024-09-17 | 2024-09-17 | 557 | 556 | 0.15 | 1 | 1.86 | 13.14 | $13.14 |
| XSP | close | BPS (IC) | 2024-09-17 | 2024-09-17 | 556 | 557 | 0 | 1 | 0 | 0 | |
| SPX | open | BCS (IC) | 2024-09-19 | 2024-09-19 | 5745 | 5750 | 0.54 | 1 | 1.86 | 52.14 | -$56.16 |
| SPX | close | BCS (IC) | 2024-09-19 | 2024-09-19 | 5750 | 5745 | -1.05 | 1 | 3.3 | -108.3 | |
| SPX | open | BPS (IC) | 2024-09-19 | 2024-09-19 | 5690 | 5680 | 0.55 | 1 | 3.21 | 51.79 | -$46.71 |
| SPX | close | BPS (IC) | 2024-09-19 | 2024-09-19 | 5680 | 5690 | -0.95 | 1 | 3.5 | -98.5 | |
| SPX | open | BCS (IC) | 2024-09-19 | 2024-09-19 | 5755 | 5765 | 0.55 | 1 | 3.12 | 51.88 | $51.88 |
| SPX | close | BCS (IC) | 2024-09-19 | 2024-09-19 | 5765 | 5755 | 0 | 1 | 0 | 0 | |
| SPX | open | BPS (IC) | 2024-09-19 | 2024-09-19 | 5705 | 5695 | 0.55 | 1 | 3.3 | 51.7 | -$86.80 |
| SPX | close | BPS (IC) | 2024-09-19 | 2024-09-19 | 5695 | 5705 | -1.35 | 1 | 3.5 | -138.5 | |
| SPX | open | BCS (IC) | 2024-09-19 | 2024-09-19 | 5745 | 5760 | 0.55 | 1 | 3.12 | 51.88 | $51.88 |
| SPX | expired | BCS (IC) | 2024-09-19 | 2024-09-19 | 5760 | 5745 | 0 | 1 | 0 | 0 | |
| SPX | open | BPS (IC) | 2024-09-19 | 2024-09-19 | 5680 | 5660 | 0.55 | 1 | 3.21 | 51.79 | $51.79 |
| SPX | expired | BPS (IC) | 2024-09-19 | 2024-09-19 | 5660 | 5680 | 0 | 1 | 0 | 0 | |
| SPX | open | BCS (IC) | 2024-09-20 | 2024-09-20 | 5735 | 5750 | 0.55 | 1 | 3.12 | 51.88 | $51.88 |
| SPX | expired | BCS (IC) | 2024-09-20 | 2024-09-20 | 5750 | 5735 | 0 | 1 | 0 | 0 | |
| SPX | open | BPS (IC) | 2024-09-20 | 2024-12-20 | 5675 | 5665 | 0.55 | 1 | 1.34 | 53.66 | -$64.84 |
| SPX | close | BPS (IC) | 2024-09-20 | 2024-12-20 | 5665 | 5675 | -1.15 | 1 | 3.5 | -118.5 | |
| SPX | open | BCS (IC) | 2024-09-20 | 2024-09-20 | 5730 | 5740 | 0.6 | 1 | 3.41 | 56.59 | $56.59 |
| SPX | expired | BCS (IC) | 2024-09-20 | 2024-09-20 | 5740 | 5730 | 0 | 1 | 0 | 0 | |
| SPX | open | BPS (IC) | 2024-09-20 | 2024-12-20 | 5680 | 5660 | 0.55 | 1 | 3.12 | 51.88 | -$11.24 |
| SPX | close | BPS (IC) | 2024-09-20 | 2024-12-20 | 5660 | 5680 | -0.6 | 1 | 3.12 | -63.12 | |
| SPX | open | BCS (IC) | 2024-09-20 | 2024-09-20 | 5720 | 5725 | 0.53 | 1 | 3.41 | 49.59 | -$83.71 |
| SPX | close | BCS (IC) | 2024-09-20 | 2024-09-20 | 5725 | 5720 | -1.3 | 1 | 3.3 | -133.3 | |
| SPX | open | BPS (IC) | 2024-09-20 | 2024-12-20 | 5680 | 5670 | 0.55 | 1 | 3.22 | 51.78 | -$71.52 |
| SPX | close | BPS (IC) | 2024-09-20 | 2024-12-20 | 5670 | 5680 | -1.2 | 1 | 3.3 | -123.3 |
- Closed Net Profits/Loss: -$243.06
Notes and Lessons #
Losing week.
Biggest loss was from a ROKU bear call spread that went bad immediately after entering. Should've just cut it off right away, but I just left it.
Next biggest loss was from a SPY bear call spread from Options Alpha Strategy. The problem here was that I took too big of a position. All the other trade idea positions I have been taking were $1-$2 wide spreads, for max loss of usually $50-$100.
For some reason, I decided to enter a $3 wide spread on that position. Am going to update that strategy to only take $1-$2 wide spreads.
So far, the Options Alpha trade ideas strategy has not been profitable at all...not sure how much longer I'm going to run with it.
MEIC 0DTE Strategy #
Also started experimenting with a new 0DTE trading strategy called the MEIC (Multiple Entry Iron Condor).
A very friendly woman named Tammy Chambless made a video of the strategy. Not sure if she invented it or not, but you can check out her Youtube video about the strategy here.
The strategy basically says to enter iron condors on SPX multiple times throughout the day. Tammy enters a total of six iron condors through the day. She starts at 1pm, and enters a position every 30 minutes from then.
Instead of targetting a specific Delta, or spread width, you focus on credit received. Then you set a stop loss at 2x the credit to limit your potential losses.
For example, you try to get $1 credit from each side of the iron condor. You set a stop for $2 loss on each side. If you win both sides, you will make $200. If you lose one side, and win one side, you will breakeven. If you lose both, then you will lose $200.
The main idea of this strategy is that you will breakeven on most of the positions (i.e. win one side, lose the other side). You sometimes win both sides, and will seldom get stopped out of both sides (although I did a couple times already).
Based on the winning percentages, you end up profitable.
Does it work?
I traded it all last week (except for Wednesday), taking 2-3 positions per day. After a total of 10 positions, I made $100.45 profit.
Not bad?
I am risking much less than Tammy does ($50-$60 credit per side vs her $120 per side), and also taking less positions.
Will continue trying it out next week.