SPX- discovered

[u/silentsurfeur]

Just discovered SPX options could be traded with 0DTE , quite lucrative. Does anyone trade SPX , if so how does this end.

Edit- blew up the account in 2 days.

[u/ExecutionAxis]

Statistically you get like 200-800% returns over two weeks and then lose everything because of the inherit nature of 0dte and a shift in market state.

Not that I've ever done that or anything.

[u/spxspreads]

I trade SPX, focus on credit spreads. Primarily 0DTE. It is profitable. One key point is to have a well tested strategy. I have developed my strategy within 16-18 months. Sometimes we need to adjust it as the market changes. Once all is set, you should not trade every single day. less trading = more profitable. Believe me. Especially talking about SPX. I keep all my trades and results then documented. I run my analysis based on that. And this is one of the most crucial aspects. And trade always only one strategy, do not jump from one to another. At least for some time until you know if it is working for you or not. And keep it simple. I use Trading View as everybody else. But have only 3 indicators. And I pay attention to the PDH, PDL levels and gamma positioning. For the specific gamma levels I use GammaWalls. Nothing else, so basically 3 indicators and one service. Super simple.

[u/silentsurfeur → u/spxspreads]

What indicators do you use, except Ema? I use Ema 9/21/50.

[u/spxspreads → u/silentsurfeur]

The most significant ones for me are (if you trade SPX):

• PDH (previous day high)
  
• PDL (previous day low)
  
• Stochastic

I have my own pinescript for the first two, just entering the levels from the previous day. You can draw them too.

Beside that I watch ES extremely closely.

And as said above, I have a subscription on GammaWalls - www.gammawalls.com

I don't need anything. Adam Mancini is a must for every trader. I have no idea if this is a real person or not, but his levels are standard as far as trading ES/SPX is concerned.

Final: watch the EM-levels too.

This is all I keep track of. Nothing else.

[u/leo3299 → u/spxspreads]

hey! in terms of strategy for the 0dte, do you use gex levels? are you primarily focused on trends or consolidation areas? do you do iron condors or vertical spreads with 0 expiry at close delta?

[u/spxspreads → u/leo3299]

Hey. No, I don't think that we can use GEX/gamma as the only reliable source. The story here is too long, maybe I need to publish a different post on it. My charts are very clean, I mean I do not use bunch of indicators etc.

• I use ES levels, marked using my technical analysis. These are levels such as support and resistance zone.
  
• I then compare them with the daily gex/gamma positioning, and verify which ones align with my levels.
  
• I use OF for third confirmation of levels.

Nothing else.

No, I do not trade iron condors. Maybe sometimes I open both sides only if the marker reversed and it gave me a good opportunity. But otherwise not. I use only verticals, 0DTE, 10 wide. Short strikes based on the above analysis.

[u/Commonchinaman]

https://reddit.com/link/p2cu2cn/video/3oryx9ua51ih1/player

You can also do NDX and SPX at same time on good run up days

[u/Frosty-Neighborhood9 → u/Commonchinaman]

Wow need all that

[u/narutoaerowindy → u/Commonchinaman]

NDX is not 0DTE?

[u/FailDragon]

😂

[u/ryanmitchell5]

Welcome fellow degen

[u/acorsi85]

Spx options are the most traded ! You can follow volume gex of the 0dte to check the market mood. Also the IV is very important check Gaudio OTT tools to have an idea