A creator on TikTok went viral recently for claiming he made thirty thousand dollars in August with zero losing days trading 0DTE SPX iron condors.

His stated strategy entered at 9:45 AM, sold 0.15 delta legs, took profit at twenty-five percent, and forced an exit by 10:20 AM.

I codified those exact rules and tested them against minute-level options data to verify the claim.

The run produced sixteen green sessions and four red sessions, and it required eight hundred forty thousand dollars in collateral to generate that thirty thousand dollars in profit.

I posted the exact trading strategy here. If I configured something wrong, please correct me.

How many of you trade same-day condors on SPX, and how do you prevent morning trend days from wiping out your month?

Hi Friends (newby here),

Nancy Pelosi bought into Bloom Energy 10k shares and 100 call options strike price $100. She made a similar move with INTC...

• Intel is presently at $93 and Bloom is $210
• QUESTION; She's going long but why would she buy 1 yr call options at $50/Intc and $100 for BE ? --- anyone know?

Thanks very much for your help!

Everyone here knows call walls cap upside — dealers hedging positive gamma sell into rallies near that strike, which is why price stalls there. Less talked about: what happens when a wall lines up with a crowd that's maximally euphoric.

Pulled a live sentiment/gamma scan just now. Two names both ~87-92% bullish on StockTwits right now:

- VST — 87% bullish, but price is sitting right under a call wall at $160 (flip at $164.4). Dealers are structurally positioned to sell into any push higher. Crowd wants up, dealers are the ones setting the ceiling. This is the everyone's chasing but the tape can't confirm it setup — the kind of spot where selling calls (CC or credit spread) against the crowd has actually made sense historically.

- INTC — 92% bullish, and the call wall's already been cleared (wall at $100, flip below at $94.3). Dealers aren't fighting this move, they're confirming it. Fading this just because the crowd is too bullish would be fighting structure, not sentiment.

Same sentiment reading, opposite trade. The lesson: crowd sentiment by itself is close to noise. It only becomes useful once you check whether dealer positioning agrees or disagrees with it — agreement means let it run, disagreement (especially right at/under a wall) is historically the better spot to be selling premium, not buying it.

Everyone checks IV rank before selling premium. Almost nobody checks what regime dealers are in, and it costs nothing to look.

Positive gamma, they're buying dips and selling rallies to stay flat. Their hedging works against volatility, so realized moves get damped. That's the friendly regime for a short strangle. Theta just quietly does its thing because the market's own hedging flow is on your side.

Negative gamma is the opposite. They're selling into weakness and buying into strength, so the hedging pushes the same direction the move is already going. Same strangle, same credit collected, completely different risk. This is how a week that looked dead turns into a gap that tests both legs.

Where things sat at Friday's close:

• SPY — negative. Spot 769.45, flip up at 788.97. About 19 points of room, all of it in the amplifying zone.
• QQQ — negative, but barely. 717.50 against a 720 flip. Close enough that a normal day could flip the regime itself, which is its own kind of risk.
• IWM — negative. 295.46 against 297.54.

For contrast, NVDA was reading positive. So single names don't automatically sit in the same regime as the index — same strategy, different backdrop entirely.

And to be clear, this isn't a direction call. Negative gamma doesn't mean down. It means whichever way it goes, it goes harder.

Keep it friendly and civil; this is not WSB and automod will censor your posts at will for unsavory and unfriendly remarks. Try to keep shit posting and bragging to a minimum.

Disclaimer: This is for experimental purposes, it is to demonstrate and track wheeling and longing on leveraged products, which started mid-June of this year. This retirement account was blown through testing various trading strategies and poor position sizing in relation to risk.

The strategy is to use leveraged products to long and to free up capital for puts & dry powder. Write weekly CSPs on LETFs by selling .03-.09 delta puts. Then, DCA shares into a small leveraged position (~10%) of either LEAPS/LETFs. Lastly, sell covered calls on the LETFs, and calling them away when we need to size down.

Reallocated my long shares, -3 TQQQ & +1 AQC. Been trading SOXL/SOXS around .05-.07 deltas because comfort. I can’t really tell market direction right now, but inflation print coming soon.

approx.
91.7% $USD & CSPs
8.3% Leveraged (4.2% TQQQ, 4.1% AGQ)

From Barron’s today on interest rates but this caught my eye

“The narrative in rates today is all about inflation and fiscal problems,” says Torsten Sløk, chief economist at Apollo. “But the narrative going into 2027 is going to be all about the success or failure of AI.”

Slok predicts that if AI manages to boost productivity, this will be “massively deflationary and push rates lower.” But if AI doesn’t deliver the expected returns to Corporate America, “the bubble bursts and the Nasdaq is down 50% as investors rotate out of equities into Treasuries, and long rates fall dramatically.”

Not said, but implied, is that if companies do see return AI it would make sense to expect the Capex build out to continue.

Instead of selling puts on IREN why not NCLD instead?

Also, EUV DRAM GDX IBIT USO UFO

All pays good enough income but of course all “high risk” (assignments and keep dripping).

How bad is this idea?

Note: I currently not touching any of these etf but only sell puts on individual stonks.

Do the people that have six figure and low seven figure accounts, do you think of your income from options as income for the year the same way as your paycheck from work?

Or do you think of it just adding to the account and you’re building wealth similar to someone that just holds SPY in a taxable acct.

Right now, I just think of it as adding to my account and I don’t think of it as income at all. Maybe 100 years from now when I’m retired I’ll think of it as extra money.

Keep it friendly and civil; this is not WSB and automod will censor your posts at will for unsavory and unfriendly remarks. Try to keep shit posting and bragging to a minimum.

Anybody else looking at AEO CSPs.

If not what are your earnings plays this upcoming week?

It's lonely up here, but at least the view is lovely. The boy took his Pokémon with him for our picnic.

The BE trend seemed irreversible this entire week and for the entire trading day today. Premiums were very high so I sold 25 CSPs. They safely expired and I collected my premium.

Can I do this every Friday?

I wasn’t sure why the premiums were as high as they were that close to expiration. I had never seen it before but got to capitalize. I totally understand I may have ended up with the shares and was prepared for that…though I’m happy I didn’t have to buy that many of them.

Played the MU volatility as always, tho with such a strong finish to the week I could have just sat on my initial csps and been just fine.

No current MU options open for next week, I do have 10x PLTR $167.5's expiring next friday and 5x $710 VOO covered calls.

I will post a separate comment with a link to the detail behind each option sold this week.

After week 36, the average premium per week is $879 with an annual projection of $45,684.

All things considered, the portfolio is up $51,897 (+11.48%), on the year (S&P 500: +12.75% | Nasdaq: +14.05%). Additionally, the trailing 1-year performance is up $62,576 (+14.17%); for comparison the S&P 500 is +18.71% and the Nasdaq is +22.11% over the same period. This is the overall profit and loss and includes options and all other account activity.

Annual results:
• 2023 up $65,403 (+41.31%) | S&P 500: +26.3% | Nasdaq: +43.4%
• 2024 up $64,610 (+29.71%) | S&P 500: +25.0% | Nasdaq: +28.6%
• 2025 up $111,496 (+34.52%) | S&P 500: +17.9% | Nasdaq: +20.4%

3-Year Cumulative (2023–2025):
• r/ExpiredOptions: +146.6% ($241,509)
• S&P 500: +86.1% (+60.4% behind)
• Nasdaq: +122.0% (+24.5% behind)

Unrealized G&L (options):
• YTD: $12,556.00
• 1 Month: $2,754.00
• 1 Week: $4,537.00

Realized P&L (options):
• YTD: $61,197.00
• 1 Month: $2,263.00
• 1 Week: $629.00

All options sold are backed by cash, shares, or LEAPS. I do not sell on margin, nor do I sell naked options.

All options and profits stay in the account with few exceptions. This is not my full time job, although I wish it was. I still grind on a 9-5.

My $600 weekly contribution streak is at 5 weeks. I have been contributing as much as possible since 2015 when I started with $50. The reason my streak is low is because I put the contributions on hold for about 2 months to adjust for expenses outside the portfolio.

The portfolio is comprised of 106 unique tickers, unchanged from 106 last week. These 106 tickers have a value of $484k. I also have 199 open option positions, unchanged from 199 last week. The options have a total value of $20k. The total of the shares and options is $504k. The next goal on the "Road to" is Half a Million.

I'm currently utilizing $30,700 in cash secured put collateral, up from $30,400 last week. In addition, I hold $5,910 in cash, bringing the total cash position to $36,610.

2025 through 2028 LEAPS
In addition to the CSPs and covered calls, I purchase LEAPS. These act as collateral to sell covered calls against. You may have heard of poor man's covered calls (PMCC).

See r/ExpiredOptions for a detailed spreadsheet update on all LEAPS positions including P/L for each individual position.

LEAPS note 1: the 2025 LEAPS expired 1/17/25. They were up $36,440 overall with a 233.74% increase. The major drivers were AMZN and CRWD.

LEAPS note 2: After holding for 2 years, I exercised an AMZN $80 strike from 2023 up +$11,395 (+463.21%) and CRWD $95 strike from 2023, up +$21,830 (+663.53%)

LEAPS note 3: Purchased 1/16/26 CRWD LEAPS for $8,230.03 on 1/17/24. I sold this LEAPS on 6/5/25 for $21,659 for a realized profit of $13,428.97 (+163.18%)

Total premium by year:
• 2023 $23,132 in premium
• 2024 $47,640 in premium
• 2025 $68,319 in premium
• 2026 $31,906 YTD
• Average $46,364/year (completed years)

Premium by month (2026):
• January $3,334
• February $3,625
• March $4,196
• April $5,593
• May $3,787
• June $3,497
• July $3,628
• August $3,981
• September $286
• Average $3,548/month

I am over $171k in total options premium, since 2021. I average roughly $34 per option sold. I have sold over 5,100 options. I have been able to increase the premiums on an annual basis and I will attempt to keep this upward trend going forward.

Strategy:
The underlying strategy is buy and hold. I also use simple 1-legged options to supplement that strategy. Options have somewhat of a learning curve, but I believe that most people can supplement their investments using simple options with careful risk management.

I sell options on a weekly basis. I prefer cash secured puts and covered calls. I rarely close early, prefer rolling when needed, and let time decay do the heavy lifting while I stay focused on quality companies, patience, and consistency over hype. My goal is consistency in option premium revenue. I am building an income stream that will continue long into retirement.

Spreadsheets:
Unfortunately, I no longer provide spreadsheets. I received too many follow ups about formatting, pivot tables, compatibility etc. I think tracking is very important, but I post to discuss investing and options, not to provide tech support for Excel. I do appreciate the interest in my tracking methods.

Software:
I captured the screen shots from a proprietary software platform I built to track, analyze, and manage my options strategies.

Commissions:
I use Robinhood as a broker and they do not charge explicit commissions, though there is no free lunch — they earn revenue through Payment for Order Flow (PFOF), which can mean slightly less optimal fills. For my style of selling options and not chasing prices, the tradeoff is acceptable. There is also a small regulatory fee of approximately $0.03–$0.04 per contract (FINRA TAF, OCC clearing, and exchange fees combined).

The premiums have increased significantly as my experience has expanded over the last three years.

Make sure to post your wins. I look forward to reading about them!

Disclaimer: I am not a financial advisor. This information is for educational and entertainment purposes only. Trading options involves significant risk.

Keep it friendly and civil; this is not WSB and automod will censor your posts at will for unsavory and unfriendly remarks. Try to keep shit posting and bragging to a minimum.

Both $ORCL and $ADBE report after close on Thursday, September 10. I’m looking at potential defined-risk earnings trades and wanted to see how r/thetagang is approaching the two setups.

$ORCL - approximately $158.78
The September 11 options are currently pricing roughly an 11% move, putting the implied range around $141-$177.

What makes me cautious is that ORCL has become a genuine gap-risk name:

Last earnings: approximately -8.5%
March 2026: approximately +9.2%
December 2025: approximately -10.8%
September 2025: approximately +35.9%

The bull case is continued OCI and AI-infrastructure growth, stronger cloud bookings and conversion of the massive backlog/RPO into revenue.

The bear case is that expectations are already high, capex and financing requirements remain substantial, and the market may punish anything short of exceptional cloud growth or guidance.

Since the historical moves have been so violent, I’m not convinced the roughly 11% implied move gives premium sellers enough protection. I would only consider a defined-risk position here… potentially a very wide iron condor outside the expected move or a put credit spread at a price where I would actually be comfortable taking directional exposure.

$ADBE - approximately $266.51
The September 11 options are pricing roughly an 8% move, giving an implied range around $245-$288.
ADBE already fell 6.7% Friday after naming Anil Chakravarthy as its next CEO and the subsequent departure of David Wadhwani.

To me this creates an interesting setup…some negative sentiment may already have been pulled forward, but earnings now carry both operating and leadership-transition risk.

The bull case is an earnings beat, resilient recurring revenue, continued margin strength and evidence that Firefly/AI adoption is monetizing rather than cannibalizing Creative Cloud. Essentially, positive forward guidance.

The bear case is the weaker guidance materializing, pricing pressure, slower creative growth and continued concern that generative AI competitors are eroding Adobe’s moat.

ADBE looks like the more conventional IV-crush candidate to me, but selling the downside immediately after Friday’s drop could either be catching an overreaction or stepping in front of another leg lower. I’m considering a defined-risk put credit spread below the implied range, an iron condor with extra room on the downside, or simply waiting until Thursday to see where IV and the expected move settle.

Questions:

Which has the better premium-selling setup - ORCL or ADBE?

Are ORCL’s premiums sufficient given how often it makes oversized earnings moves?

Does ADBE’s pre-earnings selloff make downside premium more attractive, or is it a warning to stay away?

What strikes and expirations are you considering?

Would you open Thursday near the close, enter earlier during IV expansion, or wait until after earnings and sell elevated post-event volatility?

I’m leaning toward ADBE for defined-risk short premium and either going extremely wide or sitting out ORCL, but I haven’t finalized strikes yet. Interested to see what everyone else is running.

Now I'm more than 6 months into my 1 year experiment to get 1% a week from selling puts. So far things have been going well. This week my RKLB and AAOI puts were ITM but otherwise ok so I had to roll and take less than 1% this week. My overall returns thus far have been a lot better than I expected. Last week's post: https://www.reddit.com/r/thetagang/comments/1w1k96c/1_weekly_returns_from_options_week_26/

Strategy
- Use an AI screener to give me a list of top 20 low delta options for next week
- I either
- a. Roll my current options - I do this if I can still get 1% for rolling or if the option is ATM/ITM and I have to roll. I always roll for credit.
- b. Close a current option and pick something else from the list that I like
- I try to do this every Friday. However, if I'm busy on Fridays, I'll sometimes do this on Thursdays.
- If I get assigned, I will sell calls at assignment price

Total Returns

Today's Trades

Screener Output in the morning

Historical Weekly Data

Trades I took today as an option seller (09/04):

Closed/Assigned Positions

• OUST → $40 Put (opened on 08/13), premium 2.00 → Assigned. (100% of premium captured, 5% of capital).

New Positions

• HPE → $50 Put expiry 09/18 (2 weeks DTE), premium 1.40 → 140/5000 = ~2.8%. HPE reported strong earnings and raised its outlook, with focus on AI infrastructure and networking. I had closed a position of HPE yesterday and I reopen a new one today.
• ACMR → $70 Put expiry 09/18 (2 weeks DTE), premium 2.35 → 235/7000 = ~3.4%. I already have sold put contracts expiring on 10/02 and am increasing my position for ACMR. It is looking bullish on the charts, taking support from $70.

I am sitting on cash and want to observe reversal patterns before getting into any new trade.

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.

The premium "banked" included a long call on $TSLA, but I don't include that in my options selling premium realized, but that's why you see two different numbers.

Best ROI by days held was NVTS. 7 days held at 5.80%. Original DTE was 31 days. Second was HOOD. 3 days held at 0.90%. Original was 4 DTE.

Keep it friendly and civil; this is not WSB and automod will censor your posts at will for unsavory and unfriendly remarks. Try to keep shit posting and bragging to a minimum.

Trades I took today as an option seller (09/03):

Closed Positions

• AAOI → $175 Call (opened on 08/04), premium 13.40 → closed at 4.80. Net premium profit = 8.60 (~64.18% of premium captured, ~4.91% of capital).
• HPE → $50 Put (opened on 08/11), premium 2.40 → closed at 0.40. Net premium profit = 2.00 (~96.67% of premium captured, 4.83% of capital).
• CRDO → $240 Put (opened on 08/17), premium 12.00 → closed at 0.00. Net premium profit = 12.00 (100.00% of premium captured, 5.00% of capital). Assigned early.
• SIMO → $290 Call (opened on 08/21), premium 10.50 → closed at 1.50. Net premium profit = 9.00 (~85.71% of premium captured, 3.10% of capital).
• KORU → $15.50 Put (opened on 08/25), premium 0.90 → closed at 0.45. Net premium profit = 0.45 (50.00% of premium captured, 2.90% of capital).
• INOD → $60 Call (opened on 08/31), premium 0.55 → closed at 0.10. Net premium profit = 0.45 (~81.82% of premium captured, ~0.75% of capital).

New Positions

• INOD → $60 Call expiry 09/25 (4 weeks DTE), premium 1.80 → 180/6000 = ~3.0%. I was assigned INOD at $60 and I continue my wheel in INOD.
• CRDO → $240 Call expiry 12/18 (16 weeks DTE), premium 10.00 → 1000/24000 = ~4.2%. I was assigned early post the earnings slide. I am not extremely worried about the decline as earnings were strong, with both revenue and EPS beating expectations and CRDO holds good call selling premiums.
• SIMO → $290 Call expiry 12/18 (16 weeks DTE), premium 24.00 → 2400/29000 = ~8.3%. I was assigned SIMO at $290 and I opened far dated call.
• AAOI → $140 Call expiry 12/18 (16 weeks DTE), premium 8.90 → 890/17500 = ~5.1%. I was assigned AAOI at $175. Opened a new position below the assigned price to get more premiums and reduce breakeven.

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.

Got tired of gamma tools that only cover SPX/SPY/QQQ, so I built one that runs on any optionable US ticker. Free, no signup, no email.

Per ticker: net dealer gamma by strike, zero-gamma flip, call wall, put wall, max pain, options-implied expected move.

Where it's weak, so nobody has to find out the hard way:

• Dealer positioning is inferred. Nobody outside a market maker knows the real book.
• Illiquid tickers give garbage in, garbage out.
• Index gamma is genuinely harder than single names and I'm not fully happy with how it's handled quite yet. ($SPY better than $SPX)

Someone posted here recently that GEX is a scam. They're not entirely wrong about how it gets sold — plenty of accounts present inferred positioning as fact and treat a flip level like a price target. It isn't one. What it's actually useful for is knowing whether hedging flow is damping moves or amplifying them. That's a much smaller claim than what usually gets made for it.