1dte iron condor for an 8k profit to end a week of degeneracy

Here's a writeup for the newbies:

A Iron Condor is a nickname for a an options strategy that profits when a stocks price stays within a predicted range.

Yesterday I sold 100x iron condors for $7,984 total credit after fees, expiring today, gambling that SPY would stay between 679.20 and 690.80. If SPY went past 678 or 692, my max loss would be $12, 000.

Shared wisdom dictates that it is foolish to hold ICs until expiration. Theta decay is rapid in the first hour of the day of expiration, and buying back at 50% of the price is far smarter then letting the gamma risk from some last minute headline ruin your day.

Fortunately, I don't know what gamma is, so I let these babies ride to close. Call spread was bought back for 0.09 each, and put spread expired worthless.

My lucky week. Even with the tariff decision and Trump making noise about Iran, SPY fucked the dog and hung around 685 all week. That kind of volatility is great for scalping with short term SPY options. You toss a coin on buying puts or calls at the money, and if it goes the wrong way you double down again and again until you're back in the green, but now your profit is even higher! Works great until it doesn't and you lose it all.