PUT SELLING SYSTEM — All Timeframes

Price

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Support 1

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Resistance 1

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IV / IVR

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IVR —

Session Signal

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Evaluating…

Daily Trading Plan

MON

⚠ Weekend gap risk — confirm trend before entry

Entry Window

10:15 – 11:30 AM

Bias

Cautious / Confirm

Strike Target

1–2 below S1

Delta Target

0.10 – 0.14Δ

→

Wait for gap to fill. If futures gap down >0.5%, skip or widen spread $2 extra.

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Early entry (9:00 AM) only if pre-market shows clean bullish trend.

✓ Standard plan day — typically smoothest

Entry Window

9:45 – 11:00 AM

Bias

Neutral / Bullish

Strike Target

0.10–0.15Δ OTM

Delta Target

0.10 – 0.15Δ

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Best day for standard execution. Full position size. Target ≥1/3 spread width in credit.

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Close at 50% max profit. Never hold to expiration.

⚠ Check FOMC calendar — reduce on Fed days

Entry Window

10:00 – 11:30 AM

Bias

Check Calendar

Strike Target

Standard (non-FOMC)

FOMC Rule

Close by 1:30 PM

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FOMC day: −50% size, close ALL positions by 1:30 PM before 2 PM announcement.

⚠ Jobless claims 8:30 AM — wait for reaction

Entry Window

10:00 – 11:30 AM

Bias

Data-Dependent

Claims Beat

Normal entry

Claims Miss

Widen +$2–3

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Never enter before 9:45 AM on Thursday. Let claims data digest first.

🚫 High gamma — NO new positions after 2 PM

Entry Window

9:45–10:30 AM ONLY

Bias

Conservative

Strike Target

More OTM than usual

Hard Exit

2:00 PM — No Exception

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Hard stop at 2:00 PM. Gamma risk extreme late Friday. Exit all positions regardless of P&L.

Market Clock

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Key Price Levels

LIVE

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Pre-Market Checklist

0/6

✓
Check ES/SPX futures vs prior close — gap >0.5% = widen/skip
✓
Read overnight news: Fed, CPI/PPI, geopolitical, major earnings
✓
Pull SPY IV — >25% richer premium/higher risk; <15% skip day
✓
Identify support/resistance via prior close + VWAP + SPX levels
✓
Compare pre-market volume to 20-day avg — excess vol = dealer hedging
✓
Confirm SPY above 200 SMA — no put selling below trend

IV Environment

Current IV—

IV Rank (0–100)—

VIX—

0DTE Trade Structures

TEMPLATES

Bull Put Spread — Defined Risk

SELL $669P

BUY $664P

Target Credit

$0.50–$0.80

Max Loss

$4.20–$4.50

Profit Target

50% of Credit

Naked Put — 0.10–0.16Δ

SELL 0.10–0.16Δ PUT

Strike Range

$5–$10 OTM

Stop Loss

2× Credit

Requirement

Margin Lvl 3

          Min credit rule: ≥ 1/3 spread width  | 
          $5 wide → $1.67 min  |  $3 wide → $1.00 min
        

Volume Signals + News Events

FILTERS

🟢

BULLISHVol increasing as price holds/bounces support

ENTER

🔴

BEARISHHigh vol on down candles, weak bounces

SKIP/−50%

⚠️

P/C >1.3Put vol >> call vol = dealer hedging

WIDEN

📊

VWAP FILTEROnly enter when SPY is above VWAP

REQUIRED

CPI/PPI/PCE Release	WAIT 30 MIN
FOMC Decision	−50% SIZE / OUT 1:30
Geopolitical Shock	SKIP DAY
Strong Jobs (beat)	AGGRESSIVE AT SUP
Hawkish Fed Speaker	WIDEN → SPREADS
VIX Spike >5% Intraday	NO NEW TRADES

⚡ EOD strategies involve entering later in the session (12–2 PM) to capture accelerated theta decay — higher risk, faster results

Entry Window

12:00–2:00 PM

After midday lull

DTE at Entry

Same expiration day

Delta Target

0.05–0.10Δ

More OTM than morning

Theta Decay Rate

Extreme

Accelerates 2–4 PM

Hard Close

3:15 PM

No exceptions

EOD Entry Rules

AFTERNOON

⚠ Only trade EOD when morning 0DTE missed or closed early with leftover buying power

Entry only 12:00–2:00 PM ET. The 12–1 PM window is optimal after the midday lull resolves direction.

Go more OTM: Delta 0.05–0.08. Afternoon entries have less time to recover from adverse moves.

Require confirmed trend: SPY must be above VWAP AND above morning lows. No entering into a downtrend.

Reduce size 50% vs morning entries. Gamma is elevated and bid/ask widens late day.

Hard exit at 3:15 PM. Liquidity drops sharply, gamma spikes, and slippage becomes severe after 3:30.

Take profit at 75% (vs 50% morning) — less time remaining means you collect more of max value quickly.

Never use on Fridays after 1 PM. Triple gamma risk on weekly expiration makes afternoon entries suicidal.

EOD Trade Structures

TEMPLATES

Afternoon Bull Put Spread

SELL 0.07Δ PUT

BUY $2–3 lower

Target Credit

$0.15–$0.35

Max Loss

$1.65–$2.85

Profit Target

75% of Credit

EOD Naked Put (Experienced Only)

SELL 0.05–0.08Δ PUT

Strike

$8–$15 OTM

Stop Loss

1.5× Credit

Hold Time

<90 min

💡 EOD entries work best on strong trending days where SPY has been above VWAP for 3+ hours. Avoid on choppy/ranging days.

EOD Timeline

SCHEDULE

9:30 – 11:30 AM

Morning Session — Observe

Note trend direction, VWAP relationship, volume pattern

11:30 AM – 12:00 PM

Midday Lull

Volume dries up, direction often unclear — wait

12:00 – 1:30 PM

Optimal EOD Entry Window

Enter if SPY above VWAP, trend confirmed, IV holding

1:30 – 2:00 PM

Late Entry (Reduced Size)

Only if setup is clear; reduce contracts by 50%

2:00 PM

No New EOD Entries

Gamma acceleration begins, bid/ask starts widening

3:15 PM

HARD CLOSE ALL POSITIONS

Liquidity collapse, extreme gamma, never hold past here

DTE Range

5–10 DTE

Enter Tue–Wed expiry Fri

Delta Target

0.15–0.25Δ

Wider buffer than 0DTE

Credit Target

$1.00–$2.50

Per spread (5-wide)

Profit Target

50%

Close at 50% max profit

Max Loss

2× Credit

Or 30% of spread width

Weekly Entry Strategy

7DTE

📅 Best entry: Tuesday or Wednesday for that week's Friday expiration. Captures maximum theta without overnight gamma risk.

Preferred entry days: Tuesday–Wednesday. Monday entries risk gap exposure; Thursday entries leave too little time.

Delta 0.15–0.25Δ. Slightly more delta than 0DTE — you have more time to be right but still need margin of safety.

Strike selection: 1st major support (S1) or 2nd support (S2) as short put. Buy $5–$10 lower for defined risk.

Manage at 50% profit OR at 21 DTE if entered with more time. Do not hold through Friday's expiration.

Rolling rule: If price threatens the short strike with 2+ DTE remaining, roll down and out by 1 week for a credit if possible.

IV expansion play: Enter when IVR >30 for richer premium. Avoid when IVR <20 — not enough edge.

Avoid earnings weeks for major S&P 500 components — sector-wide vol can spike unexpectedly.

Weekly Trade Structures

TEMPLATES

Weekly Bull Put Spread (5-wide)

SELL $669P (S1)

BUY $664P

Target Credit

$1.00–$1.50

Max Loss

$3.50–$4.00

Profit at 50%

$50–$75/contract

Weekly Bull Put Spread (10-wide)

SELL $669P

BUY $659P

Target Credit

$2.00–$3.00

Max Loss

$7.00–$8.00

Higher Premium

More capital at risk

Cash-Secured Put (CSP)

SELL $665P naked

HOLD $66,500 cash

Target Credit

$2.50–$4.00

Assignment Risk

100 SPY shares

Annualized Yield

~15–25% est.

Weekly Management Rules

ROLLING

Profit Taking

50%

Close the spread when it has decayed to 50% of max profit. This is your primary target.

21D

If entered with 30+ DTE, close or roll at 21 DTE regardless of profit level.

Rolling Adjustments

↓

Roll down: If price drops 3%+ and short strike approached, roll to lower strike at same expiry for debit — only if thesis intact.

→

Roll out: If near tested with 2+ DTE, roll to next week's expiry. Collect net credit or break even only — never pay debit to roll.

✗

Never roll a loser indefinitely. If rolling requires a debit, take the loss and move on. Max 1 roll per position.

Stop Loss

⛔

Close if spread reaches 200% of credit received (2× stop) OR if short strike is breached intraday with <2 DTE.

DTE Range

25–45 DTE

Enter monthly, close at 21

Delta Target

0.20–0.30Δ

Standard Theta Gang range

Credit Target

$3–$8

Per 10-wide spread

Manage At

21 DTE

The "tasty" standard

Profit Target

50%

Close early, re-deploy

Monthly Strategy Overview

30DTE

📆 Monthly puts are the "theta gang" standard — sell 30–45 DTE, manage at 21 DTE or 50% profit, repeat

Enter 30–45 DTE. This range offers the best theta-to-gamma ratio. Not too close (gamma risk), not too far (slow decay).

Delta 0.20–0.30Δ. More premium than 0DTE but you need wider buffers. Target strikes 8–15% OTM from current price.

Manage at 21 DTE. The gamma risk accelerates inside 21 days — close or roll out to the next cycle at this point.

Close at 50% profit if reached before 21 DTE. Re-deploy capital into a new position to compound theta decay.

Position sizing: Monthly positions can be larger per contract. Risk 3–5% of account per position maximum.

High IV entry: Only enter when IVR >30. Monthly puts in low-IV environments don't pay enough premium.

Systematic approach: Enter 1st week of month, target next month's expiry. Creates a consistent monthly income stream.

Monthly Trade Structures

TEMPLATES

Monthly Bull Put Spread (10-wide)

SELL $660P (~0.25Δ)

BUY $650P

Target Credit

$3.00–$5.00

Max Loss

$5.00–$7.00

Manage At

21 DTE or 50%

Monthly Bull Put Spread (25-wide)

SELL $655P (~0.20Δ)

BUY $630P

Target Credit

$5.00–$8.00

Max Loss

$17–$20

Higher Capital

Better ROC %

Monthly Cash-Secured Put

SELL $655P (~0.20Δ)

HOLD $65,500

Target Credit

$5.00–$9.00

Assignment

100 SPY shares

Wheel Ready

Sell calls if assigned

The Wheel Strategy (Monthly)

WHEEL

🔄 The Wheel: Sell CSP → get assigned → sell covered calls → repeat

Phase 1 — Sell CSP

Sell 0.20–0.25Δ cash-secured put on SPY with 30–45 DTE. Collect $5–9 credit per contract.

If expires worthless → repeat. If near-tested → roll out 30 days for credit.

Phase 2 — Assignment (Intentional)

If assigned 100 shares of SPY, you own shares at an effective cost basis = strike − credit received.

Immediately sell a covered call 30–45 DTE at the 0.25–0.30Δ call strike. Collect additional premium.

Phase 3 — Covered Call

If called away: collect shares gain + call premium. Return to Phase 1.

If not called away: sell next month's covered call. Repeat until stock is called away.

DTE Range

6–24 Months

Jan 2026–Jan 2028 expiry

Delta Target

0.20–0.35Δ

More room, more premium

Credit (10-wide)

$8–$20

Per spread at entry

IV Dependency

Critical

Enter only IVR >40

Vega Risk

HIGH

IV drop = big P&L impact

🌿 LEAPS are long-duration premium selling. You're short vega — entering when IV is elevated (IVR >40) is essential. These are "set and manage" positions, not day trades.

LEAP Strategy Overview

1–2 YR

Entry condition: IVR >40. LEAPs only make sense when implied volatility is elevated — you're selling expensive premium that should revert to mean.

Strike selection: Sell the 0.20–0.30Δ put 1–2 years out. For SPY, this is typically $50–$100 below current price — real structural support.

Manage at 50% profit OR when IV collapses significantly (IVR drops below 20). The vega crush is your friend.

Use spreads, not naked. LEAP naked puts require enormous capital. Use 25–50 wide spreads to define risk and free up margin.

Best market conditions: Enter after market corrections of 10%+ or volatility spikes (VIX >25). These environments provide optimal premium.

Beware theta pace: LEAP theta decay is slow initially. Don't expect quick profits — the position typically matures over 3–6 months.

Delta hedge option: On large drops, you can sell short-dated calls against the LEAP spread to delta-hedge and collect additional premium.

LEAP Trade Structures

TEMPLATES

LEAP Bull Put Spread (25-wide) — Jan 2027

SELL Jan27 $620P

BUY Jan27 $595P

Target Credit

$8–$12

Max Loss

$13–$17

Break-Even

~$612–$608

LEAP Bull Put Spread (50-wide) — Jan 2027

SELL Jan27 $600P

BUY Jan27 $550P

Target Credit

$12–$20

Max Loss

$30–$38

Capital Req

$3,800/contract

Poor Man's Covered Call (PMCC Base)

BUY Jan27 $650C (0.70Δ)

SELL near-term OTM call

LEAP Cost

$40–$60

Monthly Income

$2–$5/mo

Effective Yield

~4–12%/mo

LEAP Greek Exposure

GREEKS

THETA (Time Decay)

Daily decaySlow (+)

AccelerationAfter 60 DTE

Sweet spot180–90 DTE

VEGA (IV Risk)

ExposureHigh (negative)

IV +1%Position loses

IV −1%Position gains

DELTA (Price Risk)

At entry0.20–0.30Δ

SPY −5%Delta increases

BufferWide vs 0DTE

GAMMA (Delta Change)

ExposureLow (favorable)

vs 0DTE~10–20× less

RiskNear expiry only

💡 Best LEAP entry signals: VIX spike to 25+, SPY correction >10%, IVR above 50. These create premium windfalls for sellers.

Strategy Comparison Matrix

ALL TIMEFRAMES

Strategy	DTE	Delta	Credit/Contract	Profit Target	Stop Loss	Capital Req	Win Rate Est	Risk Level	Best For
0DTE Morning	0	0.10–0.16Δ	$0.50–$0.80	50% ($25–40)	2× credit	$400–$500	~70–80%	Very High	Active daily traders
0DTE EOD	0 (PM)	0.05–0.10Δ	$0.15–$0.35	75% ($10–25)	1.5× credit	$200–$300	~65–75%	Extreme	Supplemental income
Weekly (7DTE)	5–10	0.15–0.25Δ	$1.00–$2.50	50% ($50–125)	2× credit	$400–$500	~75–85%	Medium-High	Part-time traders
Monthly (30DTE)	25–45	0.20–0.30Δ	$3.00–$8.00	50% ($150–400)	2× credit	$500–$800	~80–90%	Medium	Income investors
LEAP (1–2yr)	180–720	0.20–0.35Δ	$8.00–$20.00	50% ($400–1000)	2× credit	$1,500–$5,000	~85–92%	Low-Medium	Long-term portfolio

Risk / Reward by Timeframe

ANALYSIS

Capital Efficiency (ROC per Trade)

0DTE Morning10–20% (daily)

EOD 0DTE5–12% (afternoon)

Weekly 7DTE20–35% (per week)

Monthly 30DTE40–60% (per month)

LEAP 1–2yr40–80% (per year)

Time Commitment Required

HIGH

0DTE / EOD: 2–4 hours active screen time daily. Requires real-time monitoring.

MED

Weekly: 30–60 min at entry + periodic monitoring. Check once or twice daily.

LOW

Monthly / LEAP: Set up once. Check weekly. Ideal for busy schedules.

Recommended Portfolio Allocation

DIVERSIFIED

💡 Combining timeframes diversifies theta decay across different risk profiles and reduces single-strategy concentration

Sample $100K Portfolio

0DTE

20% ($20K) — Daily 0DTE puts for active income. 2–3 contracts per day. High maintenance.

7DTE

25% ($25K) — Weekly spreads for consistent weekly income. Enter Tue/Wed, exit by Thu.

30DTE

35% ($35K) — Monthly spreads/CSPs as core income engine. Wheel strategy for assignment.

LEAP

15% ($15K) — LEAP spreads entered on volatility spikes. Long-term premium collection.

CASH

5% ($5K) — Emergency hedge fund. Buy OTM puts on extreme up-days as tail protection.

Universal Position Sizer

CALCULATOR

Account Size ($)

Strategy

Credit Received ($)

Spread Width ($)

SPY Current Price

Short Strike ($)

Daily Risk % Max

Per-Trade Risk %

Stop Multiplier

Max Contracts

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Stop Loss Price

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Profit Target

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Total Credit

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Max Total Loss

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Daily Risk $

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OTM Distance

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OTM %

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Break-Even

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Income Projection Calculator

MONTHLY P&L

Trades Per Week

Avg Credit/Trade ($)

Win Rate (%)

Avg Loss ($)

Monthly Trades

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Gross Credit

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Expected Losses

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Net Monthly P&L

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Annual Projection

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ROC (Annual)

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⚠ Projections assume consistent conditions. Actual results vary. Past performance ≠ future results.

Stop Loss & Break-Even Matrix

RISK MATRIX

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Market-Moving News

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Trading Impact Assessment

SIGNAL

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PRICE CHART — SPY

INTRADAY

SWING

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Open

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Last bar open

High

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Low

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Volume

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