SPX 0DTE Recap | 10/21 Session P/L $265 🟢 MTD P/L $1706 🟢 Another good session. Today was a VIX expiration day, so I spent the morning observing before placing any trade. Once SPX stabilized after forming the low and high of the day with strong bullish price action, I opened a $15 wide 7760 iron fly. The index then dropped sharply to the low 7640s in the final 90 minutes. I expected support to hold, so I sold put spreads and collected a decent credit. As the index kept falling, I sold an in-the-money put spread, which improved the overall risk:reward of the book. Once SPX recovered above 7750, I closed everything for a $265 profit on the day. Had I left the put spreads to expire, the profit would have been north of $1300. That looks disappointing on paper, but I am comfortable taking clean wins day after day. VIX expiry flow and dealer hedging of the options exposure also added risk into the close, so I preferred not to carry it. Overall, a decent day as the profits pass $1700 on this $5K small account dedicated to SPX. The trade log and month-to-date stats are attached below. Two sessions are left this week, and I am looking to close it higher. Let's see how it goes.

SPX 0DTE Recap | 10/23 Session P/L $255 🟢 MTD P/L $2096 🟢 A solid close to the week. Sellers stayed in control from the open, as yesterday's sentiment carried into a negative gamma regime. SPX bounced to the 7650 key level near the flip, failed to hold the gains, and slid to session lows around 7630. With two hours left, I sold out-of-the-money defined-risk vertical spreads and collected decent premium. Around noon, weakness showed up, so I sold an in-the-money call spread at the session low, adding another $75 as the index dropped. The market stayed inside the expected move for the day, which is what made the premium selling work. The full trade log is attached below. There is one more week left in the month, and I plan to push the monthly P/L toward $3000.

SPX 0DTE Recap | 10/22 Session P/L $135 🟢 MTD P/L $1841 🟢 Another slow session, with a couple of trades late in the day. The market sold off overnight as the conflict in the Middle East reignited. Oil remains elevated at north of $110/bbl. Volatility picked up after VIX expiration, and sellers stayed in control all day. The index opened in roughly $300bn of negative gamma, so dealers were shorting into the weakness and amplified the move. SPX hit a low of 7637 and closed at 7665, below the 7700 pivot. I am playing defensive and booking small profits instead of swinging for home runs. There are 6 trading sessions left this month, and I will watch for better opportunities that could push the monthly P/L toward $3000. The trade log for today is attached below.

SPX Options Update | 10/23 Regime: Negative gamma | Elevated volatility | Downside trend risk SPX is trading near 7,633, below the gamma flip at 7,694. Net GEX sits at roughly -$15.7B, so dealer hedging is likely to amplify moves rather than dampen them. VIX is at 20.2 (+6.3%), and implied volatility is running 7.6 points above realized, which favors wider intraday ranges. Key levels: - 7,650: positive 0DTE gamma and a charm reaction zone (7,640-7,650). It can act as a stabilizer, but it is not a guaranteed floor. - 7,625 and 7,565: heavy negative strike-level exposure. If support fails here, the downside can accelerate. - 7,600 and 7,540: additional liquidity concentrations below. - 7,700-7,725: resistance and hedging zone. A sustained reclaim of 7,694 would weaken the bearish setup. My framework while spot stays below the flip is conditional and downside-biased. A clean break of 7,625 with deteriorating delta opens a faster move lower. Stabilization at 7,650 with improving flows could produce a reflexive bounce. One caution is that charm and GEX concentrations are model-dependent estimates, not price magnets. Actual dealer behavior depends on positioning, volatility changes, and time to expiry. Given negative gamma and rich implied volatility, I would keep short-gamma exposure tight, wait for price confirmation, and avoid chasing extensions into high-interest strikes. The key question today is whether 7,650 absorbs the selling or becomes a launch point for the next leg down. What are you watching?

30-day challenge, starting today. I will publish one free option trade idea per day, built around high-probability and defined risk: * Swing verticals at 30-45DTE * Wheel strategy on quality underlyings * LEAPS for the long-term view You do not need a large account. Vertical spreads start from $50 of capital at risk. Allocated $3000 for this small account challenge with full performance stats published weekly. What you get: * The trade structure and the reasoning behind it * Breakevens, risk, entry & exit plan * Honest updates on what worked and what did not The aim is $5,000 by December. Subscribe here to get each idea in your inbox 📥 substack.com/@wayofoptions Tell me which setup you want to see first.