ES

Late_Distribution258

did you diversify at all just ES alone?

orangeyougladiator

MES and ES are more liquid than 0dtes even

John-AtlasGames

I guess I'm going to hold my shorts on all kinds of Crypto/AI stuff while offsetting it with long futes positions on /ES and /NQ. Hypothesis is that either it hedges me against a broad market V, or maybe it lets me profit from sector rotation within the indexes. Switched from short to long /NQ last night after that sharp sell-off when the Asian markets opened; so far the strategy seems to be working, as Oracle and friends are still in the toilet while the futures indexes came up sharply from the overnight lows. Really wonder what's going to happen at the opening bell tho.

pmotiveforce

Lol, ok gobbledygook. Based on ES liquid distillation fractures and monolith timing gradients, we open red and time shift fractally to slight greenish brown after close. What now, pointdexter?

Ok_Surprise_871

Back to what? Back to ES 40s just like last few weeks? Lol

zapembarcodes

>That's all it does Nope. It's the main driver of the trade. It's what provides the actual income, at the cost of tail risk. Very similar to selling naked puts but the debit spread acts like a buffer and can potentially make a profit. The idea is not to make money off the debit spread but off the theta decay from the short put. Generally, you want to sell more than the value of the debit spread. So, if the debit spread costs $10, you sell $20, for a $10 net credit. >ES dropped 3% a day, your diagonal would most likely be underwater as well Yes, but the loss is temporary. Even if price stays flat at 3%, theta eats away the vega, which is what really bloats up the premium. If you haven't already, I encourage you to check out some videos on the 1-1-1 or its other variations.

ConfederacyOfDunces_

Well, that took longer than expected, but ES finally did the head fake and took out the low. Crypto falling too.

Swiftnice

You can buy ES futures all night

sprezzatard

I'm really not trying to argue with you All I am trying to say is, and you said this yourself in your OP, the additional short put is to finance the debit spread That's all it does, and by doing so, it adds tail risk to the reverse PMCC. Adding the short put doesn't make the trade "omnidirectional" Also, if ES dropped 3% a day, your diagonal would most likely be underwater as well Personally, I don't sell naked puts if I am not prepared to be assigned, so I don't hedge, and I agree your stop loss can get whiplashed. I may buy a put when it's cheap, but that's a delta directional play, not a "hedge" for another trade Undefined risk means max loss is unknown when you enter a trade. When you sell a put, max loss is known: strike - premium

zapembarcodes

It's certainly a spin of a ratio spread and yes it's long delta. >You seem to think this structure gives better return I'm not comparing it to anything, so I'm not sure what you're implying here. >But then, you're worried about the naked leg, and buying an extra put to "hedge" So effectively, you just have 2 put spreads Well, I'm aware it's an undefined risk trade. I wouldn't say I'm "worried" about it, mostly because I understand the risks and keep my sizing in check (very small). I'm just trying to see if there's a more effective way of managing it. With the put hedge, sure, it becomes 2 spreads; the same put debit spread and then a diagonal put spread where the long put is at a far higher strike and closer to expiration than the short put, which is it a far lower strike, and much higher expiration. >Generally, you enter into ratio spreads because you have a stronger conviction on direction Not with this trade. Again, this is considered an "omni" trade where direction is not the primary factor, but sure still relevant because it's net long delta. Because the short put has such high exposure to vega, it's more of a volatility play. This trade is primarily designed for income. Timing the entry is not very relevant. You just set and forget (for the most part), take profits when you want and re-deploy. I believe the trade was invented by Tom King; he has a YouTube channel and X account if you want to look further into it. He has other variations like the 1-1-2 and the 1-1-2LT. >What does hedging bring to the table that stop loss can not? Due to the high vega exposure, this trade becomes a loser very quickly on any IV spike. However, theta eats away all that vega, so a lot of times the best way to manage these is to do nothing and just wait. As long as the price stays above that short put, (which is usually very far OTM, like 10-13%) you're golden. If you set a stop loss on these, you're very likely to get stopped out at horrible times, especially when liquidity dries up, and then usually price reverts and bounces back without you, even if price never even got close to your short put. So if I trade these on ES mini and ES drops 3%, IV spikes and I get stopped out with a huge loss, it's kind of a huge disadvantage. Why would I stop out when price is still so far away from my short strike? With a hedge though, you give the trade time to recover, to let theta eat away the vega. If it's a serious crash, the hedge put covers the position (at least delta wise). Anyway, this is why I'm more interested in finding a way to hedge these vs using a stop loss.

IslandExact429

Bloomberg “futures dip” ES actual -.07% The machine hums away

Dense_Ostrich_6077

Buyers held the ES 6835 level. Market that line on your charts folks.

Dense_Ostrich_6077

ES futures slashed through multiple support levels like butter in like 1 minute. Whatever the algos digested, the market did not like

Content_Inspector778

/ES was unable to move far today due to low volatility.

taplar

The first sheet in the document is the "Universe" where all the tickers I track are loaded once.  The second sheet is the portfolio, containing sections for retirement account holdings, brokerage account holdings, and cash like holdings. These are followed by summaries and evaluations of returns, and break downs of portfolio percentages. These are followed by a listing of sells for the year showing realized gains and showing short/ long for tax considerations.  The third sheet is a digitized version of the 1040-ES worksheet I can plug W2 and capital gain info into to quickly estimate if I need to make estimated tax payments.  The fourth sheet is the ES version for my state.  Followed by random other sheets for discounted cash flow estimates. 

133756

The shrinking volume on ES since last week means that we are likely to get an outsized move; whether it is up or down, nobody knows. I am still holding 6960 ES calls. Let’s see if my gamble pays off.

sharpetwo

100% You can blow up your account when becoming overly confident because that stuff will print for months, even with a few spike coming your way. You'll think no matter what you'll survive and then ... So always need to have an edge somewhere. ES to start with. And then you can try to be smart and buy puts on very speculative, high beta stocks and if possible those with spot vol correlation close to -1. The question becomes: what is the likelihood that you have a spike in VIX but MSTR for instance doesn't go down. Bonus point if you have something that tells you amongst your universe of targeted stock which one has cheap tails at the moment. It is honestly not a really hard trade. It is really a risk management trade. You'll have a couple of cold sweat once or twice a year but you can do extremely well.

sharpetwo

The reason why this is a great trade is written in your handle. But that's okay. It always amuse me that people would wheel on something non mean reverting but the one thing mean reverting with a massive trend down .. OMG you're going to die !!! It's not a trade where you need to be particularly smart from a trading perspective. You need to be a good risk manager: buy some ES put with some of the proceed and you'll be fine.

zapembarcodes

I'm holding my put front ratio spread on both gold and ES mini futures through FOMC. Buying some cheap hedges in case of a huge crash but I'm expecting both to go higher after. We may get a decent dip if the Fed doesn't cut but I don't think it's going much lower. There's so much FUD around this meeting, I expect the market to rip higher. Market loves to climb a wall of worry...

Content_Inspector778

/ES bulls must defend the breakout or it's failed breakout. If the flag breaks down, deep sell.

133756

While I won’t tell you what to do. I have some 6960 calls on ES for Wednesday. Small relatively inexpensive play that was up this morning & is now down. But my thesis when I opened it last night was shakeout to some degree today & then some kind of pump into FOMC Wednesday. I don’t intend to hold all the way into FOMC though, any kind of pump before will see an extreme IV spike so I would get out there & then look to scalp the price action following the speech.

stupidber

[https://finance.yahoo.com/quote/ES%3DF/](https://youtu.be/dQw4w9WgXcQ?si=e8-Nfn2UuzC9jSLk)

stupidber

Here's a link for you retards that don't know where to see futes [https://finance.yahoo.com/quote/ES%3DF/](https://youtu.be/dQw4w9WgXcQ?si=e8-Nfn2UuzC9jSLk)

MasterSexyBunnyLord

It has for me but I mostly stay away from short calls now, have for at least 3 years. They keep getting ITM so I just don't feel they're rich enough for me to warrant selling them. I sell delta 20 puts on SPX, GC and less so on SI, NQ and ES. I roll them up at 50% profit and roll them out at 21 days. Sometimes it's tough, my strike for SPX in the tariff crash was 5700 and it went all the day to 4800. One roll later that strike was out of the money. It's pretty boring the majority of the time and the size of SPX means it has been really good return wise. I should say however my entire portfolio is a total world market index fund, that's the collateral for these options. On the call side I mostly do calendar calls or ratio spreads.

133756

ES Futures!

Content_Inspector778

/ES broke out of the flag.

LegendsLiveForever

Any wealthy WSB members in here? Figured I would send this into the ether. I have a 10,000/10 strategy, backtested for over a year. Consistently wins strategy. My backtests showed win rate that is the in mid 80's. Not that that necessarily matters, because you could have a 90% win rate, but only on average catch 1 point on ES/NQ...etc. But the moves it catches are usually around 10 points a day, absolute minimum. Anyhow, not sure what I'm proposing really, but I'm not in the mental space currently to execute this strategy. Not in the correct space in life atm. If anyone has money + in a decent spot in life, with only a small edge in the market....well that is the opposite of what I have. I have the strategy, which I can go over with you, having trouble executing it due to emotions trading. Obviously I don't want to just give away this strategy that took me like 15 months back testing to come up with, a lot of late nights. But I see people blowing $100k-$400k on trades, and i'm like, dang, if only they had a strategy like mine or someone else, they could make so much money with some discipline. So, if anyone wants to team up potentially, talk for a little bit, see if it's a match, send me a DM. We could form a trading team. This is a long shot, but I know there's a wide net on WSB's. Been a trader for about 6+ years now, work at a #2 brokerage in the US. trying to transition to trading full time.

SiphonicPanda64

That’s awesome you’ve been successful trading with Kelly Criterion the past week especially given your gain percentage but couple of issues here for anyone else looking to replicate this: 1. You can’t know the p-win rate with certainty Kelly formulas presume zero slippage, zero skew, and a repeatable without deviance edge, conditions that break in a stochastic market and are orders of magnitude magnified in a 0DTE options environment. 2. You can’t know gain/loss R with certainty Slippage, volatility expansion skew - all of those invalidate R and thus replicability. 3. Drawdowns are path dependent Kelly assumes IID (independent, identically distributed outcomes) 4. Kelly tells you maximally aggressive sizing Even in hedge funds the prevailing rule trade 1/3 to 1/4 Kelly. Never full Kelly. Full Kelly is future port insolvency waiting to happen. You’ve defined winning as scalping here, that’s fine, but without defining what “win” means your whole mathematical equation is invalidated. Is the win condition a - scalp? Spread? Iron condor? Defined risk? Undefined risk? Each yields a completely different expectancy so 65% here is completely arbitrary. 5. Strategy gain/loss is asymmetrical 0DTE directional trades don’t behave like symmetric 30/30 gain/losses. A typical 0DTE profile is small gains, occasional large losses, massive hidden tail risk. Treating these gains/losses as symmetrical ratios is mathematically wrong. 6. Transfixing a fixed-edge gambling RoR formula to a stochastic market is a dangerous oversimplification. The formulas actually being used to model RoR in variable volatility markets are far more complex. Your post (and your linked guide) aren't’t entirely wrong but they’re dangerously misleading for the average WSB or SSB Redditor to be taken at face value. 0DTE has massive skew, volatility regime shifts, non-linear payoff distributions, gamma explosions (bi-directional), slippage, tail events, liquidity holes, and overnight risk not taken into account in your model. Using Kelly on derivatives with concave payoff and a fat tail risk leads to eventual, not probabilistic, ruin given enough repetitions. Your eventual ROI is eventually mathematically, negative. Kelly’s biggest hole here is redefining a worst case, repeatable scenario but thst falls flat in an inherently volatile and stochastic environment. 0DTE disproves that every day. Institutionals never go full Kelly or even half Kelly but typically fractional kelly (0.1-0.25 Kelly), Expected Shortfall (ES), Value at Risk (var), Kelly-adjusted for variance on edge, dynamic volatility targeting, Gamma exposure limits, and stress test analysis

Prestigious_Suit_202

All i see are /ES, how do you see spx?

Gokussj5okazu

What in the absolute fuck is Asia doing. ES moving more than all day in the US market

brucekeller

/ES futures are literally at the exact price they were before the META news dropped lol.

HywayKind

/ES opening line kinda resistant

zapembarcodes

Are you planning to wheel (sell covered calls) after you get assigned? If so, I think most backtesting will show buy and hold SPY outperforms wheeling it. That being said, if you want to just sell put premium, look into the 1-1-1 or put front ratio spread. These are undefined risk strategies so sizing properly and having a solid exit plan are key. It's not a strategy for newbies. You just have to be aware that one day it will get tested and if you don't have a plan in play (either a hedge or a mechanical stop), your account will get wrecked. Many blow their accounts on this strategy because they are reckless trading it. I often describe trading undefined risk like "dancing with the devil." It's easy money until it finally burns you, then it stings quite a bit. If you're careful and ready for it though, I think it's the best way to get income from options. I like to run them on ES mini futures for the span margin benefits (and accessibility) but if you're unfamiliar with futures mark-to-market and/or how span margin works, don't even touch it.

Squamsk

This is ES's bear march. Rook to E7 my puts are cooked aren't they

Queasy-Freedom5797

Sounds like you need to start trading futures my dude, /ES and /ZN are literally designed for exactly this kind of macro play instead of trying to backdoor it through stonks

orangeyougladiator

If you bought 1ES contract at open today and sold at close you would be up $15k.

dub_soda

ES is so much less stressful than NQ. I think I’m switching teams

Content_Inspector778

/ES traveled the flag range again. This will be a huge trend move once it breakouts. Hold runners.

EvolvingDior

ES up more than NQ. Not looking good for tech today.

Content_Inspector778

/ES compressing. Trend move incoming.

bdh2067

SNAP might. Might. Be a turnaround story if/when ES and gang are booted. Until then,…this is a terrible idea

TacticalTackleBox

Literally every trade you make you are fighting against one retard with an X account putting you one post away from Zero, and if you're trading ES or NQ, you're one truth social post away from a margin call.

YOLOdollhair

What's causing the disconnect between NVDA, NQ, and ES? They all traded in-sync with each other the last few weeks and now they're all over the place.

Content_Inspector778

After last week's rally, /ES is digesting and building new structure.

brucekeller

I think they must go off of a slightly different contract, because their actual numbers are lower than what I have for /ES and /NQ in ToS, but the % gains are a tad higher.

Gokussj5okazu

5M ES shows an upward rising wedge. Soon to plummet

coffee-x-tea

I was wondering about that as well. As I’m watching, ES getting dumped relatively hard, I think a lot of institutions are cashing out. If trend continues into NY session, he should be fine. So it’s TBD rather than set in stone - may even profit if lucky.

wentwj

Why are people talking about crypto? Do people not realize what futures are? Futures markets are open and ES is down which tracks the same index as SPY. But it's also not uncommon for NY session to reverse from asia/London on Sunday, so who knows

Complex-Note-5274

/GC is saying rate cut coming but /ES not so sure about that

AfraidAnalyst

ES going downhill skiing

ClevelandSteamer81

My smooth brain dumbass bought ES long on Friday at 1:05 not knowing the market closed at 1:15pm for the weekend. Sold for $100 profit but could have been wrecked if we gapped down!

stupidber

Attention retards, Anyone who posts a futes link like this- [https://finance.yahoo.com/quote/ES%3DF/](https://youtu.be/dQw4w9WgXcQ?si=e8-Nfn2UuzC9jSLk) will be hearing from my lawyers. Thats my thing. I do it every Sunday. Get your own thing 😡

proyb213_

here is a link to futes since you're a regard that cant even look them up [https://finance.yahoo.com/quote/ES%3DF/](https://youtu.be/dQw4w9WgXcQ?si=e8-Nfn2UuzC9jSLk)

stupidber

Here's a link for you retards that don't know where to see futes [https://finance.yahoo.com/quote/ES%3DF/](https://youtu.be/dQw4w9WgXcQ?si=e8-Nfn2UuzC9jSLk)

BasedOscarG

ES is frozen on hood for me

Flimsy_Complaint490

Stop using meme gamer brokers and get IBKR and enjoy your 23/5 ES trading and 21/5 SPX trading. And if you can't afford a single ES/SPX contract, probably save up some money, you are incredibily unlikely to turn that 300 dollars into 10k and having a 300 portfolio requires you to do 0 DTE all or nothing gambles to make any real money, or your gains are 22 bucks from scalping and that point, man, just spend the time doing something to raise income instead so you have actual money to gamble with.

Plenty-Helicopter459

For me Q42024 earnings trades (Jan-March 2025) had more big moves than the other earnings seasons. Profitable overall, but better profitability with Q1-Q3 earnings trades. 0 DTE short strangles (8-16 delta) were profitable for the year and REALLY profitable in April / May. Started playing around with 1DTE strategies. I think because there is so much focus on 0DTE that it may be easier to find an edge in 1 DTE plays. Still experimenting and backtesting to get comfortable with a clean strategy. And I was messing around with futures short strangles (ES / NQ / CL) during liberation day and learned a very big lesson. I ignored my stop-loss because I thought the policy was crazy and everyone would come to their senses - and got my first margin call in over 30 years of trading. Small, high-risk trading account, so not life changing. But mr market definitely took me to school. Will never happen again.

MasterSexyBunnyLord

SPX is about 60 to 90k depending on the strike and the number of open contracts. SPY is about 10% of that. Where it differs between RM and PM is if you own a wing it will be considerably less than the width of the strikes in PM. ES is about 8k to 25k. That's the one that is the most capital efficient since it's a futures contract

fire_alarmist

Coincidentally right as the dead cat bounce was over and the real move down was happening on ES.

Heavy-Situation-9346

Don’t know why you felt the need to downvote me. SPX options on CBOE. The GTH are 8:15pm - 9:25am. But they are currently not quoting as a knock on effect of the CME outage. Not surprising, since any market quoting SPX overnight is pricing off of the /ES price.

Long_duk_dong_duck

It’s called the /ES

FOMO_ME_TO_LAMBOS

I pick which one expiration has the most volume. I day trade them so really all I care about is liquidity. Futures pay per tick. There is no buy in so to say. You control a contract, if it goes your direction you get paid whatever that future pays per tick, opposite of it goes down. For example… ES mini is the s and mini futures. They pay $12.50 per tick. A tick is .25. One full point is 4 ticks, which means one point is $50. So every point the s and p goes in your direction you get $50 per point, (or $12.50 per tick). If you decide to control more contract, say 10, then each tick is $125.

Sharaku_US

Options provide a level of...options that you can't get with other instruments. I trade both futures and options and depending on the day and the setup I will choose one over the other. I trade ES futures for level to level scalps based on SPX delta/gamma and expected dealer hedging dynamics. You can't trade futures when PA is sideways but you can sure make good money in a sideways market with flys.

zapembarcodes

For weeklys, I'll do 20 wide on ES (equivalent to 10-wide on SPX), with the short strike around .20-.25 delta. For every other product, I'll do a similar width per lot ($1k, minus credit received -- usually $200-$250 credit with max loss of $750-$800 per lot). If I'm trading 30-45 DTE, I'll do a similar spread, maybe a bit wider but higher lot. For 90-120DTE, I'll do 50-100 wide. My general rule is the lower the DTE, the smaller the size of the trade. Higher DTE, bigger size. I also occasionally dabble in 0DTE (SPX only). For those, I like to either sell 5-wide or I'll buy a really cheap OTM long option, and then sell a single for about $250, with a stop loss at 1x. My 0DTE trades are tiny though, I use them for a bit of "weekend money." For risk management, I generally either roll or stop out at 1x, for weeklys, more often closer to 2x.

Ok-2022st

I am leaning more towards this. Can you share on futures how wide your credit spreads are and what is your profit taking and stop loss rules? I’m exploring future credit spreads on ES at 120 DTE and maybe 100 wide 15 Delta.

optimaleverage

Yeah holy shit you're not kidding. /ES average true range is like below 2

zapembarcodes

>royally fucked one day with months or years of profit gone in an instant. That's because most people -- including yourself, apparently -- are *silly*. It's very simple. If you're going to sell puts, make sure it's on a company (or better yet index fund) *you want to actually own*. Now, if you are *silly* and want to own a fluffed up meme stock like MSTR, hey, more power to ya. But don't be surprised when you then get assigned on shares after the stock plummets 25% and you're stuck selling CC's below your cost basis for months or years... Nobody to blame but yourself for that. Those "juicy premiums" come with a high cost. Or you could do what I do, and just sell credit spreads. **Defined risk**. "Most beautiful words. The best words" as the pompous dotard would say. But yes, indeed, I sleep quite alright. I used to wheel MES futures (it's like SPY) until I realized credit spreads on ES/SPX are just better in every way, especially because it's defined risk. I also sell on GC, CL, ZB... I mostly just sell premium on futures nowadays, all credit spreads. I also sell as high as 120DTE sometimes, but these are usually larger positions that I only enter selectively and very far OTM. Lately, the market's been a bit skittish so I've been happy with small, low risk weekly trades. Returns have been smaller but I'm loving the low risk. Anyway, if you want to keep risk extra small, just sell weekly credit spreads and make sure you're comfortable with your max loss. Roll at 1-2X if you must. You'd be surprised how those little "checks" add up. It's really not that hard.

tugrulthelol

Idl ES1! looks flat to me

No_Art_2787

> wild to see fear and greed index so low at 14 with SPY not even $15 from ATH This is a bullshit indicator. Just look at the historical option pricing for overnight futures. Typically ATM /ES should be 10 with *the lowest* amount of "fear", 15-20 is "a big bad" and 30-50's is april level of dropping.

Content_Inspector778

/ES broke out of it's steep downtrend channel.

Parunreborn

ES is 30 pts above it rn, looking promising

shadowzardpi

ES right at resistance. I bought puts. But ofcourse the markets gonna keep pumping 😁

John-AtlasGames

Closed my /ES and /NQ futes. Gonna call this good for a nice run and sit back a while.

TradingDegen

Up bigly on ES calls, do I get slaughtered as a pig or hold hmmmm

MarginCalledManager

It’s amazing how quickly you lose everything on ES futures and ES options.

TradingDegen

Loaded on ES shorts for open fuck it

BooBrew32

BTC: Dumps ES\_F: Dumps "Later that evening..." BTC: Moons ES\_F: (doesn't care)

BooBrew32

HEY BITCOIN WHALE: Why not stop selling BTC and just start buying ES\_F? Damn thing goes up when you're not selling, might as well make some money.

BooBrew32

BTC: But I'm telling you, EOY rallies are bearish!!! ES\_F: (not listening) Uh huh....

stupidber

Here's a link for all the retards that don't know where to see futes- [https://finance.yahoo.com/quote/ES%3DF/](https://youtu.be/dQw4w9WgXcQ?si=6FE5WsB2kglEr8Vl)

Dumbest-Questions

In order of increasing difficulty and accuracy 1. You can buy EOD option dataset from one of the vendors (ORATS, Databento, Algoseek etc) and use open interest at end of day. The key assumptions that GEX vendors make are that all calls are sold and all puts are bought. It's up to you to decide if you believe that. 2. CBOE data shop has open/close dataset for C2 exchange, which is kinda useful in building expected dealer profile (we had several threads about it). It's a massive improvement over (1) but it's also a lot of work. The key operating assumption here are that SPX is the key component of the flow and that the only delta hedging participants are market makers. It's gonna be very expensive and the data is annoying to work with. 3. You can buy TaQ data for SPX/ES/SPY and do attributive reconstruction, under assumption that smarter players are OMMs and thus they will be the recipients of juice over fair. Unlike (1) and (2), the assumptions here are micro-structure related and very subtle. The data is likely cheaper than (2) but it's a much bigger tech lift. 4. You can use (2) and (3) _plus_ use SDR and some sort of structured product tracker for complete picture. Lots of money and lots of work.

Spare-Reserve8680

You have 22k left. Enough to buy one ES contract and let it ride. Maybe by end of next year it will be 45k. In four years 100k if you don’t mess it up. Use that 100k to trade more contracts and get yourself back to where you were. Might take a few years and you’ll need a job while you do this but it’s completely possible

Stocks_N_Bondage

Does the banbet system only accept symbols for stocks/ETFs? I tried using SPX and also /ES -- can I only do it using SPY?

Stocks_N_Bondage

!banbet /ES 6400 6w

DistributionMany6335

Yup.  See that happen throughout the day on the ES

zapembarcodes

You mean 0DTE credit spreads on SPX, using ES/MES as hedges? If so, yes. Don't quote me on this, but I believe 1 MES contract almost perfectly matches the delta of a 5-wide ATM vertical spread on SPX. Some people prefer to hedge 0DTE with the same underlying. For example, if you're holding a 0DTE put credit spread, you can buy a further OTM long put. However, the hedge really only works for about an hour or two before time decay starts to really eat at it and it becomes practically useless (unless the market tanks). Because premium can be so low, if hedging this way, it's best to sell closer to the money, in order to fully fund the hedge using the credit received. I generally don't recommend hedging on 0DTE though. I think price moves way too much, making managing a hedge a very active, stressful process. I think the best way to manage risk on 0DTE is through proper (small) sizing and using a stop loss; being mechanical on exits.

Training-Rip6463

Is this type of hedging feasible for 0dte credit spreads on ES? 

optimaleverage

Thursday's range was on ES was 240.75 pts or almost 4%! It swung from +1.8% at the opening bell to nearly -2%. It could have been Algo driven after throwing whatever indicators, however this price action is anything but usual.

ClevelandSteamer81

True. Forgot about that for SPY, but there was a huge volume spike in ES futures which is odd for a Friday because they are buying to hold over the weekend.

Training-Rip6463

And ES price at 4pm ET is considered as settlement price? Instead of 5 pm ES closing price?  In other words, ES movement from 4pm to 5pm has no bearing on settlement price?

BarbellPadawan

I just had 3DTE short put STO orders hit on /ES, so nah shit is probably tanking through my strikes. Sorry.

LeLoupDeWallStreet

I can't explain it. But I'm now doing a bunch of research on SPX, ES, and MES, so thank you! I will not do this again. I'm dumb, but I'm not an idiot haha

Emergency-Ticket5859

Proper liquidity is at ES 6615 and 6650, and the market makers decide to fuck around in the deadzone all day. sheesh

1098duc_w_the_termi

Technically ES has another 90 points to go if it’s gonna hit the overnight low. Opex makes this extra fun though. We could rip 100 points into close too show 🤷‍♂️

Content_Inspector778

/ES bears have done some serious technical damage. So many broken structures.

BarbellPadawan

Short /ES puts at 6400.

Emergency-Ticket5859

ES will probably drift up in the overnight session before retesting the swing low during NY - probably break through and create a fresh low. that will be the long opportunity

Emergency-Ticket5859

I didn't trade ES unfortunately, however had a successful GC short at around the same time. I'm in Australia, so SPY started dumping at 2:30am. Sometimes sleep is more valuable. I do like being validated though. Hope someone else made a good play!

dub_soda

SPY/ES didn’t take out that low (yet) but NQ did. Tomorrow is going to be wild

BarbellPadawan

Just pulled $3200 out of /ES, thanks Mr. Market.