SPY

tocinoman

Well SPY went down like 4% this week, so, yeah

AdCritical5383

I realized $16k of profit this week on MU and scalping SPY. It feels good. And different. Looking forward to fucking it up Monday. 🍻

fattdoggo123

If it makes you feel any better, if you'd put 100k into SPY 18 months ago you'd have 125k now. If you put it into micron 18 months ago you'd have 1.1 million now.

Sufficient_Habit5091

Ceasefire: SPY 2%+ mega green. War restarts and exchange missiles: -0.01% flat.

Beerplz94

SPY 732 Calls for Monday am i fucked or

Longjumping-Cook-842

Appreciate the detailed response — you're right on the implementation, and it changes my numbers. The missing piece was the entry logic: first trigger TOUCH locks direction, that same candle must close beyond or the setup is dead, no later candle confirms. Once I implemented that exactly, my SPY count drops from 85 to your range — and with a 14:00 ET entry cutoff I reproduce N=38 exactly. SPY trigger-fill total comes to +55.24 vs your +57.37 (within 4%). My earlier 85-trade version was a genuinely looser strategy, so that critique of mine was off. (What's your actual entry cutoff? 14:00 reconciled my count — curious if that's it.) One residual gap: my win rate lands \~68% vs your 84% — I book more small losers on what's otherwise the same day set. Best guess is my data runs a few June sessions short plus next-bar fill granularity, not a rule difference. The part that I think actually matters, though: I ran your EXACT rules in other years. Because price levels differ across eras I express results in basis points of underlying (bps), so they're comparable: 2026 H1 2022 2023 SPY +13.1 bps +2.2 +4.8 QQQ +12.6 bps -1.4 +0.1 The underlying edge is strong in 2026 H1 and \~zero (QQQ negative) in 2022 and 2023, with your exact entry logic. Win rates stay high (56-69%) in those years too — but expectancy is flat-to-negative. That's the scale-out signature: lots of small wins, a few scaled stops, high win% that doesn't translate to P&L. Whatever positive shows up OOS comes almost entirely from the short side in down/chop tape, not a stable edge. So I'd push back gently on "confident with the strategy overall." On the underlying it looks robust in-sample and regime-dependent out-of-sample — exactly the profile that tends to disappoint live. On options: fully agree neither of us priced the contracts, so I won't claim theta/spread "kills" it. But the flip side is the same — a high underlying win rate doesn't prove option profitability either, and the underlying base outside 2026 is \~0, so the options version would start from flat-to-negative in a normal regime. The thing worth doing before risking capital is pricing it against historical 0DTE quotes or honest paper fills. That's the only test that settles it. When I was starting I did this exact thing between gpt and Claude. Anyways, that’s it from me good luck dude 👍🏼

saffystaffie

so this was written by chatgpt because i can't be bothered to write it all, but i thought you'd be interested. i ran and reran the numbers I have, and I'm confident with the strategy overall: Thanks for running it, but there are several implementation differences here. The 38 SPY trades are reproducible once the full rules are applied: the first trigger touched locks direction, that same 5-minute candle must close beyond it, a failed trigger candle ends the setup, and there is an entry cutoff. Allowing any later candle to confirm either side produces your larger count, but that is a different strategy. I accept that I omitted those implementation details from the original post. I also reproduced the QQQ result directly from my TradingView file: 27 trades, 25–2 and +34.104. I did find one floating-point boundary issue where a displayed $4.28 range was stored as 4.279999…, so after correcting that it becomes 28 trades, 26–2 and +34.438. Holidays are already absent from both datasets; the 120 days are actual trading sessions. Your fill criticism is fair insofar as trigger-relative targets are not identical to movement captured after the confirmed entry. On the actual 38 SPY trades, adjusting to the next-bar entry reduces approximately +57.37 to +42.97, not +33.7. Your 52% reduction is calculated on your separate 85-trade implementation. I also agree that the width band needs OOS testing. However, your 2022 test percentage-scales every dollar rule and replaces the fixed band with a rolling percentile band, so it is a useful robustness test rather than a replication of the exact strategy. The 2026 period was directional, but it was not simply a bull tape with no downtrend: QQQ had an approximately 11.8% decline, 15 of the 27 trades were shorts, and about 62% of QQQ points came from shorts. Finally, I agree that underlying points do not prove option profitability. That requires historical option quotes or live paper fills. But because neither backtest priced the contracts, saying theta and spreads definitely eliminate the edge is also not demonstrated yet.

Longjumping-Cook-842

I ran it through my system for the same period and one oos just for quick test and this is what it returned. \# Reddit "ChatGPT 0DTE SPY+QQQ bot" — Independent Replication & Findings Layer tested: UNDERLYING-POINTS ORB only (their backtest was also underlying-points, not option premium). Honest causal fills. \## THE STRATEGY (as posted) \- SPY: 9:30–10:30 opening range (5m), trigger $1 beyond range, enter 0DTE call/put AFTER a 5m candle closes beyond trigger. Scale 25% @ +1.50/+2.25/+3.00, 25% runner to +5.50. Hard stop -3.00. Time-stop if +1.50 not hit in 60min & <+0.50. Force-close 15:30. \- QQQ: 9:30–10:00 range, trigger $0.75, ONLY trade if range width in \[4.28, 5.14\]. Scale 40%/40%/20%, runner +5.50, stop -5.00, runner->BE after TP2. Force-close 16:00. \- KEY: targets/stops measured in UNDERLYING points, NOT option premium. \- Their claim: SPY 38 trades 32-6 (84%) +57.37pts; QQQ 27 trades 25-2 (93%) +34.10pts; combined +91.47 over Jan 1–Jun 25 2026; every month positive. \## REPLICATION 1 — their window (Jan–Jun 2026) Their claim Mine (honest close-fill) SPY trades 38 85 SPY win rate 84% \~50% SPY pts/trade +1.51 +0.40 QQQ trades 27 30 QQQ win rate 93% 77% QQQ pts/trade +1.26 +0.81 Why it breaks: 1. SELECTION — a $1/60m-OR trigger fires \~73% of SPY days = 85 triggers, not 38. Their 38-of-120 implies an undisclosed filter or a hand-picked subset (the mechanism that manufactures an 84% win rate). My QQQ count (30) \~matched theirs (27), validating the OR math — so the SPY gap is real, not a bug. 2. LOOK-AHEAD FILL — their rules require a 5m candle to CLOSE beyond the trigger, but P&L is measured FROM the trigger (already in the past at close). Honest fill (close/next-open) halves SPY: +69.9pts (trigger) -> +33.7pts (close), -52%. 3. NO OUT-OF-SAMPLE — SPY +9.3%, QQQ +20.6% over the window, sharp drawdown then V-rally = wide opening ranges + trend-day follow-through, the friendliest possible tape for ORB. No downtrend, no chop, no OOS. 50W/8D over THAT is evidence of a trend, not an edge. 4. QQQ width band \[4.28, 5.14\] admits only \~26% of days = pre-selects clean mornings (tested separately below). \## REPLICATION 2 — out-of-sample regime test (2022 full year, down/chop, 251 days) Era-portable method: all dollar levels scaled to % of price; P&L in bps; width band defined causally on trailing 60-session \[p25,p75\] (no in-sample peeking). Does filtering for "clean" opening-range width add edge OOS? NO. No filter Mid-band width filter Delta QQQ (trigger-fill) +0.5 bps -1.8 bps -2.4 bps/trade WORSE SPY (close-fill) +0.9 bps -1.4 bps -2.3 bps/trade WORSE Their exact band (re-expressed %): \~0 bps QQQ, -3.5 bps SPY (worst SPY bucket). \- Whole strategy is flat-to-negative in 2022 regardless of filter (\~+1bps SPY, \~0 to -1bps QQQ, all within noise). Confirms the regime call: 2026 was the artifact. \- Win% stayed 64–70% while avg bps went negative — high win rate is NOT profitability. \- Honest caveat: magnitudes are single-digit bps/trade, within sampling noise. Precise statement: "no detectable positive transferable width-filter effect; point estimate negative on both symbols and both band definitions." \## THE OPTIONS LAYER (why points never mattered) "+X underlying points" is NOT a return. Their backtest priced zero options. Translating to actual 0DTE P&L only makes it worse, three ways: \- THETA: a 0DTE ATM option bleeds extrinsic continuously; a +1.50 underlying scale (\~+0.20% on $745 SPY) booked an hour in can be flat-to-negative after decay. \- SPREAD: 0DTE bid/ask is routinely 5–15% of premium round-trip — paid on every one of 85+ scale-out legs; the points model never pays it. \- STOP ASYMMETRY: risks -3.00 underlying (frequently a -60% to -100% premium loss on a 0DTE) to make +1.50 first (a small, theta-eroded gain). The option translation flips a marginally-positive points tape into large-loss-for-small-gain. \## BOTTOM LINE 1. Edge is REAL BUT \~HALF the claims (SPY \~+0.40/trade @ \~50%, QQQ \~+0.81 @ \~77%) — and only in-sample. 2. The 84% SPY win rate is NOT reproducible (their 38 trades vs my 85 = selection). 3. Entirely inside one trending half-year; flat-to-negative in a 2022 OOS test. 4. The "clean range" width filter does not transfer — flat-to-negative OOS. 5. None of it survives translation to actual 0DTE option P&L (theta + spread + stop). => No edge worth trading.

RepairSubstantial735

Considering SPY and QQQ are lower right now on 24 hour markets than they were on Friday, i wouldn't get my hopes up

No_Alternative_6206

What happened is you were forced by contract to buy 100 shares of SPY at 733 on margin (borrowed money). You can just turn around and sell the 100 shares to cover almost all of the shortage and then just figure out the remaining small difference.

OrionJohnson

SPY ATH by 9:37am on Monday.

Sinidrax

How can you be this idiotic... the sad part is if you had been smart and just placed half in mutual funds or things like SPY, you'd eventually recover.

baraco08

I took massive hits in my but ONLY because I was scalping/flipping penny stocks (way more volatile ) if you put into S&P or even just straight up SPY, you would be banking ! But yea , you gambled

Quantris

the worst thing that could happen in this case is that SPY takes off before you liquidate, and you start believing you've found an amazing strategy

hudson701

Typically how many points would you scalp on SPY before getting out?

KMPItXHnKKItZ

Yes, one thing that I and many others have seen on the stock market is something that can be attributed to a quote by Warren Buffett, that it is somewhere that money is transferred from the impatient to the patient. Basically what that means is that you have to stick with it for a long time to see real returns, since money doesn't just come from nowhere, it has to come from somewhere, that is, a lot of hard work over your life and investing into it to see the return on it, there's really no way for the average person to cheat like Wall Street insiders can.  Yes, you can make money on the short term by day trading or swing trading, but it is highly speculative and risky, and you will most likely just end up losing money in the long run anyway compared just to buying and holding for life.  The biggest hurdle that a lot of folks have that they can't jump over with the stock market is patience. A lot of people don't wanna wait to make a serious amount of money, they want it tomorrow, and that's where most people fail. But once you can get past that and just buy and hold and ignore anything else, you will start to see a real returns on your money. For example, when I started out with the market, all that I was doing was daytrading options last year and I made a quick $800 in just a week, but then I quickly lost all of that plus another $800 a month or two later. I stopped doing that and started only doing smart and safe long-term investing last September, and now my position is already up $2000, if I had tried to trade for that money, I likely would've just lost another couple thousand dollars and been miserable.  But the key thing here is to invest in the broad market indexes, not individual stocks. It's true that you can make more money and faster with individual stocks, but imagine if you dumped all of your money into something like SoFi or Target and they crashed, traded flat for five years, and then took another five years to recover, you would not be doing good, whereas if you had just put it into a broad market fund, like SPY, VOO, etc., Then the other 500 stocks that are in those funds would prevent that kind of loss/flatness from happening because when one stock in a fund is doing badly, that doesn't necessarily mean that the others are too, oftener than not that will be the case where other stocks in the fund will keep it going up even when others are trading flat or something.

ShittyUsernane1222

bitcoin to 0 dollars. SPY to 100 dollars.

RepairSubstantial735

And right now 24 hour markets show everything under their closing price on Friday such as SPY and QQQ. Although it's not decisive until Monday it's a pretty good outlook that Monday will in fact be fucked

ShittyUsernane1222

🥭 could issue an fatwa against calls, order the fed to triple interest rates and refuse to pay US debt and Bulls would still full port SPY even as it dumped 90% or more.

taffy_laffy

Jim Cramer openly talking about manipulation in 2006 - >"You can't say it on TV, but you go look at the stock, you say 'well, this is going to go to x,' and then you get a series of guys to write it." He also admitted a fund would only need 5-10m (in the early 2000's) to artificially suppress a stock. Lastly, he gave you one of the biggest pieces of information - especially for doomers - the market doesn't care about reality, fundamentals of the company don't affect the stock price. SPY 850 EoY, AI and tech will resume mooning shortly.

Moepenmoes

Bearish chat at the moment, not good Calls it is, SPY 800 EoD monday

PhysInstrumentalist

SPY next week

Objective_Ad3539

Looking for genuine advice - what is my problem? I complain about never having a girlfriend yet have a decent amount of matches on the dating apps. An attractive woman suggested we go run tomorrow at the park and I'm sitting here like no way... It always ends with me being told I'm, "nice and respectful," but they'd rather not see me after the first few dates. Anyways, SPY to $250,000, I guess? :( I hate myself, man.

Prestigious-Ad-6670

Lowkey I want to know too. SPY options or a small cap?

NotMe357

Nahh...war is over. Oil didn't do anything. Ever QQQ/SPY didn't do anything after the news came out. Hell, ever Weekend Oil or index didn't move either now.

Sharky-Li

I see. So the massive gain was due to that historic 9 weeks of SPY closing green. This is just me but scalping/daytrading is really challenging to do so what strategy will you be using now.

LadderAdmirable

BTC 55k by Monday due to it being the only asset which cares about the oil markets LMAO. SPY will continue to pump.

Sharky-Li

Did you change what you traded because whatever you were doing before was clearly working unless the losses are from changing market conditions. Are you doing 0 DTE on SPY/QQQ or something?

MrKrustySocks

SPY $750 Monday

boomstar15

Why even bother? Just buy SPY/VOO and hold? If you're in the red after 15-20 years, you wont even feel bad because everyone around you will be in the red with their 401k.

Waste_Island_7980

You put six figures in and consistently lost. You did have a one or two big wins but by that time you're only breaking even. Anyways maybe don't invest 100k Like that. If you just put it in QQQ or VOO or SPY or whatever ETF you wanted you'd make a good bit of change in 10 years or if you just put 50% in ETF and indexes than 30% in single stocks you think are going to go up or give dividends than spend the rest on options you still would have probably been in the green after a few years. anyways. Sell you're food stamps and put it on 0DTE calls.

jerome-yellen

SPY $800 after 4th of July RALLY?

Torin444

Same shit happened to me dude. Trust me just open a Roth IRA and start dumping SPY shares into so you have a safety net. Then when you fill that up ever year you can use your extra money to gamble again and this time when you lose it all just remember that Roth will be two mil in thirty years so you’re safe

ciktan

Drop the $46.81 on SPY CALLS ODTE.

RepairSubstantial735

SPY is sitting at $732.34 on coinglass

Mother-Ad2723

And so...... This would cause SPY to theoretically drop by that amount at the x-div date? The next question would be, how does SPY get back on track to its 1/10 ? We see that ETFs like SLV stop tracking over time due management fees eroding the NAV, but SPY has always tracked in terms of its market price. Help me understand.

SignalX_Cyber

My broker says SPY is 731 but trading view says SPY is at 728, which one is lying?

Piganon

OP, I hope you read that comment.  Except the last part about selling the SPY shares.  Instead, sell a call until you get assigned again.  You'll gain an immediate profit for that sale.

j2l9a

https://preview.redd.it/fsyo5hgvru9h1.png?width=1314&format=png&auto=webp&s=e3c61613d21c9a84c1be010624ec90f3e81fa81e SPY did what you wanted. Just inverse though and it came back like nothing. 😅

afishinacar

Essentially he sold a put, which means he gave someone a personal guarantee that he'd buy 100 shares of SPY at 733 any time up until 6/26. Because SPY closed at 729 on 6/26, that contract is valuable, because someone can sell their shares for 733 when the price is 729. So, they exercised it forcing him to buy those 100 shares. Now that they're his, he can do what he wants with them. Normally, you could keep them and hope SPY goes back up, hold long term, or immediately dump and accept the small loss. In this case though, it looks like he doesn't have enough money in his account for 100 shares of SPY, so he's going to need to sell it pretty quickly or their broker will do it for them, because they want their 70k they gave to him back.

KMI_Dragon_Knight

No paper hands, just risk tolerance. Do you have a lot of debt and you made this with all your investment money? Then you would have sold much sooner, when you got a 20% through 200% gain, which is decent. 20% is average SPY gain, and that's a good moment to close a good trade. Keep trading and be patient. Do you have a stable office job, but the usual office drone debts of a mortgage, car, and this was just feeler investing money that made no difference? Hold and you can risk losing... until it's life-changing to tackle one of those big grown-adult debts or until you can put a downpayment for a home to stop living in a shit apartment. Probably until t makes it to 300,000-ish. Keep trading and be patient. Do you have a few 10 grands, or thousands of grands, or a few millions? Then you can tolerate swings and make even more millions. Or lose it.

fire_alarmist

So uhhh I missed the close yesterday. Why tf does SPY have like a $15 wick down TWICE on the last two five min bars? Did that actually happen lol??

caseywh

Why do you people trade SPY vs SPX i will NEVER understand.

kylepetrovic

Sell your 100 shares of SPY and you owe the difference. Likely few hundred dollars

ThetaForLife

Right. And is SPY rallies on Monday, OP will be making a killing.

putinhimself2020

Very good explanation and to the point post! Shit happens, and one can accidentally sell instead of buy, especially if one is active with options. I once bought a broken wing butterfly call spread for $1 more than what I planned because I was thinking “puts” instead of “calls”… stupid mistakes, but a lesson learned… So, to my actual comment. Yes, the OP needs to sell SPY shares as soon as they can, and the broker will likely do this as soon as the markets open at market price. So I wonder if the OP has a few hours pre-market to try to sell his shares at the price that he likes (maybe even resulting in a profit?)? I actually do not know if an account is now completely frozen, or if the above is an option, and would love to learn more about how exactly the broker handles situations like this. OP, if you see this, please comment. Who is the broker by the way?

Bojangles315

Series 4 Options Principal here. Some ppl.... if you traded SPX options, those are index options and cash settled based on 100 usd increments with the difference. also European style. since you did an ETF, SPY, delivery requirements are 100 shares a contract of the ETF. Put down the price, meaning, take the strike you sold minus the premium received for your break even. The time cutoff to exercise is 5:30 pm est, whereas if it's itm even 0.01 there is an auto exercise. You sold a 733 put, so you have to buy the shares at 733, but collected a 348 premium, so the real breakevsn price is 729.52. looks like 729 is the current price, so you lost 52 bucks. was that put you sold not covered? without knowing the above, did they really approve you for uncovered options writing?

poopy_wizard132

SPY is like -4% from its ATH.

_O_B_I_

Never fight the trend. Considering we SPY never reached ATH after the signing and trended downward, any news that aligns with the current trend will have an impact.

KevinCubano

The simplest explanation is this: if I want to enter a position (say, SPY), but i think the current price is a little high, I can sell puts on SPY. I get paid money upfront, AND if SPY drops, I’m forced to buy SPY. But I wanted to buy SPY in the first place, right? So I just got paid upfront for the opportunity to buy the stock I wanted to buy in the first place. Massive W.

bro_salad

I’ve been trading 0 DTE SPY options in Fidelity since I had well under $100k

Russticale

Goodmorning happy Saturday.   Caught a good entry this week with some MSOX calls.  Even sagged some trlv n gtbif today.  Things are looking up boys.  Options volatility has perked up a bit, but theres so few people buying leverage in this sector. Im betting on a positive reaction this coming week into July.  We’re gonna be in the news, macro SPY is a tired market.  Cheers to hoping people park their money here and we get an expedited closing to the rescheduling hearing before July 15th🍻🍸🍺

deeeeeebaggery

The gap risk was referenced above, but I think it needs to be repeated. OP was assigned at Friday’s price, but realistically cannot sell at Friday’s price. They may get lucky and SPY gaps up over the weekend, or not. At least, that’s my smooth brain understanding of one of the risks of unintentional options assignment.

MozayeniGames

You need to get another broker. If you didn't have 70K in your cash account to begin with then the trade should not go thru. You have two ways to fix this. 1) You can sell the SPY ETF shares now to immediately get out of the trade. 2) If you find the money, sell the call option at the same strike price as your put option and wait for the price of SPY to go above your strike price at expiration.

ThatOneRedditBro

Most stocks go up at some point, you just have to be disciplined to sell.  I sold palantir from $7 to $160. Put the profits across other stocks and SPY.  Trick is to buy stocks and sell the immense gains to convert into ETFs

curiosity_2020

I had a weird buy on Friday at 3:59 PM. A limit order that's been waiting for a few weeks for SPY at 718 filled, but the lowest reported price I can find for Friday on a public finance site is 726.53. There are times I see odd trades like this on my screen charts but always thought it was a system glitch. Have no idea why it happened but I did get a trade confirmation so it's real.

BagHoldersOfAmerica

What will the rest of the year hold for SPY I wonder...

iwasshotbyatigeronce

There are some tells this week that we are headed lower. SPY alone dropped 2.3% in 9 seconds and eased gamma by cashing out a ton of shorts and filled a ton of long orders. Rug inserted.

KelvinsEdge

I am not surprised you beat the SPY! that seems like a great strategy. Thanks for Sharing 👍

value-no-mics

All of this is fine until Orange has fun at strait and SPY opens at 720

Doctor_FatFinger

I'm too chicken and stay too wide delta with condors to make it worthwhile when I play occasionally on a whim. SPY trades within range far more than it doesn't after all. Been tempted, even to the point of back testing. One would have to stick to a strict unit allotment and be very disciplined, as racking up so many wins would make you scale into a loss wiping out weeks or months of profits in one session. For myself, just doesn't seem worth the work and stress, when backtesting shows it's not crazily better than buying and holding. Maybe if I were retired and my net worth were 4 times as much, it'd be worth my while.

NyCWalker76

OP wouldn't have to worry if SPY opens at 735.

FraggDieb

This happend to me befor because I just forgot to delete my Stop Sell Order. When I trade SPY Options I mostly open two sell orders after buy. One for Stoploss and one for Profit taking. I normally do a OCA Order so when one is triggered, the other gets deleted. Yeah somehow I setup two different orders. My Sell Limit was executed and I took my profit. My Stoploss Sell order was still there and I sold a QQQ Put option. Luckily it closed above and I was able to take the premium. But this is how something like this happens

jmc774

Now do SPY

robomartin

So you haven’t lost 70k, but you are obligated to buy 100 SPY units for 70K, which you can turn around and sell on the open market and get most of your money back if you don’t want them. Problem is you will have to raise those funds to buy the 100 SPY units at that price. So that means liquidating other positions in your account. I would assume you have the means to do that though otherwise the broker’s risk guard rails failed badly. Not sure what happens if you literally can’t deliver. That’s you might have to work out with your discount broker.

anon4crypto

This is why i tend to stick to SPY only

-sakuranbo

We'll be working on the 4th of July to get holiday pay & blow it all on SPY calls the next Monday

_AT198

S&P futures (SPX), 60% is taxed as long term capital gains/ 40% is short term vs Options which is 100% short term capital gains. S&P and SPX are virtually the same, except add a 0 to the price. Overnight gap is the index’s moving while the market is closed. Buy options at the close to trade the next day. Many hedge funds use SPY/QQQ to hedge overnight gap. Good Luck to you.

anon4crypto

Just like all degenerate gamblers here, i started doing options on hype and memes, made big/ lost big, then stumbled on spy late last year. I now trade 90% SPY - but i went heavy after declaring day trader status with IRS last year.

mosacism

# Damn should've just put allat into SPY, and NOT 0dtes 💀💀💀

anon4crypto

All SPY 0DTE https://preview.redd.it/x02hv9fmvr9h1.png?width=1080&format=png&auto=webp&s=7632c8ec84f56a32845e4b4f72ba34eb273315e9

LadderAdmirable

Looks like we have ceasefire again. SPY 740 by Monday on renewed optimism?

RaisinZRH

What if he doesn’t have enough cash to buy those SPY shares?

levelup1by1

don't worry too much. you pay 70k, but you get 100 SPY shares. you can choose to keep or sell

flying_cactus

You dont owe 70K like its some fee you pay your stripper. Youre using it to buy SPY. Youre going to be fine

VinceCheong

Call up or chat up with Moomoo, you definitely have a portfolio enough to cover after margins. See when do you need to repay or get rid of your SPY positions. As of now it’s weekend so business day starts on Monday.

Mrgluer

The war is already priced in. All of this is basically all priced in. They aren't doing anything full scale and its all now for show. Things are winding down. SPY, WTI and else dont give a shit anymore. The supply shock is figured out and most people adapted.

Ok-Belt5652

Looks like 100 shares of SPY were PUT on him!

unhappyreach_

It's much easier to make money when SPY is vertical for 9 weeks

No_Obligation4496

Actually even less. He got like $350 dollars of premiums initially. If SPY moves up just a little bit he might actually make a slightly profit.

Russticale

I took alittle exposure off the table end of day.  Caught a good entry this week with some MSOX calls.  Even sagged some trlv n gtbif today.  Things are looking up boys.  Options volatility has perked up a bit, but theres so few people buying leverage in this sector. Im betting on a positive reaction this coming week into July.  We’re gonna be in the news, macro SPY is a tired market.  Cheers to hoping people park their money here and we get an expedited closing to the rescheduling hearing before July 15th🍻🍸🍺

cappy1223

Hmm Google says that it's actually case dependent. Margin account is considered secured debt with the stocks as the asset. Forced sale and recuperation of liquid cash to apply towards the debt, and the difference is considered unsecured and can be written off in a bankruptcy. So yeah, OP can sell the SPY shares for as much as they can, pay towards the margin debt themselves, and *then* declare bankruptcy on the remaining amount. Doable.

_Clit-Commander_

Not SPX, XSP, its 1/10th the size of SPX and close to SPY price so its SPX for the poor.

Learner_Mentor

I believe SPY option only settle funds not get aligned like traditional stocks.

512165381

> SPY opens higher than $733 on Monday From experience, biggest reason for drop is Trump starting another weekend war.

jfrantz2

You have a margin account. As others have mentioned, you were assigned and are now long 100 shares of SPY. On Monday, your broker will require you to meet the maintenance margin requirement for those shares. If you don’t have enough margin/equity available, the broker will issue a margin call or liquidate the position at the current market price. Regardless, you still keep the credit from selling the put, so it’s too early to say whether this ends up being a gain or loss. It depends on where SPY opens/trades when the shares are sold. You do not simply owe $70k. Your actual P/L is basically: put credit + sale proceeds from the shares - assignment cost So using the numbers here: $348 + $72,899(replace this with where Spy opens Monday morning) - $73,300 = -$53 Some brokers may also charge a small amount of margin interest or fees. TL;DR: You don’t owe the full amount shown. You own 100 shares on margin, and the final gain/loss depends on where SPY trades when the position is closed.

TheRealHotHashBrown

Don’t panic bro. You can sell them (the 100 shares of SPY) when market opens. You might even make a profit is SPY opens green. You sold a put and it was naked because you didn’t have the cash ready in your account. Usually, if you have the cash ready, that would be selling a Cash Secured Put. In your case, the cash wasn’t secure so your broker liquidated other assets when you were assigned. Don’t panic ok. This is manageable. 👍

misterhomebody

I'll be mad too if I was stuck with 100 shares of something as garbage as SPY too.

jiqiren

congratulations, you almost discovered the wheel option strategy. you should have just rolled the option to the next week or month before it was assigned. now you'll have to just sell the 100 shares of SPY you purchased on Monday to put your account back on track.

Bob_the_peasant

Damn people have no sense of humor outside of this thread. I said SPY 760 on Monday after we win the Iran war for the 29th time and people got legitimately hostile at the idea of SPY going up 4.5% in a day.

Emotional_Shape925

I agree with this. But SPX is wild, and the regarded OP ain’t ready for that. That being said, my dumbass has picked the wrong side of SPX trades too many times that I don’t do it anymore. If I play SPY I just make sure I have calendar alerts set 1 week prior to expiry just in case. But I’m usually not in the position too long.

_Clit-Commander_

Or better yet stop being a dumbass and playing 0 DTE SPY that settles in shares and trade XSP which settles in cash only and it’s more tax efficient in the US anyway. Also broker can’t liquidate you 30 minutes prior. Same price point as SPY basically

Soulsetmusic

Depends what you want. The main key is leverage. Your premium (the price you pay for the rights) is going to be a fraction of the money you’re theoretically moving. Like in OPs example, (he’s regarded) but he’s trading 73,300 for 72,900. A $400 loss. Buttttt the option he sold and someone bought was priced at 3.48 (348 dollars to buy it, OP collected 348 in premium for the rights) so OP made 348 dollars to sell a theoretical 73,300 worth of SPY. The buyer paid 348 dollars to buy a theoretical 73,300 worth of SPY (betting on it to go down, on puts they get to buy the shares at the close price so 72,900) the total price difference is $400 on a $300 dollar bet, like 125% the leverage is the draw. But in this case OP lost like $50 bucks and the buyer made like 50 bucks (premium and price difference).  In a classic non gambling way, say I have 100 shares of NVDA. I can sell a call (selling the right to my 100 shares) and say my average is $100. I set a $200 dollar strike. I’ll collect say 5.00 premium ($5 per share, $500 bucks for the contract, always x100) and if the contract expires, I’ll retain my 100 shares + the $500, if it finishes at 201 I’ll collect the $500 premium and sell 100 shares at 200 so 10,500 in return total.  That’s just concept and covered calls and I think I definitely made that more confusing so I’ll wait to get into puts and spreads and such later.  Hope that helped lmao I’m sure it didn’t but it is really simple once you “get” it. 

INFOWARTS

One of two things will happen: 1. The 100 shares will appear in your account sometime between now and Monday morning. When the market opens, you can sell those at whatever SPY is trading at and that will satisfy the margin call. 2. They will deliver these shares and then immediately liquidate them for you, satisfying the margin call. Basically the same as 1, but they force your hand a little stronger. The bigger question is how they let you sell a put with no where near enough collateral to cover assignment. Most brokerages would have canceled that trade the moment you submitted it.

userhwon

ETFs and likely not. The broker should have sold the shares but seems to have zapped his cash balance in the prices. He may own 2k worth of SPY or not.

Genericsky

If SPY went to 0 where would people go to work? It means the top 500 public companies of the US went to 0. What would be the reality of the rest?

userhwon

If his broker liquidated anything other than the SPY shares, his broker is as bad as their name looks.

userhwon

Talk to your broker, not these idiots.  You didn't have funds to cover assignment. When you got assigned, your broker had to lend you their money to cover paying for the shares. Then they most likely liquidated the shares to cover it.  If they liquidated the SPY, then the notification was generated because of the loan and not retracted, and you're probably balanced or maybe a few dollars up or down. If they didn't liquidate the SPY, then you have 100 shares of it now, and you still owe them $73k in margin debt for buying them without having cash or margin (other assets in share form) to cover it. Just sell the shares and the cash from selling will automatically pay the margin debt. If they liquidated your other assets instead of the SPY shares, then fire your broker. What the fuck is a Moomoo Financial anyway? You trust your money with people like that? They robbed you. So don't trust them. Get a real broker, ffs.

JoeFollowsFlow

Iran hit a tanker. USA waited until market close to strike. SPY gapped down the last 45 seconds on the rumor. OP is most likely way more fucked here than people are saying on a weekend gap down.

DisgruntledTexan

Selling SPY puts at ATH with 3 year high inflation, growing unemployment, softness in residential real estate is something special