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Market Measures

Monthly SPX 0DTE Review: $3,155 Profit in "Violently Unchanged" Market

| Feb 2, 2026
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    Market Measures

    Monthly SPX 0DTE Review: $3,155 Profit in "Violently Unchanged" Market

    Feb 2, 2026
    Hosts Nick and Tony explored Kai's January 2026 zero-DTE analysis during a session where E-mini S&Ps broke 7,000 unexpectedly, with Nick admitting "I did not have this on my bingo card" after expecting selloff to 6,950. The January review showed exceptional performance with 100% success rate across 20 trading days averaging $166 daily P&L (second-best month ever behind November's $184), despite markets going "violently nowhere" week-over-week. The analysis compared January 2026 to 10-year historical data, revealing it was "relatively quiet" by long-term standards despite feeling volatile intraday - realized volatility, VIX levels, and trading ranges all below historical averages. The 25% vs 50% profit target comparison showed 50% targets generated higher P&L ($200+ vs $166) but came with larger tail losses and required holding into afternoon sessions (versus 11am exits for 25%), with painful days concentrated around three-four one-directional upside moves. Put spread analysis across four variations (20-delta $20-wide, 20-delta $30-wide, 30-delta $20-wide, 30-delta $30-wide) showed some beat iron condors in bull markets but lacked stability, with iron condors excelling at return on capital due to collecting both-side premium while using less buying power.

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