Today we are opening a new SPX put credit spread expiring July 11, 2025 (4 DTE), collecting a $0.50 credit. The trade was placed after a strong market rally on low volume, with the SPX now stretched more than 2.5% above its 20-day MA and the VTS (volatility) at an extreme low of 27.05%, signaling potential fragility. Given the elevated risk of a sharp pullback and limited upside room, I opted to sell only puts for safer directional exposure.
Order Summary
Sell to Open 1 SPX 07/11/2025 Put 6045
Buy to Open 1 SPX 07/11/2025 Put 6030
Limit GTC @ 0.50 Credit
We will hold this trade till expiration and let it expire. If the market turns against us we will close early (when delta exceeds 0.35 or trade debit will be 3x credit received),
This trade is set to open tomorrow morning. If it doesn’t open, we may adjust the strikes.
The trade expired worthless for a full profit:
TRADE STATUS: CLOSED – WINNER
Challenge Account (2025)
Net-Liq: $4,005.91
P/L YTD: $1,321.22
Credit/Debit Total: $$274.37
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