SPY 0DTE LAB

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Iron Condor PlaybookThe complete entry rules, to trade by hand$699
Iron Condor Auto-Trading PromptBuild your own entry-only trading tool with AI$899
SPY 0DTE PlaybookThe complete entry rules, to trade by hand$699
SPY 0DTE Auto-Trading PromptBuild your own entry-only trading tool with AI$899

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Risk Disclosure

Last updated October 25, 2026

Read this entire disclosure before using the Service or trading any strategy it describes. It is not a complete list of every risk. If you do not understand these risks, do not trade options.

1. General risk of trading

Trading securities and options involves a high degree of risk and can result in the loss of all or more than the money you put at risk. Only trade with money you can afford to lose without changing your lifestyle. Nothing on this site or in our alerts is a promise or prediction of any result.

2. Options risk

Options are complex and are not suitable for every investor. Before trading options, you should read the Options Clearing Corporation's booklet Characteristics and Risks of Standardized Options, which your broker must provide. Option prices can change faster and by larger percentages than the price of the underlying security. An option can lose all of its value. Selling (writing) options can expose you to losses much larger than the premium received.

3. Same-day-expiration (0DTE) risk

  • Speed. On its expiration day an option's price is extremely sensitive to the underlying price (high gamma). A position can move from profit to its maximum loss within minutes.
  • Time. There is no time to wait for a recovery: the position must be resolved the same day.
  • Liquidity late in the day. Bid-ask spreads can widen and quotes can disappear, especially near the close or in fast markets, making exits more expensive than the prices shown in our record.
  • Event risk. News, economic releases, central bank statements, geopolitical events, trading halts and market circuit breakers can cause sudden gaps that skip past stop levels.

4. Credit spread and iron condor risk

  • Defined but real maximum loss. While both legs are held, the most a spread can lose at expiration is the width between strikes minus the credit received, times 100, per set. Because the credit is small relative to the width, one maximum loss can erase the gains of many winning trades. A high win rate does not mean low risk.
  • Early assignment. SPY options are American-style and can be exercised at any time. A short option can be assigned before expiration, especially when it is in the money or around ex-dividend dates, leaving you with a share position and an unhedged long option.
  • Settlement into shares and after-hours risk. SPY options settle into shares, not cash. If you hold a short option to expiration, you can be assigned 100 shares per contract and carry that share position overnight, where it can lose far more than the spread's defined risk. Exercise decisions can be made after the close, so a position that looked safe at 4:00 PM ET can still be assigned (pin risk). This is why every alert says to close by 3:25 PM ET.
  • Broker liquidation. Many brokers close expiring positions on their own near the end of the day, at market prices you do not control, and may restrict opening same-day positions late in the session.
  • Approval and margin. Spreads usually require a higher options approval level and margin. Your broker can change requirements or liquidate positions to meet them.

4a. Buying options (SPY 0DTE strategy)

Our SPY 0DTE strategy buys calls and puts that expire the same day. A bought option can lose its entire premium within minutes, and most same-day options expire worthless if the move does not come quickly. That strategy can trade several times a day, so losses can add up within one session. It is not alerted; it appears on the record and is described in a playbook you apply yourself.

5. Execution risk

  • Your price will differ. Alerts are sent after the engine's order fills. By the time you act, prices may have moved and you may receive a worse credit, a worse exit or no fill at all.
  • Multi-leg orders. Enter spreads as a single multi-leg order. Entering legs one at a time ("legging in") exposes you to price moves between legs and to holding an unhedged short option.
  • Stops are not guaranteed. A stop level is a trigger, not a guaranteed price. In fast markets, stop and market orders on options and spreads can fill far from the trigger, and some brokers do not support stop orders on spreads at all.
  • Partial fills. Orders may fill only in part, leaving you with a different position size than intended.
  • Platform outages. Brokers, data feeds, internet connections and devices can fail when you need them most.

6. Simulated (paper) performance

Unless a trade is expressly labeled as a live, real-money trade, every result on this site and in our alerts comes from an automated engine trading a paper (simulated) brokerage account at live market prices. No real money was at risk, and the paper broker's fills may be better than real fills, for example because a simulated order does not compete with other orders or move the market.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

Results are shown in account dollars at the engine's own position size, after the engine's estimated fees. Your position size, commissions, fees and taxes will be different, and fees and taxes will reduce your results.

The record starts on a stated date. Trades before that date, made while the strategies were being built and tested, are not included. Every closed trade since that date is shown, and no trade is removed afterward.

7. Short track record

The record covers a short period and a small number of trades. A short record can look much better or worse than the strategy's long-run behavior, and it may not yet include the kind of large, fast market move that produces the strategy's maximum loss. Do not draw conclusions from a few weeks of results.

8. Strategy and data risk

  • Rules change. The engine's rules (strike selection, profit target, stop, market filters) are updated as it is tested. The record shows each trade under the rules in force at the time, so older results may not reflect current rules.
  • Rule-based, not predictive. The engine follows fixed rules on market data. It does not predict the market, and past conditions that made its rules work may not continue.
  • Model and data errors. The engine estimates option deltas with a standard pricing model and depends on third-party market data, both of which can be wrong, late or missing. Software can contain errors.
  • Concentration. Every trade is on a single underlying, SPY, on the same day. There is no diversification across assets or time.

9. Alert delivery

Alerts depend on our software, our data and broker connections, Discord and your own device and notifications. Any of these can delay or prevent an alert, including an exit alert. You are responsible for managing any position you open, including placing your own take-profit and stop orders and closing before the session ends, whether or not an alert arrives.

10. Position size and leverage

We never tell you how much to trade. The maximum loss per set is stated in every alert; multiply it by the number of sets you trade to see what you can lose on one trade, and consider that several losses can come in a row. Trading more sets than you can afford to lose at their maximum loss is the most common way to lose a large part of an account.

11. Taxes and regulation

Gains and losses on SPY options are generally taxed as short-term capital gains and losses, and wash-sale rules may apply. Pattern day trader and margin rules may limit how often you can trade in a margin account. Consult a tax professional and your broker.

12. Conflicts of interest

We earn subscription and product fees whether or not you profit, which gives us a reason to present results favorably; that is why we show every closed trade, including losses. The engine opens its position before the alert is sent, and the record shows the engine's own fills. Our owners and staff may hold positions in SPY or SPY options in personal accounts, including positions the same as or opposite to an alert. We do not receive payment from brokers for directing your orders.

13. Not advice; past results

The Service is general information, not investment advice or a recommendation for you. Past results, simulated or real, are not indicative of future results. You alone are responsible for your trading decisions.