SPX 0DTE iron condor at 10:00 AM
Sell a same-day SPX iron condor with 0.10–0.15 delta short strikes at 10 AM, and stop out when the loss equals the credit received.
What they did
The authors tested 0DTE SPX iron condors on one-minute data over 12 months. Positions opened at 10:00 AM, selling calls and puts at 0.15 delta (variant 1) or 0.10 delta (variant 2), with long wings at 0.05 delta or lower. A stop closed the position when the loss equaled the premium received.
How it went
The authors' claims: both variants were profitable over the 12-month period, each with annual profit above $5,000 per contract. The 0.15-delta variant had a 57.8% win rate and a −$4,043 max drawdown; the 0.10-delta variant had 61.5% and −$1,732. They attribute the edge to implied volatility being overstated relative to realized volatility.
Sources:
Worth knowing
- Only 12 months of data. 0DTE regimes change quickly.
- SPX is cash-settled and European-style, so there's no early assignment, but each contract is large. XSP is a smaller version.
- Make sure your broker supports multi-leg 0DTE index options via API (check our Brokers page).
- On Robinhood agent accounts, multi-leg spreads (1–4 legs, same underlying) need a Level 3 margin account (not cash or retirement) and use limit orders only. New same-day positions must be opened by about 3:30 PM ET for stock/ETF options (Confirmed via Robinhood's official MCP connector, Oct 17 2026; cutoff per Robinhood's options-hours help page).
The prompt
Each trading day at [10:00 AM ET], if no SPX position is open:
Build a same-day-expiry iron condor on [SPX / XSP]:
- Sell the call and put closest to [0.10] delta
- Buy wings at ≤ [0.05] delta (or [$X] wide)
- Quantity: [1] contract
- Submit as a single multi-leg limit order at mid, or no worse than [mid − $0.05].
Management: if the position's loss reaches [1.0]× the credit received, propose closing it. Otherwise let it expire (or close at [3:45 PM ET] if [you prefer]).
Report the credit, max loss, deltas, and P&L at the close.
SAFETY DEFAULTS (keep unless you deliberately change them):
- Use the PAPER trading account only. Never touch a live account.
- Before every order, show me: symbol, side, size, order type, limit price, stop, and the rule that triggered it. Then WAIT for my "approve".
- Hard limits: max [$500] per trade, max [3] open positions, stop all trading for the day after a loss of [$300].
- Log every signal, decision and fill to [a running log / spreadsheet] with timestamps.To go fully autonomous: (1) run on paper for at least [4–8 weeks] or [30+ trades]; (2) delete the 'WAIT for my approve' line and keep the hard limits; (3) switch to live keys or account. On Robinhood, turn off trade approvals in your agent settings, but note that some orders can still require in-app approval or acknowledging a pre-trade alert, so unattended execution isn't guaranteed for every order. IBKR's AI connector always asks for approval; use its regular API for unattended trading. Never remove the daily loss limit.