SPY 0DTE Hedged Short Straddle (Iron Fly)

A short straddle with protection bought first, so the most it can lose is known in advance. At 10:45 on Tradetron's US clock it buys a SPY call 6 strikes ($6) above the money and a SPY put 6 strikes below, both on the same-day (0DTE) expiry; once those wings are filled it sells the at-the-money call and put (an iron butterfly). Everything closes at 15:45, or earlier once the position is up Approx. $100 per multiplier. One trade a day, no re-entry. Defined risk: the worst case is the $6 wing width (Approx. $600 per fly) minus the credit received. Capital: $600 per multiplier, the Reg-T margin for the fly (the $6 wing width; the credit received lowers it slightly). Times are US Eastern; the backtest uses Eastern wall-clock time all year. Tradetron's live US clock (Time XCBO) is a fixed UTC-4, so from November to March a live deployment acts one hour earlier in Eastern time.

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