Fly on the Wall
Blog
Trading insights, strategy breakdowns, and lessons from the options trenches.
Iron Butterfly Options Strategy: The Defined-Risk Credit Structure for SPX
The iron butterfly is the most misunderstood structure in options trading. It looks like an iron condor. It trades like a butterfly. And for 0DTE traders who understand [...]
Read MoreIV Crush Explained: Why It Kills Premium Sellers and How to Avoid It
IV crush is the single most destructive force in options trading for anyone selling premium. It is the sudden collapse of implied volatility — and with it, the [...]
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Expected Move in Options: How to Calculate and Use It for 0DTE Trading
The expected move is the single most practical number in options trading. It tells you how far the market is pricing a stock or index to move during [...]
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14
Mar
Mar
The 0DTE Butterfly Strategy: A Complete Guide to Asymmetric SPX Trades
The 0DTE butterfly strategy is the single most asymmetric structure available on same-day expiration options. You risk a small, defined debit — typically $40 to $150 — and [...]
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14
Mar
Mar
Gamma Exposure Explained: How GEX Reveals Where the Market Will Move
Gamma exposure is the single most important piece of market structure data that most traders have never heard of. It tells you whether the market is set up [...]
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12
Mar
Mar
Iron Condor Options Strategy: What the Textbooks Don’t Tell You About 0DTE
The iron condor options strategy is one of the most popular structures in retail options trading. It is also one of the most misunderstood — especially when applied [...]
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11
Mar
Mar
What Are 0DTE Options? A Complete Guide to Same-Day Expiration Trading
0DTE options — zero days to expiration — are options contracts that expire on the same day you trade them. You buy them in the morning. They settle [...]
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10
Mar
Mar
SPX Options: Complete Guide to S&P 500 Index Options
SPX options are the professional standard for trading the S&P 500. Whether you’re placing 0DTE butterflies, selling credit spreads, or hedging a portfolio, SPX options offer structural advantages [...]
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09
Mar
Mar
SPX vs SPY Options: Which Is Better for 0DTE Trading?
If you trade 0DTE options, the SPX vs SPY decision isn’t a preference — it’s a structural choice that affects your taxes, your fills, your risk, and your [...]
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The 0DTE Butterfly Strategy: A Practitioner’s Guide to Asymmetric SPX Trades
The 0DTE butterfly strategy is the closest thing options trading has to an unfair advantage. You risk $40 to $150 per trade. Your potential return is 5 to [...]
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06
Mar
Mar
0DTE Long Butterfly Strategy Explained: Why Directional Beats Neutral
The 0DTE long butterfly is one of the most misunderstood strategies in options trading. For decades, traders have been taught to use it as a market-neutral strategy — [...]
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05
Mar
Mar