DRAM Long Call Condor — Jan 15 '27 40/60/80/90: A LEAPS Bet on Memory
Opened a Jan 2027 LEAPS long call condor on DRAM with strikes at 40/60/80/90. Wide profit zone, debit-defined risk, long-dated theta play on a memory-cycle setup.
Read More →LATEST TRADES
Explore the journal →DRAM Long Call Condor — Jan 15 '27 40/60/80/90: A LEAPS Bet on Memory
Opened a Jan 2027 LEAPS long call condor on DRAM with strikes at 40/60/80/90. Wide profit zone, debit-defined risk, long-dated theta play on a memory-cycle setup.
SPX Vertical Credit Spread — July 13, 2026: Iron-Condor Lattice on a Quiet Tape
Opened a 0DTE SPX put credit spread 15-wide at the 5,560/5,545 strikes, collecting $1.05 against $15 of risk. Premium-to-width ratio of 7% met the day's edge threshold.
XSP Iron Condor — July 10, 2026: Post-CPI Pin the Strike, Ride Theta Into Friday
Opened a 7DTE XSP iron condor at the 558/553 puts and 568/573 calls. Pre-CPI vol was 13.8 with rank 65 — high enough to sell premium but not so high that protection was expensive. Closed at 50% of max profit on day 4.
EDUCATION
Explore education →Risk vs Reward: The Asymmetry That Drives Every Trade
The expected-value math behind every trade, why a 2:1 reward-to-risk ratio is the floor not the goal, and how to think about positive expectancy when the win rate is below 50%.
Market Probabilities: How to Think About Strike Odds
Why option-implied probabilities and historical probabilities are different, the difference between risk-neutral and real-world probabilities, and how to use probability of profit (POP) without over-relying on it.
Standard Deviations in Options Trading: The Math of 'One-Sigma Moves'
What one, two, and three-sigma moves actually mean for SPX positioning, how implied vol maps to expected moves, and why the strike selection in a spread book should be sigma-anchored not delta-anchored.
PLAYBOOK
Explore the playbook →The Playbook: How Every Trade Is Sized, Entered, and Exited
The standard operating procedure for the journal: position sizing by sigma distance and NLV, the daily and weekly drawdown limits, the entry checklist, the management rules, and the exit criteria. The single document that defines how the book is run.
STRATEGIES
Explore strategies →Bull Put Spread: The Workhorse Credit Structure
Anatomy of a bull put spread: when to use it, the entry criteria, the 50%/2x management rule, the IV-rank filter, and the failure modes to avoid.