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Options Education by Former Institutional Trader. 12Y+ experience in Global Markets

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Climax
09/05/2026

Climax

0DTE SPX Recap | 09/04Session P/L +$65 🟢MTD P/L +$384 🟢The market followed the same framework we published in the $SPY m...
09/05/2026

0DTE SPX Recap | 09/04

Session P/L +$65 🟢
MTD P/L +$384 🟢

The market followed the same framework we published in the $SPY market briefing this morning.

Short gamma, but contained within a relatively tight 7710–7720 area.

Gamma flip around 7710 acted as an important reference, while the concentration around 7720 ultimately provided the better anchor into the close. No major directional move occurred as the tape remained rotational, which favored defined-risk structures and late-session butterflies.

Actually, today's a very good trading session, if I ignore the premature closure of the short call spread I opened last week for FOMC volatility later this month. The idea to open the position was to harvest volatility premium around a major rate decision in the following days, and I expected the dollar to appreciate and equities to correct a bit and stay below the 7750 area.

However, I didn't feel confident staying short in this market. If you remember, the index had a strong +6% rally on stronger-than-expected earnings and potential deal news back in August, which made the previous resistance turn into support at 7600s. This level is clearly respected by the index this week, with decent volume and a rise back towards the 7750 area.

So, a premature closure of the short call spread had some cash drag in the book, although I could've avoided it and closed probably around breakeven had I waited into the afternoon.

Overall, still a decent trading session as I closed the book with a small gain of +$65. ✅

Late session butterflies brought some decent gains.

That said, the key takeaway was that the market is looking fairly strong here, without any major correction, after today's stronger-than-expected NFP jobs data, which pushed odds of a rate hike to north of 50% in the Sep FOMC meeting. That should ideally push equities down, especially with short gamma exacerbating the moves, but it never happened, as the index hovered around the major high-volatility zone (HVL) and closed here.

As always, we kept the risk defined and harvested some premiums.

The full trade log is attached, and a complete broker-automated performance spreadsheet (since this small-account SPX strategy started) is in the comments below. 👇

Not financial advice.

0DTE SPX Recap | 09/03Session P/L +$4 🟢A break-even day with modest gains and losses. Not much to discuss, other than ri...
09/04/2026

0DTE SPX Recap | 09/03

Session P/L +$4 🟢

A break-even day with modest gains and losses. Not much to discuss, other than risk was kept tightly defined. Late-session butterfly structures should’ve yielded hefty gains had the index settled around the short strikes, but instead it closed at the edge of the profit tent.

Not bad for a sluggish session. Overall sentiment in the market seems to be improving toward a resolution.

If the war came to an end, expect a violent rally to the upside, potentially even the SPX hitting 8,000+ before midterms. The AI risk-on trade is still active and keeping momentum alive.

Just need one positive catalyst. Though it’s highly speculative, it could just as easily show downside pressure if things continue without any resolution.

Trade log attached. A complete broker-automated performance spreadsheet (since this small-account SPX strategy started) is in the comments below. 👇

Not financial advice.

Bullish for equities if true.
09/04/2026

Bullish for equities if true.

Market is waiting for its next move. A sustained rally or a sharp correction becomes likely the moment it breaks this ra...
09/03/2026

Market is waiting for its next move. A sustained rally or a sharp correction becomes likely the moment it breaks this range.

Simple law of the markets:

Longer the hold, bigger the breakout. $SPX $SPY

0DTE SPX recap | 09/02Session P/L: +$72 🟢September MTD: +$315 🟢A fairly typical session with minimal trading activity. T...
09/03/2026

0DTE SPX recap | 09/02

Session P/L: +$72 🟢
September MTD: +$315 🟢

A fairly typical session with minimal trading activity. The book stayed focused on short premium and range-based structures, with risk contained throughout.

Trades closed:

• 7,690/7,685 call credit spread → +$40
• XSP 768 iron butterfly → +$17
• 7,670/7,665 put credit spread → -$15
• 7,680 iron butterfly → +$30

3 wins / 1 loss | 75% win rate

A small loss was contained, as the profitable structures more than offset it.

Trade log attached. A complete broker-automated performance spreadsheet (since this SPX strategy started) is in the comments below. 👇

Not financial advice.

0DTE SPX Recap | 09/01Session P/L +$243 🟢Opened September with a disciplined session. The book was predominantly short p...
09/02/2026

0DTE SPX Recap | 09/01

Session P/L +$243 🟢

Opened September with a disciplined session. The book was predominantly short premium, with several defined-risk call spreads positioned above spot as the index failed to establish sustained upside momentum. It also included a small XSP long put hedge, which contributed $58, alongside a cheap ironfly. Most of the gains came from short call spreads as the index opened gap-down into a negative gamma regime.

I patiently waited for a retracement to fill the gap until around 11 am, then pressed the gas and shorted aggressively by selling closer-to-the-money call spreads and collecting hefty premiums.

I typically trade in tranches and spread risk across multiple strikes, and that approach paid off well today.

I sold a cheap $10-wide ironfly around 7625 but closed it prematurely for a small profit. Had I held it longer, it’d have paid off 10x by now, as the market eventually plunged to that level.

The remaining call spreads were managed systematically as price moved through the intraday range, with no need to materially increase risk late in the session.

The key takeaway was ex*****on, not prediction. Defined-risk structures allowed us to monetize the intraday range while keeping each position’s downside known from entry.

With 30 more minutes left in today’s session, I didn’t want to add risk and give back gains, as the reward-to-risk isn’t favorable in the final hour.

That said, this is a pretty decent start to the month, and I look forward to closing the week north of a $1,000 potential profit.

The main objective of this SPX book remains unchanged: preserve capital, keep risk defined, and only increase exposure when the options structure provides sufficient asymmetry.

Trade log is attached. A complete broker-automated performance spreadsheet since we started this SPX strategy is in the comments below. 👇

Not financial advice.

A reply to a subscriber’s question on our Substack.Join for Free Market Briefings:➡️ substack.com/
09/01/2026

A reply to a subscriber’s question on our Substack.

Join for Free Market Briefings:
➡️ substack.com/

0DTE SPX Recap | 08/28Session P/L +$115 🟢The session was managed primarily through defined-risk structures, short put sp...
08/29/2026

0DTE SPX Recap | 08/28

Session P/L +$115 🟢

The session was managed primarily through defined-risk structures, short put spreads early, followed by call spreads and an iron condor as price action stalled in the afternoon. A couple of inexpensive iron butterflies didn't work, though we gained about 100-120% at one point as SPX hovered around 7705; the index later settled higher, around 7710-15.

Overall, a pretty decent day as we adjusted between put and call premium as SPX moved through the intraday range and deployed defined risk setups.

A modest green day is still a good outcome in 0DTE. Protect the account, let the edge compound, and wait for the next clean setup.

With only 1 day left this month, i.e., the 31st on Monday next week, I'll try to swing it higher to push towards $1000 MTD Profit through some asymmetric opportunities, though it can't be guaranteed given the choppy sessions we've been seeing lately.

Overall, as long as we are green, that's a good profit outcome.

Trade log is attached. A complete broker-automated performance spreadsheet since we started this SPX strategy is in the comments below. 👇

Not financial advice.

Read institutional-grade Options market & trade briefings on our Substack.Includes free Options Trade Ideas. ✅Free. No p...
08/28/2026

Read institutional-grade Options market & trade briefings on our Substack.

Includes free Options Trade Ideas. ✅

Free. No paywall. Join ➡️ substack.com/

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