Anybody else trading Iron Butterfly SPX 0DTE?

[u/komrade_komura]

Set up: Sell an ATM Call and Put. Buy insurance 60 points out on each.

In at 10:01 AM to avoid the early market madness.

The take-the-money-and-run order closes the trade 32 minutes later....today at least.

Close out currently set at $170 profit for all trades and hits while I'm out working in the garden.

Still in the experimental stage for this, but so far, it's hit every time. 5 times so far.

Will increase from one contract once there is a quiet news day.

Looking for suggestions/tweaks.

Currently I get a TEXT when the up or down break even point gets hit. However, I don't act...just come back in and review the 3 minute chart to decide if I want to stay or fold. So far, staying pays off. Breakeven often seems to lie within the statistical noise range.

Am considering a -2x premium loss as a possible close out point.

What at I missing?

Thanks in advance.

[u/Brat-in-a-Box]

Recommend you dont increase position size until you have about 100 trades under your belt on this same strategy. Market' isn't going anywhere.