| Filter | Status |
|---|---|
| Credit ratio ≥ 0.25 (2.50/wing) | ✔ Active |
| Net credit ≥ $1.00 | ✔ Active |
| Straddle ≥ 0.8% of DJX | ✔ Active |
| Straddle ≤ 1.5% of DJX | ✔ Active |
| Overnight gap ≤ 1.5% of prior close | ✔ Active |
| Prior-day move ≤ 60% of wing (≤$6.00) | ✔ Active |
| Avg credit ratio (traded days) | 0.488 (4.88/10) |
| Avg straddle % of DJX (traded days) | 1.125% |
| Leg | Strike | Action | Role |
|---|---|---|---|
| Long Put | ATM − $10 | Buy | Outer put wing — defines max loss on downside |
| Short Put | ATM | Sell | ATM short — max profit zone (butterfly body) |
| Short Call | ATM | Sell | ATM short — max profit zone (butterfly body) |
| Long Call | ATM + $10 | Buy | Outer call wing — defines max loss on upside |
| Net credit at open (9:40 ET) | Max profit = credit × 100 × 40 (at expiry if DJX = ATM) |
| DJX moves > $10 from ATM | Max loss = ($10 − credit) × 100 × 40 |
| Avg net credit collected | $4.8753 per share |
| Auto-exit profit target | Close if P&L ≥ +90% of max profit |
| Auto-exit stop loss | Close if P&L ≤ −80% of max profit |
| Average winner | +$3,564 |
| Average loser | $-2,969 |
| Best trade | +$15,120 (2026-04-21) |
| Worst trade | $-12,240 (2026-03-02) |
| Total gross wins | +$103,360 |
| Total gross losses | $-68,280 |
Total P&L of +$35,080 over 53 trades across Jan–2026-09-15. The iron butterfly's ATM structure collects short-term premium on DJX, a large-cap Dow Jones Industrial Average ETF with implied vol similar in character to SPY.
The live script (if deployed) would monitor positions every 5 minutes and can exit intraday. This backtest applies +90%/−80% thresholds at the 14:20 ET bar close only, understating how often stops would trigger intraday. Real performance may differ.
DJX (Dow Jones Industrial Average ETF — 30 large-cap blue chips) trades a profile very close to SPY — $1 strike increments and an ATM weekly straddle (~0.8% of price) squarely within SPY's own ~0.75–1.2% range. Concentration in 30 names means single-stock earnings surprises can move DJX more than a broader 500-name index, so a ±$10 wing still carries real gap/whipsaw risk. Treat this as a close cousin of the SPY strategy, not a substitute for it.
📋 Full Trade Log is not displayed on mobile devices to prevent page freezing. View this report on a desktop browser to see all 53 trades.
| Date | Day | Expiry | DJX Open | ATM | LP/SP/SC/LC | Credit Open | Cr/Wing | Straddle% | Credit Close | P&L | Cum P&L | Exit |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-01-05 | Monday | 2026-01-09 | $487.30 | 485 | 475/485/485/495 | $6.7200 | 0.672 | 1.439% | $6.6100 | +$440 | +$440 | SCHED |
| 2026-01-06 | Tuesday | 2026-01-09 | $489.30 | 490 | 480/490/490/500 | $4.3600 | 0.436 | 0.924% | $5.0900 | $-2,920 | $-2,480 | SCHED |
| 2026-01-07 | Wednesday | 2026-01-09 | $493.94 | 495 | 485/495/495/505 | $3.5100 | 0.351 | 0.763% | $5.1100 | $-6,400 | $-8,880 | SCHED |
| 2026-01-09 | Friday | 2026-01-16 | $493.33 | 495 | 485/495/495/505 | $5.6400 | 0.564 | 1.338% | $4.7800 | +$3,440 | $-5,440 | SCHED |
| 2026-01-12 | Monday | 2026-01-16 | $491.03 | 490 | 480/490/490/500 | $5.9500 | 0.595 | 1.387% | $6.0900 | $-560 | $-6,000 | SCHED |
| 2026-01-14 | Wednesday | 2026-01-16 | $490.26 | 490 | 480/490/490/500 | $4.1500 | 0.415 | 0.934% | $3.8000 | +$1,400 | $-4,600 | SCHED |
| 2026-01-15 | Thursday | 2026-01-16 | $492.44 | 490 | 480/490/490/500 | $3.8900 | 0.389 | 0.810% | $4.7100 | $-3,280 | $-7,880 | SCHED |
| 2026-01-16 | Friday | 2026-01-23 | $493.35 | 495 | 485/495/495/505 | $4.0800 | 0.408 | 0.995% | $4.4600 | $-1,520 | $-9,400 | SCHED |
| 2026-01-20 | Tuesday | 2026-01-23 | $486.20 | 485 | 475/485/485/495 | $3.6400 | 0.364 | 0.905% | $3.8600 | $-880 | $-10,280 | SCHED |
| 2026-01-21 | Wednesday | 2026-01-23 | $485.93 | 485 | 475/485/485/495 | $5.9400 | 0.594 | 1.325% | $6.4000 | $-1,840 | $-12,120 | SCHED |
| 2026-01-27 | Tuesday | 2026-01-30 | $488.66 | 490 | 480/490/490/500 | $4.5700 | 0.457 | 1.099% | $4.7400 | $-680 | $-12,800 | SCHED |
| 2026-01-28 | Wednesday | 2026-01-30 | $489.44 | 490 | 480/490/490/500 | $5.0900 | 0.509 | 1.148% | $4.2400 | +$3,400 | $-9,400 | SCHED |
| 2026-02-02 | Monday | 2026-02-06 | $489.32 | 490 | 480/490/490/500 | $5.9200 | 0.592 | 1.359% | $5.6100 | +$1,240 | $-8,160 | SCHED |
| 2026-02-03 | Tuesday | 2026-02-06 | $494.62 | 495 | 485/495/495/505 | $3.8000 | 0.380 | 0.849% | $2.9900 | +$3,240 | $-4,920 | SCHED |
| 2026-02-04 | Wednesday | 2026-02-06 | $493.79 | 495 | 485/495/495/505 | $4.8900 | 0.489 | 1.071% | $4.1900 | +$2,800 | $-2,120 | SCHED |
| 2026-02-05 | Thursday | 2026-02-06 | $490.97 | 490 | 480/490/490/500 | $5.1400 | 0.514 | 1.118% | $4.2900 | +$3,400 | +$1,280 | SCHED |
| 2026-02-11 | Wednesday | 2026-02-13 | $503.34 | 505 | 495/505/505/515 | $6.2600 | 0.626 | 1.317% | $4.9000 | +$5,440 | +$6,720 | SCHED |
| 2026-02-17 | Tuesday | 2026-02-20 | $495.12 | 495 | 485/495/495/505 | $6.2500 | 0.625 | 1.436% | $5.5700 | +$2,720 | +$9,440 | SCHED |
| 2026-02-18 | Wednesday | 2026-02-20 | $495.89 | 495 | 485/495/495/505 | $5.8900 | 0.589 | 1.262% | $4.7300 | +$4,640 | +$14,080 | SCHED |
| 2026-02-19 | Thursday | 2026-02-20 | $493.27 | 495 | 485/495/495/505 | $3.6800 | 0.368 | 0.797% | $3.6800 | +$0 | +$14,080 | SCHED |
| 2026-02-23 | Monday | 2026-02-27 | $494.87 | 495 | 485/495/495/505 | $5.2900 | 0.529 | 1.354% | $4.8600 | +$1,720 | +$15,800 | SCHED |
| 2026-03-02 | Monday | 2026-03-06 | $484.57 | 485 | 475/485/485/495 | $4.2700 | 0.427 | 1.395% | $7.3300 | $-12,240 | +$3,560 | SCHED |
| 2026-03-04 | Wednesday | 2026-03-06 | $483.80 | 485 | 475/485/485/495 | $5.1900 | 0.519 | 1.232% | $4.9400 | +$1,000 | +$4,560 | SCHED |
| 2026-03-05 | Thursday | 2026-03-06 | $483.84 | 485 | 475/485/485/495 | $4.1700 | 0.417 | 0.934% | $6.7800 | $-10,440 | $-5,880 | SCHED |
| 2026-03-11 | Wednesday | 2026-03-13 | $475.97 | 475 | 465/475/475/485 | $3.7000 | 0.370 | 1.008% | $4.7800 | $-4,320 | $-10,200 | SCHED |
| 2026-03-12 | Thursday | 2026-03-13 | $468.57 | 470 | 460/470/470/480 | $4.7800 | 0.478 | 1.193% | $3.1300 | +$6,600 | $-3,600 | SCHED |
| 2026-03-18 | Wednesday | 2026-03-20 | $468.38 | 470 | 460/470/470/480 | $4.7400 | 0.474 | 1.294% | $4.5600 | +$720 | $-2,880 | SCHED |
| 2026-03-25 | Wednesday | 2026-03-27 | $465.34 | 465 | 455/465/465/475 | $5.6900 | 0.569 | 1.429% | $5.7100 | $-80 | $-2,960 | SCHED |
| 2026-04-15 | Wednesday | 2026-04-17 | $485.53 | 485 | 475/485/485/495 | $3.5100 | 0.351 | 0.803% | $3.8100 | $-1,200 | $-4,160 | SCHED |
| 2026-04-21 | Tuesday | 2026-04-24 | $495.58 | 495 | 485/495/495/505 | $6.2000 | 0.620 | 1.463% | $2.4200 | +$15,120 | +$10,960 | SCHED |
| 2026-05-04 | Monday | 2026-05-08 | $492.45 | 490 | 480/490/490/500 | $4.5200 | 0.452 | 1.095% | $4.8700 | $-1,400 | +$9,560 | SCHED |
| 2026-05-11 | Monday | 2026-05-15 | $494.08 | 495 | 485/495/495/505 | $5.5800 | 0.558 | 1.334% | $5.3100 | +$1,080 | +$10,640 | SCHED |
| 2026-05-13 | Wednesday | 2026-05-15 | $493.77 | 495 | 485/495/495/505 | $3.5400 | 0.354 | 0.768% | $3.3800 | +$640 | +$11,280 | SCHED |
| 2026-05-14 | Thursday | 2026-05-15 | $499.22 | 500 | 490/500/500/510 | $3.9500 | 0.395 | 0.807% | $2.0500 | +$7,600 | +$18,880 | SCHED |
| 2026-05-19 | Tuesday | 2026-05-22 | $492.68 | 495 | 485/495/495/505 | $5.1400 | 0.514 | 1.187% | $4.7400 | +$1,600 | +$20,480 | SCHED |
| 2026-05-22 | Friday | 2026-05-29 | $505.00 | 505 | 495/505/505/515 | $6.0300 | 0.603 | 1.477% | $6.1100 | $-320 | +$20,160 | SCHED |
| 2026-05-27 | Wednesday | 2026-05-29 | $505.32 | 505 | 495/505/505/515 | $3.7400 | 0.374 | 0.881% | $3.8000 | $-240 | +$19,920 | SCHED |
| 2026-05-29 | Friday | 2026-06-05 | $507.57 | 510 | 500/510/510/520 | $5.5100 | 0.551 | 1.273% | $4.9900 | +$2,080 | +$22,000 | SCHED |
| 2026-06-02 | Tuesday | 2026-06-05 | $511.63 | 510 | 500/510/510/520 | $3.8600 | 0.386 | 0.827% | $5.2000 | $-5,360 | +$16,640 | SCHED |
| 2026-06-03 | Wednesday | 2026-06-05 | $510.73 | 510 | 500/510/510/520 | $4.4500 | 0.445 | 0.901% | $3.6900 | +$3,040 | +$19,680 | SCHED |
| 2026-06-05 | Friday | 2026-06-12 | $514.48 | 515 | 505/515/515/525 | $5.9400 | 0.594 | 1.458% | $6.8900 | $-3,800 | +$15,880 | SCHED |
| 2026-06-25 | Thursday | 2026-06-26 | $520.72 | 520 | 510/520/520/530 | $4.7300 | 0.473 | 0.991% | $2.9400 | +$7,160 | +$23,040 | SCHED |
| 2026-07-07 | Tuesday | 2026-07-10 | $529.58 | 530 | 520/530/530/540 | $4.5000 | 0.450 | 0.906% | $3.7100 | +$3,160 | +$26,200 | SCHED |
| 2026-07-13 | Monday | 2026-07-17 | $525.60 | 525 | 515/525/525/535 | $5.4200 | 0.542 | 1.233% | $5.8500 | $-1,720 | +$24,480 | SCHED |
| 2026-07-16 | Thursday | 2026-07-17 | $525.62 | 525 | 515/525/525/535 | $4.0000 | 0.400 | 0.786% | $1.5300 | +$9,880 | +$34,360 | SCHED |
| 2026-07-20 | Monday | 2026-07-24 | $521.09 | 520 | 510/520/520/530 | $4.8800 | 0.488 | 1.103% | $5.2000 | $-1,280 | +$33,080 | SCHED |
| 2026-07-28 | Tuesday | 2026-07-31 | $523.46 | 525 | 515/525/525/535 | $6.3800 | 0.638 | 1.356% | $5.1700 | +$4,840 | +$37,920 | SCHED |
| 2026-07-29 | Wednesday | 2026-07-31 | $521.52 | 520 | 510/520/520/530 | $4.2700 | 0.427 | 1.014% | $3.8100 | +$1,840 | +$39,760 | SCHED |
| 2026-08-04 | Tuesday | 2026-08-07 | $536.69 | 535 | 525/535/535/545 | $3.7700 | 0.377 | 0.995% | $5.1300 | $-5,440 | +$34,320 | SCHED |
| 2026-08-05 | Wednesday | 2026-08-07 | $544.03 | 545 | 535/545/545/555 | $4.7000 | 0.470 | 1.005% | $4.2400 | +$1,840 | +$36,160 | SCHED |
| 2026-09-11 | Friday | 2026-09-18 | $524.39 | 525 | 515/525/525/535 | $5.5500 | 0.555 | 1.373% | $5.8000 | $-1,000 | +$35,160 | SCHED |
| 2026-09-14 | Monday | 2026-09-18 | $523.87 | 525 | 515/525/525/535 | $5.4900 | 0.549 | 1.241% | $5.1700 | +$1,280 | +$36,440 | SCHED |
| 2026-09-15 | Tuesday | 2026-09-18 | $522.07 | 520 | 510/520/520/530 | $5.5300 | 0.553 | 1.245% | $5.8700 | $-1,360 | +$35,080 | SCHED |