| Filter | Status |
|---|---|
| Credit ratio ≥ 0.15 (15.00/wing) | ✔ Active |
| Net credit ≥ $1.00 | ✔ Active |
| Straddle ≥ 0.8% of SPXW | ✔ Active |
| Straddle ≤ 3.0% of SPXW | ✔ Active |
| Overnight gap ≤ 0.5% of prior close | ✔ Active |
| Prior-day move ≤ 45% of wing (≤$45.00) | ✔ Active |
| Avg credit ratio (traded days) | 0.630 (63.04/100) |
| Avg straddle % of SPXW (traded days) | 1.205% |
| Leg | Strike | Action | Role |
|---|---|---|---|
| Long Put | ATM − $100 | 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 + $100 | Buy | Outer call wing — defines max loss on upside |
| Net credit at open (9:40 ET) | Max profit = credit × 100 × 4 (at expiry if SPXW = ATM) |
| SPXW moves > $100 from ATM | Max loss = ($100 − credit) × 100 × 4 |
| Avg net credit collected | $63.0367 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 | +$4,404 |
| Average loser | $-3,612 |
| Best trade | +$24,904 (2026-03-11) |
| Worst trade | $-11,328 (2026-07-02) |
| Total gross wins | +$184,952 |
| Total gross losses | $-133,660 |
Total P&L of +$51,292 over 79 trades across Jan–2026-09-15. The iron butterfly's ATM structure collects short-term premium on SPXW, 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.
SPXW (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 SPXW more than a broader 500-name index, so a ±$100 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 79 trades.
| Date | Day | Expiry | SPXW Open | ATM | LP/SP/SC/LC | Credit Open | Cr/Wing | Straddle% | Credit Close | P&L | Cum P&L | Exit |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-01-02 | Friday | 2026-01-09 | $6873.56 | 6875 | 6775/6875/6875/6975 | $61.3900 | 0.614 | 1.233% | $58.0000 | +$1,356 | +$1,356 | SCHED |
| 2026-01-06 | Tuesday | 2026-01-09 | $6910.71 | 6910 | 6810/6910/6910/7010 | $51.5900 | 0.516 | 0.893% | $61.9300 | $-4,136 | $-2,780 | SCHED |
| 2026-01-07 | Wednesday | 2026-01-09 | $6953.19 | 6955 | 6855/6955/6955/7055 | $47.1000 | 0.471 | 0.754% | $37.7800 | +$3,728 | +$948 | SCHED |
| 2026-01-09 | Friday | 2026-01-16 | $6948.67 | 6950 | 6850/6950/6950/7050 | $69.8100 | 0.698 | 1.370% | $59.2200 | +$4,236 | +$5,184 | SCHED |
| 2026-01-12 | Monday | 2026-01-16 | $6957.00 | 6955 | 6855/6955/6955/7055 | $60.3900 | 0.604 | 1.107% | $64.6000 | $-1,684 | +$3,500 | SCHED |
| 2026-01-13 | Tuesday | 2026-01-16 | $6987.13 | 6985 | 6885/6985/6985/7085 | $49.0000 | 0.490 | 0.860% | $47.7700 | +$492 | +$3,992 | SCHED |
| 2026-01-14 | Wednesday | 2026-01-16 | $6934.91 | 6935 | 6835/6935/6935/7035 | $58.3000 | 0.583 | 0.972% | $37.6400 | +$8,264 | +$12,256 | SCHED |
| 2026-01-16 | Friday | 2026-01-23 | $6967.05 | 6965 | 6865/6965/6965/7065 | $60.4600 | 0.605 | 1.095% | $55.2000 | +$2,104 | +$14,360 | SCHED |
| 2026-01-23 | Friday | 2026-01-30 | $6903.03 | 6905 | 6805/6905/6905/7005 | $68.1000 | 0.681 | 1.537% | $75.9600 | $-3,144 | +$11,216 | SCHED |
| 2026-01-26 | Monday | 2026-01-30 | $6946.06 | 6945 | 6845/6945/6945/7045 | $57.4200 | 0.574 | 1.290% | $59.5500 | $-852 | +$10,364 | SCHED |
| 2026-01-27 | Tuesday | 2026-01-30 | $6965.14 | 6965 | 6865/6965/6965/7065 | $58.2600 | 0.583 | 1.080% | $56.1400 | +$848 | +$11,212 | SCHED |
| 2026-01-28 | Wednesday | 2026-01-30 | $7000.94 | 7000 | 6900/7000/7000/7100 | $55.1600 | 0.552 | 0.957% | $43.7000 | +$4,584 | +$15,796 | SCHED |
| 2026-01-30 | Friday | 2026-02-06 | $6964.13 | 6965 | 6865/6965/6965/7065 | $66.1000 | 0.661 | 1.802% | $65.5500 | +$220 | +$16,016 | SCHED |
| 2026-02-02 | Monday | 2026-02-06 | $6948.77 | 6950 | 6850/6950/6950/7050 | $107.3000 | 1.073 | 1.948% | $70.6400 | +$14,664 | +$30,680 | SCHED |
| 2026-02-03 | Tuesday | 2026-02-06 | $6986.73 | 6985 | 6885/6985/6985/7085 | $60.8500 | 0.609 | 1.088% | $69.0200 | $-3,268 | +$27,412 | SCHED |
| 2026-02-10 | Tuesday | 2026-02-13 | $6972.22 | 6970 | 6870/6970/6970/7070 | $61.9800 | 0.620 | 1.178% | $55.1000 | +$2,752 | +$30,164 | SCHED |
| 2026-02-11 | Wednesday | 2026-02-13 | $6981.11 | 6980 | 6880/6980/6980/7080 | $52.8700 | 0.529 | 0.892% | $57.0900 | $-1,688 | +$28,476 | SCHED |
| 2026-02-17 | Tuesday | 2026-02-20 | $6853.57 | 6855 | 6755/6855/6855/6955 | $98.0200 | 0.980 | 1.933% | $72.5600 | +$10,184 | +$38,660 | SCHED |
| 2026-02-18 | Wednesday | 2026-02-20 | $6871.25 | 6870 | 6770/6870/6870/6970 | $67.5000 | 0.675 | 1.317% | $65.1700 | +$932 | +$39,592 | SCHED |
| 2026-02-19 | Thursday | 2026-02-20 | $6865.52 | 6865 | 6765/6865/6865/6965 | $59.1900 | 0.592 | 1.091% | $53.1000 | +$2,436 | +$42,028 | SCHED |
| 2026-02-20 | Friday | 2026-02-27 | $6867.58 | 6870 | 6770/6870/6870/6970 | $82.5000 | 0.825 | 2.013% | $76.5200 | +$2,392 | +$44,420 | SCHED |
| 2026-02-26 | Thursday | 2026-02-27 | $6950.73 | 6950 | 6850/6950/6950/7050 | $47.7000 | 0.477 | 0.810% | $64.3400 | $-6,656 | +$37,764 | SCHED |
| 2026-03-05 | Thursday | 2026-03-06 | $6865.02 | 6865 | 6765/6865/6865/6965 | $64.7100 | 0.647 | 1.186% | $21.7500 | +$17,184 | +$54,948 | SCHED |
| 2026-03-11 | Wednesday | 2026-03-13 | $6812.30 | 6810 | 6710/6810/6810/6910 | $79.4000 | 0.794 | 1.760% | $17.1400 | +$24,904 | +$79,852 | SCHED |
| 2026-03-18 | Wednesday | 2026-03-20 | $6718.81 | 6720 | 6620/6720/6720/6820 | $58.7300 | 0.587 | 1.182% | $82.9600 | $-9,692 | +$70,160 | SCHED |
| 2026-04-09 | Thursday | 2026-04-10 | $6779.56 | 6780 | 6680/6780/6780/6880 | $47.2300 | 0.472 | 0.803% | $58.9500 | $-4,688 | +$65,472 | SCHED |
| 2026-04-13 | Monday | 2026-04-17 | $6799.85 | 6800 | 6700/6800/6800/6900 | $69.4000 | 0.694 | 1.520% | $62.2300 | +$2,868 | +$68,340 | SCHED |
| 2026-04-20 | Monday | 2026-04-24 | $7115.57 | 7115 | 7015/7115/7115/7215 | $84.9100 | 0.849 | 1.644% | $68.0200 | +$6,756 | +$75,096 | SCHED |
| 2026-04-21 | Tuesday | 2026-04-24 | $7120.19 | 7120 | 7020/7120/7120/7220 | $67.5000 | 0.675 | 1.351% | $67.9200 | $-168 | +$74,928 | SCHED |
| 2026-04-23 | Thursday | 2026-04-24 | $7132.34 | 7130 | 7030/7130/7130/7230 | $47.4700 | 0.475 | 0.763% | $46.4500 | +$408 | +$75,336 | SCHED |
| 2026-04-24 | Friday | 2026-05-01 | $7133.04 | 7135 | 7035/7135/7135/7235 | $71.5900 | 0.716 | 1.799% | $79.7000 | $-3,244 | +$72,092 | SCHED |
| 2026-04-27 | Monday | 2026-05-01 | $7173.81 | 7175 | 7075/7175/7175/7275 | $70.3000 | 0.703 | 1.513% | $72.4500 | $-860 | +$71,232 | SCHED |
| 2026-04-28 | Tuesday | 2026-05-01 | $7150.11 | 7150 | 7050/7150/7150/7250 | $57.0800 | 0.571 | 1.270% | $59.2000 | $-848 | +$70,384 | SCHED |
| 2026-04-29 | Wednesday | 2026-05-01 | $7134.85 | 7135 | 7035/7135/7135/7235 | $59.6900 | 0.597 | 1.187% | $59.7500 | $-24 | +$70,360 | SCHED |
| 2026-04-30 | Thursday | 2026-05-01 | $7148.25 | 7150 | 7050/7150/7150/7250 | $56.6000 | 0.566 | 0.943% | $63.4500 | $-2,740 | +$67,620 | SCHED |
| 2026-05-04 | Monday | 2026-05-08 | $7227.94 | 7230 | 7130/7230/7230/7330 | $57.9600 | 0.580 | 1.240% | $64.8200 | $-2,744 | +$64,876 | SCHED |
| 2026-05-08 | Friday | 2026-05-15 | $7380.33 | 7380 | 7280/7380/7380/7480 | $73.3900 | 0.734 | 1.480% | $71.1600 | +$892 | +$65,768 | SCHED |
| 2026-05-11 | Monday | 2026-05-15 | $7406.79 | 7405 | 7305/7405/7405/7505 | $64.8900 | 0.649 | 1.289% | $69.1600 | $-1,708 | +$64,060 | SCHED |
| 2026-05-12 | Tuesday | 2026-05-15 | $7391.42 | 7390 | 7290/7390/7390/7490 | $62.1900 | 0.622 | 1.134% | $53.8700 | +$3,328 | +$67,388 | SCHED |
| 2026-05-13 | Wednesday | 2026-05-15 | $7398.65 | 7400 | 7300/7400/7400/7500 | $56.6900 | 0.567 | 0.965% | $68.4000 | $-4,684 | +$62,704 | SCHED |
| 2026-05-18 | Monday | 2026-05-22 | $7418.03 | 7420 | 7320/7420/7420/7520 | $54.1700 | 0.542 | 1.215% | $59.8100 | $-2,256 | +$60,448 | SCHED |
| 2026-05-19 | Tuesday | 2026-05-22 | $7385.20 | 7385 | 7285/7385/7385/7485 | $79.5000 | 0.795 | 1.531% | $72.2100 | +$2,916 | +$63,364 | SCHED |
| 2026-05-20 | Wednesday | 2026-05-22 | $7379.77 | 7380 | 7280/7380/7380/7480 | $55.8500 | 0.558 | 1.064% | $70.2200 | $-5,748 | +$57,616 | SCHED |
| 2026-05-27 | Wednesday | 2026-05-29 | $7536.63 | 7535 | 7435/7535/7535/7635 | $58.7100 | 0.587 | 0.944% | $57.8000 | +$364 | +$57,980 | SCHED |
| 2026-06-01 | Monday | 2026-06-05 | $7593.97 | 7595 | 7495/7595/7595/7695 | $52.6000 | 0.526 | 1.003% | $64.0000 | $-4,560 | +$53,420 | SCHED |
| 2026-06-02 | Tuesday | 2026-06-05 | $7601.60 | 7600 | 7500/7600/7600/7700 | $65.8800 | 0.659 | 1.070% | $57.9000 | +$3,192 | +$56,612 | SCHED |
| 2026-06-03 | Wednesday | 2026-06-05 | $7610.34 | 7610 | 7510/7610/7610/7710 | $55.8000 | 0.558 | 0.845% | $68.0000 | $-4,880 | +$51,732 | SCHED |
| 2026-06-16 | Tuesday | 2026-06-26 | $7578.91 | 7580 | 7480/7580/7580/7680 | $88.5200 | 0.885 | 1.849% | $77.4200 | +$4,440 | +$56,172 | SCHED |
| 2026-06-17 | Wednesday | 2026-06-26 | $7534.92 | 7535 | 7435/7535/7535/7635 | $70.7300 | 0.707 | 1.612% | $24.3200 | +$18,564 | +$74,736 | SCHED |
| 2026-06-22 | Monday | 2026-06-26 | $7529.90 | 7530 | 7430/7530/7530/7630 | $67.7700 | 0.678 | 1.217% | $71.0700 | $-1,320 | +$73,416 | SCHED |
| 2026-06-24 | Wednesday | 2026-06-26 | $7394.43 | 7395 | 7295/7395/7395/7495 | $60.7900 | 0.608 | 1.206% | $62.8200 | $-812 | +$72,604 | SCHED |
| 2026-06-25 | Thursday | 2026-06-26 | $7400.66 | 7400 | 7300/7400/7400/7500 | $57.9700 | 0.580 | 0.933% | $50.9200 | +$2,820 | +$75,424 | SCHED |
| 2026-06-30 | Tuesday | 2026-07-10 | $7445.65 | 7445 | 7345/7445/7445/7545 | $81.4000 | 0.814 | 1.899% | $74.0600 | +$2,936 | +$78,360 | SCHED |
| 2026-07-02 | Thursday | 2026-07-10 | $7519.26 | 7520 | 7420/7520/7520/7620 | $50.8500 | 0.508 | 1.101% | $79.1700 | $-11,328 | +$67,032 | SCHED |
| 2026-07-06 | Monday | 2026-07-10 | $7514.14 | 7515 | 7415/7515/7515/7615 | $57.4700 | 0.575 | 1.068% | $68.7000 | $-4,492 | +$62,540 | SCHED |
| 2026-07-07 | Tuesday | 2026-07-10 | $7525.88 | 7525 | 7425/7525/7525/7625 | $56.1800 | 0.562 | 0.889% | $57.6200 | $-576 | +$61,964 | SCHED |
| 2026-07-10 | Friday | 2026-07-17 | $7557.47 | 7555 | 7455/7555/7555/7655 | $59.5600 | 0.596 | 1.132% | $64.8400 | $-2,112 | +$59,852 | SCHED |
| 2026-07-13 | Monday | 2026-07-17 | $7563.64 | 7565 | 7465/7565/7565/7665 | $55.3100 | 0.553 | 0.996% | $53.9700 | +$536 | +$60,388 | SCHED |
| 2026-07-14 | Tuesday | 2026-07-17 | $7543.26 | 7545 | 7445/7545/7545/7645 | $49.8100 | 0.498 | 0.967% | $55.6100 | $-2,320 | +$58,068 | SCHED |
| 2026-07-22 | Wednesday | 2026-07-24 | $7504.19 | 7505 | 7405/7505/7505/7605 | $54.2700 | 0.543 | 0.884% | $47.7900 | +$2,592 | +$60,660 | SCHED |
| 2026-07-24 | Friday | 2026-07-31 | $7421.45 | 7420 | 7320/7420/7420/7520 | $76.1200 | 0.761 | 1.832% | $81.1700 | $-2,020 | +$58,640 | SCHED |
| 2026-07-29 | Wednesday | 2026-07-31 | $7430.69 | 7430 | 7330/7430/7430/7530 | $69.5000 | 0.695 | 1.385% | $97.0200 | $-11,008 | +$47,632 | SCHED |
| 2026-08-07 | Friday | 2026-08-14 | $7743.65 | 7745 | 7645/7745/7745/7845 | $46.9400 | 0.469 | 1.066% | $72.3000 | $-10,144 | +$37,488 | SCHED |
| 2026-08-10 | Monday | 2026-08-14 | $7760.27 | 7760 | 7660/7760/7760/7860 | $67.6500 | 0.676 | 1.200% | $58.0600 | +$3,836 | +$41,324 | SCHED |
| 2026-08-11 | Tuesday | 2026-08-14 | $7763.88 | 7765 | 7665/7765/7765/7865 | $55.6000 | 0.556 | 0.911% | $60.5300 | $-1,972 | +$39,352 | SCHED |
| 2026-08-14 | Friday | 2026-08-21 | $7813.19 | 7815 | 7715/7815/7815/7915 | $62.7200 | 0.627 | 1.071% | $57.5200 | +$2,080 | +$41,432 | SCHED |
| 2026-08-17 | Monday | 2026-08-21 | $7786.58 | 7785 | 7685/7785/7785/7885 | $55.5900 | 0.556 | 0.850% | $65.8100 | $-4,088 | +$37,344 | SCHED |
| 2026-08-18 | Tuesday | 2026-08-21 | $7723.71 | 7725 | 7625/7725/7725/7825 | $56.3500 | 0.564 | 0.896% | $47.2800 | +$3,628 | +$40,972 | SCHED |
| 2026-08-21 | Friday | 2026-08-28 | $7683.24 | 7685 | 7585/7685/7685/7785 | $73.8300 | 0.738 | 1.396% | $66.4400 | +$2,956 | +$43,928 | SCHED |
| 2026-08-24 | Monday | 2026-08-28 | $7665.77 | 7665 | 7565/7665/7665/7765 | $59.3700 | 0.594 | 1.148% | $61.8700 | $-1,000 | +$42,928 | SCHED |
| 2026-08-25 | Tuesday | 2026-08-28 | $7693.74 | 7695 | 7595/7695/7695/7795 | $57.5000 | 0.575 | 1.051% | $70.8800 | $-5,352 | +$37,576 | SCHED |
| 2026-08-26 | Wednesday | 2026-08-28 | $7687.61 | 7690 | 7590/7690/7690/7790 | $58.3700 | 0.584 | 0.946% | $55.4400 | +$1,172 | +$38,748 | SCHED |
| 2026-08-28 | Friday | 2026-09-04 | $7755.04 | 7755 | 7655/7755/7755/7855 | $72.5300 | 0.725 | 1.265% | $61.4400 | +$4,436 | +$43,184 | SCHED |
| 2026-08-31 | Monday | 2026-09-04 | $7694.79 | 7695 | 7595/7695/7695/7795 | $69.6200 | 0.696 | 1.140% | $61.4800 | +$3,256 | +$46,440 | SCHED |
| 2026-09-02 | Wednesday | 2026-09-04 | $7654.82 | 7655 | 7555/7655/7655/7755 | $55.9500 | 0.559 | 0.870% | $53.2500 | +$1,080 | +$47,520 | SCHED |
| 2026-09-04 | Friday | 2026-09-11 | $7756.75 | 7755 | 7655/7755/7755/7855 | $67.6700 | 0.677 | 1.142% | $60.0600 | +$3,044 | +$50,564 | SCHED |
| 2026-09-08 | Tuesday | 2026-09-11 | $7713.17 | 7715 | 7615/7715/7715/7815 | $71.0700 | 0.711 | 1.173% | $58.9600 | +$4,844 | +$55,408 | SCHED |
| 2026-09-09 | Wednesday | 2026-09-11 | $7669.59 | 7670 | 7570/7670/7670/7770 | $55.8600 | 0.559 | 0.914% | $54.0400 | +$728 | +$56,136 | SCHED |
| 2026-09-15 | Tuesday | 2026-09-18 | $7629.82 | 7630 | 7530/7630/7630/7730 | $63.8000 | 0.638 | 1.263% | $75.9100 | $-4,844 | +$51,292 | SCHED |