| Filter | Status |
|---|---|
| Credit ratio ≥ 0.3 (1.80/wing) | ✔ Active |
| Net credit ≥ $1.00 | ✔ Active |
| Straddle ≥ 3.0% of TQQQ | ✔ Active |
| Overnight gap ≤ 2.0% of prior close | ✔ Active |
| Prior-day move ≤ 45% of wing (≤$2.70) | ✔ Active |
| Avg credit ratio (traded days) | 0.499 (3.00/6) |
| Avg straddle % of TQQQ (traded days) | 5.693% |
| Leg | Strike | Action | Role |
|---|---|---|---|
| Long Put | ATM − $6 | 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 + $6 | Buy | Outer call wing — defines max loss on upside |
| Net credit at open (9:40 ET) | Max profit = credit × 100 × 40 (at expiry if TQQQ = ATM) |
| TQQQ moves > $6 from ATM | Max loss = ($6 − credit) × 100 × 40 |
| Avg net credit collected | $2.9955 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 | +$1,454 |
| Average loser | $-1,190 |
| Best trade | +$5,520 (2026-05-18) |
| Worst trade | $-2,840 (2026-04-15) |
| Total gross wins | +$68,320 |
| Total gross losses | $-34,520 |
Total P&L of +$33,800 over 77 trades across Jan–2026-09-15. The iron butterfly's ATM structure collects short-term premium on TQQQ, a 3x daily-leveraged Nasdaq-100 ETF whose implied vol runs substantially hotter than 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.
TQQQ (ProShares UltraPro QQQ — 3x daily-leveraged Nasdaq-100) trades $1 strike increments like SPY, but its ATM weekly straddle (~4.7% of price) runs 4-6x wider than SPY/XLF/DIA/IWM's ~0.75-1.2% band, a direct consequence of its daily 3x leverage amplifying Nasdaq-100 moves. Wing width and straddle-band thresholds were both widened substantially to compensate. Even so, a $6-wide wing can be breached quickly on volatile tech-earnings or Fed days — treat this as a materially higher-risk 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 77 trades.
| Date | Day | Expiry | TQQQ 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 | $53.95 | 54 | 48/54/54/60 | $2.5900 | 0.432 | 5.190% | $2.6100 | $-80 | $-80 | SCHED |
| 2026-01-06 | Tuesday | 2026-01-09 | $53.96 | 54 | 48/54/54/60 | $2.0200 | 0.337 | 3.892% | $2.2900 | $-1,080 | $-1,160 | SCHED |
| 2026-01-09 | Friday | 2026-01-16 | $54.67 | 55 | 49/55/55/61 | $2.6900 | 0.448 | 5.469% | $2.7500 | $-240 | $-1,400 | SCHED |
| 2026-01-12 | Monday | 2026-01-16 | $55.47 | 55 | 49/55/55/61 | $2.4200 | 0.403 | 4.741% | $2.4800 | $-240 | $-1,640 | SCHED |
| 2026-01-13 | Tuesday | 2026-01-16 | $56.28 | 56 | 50/56/56/62 | $2.1000 | 0.350 | 3.873% | $1.9600 | +$560 | $-1,080 | SCHED |
| 2026-01-21 | Wednesday | 2026-01-23 | $51.02 | 51 | 45/51/51/57 | $2.2900 | 0.382 | 4.665% | $2.9000 | $-2,440 | $-3,520 | SCHED |
| 2026-01-23 | Friday | 2026-01-30 | $53.41 | 53 | 47/53/53/59 | $3.2600 | 0.543 | 6.778% | $3.3700 | $-440 | $-3,960 | SCHED |
| 2026-01-26 | Monday | 2026-01-30 | $54.75 | 55 | 49/55/55/61 | $2.7000 | 0.450 | 5.388% | $2.5000 | +$800 | $-3,160 | SCHED |
| 2026-01-27 | Tuesday | 2026-01-30 | $55.66 | 56 | 50/56/56/62 | $2.4500 | 0.408 | 4.815% | $2.6000 | $-600 | $-3,760 | SCHED |
| 2026-01-28 | Wednesday | 2026-01-30 | $57.67 | 58 | 52/58/58/64 | $2.3600 | 0.393 | 4.422% | $2.1800 | +$720 | $-3,040 | SCHED |
| 2026-01-29 | Thursday | 2026-01-30 | $56.27 | 56 | 50/56/56/62 | $1.8500 | 0.308 | 3.483% | $1.0800 | +$3,080 | +$40 | SCHED |
| 2026-01-30 | Friday | 2026-02-06 | $55.58 | 56 | 50/56/56/62 | $3.0300 | 0.505 | 6.495% | $3.1300 | $-400 | $-360 | SCHED |
| 2026-02-02 | Monday | 2026-02-06 | $54.13 | 54 | 48/54/54/60 | $2.9100 | 0.485 | 5.967% | $3.1600 | $-1,000 | $-1,360 | SCHED |
| 2026-02-04 | Wednesday | 2026-02-06 | $51.94 | 52 | 46/52/52/58 | $2.5900 | 0.432 | 5.410% | $2.8300 | $-960 | $-2,320 | SCHED |
| 2026-02-05 | Thursday | 2026-02-06 | $49.20 | 49 | 43/49/49/55 | $2.7100 | 0.452 | 5.915% | $2.1200 | +$2,360 | +$40 | SCHED |
| 2026-02-09 | Monday | 2026-02-13 | $50.45 | 50 | 44/50/50/56 | $3.1000 | 0.517 | 6.739% | $3.4300 | $-1,320 | $-1,280 | SCHED |
| 2026-02-10 | Tuesday | 2026-02-13 | $51.67 | 52 | 46/52/52/58 | $2.4000 | 0.400 | 5.090% | $2.2700 | +$520 | $-760 | SCHED |
| 2026-02-11 | Wednesday | 2026-02-13 | $51.81 | 52 | 46/52/52/58 | $1.9200 | 0.320 | 3.880% | $1.8400 | +$320 | $-440 | SCHED |
| 2026-02-17 | Tuesday | 2026-02-20 | $48.42 | 48 | 42/48/48/54 | $3.0000 | 0.500 | 6.732% | $2.6200 | +$1,520 | +$1,080 | SCHED |
| 2026-02-18 | Wednesday | 2026-02-20 | $48.50 | 48 | 42/48/48/54 | $2.6900 | 0.448 | 5.835% | $2.5800 | +$440 | +$1,520 | SCHED |
| 2026-02-19 | Thursday | 2026-02-20 | $48.56 | 49 | 43/49/49/55 | $1.9600 | 0.327 | 4.222% | $1.4200 | +$2,160 | +$3,680 | SCHED |
| 2026-02-20 | Friday | 2026-02-27 | $48.77 | 49 | 43/49/49/55 | $3.3000 | 0.550 | 8.386% | $3.4700 | $-680 | +$3,000 | SCHED |
| 2026-02-23 | Monday | 2026-02-27 | $49.58 | 50 | 44/50/50/56 | $3.0000 | 0.500 | 6.817% | $2.9800 | +$80 | +$3,080 | SCHED |
| 2026-02-24 | Tuesday | 2026-02-27 | $48.44 | 48 | 42/48/48/54 | $3.2700 | 0.545 | 7.308% | $3.2400 | +$120 | +$3,200 | SCHED |
| 2026-02-26 | Thursday | 2026-02-27 | $51.23 | 51 | 45/51/51/57 | $1.8600 | 0.310 | 3.670% | $1.5400 | +$1,280 | +$4,480 | SCHED |
| 2026-03-04 | Wednesday | 2026-03-06 | $48.84 | 49 | 43/49/49/55 | $2.2100 | 0.368 | 5.487% | $2.6000 | $-1,560 | +$2,920 | SCHED |
| 2026-03-05 | Thursday | 2026-03-06 | $50.03 | 50 | 44/50/50/56 | $1.8700 | 0.312 | 3.918% | $1.2400 | +$2,520 | +$5,440 | SCHED |
| 2026-03-11 | Wednesday | 2026-03-13 | $50.06 | 50 | 44/50/50/56 | $2.3700 | 0.395 | 5.074% | $2.0000 | +$1,480 | +$6,920 | SCHED |
| 2026-03-13 | Friday | 2026-03-20 | $47.53 | 48 | 42/48/48/54 | $3.4300 | 0.572 | 8.647% | $3.4000 | +$120 | +$7,040 | SCHED |
| 2026-03-18 | Wednesday | 2026-03-20 | $47.90 | 48 | 42/48/48/54 | $2.1800 | 0.363 | 4.843% | $1.5400 | +$2,560 | +$9,600 | SCHED |
| 2026-03-30 | Monday | 2026-04-10 | $39.31 | 39 | 33/39/39/45 | $4.2300 | 0.705 | 13.406% | $3.4700 | +$3,040 | +$12,640 | SCHED |
| 2026-04-07 | Tuesday | 2026-04-10 | $43.27 | 43 | 37/43/43/49 | $2.8800 | 0.480 | 7.164% | $3.5800 | $-2,800 | +$9,840 | SCHED |
| 2026-04-10 | Friday | 2026-04-17 | $49.30 | 49 | 43/49/49/55 | $2.7600 | 0.460 | 6.146% | $2.6600 | +$400 | +$10,240 | SCHED |
| 2026-04-13 | Monday | 2026-04-17 | $48.67 | 49 | 43/49/49/55 | $2.4300 | 0.405 | 5.445% | $3.1000 | $-2,680 | +$7,560 | SCHED |
| 2026-04-15 | Wednesday | 2026-04-17 | $53.73 | 54 | 48/54/54/60 | $1.8100 | 0.302 | 3.592% | $2.5200 | $-2,840 | +$4,720 | SCHED |
| 2026-04-20 | Monday | 2026-04-24 | $58.02 | 58 | 52/58/58/64 | $2.6600 | 0.443 | 5.653% | $2.8400 | $-720 | +$4,000 | SCHED |
| 2026-04-21 | Tuesday | 2026-04-24 | $58.07 | 58 | 52/58/58/64 | $2.7100 | 0.452 | 5.132% | $2.7100 | +$0 | +$4,000 | SCHED |
| 2026-04-27 | Monday | 2026-05-01 | $62.30 | 62 | 56/62/62/68 | $3.4900 | 0.582 | 6.613% | $3.4300 | +$240 | +$4,240 | SCHED |
| 2026-04-29 | Wednesday | 2026-05-01 | $60.90 | 61 | 55/61/61/67 | $3.1100 | 0.518 | 5.747% | $3.1600 | $-200 | +$4,040 | SCHED |
| 2026-04-30 | Thursday | 2026-05-01 | $61.60 | 62 | 56/62/62/68 | $2.4300 | 0.405 | 4.123% | $2.1000 | +$1,320 | +$5,360 | SCHED |
| 2026-05-04 | Monday | 2026-05-08 | $65.31 | 65 | 59/65/65/71 | $3.0500 | 0.508 | 5.405% | $3.1100 | $-240 | +$5,120 | SCHED |
| 2026-05-13 | Wednesday | 2026-05-15 | $75.20 | 75 | 69/75/75/81 | $3.1300 | 0.522 | 4.774% | $3.5900 | $-1,840 | +$3,280 | SCHED |
| 2026-05-18 | Monday | 2026-05-22 | $75.56 | 76 | 70/76/76/82 | $3.9900 | 0.665 | 7.054% | $2.6100 | +$5,520 | +$8,800 | SCHED |
| 2026-05-19 | Tuesday | 2026-05-22 | $73.85 | 74 | 68/74/74/80 | $4.0900 | 0.682 | 6.622% | $3.6200 | +$1,880 | +$10,680 | SCHED |
| 2026-05-20 | Wednesday | 2026-05-22 | $74.06 | 74 | 68/74/74/80 | $3.4900 | 0.582 | 5.671% | $3.8000 | $-1,240 | +$9,440 | SCHED |
| 2026-05-21 | Thursday | 2026-05-22 | $75.10 | 75 | 69/75/75/81 | $2.6900 | 0.448 | 4.061% | $2.7200 | $-120 | +$9,320 | SCHED |
| 2026-05-27 | Wednesday | 2026-05-29 | $81.86 | 82 | 76/82/82/88 | $3.1200 | 0.520 | 4.435% | $2.5700 | +$2,200 | +$11,520 | SCHED |
| 2026-05-28 | Thursday | 2026-05-29 | $81.13 | 81 | 75/81/81/87 | $2.4600 | 0.410 | 3.242% | $3.1300 | $-2,680 | +$8,840 | SCHED |
| 2026-05-29 | Friday | 2026-06-05 | $84.88 | 85 | 79/85/85/91 | $3.8900 | 0.648 | 6.362% | $3.5600 | +$1,320 | +$10,160 | SCHED |
| 2026-06-01 | Monday | 2026-06-05 | $84.95 | 85 | 79/85/85/91 | $3.5500 | 0.592 | 5.615% | $4.0300 | $-1,920 | +$8,240 | SCHED |
| 2026-06-02 | Tuesday | 2026-06-05 | $85.13 | 85 | 79/85/85/91 | $3.4600 | 0.577 | 4.945% | $3.9200 | $-1,840 | +$6,400 | SCHED |
| 2026-06-03 | Wednesday | 2026-06-05 | $87.42 | 87 | 81/87/87/93 | $3.1900 | 0.532 | 4.289% | $2.9100 | +$1,120 | +$7,520 | SCHED |
| 2026-06-16 | Tuesday | 2026-06-26 | $83.96 | 84 | 78/84/84/90 | $4.6800 | 0.780 | 9.707% | $3.9600 | +$2,880 | +$10,400 | SCHED |
| 2026-06-24 | Wednesday | 2026-06-26 | $74.95 | 75 | 69/75/75/81 | $3.9900 | 0.665 | 7.085% | $3.6500 | +$1,360 | +$11,760 | SCHED |
| 2026-06-30 | Tuesday | 2026-07-10 | $78.37 | 78 | 72/78/78/84 | $4.1000 | 0.683 | 9.506% | $4.6400 | $-2,160 | +$9,600 | SCHED |
| 2026-07-02 | Thursday | 2026-07-10 | $77.45 | 77 | 71/77/77/83 | $4.6200 | 0.770 | 8.263% | $3.7000 | +$3,680 | +$13,280 | SCHED |
| 2026-07-08 | Wednesday | 2026-07-10 | $71.67 | 72 | 66/72/72/78 | $3.5300 | 0.588 | 5.804% | $2.8800 | +$2,600 | +$15,880 | SCHED |
| 2026-07-10 | Friday | 2026-07-17 | $75.68 | 76 | 70/76/76/82 | $4.1100 | 0.685 | 7.505% | $3.7900 | +$1,280 | +$17,160 | SCHED |
| 2026-07-15 | Wednesday | 2026-07-17 | $75.73 | 76 | 70/76/76/82 | $2.9100 | 0.485 | 4.424% | $2.7600 | +$600 | +$17,760 | SCHED |
| 2026-07-22 | Wednesday | 2026-07-24 | $70.23 | 70 | 64/70/70/76 | $3.2200 | 0.537 | 5.268% | $2.9000 | +$1,280 | +$19,040 | SCHED |
| 2026-07-24 | Friday | 2026-07-31 | $65.67 | 66 | 60/66/66/72 | $4.3800 | 0.730 | 9.563% | $4.6100 | $-920 | +$18,120 | SCHED |
| 2026-07-29 | Wednesday | 2026-07-31 | $61.32 | 61 | 55/61/61/67 | $3.9000 | 0.650 | 7.681% | $3.4700 | +$1,720 | +$19,840 | SCHED |
| 2026-08-03 | Monday | 2026-08-07 | $65.25 | 65 | 59/65/65/71 | $3.7400 | 0.623 | 7.080% | $3.9700 | $-920 | +$18,920 | SCHED |
| 2026-08-10 | Monday | 2026-08-14 | $73.95 | 74 | 68/74/74/80 | $3.4400 | 0.573 | 5.625% | $3.2400 | +$800 | +$19,720 | SCHED |
| 2026-08-11 | Tuesday | 2026-08-14 | $73.60 | 74 | 68/74/74/80 | $3.0400 | 0.507 | 4.728% | $2.8300 | +$840 | +$20,560 | SCHED |
| 2026-08-14 | Friday | 2026-08-21 | $77.42 | 77 | 71/77/77/83 | $3.2500 | 0.542 | 5.257% | $3.0400 | +$840 | +$21,400 | SCHED |
| 2026-08-17 | Monday | 2026-08-21 | $77.07 | 77 | 71/77/77/83 | $3.0500 | 0.508 | 4.438% | $2.6700 | +$1,520 | +$22,920 | SCHED |
| 2026-08-19 | Wednesday | 2026-08-21 | $72.58 | 73 | 67/73/73/79 | $2.2000 | 0.367 | 3.596% | $2.2900 | $-360 | +$22,560 | SCHED |
| 2026-08-21 | Friday | 2026-08-28 | $70.81 | 71 | 65/71/71/77 | $3.9400 | 0.657 | 7.018% | $3.4100 | +$2,120 | +$24,680 | SCHED |
| 2026-08-26 | Wednesday | 2026-08-28 | $70.00 | 70 | 64/70/70/76 | $2.8600 | 0.477 | 4.485% | $2.5900 | +$1,080 | +$25,760 | SCHED |
| 2026-08-28 | Friday | 2026-09-04 | $73.02 | 73 | 67/73/73/79 | $3.4200 | 0.570 | 5.615% | $3.0100 | +$1,640 | +$27,400 | SCHED |
| 2026-08-31 | Monday | 2026-09-04 | $71.15 | 71 | 65/71/71/77 | $3.0000 | 0.500 | 4.779% | $2.8200 | +$720 | +$28,120 | SCHED |
| 2026-09-02 | Wednesday | 2026-09-04 | $68.87 | 69 | 63/69/69/75 | $2.3300 | 0.388 | 3.659% | $2.1800 | +$600 | +$28,720 | SCHED |
| 2026-09-04 | Friday | 2026-09-11 | $72.81 | 73 | 67/73/73/79 | $3.1700 | 0.528 | 4.986% | $2.5800 | +$2,360 | +$31,080 | SCHED |
| 2026-09-08 | Tuesday | 2026-09-11 | $72.40 | 72 | 66/72/72/78 | $2.8500 | 0.475 | 4.420% | $2.5900 | +$1,040 | +$32,120 | SCHED |
| 2026-09-09 | Wednesday | 2026-09-11 | $71.75 | 72 | 66/72/72/78 | $2.7200 | 0.453 | 4.097% | $2.4600 | +$1,040 | +$33,160 | SCHED |
| 2026-09-15 | Tuesday | 2026-09-18 | $69.17 | 69 | 63/69/69/75 | $3.0500 | 0.508 | 5.118% | $2.8900 | +$640 | +$33,800 | SCHED |