| Filter | Status |
|---|---|
| Credit ratio ≥ 0.45 (1.35/wing) | ✔ Active |
| Net credit ≥ $0.50 | ✔ Active |
| Straddle ≥ 3.0% of UVXY | ✔ Active |
| Straddle ≤ 15.0% of UVXY | ✔ Active |
| Overnight gap ≤ 7.0% of prior close | ✔ Active |
| Avg credit ratio (traded days) | 0.662 (1.98/3) |
| Avg straddle % of UVXY (traded days) | 8.370% |
| Leg | Strike | Action | Role |
|---|---|---|---|
| Long Put | ATM − $3 | 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 + $3 | Buy | Outer call wing — defines max loss on upside |
| Net credit at open (9:40 ET) | Max profit = credit × 100 × 20 (at expiry if UVXY = ATM) |
| UVXY moves > $3 from ATM | Max loss = ($3 − credit) × 100 × 20 |
| Avg net credit collected | $1.9849 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 | +$631 |
| Average loser | $-653 |
| Best trade | +$4,060 (2026-03-10) |
| Worst trade | $-3,060 (2026-02-12) |
| Total gross wins | +$34,060 |
| Total gross losses | $-20,240 |
Total P&L of +$13,820 over 85 trades across Jan–2026-09-15. The iron butterfly's ATM structure collects rich short-term premium on UVXY, a volatility-linked ETP with structurally elevated implied vol.
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.
UVXY is a leveraged, volatility-linked ETP that can move 5–15%+ intraday during VIX spikes, and its implied vol runs far higher than SPY's. A ±$3 wing on a ~$20–30 underlying leaves comparatively little room before max loss on a large VIX move. Consider widening wings or reducing QTY further for live trading, and treat this as a higher-risk, higher-premium variant of the SPY strategy.
📋 Full Trade Log is not displayed on mobile devices to prevent page freezing. View this report on a desktop browser to see all 85 trades.
| Date | Day | Expiry | UVXY 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 | $35.35 | 35.5 | 32.5/35.5/35.5/38.5 | $1.9600 | 0.653 | 7.242% | $2.0100 | $-100 | $-100 | SCHED |
| 2026-01-07 | Wednesday | 2026-01-09 | $35.01 | 35.0 | 32.0/35.0/35.0/38.0 | $1.5100 | 0.503 | 5.114% | $1.3300 | +$360 | +$260 | SCHED |
| 2026-01-09 | Friday | 2026-01-16 | $35.11 | 35.0 | 32.0/35.0/35.0/38.0 | $2.1500 | 0.717 | 8.858% | $2.0500 | +$200 | +$460 | SCHED |
| 2026-01-12 | Monday | 2026-01-16 | $34.84 | 35.0 | 32.0/35.0/35.0/38.0 | $1.7700 | 0.590 | 7.348% | $1.8500 | $-160 | +$300 | SCHED |
| 2026-01-14 | Wednesday | 2026-01-16 | $37.21 | 37.0 | 34.0/37.0/37.0/40.0 | $1.3500 | 0.450 | 6.262% | $2.0800 | $-1,460 | $-1,160 | SCHED |
| 2026-01-16 | Friday | 2026-01-23 | $35.08 | 35.0 | 32.0/35.0/35.0/38.0 | $1.9400 | 0.647 | 8.324% | $1.7200 | +$440 | $-720 | SCHED |
| 2026-01-21 | Wednesday | 2026-01-23 | $39.01 | 39.0 | 36.0/39.0/39.0/42.0 | $2.9200 | 0.973 | 10.536% | $2.6300 | +$580 | $-140 | SCHED |
| 2026-01-22 | Thursday | 2026-01-23 | $34.95 | 35.0 | 32.0/35.0/35.0/38.0 | $1.4100 | 0.470 | 4.636% | $1.3000 | +$220 | +$80 | SCHED |
| 2026-01-23 | Friday | 2026-01-30 | $35.04 | 35.0 | 32.0/35.0/35.0/38.0 | $2.2400 | 0.747 | 10.474% | $2.0500 | +$380 | +$460 | SCHED |
| 2026-01-26 | Monday | 2026-01-30 | $35.02 | 35.0 | 32.0/35.0/35.0/38.0 | $2.0500 | 0.683 | 9.338% | $2.0600 | $-20 | +$440 | SCHED |
| 2026-01-27 | Tuesday | 2026-01-30 | $35.35 | 35.5 | 32.5/35.5/35.5/38.5 | $2.0200 | 0.673 | 7.779% | $1.7500 | +$540 | +$980 | SCHED |
| 2026-01-28 | Wednesday | 2026-01-30 | $36.43 | 36.5 | 33.5/36.5/36.5/39.5 | $1.7200 | 0.573 | 6.451% | $1.5100 | +$420 | +$1,400 | SCHED |
| 2026-01-29 | Thursday | 2026-01-30 | $37.91 | 38.0 | 35.0/38.0/38.0/41.0 | $2.2500 | 0.750 | 7.280% | $2.0000 | +$500 | +$1,900 | SCHED |
| 2026-01-30 | Friday | 2026-02-06 | $37.22 | 37.0 | 34.0/37.0/37.0/40.0 | $3.2200 | 1.073 | 14.643% | $2.0600 | +$2,320 | +$4,220 | SCHED |
| 2026-02-03 | Tuesday | 2026-02-06 | $34.86 | 35.0 | 32.0/35.0/35.0/38.0 | $1.6600 | 0.553 | 6.311% | $1.8000 | $-280 | +$3,940 | SCHED |
| 2026-02-04 | Wednesday | 2026-02-06 | $36.59 | 36.5 | 33.5/36.5/36.5/39.5 | $1.8000 | 0.600 | 7.789% | $2.7100 | $-1,820 | +$2,120 | SCHED |
| 2026-02-05 | Thursday | 2026-02-06 | $39.54 | 39.5 | 36.5/39.5/39.5/42.5 | $2.4500 | 0.817 | 9.054% | $1.8500 | +$1,200 | +$3,320 | SCHED |
| 2026-02-06 | Friday | 2026-02-13 | $38.20 | 38.0 | 35.0/38.0/38.0/41.0 | $2.1300 | 0.710 | 13.874% | $2.1100 | +$40 | +$3,360 | SCHED |
| 2026-02-09 | Monday | 2026-02-13 | $36.45 | 36.5 | 33.5/36.5/36.5/39.5 | $2.1000 | 0.700 | 8.313% | $2.0500 | +$100 | +$3,460 | SCHED |
| 2026-02-10 | Tuesday | 2026-02-13 | $35.78 | 36.0 | 33.0/36.0/36.0/39.0 | $1.8200 | 0.607 | 6.903% | $1.7100 | +$220 | +$3,680 | SCHED |
| 2026-02-11 | Wednesday | 2026-02-13 | $35.38 | 35.5 | 32.5/35.5/35.5/38.5 | $2.1500 | 0.717 | 6.445% | $1.3900 | +$1,520 | +$5,200 | SCHED |
| 2026-02-12 | Thursday | 2026-02-13 | $35.51 | 35.5 | 32.5/35.5/35.5/38.5 | $1.5800 | 0.527 | 5.069% | $3.1100 | $-3,060 | +$2,140 | ✗ SL80 |
| 2026-02-13 | Friday | 2026-02-20 | $40.48 | 40.5 | 37.5/40.5/40.5/43.5 | $1.8300 | 0.610 | 12.648% | $2.4100 | $-1,160 | +$980 | SCHED |
| 2026-02-17 | Tuesday | 2026-02-20 | $40.12 | 40.0 | 37.0/40.0/40.0/43.0 | $2.3600 | 0.787 | 11.167% | $2.0000 | +$720 | +$1,700 | SCHED |
| 2026-02-18 | Wednesday | 2026-02-20 | $38.41 | 38.5 | 35.5/38.5/38.5/41.5 | $2.1500 | 0.717 | 7.941% | $1.9600 | +$380 | +$2,080 | SCHED |
| 2026-02-19 | Thursday | 2026-02-20 | $40.02 | 40.0 | 37.0/40.0/40.0/43.0 | $2.4000 | 0.800 | 8.245% | $1.6100 | +$1,580 | +$3,660 | SCHED |
| 2026-02-20 | Friday | 2026-02-27 | $41.29 | 41.5 | 38.5/41.5/41.5/44.5 | $2.8400 | 0.947 | 14.846% | $2.4600 | +$760 | +$4,420 | SCHED |
| 2026-02-23 | Monday | 2026-02-27 | $38.82 | 39.0 | 36.0/39.0/39.0/42.0 | $1.8200 | 0.607 | 9.067% | $2.0500 | $-460 | +$3,960 | SCHED |
| 2026-02-24 | Tuesday | 2026-02-27 | $40.71 | 40.5 | 37.5/40.5/40.5/43.5 | $2.3400 | 0.780 | 8.475% | $2.2400 | +$200 | +$4,160 | SCHED |
| 2026-02-25 | Wednesday | 2026-02-27 | $37.78 | 38.0 | 35.0/38.0/38.0/41.0 | $1.6700 | 0.557 | 5.876% | $1.9800 | $-620 | +$3,540 | SCHED |
| 2026-02-27 | Friday | 2026-03-06 | $40.03 | 40.0 | 37.0/40.0/40.0/43.0 | $2.2500 | 0.750 | 13.290% | $2.7700 | $-1,040 | +$2,500 | SCHED |
| 2026-03-02 | Monday | 2026-03-06 | $42.10 | 42.0 | 39.0/42.0/42.0/45.0 | $2.8800 | 0.960 | 14.299% | $2.4300 | +$900 | +$3,400 | SCHED |
| 2026-03-04 | Wednesday | 2026-03-06 | $42.76 | 43.0 | 40.0/43.0/43.0/46.0 | $2.6700 | 0.890 | 10.220% | $2.9200 | $-500 | +$2,900 | SCHED |
| 2026-03-05 | Thursday | 2026-03-06 | $42.27 | 42.5 | 39.5/42.5/42.5/45.5 | $2.4500 | 0.817 | 8.185% | $1.8700 | +$1,160 | +$4,060 | SCHED |
| 2026-03-10 | Tuesday | 2026-03-13 | $46.19 | 46.0 | 43.0/46.0/46.0/49.0 | $2.4800 | 0.827 | 10.911% | $0.4500 | +$4,060 | +$8,120 | SCHED |
| 2026-03-11 | Wednesday | 2026-03-13 | $47.90 | 48.0 | 45.0/48.0/48.0/51.0 | $2.5900 | 0.863 | 11.816% | $2.5200 | +$140 | +$8,260 | SCHED |
| 2026-03-12 | Thursday | 2026-03-13 | $49.20 | 49.0 | 46.0/49.0/49.0/52.0 | $2.5100 | 0.837 | 8.638% | $2.2600 | +$500 | +$8,760 | SCHED |
| 2026-03-17 | Tuesday | 2026-03-20 | $44.74 | 44.5 | 41.5/44.5/44.5/47.5 | $1.9100 | 0.637 | 8.941% | $1.9000 | +$20 | +$8,780 | SCHED |
| 2026-03-18 | Wednesday | 2026-03-20 | $47.16 | 47.0 | 44.0/47.0/47.0/50.0 | $2.3800 | 0.793 | 8.947% | $2.5900 | $-420 | +$8,360 | SCHED |
| 2026-03-24 | Tuesday | 2026-03-27 | $52.22 | 52.0 | 49.0/52.0/52.0/55.0 | $2.8500 | 0.950 | 11.682% | $2.1100 | +$1,480 | +$9,840 | SCHED |
| 2026-03-25 | Wednesday | 2026-03-27 | $49.13 | 49.0 | 46.0/49.0/49.0/52.0 | $2.3200 | 0.773 | 9.119% | $2.2900 | +$60 | +$9,900 | SCHED |
| 2026-04-07 | Tuesday | 2026-04-10 | $51.00 | 51.0 | 48.0/51.0/51.0/54.0 | $2.6300 | 0.877 | 11.961% | $2.6800 | $-100 | +$9,800 | SCHED |
| 2026-04-09 | Thursday | 2026-04-10 | $43.90 | 44.0 | 41.0/44.0/44.0/47.0 | $1.9000 | 0.633 | 5.764% | $2.5600 | $-1,320 | +$8,480 | SCHED |
| 2026-04-10 | Friday | 2026-04-17 | $40.90 | 41.0 | 38.0/41.0/41.0/44.0 | $1.7700 | 0.590 | 9.829% | $2.3700 | $-1,200 | +$7,280 | SCHED |
| 2026-04-13 | Monday | 2026-04-17 | $42.45 | 42.5 | 39.5/42.5/42.5/45.5 | $1.9500 | 0.650 | 9.706% | $1.8600 | +$180 | +$7,460 | SCHED |
| 2026-04-14 | Tuesday | 2026-04-17 | $38.23 | 38.0 | 35.0/38.0/38.0/41.0 | $1.8400 | 0.613 | 6.409% | $1.8700 | $-60 | +$7,400 | SCHED |
| 2026-04-15 | Wednesday | 2026-04-17 | $38.08 | 38.0 | 35.0/38.0/38.0/41.0 | $1.4500 | 0.483 | 5.200% | $1.4000 | +$100 | +$7,500 | SCHED |
| 2026-04-16 | Thursday | 2026-04-17 | $38.80 | 39.0 | 36.0/39.0/39.0/42.0 | $1.6600 | 0.553 | 5.231% | $1.4700 | +$380 | +$7,880 | SCHED |
| 2026-04-17 | Friday | 2026-04-24 | $37.58 | 37.5 | 34.5/37.5/37.5/40.5 | $1.8400 | 0.613 | 8.595% | $1.8600 | $-40 | +$7,840 | SCHED |
| 2026-04-20 | Monday | 2026-04-24 | $38.94 | 39.0 | 36.0/39.0/39.0/42.0 | $2.1400 | 0.713 | 8.475% | $2.2000 | $-120 | +$7,720 | SCHED |
| 2026-04-21 | Tuesday | 2026-04-24 | $38.97 | 39.0 | 36.0/39.0/39.0/42.0 | $1.8700 | 0.623 | 6.569% | $1.9400 | $-140 | +$7,580 | SCHED |
| 2026-04-22 | Wednesday | 2026-04-24 | $38.45 | 38.5 | 35.5/38.5/38.5/41.5 | $2.0900 | 0.697 | 6.866% | $1.4700 | +$1,240 | +$8,820 | SCHED |
| 2026-04-24 | Friday | 2026-05-01 | $38.92 | 39.0 | 36.0/39.0/39.0/42.0 | $2.2400 | 0.747 | 10.612% | $1.9000 | +$680 | +$9,500 | SCHED |
| 2026-04-27 | Monday | 2026-05-01 | $39.08 | 39.0 | 36.0/39.0/39.0/42.0 | $2.1700 | 0.723 | 8.444% | $2.1500 | +$40 | +$9,540 | SCHED |
| 2026-04-28 | Tuesday | 2026-05-01 | $38.88 | 39.0 | 36.0/39.0/39.0/42.0 | $1.9500 | 0.650 | 6.636% | $2.3600 | $-820 | +$8,720 | SCHED |
| 2026-04-29 | Wednesday | 2026-05-01 | $36.96 | 37.0 | 34.0/37.0/37.0/40.0 | $2.0800 | 0.693 | 6.115% | $1.6500 | +$860 | +$9,580 | SCHED |
| 2026-05-01 | Friday | 2026-05-08 | $35.91 | 36.0 | 33.0/36.0/36.0/39.0 | $2.1100 | 0.703 | 7.880% | $1.6200 | +$980 | +$10,560 | SCHED |
| 2026-05-04 | Monday | 2026-05-08 | $36.83 | 37.0 | 34.0/37.0/37.0/40.0 | $2.1300 | 0.710 | 8.064% | $1.5900 | +$1,080 | +$11,640 | SCHED |
| 2026-05-08 | Friday | 2026-05-15 | $35.45 | 35.5 | 32.5/35.5/35.5/38.5 | $1.6900 | 0.563 | 7.221% | $1.3200 | +$740 | +$12,380 | SCHED |
| 2026-05-11 | Monday | 2026-05-15 | $36.27 | 36.5 | 33.5/36.5/36.5/39.5 | $1.8000 | 0.600 | 6.782% | $1.7200 | +$160 | +$12,540 | SCHED |
| 2026-05-12 | Tuesday | 2026-05-15 | $37.32 | 37.5 | 34.5/37.5/37.5/40.5 | $1.8600 | 0.620 | 6.484% | $1.8500 | +$20 | +$12,560 | SCHED |
| 2026-05-15 | Friday | 2026-05-22 | $36.88 | 37.0 | 34.0/37.0/37.0/40.0 | $2.1000 | 0.700 | 8.812% | $2.0000 | +$200 | +$12,760 | SCHED |
| 2026-05-18 | Monday | 2026-05-22 | $35.42 | 35.5 | 32.5/35.5/35.5/38.5 | $1.5400 | 0.513 | 5.844% | $2.3300 | $-1,580 | +$11,180 | SCHED |
| 2026-05-19 | Tuesday | 2026-05-22 | $35.03 | 35.0 | 32.0/35.0/35.0/38.0 | $1.5600 | 0.520 | 5.852% | $1.3500 | +$420 | +$11,600 | SCHED |
| 2026-05-22 | Friday | 2026-05-29 | $33.20 | 33.0 | 30.0/33.0/33.0/36.0 | $1.8400 | 0.613 | 7.590% | $1.7300 | +$220 | +$11,820 | SCHED |
| 2026-05-29 | Friday | 2026-06-05 | $29.14 | 29.0 | 26.0/29.0/29.0/32.0 | $1.9000 | 0.633 | 8.442% | $1.7700 | +$260 | +$12,080 | SCHED |
| 2026-06-01 | Monday | 2026-06-05 | $28.90 | 29.0 | 26.0/29.0/29.0/32.0 | $1.5300 | 0.510 | 6.747% | $1.0100 | +$1,040 | +$13,120 | SCHED |
| 2026-06-02 | Tuesday | 2026-06-05 | $29.35 | 29.5 | 26.5/29.5/29.5/32.5 | $1.3500 | 0.450 | 5.758% | $1.1900 | +$320 | +$13,440 | SCHED |
| 2026-06-05 | Friday | 2026-06-12 | $28.37 | 28.5 | 25.5/28.5/28.5/31.5 | $1.7800 | 0.593 | 7.966% | $2.1800 | $-800 | +$12,640 | SCHED |
| 2026-06-08 | Monday | 2026-06-12 | $29.63 | 29.5 | 26.5/29.5/29.5/32.5 | $2.2700 | 0.757 | 9.112% | $1.6000 | +$1,340 | +$13,980 | SCHED |
| 2026-06-10 | Wednesday | 2026-06-12 | $31.54 | 31.5 | 28.5/31.5/31.5/34.5 | $2.1500 | 0.717 | 8.687% | $1.7800 | +$740 | +$14,720 | SCHED |
| 2026-06-11 | Thursday | 2026-06-12 | $33.23 | 33.0 | 30.0/33.0/33.0/36.0 | $1.7300 | 0.577 | 7.614% | $2.3100 | $-1,160 | +$13,560 | SCHED |
| 2026-06-16 | Tuesday | 2026-06-26 | $25.77 | 26.0 | 23.0/26.0/26.0/29.0 | $1.8900 | 0.630 | 9.625% | $1.7500 | +$280 | +$13,840 | SCHED |
| 2026-06-18 | Thursday | 2026-06-26 | $26.51 | 26.5 | 23.5/26.5/26.5/29.5 | $1.6500 | 0.550 | 8.450% | $1.6800 | $-60 | +$13,780 | SCHED |
| 2026-06-24 | Wednesday | 2026-06-26 | $27.69 | 27.5 | 24.5/27.5/27.5/30.5 | $1.4000 | 0.467 | 5.634% | $1.1400 | +$520 | +$14,300 | SCHED |
| 2026-06-29 | Monday | 2026-07-10 | $26.01 | 26.0 | 23.0/26.0/26.0/29.0 | $1.7000 | 0.567 | 9.842% | $1.8500 | $-300 | +$14,000 | SCHED |
| 2026-07-01 | Wednesday | 2026-07-10 | $25.30 | 25.5 | 22.5/25.5/25.5/28.5 | $1.7800 | 0.593 | 8.300% | $1.6100 | +$340 | +$14,340 | SCHED |
| 2026-07-20 | Monday | 2026-07-24 | $24.09 | 24.0 | 21.0/24.0/24.0/27.0 | $1.4200 | 0.473 | 6.808% | $1.4400 | $-40 | +$14,300 | SCHED |
| 2026-07-21 | Tuesday | 2026-07-24 | $24.14 | 24.0 | 21.0/24.0/24.0/27.0 | $1.4300 | 0.477 | 7.167% | $1.5400 | $-220 | +$14,080 | SCHED |
| 2026-07-24 | Friday | 2026-07-31 | $25.26 | 25.5 | 22.5/25.5/25.5/28.5 | $1.9500 | 0.650 | 9.699% | $1.6800 | +$540 | +$14,620 | SCHED |
| 2026-07-27 | Monday | 2026-07-31 | $24.19 | 24.0 | 21.0/24.0/24.0/27.0 | $1.4400 | 0.480 | 7.524% | $1.4700 | $-60 | +$14,560 | SCHED |
| 2026-07-28 | Tuesday | 2026-07-31 | $25.10 | 25.0 | 22.0/25.0/25.0/28.0 | $1.5200 | 0.507 | 7.211% | $1.5400 | $-40 | +$14,520 | SCHED |
| 2026-07-29 | Wednesday | 2026-07-31 | $25.23 | 25.0 | 22.0/25.0/25.0/28.0 | $1.5100 | 0.503 | 7.253% | $2.0500 | $-1,080 | +$13,440 | SCHED |
| 2026-07-31 | Friday | 2026-08-07 | $24.11 | 24.0 | 21.0/24.0/24.0/27.0 | $1.8200 | 0.607 | 9.332% | $1.7100 | +$220 | +$13,660 | SCHED |
| 2026-08-03 | Monday | 2026-08-07 | $22.87 | 23.0 | 20.0/23.0/23.0/26.0 | $1.3900 | 0.463 | 6.996% | $1.3100 | +$160 | +$13,820 | SCHED |