Today is Thursday, September 4, 2025, and I’m currently holding an 8-lot 2/7 DTE SPX double calendar that’s set to expire in 8 hours.
Here’s where I stand right now:
📌 Position Overview
- Entry Date: Tuesday, September 2 (3:05 PM ET)
- Underlying: SPX @ 6396 (at entry)
- Strikes: 6330 Put / 6450 Call
- Short Expiry: Sep 4 (Today)
- Long Expiry: Sep 9
- Net Debit Paid: $3,685 per lot → $29,480 total for 8 lots
- Current SPX Price: 6,448.26
- Current Position Status: ~10% unrealized loss
📉 Screenshot of Current Position
(This is based on a 1-lot view from OptionStrat; actual position is 8 lots)
🔍 Current Risk/Reward Breakdown (8-Lot Basis)
| Metric | Value |
|---|---|
| Net Debit (Capital Used) | $29,480 |
| Unrealized Loss (–10%) | –$2,948.00 |
| Max Loss (Theoretical) | –$32,714.48 |
| Max Profit (Theoretical) | $9,486.96 |
| Breakeven Range | 6314.51–6472.01 |
⚖️ My Trading Plan Today
- I will not exit early just because the trade is red.
- This September, I am following my 2-trades-per-week rule (Mon & Tues entries only) and letting trades play out fully unless my delta-based stop rule is hit.
- If either of the short legs’ deltas cross ±0.70, the position will be automatically exited.
- Otherwise, I’ll stay in and see if theta decay or SPX mean reversion works in my favor.
📈 Why I’m Sticking With the Plan
Over the past 3 years, September has historically performed well for this strategy:
- 2022, 2023, and 2024 all showed strong backtested results using 2/7 DTE double calendars.
- Even if this year behaves differently, my max loss is defined, and I’m trading based on the law of large numbers.
- I’ve accepted that some trades will lose — and that’s okay. It’s part of playing the long game.
🧠 Psychology Check-In
This trade reminds me why discipline matters more than P/L:
“Don’t get too high when you win. Don’t get too low when you lose. Just follow your plan.”
⚠️ Disclaimer
The information presented in this blog post is for educational and informational purposes only and is not intended as financial or investment advice. I am not a licensed financial advisor. All trading strategies discussed reflect my personal experience and are not recommendations to buy or sell any security or derivative.
Trading financial instruments such as options, futures, or stocks involves significant risk and may not be suitable for all investors. You should conduct your own research, consider your financial situation, and consult with a licensed financial advisor before making any investment decisions.
Past performance is not indicative of future results. Use of this information is at your own risk.