This group is very quiet. And it shouldn’t be. There are so many things to try with options.
This is what I am doing today with 0DTE SPY.
Sold 565 Call,
Bot 570 Call
Sold 562 Put
Bot 557 Put
for 1.03$.
Capital at risk is $5 -$1.03 ( let’s say $4, so $400 total)
My goal is to either make 10% of the capital at risk or close at 20% capital at risk.
Will update how it went !.
Closed for 55cents.
Which is 1.03 - .55 = .48
So, in all $48 profit on $400 risk.
Generated 12% return on my risked capital.
Will try the same trade tomorrow again. Please do let me know if you have any questions/comments.
Hi anilsan 
Thanks for the discussion.
I’ve done a few credit spreads, both vertical Call and vertical Put.
What was the criteria for choosing the Call and Put that were sold?
I see the spread is $5 for each spread.
What was the criteria for closing?
ralph
so ive thought of doing something similar and actually enter the trade at market close for the next day expiration. you can use call/put options to calculate the expected move or TOS does it for you. use the closing spx price and add/subtract the expected move for the short option strikes
I chose the first OTM call and Puts.
SPY was 563.4, so I chose 565 call and 562 puts.
I think, I should have chosen 563 and 564, in order to get the decay faster.
Will take a look and try it today.
What time do you usually place the trade? Are there better or worse times? Sometimes there is additional volatility at the open and at the close, can that additional volatility be used to increase gains?
I agree. One of the wonderful things about options, specifically combinations of various options is that you can choose nearly every level of risk (and potential return) you want. There aren’t many other instruments that allow that. For example, looking at simple spreads, you can choose almost any risk/return profile you desire.
Another 0DTE Trade today.
Sold SPY 555 Call
Bot SPY 560 Call
Sold SPY 553 Put
Bot SPY 548 Put
for $1.55
Capital at risk is 5-1.55=3.45.
Will be closing this position for 10% profit or 20% loss on capital at risk.
And closed for 12% profit on the capital at risk.
Closed the position by buying back for $1.06. Sold it initially at $1.55.
Thanks much for the examples and numbers!
ralph
I am trying it after the first 15 min candle is formed. By then, we know the direction of the market. It works best when market is in the range.
I have to admit to something here. I started trading options in the 1980s. In those years, commissions were gargantuan and all trades were done by calling a human broker and telling them your instructions. Bid-ask spreads were huge, even on things that traded briskly. I mostly traded options on a popular index at the time, the NYA (NYSE Composite Index). I did well for a number of years, with mostly conservative simple (not combination) trades. I even did “trading” sometimes (hey, I was young!) and picked up a buck or a buck and a half on same-day or at least same-week trades. I looked at it as supplementing my income (which was low as I had just begun my career) in a way. I distinctly remember repeatedly buying 100 or 200 shares of F (Ford) and selling after it went up a buck. I slowed down the trading and began entering longer term positions. Anyway, summer of 1987, I became more and more bullish, and by autumn, all my option positions were bullish on the NYA. Sure enough at the end of the day October 19, 1987, all my positions were entirely wiped out (even relatively conservative simple positions get wiped out with a 20+% instant decline). Ever since then, I’ve shied away from options on popular indexes. 
I still trade plenty of options on stocks though. Just today I sold some puts of OXY and DIS.