Searching for high payout, same-day trades? See how professional trader Doug Pless sold a 0DTE SPX Iron Condor to exploit the negative gamma environment on November 13, 2025 — powered by TRACE, HIRO, and Key Gamma Levels.
The result? A 12:1 reward-to-risk payoff. Here’s how:
Author: Doug Pless
Professional Trader & SpotGamma Content Contributor
The Setup |
The Tools |
The Execution |
The Payoff |
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• Stock: S&P 500 Index (SPX) |
TRACE • SPX opened in a mildly negative gamma environment • Stability Index at 31% suggested potential for a directional move • 99th percentile strike at 6770 acted as a key price magnet HIRO • 10:05 AM: Traders bought calls and sold puts → initial bullish push • 10:15 AM: Flow reversed — call selling + put buying = bearish signal • Dealer hedging flow aligned with downside acceleration Key Gamma Levels • 6770 flagged as downside draw • 6765 added negative gamma reinforcement |
• Entry #1: Around 10:15 AM — sold SPX 6820/6825 0DTE call spread for $2.70 credit • Target: 6770 strike (TRACE magnet) • Adjustment: Near 11:00 AM, sold 6770/6765 0DTE put spread for $2.15 credit → forming iron condor • Total Risk: $0.15 per contract • Exit: Closed around 1:00 PM with SPX breaking below 6765 |
• Reward/Risk Ratio: 12:1 • Profit: $1.80 per contract on $0.15 risk • Result: Used SpotGamma tools to identify target, confirm timing with HIRO, and transition from directional to neutral position to lock in profit with precision |
- TRACE guides the thesis – Negative gamma + low stability index = increased chance of trend day
- Gamma magnets matter – 6770 99th percentile strike acted like a magnet once flow shifted
- HIRO confirms the moment – Real-time flow shift (call selling + put buying) aligned with price reversal
- Iron Condor execution manages risk – Adjusting from short call spread to iron condor capitalized on mean reversion as price action reversed
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