The zero DTE SPX iron butterfly returned 431% in 2024 — then 2025 gave it all back. Here’s exactly how I trade it, why it failed, and who should run it.
Related To: Options Income Strategy
A head-to-head comparison of covered call ETFs (QYLD, XYLD, JEPI) versus selling your own covered calls, using my real trade data and historical ETF performance.
A rules-based approach to trading SPY put credit spreads with a 91%+ win rate. Entry rules, exit targets, position sizing, and the 2025 drawdown-to-recovery story with real numbers.
A complete guide to selling covered calls for income, with real trade examples, strike selection rules, and how covered calls fit into the wheel strategy.
The wheel options strategy is one of the most reliable income-generating approaches for options traders. Since 2024, I have generated over $27,000 in profit using this strategy—and I share every trade publicly on this website.
Let me be honest with you: 2025 started with one of the most brutal drawdowns I've experienced in my entire options trading career. If you've been following my trades on this website, you already know the pain. Both my SPY Put Credit Spread strategy and my Zero DTE SPX Iron Butterfly strategy took devastating losses in the first quarter—losses that completely wiped out the previous year's gains and then some.
For years, I've shared my actual trades publicly on this website. Full transparency has always been a cornerstone of Options Cafe—no cherry-picked winners, no hindsight trading, just the real results from real money. Course members already receive real-time email alerts whenever I open or close a position on my other strategies. Today, I'm excited to announce that Wheel Strategy trades are now part of that real-time alert system. Why I Went All-In on the Wheel Strategy If you've been following Options Cafe for a while, you know I've experimented with the Wheel Strategy on and off over the years.
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