Free US strategy templates,
tested honestly.

QQQ Supertrend, position-sized

Always-in QQQ trend following on a 5-minute Supertrend(10, 3) from 09:35 ET, with a 1% stop and a flat book by 15:55 ET.

At a 1-cent spread on commission-free QQQ shares it makes +$7,423 after costs, but its own report, at the engine's 0.05% slippage on every trade's value, loses $24,619. Not featured while the two disagree.

Backtest period

Oct 2021 – Oct 2026

Net P&L after costs

$7,423

ROI on $25,000 capital

+29.7%

Closed-trade max drawdown

-$2,159 (8.6% of capital)

Trades

3,237 trades

Costs charged

$1,606 on 160,634 shares · $9,030 before costs

Capital: $25,000: the US pattern-day-trader minimum equity; trades $10,000 of QQQ per signal.

Cost assumptions: SPY/QQQ shares: no commission, $0.01 per share slippage per side. Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$24,619. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPY Opening Range Breakout, risk-sized

SPY shares: a close outside the 9:30-9:44 range from 09:46 ET enters long or short, stop at the other edge, target two range-widths.

At a 1-cent spread on commission-free SPY shares it makes +$4,632 after costs, but its own report, at the engine's 0.05% slippage on every trade's value, loses $24,590. Not featured while the two disagree.

Backtest period

Oct 2021 – Oct 2026

Net P&L after costs

$4,632

ROI on $25,000 capital

+18.5%

Closed-trade max drawdown

-$2,795 (11.2% of capital)

Trades

1,236 trades

Costs charged

$1,194 on 119,356 shares · $5,825 before costs

Capital: $25,000: the US pattern-day-trader minimum equity, which also covers the $25,000 notional cap.

Cost assumptions: SPY/QQQ shares: no commission, $0.01 per share slippage per side. Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$24,590. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX Weekly Put Spread with VIX Filter

A 25-point SPX bull put spread on Mondays, only when VIX is between 13 and 25. Take 50% of the credit, stop at 2x, close on expiry day.

Closed-trade max drawdown exceeded capital

Makes +$3,062 after costs, but the closed-trade max drawdown ($2,624) is just above the $2,500 margin.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

$3,062

ROI on $2,500 capital

+122.5%

Closed-trade max drawdown

-$2,624 (105.0% of capital)

Trades

160 put spreads

Costs charged

$4,038 on 640 contracts · $7,100 before costs

Capital: Broker margin: the 25-point width x 100.

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $6,867. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX Weekly Iron Condor, defend tested side

Monday SPX iron condor on the Friday expiry: 0.12-delta shorts, 25-point wings, each side rolled once if SPX comes within 10 points of it.

Closed-trade max drawdown exceeded capital

Makes +$4,632 after costs, but the closed-trade max drawdown ($4,547) is above the $2,500 margin.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

$4,632

ROI on $2,500 capital

+185.3%

Closed-trade max drawdown

-$4,547 (181.9% of capital)

Trades

173 iron condors

Costs charged

$8,897 on 1,410 contracts · $13,529 before costs

Capital: Reg-T iron condor: one 25-pt wing

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $13,174. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX Weekly Broken-Wing Put Butterfly

Monday 1-2-1 SPX put butterfly on the Friday expiry with a wider lower wing. Exit at about +$600, about -$1,200, or on expiry day.

Closed-trade max drawdown exceeded capital

Makes +$3,847 after costs, but the closed-trade max drawdown ($9,541) is 3.7x the $2,600 capital.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

$3,847

ROI on $2,600 capital

+148.0%

Closed-trade max drawdown

-$9,541 (367.0% of capital)

Trades

173 butterflies

Costs charged

$8,733 on 1,384 contracts · $12,580 before costs

Capital: Broker margin for one set: the 10-point wing difference ($1,000) plus the net debit (up to about $1,500).

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $11,033. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPY Weekly Call Calendar

Monday at-the-money SPY call calendar: buy the call three Fridays out, sell this Friday's. Close at 1.25x or 0.7x the debit, or on expiry day.

Closed-trade max drawdown exceeded capital

Costs ($793) exceed the gross +$694. Closed-trade max drawdown ($1,258) is above the debit capital.

Backtest period

Jun 2024 – Oct 2026

Net P&L after costs

-$99

ROI on $1,100 capital

-9.0%

Closed-trade max drawdown

-$1,258 (114.4% of capital)

Trades

116 calendars

Costs charged

$793 on 464 contracts · $694 before costs

Capital: The debit paid (up to about $1,100); the short call is covered by the longer-dated long call.

Cost assumptions: SPY/QQQ options: $1.71 per contract per side ($0.65 commission + $1.00 slippage, $0.01 per share, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $506. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

XSP 0DTE Short Straddle, Skewed Stops

Sell the at-the-money XSP call and put on the same-day expiry at 10:45 ET, with a tighter stop on the put (+25%) than the call (+50%).

Costs, including about $220 of OCC, ORF and FINRA fees on 3,668 contracts, take all of the gross +$6,431: a small loss.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

-$208

ROI on $12,500 capital

-1.7%

Closed-trade max drawdown

-$2,611 (20.9% of capital)

Trades

917 straddles

Costs charged

$6,639 on 3,668 contracts · $6,431 before costs

Capital: Reg-T naked XSP straddle at 15% of index on the larger side + both premiums; $11,995 at XSP 776, XSP reached ~781

Cost assumptions: XSP options: $1.81 per contract per side ($0.65 commission + $0.10 Cboe index fee + $1.00 slippage, half of a 0.02-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $6,214. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPY Inside Bar Setup

15-minute inside-bar breakout on SPY shares from 10:30 ET: stop at the mother bar, target 2R, at most 2 trades a day.

The gross +$916 is eaten by slippage on 124,522 shares. At half a cent a share it would be +$293: marginal either way.

Backtest period

Oct 2021 – Oct 2026

Net P&L after costs

-$329

ROI on $25,000 capital

-1.3%

Closed-trade max drawdown

-$3,691 (14.8% of capital)

Trades

1,291 trades

Costs charged

$1,245 on 124,522 shares · $916 before costs

Capital: $25,000: the US pattern-day-trader minimum equity, which also covers the $25,000 notional cap.

Cost assumptions: SPY/QQQ shares: no commission, $0.01 per share slippage per side. Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$30,839. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

QQQ 0DTE ORB with options

Opening-range breakout on QQQ: a close outside the 9:30-9:44 range buys an at-the-money same-day call or put. Exit at -30%, +60% or 15:30 ET.

Closed-trade max drawdown exceeded capital

Costs on 1,190 contracts ($2,035) exceed the gross +$1,221. Closed-trade max drawdown is 4.5x the $550 capital.

Backtest period

Jun 2024 – Oct 2026

Net P&L after costs

-$814

ROI on $550 capital

-148.0%

Closed-trade max drawdown

-$2,495 (453.6% of capital)

Trades

595 option trades

Costs charged

$2,035 on 1,190 contracts · $1,221 before costs

Capital: The premium of one option at the highest price seen in the window (about $530).

Cost assumptions: SPY/QQQ options: $1.71 per contract per side ($0.65 commission + $1.00 slippage, $0.01 per share, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $1,104. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX 0DTE Bear Call Spread on weakness

On weak mornings only (below the 9:30-10:00 low and the open), a same-day SPX bear call spread at 10:30 ET: 0.20-delta short, 10 points wide.

Closed-trade max drawdown exceeded capital

Costs ($4,139) exceed the gross +$2,332. Closed-trade max drawdown is 3.3x the $1,000 capital.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

-$1,807

ROI on $1,000 capital

-180.7%

Closed-trade max drawdown

-$3,293 (329.3% of capital)

Trades

164 call spreads

Costs charged

$4,139 on 656 contracts · $2,332 before costs

Capital: Reg-T: 10-pt call spread

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $2,243. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPY 0DTE Bull Put Spread on morning strength

On strong mornings only (above VWAP and the 9:30-10:00 high), a same-day SPY bull put spread at 10:30 ET: -0.20-delta short, $3 wide.

Closed-trade max drawdown exceeded capital

Costs ($1,142) exceed the gross +$944. Closed-trade max drawdown is 117% of the $300 capital.

Backtest period

Jun 2024 – Oct 2026

Net P&L after costs

-$198

ROI on $300 capital

-66.1%

Closed-trade max drawdown

-$352 (117.3% of capital)

Trades

167 put spreads

Costs charged

$1,142 on 668 contracts · $944 before costs

Capital: Reg-T: $3-wide put spread

Cost assumptions: SPY/QQQ options: $1.71 per contract per side ($0.65 commission + $1.00 slippage, $0.01 per share, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $936. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPY 0DTE Long Straddle, Morning Drive

Buy an at-the-money SPY call and put at 09:40 ET when the first 10 minutes move more than 0.25%. Exit at +30%, -25% or 12:00 ET.

Closed-trade max drawdown exceeded capital

Loses before costs (gross -$1,419). Closed-trade max drawdown is 3.1x the $1,600 capital.

Backtest period

Jun 2024 – Oct 2026

Net P&L after costs

-$2,896

ROI on $1,600 capital

-181.0%

Closed-trade max drawdown

-$4,983 (311.5% of capital)

Trades

216 straddles

Costs charged

$1,477 on 864 contracts · -$1,419 before costs

Capital: The straddle's premium at the highest price seen in the window (about $1,510).

Cost assumptions: SPY/QQQ options: $1.71 per contract per side ($0.65 commission + $1.00 slippage, $0.01 per share, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$1,514. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPY 0DTE Hedged Short Straddle (Iron Fly)

Buy SPY wings $6 out, then sell the at-the-money straddle at 10:45 ET on the same-day expiry. Exit at +$100 or 15:45 ET.

Closed-trade max drawdown exceeded capital

Costs on 4,736 contracts ($8,099) exceed the gross +$5,441. Closed-trade max drawdown is 6.2x the $600 capital.

Backtest period

Jun 2024 – Oct 2026

Net P&L after costs

-$2,658

ROI on $600 capital

-442.9%

Closed-trade max drawdown

-$3,730 (621.6% of capital)

Trades

592 iron flies

Costs charged

$8,099 on 4,736 contracts · $5,441 before costs

Capital: Reg-T iron fly: the $6 wing width

Cost assumptions: SPY/QQQ options: $1.71 per contract per side ($0.65 commission + $1.00 slippage, $0.01 per share, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $5,256. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX Overnight Iron Condor (Thursday night)

Thursday 15:50 ET: an SPX iron condor on Friday's expiry, 40 points out with 50-point wings, closed at 09:35 ET the next morning.

Closed-trade max drawdown exceeded capital

Loses before costs (gross -$1,267); costs add $9,187. Closed-trade max drawdown is 2.8x the $5,000 capital.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

-$10,454

ROI on $5,000 capital

-209.1%

Closed-trade max drawdown

-$13,863 (277.3% of capital)

Trades

182 iron condors

Costs charged

$9,187 on 1,456 contracts · -$1,267 before costs

Capital: Reg-T iron condor: one 50-pt wing

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$3,064. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX Weekly Credit Spreads (trend)

Trend-following SPX credit spreads on the Friday expiry: a new 3-hour low sells a 50-point bear call spread, a new 3-hour high a bull put spread.

Closed-trade max drawdown exceeded capital

Loses before costs (gross -$18,215); 3,008 SPX contracts add $18,980 of costs. Closed-trade max drawdown is 4.7x the $10,000 capital.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

-$37,195

ROI on $10,000 capital

-372.0%

Closed-trade max drawdown

-$46,818 (468.2% of capital)

Trades

752 credit spreads

Costs charged

$18,980 on 3,008 contracts · -$18,215 before costs

Capital: Reg-T: one 50-pt call spread + one 50-pt put spread can be open together, $5,000 each (width; credit lowers it slightly)

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$25,507. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX 0DTE Iron Condor

Same-day SPX iron condor at 10:00 ET: 0.12-delta shorts, wings 25 points out. A side closes if its short doubles; all out at 50% of credit or 15:45 ET.

Closed-trade max drawdown exceeded capital

Makes +$30,195 before costs, but 7,224 SPX contracts cost $45,583 at a realistic spread, so it loses money.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

-$15,388

ROI on $2,500 capital

-615.5%

Closed-trade max drawdown

-$17,177 (687.1% of capital)

Trades

903 iron condors

Costs charged

$45,583 on 7,224 contracts · $30,195 before costs

Capital: Reg-T iron condor: one 25-pt wing

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $28,951. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX Weekly Put Ladder

Monday SPX put ladder on the Friday expiry: buy the at-the-money put, sell one 25 points lower and a far -0.06-delta put. The far put is uncovered.

Loses before costs (gross -$61,945, most of it in one week). Closed-trade max drawdown reached 91% of the $75,000 capital.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

-$66,261

ROI on $75,000 capital

-88.3%

Closed-trade max drawdown

-$67,931 (90.6% of capital)

Trades

114 put ladders

Costs charged

$4,316 on 684 contracts · -$61,945 before costs

Capital: Reg-T on the uncovered far SPX put (15% of SPX less OTM + premium, min 10% of strike) + put-spread debit; max over the window $72,078 (5 Oct 2026, SPX 7,754, 6,950 put), rounded up

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$64,140. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPY Delta-Neutral Intraday Strangle

Same-day SPY 0.20-delta strangle at 10:45 ET, re-centred up to 3 times a day when net delta reaches 25. Daily stop and a 15:45 ET exit.

Re-centring trades 7,572 contracts; their $12,948 of costs beat the gross +$6,373.

Backtest period

Jun 2024 – Oct 2026

Net P&L after costs

-$6,575

ROI on $16,000 capital

-41.1%

Closed-trade max drawdown

-$6,703 (41.9% of capital)

Trades

595 strangles, re-centred up to 3 times a day

Costs charged

$12,948 on 7,572 contracts · $6,373 before costs

Capital: Reg-T naked SPY strangle at 20% less OTM on the larger side + both premiums, ~$15,400 at SPY 779

Cost assumptions: SPY/QQQ options: $1.71 per contract per side ($0.65 commission + $1.00 slippage, $0.01 per share, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $6,242. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPY 5 EMA Reversal

The 5 EMA alert-candle setup on SPY shares: shorts on 5-minute bars, longs on 15-minute bars, stop at the alert candle, target 3R.

Loses before costs (gross -$13,809).

Backtest period

Oct 2021 – Oct 2026

Net P&L after costs

-$17,806

ROI on $25,000 capital

-71.2%

Closed-trade max drawdown

-$18,106 (72.4% of capital)

Trades

4,114 trades

Costs charged

$3,998 on 399,762 shares · -$13,809 before costs

Capital: $25,000: the US pattern-day-trader minimum equity, which also covers the $25,000 notional cap.

Cost assumptions: SPY/QQQ shares: no commission, $0.01 per share slippage per side. Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$115,468. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

SPX 0DTE Iron Fly

Same-day SPX iron fly at 10:00 ET with 40-point wings; each short leg closes at 10% or 1.5x its entry price, all out at 15:45 ET.

Closed-trade max drawdown exceeded capital

Loses before costs (gross -$39,273). Closed-trade max drawdown is 21.6x the $4,000 capital.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

-$85,462

ROI on $4,000 capital

-2,136.6%

Closed-trade max drawdown

-$86,548 (2,163.7% of capital)

Trades

915 iron flies

Costs charged

$46,189 on 7,320 contracts · -$39,273 before costs

Capital: Reg-T iron fly: one 40-pt wing

Cost assumptions: SPX options: $6.31 per contract per side ($0.65 commission + $0.60 Cboe index fee + $5.00 slippage, half of a 0.10-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: -$47,218. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.

XSP 0DTE Iron Condor (Small Account)

The SPX 0DTE iron condor at one tenth the size on XSP: 0.12-delta shorts, wings 3 points out, a side closes if its short doubles, all out by 15:45 ET.

Closed-trade max drawdown exceeded capital

Makes +$3,734 before costs, but 7,312 XSP contracts cost $13,235. Closed-trade max drawdown is 31.7x the $300 capital.

Backtest period

Feb 2023 – Oct 2026

Net P&L after costs

-$9,501

ROI on $300 capital

-3,166.9%

Closed-trade max drawdown

-$9,518 (3,172.8% of capital)

Trades

914 iron condors

Costs charged

$13,235 on 7,312 contracts · $3,734 before costs

Capital: Broker margin: the 3-point width x 100 (only one side can finish in the money).

Cost assumptions: XSP options: $1.81 per contract per side ($0.65 commission + $0.10 Cboe index fee + $1.00 slippage, half of a 0.02-point spread, + $0.06 estimated OCC, ORF and FINRA TAF fees). Costs are applied to every fill after the backtest, because the backtest engine cannot model US commissions and exchange fees. The $0.06 per option contract per side for OCC clearing, the options regulatory fee (ORF) and FINRA TAF is an estimate. Not included: the SEC fee and FINRA TAF on share sales, and interest on idle cash.

Hypothetical performance: simulated on historical data, not actual trading, and designed with hindsight; liquidity and fills may differ. No account will necessarily achieve similar results. Past performance does not guarantee future results. Full notice on this page.

The full report's own net: $3,683. It differs from this card because the report charges the backtest engine's default costs (slippage of 0.05% of each fill's value, no commission) instead of the US costs above.