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Stock Market Options Trading: Daily Summaries Delivered
by Eric O'Rourke
The Stock Market Options Trading Podcast is hosted by Eric O’Rourke, founder of https://AlphaCrunching.com, where a growing community of traders focus on short-duration SPX options strategies using a data-driven approach.Join our podcast community over at https://www.stockmarketoptionstrading.net to improve your stock and options trading skills. Check out the SMOT YouTube channel for quantitative options strategies and education here: https://www.youtube.com/stockmarketoptionstradingFor the Conservative Options Income Network run by Brian Terry:https://www.stockmarketoptionstrading.net/spaces/12282222
Latest Episodes
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- Today11 min
205: Kalshi vs. SPX Options: Which Has Better Risk-Reward?
Can Kalshi prediction market contracts offer better risk-reward than traditional SPX options strategies?In this episode of Stock Market Options Trading, I'm comparing Kalshi's same-day S&P 500 price range contracts against SPX 0DTE iron condors and reverse iron condors to see how these trades stack up.Kalshi allows traders to buy YES or NO event contracts based on whether the S&P 500 closes within a specific price range. But how does that compare to selling an SPX iron condor or buying a reverse iron condor with similar strike levels?Using real intraday pricing, we'll compare:Kalshi YES and NO contracts for S&P 500 closing price rangesSPX 0DTE iron condors with 5-point-wide wingsReverse iron condors for trading a move outside the rangeMaximum profit, maximum loss, and return on riskBinary event contract payouts versus the partial gains and losses possible with options spreadsOne interesting finding is that Kalshi contracts offered a higher potential return on maximum risk in both examples we examined. However, SPX options spreads provide a different payoff structure, which can make a meaningful difference when the market closes near your strikes.As someone who trades mechanical SPX and XSP options strategies, I'm interested in whether prediction markets could complement some of the intraday research we're already doing with our Trend Spread Engine (TSE) at Alpha Crunching.This isn't about declaring Kalshi better than SPX options. It's about understanding the differences and exploring whether there's an opportunity for data-driven traders.Learn more about our SPX options research and mechanical trading strategies:https://alphacrunching.comTopics: Kalshi trading, prediction markets, S&P 500 event contracts, SPX options trading, 0DTE iron condors, reverse iron condors, risk-reward analysis, and same-day S&P 500 trading strategies.For educational purposes only. Trading involves risk. Examples reflect observed or illustrative pricing, exclude fees, and are not guarantees of future performance.#Kalshi #SPX #0DTE #OptionsTrading #PredictionMarkets
- 1 weeks ago13 min
204: AI Stocks Under Pressure: Finding Opportunities in SPX
AI stocks took a beating last week, interest rates continue to pressure the market, and the S&P 500 remains stuck in a choppy, directionless trading environment. So how do we approach trading SPX when the market can't seem to find a trend?In Episode 204 of the Stock Market Options Trading podcast, I take a look at the recent tech selloff, current SPX gamma exposure levels, and the economic events that could influence the market this week, including the midterm elections.I also share why I've been focusing more on shorter-duration SPX 0DTE credit spreads, using Alpha Crunching's Trend Spread Engine (TSE v2) to identify potential intraday trading opportunities.In this episode:Why AI and big tech stocks are under pressureNasdaq vs. S&P 500: Comparing recent market performanceSPX gamma exposure, call/put walls, and negative gammaThis week's economic calendar and midterm electionsWhy choppy markets make directional trading difficultUsing TSE v2 to identify higher-probability 0DTE credit spread opportunitiesWhy the 12:30–1:00 PM ET window is showing interesting historical resultsExplore Alpha Crunching: https://alphacrunching.comLearn more about data-driven SPX options trading strategies, backtesting research, and our Discord trading community.Options trading involves risk. Historical results do not guarantee future performance. Content is for educational purposes only.
- 2 weeks ago17 min
203: SPX 1DTE Strategy: AI Backtesting with ChatGPT & MCP
What if you could take a simple observation about the stock market and use AI to research dozens of SPX options strategies in just a few minutes?In this episode of the Stock Market Options Trading podcast, I'm experimenting with a new approach to researching and backtesting SPX 1DTE options strategies using Alpha Crunching, ChatGPT, and Option Omega's new MCP server.We start with Alpha Crunching's updated Tomorrow's Triumph Rate (TTR V2), which tracks historical SPX price tendencies by day of the week and time of day. Using a recent bearish bias from Wednesday into Thursday, we explore potential 1DTE call credit spread strategies.Rather than manually building every backtest, I'm using ChatGPT to communicate directly with Option Omega, test different deltas and entry times, compare profit targets, and ultimately save a strategy for further review.Along the way, we uncover some interesting results, including why higher-delta credit spreads can sometimes outperform lower-delta trades despite having lower win rates.In this episode:How Alpha Crunching's TTR V2 identifies potential SPX trading opportunitiesConnecting ChatGPT to Option Omega through an MCP serverBacktesting SPX 1DTE call credit spreads across multiple deltas and entry timesComparing hold-to-expiration strategies with profit-taking targetsUsing AI to identify promising strategies and save backtests directly into Option OmegaWhy recent market tendencies and rolling data can be useful for developing trading ideasThis episode is less about finding the perfect strategy and more about exploring a new research process that could make data-driven options trading more accessible and efficient.I'm just getting started with AI-assisted backtesting, and I'd love to hear how others are using these tools.Resources:Alpha Crunching: https://alphacrunching.comOption Omega: https://optionomega.comDisclaimer: Backtested performance does not guarantee future results. Options trading involves risk. This content is for educational purposes only and is not financial advice.#SPX #OptionsTrading #1DTE #ChatGPT #Backtesting #OptionOmega #AITrading
- 3 weeks ago9 min
202: SPX 1DTE Options: Exploring New Trading Opportunities
In Episode 201 of the Stock Market Options Trading Podcast, I'm taking you behind the scenes at Alpha Crunching to share some of the SPX 1DTE options research I've been working on, including a few interesting backtests and an upcoming expansion of our Tomorrow's Triumph Rate (TTR) data.TTR currently measures how often SPX closes higher the following trading day based on a rolling historical window. We're now working on expanding that research to include intraday comparisons, giving us more flexibility to identify potential 1DTE trading opportunities at different times throughout the day.In this episode, I'll walk through:Monday & Tuesday: Testing 1DTE call credit spreads during historically bearish periods.Thursday: Exploring 1DTE put credit spreads when the data suggests a bullish bias heading into Friday.Wednesday: An interesting reverse iron condor backtest that showed some promising initial results.Option Omega: Using the new optimization feature to compare entry times, strike selections, and trading performance.TTR 2.0: A preview of the additional intraday data we're developing at Alpha Crunching.These are preliminary backtests, not finalized strategies or trade recommendations. The goal is to share the research process, including what works, what doesn't, and how we use data to find potential trading edges.📊 Explore Alpha CrunchingAt Alpha Crunching, we're focused on finding systematic SPX options trading opportunities using historical data, research, and backtesting.Members get access to:Weekly SPX Trade Setups with historical performance and defined trading rulesTomorrow's Triumph Rate (TTR) and proprietary SPX research toolsTSE 2.0 data feeds and nightly statistical reportsOur Discord trading communityResearch geared toward both manual and automated options tradingLearn more: https://alphacrunching.com🔗 ResourcesAlpha Crunching: https://alphacrunching.com🎙️ Stock Market Options Trading PodcastNew episodes every Monday covering SPX and XSP options, 0DTE and 1DTE trading, backtesting, market research, and systematic options strategies.Subscribe to follow along as we continue testing new ideas and expanding our research.Disclaimer: This content is for educational purposes only and is not financial advice. Backtested results are hypothetical and do not guarantee future performance. Options trading involves risk.
- 4 weeks ago6 min
201: SPX 0DTE Is Changing: New Expirations, 24-Hour Trading
SPX 0DTE options trading continues to grow, and Cboe recently announced some interesting developments that could change how we trade SPX options in the future.In this week's Stock Market Options Trading podcast, we're looking at the potential addition of new AM-settled SPX weekly options, the continued expansion of global trading hours, and what all of this could mean for retail traders.Could we eventually see SPX options trading 24 hours a day, five days a week? And how will our charting, backtesting, and gamma analysis tools adapt?We also take a look at the SPX market heading into the week of October 12, including key gamma levels, the 7900 call wall, volatility, and upcoming CPI and PPI inflation reports.At Alpha Crunching, we're continuing to develop and trade systematic SPX 0DTE strategies, including mechanical end-of-day trades that can be executed manually or through automation with PeakBot.Resources & Links🔹 Alpha Crunching – SPX trading strategies, backtests, and researchhttps://alphacrunching.com🔹 PeakBot – Automated options trading strategieshttps://alphacrunching.peakbot.com🔹 Cboe – Additional AM-Settled SPX Weekly Optionshttps://www.cboe.com/notices/content/?id=61537&utm🔹 Cboe – SPX Global Trading Hours Expansionhttps://www.cboe.com/insights/posts/cboe-global-trading-hoursTopics CoveredNew AM-settled SPX weekly expirationsGlobal trading hours and the possibility of 24/5 options tradingChallenges for SPX charting, backtesting, and gamma toolsSPX gamma levels and the 7900 call wallCPI, PPI, and the market outlookSystematic SPX 0DTE trading strategiesLet me know in the comments what you think about these changes. Would you trade AM-settled weekly SPX options or trade SPX overnight?Subscribe for weekly discussions about SPX options, 0DTE trading strategies, market research, and automation.#SPX #0DTE #OptionsTrading #Cboe #SPXOptions #AlphaCrunchingFor educational purposes only. Nothing discussed is financial advice. Options trading involves risk.
- Sep 28, 202612 min
200: Why I Prefer a Lower Win Rate for SPX 0DTE Trading
Why would an SPX options trader purposely choose a lower win-rate strategy?In Episode 200 of the Stock Market Options Trading Podcast, I break down my recent SPX 0DTE trading results and explain why win rate alone can be misleading. Over the past couple of months, these strategies have produced a 59.4% win rate, but the bigger story is the risk/reward: an average winner of $188 versus an average loser of $158 per lot. Pasted textWe’ll look at why I’ve shifted away from relying on traditional high-probability, far-OTM credit spreads for mechanical trades and toward defined-risk SPX strategies with more balanced risk/reward. A lower win rate can be much easier to tolerate when one loss doesn’t wipe out several previous winners. Pasted textThen I walk through a recent premarket SPX iron condor where I used gamma exposure (GEX) to help select my strikes. With SPX expected to open relatively flat and trading in a positive gamma environment, I used the 7750 and 7785 gamma levels as the short strikes of the iron condor. Pasted textThe trade was opened about an hour before the market opened for a $4.50 credit and closed roughly 20 minutes after the open for $3.65, capturing $0.85 as opening premium came out while SPX remained inside the expected range. Pasted textTopics covered: SPX 0DTE options, lower win-rate strategies, risk/reward and expectancy, defined-risk options trading, iron condors, premarket options trading, gamma exposure (GEX), gamma support and resistance, strike selection, and systematic SPX trading.For educational purposes only. Not financial advice.📊 SPX 0DTE Strategies from this video: • EOD Iron Condor Strategy: https://www.alphacrunching.com/blog/end-of-day-iron-condor-a-simple-mechanical-strategy-for-spx-0dte • EOD Put Debit Spread Strategy: https://www.alphacrunching.com/blog/spx-end-of-day-put-debit-spread-strategy-rules-backtest-and-automation 🤖 Automate the Strategies with PeakBot Automate the same Alpha Crunching trade setups covered in this episode: https://AlphaCrunching.Peakbot.com 📈 Join the Alpha Crunching Community Get our trade setups, SPX trading tools, alerts, research, and access to a community of traders focused on systematic options trading: https:/AlphaCrunching.com
- Sep 21, 202613 min
199: Scalping SPX 0DTE Credit Spreads Using Gamma Exposure (GEX)
Can gamma exposure (GEX) help identify better entry points for scalping SPX 0DTE credit spreads?In this episode of the Stock Market Options Trading podcast, Eric O'Rourke from Alpha Crunching breaks down a real SPX call credit spread scalp using gamma exposure to identify potential support and resistance levels.Rather than focusing on the textbook definition of gamma exposure and dealer hedging, we're looking at how to actually use GEX data to make trading decisions.Eric walks through a trade taken on September 21, showing exactly what the gamma exposure chart looked like at entry, why the 7700 and 7725 SPX levels mattered, and how a relatively small pullback created an opportunity to capture approximately 30% of the original credit in about 30 minutes.Access the Gamma Exposure & Market Analysis Platform:https://alphacrunching.sensamarket.com/ Alpha Crunching has partnered with SensaMarket to bring retail traders affordable access to powerful market analysis tools, including gamma exposure, options flow, charting, options modeling, and more.What You'll Learn in This EpisodeHow to use SPX gamma exposure (GEX) to identify potential intraday support and resistance.Why positive gamma and large gamma exposure nodes can help define a potential trading range.How to identify opportunities for contrarian call and put credit spread scalps.Why Eric prefers selling 10-point-wide SPX credit spreads and targeting approximately 30% of the premium collected.A real 0DTE call credit spread trade: selling the 7735 call spread for approximately $1.75 and closing near $1.20.Why gamma exposure levels can change throughout the trading day and why not every market condition presents a trade.We also take a broader look at SPX market conditions, longer-term gamma exposure levels, the economic calendar, and upcoming Federal Reserve speakers.The Trading ApproachThe idea isn't to predict every market move or hold a credit spread until expiration.Instead, we're looking for potential support and resistance levels using gamma exposure, waiting for SPX to approach those areas, and entering defined-risk credit spreads with the goal of capturing a relatively small move.In this example, SPX was trading near 7725, where gamma exposure suggested potential resistance. Eric sold an out-of-the-money call credit spread and closed it after a small pullback and some time decay.It's a practical example of combining options market data, trade structure, and disciplined profit-taking.Learn more about systematic SPX options trading:https://alphacrunching.com/ Join Alpha Crunching for backtested SPX trading strategies, automated trade alerts, market statistics, and our options trading community.New episodes of the Stock Market Options Trading podcast are published every Monday after the market close. Also available on Spotify and Apple Podcasts.For educational purposes only. Options trading involves risk, including the potential loss of the entire amount at risk on a spread. Historical results and individual trade examples do not guarantee future performance.#SPX #0DTE #GammaExposure #GEX #CreditSpreads #OptionsTrading #SPXOptions #OptionScalping
- Sep 14, 20269 min
198: How I Used Gamma Exposure to Build a Risk-Free 0DTE XSP Options Trade
Resources mentioned in this video: The Money Show: https://orlando.moneyshow.com/?scode=068013 Historical Gamma Indicator: https://alphacrunching.sensamarket.com Alpha Crunching Trading Community, Research, Tools: https://www.alphacrunching.com In this episode of the Stock Market Options Trading Podcast, I break down another 0DTE XSP trade that I was able to convert into a risk-free position—but this time, I spend more time on the market analysis behind the entries. I’ll show how I used Historical Net Gamma Exposure (GEX) to identify an important SPX gamma level around 7,600, look for potential mean reversion, and time multiple credit spread entries. We’ll walk through how the trade evolved from an in-the-money call credit spread, into a reverse iron condor, and eventually into a position with multiple potential profit zones and no remaining downside risk beyond commissions. We’ll also discuss why I’m experimenting with XSP for these trades, how gamma levels can change throughout the trading day, and why I view GEX as another indicator—not something that should be traded blindly. In this episode: Trading 0DTE XSP before the regular market open Using Historical GEX to identify potential SPX levels Turning a profitable credit spread into a reverse iron condor Adding an iron butterfly around a major gamma level Creating wider profit zones instead of simply closing a winning trade Why gamma exposure is context—not a standalone trading signal Managing a volatile 0DTE trading day while reducing risk I’ll also be speaking about SPX 0DTE options trading at the Traders Expo / Orlando MoneyShow, October 5–7. If you’re attending, I’d love to meet you in person. Options involve risk and are not suitable for all investors. This content is for educational purposes only and is not financial advice.
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About Stock Market Options Trading
The Stock Market Options Trading Podcast is hosted by Eric O’Rourke, founder of https://AlphaCrunching.com, where a growing community of traders focus on short-duration SPX options strategies using a data-driven approach.Join our podcast community over at https://www.stockmarketoptionstrading.net to improve your stock and options trading skills. Check out the SMOT YouTube channel for quantitative options strategies and education here: https://www.youtube.com/stockmarketoptionstradingFor the Conservative Options Income Network run by Brian Terry:https://www.stockmarketoptionstrading.net/spaces/12282222
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