What actually works on weekly expiry
Myth 1: "Expiry = easy money"
Reality: Highest slippage, highest risk
Myth 2: "Short strangle always wins"
Reality: Gap risk can destroy account
Myth 3: "Theta is free money"
Reality: Requires constant adjustment
What works:
- Defined-risk spreads only
- Exit before 3PM
- Small size (0.5x normal)
- No new positions after 1PM
What doesn't:
- Buying OTM near expiry
- Holding straddles overnight
- Ignoring gap risk
- Over-leveraging
Best strategy:
- Sell iron condor at 10AM
- Close at 50% profit or 2PM
- Max 1% risk
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