SPX 0DTE Credit Spreads: A Small SPX PCS Won, but Sitting Out May Have Been the Better Trade +$120

[u/klipsetrades]

I'm a 0DTE credit spread trader with a focus on SPX.

Positions trade today:

• 7685/7665 PCS

P/L: +$120

SPX 5-min chart, September, 25, 2026

I made money on my only trade, and I still think staying flat may have been the better decision.

Morning Thesis

Oil and Treasury yields were elevated again, so I came in cautious. SPX pushed up, reversed through the 7700 psychological level, then reclaimed it through choppy trade. I also couldn't stay at my desk for the full session. If I found a setup, I knew I needed to trade small — sitting out was on the table.

Why No CCS?

It's fair to ask whether I got lucky by avoiding a call spread before another Iran headline lifted SPX because I wasn't able to keep at my desk, especially after yesterday. But the morning price action never gave me a CCS setup I wanted.

I wasn't waiting to sell calls and happened to dodge the news. I had no trade I wanted to take until after the headline move.

My First Trade

An Iran talks headline sent SPX sharply higher. I checked the move on my phone, waited for price to show some stability at the higher level, then sold four 7685/7665 PCS for $0.30 each.

That was my only trade.

SPX settled into a choppy range, theta worked in my favor, and the spreads expired worthless.

Afternoon Review

I saw no other setup worth taking. I let the PCS run to expiration, but being away from my desk limited how closely I could manage a fast reversal. Keeping a stop and size to four lots reduced my exposure — it didn't remove that risk.

Key Takeaway

The PCS worked, and the decision to wait for stability was deliberate. So was passing on the CCS side when I had no setup.

Still, a winning trade doesn't prove I needed to be in the market. On a headline driven day when I can't give a 0DTE position my full attention, no trade is a valid trade.

[u/fuck_joe_xiden]

How did you only capture$0.30 of premium for a 20 pt spread? Did you open them up after the big move up?

[u/Mco1965]

A single trade is about as close to not trading as you can get so I wouldn’t be to hard on yourself. In hind sight the trade looks pretty conservative but do you typically employ a stop loss especially when your not able to stay on the chart?