Guides · Iron Condor
0DTE Iron Condors on SPX: what 3+ years of 100 ms data show
Across 21,060 Iron Condor configurations tested on SPX since January 2023, the average trade was roughly breakeven before broker fees (−$2.08 per trade; median −$40). This describes the raw shape of the strategy across every configuration tested, not any configuration in particular, and it is not a recommendation.
Data through 2026-10-14
Last reviewed: 2026-10-15
What a 0DTE Iron Condor is
An Iron Condor sells a put spread below the market and a call spread above it, all expiring the same day (0DTE). It keeps the premium when SPX closes between the short strikes; the long legs cap the loss. Each side is managed on its own: a stop on one side does not close the other. See also wing width, premium target, stop multiple and profit target.
How we measured
- 3+ years of SPX sessions, from 2023-01-03 to 2026-10-14.
- 21,060 configurations: entry times through the session, premium targets, two wing families (20–30 and 45–55 points), stops from 1x to 3x, and profit targets at 50%, 75% or expiration.
- 15,783,240 trades with a confirmed result; 128,805 (0.8%) without one are excluded.
- Fills evaluated on 100 ms option quotes under the TAT template - Vertical Stop profile, the default in 2manyoptions. Execution is modeled inside each fill; broker fees are not included.
Roughly breakeven, on average
The average trade across all configurations made −$2.08 before broker fees; the median trade lost $40. 44% of the configurations had a positive average over the full period. Averages over thousands of configurations mix settings nobody would trade together: they describe the strategy's raw shape, not a configuration.
Most trades end with one side stopped
| Outcome | Share of trades | Average result |
|---|---|---|
| One side stopped | 54.8% | −$240 |
| Both sides at profit target | 29.5% | +$309 |
| Both sides held to expiration | 12.2% | +$421 |
| Both sides stopped | 2.0% | −$617 |
| One side at target, the other held to expiration | 1.4% | −$57 |
A stop that could not be filled before the close: 0.01% of trades.
Losses are smaller, but more frequent
42% of trades closed above zero. The average winning trade made $347; the average losing trade lost $255.
A few sessions carry the damage
In the worst 10% of sessions the average trade lost $229. In the other 90% it made $26. Those sessions hold 20% of all the money lost on losing trades.
Broker fees are larger than the average result
Results are before broker fees. At $0.65 per contract per leg, opening one Iron Condor costs $2.60 in fees, already more than the −$2.08 average result per trade, before any closing fees.
It changes from year to year
| Year | Average result per trade | Configurations with a positive average |
|---|---|---|
| 2023 | +$2.25 | 53% |
| 2024 | −$2.77 | 44% |
| 2025 | −$1.87 | 43% |
| 2026 (to date) | −$6.23 | 40% |
A period that looks good on its own may not repeat. Multi Timeframe puts the periods side by side for any configuration.
What this cannot tell you
- An average over 21,060 configurations says nothing about a specific one.
- Each configuration has far fewer trades than the whole: small samples can look strong by chance.
- Fills, stops and costs are modeled, not observed; live execution can differ, especially in fast markets.
- History is not a forecast.
- Iron Fly is not covered yet.
Explore it yourself
Pick a configuration and look at it in Scanner, compare its periods in Multi Timeframe, or open any session in One Day Zoom (free).
FAQ
Is a 0DTE iron condor profitable?
Across all 21,060 configurations tested since 2023, the average trade was roughly breakeven before broker fees (−$2.08), and 44% of configurations had a positive average. Whether a specific configuration did is something you can check in the product; past results do not predict future ones.
How often does an iron condor get stopped out?
One side was stopped in 54.8% of trades; both sides in 2.0%.
Why are broker fees not included?
Fees depend on your broker. Results are shown before broker fees; Settings lets you apply your broker's fees inside the app.
Does this cover Iron Fly?
Not yet.