Stock Market Options Trading

Hosted by Eric O'Rourke

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200

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Oct 2026

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About the show

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/stockmarketoptionstrading For the Conservative Options Income Network run by Brian Terry: https://www.stockmarketoptionstrading.net/spaces/12282222

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60 recent

October 26, 202617 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 opportunities Connecting ChatGPT to Option Omega through an MCP server Backtesting SPX 1DTE call credit spreads across multiple deltas and entry times Comparing hold-to-expiration strategies with profit-taking targets Using AI to identify promising strategies and save backtests directly into Option Omega Why recent market tendencies and rolling data can be useful for developing trading ideas This 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.com Option Omega: https://optionomega.com Disclaimer: 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

October 19, 20269 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 Crunching At 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 rules Tomorrow's Triumph Rate (TTR) and proprietary SPX research tools TSE 2.0 data feeds and nightly statistical reports Our Discord trading community Research geared toward both manual and automated options trading Learn more: https://alphacrunching.com 🔗 Resources Alpha Crunching: https://alphacrunching.com 🎙️ Stock Market Options Trading Podcast New 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.

October 12, 20266 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 research https://alphacrunching.com 🔹 PeakBot – Automated options trading strategies https://alphacrunching.peakbot.com 🔹 Cboe – Additional AM-Settled SPX Weekly Options https://www.cboe.com/notices/content/?id=61537&utm 🔹 Cboe – SPX Global Trading Hours Expansion https://www.cboe.com/insights/posts/cboe-global-trading-hours Topics Covered New AM-settled SPX weekly expirations Global trading hours and the possibility of 24/5 options trading Challenges for SPX charting, backtesting, and gamma tools SPX gamma levels and the 7900 call wall CPI, PPI, and the market outlook Systematic SPX 0DTE trading strategies Let 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 #AlphaCrunching For educational purposes only. Nothing discussed is financial advice. Options trading involves risk.

September 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 text We’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 text Then 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 text The 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 text Topics 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

September 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 Episode How 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 Approach The 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

September 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.

August 31, 202616 min

197: XSP 0DTE Strategy: Better Risk-Reward With Credit Spreads

In this week’s Stock Market Options Trading Podcast, I break down an XSP 0DTE trade I entered at the market open and how I was able to turn the position into a risk-free trade after the market moved in my favor. We’ll walk through the trade structure, why I started with an in-the-money call credit spread, and how adding the opposing spread converted the position into an Iron Condor with no remaining downside risk. I also take a first look at CBOE’s newer Magnificent 10 Index (MGTN), an equal-weighted index featuring the Magnificent 7 plus Broadcom, Palantir, and AMD. We’ll look at why cash-settled index options are interesting for traders, along with the biggest issue with MGTN right now: liquidity. Plus, this week’s episode covers: • The current SPX market setup and important gamma levels • What I’m watching as the market trades below 7700 • This week’s major economic and employment reports • Tuesday’s SPX Opening Range Breakout statistics • The return of the X Files segment The goal is always the same: use data, backtesting, and market statistics to find practical ways to trade the S&P 500 and index options. 📊 Learn more about Alpha Crunching and our SPX trading tools, research, trade setups, and community at AlphaCrunching.com. New episodes of the Stock Market Options Trading Podcast are posted every Monday after the market close. #SPX #0DTE #OptionsTrading #XSP #StockMarket #SP500 #IronCondor

August 24, 202610 min

196: Building a Winning Options Trading Portfolio

📊 Trade These SPX Setups With Us The strategies discussed in this episode are part of the Alpha Crunching Trade Setups , where we use backtesting and market data to build a portfolio of mechanical SPX strategies. Members get access to: Weekly rules-based SPX Trade Setups Live trade alerts in the Alpha Crunching Discord SPX trading tools and market statistics Strategy discussion and live trading chat Automation options for select strategies The goal is simple: data-driven SPX trading with repeatable rules and less time watching charts. 👉 Learn more and join at AlphaCrunching.com What happens when you stop looking for the “best” SPX trading strategy and start thinking in terms of a portfolio of strategies ? In Episode 196, I break down four mechanical SPX strategies based purely on the math — without focusing on the actual strategy or setup. We compare: Trade frequency Win rate Average winner Average loser Expectancy Risk/reward The differences are significant. One strategy wins just 35% of the time , while others win more than 70% . But higher win rates come with their own trade-offs, including larger average losses. The interesting part comes when we combine all four. Instead of relying on one strategy that might go weeks without a trade or experience a losing streak, the different mathematical profiles can complement each other and produce a much smoother overall P&L curve. The goal isn't necessarily to find the highest win rate or the perfect strategy. It's to build a collection of positive-expectancy trades that can work together over time. Would you trade a strategy with only a 35% win rate if it improved the overall portfolio?

August 17, 20268 min

195: The Friday-to-Monday SPX Edge

In this week's Stock Market Options Trading Podcast , we're looking at an interesting SPX pattern: Mondays have produced the strongest average S&P 500 returns so far in 2026. Here's the video version: https://youtu.be/mM8y3koyL5A That lines up with a rules-based strategy I've recently added back into the Alpha Crunching trade setups — a Friday 3DTE SPX put credit spread designed to take advantage of bullish market conditions heading into the weekend. In this episode: The Friday 3DTE SPX put credit spread and its 4-year backtest Why a simple 3-day moving average filter matters The surprising strength of Mondays in 2026 How the strategy fits into a diversified SPX options portfolio FOMC Minutes and this week's economic calendar Why markets are already looking ahead to Jackson Hole SPX gamma levels, including the 7900 call wall The employment data I'm watching this week The goal isn't to predict where SPX goes next. It's to use data, backtesting and market statistics to identify potential edges and build repeatable trading strategies around them. Alpha Crunching: https://alphacrunching.com Follow me on X: @OptionAssassin New episodes every Monday. #SPX #OptionsTrading #SP500 #0DTE #OptionsStrategy #StockMarket #Trading

August 10, 202614 min

194: Does Gamma Move the S&P 500? What SPX Traders Should Know

In Episode 194 of the Stock Market Options Trading Podcast, we take a data-driven look at the S&P 500, SPX options, gamma levels, opening range breakouts, and a mechanical 0DTE Iron Condor strategy. We start with lumber prices after an 11-day losing streak and discuss what falling lumber prices may—or may not—be signaling about housing and the broader economy. Then we turn to SPX and an important question for options traders: Do gamma levels lead the market, or does price lead gamma? We look at call walls, put walls, the gamma flip, and why I view gamma levels as useful context rather than a standalone prediction of where the S&P 500 is headed. We also review some interesting SPX 0DTE Opening Range Breakout (ORB) data. Tuesday's 30-minute opening range has recently shown strong historical results following both upside and downside breakouts, creating some interesting possibilities for credit spreads and other intraday options strategies. Finally, I share a mechanical 0DTE SPX Iron Condor strategy we've been trading and tracking at Alpha Crunching, including how the setup works and where you can review the backtest and strategy details. 📊 0DTE Iron Condor Strategy & Backtest: https://www.alphacrunching.com/blog/end-of-day-iron-condor-a-simple-mechanical-strategy-for-spx-0dte In this episode: • Lumber prices and the economic outlook • SPX near all-time highs • SPX gamma levels, call walls and put walls • Does gamma lead price or react to price? • 0DTE Opening Range Breakout statistics • Tuesday's 30-minute SPX ORB setup • Mechanical 0DTE Iron Condor strategy • Using historical data to improve options trading decisions The Stock Market Options Trading Podcast is a weekly show focused on data-driven options trading, SPX strategies, backtesting, mechanical trading systems, and practical ideas designed to help traders become more consistent. New episodes are posted Mondays around the market close. Subscribe on YouTube or follow the podcast on Spotify and Apple Podcasts to catch each week's episode. #SPX #OptionsTrading #0DTE #SPXOptions #Gamma #IronCondor #OpeningRangeBreakout #StockMarket #TradingStrategies

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