Opening Put · Options
The 0DTE trade at the Open
The same rule set in every size – the tier only sets how many contracts are put on per trading day.
A 0DTE strategy on the SPY: the trade is set up about an hour after the open following a fixed rule set and expires the same day – no position held overnight. Argon works out whether a trade is valid under the rule set and puts it forward as a proposal – you release it manually yourself.
Monthly or yearly · semi-automated execution · runs with your TWS
Backtest performance
Backtest 6 January 2023 to 4 August 2026, 476 trades · measured with one contract on $10,000 · hypothetical values, not real trading – and not a reliable indicator of future results.
Why this strategy exists
The decisions are made. All but one.
Strike, expiry, premium, risk, the right leg at the right moment – and all of it inside the narrow window in which the price still holds. The Opening Put turns those decisions into a fixed rule set – tested across 476 trades over three and a half years.
What reaches you is one order a day, set up by fixed rules. If there is no valid signal, there is no trade that day.
The rule set decides whether a trade qualifies. Whether it is triggered is your call.
Backtest performance
Three and a half years, trade by trade
476 trades between January 2023 and August 2026, each calculated individually. Above, the equity curve with the account balance; below it the drawdown – the distance from the previous high. The two belong together: a curve without its setbacks tells only half the story. Measured with one contract on $10,000; the percentages hold for every size, because the capital deployed grows along with the number of contracts. Important: The margin your broker requires on your account to trade one SPY option contract varies with the composition of your portfolio – at present between $7,000 and $15,000 per contract.
All sizes
SPY · 0DTE · measured with one contract
Size changes the number of contracts, not the rule set. That is why there is one curve here and not four.
Starting capital$10,000
6 Jan 2023 – 4 Aug 2026
Backtest · hypothetical values, not real trading
Each year on its own
Of 44 months, seven closed down. The longest losing streak was four trades in a row, the deepest capital decline $437 – on an account of roughly $16,200.
How these figures came about: These are the results of a backtest – hypothetical values, not results from real trading. The basis is an export from Option Omega covering the entire calculated period (6 January 2023 to 4 August 2026, 476 trades, underlying SPY, one contract, $10,000 starting capital, fees included). Sharpe and Sortino ratios are taken unchanged from that export. The rule set is unchanged across the entire calculated period, and the curve shown is calculated in full with today's version. A backtest runs a rule set through the past – it can show how rules would have behaved back then, and it says nothing about the future. Real execution, spreads and the timing of your release lead to deviations. Past performance is not an indicator of future results. We have been trading this system on our own live accounts since September 2024 and have not changed it since – so that period is not part of developing the rule set.
What hypothetical results cannot do
Simulated results do not represent actual trading. Because the trades were never executed, the calculation may have under- or over-compensated for the impact of real market conditions, such as a lack of liquidity. Every rule set is also designed with knowledge of the past. We make no promise with these figures that any account will achieve similar profits or losses.
One trading day
- 9:30 a.m. ETThe US markets open. Argon checks the rule set.
- about 1 hourThe calculation is done: strikes, premium and risk worked out in full.
- a few clicksYou release it – the order goes to your TWS. Nothing happens without you.
- Market closeThe option expires the same day. No position held overnight.
From the calculation to your release takes a few minutes. After that the trade runs without you until the close.
How it worksHow it worksHow it worksSize XL · How it works
Rules instead of gut feelingRules instead of gut feelingRules instead of gut feelingSize XL – rules instead of gut feeling
A 0DTE strategy on the SPY: shortly after the open Argon checks the rule set, works the trade out in full and puts it in front of you. You release it – in size S with up to 2 contracts per trading day.
One underlying, no searching
Only the SPY is traded – the most heavily traded ETF on the S&P 500, with correspondingly tight spreads in the option chain.
Done the same day
0DTE means the option expires on the day it is set up. You carry no overnight risk and no opening gap.
Robust across the years
Since daily-expiring 0DTE options were introduced, the strategy has held up equally well every year, with high win rates.
Volume in size S
Up to 2 contracts per trading day. You pick the tier by your trading volume – it changes nothing about the rule set.
The same rule set as in size S – same underlying, same timing, same sequence. What changes is the volume: up to 5 contracts per trading day.
One underlying, no searching
Only the SPY is traded – the most heavily traded ETF on the S&P 500, with correspondingly tight spreads in the option chain.
Done the same day
0DTE means the option expires on the day it is set up. You carry no overnight risk and no opening gap.
Robust across the years
Since daily-expiring 0DTE options were introduced, the strategy has held up equally well every year, with high win rates.
Volume in size M
Up to 5 contracts per trading day – and a lower price per contract than in size S.
The same rule set as in sizes S and M – with the largest standard volume: up to 12 contracts per trading day.
One underlying, no searching
Only the SPY is traded – the most heavily traded ETF on the S&P 500, with correspondingly tight spreads in the option chain.
Done the same day
0DTE means the option expires on the day it is set up. You carry no overnight risk and no opening gap.
Robust across the years
Since daily-expiring 0DTE options were introduced, the strategy has held up equally well every year, with high win rates.
Volume in size L
Up to 12 contracts per trading day – the lowest price per contract of the three standard tiers.
Above 12 contracts per trading day there is no standardised product any more. The rule set stays unchanged – we agree volume and framework together.
Same rule set
Underlying, timing, sequence and release by click – size changes none of it.
Tailored in conversation
We agree the number of contracts and the risk framework with you, to your specifications.
No standard price
XL is not a standardised product. We discuss the terms directly – write to us briefly about what you have in mind.
Done the same day
In XL too it stays 0DTE: set up after the open, expired the same day.
On video
One trading day, from the open to expiry
How Argon checks the rule set, sets the trade up and puts it in front of you for release – played through once in full, so that you know before subscribing what to expect each day.
Recorded with real market data. The values shown are examples, not a recommendation and not a promise of future results.
Which size do you choose?
One strategy, four sizes
| Size S | Size M | Size L | Size XL | |
|---|---|---|---|---|
| Underlying | SPY | SPY | SPY | SPY |
| contracts max. per trading day | 2 | 5 | 12 | individual |
| Expiry | 0DTE | 0DTE | 0DTE | 0DTE |
| Price per month | $49 | $99 | $199 | on request |
| Price per year | $490 | $990 | $1,990 | on request |
| Account size* | from $7,000 | from $35,000 | from $84,000 | in conversation |
The number means contracts per trading day – one trade at the open, expired the same day. Tap a size and the whole page adjusts to it.
* Minimum for one contract, calculated with roughly $7,000 margin per SPY contract; anyone trading two contracts in size S needs twice that. Your broker's individual margin requirements may be higher.
Requirements
What you need
Lab of Trades runs on your computer and on your own broker account. Check these four points before you start – the video walks you through the setup in three minutes.
A computer running Windows, Mac or Linux
You install Lab of Trades on it like any other program.
A broker account with the Trader Workstation (TWS) and options trading enabled
With Interactive Brokers or one of its resellers.
API access enabled in the TWS
A checkbox in the Trader Workstation settings. The video shows where to find it.
During trading hours: computer on, TWS and Lab of Trades open
Without a running TWS the software cannot build an order. This also applies with Remote Control: it connects to exactly this computer.
More step-by-step guides are on the tutorials page.
For the Opening Put, you also need
- A few minutes between 10:20 and 10:40 a.m. Eastern Time – that is when the proposal is ready, and the release is up to you
Price
0DTE Opening Put
Choose your size
You pick the size yourself – by your trading volume. Rule set, underlying and sequence are identical in every tier; the only thing that changes is how many contracts can be set up per trading day. Every size is available monthly or yearly – twelve months for the price of ten.
Available in the European Economic Area, Switzerland and the United States. Availability by country
Size S
up to 2 contracts
$49
per month · cancel monthly
- max. 2 contracts per trading day
- Underlying SPY, 0DTE
- Proposal at the open, release by click
- Lab of Trades app included
Size M
up to 5 contracts
$99
per month · cancel monthly
- max. 5 contracts per trading day
- Underlying SPY, 0DTE
- Proposal at the open, release by click
- Lab of Trades app included
Size L
up to 12 contracts
$199
per month · cancel monthly
- max. 12 contracts per trading day
- Underlying SPY, 0DTE
- Proposal at the open, release by click
- Lab of Trades app included
More than 12 contracts? Ask about XL.
Beyond a certain size no standardised product fits any more. We then agree the number of contracts and the risk framework with you – the rule set stays the same. Write to us briefly about what you have in mind.
The accessory · Remote Control
Start and stop without sitting at your computer
The Opening Put signal is ready about an hour after the US open – and you have no computer to hand to release the trade? No problem: with Remote Control you steer your Lab of Trades from wherever you are, by smartphone.
Remote Control is the add-on to a booked Argon trading system – for an even simpler transfer of positions to the TWS. Your computer with Lab of Trades and the TWS keeps running: Remote Control connects to it and releases the trade under the conditions set there.
$9 per month · or $90 per year
Next step
One rule set, three sizes. Choose your plan.
The same 0DTE trade at the US open in every size – what changes is the number of contracts per trading day. You choose by your trading volume, monthly or annual.
- Size S2 contractsper trading day
- Size M5 contractsper trading day
- Size L12 contractsper trading day
Does the strategy trade for me on its own?
No – deliberately not. Argon checks the rule set and prepares the trade in full; you give the release manually yourself. Nothing is executed without you.
What does 0DTE mean?
„Zero days to expiration“ – the option expires on the same trading day it is set up. That means the trade is done by the evening: no position overnight, no opening gap the next day. In return, everything plays out within a few hours – time value decays very quickly in that window.
What separates sizes S, M, L and XL?
Only the maximum number of tradeable contracts. Rule set, underlying and timing are identical in every tier; size caps the contracts per trading day at 2, 5 or 12. XL sits above that and is tailored individually. You pick the tier by your trading volume.
Where do the backtest figures come from?
From an Option Omega export covering the entire calculated period: 6 January 2023 to 4 August 2026, 476 trades, underlying SPY, one contract on $10,000 starting capital, fees included. We recalculated every figure shown here from the trade log before it went on this page. A backtest shows how a rule set would have behaved in the past and is no guarantee of future developments. We trade the system ourselves on live accounts, unchanged, since September 2024.
What happens if the put expires in the money?
Then it is assigned: 100 SPY shares per contract are booked into your account and you close the position yourself on the next trading day. Over the calculated period this affected 23 of 476 trades, just under five per cent. That is the difference between an ETF like SPY and an index like SPX, which is cash-settled – and the reason your account needs a little headroom.
Do I need options permission?
Yes. Options trading is applied for separately with your broker and is not automatically part of a securities account. Best to sort it out before subscribing – processing takes a few days, depending on the broker.
Do I have to be at my computer at 9:30 a.m. ET?
No – whether a trade is valid is only calculated about an hour after the US cash open. You have to release the trade manually between 10:20 and 10:40 a.m. Eastern Time. For that you need to be at your computer briefly, or use the optional Remote Control for your smartphone.
What is the difference to Smart Entry Options?
Smart Entry is a tool: you decide what you want to trade, and Smart Entry sets the order up in the TWS – with stop and target in one step. The Opening Put is a strategy: here the proposal comes out of a fixed rule set. The two combine, and you trigger both manually yourself.
Which broker do I need?
Argon works together with the Trader Workstation (TWS) – that is where your prepared orders land for release. It works with any broker through which you use the TWS: Interactive Brokers itself as well as brokers that build on the TWS.
How long am I tied in?
You can subscribe monthly and cancel monthly – directly in your customer account. Alternatively there is the yearly subscription: twelve months for the price of ten.
Is this investment advice?
No. Argon is a technical tool with a fixed rule set – it knows neither your personal situation nor does it make recommendations for you. You take the decision on every order.
Important notice: historical performance and backtest results are not a reliable indicator of future results. Trading options carries substantial risks, including the loss of the capital deployed.