SPX 0DTE Iron Condor Strategy Backtest 📊

I've been backtesting an SPX 0DTE iron condor strategy and wanted to share some research results in this quick video.

This specific test opens trades daily at 2pm ET using Delta 15 for the short strikes and a 10-point wide spread—going all the way back to May 2022 when SPX 0DTE became available every trading day.

Initially, without any stop loss or management, we saw an 80% win rate… but the P&L curve was a mess. The average winner was just $153 💰, while the average loser came in at $565 💸. High win rate, poor risk-reward.

But by simply adding a 100% stop loss to the same setup, the results improved dramatically:

Average winner: $158 💰

Average loser: $172 💸

Win rate: 60%

Max drawdown: Reduced from 14% ➜ 4.5%

Same setup. Better balance. Much smoother equity curve.

🧪 All backtesting was done using Option Omega — use code SMOT for 50% off if you want to test your own 0DTE strategies.
Here's the link: https://optionomega.com

Let me know your thoughts in the comments!