Dealer Gamma Exposure (GEX) Playbook
Market makers must continuously hedge their options inventory to remain delta-neutral. When dealers are Long Gamma (+GEX), their hedging suppresses volatility; when they are Short Gamma (-GEX), their hedging accelerates market momentum. Here is the exact institutional playbook to align your trades with dealer flow.
1. First Principles: The Dealer Hedging Mechanism
Market makers are non-directional liquidity providers. When public traders buy calls or puts, market makers take the opposing side. To eliminate directional risk, dealers continuously buy or sell underlying futures or shares as the market moves. Their hedging activity dictates whether the market trends violently or compresses into a tight range.
Positive Gamma (+GEX)
VOLATILITY INSULATOR- Dealer Positioning: Market makers are LONG GAMMA (+Γ).
- Dealer Action on Rallies: Dealers MUST SELL index futures as SPX rises to shed long delta. This caps upside velocity!
- Dealer Action on Dips: Dealers MUST BUY index futures as SPX drops to add long delta. This cushions every pullback!
- Market Behavior: Mean-reverting, chopping, tight trading ranges, pinning near absolute gamma magnets.
- Implied Volatility: IV crushes; realized volatility is lower than expected.
Negative Gamma (-GEX)
VOLATILITY ACCELERATOR- Dealer Positioning: Market makers are SHORT GAMMA (-Γ).
- Dealer Action on Drops: Dealers MUST SELL index futures into falling markets. Selling creates more selling (gamma waterfalls)!
- Dealer Action on Rallies: Dealers MUST BUY index futures into rallies, creating explosive short-covering squeezes.
- Market Behavior: Wide trending moves, support levels shatter easily, frequent large gaps, large intra-day ranges.
- Implied Volatility: IV expands rapidly; VIX spikes; realized moves exceed 1σ bounds.
2. Deep Dive: Why Bear Put Spreads Win in -GEX & Why Bull Call Spreads Get Trapped in +GEX
A common intuition among traders is: "In high +GEX, trade Bull Call Spreads; in high -GEX, trade Bear Put Spreads." Here is why one is an institutional edge while the other is a frequent retail trap.
High -GEX + Bear Put Spread
In negative gamma, dealer hedging is an accelerant. When institutional investors buy protective puts, market makers must short futures. As the market drops, dealer delta expands, forcing them to short even more.
- Fixed Downside Risk: You pay a capped net debit. If the market experiences an erratic dead-cat bounce or violent VIX whipsaw, you cannot lose more than the debit.
- Positive Vega & Delta Confluence: Downward velocity is accompanied by rising IV, which swells the value of your debit spread faster than normal linear delta.
- Support Failure: Put walls fail to hold in -GEX; price easily punches through to lower liquidity pockets.
High +GEX + Outright Bull Call Spread
Traders see a "green" high +GEX market and buy call debit spreads expecting an explosive rally. But +GEX acts as a governor / brake on upward movement.
- The Call Wall Ceiling: As SPX approaches the Call Wall, dealers must aggressively sell futures to stay neutral. Rallies lose steam and stall right before max profit is achieved.
- The Theta & IV Crush Drag: In +GEX, IV is constantly bleeding lower. Time decay eats your long call before the index can grind high enough.
- The Better Alternative: Sell Bull Put Credit Spreads below the Put Wall (where dealer buying protects you) or deploy a Call Broken Wing Butterfly (BWB) for a net credit!
GEX Trade Selection Cheat Sheet: What to Trade vs. What to Cross Out
Institutional dealer inventory hedging dictates which options structures enjoy statistical edge versus which structures face severe headwinds. Never trade against dealer inventory flow.
Positive Gamma (+GEX)
VOLATILITY INSULATOR- Call Broken Wing Butterfly (BWB): Peak profit tent at Call Wall; opened for net credit ($0 downside risk).
- Bull Put Credit Spread: Sold strictly below Put Wall; protected by dealer dip-buying trampoline.
- Wide 0DTE Iron Condor: Wings anchored outside Call & Put Walls for double-sided theta decay.
- Bull Call Debit Spread: Trapped by dealer counter-selling into Call Wall ceiling while relentless IV crush drains long call premium.
Negative Gamma (-GEX)
VOLATILITY ACCELERATOR- Bear Put Debit Spread (30–35Δ / 15–20Δ): Rides institutional dealer liquidation cascades with strictly capped risk and positive vega tailwinds.
- Long Protective Puts / Tail Hedges: Explosive delta and vega expansion during waterfall declines.
- Iron Condor: Extreme Blowout Risk — Support walls shatter in -GEX; exploding volatility blows through short wings.
- Put Credit Spread: High Loss Risk — Dealer forced selling easily punches through Put Wall support; short puts suffer catastrophic delta expansion.
- Naked Put Selling: Catastrophic Risk — Uncapped tail risk during self-reinforcing liquidation cascades.
4. Overnight & Over-the-Weekend Playbook: Broken Wing Butterflies & 1x2 Put Ratio Backspreads
Harvesting 16–64 hours of non-trading decay with asymmetric adverse immunity: +GEX compression vs. -GEX Black Swan crash runners.
Can Broken Wings Be Credit Trades? Yes — That Is Their Primary Advantage!
CREDIT OPTIMIZATIONA standard symmetrical butterfly (e.g., 20 pt lower / 20 pt upper) is always a debit because you pay full price for two protective wings. A Broken Wing Butterfly (BWB) was specifically engineered to turn butterflies into NET CREDIT trades by making the outer protective wing wider:
Overnight Call BWB (The +GEX Grinder)
ZERO DOWNSIDE RISKBest deployed when SPX is in Positive Gamma with a neutral-to-mild bullish drift into the overhead Call Wall.
- Structure: Buy 1x lower Call, Sell 2x Call Wall Calls, Buy 1x upper Call with a wider broken wing (e.g. 20 pt lower / 30 pt upper).
- Net Cost: Opened for a net credit or negligible debit.
- Downside Immunity: If ES futures drop overnight or open flat, all calls expire worthless. You keep 100% of the credit ($0 downside risk).
- Sweet Spot: Overnight drift pins into the Call Wall, opening at 9:30 AM inside the peak profit tent as overnight theta collapses.
Overnight Put BWB (The Dip Absorber / "Rhino")
ZERO UPSIDE RISKBest deployed when SPX is in Positive Gamma and hovering near high resistance, setting up for a mild overnight pullback into Put Wall support.
- Structure: Buy 1x near-ATM Put, Sell 2x Put Wall Puts, Buy 1x lower Put with a wider broken wing.
- Net Cost: Opened for a net credit or negligible debit.
- Upside Immunity: If market gaps up overnight or stays flat, all puts expire worthless. Zero upside risk.
- Sweet Spot: Overnight pullback lands on Put Wall support, where dealer positive gamma buying cushions the drop and delivers peak tent payoff.
The 4 Inviolable Rules for Overnight Broken Wing Butterflies
Strictly PROHIBITED in -GEX. Negative dealer gamma triggers self-reinforcing overnight selling waterfalls that gap completely through the tent into the broken wing.
Never hold overnight if the following morning features Tier-1 pre-market data: CPI, PPI, NFP Jobs, or FOMC days. These cause instant 1.5%–2% gaps beyond the wings.
Entry: 3:35 PM – 3:55 PM ET (avoids afternoon trend runs).
Exit: 9:30 AM – 10:15 AM ET. Lock in overnight theta collapse (aim for 25%–40% of max tent profit); do not hold to 4 PM cash close.
Keep max risk under 3%–4% of capital ($750–$950). Structure 15–20 pt lower wings with 25–30 pt upper wings. Trade strictly 1 contract until account scales beyond $50K.
| Strategy Setup | Adverse Side Risk | Overnight Theta Burn | Recommended Regime | Optimal Holding Window |
|---|---|---|---|---|
| Overnight Call BWB (1DTE) | $0 / Keep Credit (Downside Immune) | Very High (16h overnight burn) | POSITIVE GAMMA ONLY | 3:45 PM ET ➔ 9:45 AM ET |
| Overnight Put BWB (1DTE) | $0 / Keep Credit (Upside Immune) | Very High (16h overnight burn) | POSITIVE GAMMA ONLY | 3:45 PM ET ➔ 9:45 AM ET |
| Overnight Iron Condor | High (Dual-Wing Gap Threat) | Moderate (Vulnerable to IV spike) | Low Vol / Summer Only | 3:45 PM ET ➔ 11:00 AM ET |
| Overnight / Weekend 1x2 Put Backspread (1DTE–3DTE) | $0 / Keep Credit (Upside Immune) | Low-Mid (Uncapped Downside Gamma & +Vega) | -GEX OR WEEKEND TAIL HEDGE | Fri 3:45 PM ET ➔ Mon 9:45 AM ET |
How to Choose: Call BWB vs. Put BWB (The 4-Pillar Decision Framework)
A systematic checklist to determine whether to deploy a Call or Put Broken Wing Butterfly at 3:45 PM.
Fear a gap up/squeeze? ➔ PUT BWB ($0 upside risk).
At Put Wall Support or deep put skew ➔ PUT BWB.
Pillar 1: The "Overnight Tail Fear" Test
The foundational beauty of a Broken Wing Butterfly opened for a net credit is that one entire direction is 100% risk-free. Choose the wing that immunizes the scenario you fear most:
- Fear an Overnight Geopolitical / Europe Panic Gap Down? Deploy a Call BWB. If SPX drops 100 points overnight, every call expires worthless. You lose $0 and keep your collected credit.
- Fear an Overnight Tech Earnings Rally / Squeeze? Deploy a Put BWB. If SPX gaps up 100 points, every put expires worthless. You lose $0 and keep your collected credit.
Pillar 2: Wall Geometry & Volatility Skew
Institutional dealer flows and option volatility skew tilt the probabilities:
- The Call Wall Pin Grinder: If SPX is grinding 10–25 points below the Call Wall, overnight ES futures drift naturally pulls the index into the Call Wall pin. Placing the 2x short tent at the Call Wall captures maximum theta decay at open.
- The Put Skew Credit Advantage: SPX index options have steep put skew (OTM puts are more expensive than calls). Selling 2x short puts near the Put Wall easily collects a +$0.05 to +$0.50 net credit with balanced wings.
- Overbought / Ceiling Rejection: If SPX is stalled directly at the Call Wall into 3:50 PM, a Put BWB acts as a "Rhino dip absorber" to catch overnight profit-taking pullbacks.
The Borderline / Zero-Gamma Flip-Flop Regime (Oscillating ±GEX)
How to trade when Total Net GEX flips between mild positive and mild negative (±$75M) with low VIX (<18).
When SPX spot price hovers in the corridor between the Put Wall (e.g., 7,600) and the Call Wall / Pin Strike (e.g., 7,650) while aggregate Call GEX and Put GEX are closely matched, Total Net GEX fluctuates within ±$50M–$75M. Small intraday ticks trigger algorithmic regime badge flips from green to red.
0DTE gamma is razor-sharp. Because dealer hedging lacks a strong directional anchor at the zero line, midday 10–15pt whipsaws cause rapid delta spikes, triggering false breakouts and stopouts on symmetrical iron condors.
Multi-day Credit Broken Wings solve the zero-GEX dilemma through massive upfront cash credits ($500–$990) and complete adverse immunity: Call CBWs have zero downside risk, while Put PBWs have zero upside risk.
- Setup: If spot is trading below the Call Wall (e.g. at 7,642 with Call Wall at 7,650), anchor the 2x short tent right at the Call Wall.
- Zero Downside Risk: If the negative gamma tilt triggers an overnight selloff, you lose $0 and pocket the entire $700–$990 cash credit.
- Pin Sweet Spot: If spot stabilizes and drifts toward the 7,650 pin strike, peak tent profit expands to $1,700–$1,990.
- Setup: If spot drops toward the Put Wall support (e.g., 7,600–7,615), deploy the Put Broken Wing ("Rhino").
- Zero Upside Risk: If dealers or short covering triggers an overnight gap rally, you lose $0 and pocket the entire $470–$520 cash credit.
- Dip Absorption: If spot pulls back into the Put Wall, positive gamma counter-buying cushions the drop, delivering peak profit tent payoff.
The Afternoon Pinning Window (1:30 PM – 3:05 PM ET) & The 3:15 PM Hard Exit Protocol
Understanding how dealer gamma pinning generates profits in the afternoon, and why holding past 3:15 PM ET is a mathematical trap.
When Does the Pin Actually "Work"?
1:30 – 3:05 PM ETThe "pin" is not an instantaneous 4:00 PM settlement trick; it is a continuous gravitational pull driven by dealer gamma hedging throughout the afternoon:
- Exponential Gamma Concentration: Gamma on near-the-money options scales as Γ ∝ 1 / (σ S √T). As T → 0 in the afternoon, dealer gamma hedging becomes hyper-responsive.
- The Dealer Hedging Dampener: In positive GEX, dealers must sell rallies and buy dips. This counter-trend hedging mechanically suppresses realized volatility ($RV$) and pulls the index into a tight 5–10 point channel around the primary magnet strike.
- The Meat of the Decay (1:30 – 3:05 PM): Because price is pinned, outer strikes collapse in value. By 3:05 PM, credit wings placed outside the pin strike have already lost 75% to 90%+ of their maximum extrinsic value.
Why We NEVER Hold to the 4:00 PM Close
DANGER ZONE: 3:15–4:00 PMTraders who hold past 3:15 PM to capture the "last nickel" of premium face an asymmetric, negative-EV trap:
- The 3:30 PM+ MOC Imbalance Threat: Institutional desks submit massive Market-On-Close (MOC) program orders ($2B–$5B) starting at 3:30 PM. These passive liquidity waves easily overwhelm dealer gamma, shattering the pin in seconds.
- Inverted Risk/Reward Ratio: You are risking $5.00 to $10.00+ of downside on an unpinned breakout just to squeeze out the final $0.15 to $0.25 of premium.
- Hyper-Explosive Delta: With minutes remaining, delta behaves like an on/off switch. An unexpected 10-point index flush will flip a 0.05 delta short wing into an 0.85 delta runaway loss in 60 seconds.
4.5 Overnight & Over-The-Weekend 1x2 Put Ratio Backspread (The Black Swan Runner)
Asymmetric crash protection & negative gamma runner: Zero upside risk ($0.00 loss if market rallies or stays flat) with uncapped explosive downside payoff if a weekend catalyst breaks out.
The Weekend Dilemma: Put BWB ("Rhino") vs. 1x2 Put Ratio Backspread
WEEKEND TAIL SELECTIONTraders frequently ask: "Can I hold a Put Broken Wing Butterfly over the weekend?" While a Put BWB thrives on gentle, dealer-cushioned pullbacks in Positive Gamma (+GEX), it carries a dangerous broken downside wing. If a weekend geopolitical shock or Sunday night futures cascade causes a 2% to 4% crash, a Put BWB sustains maximum loss. The 1x2 Put Ratio Backspread solves this exact vulnerability:
- Structure: +1 ATM Put / -2 Put Wall Puts / +1 OTM Wing.
- Net Cash: Small Net Credit ($0.20–$1.50).
- Flat / Rally: $0.00 Risk (Keeps upfront credit).
- Mild Pullback: MAX PROFIT at 2x short tent (Put Wall).
- Weekend Crash (>2.5%): MAX LOSS on lower broken wing.
- Structure: Sell 1x NTM Put / Buy 2x OTM Puts.
- Net Cash: Opened for Net Credit (+$0.10 to +$0.50) or zero debit.
- Flat / Rally: $0.00 Loss Confirmed (Puts expire; keep credit).
- The "Valley of Death": Capped loss if spot pins right at the long strike.
- Weekend Crash (>2.0%): UNCAPPED CONVEX GAINS (+1 net long put explodes!).
- +Vega Surge (+2.50 to +4.00 Vega): You are net long 1 option contract (+2 long puts vs -1 short put). If weekend panic strikes, IV spikes (+5 to +10 pts on VIX). The long puts swell in value immediately at Monday open, offsetting any theta decay.
- +Gamma Acceleration: In -GEX, dealers sell futures as prices drop. Your net position has positive gamma (+0.003 to +0.005), meaning your negative delta mechanically expands from -0.25 to -0.80 without risking additional capital.
- Controlled Theta Burn: Selling the higher-priced near-ATM short put offsets up to 60% of the daily theta cost of the two long puts.
5. The Complete GEX Strategy Matrix
Filter by regime to view exact strike selection rules and execution protocols.
Bull Put Credit Spread (Below GEX Put Wall)
Why it works: In positive gamma, dealers are forced to buy dips. When you sell a put spread strictly below the Put Wall, market makers' hedging flow acts as an institutional barrier insulating your short put strike from being breached.
Bear Put Debit Spread (Momentum Downside)
Why it works: When spot falls below the Zero Gamma flip point, dealers are forced to sell futures on down moves. Buying a debit spread allows you to participate in explosive downside moves while completely capping your maximum risk to the debit paid.
Call Broken Wing Butterfly (Peak Tent at Dominant Call Wall)
Why it works: Anchors the center tent (-2x Short Calls) directly on the dominant T+1 / T+0 Call Wall (the largest positive gamma concentration). Opened for a strict net credit ($0.30–$0.60 on XSP/QQQ, $1.00+ on SPX). If the market sells off or crashes, you face zero downside risk—all calls expire worthless and you retain 100% of the cash credit! If spot pins the Call Wall, you collect the maximum tent payout ($2.00–$2.50+).
Put Broken Wing Butterfly (Peak Tent at Dominant Put Wall)
Why it works: Anchors the center tent (-2x Short Puts) directly on the dominant T+1 / T+0 Put Wall support floor in positive gamma. Opened for a strict net credit ($0.30–$0.60 on XSP/QQQ). If the market rallies or gaps up, you face zero upside risk—all puts expire worthless and you keep 100% of the cash credit. If spot tests and pins the Put Wall, you collect the maximum tent payout.
GEX Pin Magnet Iron Butterfly (Wide-Tent 4.0pt Credit Structure)
Why it works: Deployed in the afternoon window (1:30 PM – 2:55 PM ET) when dealer gamma concentrations create an exponential gravitational pull toward the Pin Magnet. Sells the ATM straddle and buys 4.0pt OTM wings to collect +$1.50 to +$2.50 upfront net credit with zero intrinsic value drag.
High-Probability Iron Condor (Outside Both GEX Walls)
Why it works: Positive gamma creates a "cage" between the Put Wall and Call Wall. By placing both short wings beyond these walls and outside the 1.0σ Expected Move, you collect rapid double-sided theta decay as the market chops.
Mean-Reversion Call Debit Spread (Only at Put Wall in +GEX)
When a Call Debit Spread DOES Work in +GEX: If and only if SPX dips intraday to test the Put Wall while the broader tape remains in positive gamma. Because dealers buy this floor, you can purchase an ATM/slightly ITM call spread targeting a bounce back up to the Pin Magnet. You must take profit before the Call Wall is reached!
1x2 Put Ratio Backspread (Zero Upside Risk & Uncapped Downside Gamma)
Why it works: When spot breaches Zero Gamma or heading into a high-risk weekend, dealers cannot support the market. Sell 1x NTM Put and Buy 2x OTM Puts for a net credit. If the market stays flat or rallies, you keep the credit ($0 upside risk). If a severe air pocket or weekend crash occurs, your net +1 long put delivers explosive, uncapped profits as dealer selling feeds the decline.
6. Key Level Execution Rules
Acts as the institutional ceiling in +GEX. Dealers sell futures into this strike.
Action: Fade upward breakouts, take profit on long call spreads, or deploy Bear Call Spreads above this level.
In +GEX, acts as a trampoline floor (dealers buy dips). Sell put spreads below it.
In -GEX, the wall shatters easily and becomes a resistance barrier.
The regime boundary. Above this strike is the calm insulator zone; below is the high-volatility accelerator zone. Avoid new range trades when spot trades within 0.2% of this level.
The strike with the highest absolute gamma concentration. Especially into 14:00–16:00 ET, index price gravitates toward this level. Excellent center strike for Pin Butterflies and Iron Butterflies.
7. 5 Golden Rules of GEX-Aligned Trading
- Never Sell Naked Puts in Negative Gamma (-GEX): When dealers are short gamma, support levels do not exist. Downward cascades will blow past standard standard-deviation cushions.
- Do Not Buy OTM Call Debit Spreads in High Positive Gamma (+GEX): Dealer counter-selling at the Call Wall will cap upside velocity while volatility crush burns your debit.
- Place Short Credit Wings Strictly Beyond GEX Walls: Your short put must sit at or below the Put Wall; your short call must sit at or above the Call Wall.
- Watch the 14:00 ET Magnet Pull: As 0DTE options decay toward zero after 2:00 PM ET, gamma concentrates exponentially around the Pin Magnet strike. Target mean-reversion toward the magnet into the close.
- Always Verify with Real-Time Market Data: Dealers re-hedge continuously throughout the session. Check the Gamma Map and Morning Post snapshot before initiating any trade.
8. Systematic Stop Loss & Trade Defense Protocols (The 3-Layer Sentinel System)
How our automated ThinkorSwim Sentinels identify when to stop loss: Structural Thesis Invalidation, Moving Ratchets, and Hard Capital Governance.
Layer 1: Structural Thesis Stop
LEADING INDICATORExit before big dollar losses happen: If the institutional GEX condition that justified entering the trade is invalidated, scratch immediately at current mid mark:
- Adverse Wall Migration (CBW/CCS): Spot climbs above the Call Wall, or Call Wall shifts downward below spot. Ceiling inverted to support ➔ Scratch immediately.
- Adverse Wall Migration (PBW/PCS): Spot breaks below Put Wall, or Put Wall rolls down. Support floor shattered ➔ Scratch immediately.
- Adverse Pin Migration (PIN_FLY): GEX Pin Magnet shifts > 2.5 pts (XSP/QQQ) or Net GEX flips negative ➔ Scratch to salvage debit.
- Regime Invalidation (BPD): Net GEX flips positive (≥ +$1.50B) ➔ Downside cascade ended; exit immediately.
Layer 2: Moving Stop Loss Ratchets
GAIN PROTECTIONA winner is never allowed to become a loser: Stops automatically ratchet behind favorable market price movements:
- Break-Even Ratchet (+30% Profit on Credit): Once mark drops by 30% from entry credit, stop moves to Break-Even ($0.00 loss).
- Stage 1 Ratchet (+40% to +50% on Debit): Stop moves to Break-Even.
- Stage 2 Ratchet (+60% to +75% on Debit): Stop locks in +30% to +35% net profit.
- 25% Trailing Stop: Once past +50% gain, any 25% pullback from peak mark triggers instant trailing close.
Layer 3: Hard Mathematical Ceiling
LAST LINE OF DEFENSEFixed broker guardrails that override all indicators: Dispatched via Schwab Adaptive Order Pacer:
- 1.50x Mark Expansion (Credit): Stop triggers if combo mark expands to ≥ 1.50x entry credit (e.g. $0.35 credit ➔ Stop at $0.52 mark).
- 50% Debit Floor (Debit): Stop triggers if mark drops to 50% of initial debit paid.
- Hard Dollar Cap: Hard cap at -$50.00/contract (QQQ) and -$65.00/contract (XSP).
- Mandatory 15:55 ET Hard Flatten: Closes all open 0DTE/intraday trades 5 min before the bell.
| Strategy | Anchor Landmark | Horizon | Profit Target | Moving Ratchet | Structural Invalidation Stop | Hard Mark Stop | Hard Dollar Cap |
|---|---|---|---|---|---|---|---|
| CBW | Dominant T+1 Call Wall | 1DTE (Primary) | 50% Credit | Move to BE at +30% profit | Spot > CW + 1.0 pt | Mark ≥ 1.50x credit | -$65 (XSP) / -$50 (QQQ) |
| PBW | Dominant T+1 Put Wall | 1DTE (Primary) | 50% Credit | Move to BE at +30% profit | Spot < PW - 1.0 pt | Mark ≥ 1.50x credit | -$65 (XSP) / -$50 (QQQ) |
| PIN_FLY | 0DTE Pin Magnet | 0DTE (1:30–3:15 PM) | 3.0x Debit / 14:30 2x Harvest | BE at +50%, Lock +35% at +75% | Pin shifts > 2.5 pts / GEX < 0 | Mark ≤ 0.50x debit | -$40 (XSP) / -$35 (QQQ) |
| BPD | ATM Put / Put Wall | 0DTE to 2DTE | 2.5x Debit / 14:30 1.75x Harvest | BE at +40%, Lock +30% at +60% | Net GEX flips ≥ +$1.50B | Mark ≤ 0.50x debit | -$50 (XSP) / -$50 (QQQ) |
| PCS | T+0 / T+1 Put Wall | 0DTE or 1DTE | 50% Credit | Move to BE at +30% profit | Spot < PW / -GEX Flip | Mark ≥ 1.50x credit | -$65 (XSP) / -$50 (QQQ) |
| CCS | T+0 / T+1 Call Wall | 0DTE or 1DTE | 50% Credit | Move to BE at +30% profit | Spot > CW | Mark ≥ 1.50x credit | -$65 (XSP) / -$50 (QQQ) |