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The 0DTE Mood Dashboard is an open-source TOS indicator that I initially created as part of the TastyTrade Options Facebook Group. The new improved version of the indicator Binary Options was created by Jody Miller, a member of the same TastyTrade Options Facebook Group.
You can't drive a car without a dashboard. The same goes for trading. You need some type of dashboard that can give you in real time an indication of whether the asset is bullish, bearish, or sideways.
The dashboard is composed of several labels including SPX percent change, sector pull, TIKSP, VOL, ADSPD, Stage, Mood, Recommendation, and potential trade that has a high probability of success.
Note: Binary Options This is an open-source initiative. Please use it at your own risk. I am not responsible for any damages.
TOS Indicators:
Intraday Mood Indicator"
0DTE Options Trading.
Entry Criteria.
Use the 0DTE to 5 DTEs Intraday Mood Dashboard as an odds enhancer to sell options on SPX that expire the same day or 5 trading days in the future. The dashboard gives you a potential trade that has a high probability of success.
If you get a signal to sell a PUT spread, you have 2 options:
Either sell a PUT spread. Or, Sell an Iron Condor that is more on the bullish side. For example, sell a higher delta on the PUT side and sell a lower delta on the CALL side to collect more premium.
If you get a signal to sell a CALL spread, you have 2 options:
Either sell a CALL spread. Or, Sell an Iron Condor that is more on the bearish side. For example, sell a higher delta on the CALL side and sell a lower delta on the PUT side to collect more premium.
Stop Loss.
Many traders ignore risk management and they end up wiping their accounts. Trading is simple risk management and without it, you are guaranteed to lose everything at some point. Some traders use a 2X stop loss (that's 3X the initial credit collected on the short strike).
Target Profit.
Let everything expire worthless. This follows the model of Set it and Forget it. You don't need to manage the trade manually. Let the market take out when the trade goes against you.
My Favorite Trading Plans.
In addition to the 0DTE Mood Dashboard based trading plan, I have 5 additional favorite trading plans that I follow frequently. For example, I trade the 0DTE SPX Iron Fly using the Iron Fly trading plan (aka JOIF) for the first 2 hours. After the first 2 hours of trading, I am out (win or loss), and I initiate the 0DTE Iron Condor using the 0DTE Mood based trading plan. Here is a link to my 6 favorite trading plans: Trading Plans.
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