🔥SPX Broken Wing Butterfly: The Strategy Behind My 83% Win Rate

A Broken Wing Butterfly on SPX, actively traded in my account since October 2021.

📊 83% win rate · 💰 Avg $1,090 profit per trade · 📈 ~15% monthly return · 🔄 3 open positions simultaneously

🔒 This course is available exclusively to Annual Trading Community members; not sold separately.

To access the full strategy framework, live trade signals, and the Discord trading room, choose your path:

👉 Start with the 7-day free trial ($59/mo after trial). Follow live SPX Best trades in the Trading Room before committing to the full course. See every position I open in real time: entry, rationale, brokerage screenshots.

👉 Core Fund Strategies — $1,799/yr Includes the full SPX Best course + SPY Ride + VXX Short Call Vertical + 12 months Trading Room access. This is the recommended plan for traders who want to learn and trade all three core fund strategies.

👉 Full Access — $2,499/yr Every strategy course I've built + full Trading Room access. Nothing locked behind an upgrade.

SPX Best Options Strategy_course_updated.zip

Description

The SPX Best isn't a PDF you buy and read in a weekend. It's a discretionary strategy — which means the entry logic, strike selection, and adjustment decisions require market judgment that develops over time from watching real trades happen in real conditions.

That's why the course is only available inside the Trading Community. Members don't just get the strategy document — they get to follow every live trade I place using this strategy, with the full rationale posted in real time. That combination of structured education and live trade observation is what actually builds competence. A PDF alone doesn't.

What the SPX Best strategy is

The SPX Best uses a broken wing butterfly (BWB) structure on SPX put options. It is a non-directional, income-generating strategy that profits from two sources:

Theta decay — the position generates positive theta from day one. Time passing works in your favour.
IV contraction — the position is Vega negative. When implied volatility decreases after a spike, the position benefits.

The structure targets a wide price range where SPX can move — up, down, or sideways — while still delivering a profit. This is what "non-directional" means in practice: not that the market must stay flat, but that the position is built to profit across a broad range of market outcomes.

What makes it different from a standard butterfly:

A broken wing butterfly is asymmetric — the wings are not equal width. This creates a position with a credit at entry (you receive premium) and defined risk on one side only. The skewed structure allows for more aggressive theta collection while keeping the risk profile manageable and adjustable.

Minimum account size: $4,000 suggested. Typical capital allocated per position: ~$7,000.

Time commitment: 15–30 minutes per day to monitor. Adjustments average less than once per week outside of the final 30 DTE period.

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Strategy live performance (until Nov 25):

In 2021 (starting in October) and the difficult trading times of 2022, the trade produced 10 wins in 15 trades opened (70% win rate). Until Nov 25, the performance increased to 52 wins, over 63 trades opened (historically, is circa 83% win rate). Each positive trade delivered an average profit of $1090. Considering an average of $7000 investment per trade, the return is roughly 15% per month (each trade is opened about 1 to 1.5 months). Most of my Hedge Fund performance comes from this strategy! We have 3 open trades at a time under different time frames.

Check this CASE STUDY of a past real SPX Best trade.

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The SPX Best is the primary driver of my fund's overall performance. The full monthly fund record — going back to January 2022 — is publicly available on the Trading Account page. Every trade, every month.

→ View the complete performance record

What happens inside the course. The SPX Best course includes:

Strategy document (PDF) — the complete framework: how the BWB structure is constructed, how strikes are selected, what the adjustment rules are, and when and how to exit.
Risk profile walkthroughs — how to read the payoff diagram in thinkorswim, what the Greeks look like at entry and how they evolve through the trade, what delta targets to maintain.
Live trade access (Trading Community) — every SPX Best position I open is posted in the Discord trading room in real time: the strikes selected, the entry rationale, the payoff diagram, and the brokerage screenshot. You see exactly what I trade and why, the moment I trade it.
Trade posts with full adjustment history — after every adjustment and at close, a full trade post is published to the Community Center showing the cumulative P&L, each fill, and the reasoning behind every decision.

I am actively trading this strategy, which is delivering exceptional results. You can follow all my trades in the Trading Community, which also includes access to a live trading room (Discord Channel) where you can interact with me. The trades are announced there when I enter them into the trading platform.

This options management style can be implemented with a minimum suggested account value of USD4000.

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A real trade example

In November 2025 I opened an SPX Best position on 26 November, made one adjustment on 8 January 2026, and closed on 15 January 2026 with a $1,605 profit against a $1,500 target — in 50 days.

Every fill, every rationale, and every screenshot from that trade is documented in the case study post: → Read the full SPX Best trade case study

This is what members see for every trade — not in a case study written after the fact, but in real time as the trade is happening.

How to access the SPX Best strategy

Option 1 — Start with the free trial (lowest commitment)

The 7-day free trial gives you full Trading Room access — the Discord channel where every SPX Best position I open is posted live with full rationale. This is the best way to experience the strategy in action before deciding to commit to the full course.

After the trial: $59/month, cancel anytime.

👉 Start 7-day free trial No commitment. Full Trading Room access from day one.

Option 2 — Core Fund Strategies ($1,799/yr — recommended)

Includes everything in the free trial plus:

Full SPX Best strategy course document with entry rules + adjustment framework
SPY Ride strategy course
VXX Short Call Vertical strategy course
12 months of full Trading Room access, so you can learn from practice (real trading)

These are the three strategies I actively run in the fund. If you want to learn the SPX Best properly — not just follow the trades but understand the full framework — this is the right plan.

👉 Join Core Fund Strategies — $1,799/yr = $150/month equivalent · Save vs monthly plan

Option 3 — Full Access ($2,499/yr)

Every strategy course I've built — 13 in total — plus full Trading Room access for 12 months. Includes SPX Best, SPY Ride, VXX strategies, Iron Condor Pro, Volatility Surf, CROC Trade, Earnings strategies, and more.

👉 Get Full Access — $2,499/yr = $208/month equivalent · Complete toolkit, nothing held back

The strategy is live. The next trade is coming.

Every SPX Best position I open goes into the Trading Room the moment I place it — with the full rationale, the strikes, the payoff diagram, and the brokerage screenshot. The next trade will be there. So will every adjustment. So will the close.

The best way to learn this strategy is to watch it happen in real market conditions, alongside the community, with every decision explained as it's made.

👉 Start my 7-Day Free Trial Full Trading Room access · Live SPX Best trades · Weekly IV research · Cancel anytime

👉 Join Core Fund Strategies ($1,799/yr) Full SPX Best course + SPY Ride + VXX Short Call + 12 months Trading Room

Frequently asked questions

You’ve got questions. I’ve got answers.

In what market conditions is this strategy best used?

The SPX Best Strategy is best used in a high IV market environment or in a falling IV. This strategy uses a butterfly options strategy that is Vega negative and, hence, will benefit from a decreasing IV environment. But, I am using it at any given time.

What is the profitability of this strategy?

The average expected profit is about 10-15% per month. Nevertheless, the market may react negatively to the position and produce losses. In these cases, there are specific guidelines to have risk under control. The strategy was strongly positive in the last quarter of 2021 (in an increasing SPX) and in the first half of 2022 when the market moved down, the strategy is showing also strong positive results.

Do you offer trade signals of your trades?

Indeed! I am trading my own Hedge Fund, where I am using this strategy. Everyone who wants to access my trades can enroll in the trading community, where I am disclosing all fund trades in real-time through a Discord channel.

Do you provide trade resumes and explanations?

Indeed. All trading community subscribers will receive an explanation of each trade and the evolution of the adjustments made during the open trade period. This can be accessed via the community web post as well as by email when it is published.

Here you have an example:

Every post is composed of:

1. Trade rationale;
2. Screenshot of options structure risk profile from Thinkorswim platform;
3. Screenshot of "filled orders" tab from Thinkorswing platform;
4. Position status with all the adjustments performed on the trade for easier following and understanding of profitability;
3. Profit target at any given moment.

What if the market moves against the trade?

The market is unpredictable! Like in any other strategy, we need to understand the risks of each position. Therefore, we need to manage properly the risks involved and trade accordingly. There are no risk-free options strategies! The strategy has hedges that we can use to reduce its risk in case the market moves against it. This mainly is a non-directional income strategy that uses time decay (Theta management) and IV decrease to realize profits.

How often do you trade this strategy?

I open a new trade per month. Usually, I am having 2 trades at the same time with 2 different expirations. This is the trade I use the most in the investment fund.

How often do this trade needs adjustments?

This strategy is very stable and does not need too many adjustments. It will depend on SPX moves but, on average, less than one per week. Nevertheless, when the expiration approaches (below 30 DTE) it may need 2 adjustments per week. Under these circumstances, I will decide if it is better to continue and capture attractive Theta or close the trade. It will depend on the market status.

If I have questions, how can I clarify them?

If you subscribe to the trading community, you can easily use the Discord channel to enter your questions. Me or other community members will help you. Remember that you are not alone if you subscribe to myoptionsedge.com!

Or you can use my personal email with your questions and I am happy to answer: pedro.branco@myoptionsedge.com

Is this a difficult strategy to learn and trade?

No, it is not. The strategy description document will tell you exactly how to trade this strategy. Although it is not a simple options strategy because it uses several legs, it is straightforward.

After 3 or 4 trades, you should have learned its fundamentals and you can trade for your own if you have the confidence to do so. the goal is to maximize Theta and minimize Delta risk, according to market short-term expectations.

Can this strategy be applied to other indexes?

I did not test it in other assets than SPX. But, it certainly will do well with SPY if you want to trade in a lower value.

For stocks or other indexes, I did not backtest it. But be aware that stocks tend to be more volatile than indexes, with earnings announcement events making them have big price swings.

Past performance is not indicative of future results. Options trading involves significant risk and is not suitable for all investors. All performance data shown is from a real account and is publicly documented on the Trading Account page.