Daily Options Scenario
Daily Options Scenario #74
One real SPX session from the trainer’s five-year history, dates masked. Below: the last 50 daily candles into the entry, the volatility and trend read at the close, and the four defined-risk verticals that were actually priced there (1 contract, ×100 multiplier, historical option quotes) — all expiring in 3 DTE. Pick your play, then reveal what the tape did.
This board: a tape leaning up, options in full panic pricing, 3 sessions on the clock. Form your own read before the table’s prices argue theirs.
Your five choices
| Choice | Strikes | Entry | Max profit | Max loss | Breakeven |
|---|---|---|---|---|---|
| Bull put credit spread | 5,365 / 5,335 | +$820.00 credit | $820.00 | $2,180.00 | above 5,356.8 |
| Bear call credit spread | 5,480 / 5,510 | +$1,235.00 credit | $1,235.00 | $1,765.00 | below 5,492.4 |
| Bull call debit spread | 5,480 / 5,425 | −$2,902.50 debit | $2,597.50 | $2,902.50 | above 5,454.0 |
| Bear put debit spread | 5,365 / 5,420 | −$2,020.00 debit | $3,480.00 | $2,020.00 | below 5,399.8 |
| No trade — stand aside | — | — | — | — | — |
Tap a row to lock in your play — it gets scored against the whole board.
Reveal what happened
Over the next 3 sessions SPX fell 2.60% from 5424 to settle at 5282.70. VIX went from 37.6 to 29.6. The hold low of 5221 traded through the 5365 short put strike.
| Choice | Result | P&L |
|---|---|---|
| Bull put credit spread | LOSS | −$2,181.30 |
| Bear call credit spread | WIN | +$1,233.70 |
| Bull call debit spread | LOSS | −$2,903.80 |
| Bear put debit spread | WIN | +$3,478.70 |
| No trade — stand aside | stood aside | $0.00 |
- put_credit OK (+1.00): risk-on: SPX +7.2% over 5 sessions with VIX -17.1% — the tape is rising and vol is confirming it (+1.50); SPX trend UP (5d +7.2%, 20d -4.4%) (+0.75); VIX 37.6 is at panic levels: gap risk overwhelms both premium and direction (-0.75); VIX has collapsed -17.1% over 5 sessions — fear is draining out (+0.50); SPX is flashing a momentum-reversal flag — whipsaw cuts both sides (-1.00)
- call_credit AVOID (-5.00): risk-on: SPX +7.2% over 5 sessions with VIX -17.1% — the tape is rising and vol is confirming it (-1.75); SPX trend UP (5d +7.2%, 20d -4.4%) (-1.50); VIX 37.6 is at panic levels: gap risk overwhelms both premium and direction (-0.75); VIX has collapsed -17.1% over 5 sessions — fear is draining out (+0.25); SPX is flashing a momentum-reversal flag — whipsaw cuts both sides (-0.50); short calls sell the side with no ceiling, against an underlying that drifts up over time — this structure was the weakest in the book across every regime (-0.75)
Keep playing
Playbook Trainer is an educational game built on historical market data. Nothing on this page is investment advice or a recommendation to trade. Options involve substantial risk; defined-risk spreads can lose their full maximum loss. Scenario dates are masked, and prices reflect historical option quotes with simplified fills.