Episodes
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This week on the Stock Market Options Trading Podcast, Eric O’Rourke breaks down the current SPX market pullback, key support levels, upcoming FOMC minutes, and why Nvidia earnings could be a major catalyst for the broader market and AI trade.
Eric also shares how the recent uptrend has continued to favor SPX put credit spreads, how the Alpha Crunching 7-day strategy has been performing, and what traders should be watching heading into the summer market environment.
Topics include:
SPX support and resistance levelsNvidia earnings and AI stock momentumFOMC minutes and interest rate expectationsZero gamma and put wall discussionTrading SPX put credit spreads in an uptrendManaging profits and pullbacksCurrent market sentiment and positioning📈 Learn more about Alpha Crunching:
Alpha Crunching
🔥 Get 50% Off Your First Year of Alpha Crunching
Use code: SPX50
Inside Alpha Crunching you'll find:
Weekly SPX trade ideas0DTE TSE trade alertsBacktested options strategiesDiscord community & live discussionSPX market forecasts and research
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👉 Alpha Crunching (SPX data, trade ideas & alerts): https://alphacrunching.com
👉 Conservative Options Income Network (Brian Terry): https://stockmarketoptionstrading.net
In this episode, Eric sits down with returning guest Brian Terry from the Conservative Options Income Network to break down what’s shaping up to be another interesting week in the market.
With the S&P pushing toward new highs—even with ongoing geopolitical headlines in the background—we talk through what that actually means for traders right now and how we’re positioning around it.
We cover:
Why this market still feels “underinvested” for a lot of tradersBrian’s recent synthetic stock trade and how he’s using options for leverageEric’s latest SPX credit spread setups and managing risk into the weekendThe impact of volatility, gaps, and why sometimes not trading is the best tradeThoughts on the potential removal of the PDT rule and what it could mean for 0DTE tradersBalancing short-term trades with longer-term positioning in a fast-moving marketAs always, this is a real-time conversation about what we’re actually seeing and trading—no hindsight, just process.
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Missing episodes?
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Watch the full video version of this episode:
https://youtu.be/2RgGjxUe35w?si=m1BU5TwEq973he2k
Links & Discounts:
Option Omega → https://optionomega.com (Use code SMOT for a discount)Alpha Crunching → https://alphacrunching.com (Use code SPX50 for 50% off your first year)In this episode, I sit down with Matt from Option Omega to break down how I’m using their platform to backtest and execute strategies from Alpha Crunching—with a focus on the Trend Spread Engine (TSE).
We dig into the core problem many traders are facing right now: what should I actually be trading in this market? With volatility shifting, trends changing, and many swing strategies not triggering, the goal is to find something repeatable that can be traded consistently.
That’s where the Trend Spread Engine comes in.
We walk through:
Why high-probability spreads alone don’t create an edgeHow intraday time-of-day + trend + strike selection changes outcomesThe idea of tracking trades every 15 minutes to uncover intraday seasonalityUsing a rolling 90-day dataset to adapt to changing market conditionsHow I turn that data into actual trades using Option OmegaWe also get into real examples of how certain time slots (like 10:30am vs 11:30am) rotate in and out of effectiveness—and how that impacts execution week to week.
If you’re trading SPX options—or trying to build a more mechanical, data-driven approach—this is a great behind-the-scenes look at how I’m thinking about strategy development right now.
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In this episode, Eric and Brian Terry break down a market that just won’t quit—despite geopolitical tension, rising oil, and a packed economic calendar. With the S&P 500 hovering near all-time highs, the conversation dives into positioning, risk management, and where the real opportunities might be right now.
🔗 Useful Links (Start Here)🌐 Alpha Crunching: https://alphacrunching.com🎧 Stock Market Options Trading Podcast: https://stockmarketoptionstrading.net💬 Join the Discord Community: (included with Alpha Crunching subscription)📊 Weekly TSE Report & Trade Setups: Available inside Alpha Crunching
📈 Episode BreakdownThis week’s discussion centers around a tricky market environment—strong momentum on the surface, but plenty of uncertainty underneath.
The market rallied over 4% last week and continues to hold near highs, even with rising oil and geopolitical concernsKey events this week include retail sales, PMI data, and a major appearance from the incoming Fed ChairDespite potential volatility, the market continues to show resilience, with dips getting bought quicklyEric shares how he’s navigating this environment:
Sitting on higher cash levels after covered calls were assignedLooking for pullbacks to re-enter long positions or potentially deploy collar strategiesIncreasing focus on SPX 0DTE trades for short-term opportunities with defined riskBrian walks through a practical hedge idea using a broken wing butterfly on QQQ, highlighting:
Favorable risk/reward structureAbility to profit even in downside scenariosA flexible way to hedge without tying up large capital
⚡ Key TakeawaysShort-term uncertainty, long-term bullish tone continues to define the marketMany traders are holding cash, which could fuel continued dip-buying0DTE trading is gaining traction, especially with potential changes to PDT rules making it more accessibleGamma levels and options positioning suggest possible resistance near current levels, but nothing is guaranteed
📊 Strategy FocusEric discusses leaning more into:
Mechanical 0DTE credit spreads using the Trend Spread Engine (TSE)Staying active even when swing strategies aren’t triggeringUsing data-driven timing, trend, and strike selection to find edge intraday
🎧 Listen OnAvailable on:
Apple PodcastsSpotifyAnd all major podcast platformsIf you’re looking to stay active in this kind of market, this episode is a solid mix of macro perspective and actionable strategy ideas.
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🔗 Links & Resources
👉 Alpha Crunching (SPX Options): https://alphacrunching.com
👉 Brian Terry’s COIN Group: https://www.stockmarketoptionstrading.net
👉 Podcast Episodes: https://www.stockmarketoptionstrading.com
👉Latest YouTube video: https://youtu.be/qe_F_GE5Pqo
In this episode, Eric O’Rourke and Brian Terry break down a wild stretch in the S&P 500, with the market ripping higher despite ongoing macro uncertainty and headline-driven volatility.
They dig into what’s actually driving the move, why traditional indicators like the 200-day moving average aren’t carrying the same weight, and how traders can navigate a market that’s shifting quickly between fear and momentum.
You’ll also hear insights on:
Why this rally may be more about positioning than fundamentalsThe role of contrarian indicators like the put/call ratio and fear indexHow short-term options traders are adapting in this environmentReal trade examples and how risk/reward is being managed right nowIf you’re trading SPX options or just trying to make sense of this market, this episode gives you a grounded, real-time perspective from two active traders.
Trading is better when you’re not going it alone—plug into the communities above to stay connected and keep improving.
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In this episode of the Stock Market Options Trading podcast, host Eric O'Rourke breaks down three key reasons why a potential short-term bottom may be forming in the market.
Despite ongoing geopolitical tensions and recent volatility, Eric walks through the signals that suggest the market may be stabilizing—and possibly preparing for a move higher.
In this episode, you’ll learn:
Why dip buyers stepping in during negative news could signal strengthWhat the recent drop in the VIX tells us about market sentimentHow stronger-than-expected economic data is influencing market directionWhy the market may already be looking past current headlinesHow short-term traders can think about longer-term market positioningEric also shares an important perspective on how the stock market tends to look months ahead—something many short-term traders often overlook.
Whether you're trading SPX options or just trying to understand current market conditions, this episode offers a practical, data-driven view of what might come next.
🔗 Resources & Links:
Alpha Crunching (SPX trading tools, data, and community): https://alphacrunching.comStock Market Options Trading: https://www.stockmarketoptionstrading.netAbout the Host:
Eric O’Rourke is the founder of Alpha Crunching, a growing community focused on data-driven SPX options trading strategies. Through research, backtesting, and real-time tools, Alpha Crunching helps traders identify high-probability opportunities in short-duration trades.
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Brian Terry’s Conservative Options Income Group: https://www.stockmarketoptionstrading.net
Eric O’Rourke’s SPX Trading Community:
https://www.alphacrunching.com
Trading in a community gives you perspective, shared ideas, and support—far better than trying to figure it all out on your own.
In this episode, Eric O’Rourke is joined by Brian Terry to break down how they’re navigating a highly volatile, headline-driven market. With uncertainty tied to global events and sharp intraday reversals, both emphasize that sometimes the best trade is no trade at all—and that sitting in cash can be a strategic edge.
Brian shares how he’s staying active by focusing on strength in the energy sector, using diagonal call strategies and poor man’s covered calls on oil-related stocks showing relative strength. Rather than changing strategy structures, he explains how simply rotating into stronger sectors can maintain a bullish or neutral approach even in a weak market.
Eric contrasts this with his SPX-focused approach, where many bullish credit spread strategies are no longer triggering. He discusses why “flipping” strategies (e.g., turning put spreads into call spreads) doesn’t always work, based on backtesting results. Instead, he’s adapting through shorter-duration trades, including 0DTE trend-based spreads, while being more selective—especially on volatile gap days.
Check this Video: https://youtu.be/WLNR_5wf6YI
They also dive into:
The impact of extreme intraday reversals on short-term tradingWhy timing (like the 10:30am window) can improve probabilitiesAdjusting position sizing and exposure during uncertain conditionsUsing moving averages (like the 100 and 200-day) to manage longer-term portfoliosThe challenge of knowing when to re-enter after going to cashThe episode wraps with a key reminder: markets like this require flexibility, patience, and discipline. You don’t need to force trades—wait for conditions to improve and protect capital so you’re ready when opportunities return.
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In this episode, Eric O’Rourke is joined by Brian Terry from the Conservative Options Income Network (COIN) to break down a recent SPX iron condor trade that caught attention for its unusually wide structure.
With volatility elevated and market conditions shifting, Brian walks through how he constructed a 7-day iron condor nearly 600 points wide—while still keeping defined risk and a high probability of success. The discussion covers how iron condors work, why wider strikes can make sense in high VIX environments, and how to think about risk, adjustments, and profit targets.
They also dive into:
Why Brian targets ~50% profit and exits earlyHow to manage trades when one side gets challengedThe pros and cons of rolling vs. closing one sideUsing iron condors as a “campaign” strategy in volatile marketsThe role of discretion vs. systematic tradingEric also shares how this type of neutral strategy can complement Alpha Crunching systems, especially when bullish setups are paused during bearish market conditions.
If you’ve ever wondered how to trade iron condors in volatile markets—or how to stay active when directional strategies aren’t triggering—this episode is packed with practical insights.
👉 Learn more about Alpha Crunching and join the community: https://alphacrunching.com
👉 Check out Brian’s COIN alerts: https://stockmarketoptiontrading.net
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Want to trade SPX 0DTE with a proven system instead of guessing?
Alpha Crunching gives you the tools, alerts, and community to do it.
👉 Try it today and take 50% off with code SPX50 at AlphaCrunching.com
In this episode, Eric O’Rourke breaks down a practical question many options traders ask: what does it actually take to make $100 per day selling options?
Using real SPX credit spread examples, Eric walks through different ways traders approach profit targets—from letting spreads expire worthless to taking profits early—and why focusing only on percentage returns (like 50%) can be misleading. He explains how spread width, contract sizing, commissions, and capital requirements all play a role in reaching consistent daily income goals.
You’ll hear the trade-offs between:
Selling narrower vs. wider spreadsTaking profits early vs. holding to expirationIncreasing contracts vs. increasing risk per tradeMoving further out of the money for higher probability setupsEric also shares how he’s been adjusting his own approach, including using wider spreads and targeting fixed dollar profits per trade, along with how tools like the Trend Spread Engine (TSE) fit into decision-making.
If you're looking to better understand the mechanics behind generating consistent income with SPX credit spreads—without overcomplicating the strategy—this episode lays out the key concepts.
👉 Learn more and explore strategies at AlphaCrunching.com
Join a growing community of SPX traders using data-driven tools and real-time alerts.
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In this episode of the Stock Market Options Trading Podcast, Eric explains an idea that comes up frequently in the SPX trading community: the difference between market conditions and trading signals—and why that distinction matters when trading credit spreads.
Many traders use indicators like moving averages or trend indicators strictly for buy or sell signals, such as a moving average crossover. But when trading premium strategies like credit spreads, Eric explains why it can be more effective to evaluate market conditions instead. For example, a simple condition like the 5-day moving average being above the 10-day moving average can indicate a bullish environment without waiting for the actual crossover signal.
Eric also shares how this concept applies to the 0DTE Trend Spread Engine, where trend is checked at set time intervals throughout the day to determine whether conditions favor bullish or bearish credit spreads—without waiting for the indicator to flip signals.
Because credit spreads benefit from time decay (theta) and only require the market to stay generally on the correct side of the trade, focusing on conditions rather than perfect timing can allow traders to increase trade frequency, trade smaller, and stay aligned with the broader market environment.
About the Host
The podcast is hosted by Eric O’Rourke, options trader and founder of Alpha Crunching, a data-driven platform and community focused on trading SPX options strategies. Inside the Alpha Crunching community, traders explore tools like the Trend Spread Engine, backtested strategies, and market condition frameworks designed to help structure credit spread trading.
Learn more about the community and tools at:
👉 https://alphacrunching.com
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Before we jump in — if you want to see the tools mentioned in this episode in action, including the 0DTE Trend Spread Engine and the 1DTE Bias indicator, visit AlphaCrunching.com to learn more and join the trading community.
In this episode, Eric discusses the recent market breakdown and how current geopolitical tensions, volatility, and upcoming economic data are shaping trading decisions. With SPX experiencing sharp moves and uncertainty rising, he walks through how he’s adapting his approach and managing trades during this environment.
A major theme is market structure and key levels. Right now, gamma positioning appears scattered across large round numbers, suggesting institutional traders themselves are uncertain. As a result, Eric is watching major SPX levels every 100 points (6600, 6700, 6800, etc.) as potential support and resistance zones while the market “ping-pongs” between them.
He also reviews the macro backdrop driving volatility, including geopolitical tensions, sector rotation away from AI stocks, and a busy week of economic data with CPI, jobless claims, and PCE all ahead. These events could determine whether the market stabilizes or pushes lower toward the mid-6600s.
Eric then explains how he’s positioning his portfolio:
Maintaining a core SPY position while actively trading around itUsing covered calls and rolling positions to manage downside while leaving room for upside participationPausing many longer-duration spreads due to increased uncertaintyMuch of the current trading activity has shifted toward shorter-term strategies, particularly SPX 0DTE trades.
The episode highlights how the AlphaCrunching 0DTE Trend Spread Engine (TSE) is being used in practice. The system ranks the best times of day for 0DTE spreads based on historical performance and now posts the short strike levels from the highest-probability trades. These levels act as data-backed areas where SPX has historically stayed away from by expiration, allowing traders to use them as reference points for structuring credit spreads.
Eric also introduces progress on the 1DTE Bias indicator, an experimental tool that evaluates market regimes using factors like trend behavior and VIX conditions. By comparing current conditions to historical matches over the past three years, the tool estimates the probability of the market closing higher the next day. The recent volatility spike has highlighted one of the challenges of building this model: unusual market conditions sometimes produce very small historical sample sizes.
The episode closes with an important reminder about patience and risk management. In volatile environments, it’s often better to wait for conditions to settle rather than forcing trades. Sometimes the best position is simply holding cash until clearer opportunities emerge.
Overall, this discussion provides a real-time look at how Eric is navigating a volatile market using a combination of macro awareness, probability-based levels, and adaptive options strategies.
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👉 Read the Trend Spread Engine article here:
https://www.alphacrunching.com/blog/spx-0dte-options-trading-using-the-trend-spread-engine-to-find-high-probability-intraday-windows
In this episode, I expand on a concept Brian Terry shared in Episode 174 about entering iron condors one side at a time — waiting for rallies to sell calls and pullbacks to sell puts.
That idea of patience and better positioning really resonated with me… and I’ve started applying it directly to my SPX 0DTE trading.
After launching the Trend Spread Engine in Episodes 172 and 173, we’ve been tracking every 0DTE credit spread posted throughout the day and compiling weekly performance reports. We’re seeing certain morning time blocks show 90%+ expiration win rates.
But here’s the key:
High probability doesn’t mean you need to enter immediately.
Instead of chasing the alert the moment it posts, I’m marking those statistically backed strike levels on my chart and waiting for volatility to give me a better entry — either higher strikes or better credit.
In today’s volatile market, patience can mean:
Better distance from priceHigher probability positioningImproved risk/reward structureLess emotional tradingThis applies whether you’re trading 0DTE, 7DTE, or 30+ days to expiration.
If you trade credit spreads, this episode will help you think differently about execution and timing — especially in fast-moving markets.
Referenced Episodes:
Episode 174 – Brian Terry’s Breakeven Iron Condor StrategyEpisodes 172 & 173 – Introduction to the Trend Spread EngineAs always, trade smart and manage risk.
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In this episode, I’m joined by Brian Terry to break down a breakeven iron condor strategy he’s actively trading right now.
Brian walks through how he enters the call side and put side separately, targeting equal credits on each side with 7 days to expiration. The key twist? He uses a 200% stop on each side, which means if one side gets stopped out, the trade is designed to be roughly breakeven overall.
We talk through:
Why separating entries can improve flexibilityHow the 200% stop changes the risk profileWhy this works well on SPX, and how newer traders can adapt it to SPY for smaller sizeThe mindset behind trading income strategies defensively, not emotionallyBrian runs the Conservative Options Income Network (COIN) over at https://stockmarketoptionstrading.net, where you can start a 14-day free trial and see his real trades, including the strategy discussed in this episode.
If you’re interested in structured, rules-based options income strategies, this is a great one to study.
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Earnings season can be one of the biggest drivers of volatility in the stock market—and understanding how stocks behave around earnings is critical for options traders.
In this episode, I’m joined by Dan to talk about trading earnings and a tool he uses called Earnings Watcher. We break down the basics of volatility around earnings announcements, common patterns traders look for, and how Earnings Watcher helps stay organized while analyzing historical price and volatility behavior around earnings events.
Whether you actively trade earnings or just want a better understanding of how earnings impact the broader market, this conversation will help put the process into context.
🔗 Earnings Watcher: https://earnings-watcher.com/pricing_smot
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In this episode, we review some early backtest results from AlphaCrunching.com's newly launched 0DTe Trend Spread Engine (TSE).
We're only 3 weeks into the stats but taking 0DTE trend spreads during the lunch hour at 12pm over the past 3 weeks has won 100% of the time. We're not expecting this type of performance to last forever but seeing this hot spots of high performance based on time of day entry is revealing some edge most traders are missing.
We would love you to join Alpha Crunching as we continue this build in public approach for SPX 0DTE Options Trading.
👉 Explore Alpha Crunching and get a discount:
https://alphacrunching.com
Discount code: SPX50 for 50% off first month or year.
🔗 Connect with Eric on LinkedIn:
https://www.linkedin.com/in/jericorourke/
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In this episode, Eric breaks down the core ideas behind the 0DTE Trend Spread Engine (TSE) and how it fits into the broader Alpha Crunching philosophy of trading probabilities, not predictions.
The TSE is built to systematically identify high-probability SPX credit spread ideas by combining intraday trend, time-based structure, and defined risk. Rather than reacting to every move, the focus is on stacking small statistical edges and letting data—not emotions—drive decisions.
This episode also explains why strike selection and credits can vary, why these are trade ideas (not alerts), and how Alpha Crunching approaches options trading like an insurance business built on consistency and process.
👉 Explore Alpha Crunching and get a discount:
https://alphacrunching.com
Discount code: SPX50 for 50% off first month or year.
🔗 Connect with Eric on LinkedIn:
https://www.linkedin.com/in/jericorourke/
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In this episode, we'll cover the key levels based on options positioning and the large range the S&P500 has been in since October.
We'll review the Fed's dual mandate and why so much attention is paid economic reports involving jobs, inflation, and rate cuts.
We've got some major economic events happening this week that will likely decide the next leg of the market.
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In this episode, I’m walking through an SPX Iron Condor setup I’m pricing out as volatility continues to rise and the market dips below key moving averages.
Here's the link the video version: https://youtu.be/0NAAbb6bbcI
When volatility spikes, option premiums expand — and that’s when I like to sell Iron Condors on SPX for wider ranges and better credits. I’ll break down:
✅ How I’m positioning this Iron Condor between recent highs and lows
✅ Entry criteria and credit received (~$3.25 on 10-wide wings)
✅ How to calculate max profit and max loss
✅ My profit-taking plan (~30%) and adjustment ideas if SPX moves sharply
✅ Why higher VIX levels can offer better Iron Condor setups
Whether you’re learning to trade index options or refining your Iron Condor strategy, this walkthrough gives you a practical framework to plan your trades in higher volatility environments.
📊 Tools Mentioned: AlphaCrunching.com — data-driven SPX options setups and backtested strategies.
🎯 Related Topics:
SPX Iron Condor strategy for volatile markets
SPX options trading explained
Selling premium when VIX spikes
Managing Iron Condors and rolling spreads
#SPX #IronCondor #OptionsTrading #Volatility #SPXOptions #AlphaCrunching #SPXStrategies #TradingSPX #VIX #OptionsIncome
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In this episode, Brian shares his LEAP call strategy — a flexible options approach that uses long-dated calls as a stock substitute while selling weekly calls for steady income. He breaks down real trade examples on NVIDIA, Google, and other names, showing how the strategy can generate solid returns with less capital than owning shares outright.
You’ll hear how Brian manages exits, adjusts when short calls get breached, and keeps risk in check even when the market moves against him.
👉 Follow Brian over at stockmarketoptionstrading.net
💬 You can also get his trade alerts inside Alpha Traders Club to see this strategy in action.
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In this episode, Eric and Brian kick off the week with a look at the SPX options market, recent price action, and key gamma levels heading into FOMC week. Eric recaps his recent put credit spread trades from Alpha Crunching, discusses how he’s managing new positions into record highs, and explains how he’s balancing bullish exposure with call credit spreads and discretionary hedges. The conversation also covers upcoming events—including major tech earnings from Apple, Microsoft, and Google—and how they might influence market sentiment.
Brian shares a practical example of a LEAPS diagonal trade on AVGO that’s been profitable even without much price movement, illustrating how selling weekly calls can generate consistent income against a long-dated call. The two also discuss covered call timing, hedging approaches, and using instruments like SSO to gain leveraged exposure with less capital.
🎧 Whether you’re trading SPX spreads or building income strategies with diagonals and covered calls, this episode offers a mix of mechanical systems and discretionary risk management ideas you can apply right away.
👉 Join the next live session at stockmarketoptionstrading.net or inside the Alpha Crunching Discord.
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