GYP Our Current View, Analysis + Working orders
Date: March 20, 2026
Active Working Orders
We have multiple limit orders working in the market, waiting for specific price levels to fill.
1. SPY Sep 18 580 Put:
Working Order:
STO SPY Sep 18 580 Put
Current price: $16.22 credit
Target price: $23.95 credit
Expiration: 183 DTE (6+ months out)
Strategy: Long-dated SPY put waiting for selloff to fill at higher credit
2. SPY Jun 18 610 Put:
Working Order:
STO SPY Jun 18 610 Put
Current price: $13.61 credit
Target price: $16.50 credit
Expiration: 91 DTE (3 months out)
Strategy: Medium-term SPY put waiting for moderate selloff
3. SPY May 15 645 Put:
Working Order:
STO SPY May 15 645 Put
Current price: $17.30 credit
Target price: $22.33 credit
Expiration: 57 DTE (2 months out)
Strategy: Shorter-term SPY put, closer to current price (~$662), waiting for dip
4. /MESM6 Mar 20 6600 Put:
Working Order:
STO /MESM6 Mar 20 6600 Put
Current price: $17.50 credit
Target price: $45.50 credit
Expiration: 1 DTE (expires tomorrow, March 20)
Strategy: 0 DTE /MES put waiting for sharp selloff today or tomorrow
5. GLD Apr 17 425 Put:
Working Order:
STO GLD Apr 17 425 Put
Current price: $14.90 credit
Target price: $21.10 credit
Expiration: 29 DTE
Strategy: Gold ETF put waiting for moderate selloff
6. GLD Apr 17 415 Put:
Working Order:
STO GLD Apr 17 415 Put
Current price: $10.40 credit
Target price: $15.70 credit
Expiration: 29 DTE
Strategy: Gold ETF put, further OTM, waiting for larger selloff
Working Orders Strategy
What These Orders Show:
1. Laddered Expirations:
0 DTE (tomorrow): /MESM6
29 DTE: GLD (2 strikes)
57 DTE: SPY May
91 DTE: SPY Jun
183 DTE: SPY Sep
Time diversification across 6 months
2. Laddered Strikes:
SPY: 580, 610, 645 (spread across $65 range)
GLD: 415, 425 ($10 apart)
Multiple strikes = multiple opportunities to fill
3. Premium Targets:
Aggressive multiples required:
/MESM6: Want 2.6x current ($17.50 → $45.50)
SPY Sep: Want 1.5x current ($16.22 → $23.95)
GLD 425: Want 1.4x current ($14.90 → $21.10)
GLD 415: Want 1.5x current ($10.40 → $15.70)
These targets require significant fear spike to fill
4. Very Short-Term Bets:
0-1 DTE orders (/GCJ6, /MESM6) are lottery tickets:
Expire tomorrow
Need massive move TODAY
High risk, high reward
Small position sizes
Market Analysis: Fear Creates Opportunity
Current market conditions present solid opportunities for put selling, though elevated fear levels (market fear gauge at 1.37) require extra caution.
The 14-Day Sweet Spot:
The 14-day horizon stands out as the best combination of:
Safety
Income
Probability of success
Two-week trades are:
Collecting around $200+ per day
Staying 300+ points below current market levels
Optimal risk/reward balance
Time Horizon Comparison:
Longer-term trades (28+ days):
Exceptional safety margins
Further below current prices
BUT: Diminishing daily returns (lower theta per day)
Same-day trades (0 DTE):
High income potential (massive theta)
BUT: Significant risk (need huge move TODAY)
Lottery ticket sizing required
14-day trades (sweet spot):
$200+ per day theta
300+ points below market
Best balance of safety + income
Fear = Premium:
The elevated fear environment is actually working in favor of put sellers.
Why?
Fearful markets tend to overprice downside protection.
Translation:
When fear gauge elevated (1.37 currently)
Put buyers panic
They pay MORE for protection
We collect FATTER premiums
This creates better income opportunities for those willing to take on the risk of a significant market decline.
We’re being paid EXTRA to take that risk right now.
Tony’s Risk Management Rules
“Always look at your Buying Power percentage. Keep it well under 50%.”
“Look at your units, specially your naked units, and also your deltas.”
“Stay very small. Stay opportunistic.”
“Take risk OFF when you are profitable.”
“Take risk ON (if your account can handle it) when panic comes.”
Breaking Down The Rules:
Rule 1: Buying Power Under 50%
Why?
Need cushion for margin calls
Need capital to adjust positions
Need room to add on fear spikes
50%+ = too tight, one bad day = forced liquidation
Current Portfolio 1: ~31% BP (good position, room to add)
Rule 2: Watch Your Units (Especially Naked)
Naked positions = unlimited risk.
Examples:
Naked short puts (can lose strike × multiplier)
Naked short calls (unlimited upside risk)
Ratio spreads (naked at extremes)
Count your naked units.
If you have 10 naked short puts → That’s 10 units of max risk.
More naked units = more risk.
Stay conscious of total naked exposure.
Rule 3: Watch Your Deltas
Delta = Directional exposure
Portfolio 1 currently: ~1,110 delta (slightly below $1M benchmark of 1,200)
If delta too high:
Market drops 1% → You lose delta × $1 per contract
1,500 delta × $1 = $1,500 loss on 1% drop
Amplified losses
If delta too low:
Missing rallies
Not collecting enough theta
Too conservative
Balance required.
Rule 4: Stay Small + Opportunistic
Small = Position sizing appropriate for account
Opportunistic = Wait for YOUR prices, don’t chase
These working orders = opportunistic:
Want 2.6x current on /MESM6? Fine, we wait.
Want 1.5x current on SPY Sep? Fine, we wait.
Market doesn’t give us our price? Fine, we don’t trade.
We’re NOT desperate to deploy capital.
We’re SELECTIVE about prices.
Rule 5: Take Risk OFF When Profitable
Example from this week:
Monday (March 17): Closed 2 /MES puts before Fed meeting
Took profits off table
Reduced binary event risk
Freed up mental capital
Don’t let winners turn into losers.
When you’re up, consider taking some off.
Lock in gains, reduce exposure, stay liquid.
Rule 6: Take Risk ON When Panic Comes (If Account Can Handle It)
“When panic comes” = These working orders
IF markets tank hard:
Fear spikes
Premiums explode
Our aggressive targets hit
We DEPLOY capital at great prices
BUT: “If your account can handle it”
Only add if:
Buying power under 50%
Delta not maxed out
Have capacity for more naked units
Can afford the risk
Don’t force it if account already stretched.
The Philosophy
We’re NOT chasing current prices.
Current /MESM6 at $17.50? We want $45.50 (2.6x more).
Current SPY Sep at $16.22? We want $23.95 (1.5x more).
This is extreme patience + extreme selectivity.
Either:
Markets tank hard → Our orders fill at great prices
Markets don’t tank → We don’t fill, we wait
Both outcomes are fine.
We have significant positions already.
We’re ONLY adding on major fear spikes.
Summary Table
6 total working orders across 6 months of expirations
Waiting for fear. Not forcing trades. Extreme selectivity.
— TonyB & TonyR
Grow Your Pile
⚠️ LEGAL DISCLAIMER
NOT INVESTMENT ADVICE - EDUCATIONAL ONLY
We are NOT registered investment advisors. NOTHING in this alert constitutes investment advice. No advisory relationship exists. DO NOT COPY these working orders.
YOU ARE SOLELY RESPONSIBLE for all trading decisions. Consult licensed professionals before trading.
SUBSTANTIAL RISK: Working orders may fill at unfavorable prices. 0 DTE options carry extreme risk. Futures options have massive leverage. These targets require large market moves that may not occur.
NO GUARANTEES: Orders may not fill. If they fill, they may immediately lose money. Aggressive credit targets shown are aspirational, not guaranteed.
ACCOUNT TYPE CRITICAL: We use Portfolio Margin. Buying power usage depends on YOUR account type.
COMPREHENSIVE LIABILITY WAIVER: Grow Your Pile assumes ZERO responsibility for investment losses or any damages. You release and hold harmless Grow Your Pile from ANY claims.
BY USING THIS SERVICE, YOU AGREE: You are solely responsible for all decisions. You will NOT copy trades. You understand substantial risks. You can afford losses. You will consult professionals. You accept full responsibility. You release us from all liability.
WE ASSUME ZERO LIABILITY. TRADE AT YOUR OWN RISK.
Grow Your Pile © 2026 | Educational Content Only | Not Investment Advice