Win rates lie.
Receipts don’t.
Theta Receipts is a free library of transparent, hypothetical backtests on SPX 0DTE put credit spreads, plus simple calculators that show what a P&L screenshot leaves out. Education only, never signals.
Browse the 0DTE Lab Try the P&L Reality Check →
99% → −$2,396
In our no-stop backtest, 99% of days won, and the worst single day lost $2,396.−$182
Worst day with a 2×-credit stop, with total P&L about the same as looser stops.~21 days
One max-loss day (about −$2,400) erases about 21 average winning days ($113 each).Latest studies
STUDY 2
Taking profit at 50% looked safe. It cut P&L by ~81%.
Hold vs 50%/25% take-profit, plus the $0.05 close bonus.
STUDY 4
We tested a popular 7-rule put-selling plan
Red-day entries, trend and IV filters, 50% profit-taking, vs buy-and-hold.
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Plain-English backtests. No signals, no hype. Free rule card when you join.
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