SPX Options Oracle

Intraday Playbook for SPX Options Traders

Everything you need before the opening bell: key indices, volatility term structure, and the battle-tested workflow the pros run every session.

Updated with FRED closes through Nov 21, 2025.

🤖 AI AssistantLaunch Trading Tools0DTE Trading

Daily Market Read

Start every session with directional bias, vol regime, and funding backdrop.

SPX Spot Close
6,602.99
+64.23 (+0.98%)

Year-to-date +12.5%. Use it to gauge if daily setups align with regime.

FRED SP500 close as of Nov 21, 2025.

VIX Spot
26.42
+2.76 (+11.67%)

Watch for >2 point pops; they often tilt market-making flow short gamma.

CBOE VIX close via FRED (Nov 20, 2025).

VIX Term Structure
1.03x
-0.66 pts vs VXV

VIX > VXV: Vol compression active. Stay nimble with theta exposure.

Spot (Nov 20, 2025) vs VXV (Nov 20, 2025).

1Y Treasury (Risk-Free)
3.65%
-0.03 (-0.82%)

Use for theta decay assumptions and forwards on 0DTE structures.

Constant maturity DGS1 as of Nov 20, 2025.

Historical Context

Compare the current cash session to prior years. Toggle years in the legend to see how the current regime stacks up.

Data source: FRED | SPX cash closes, normalized to start-of-year performance.

Options Trader Toolbox

Curated stack that professional SPX traders lean on each day. Grouped by the question you need answered before sizing risk.

Frame the session with overnight price action, global risk tone, and key economic catalysts.

Market Context & Regime

Every open—especially on macro-heavy weeks or after outsized overnight ranges.

TradingViewFreemium

Intraday visuals for SPX, ES, and key indices with customizable layouts.

Workflow
Start with daily → 4H → 30m to anchor levels, then monitor 3m/1m for execution windows.
Coverage
Price | Volume Profile | Anchored VWAP | Alerts
KoyfinFreemium

Macro dashboard covering rates, equities, and cross-asset vol with curated watchlists.

Workflow
Check premarket movers, sector breadth, and rates heat map before sizing trades.
Coverage
Factor Performance | Cross-Asset Rates | ETF Flows
Investing.com Economic CalendarFree

Live economic releases with consensus vs. actual to flag binary event risk.

Workflow
Highlight high impact prints, set alarms 5 minutes prior, and avoid fresh entries through releases.
Coverage
Macro Events | Consensus | Prior vs. Actual
Playbook Notes
  • Overlay S&P futures (ES) on SPX cash sessions to see if globex leads/lag cash.
  • Anchor VWAP to prior CPI/Fed minutes when those catalysts drive the day.
Gauge whether dealers are long/short vol and how far tails are being priced.

Volatility & Skew

Critical before sizing premium selling or establishing butterfly spreads.

Cboe Volatility Term StructureFree

Official VIX, VIX3M, VIX6M readings and contango/backwardation metrics.

Workflow
Compare spot VIX vs. 3M/6M to decide if short-vol trades have carry wind at their back.
Coverage
VIX Curve | Term Premium | Historical Percentiles
OptionMetrics IvyDB (via Tier1/Quants)Paid

Institutional historical volatility surfaces and skew analytics.

Workflow
Back-test vol regimes and stress-test strategies against similar skew environments.
Coverage
Historical IV | Surface Slices | Scenario Testing
Volatility Surface by OptionStratFreemium

Retail-friendly implied volatility surface with strike/tenor filters.

Workflow
Confirm that the strikes you're trading are mispriced relative to neighbors.
Coverage
IV Surface | Skew Charts | Historical Tracking
Playbook Notes
  • Track VIX/VIX3M ratio—<0.9 signals backwardation and potential crash hedging flows.
  • Pair VIX readings with realized vol (HV10/HV20) to avoid paying rich vol post-event.
Understand where large players are leaning and where dealer hedging might accelerate moves.

Order Flow & Positioning

Ahead of open, post-lunch rotations, and around major strikes/expiry clusters.

SpotGammaPaid

Dealer positioning, gamma levels, and volatility trigger signals for SPX/SPY.

Workflow
Use gamma levels to frame ranges and confirm when price is likely to pin vs. trend.
Coverage
Gamma Curves | Key Strikes | HIRO Flow
Unusual Whales FlowPaid

Real-time options flow with filters for premium, sweep/block, and dark pool prints.

Workflow
Filter SPX sweeps >$500k notional to gauge aggressive hedging or speculative bets.
Coverage
Large Trades | Flow Filters | Alerting
BookmapPaid

High fidelity liquidity heatmaps for ES & SPX options to spot iceberg absorption.

Workflow
Watch liquidity at SpotGamma levels to see if dealers defend or capitulate.
Coverage
Heatmap | DOM | Cumulative Volume Delta
Playbook Notes
  • Mark major OI strikes ±25 points and compare against SpotGamma's Vol Trigger.
  • If delta-hedging flow is strong intraday, fade the first move into large resting liquidity.
Structure trades with precise Greeks, scenario analysis, and risk-based sizing.

Strategy Building & Risk

Before entry and whenever you adjust or roll complex multi-leg structures.

OptionStrat Strategy BuilderFreemium

Create multi-leg strategies with live Greeks, break-even charts, and shareable links.

Workflow
Stress-test +/-1% spot moves and vol crush/expansion before firing the order.
Coverage
Strategy PnL | Greeks | Live Market Data
QuikStrike (CME Group)Freemium

Professional risk and margin analytics for equity index options.

Workflow
Use Settle Scanner for historical margin requirements and risk reversal pricing.
Coverage
Historical Settles | Margin | Vol Tools
OptionOmegaPaid

Backtest options strategies on intraday data with custom entry/exit logic.

Workflow
Validate playbook edges before increasing risk—especially on zero-day structures.
Coverage
Backtesting | Custom Rules | Portfolio Analysis
Playbook Notes
  • Log each trade with snapshot Greeks and screenshots—OptionStrat links make review painless.
  • Size based on worst-case theta decay and planned hold duration, not just max loss.

SPX Options Daily Playbook

Run this checklist to stay aligned with dealer positioning, macro catalysts, and execution hygiene. Use it as a journal template to keep your edge sharp.

  1. 1

    Frame the Day

    Align on bias and potential ranges before liquidity builds during the first 30 minutes.

    Checkpoints
    • Identify overnight high/low relative to prior cash session.
    • Mark economic prints and Fed speakers on your session timeline.
    • Flag gamma flip/vol trigger levels and compare with ES liquidity shelves.
    Go-To Tools
    TradingViewInvesting.com Economic CalendarSpotGamma

    Automation Hint: Save a morning workspace in TradingView so these levels persist across sessions.

  2. 2

    Stress-Test Trade Ideas

    Pressure-test directional or mean-reversion setups before committing premium.

    Checkpoints
    • Check IV ranks and term structure to avoid paying for vol that is already elevated.
    • Map expected dealer hedging response if price tags key open interest strikes.
    • Run OptionStrat scenarios for ±1% spot moves and +/-2 vol points.
    Go-To Tools
    OptionStrat Strategy BuilderCboe Volatility Term StructureSpotGamma

    Automation Hint: Save scenarios inside OptionStrat to reuse when similar vol regimes reappear.

  3. 3

    Execute & Monitor

    Use tape and book data to finesse entries, then monitor Greeks as the trade matures.

    Checkpoints
    • Confirm liquidity with ES book depth and SPX spread before sending complex orders.
    • Track running delta/theta against plan and scale risk if skew shifts abruptly.
    • Journal catalysts, emotion, and adjustments within 15 minutes of close.
    Go-To Tools
    BookmapOptionOmegaTradingView

    Automation Hint: Set alert brackets across key strikes so you get pinged before gamma hedging avalanches hit.