← Option Trades · Experimental · High Risk
SPY: 0DTE long put
BearishS&P 500 ETF
A new Fed chair speaks Friday morning. The market gives a hike one chance in three.
By Atul Ghandhi · Updated August 25, 2026 (2026-08-25)
The Trade
| Leg | Type | Strike | Expiry |
|---|---|---|---|
| buy | put | $760.00 | Fri, Aug 28 (0DTE) |
Struck against: $763.47 ▼ 0.29% (Aug 24 close, per StockAnalysis.com)
First strike below Friday’s opening price; $760 is the reference against the Aug 24 close
Catalyst: Kevin Warsh’s first Jackson Hole keynote, Friday Aug 28 morning, with final Michigan sentiment at 10:00am ET
New to this structure? Calls and puts explained →
The Exits
- Profit order
- Place the sell order at twice the entry price the moment the fill lands. A hawkish headline drops SPY five dollars in minutes and the resting order catches the spike.
- Time stop
- If the speech passes without a move by 1pm ET, sell for whatever it fetches. A 0DTE put is worth nothing at 4pm.
- Loss cut
- No averaging down. One ticket, one day, one speech.
Sizing reality: The strike is set at entry, not now: buy the first strike below wherever SPY opens Friday.
Why This Trade
Warsh gives his first Jackson Hole keynote Friday morning. Markets price a September hike at roughly one in three. Three officials dissented for a hike in July, the most one-directional dissent in a decade.
The asymmetry is the trade. A chair who already stripped forward guidance out of the statement has no duty to talk the market down. One hawkish line repriced against a one-in-three hike takes the index down a percent in minutes.
This is a same-day option bought at the open and dead by 4pm. It is the purest high-risk trade on this board. Most 0DTE options expire worthless, and this one will too if Warsh says nothing.
The entry is Friday’s open, not before. Thursday holds no speech and a Thursday entry just pays an extra day of decay.
The Chain
The Fri, Aug 28 (0DTE) strikes this trade lives in. Cboe delayed quotes as of 2026-08-25 14:50:08 ET, with SPY at $764.39. The page refreshes the numbers hourly.
| Calls | Strike | Puts | ||||
|---|---|---|---|---|---|---|
| Bid | Ask | Last | · | Bid | Ask | Last |
| 15.26 | 16.27 | 15.51 | 750.00 | 0.66 | 0.67 | 0.67 |
| 10.90 | 11.06 | 11.47 | 755.00 | 1.24 | 1.25 | 1.21 |
| 7.03 | 7.10 | 7.12 | 760.00 | 2.32 | 2.34 | 2.33 |
| 3.91 | 3.93 | 3.88 | 765.00 | 4.18 | 4.20 | 4.21 |
| 1.76 | 1.77 | 1.78 | 770.00 | 7.01 | 7.12 | 7.07 |