CCS
CENTURY COMMUNITIES, INC.
stock NYSE

I don't understand your example. The PDS is already closed for a $500 loss. That is completely separate from the CCS. In any case, TOS does not show realized P/L on closed (e.g., rolled) trades.
You have to track this information in a spreadsheet or journaling software. Especially if you want to combine a PDS and CCS.

***Happy Friday everyone!*** I'm a 0DTE credit spread trader with a focus on SPX.
Positions traded:
* 7385/7365 PCS
* 7395/7375 PCS
* 7505/7525 CCS
* 7525/7540 CCS
P/L: **+$480**
[SPX 5-min chart, July 31, 2026](https://preview.redd.it/m68u9u723ngh1.png?width=1574&format=png&auto=webp&s=17595bae59ab8490336916557f0bf2782f139cc0)
A credit spread can look calm, stay nearly flat, and still become more dangerous with every candle.
My initial bias was bearish and that SPX would remain in a range. The open initially supported that idea: SPX pushed lower, broke below yesterday’s high, and eventually reached 7399.83.
I opened a 7505/7525 CCS during the morning weakness. At the time, the short strike appeared comfortably removed from price.
Then... ***SPX reversed sharply*** from the 7400 psychological area.
My best read is that the round-number level attracted dip buyers while short covering helped accelerate the reversal. When another attempt lower failed and buyers broke structure back to the upside, I opened a 7385/7365 PCS with the developing bullish structure.
From there, ***SPX continued grinding higher.***
The pullbacks were shallow, higher lows continued forming, and buyers repeatedly stepped in. I added a 7395/7375 PCS as the trend strengthened.
***The difficult position was still the original call spread.***
Even as SPX moved closer to 7505, the spread would sometimes remain relatively flat before suddenly spiking. That can create a false sense of security. The position may not show a large loss yet, but the directional move can be canceling out theta while the remaining distance and time disappear.
An opposite-side spread can improve the combined P/L, ***but it does not make the threatened side safer.***
Once SPX continued holding higher lows and moving toward the high of day, I no longer wanted to rely on that high as the only barrier protecting my short strike. I used stronger pullbacks to buyback the 7505/7525 CCS in pieces — some for a partial loss and the rest around breakeven.
SPX later traded through 7505 and reached 7512.04.
**That was the most important decision of the day.** I did not need to predict the exact high. I only needed to recognize that the original structure was no longer protecting the trade.
During the final extension, I opened a 7525/7540 CCS to scalp the overextended move. I made an execution mistake and selected a $15-wide spread instead of my normal $20-wide spread, which is another reminder to verify every strike and spread width before submitting an order.
SPX eventually flushed back below 7500, while my put spreads remained far enough away to expire worthless.
# Key Lesson
***The market does not care*** that it has already reversed 80 or 100 points. “It cannot possibly move another 25” is not risk management.

How do you choose your delta? I get why you’d sell underneath the opening range but I fell the R/R here is very lopsided.
I had taken a countertrend approach by selling the 7475/7485 CCS when it touched 7450 and had a roughly 13% return on risk, which is honestly conservative for me.
I appreciate your mechanics and transparency, solid write ups.

\[7/20 (EXP: 7/22) 7580/7585 CCS (+$38,000)\]
\[7/23 (EXP: 7/24) 7535/7540 CCS (+$32,000)\]
\[7/27 (EXP: 7/27) 7505/7510 CCS (+$18,000)\]
\[7/28 (EXP: 7/28) 7575/7585 CCS (+$18,000)\]
\[7/29 (EXP: 7/31) 7540/7545 CCS (+$38,000)\]

eTrade closes my CCS and then the market drops $2, bullshit

QQQ rejected off of 21 EMA at open. I was actually worried my CCS of my IC was going to get blown out. AMZN sure is going.

My AAPL CCS seems safe for now.
RDDT put on the other hand is getting bigly fukt.