CCS
CENTURY COMMUNITIES, INC.
stock NYSE

STO NVDA 225/230 CCS EXP 8/7 for .60

the discipline of closing the hedge at breakeven and ignoring the $595 counterfactual is right, and it is the part most people cannot do. but I think the counterfactual is not the interesting number in this write up.
you describe the CCS as a bad entry. it reads like the entry got labelled bad after it went against you, not at the moment you took it. those are very different things and only one of them is learnable. the version that pays is a field in the log filled in BEFORE the outcome: did this entry match my written rules, yes or no. then at the end of a few months you can compare rule-matching entries to the rest. right now, on a day where price had reversed back, that same entry would be in the log as a good read.
the other thing I would look at harder. you were down about $225 on the CCS, and the response was to add three more CCS contracts and open an opposing spread. that is adding size to a losing position, and the hedge is what makes it feel like risk management instead. by the end you closed the hedge for $70 and the day printed +$490, so the ledger says it worked. the ledger will also say it worked most of the time, because that is what this structure does, it converts a small number of large losses into a large number of small wins. you cannot evaluate it from good days.
practical version, measure the campaign, not the session. group every position that came out of one original thesis into a single unit, including the scale-ins and the hedge, and record the P&L of the unit and the maximum size you ended up carrying. what you want to know is the distribution of that max size. if scale-in days are quietly running two or three times normal exposure, the strategy's real risk is nothing like a 10 lot.
sizing down when the structure is unclear is genuinely good, but pairing it with scaling up when a trade goes against you cancels most of the benefit. the average size ends up the same, just arranged so that the biggest positions land on the least favourable days.

Yeah, that’s the key distinction. I’m not trying to cancel out the CCS loss. I’m just reducing some of the exposure. The PCS benefits from the same move hurting my CCS, so it can soften the drawdown while I decide whether the original thesis is still valid. In this case, I still believed my thesis was correct, so I was essentially using the hedge to buy myself some room to manage the trade, or soften the blow if SPX quickly proved me wrong

I guess I'm not understanding what the hedge accomplishes when opened? It can't possibly offset the losses from your CCS by a meaningful amount.

Yo, so sorry for the super late reply on this, totally missed it!
I actually don’t choose the trade based on delta first. I start with price structure, the level I’m trading against, distance from price, IV, and the premium available. Delta is more of a reference/check for me. My short strikes are often somewhere around .03–.10 delta, but I won’t force that range if the chart says otherwise.
And you’re right, the R / R can look very lopsided. That’s intentional with how I trade these. I’m giving up payout in exchange for distance and more ways for the trade to work. But high probability alone isn’t enough either. Expectancy over a large sample is what matters to me and should matter in anyone's trades.
Your 7475/7485 CCS sounds like a perfectly valid way to play that move too, just a different approach. And 13% return on risk is nothing to complain about haha. Appreciate the kind words! Feel free to ask anything else if you have questions

I'm a 0DTE credit spread trader with a focus on SPX.
Positions traded:
* 7660/7640 PCS
* 7755/7775 CCS
P/L: **+$315**
[SPX 5-min chart, August 6, 2026... \(I know, I misspelled psychological\)](https://preview.redd.it/cpifvj8yjthh1.png?width=1542&format=png&auto=webp&s=82a39622c2e3dec05e8e6bd4655e6bd25b8f89f3)
Anyone a fan of the movie The Patriot? Benjamin Martin tells his sons, **“Aim small, miss small.”** Today was not a day to hit home runs. It was an **“aim small, miss small”** kind of day. Anyways...
# Morning Thesis
My premarket bias was mixed, and I expected SPX to remain range bound until the broader chart gave me a reason to think otherwise.
Jobless claims came in roughly in line with expectations, yields dipped slightly, and the market reaction was muted. With the employment report coming the next morning, I expected some traders to reduce risk rather than make aggressive bets.
***The opening price action was ugly***. Five minute candles were overlapping, there were no clean breaks, and the opening range push higher quickly failed.
*When price action gets this choppy, my reaction is almost automatic:*
**Stay out or reduce size.**
# My First Trade
SPX eventually broke below yesterday’s low, but the move was not convincing. Because the tape remained choppy, I did not trust price to cleanly hold below the level.
SPX pushed back toward yesterday’s low and rejected it. That gave me enough confirmation to open a **5 lot 7755/7775 CCS at $.55 premium** with no intention of overstaying the trade.
Price continued chopping below yesterday’s low before rejecting the 7700 psychological level. I used that bounce to close the position at **$.20 for a $175 profit**.
At that point, *I was prepared to be finished*. I was only interested in either a clean reclaim higher, another failed attempt to break 7700, or a break and hold of it.
# Later Trades
SPX tested 7700 again and failed to continue lower, so I scaled into a small **3 lot 7660/7640 PCS**. The position was entered as 2 lots followed by 1 additional lot rather than loading the full position immediately.
Later, SPX rejected yesterday’s low again. I re-entered the same CCS from earlier, but this time with only 2 lots, and let it expire worthless. The PCS also remained safely below price and expired worthless.
Really notice the sizing today:
* First CCS: 5 spreads
* PCS: 3 spreads, scaled in
* Final CCS: 2 spreads
I was never carrying more than 2 to 5 spreads in a position at one time — this is more than [half the size I would use on a confident trend day](https://www.reddit.com/r/Daytrading/comments/1vfol0k/spx_0dte_credit_spreads_how_i_traded_an_spx_trend/). The poor price action basically changed my size before it had the opportunity to change my P/L.
# Key Takeaway
When price action is choppy and unclear, staying out is often the best trade. When I do participate, ***I automatically reduce size, lower my expectations,*** and focus on clearly defined levels.
That is exactly how I viewed today. It was not a big money day. It was an aim small, miss small day.
Make a little money? Awesome.
Take a loss? Cool. Just make sure it is not a large one.

Selling ipos on listing day comes under speculative trading says who? There's no mention of this in the CCS Rules.
CCS Rules allow for genuine investment. I'm buying during an IPO because I feel the investment is fairly valued. At the time of listing I feel that my investment has generated the return that I feel appropriate and may not give same return in future, so I'm selling it. IPOs are different from intraday/FnO gambling, where fundamentals of the company determine its price.
CCS Rules prohibit those govt employees who are involved in decision making process of price fixation in IPO, not all govt employees.

I'm a 0DTE credit spread trader with a focus on SPX.
Positions traded today:
* 7685/7665 PCS
* 7690/7670 PCS (hedge)
* 7790/7810 CCS
Day P/L: **+$490**
[SPX 5-min chart, August 5, 2026](https://preview.redd.it/rc7zy6i0gmhh1.png?width=1576&format=png&auto=webp&s=7b732d4664b3b0bcf1d63686bebc43182906c428)
***A risk-management trade should not become a new thesis just because it starts making money.***
# Morning Thesis
My bias was moderately bullish, but I remained cautious after noticing exhaustion late near yesterday's close. SPX initially broke yesterday’s high, but the morning quickly became choppy and then reversed briefly.
One detail I want to highlight is the difference in sizing compared with [yesterday's position](https://www.reddit.com/r/Daytrading/s/EzpTNT7Jdo). Yesterday’s strong bullish structure gave me enough conviction to open a full 10 lot spread. Today, price was less familiar and much choppier, so I started with half size and added only in smaller increments while the thesis remained valid. I do not use full size simply because a setup appears. When the structure is unclear, reducing size limits both risk and the potential damage if the trade fails.
# My First (bad entry) Trade
That caution contributed to a late 7790/7810 CCS entry after it broke yesterday's high to the downside. Price reversed and moved against it putting me in loss territory (about -$225 by this point). I believed my original plan to be correct, so I scaled in three additional CCS contracts and opened the 7690/7670 PCS to stabilize the position and reduce the impact of continued upside pressure on the call spread.
The PCS was not opened because I suddenly had a strong bullish thesis. **It was a** ***temporary*** **risk-management position**.
*I want to clarify that I do not recommend this type of management for beginner traders. Adding an opposing spread can make the overall position look more stable while masking how much risk still exists in the original trade. As the hedge’s premium stops expanding or begins to decay, gamma can quickly reassert pressure on the threatened side and leave the original position in serious trouble if price continues to move against it.*
# Hedge Did It's Job
Once SPX stabilized and the CCS premium moved back below my average entry, I closed the temporary PCS position for break even, basically — $.10 premium gain ($70 profit) — and two of the additional CCS spreads for another small profit. I later opened a 7685/7665 PCS anchor at $.55 premium (slightly farther out of the money) after price settled into it's range. That position better matched the structure, my risk tolerance, and the exposure I wanted to carry.
The original PCS could have produced nearly another $595 had I kept it open, but that would have meant changing the plan after the trade began working.
By the afternoon, both remaining spreads had decayed to $0.15. I closed them rather than sit through another two hours of 0DTE exposure for the last few cents.
# Key Takeaway
The lesson was simple — let hedges perform their intended job, and ***do not become a sitting duck*** once most of the premium has already decayed.