Many traders search for the perfect 0DTE trading setup. Chris Pulver takes a different approach. Rather than relying on a single strategy, he combines several complementary strategies into a complete framework designed to help him manage risk, adapt to market conditions, and consistently find opportunities in the SPX.
Watch Chris tell about his 0DTE trading
Chris Pulver
Chris Pulver is an experienced options trader from Utah, USA, who specializes in 0DTE trading. Over the years, he has developed a structured daily process centered on SPX options, combining high-probability trades with carefully planned defense mechanisms.
He has been trading since the early 2000s and has spent more than a decade focusing primarily on risk-defined options strategies. Through thousands of 0DTE trades, he has refined a framework that combines iron condors, broken-wing butterflies, and butterfly spreads to help manage risk while pursuing consistent daily profits.
Why Chris likes 0DTE trading
According to Chris, one of the biggest advantages of 0DTE trading is the ability to accelerate the learning process. Traditional options trades may take weeks to play out. With same-day expiration options, traders can execute, manage, and evaluate a complete trade every trading day.
Chris believes this allows traders to gain experience much faster while continuously refining their strategies and risk management skills.
At the same time, he emphasizes that successful 0DTE trading requires extensive preparation. Every day starts with a plan, and that plan forms the foundation for all the trades he places.
Building a daily 0DTE trading plan
Chris begins each trading day by evaluating the expected move in the S&P 500. He uses the expected move provided by his broker platform together with market context such as futures, implied volatility, and the VIX.
His goal is to establish a realistic range for the day. Once that range has been identified, he looks for opportunities to position trades around it.
A key principle of his approach is flexibility. While he starts every day with a detailed plan, he continuously adapts as market conditions evolve.
The three strategies behind his 0DTE trading framework
What makes Chris’ approach unique is that he combines three different 0DTE trading strategies rather than relying on a single setup.
The first strategy is the iron condor.
The second is the broken-wing butterfly.
The third is the standard butterfly spread.
Each serves a different purpose within the overall framework.
Using iron condors as the foundation
The iron condor is the core of Chris’ 0DTE trading approach.
He establishes a ceiling and a floor for the trading day by selling a call spread above the market and a put spread below the market. As long as the price remains between those levels, the position can generate profits.
Chris typically places these trades shortly after the market opens.
He often uses delta levels and expected move calculations to determine where the spreads should be placed. They will typically be beyond the expected move for the day, with some safety margin, which he explains in the video.
His objective is not to predict every market move perfectly but rather to position himself where the probabilities are favorable.
How broken-wing butterflies provide defense
One of the most interesting parts of Chris’ 0DTE trading framework is his use of broken-wing butterflies as defense trades.
Rather than relying heavily on stop losses, he prefers to add structures that can help reduce risk if the market approaches one of his iron condor levels.
These broken-wing butterflies create additional profit zones beyond the original iron condor. If the market moves closer to one side of the trade, the defense structure can help offset losses or provide additional flexibility.
Chris views these defense trades as an important reason why he has been able to maintain consistency over time.
Finding opportunities with butterfly spreads
The third component of the framework is the butterfly spread.
Unlike the iron condor, which focuses on high probability outcomes, butterfly spreads are used to target specific price levels that Chris believes could attract market activity during the day.
To identify these levels, he uses market structure, gamma levels, options positioning, and tools that visualize gamma exposure and open interest.
Chris’ favorite tool for analyzing market structure during the day is TanukiTrade.
Butterfly spreads typically have limited risk and potentially high reward. Chris describes examples where relatively small debit trades can generate several times the original risk if the price finishes near the target level.
He does not expect these trades to produce extraordinary returns every day. Instead, they serve to improve overall performance while keeping risk defined.
TanukiTrade
…is an essential options trader toolkit offering seamless GEX levels, an options scanner and lots of useful data in a user-friendly interface. Works both as a web app and with TradingView.
Risk management in 0DTE trading
Risk management is a recurring theme throughout Chris’ approach.
He openly acknowledges that every strategy involves risk and that losses are part of the process. His focus is not on avoiding losses completely but on managing them effectively.
By combining iron condors, broken-wing butterflies, and butterfly spreads, he seeks to create a portfolio of trades that can work together rather than relying on a single position.
This layered approach allows him to adapt to different market conditions while maintaining a consistent process.
Key lessons
One of the biggest takeaways from this interview is that successful 0DTE trading is not about finding a magical setup.
Chris’ approach is built around preparation, probabilities, and disciplined risk management. Every day starts with a plan. Every trade has a purpose. And every position fits into a larger framework.
For traders interested in 0DTE trading, the interview provides a detailed look at how one experienced trader combines multiple strategies to create a repeatable daily process.
Whether the market moves up, down or sideways, Chris’ objective remains the same:
Win the day.
📚 Books recommended in this video
Chris recommends the following three books to learn more about options trading:
- Julia Spina: The Unlucky Investor’s Guide to Options Trading
- Brian Overby: The Options Playbook
- Mark Douglas: Trading in the Zone
