Echo

No Early Roll

SPY · Jan 2017–Dec 2025 · Run Apr 12, 2026

Strategy

Leg 1

SELL8W 15Δ Put
Held to expiry·25% of portfolio

Leg 2

SELL9W 15Δ Put
Held to expiry·25% of portfolio

Leg 3

SELL10W 15Δ Put
Held to expiry·25% of portfolio

Leg 4

SELL11W 15Δ Put
Held to expiry·25% of portfolio

Performance

Cumulative

+20.5%

Ann. Return

+2.3%

Volatility

+6.7%

Return / Vol

0.34

Max Drawdown

-20.9%

Win Rate

93%

Compounded P/L

Total P/L over time

Total P/LRealised P/L

Individual Structure P/L

Mark-to-market path per structure

Annual Return

Calendar year performance

Annual return

Running Max Drawdown

Peak-to-trough drawdown over time

Max drawdown

Monthly Returns

Heatmap of calendar month P/L

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
2018
2019
2020
2021
2022
2023
2024
2025
Loss
Gain

Daily Returns Distribution

Histogram of strategy daily returns

Strategy

For informational purposes only. Backtest results are hypothetical and based on historical data — they do not represent actual trading results and are not a guarantee of future performance. Past performance is not indicative of future results. This content does not constitute financial advice, investment advice, or a recommendation to buy or sell any security. Options trading involves significant risk.