Same market. Approximately aligned risk. Very different payoff behavior.
Skyline V1.0 at 2 lots is compared with a 25-point iron condor at 1 lot across matched SPX 0DTE backtests from July 23, 2024 through July 22, 2026.
Modeled payoff geometry
This Options Engineering OS view compares the study quantities, modeled capital at risk, and expiration payoff geometry of both structures.
Study configuration: Skyline 2 lots versus iron condor 1 lot. Modeled CAR is $1,680 versus $2,053, so Skyline uses approximately 18% less modeled capital at risk. The sizing is approximately CAR-aligned, but not exactly equal-CAR. The image illustrates payoff geometry, not historical performance.
Close enough to compare—different enough to disclose
Skyline V1.0 · 2 lots
$1,680 modeled CAR
82% of the condor’s modeled CAR in the OS comparison.
25-point iron condor · 1 lot
$2,053 modeled CAR
Capital-at-risk reference for the study configuration.
Performance across multiple time horizons
Compare outcomes without hiding the sizing basis
| Metric | Skyline · 2 lots | Iron condor · 1 lot |
|---|---|---|
| Modeled CAR reference | $1,680 | $2,053 |
| Net P/L | $71,618 | $20,805 |
| P/L per $1,000 modeled CAR | $42,630 | $10,134 |
| Deployments | 433 paired days | 433 |
| Profitable deployments | 53.6% | 87.8% |
| Average winner | $1,170 | $218 |
| Average loser | -$995 | -$1,190 |
| Maximum drawdown | -41.4% | -64.4% |
| Profitable weeks | 56.2% (59/105) | 75.2% (79/105) |
| Profitable months | 76.0% (19/25) | 68.0% (17/25) |
| Profitable quarters | 100.0% (9/9) | 77.8% (7/9) |
Skyline V1.0 was tested as a hold-to-expiration process
The study’s Skyline results assume the paired call-side and put-side structures are treated as one daily deployment and held to expiration. That discipline matters because the payoff map can move through uncomfortable intraday valleys before resolving.
This section is not a general claim that discipline creates performance. It documents the behavior required by this specific historical test. Live discretionary exits, late entries, omitted sides, altered sizing, or mid-session adjustments would represent a different strategy.
How the comparison was constructed
Matched window
July 23, 2024–July 22, 2026, with 433 complete Skyline deployment days.
Entry and exit
SPX 0DTE; 9:45 a.m. ET entry; expiration/4:00 p.m. close in the supplied logs.
Skyline unit
Two component rows—call-side and put-side—are combined by date into one deployment.
Backtest records
Historical backtest records were exported from Option Omega. The Options Engineer calculated the summary charts and metrics from those records.
Payoff modeling
The structure comparison was produced in Options Engineering OS using the study quantities and modeled capital-at-risk values. It illustrates payoff geometry rather than historical performance.
Independent review
Results are hypothetical and unaudited. Option Omega has not independently reviewed, verified, or endorsed this study.
Important: Backtested results are hypothetical and have inherent limitations. They do not represent actual trading and may not reflect commissions, exchange fees, slippage, liquidity constraints, execution delays, skipped days, behavioral deviations, or changing market regimes. Options involve substantial risk, including the full defined loss. This material is educational research, not personalized investment advice or a recommendation.