Educational only, not financial advice or a strategy recommendation. Options strategies carry risk, including of substantial loss. The strategies here are explained for understanding, not endorsed.
A 0DTE iron butterfly (iron fly) sells an at-the-money call and put with protective wings — collecting more premium than an iron condor but needing SPY to pin near a single strike. It’s a concentrated range bet.
How it works
You sell a call and put at the same at-the-money strike (the body) and buy protective wings above and below — a credit structure combining a call and put credit spread with a shared short strike. Max profit occurs if SPY closes right at that central strike; the tighter setup collects more premium than a condor but has a narrower profit zone.
The tradeoff and risk
More premium, less margin for error — SPY has to stay near the strike, so it’s essentially a bet on the end-of-day pin. Like the condor, it’s defined-risk but can lose multiples of the credit if SPY trends away from the body. On 0DTE, the pin is real (charm flows) but not guaranteed — a catalyst breaks it fast.
The iron fly bets on the pin: max profit if SPY sits on the strike, real loss if it wanders off. More premium, narrower target.
Where the dealer map comes in
A fly is a bet on the pin, and the pin is a dealer-positioning phenomenon: price gets held near the strike carrying the heaviest open interest because hedging flows keep pulling it back. That is what a dealer map shows you — the call and put walls, the strike with the most gamma sitting on it, and how far price has drifted from it. Premium selling carries its own risks, and how you choose to express a pin view is your decision at your own broker. Related: the butterfly spread explainer.
NoVo reads the full tape and maps every dealer level live — the market intelligence no human can track by hand — then draws it on your chart as it moves, and tells you what it has seen this setup do before.
Trader · $209/mo
The cockpit.
Every dealer level living on a real charting terminal — 1-minute to weekly, fifteen years deep, your own drawings on the map, SPY/QQQ/IWM one click apart — with the hourly audit, ‘The Line’ playbooks, the three books side by side and NoVo’s written read where you trade. Analyst included.
The same dealer map drawn on crypto — gamma by strike on every book with real open interest, funding per venue, open interest, 24-hour liquidation flow and true cost to trade — plus the on-chain liquidity map across Solana, Base and Robinhood Chain. NoVo reads it too.
The live dealer map — dealer positioning, options flow, and in-house sweeps & block prints — plus a written market read every session, to your inbox, the dashboard, and the private Analyst Discord. Structure, levels, and the order-flow footprint.
NoVo is a software tool for market analysis, not financial advice. This article is general education, not investment advice. Options trading involves substantial risk of loss, up to and including your entire capital. NoVo makes no guarantee of profit, win rate, or performance, and past results do not predict future outcomes. You are responsible for your own broker account, configuration, and trading decisions.
The member portal — delayed dealer levels with the gamma flip and the expected-move band on SPY, QQQ and IWM, plus sectors, movers and the week’s catalysts. NoVo’s Mid-Day Tape Review every trading day and the Week Ahead on Sundays. And the NoVo Discord: live discussion and NoVo’s daily dealer-map read.