📆 Profit at Day Zero

Closing a multi-leg strategy on the same day it was opened means calculating profit based on the change in market value of each leg between entry and exit. This is typically driven by:

📉 Intraday price movement of the underlying asset
⏱️ Minor time decay (Theta) if applicable
📊 Changes in implied volatility (Vega)
💰 Bid-ask spread and execution quality

🧮 Profit Formula

Same-Day Profit = Entry Net Premium − Exit Net Premium

If you opened the strategy for a net credit and closed it for a lower debit, the difference is your profit. If you paid a net debit and closed for a higher credit, that’s also profit.

📘 Example: Short Straddle

Open: Sell Call @ $3.00, Sell Put @ $2.50 → Net Credit = $5.50
Close: Buy Call @ $2.80, Buy Put @ $2.30 → Net Debit = $5.10
Same-Day Profit: $5.50 − $5.10 = $0.40

📊 Strategy Snapshot

Strategy	Same-Day Profit Potential	Best Conditions
Iron Condor	Low to Moderate	Volatility drop, tight bid-ask
Straddle	High (if large price move)	High volatility, directional move
Vertical Spread	Moderate	Underlying moves toward short strike
Calendar Spread	Low	Rarely profitable same-day

🧠 Pro Tip

Same-day closes are often used to capture quick profits or cut losses. Use a live P/L calculator like Fidelity’s P/L Calculator to model outcomes before executing.