The PDT rule did not just limit how often you could day trade. For zero DTE options traders it removed the ability to manage positions at all. No closing at 50 percent of max profit. No stop losses. No getting out before noon. Just hold to expiration.
Julia Spina built a retroactive study to quantify exactly what that cost. 539 zero DTE iron condors at 20 delta short strikes. Managed results show $166 saved per winning trade and $93 saved per losing trade on average. Standard deviation of P&L dropped by nearly 50 percent. Worst 5 percent of losses cut dramatically even on defined risk positions. And this is the conservative estimate. The noon cutoff was not even included.
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Chapters
0:00 PDT is done and here is why this study matters
0:45 Study de...