Options trading strategies tested in 2026

Checked October 2026

Backtoast tested these options strategies on the same test. The highest yearly return was +10.8%, on Cboe S&P 500 30-Delta BuyWrite (BXMD): OTM covered call, and it still failed. A higher return is not a pass. You pay $99 for two full tests of your own strategy, and a pass is an offer of 30% of the profit Backtoast makes trading it with its own money.

Strategy	Trades	A year	Test
Cboe S&P 500 30-Delta BuyWrite (BXMD): OTM covered call	42	+10.8%	Failed
Cboe S&P 500 BuyWrite (BXM): at-the-money covered call	42	+8.8%	Failed
Cboe S&P 500 5% Put Protection (PPUT): protective put	47	+5.4%	Failed
Cboe S&P 500 PutWrite (PUT): cash-secured at-the-money put	47	+5.3%	Failed
tastytrade 16-delta short strangle, 45 DTE, managed at 50%	58	+2.2%	Failed
Cboe S&P 500 Iron Condor (CNDR): monthly 20/5-delta iron condor	47	+2.0%	Failed
Cboe S&P 500 95-110 Collar (CLL)	16	+1.3%	Failed
tastytrade SPX put calendar, 60/30 DTE, 40 delta	47	-0.1%	Failed
0DTE iron condor (Vilkov)	949	-1.2%	Failed
Option Alpha SPY put credit spread, 30 DTE, 30/10 delta	283	-2.3%	Failed
Cboe S&P 500 Iron Butterfly (BFLY): monthly ATM iron fly with 5% wings	47	-3.2%	Failed
Long straddle before earnings (Gao, Xing and Zhang 2018)	–	–	Not run

Yearly return is after costs. Failed means it doesn't make enough per trade, or enough a year for the money it ties up, for Backtoast to trade it with its own money. A higher return is not a pass.

Backtoast

You pay $99 for two full tests of your own strategy, and a pass is an offer of 30% of the profit Backtoast makes trading it with its own money. You can still trade the strategy yourself.

The runs are Backtoast's, from 29 October 2026, after costs. Starting from scratch is options trading for beginners.

99% of trading strategies fail. Test yours.

$99 for two full tests. If one passes, we offer you 30% of the profit we make trading it.

Run the test