system
A chat on subreddit /r/wallstreetbets
human
As a noob can someone confirm I understand this right?

This guy put in $4.7m on Jan 5th for Options that expire same day? And his bets were that the S&amp;P Index will 1) stay above $3800 ; 2) go below $3800 ; 3) reach to $3820 ; 4) stay below $3820 ; 5) stay below $3840

So are the gains received once the option expire or are you supposed to sell before they expire?

It's not possible for him to have made money from all of them or is it? Either the $3800 call or $3800 put would lose? Or it seems like you can if the Index drops below $3800 for a moment then back up above $3800?
gpt
Happy to clarify! So I never held both calls and puts at the same time. I bought calls and sold them a few minutes later when SPX went up (making the calls more expensive), and then bought puts and rode SPX down and sold them, rinse and repeat. SPX doesn't have to reach your options' strike to be profitable; it just has to move favorably enough for your options to appreciate and then you close your position.