Get paid to wait.
Stay hedged when SPX moves.
A defined-risk SPX income strategy — a broken wing butterfly plus a calendar, held delta-neutral so time decay pays you while five simple adjustments keep direction from hurting.
Income trades that fall apart the moment the market moves
One big day wipes the week
You collect premium for days, then a single move gives it all back. The position had no defense.
You're secretly guessing
Most "income" strategies quietly bet on direction. When you're wrong, theta can't save you.
No adjustment playbook
A trade goes against you and you freeze — or over-tinker — with no repeatable way to fix it.
Let +Theta do what +Theta do
The Baby Rhino combines a put broken wing butterfly with a put calendar on SPX, then holds it delta-neutral so time decay — not direction — drives the trade.
Collect positive theta every day — targeting +5% per day — while directional risk stays mitigated. Theta earns; the adjustments defend.
What you'll be able to do
Build a put broken wing butterfly on SPX and read its risk graph and break-evens.
Use the Squeeze Play to flatten your T+0 line and reach delta-neutral.
Add a put calendar to build the full Baby Rhino and stack positive theta.
Read the Greeks like a pro — and know which adjustment to make, and when.
Run the Dynamic Hedging Game with five repeatable adjustments.
Know the exact moment a trade can't be defended — and exit cleanly.
Four sessions, one layer at a time
Each Wednesday teaching session adds one new piece — by Session 4 the whole strategy assembles itself. Then every Friday at 2:30 PM ET we trade it live together in a coaching session.
The Broken Wing Butterfly
- T+0 line vs. the expiration line
- Delta & Theta, focused and practical
- Build the base BWB (the "big back yard")
- Read break-evens & where risk lives
Greeks & the Squeeze Play
- The five Greeks — the two signs that matter
- Flatten a sloped T+0 line, $5 at a time
- Reach delta-neutral, big positive theta
- Exit rules & Friday placement
Adding the Calendar
- How calendars generate theta (and vega)
- Construction guidelines & ranges
- Combine into the full Baby Rhino
- Worked weekend example
The Dynamic Hedging Game
- Which Greek triggers which fix
- All five tools and when to use each
- Case studies: down days, choppy drift
- Capstone: manage a simulated week
Choose your fighter
Five plays keep the trade neutral. Knowing which to reach for — and when — is the whole game.
Slippity Slide
Nudge the calendar short to re-center Delta on a drift.
Catcher's Mitt
Slide the whole calendar to meet price and neutralize Delta.
Squeeze Play
Squeeze the lower wing to flatten downside after a sharp move.
Double-Wide
Add a second calendar to stack theta and hedge risk.
Wing Rip
Close a calendar or BWB to shed Delta and cut risk fast.
Trade Club 2026: the track record
Every Baby Rhino trade posted this year — 17 trades, one SPX contract each, March through August 2026.
17 trades · Mar → Aug 2026
14 wins / 3 losses| Trade | Opened | DIT | Result | % Gain |
|---|---|---|---|---|
| 14-Day Complex (Exp 14 Aug) | 31 Jul 2026 | 3 | –$170 | –14.6% |
| 14-Day Complex (Exp 7 Aug) | 24 Jul 2026 | 5 | +$75 | +6.7% |
| 14-Day Complex (Exp 31 Jul) | 17 Jul 2026 | 5 | +$55 | +5.0% |
| 14-Day Complex (Exp 24 Jul) | 10 Jul 2026 | 4 | +$65 | +5.3% |
| 14-Day Complex (Exp 16 Jul) | 2 Jul 2026 | 7 | +$75 | +5.0% |
| 14-Day Complex (Exp 10 Jul) | 26 Jun 2026 | 4 | –$110 | –9.7% |
| 14-Day Complex (Exp 2 Jul) | 18 Jun 2026 | 4 | +$95 | +7.5% |
| 14-Day Complex (Exp 26 Jun) | 12 Jun 2026 | 3 | –$115 | –9.9% |
| BWB 45/50 + Calendar (Exp 18 Jun) | 5 Jun 2026 | 3 | +$60 | +4.6% |
| 14-Day Complex (Exp 5 Jun) | 22 May 2026 | 4 | +$150 | +5.6% |
| 14-Day Complex (Exp 29 May) | 17 May 2026 | 1 | +$150 | +6.0% |
| 14-Day Complex (Exp 22 May) | 8 May 2026 | 7 | +$320 | +11.2% |
| 14-Day Complex (Exp 8 May) | 24 Apr 2026 | 3 | +$90 | +7.4% |
| 14-Day Complex (Exp 1 May) | 17 Apr 2026 | 5 | +$110 | +9.1% |
| Baby Rhino — Mar 13 | 13 Mar 2026 | 10 | +$560 | +34.1% |
| BWB Only — Mar 6 | 6 Mar 2026 | 3 | +$50 | +10.0% |
| Baby Rhino — Mar 6 | 6 Mar 2026 | 3 | +$55 | +4.4% |
| 17 trades · avg 4.4 days in trade | +$1,515 | +53.0% | ||
No adjustments were applied to any of these trades. Every number above is the base Baby Rhino just collecting theta — no Squeeze Play, no Wing Rip, nothing. Imagine what the five adjustment plays could do in your hands.
About these results. Baby Rhino model trades posted in the MW Trade Coach 2026 Trade Club, March–August 2026. 14 wins / 3 losses · expectancy $89/trade · profit factor 4.84 · ROI 53.0% (annualized 128.9%) · 150 days invested. This performance report is derived from a simulated paper-trading environment on Charles Schwab’s thinkorswim® platform — no real capital was at risk. Simulated results do not reflect live-market execution (fills, slippage, or commissions). Past performance — live or simulated — does not guarantee future results. See full disclaimer below.
Real trades. Real fills.
Three real Baby Rhinos, straight from the platform — one that never needed an adjustment, and two where the adjustment plays did the heavy lifting.
Gap Scout — know your break-evens before the bell
The Baby Rhino's market lookout. Type in your levels and Gap Scout tells you the odds SPX ever touches them — rest of day, overnight, or over the week — using live VIX math.
Scout gaps before they scout you: know at a glance whether a move lands inside your tent or puts you on defense — and which adjustment play to reach for.
The Options Adjustment Playbook
Mike's book on the art of fixing trades — the same adjustment thinking you'll practice live in the Baby Rhino, written down so you can keep it at your desk forever.
When a position drifts, you won't wonder what to do — you'll look it up, adjust, and move on. It's the reference manual for the five plays.
See what's inside the book↗Everything you get
Who it's for
- ✓Intermediate, self-directed options traders
- ✓You can place multi-leg orders with your broker
- ✓You know the basics of Delta and Theta
- ✓You have software that shows a T+0 line & Greeks
- ✓New to butterflies, calendars, or delta-hedging
Who it's not for
- ✕Complete beginners new to options
- ✕Anyone wanting a "set-and-forget" trade
- ✕Traders looking for signals to copy
- ✕Anyone unwilling to do the weekly practice
Mike Wade · MW Trade Coach
Mike came up under George Fontanills and Tom Gentile, the founders of Optionetics — first as a student, then teaching alongside them. A quarter-century later he's still helping real traders move from hoping to adjusting.
He founded MW Trade Coach to envelop traders in a nurturing, growth-focused environment.
Don't just take our word for it 💬
“It is truly a life changing experience for those that are serious about being successful at trading options and want a place where you can talk and share with fellow traders.”
Hear Steve's take on what trading with Mike has done for him — in his own words. 🎥
Hear how Mike's coaching changed Penny's trading — in her own words. 🎥
Jim's full story — what daily coaching and the community have meant for his trading. 🎥
Jeff's experience trading alongside Mike — in his own words. 🎥
Earl shares what being coached by Mike has meant for his trading journey. 🎥
- ✓8 live sessions (4 teaching + 4 coaching) + lifetime recordings
- ✓All decks, worksheets & the 5-play card
- ✓Greeks-driven adjustment framework
- ✓Live Q&A and homework feedback
- ✓Gap Scout break-even calculator ($397 value)
- ✓4 Live Baby Rhino case studies by Mike — with adjustments
- ✓The Options Adjustment Playbook — Mike's book ($97 value)
- ✓24/7 WhatsApp group, private forum & 30-day OTA trial
Attend Session 1 risk-free
Come to the first live session. If it's not what you expected, email us before Session 2 for a full refund — no hard feelings.
Frequently asked
When are the live sessions?+
Two live sessions a week for four weeks. Teaching sessions are Wednesdays at 8:00 PM ET — August 19, 26 and September 2 & 9, 2026. Live trading & coaching sessions are Fridays at 2:30 PM ET — August 21, 28 and September 4 & 11. Every session is recorded if you can't attend live.
Do I need to be an advanced trader?+
No — but be comfortable placing multi-leg orders and know the basics of Delta and Theta. Built for intermediate traders new to broken wing butterflies, calendars, and delta-hedging. Complete beginners will find the pace fast.
What if I miss a live session?+
Every session is recorded and yours to keep — rewatch any class whenever you like, as many times as you like.
How much capital do I need?+
For the course: none — do everything in a paper account. Live, one Baby Rhino averages about $1,500 of defined-risk capital, but stay in paper until the adjustments feel automatic. Only trade what you can afford to lose.
What software do I need?+
Any brokerage or modeling platform that displays a position's T+0 line and live Greeks.
Is this financial advice?+
No. This is an educational course. Nothing in it is a recommendation to buy or sell any security, and results are illustrative, not guarantees.
Stop predicting. Start managing.
Build a position that pays you to wait — and learn the five adjustments that keep it neutral when the market moves.
Enroll in the Baby Rhino — $997↗