This is correct. I use a 1-minute chart so the buy is one minute into the regular trading hours on the nearest strike.

My stop loss is a low of the day for the option but the open itself can be used for a tighter stop. It has been my experience there are a lot of whipsaws at the open price. Yes, TP is 100% (you'd like it to go past 100% enough to put a stop there and still let it run for the big, big gains but 100% is enough.

SPY and QQQ are the main game because the options are very liquid and have tight spreads.

I've written about others -- AAPL, TSLA, META, MSFT, AMD--because those have the tightest spreads among the stocks but there is plenty of money to be made by concentrating on SPY and QQQ. Always check the spread when selecting any stock option to trade.

I happen to think it is virtually impossible to back test the won/loss ratio because of the different strikes and different expiration every day, but its around 50% with little winners, little losers, no big losers, enough big winners.

I created this for the small trader who has enough capital to day trade but not enough margin to do naked options but if you have the margin I would assume you could sell options on the same triggers and with both Theta and the strategy on your side virtually steal money day trading every day. If you do that, please let me know how it goes.

I hope all this helps.