Paper trading, not investment advice. Every account and book on these pages trades paper money: the Alpaca paper accounts DAILY ($1,000,000 from Sep 30, 2026), INTRA1 ($100,000 from Sep 30, 2026) and INTRA2 ($100,000 from Sep 30, 2026); the simulated books SIM-TT ($100,000 from Sep 29, 2026), SIM-V2B ($100,000 from Sep 28, 2026) and SIM-V2B-TOM ($100,000 from Sep 28, 2026), filled at the official close; and market-analysis's ledgers, one contract per position against a $100,000 reporting equity. No real money is at stake. Positions, trades and P&L are published the same day, as the engines record them, with each number's source and cost model labelled. Nothing here is a recommendation to buy, sell or hold any security, and nothing is tailored to you. Each strategy is a pre-registered experiment, read once on a date or at a trade count fixed in advance; until then its record says little either way. I may hold or have held positions in securities shown here. Markets can and do lose money.

Trade

QQQM · Crabel's opening range

Opened Oct 20, 2026, closed Oct 20, 2026, in INTRA2.

The trade

Account: INTRA2
Strategy: Crabel's opening range
Book: crabel
Symbol: QQQM (on QQQ)
Asset class: equity
Side: short
Exposure: short
Status: closed
Opened: Oct 20, 2026
Closed: Oct 20, 2026
Quantity: 322
Entry price: 293.76
Exit price: 295.207672
Exit by: stop
Book value at entry: $44,863.25

Record Trade journal

Cost model

Alpaca paper fills, with no commission; Alpaca's SEC and CAT fees, charged by the day, are left out. Commission is estimated at $0.007 a share a side, the rate at the owner's own broker: the net P&L is the P&L less it; the P&L, the return, the P&L in basis points of the book and the R multiple are before it. The rule book's day return is the rule's own replay on SIP bars, after the research's own costs: $0.0035 a share a side in commission for the noise area and $0.007 for the other rules, and a cent a share of slippage on every fill except a resting limit order's and the noise area's exit at the close.

Result

Entry value: $94,590.72
Exit value: $95,056.87
P&L: −$466.15
Dividends: —
P&L with dividends: —
Costs: $4.51
Net P&L: −$470.66
Return: −0.49%
Of the book: −103.9 bp
R multiple: −1.04
Held: 28.5 minutes

Entry and exit

Role	Date	At (ET)	Side	Qty	Asked	Price	Rule's price	Close	Slippage	Against the close	How	Why	The rule's numbers
entry	Oct 20, 2026	09:33 ET	sell	322	322	293.76	293.798689	—	+1.3 bp	—	—	short at 713.55 (QQQ), stop 716.93, weight 2.11: 322 QQQM at about 293.78	5 trigger numbers plan armed true stretch 1.69200439453125 qqq_over_qqqm 2.4286970045303944 bands at 09:30:02 note open 715.24: bands 716.93 / 713.55 (stretch 1.692) event bands lower 713.5479956054687 upper 716.9320043945313 stretch 1.69200439453125 first_trade 715.24 first_trade_at 09:30:00 entry at 09:33:17 qty 322 band 713.5479956054687 note short at 713.55 (QQQ), stop 716.93, weight 2.11: 322 QQQM at about 293.78 side −1 stop 716.9320043945313 event entry minute 3 weight 2.1085878911181246 qqqm_px 293.77892700038973 entry_px 713.5479956054687 arming day 2026-10-19 low 716.5700073242188 nr4 true nr7 false high 724.5499877929688 armed true range 7.97998046875 inside true prior_low 707.22998046875 prior_high 725.9600219726562 min_range_4 7.97998046875 min_range_7 4.5 arming_agrees true 1 number fills 1
exit	Oct 20, 2026	10:02 ET	buy	322	322	295.207672	295.192032	—	+0.5 bp	—	stop	stop: out (QQQ 716.98, stop 716.93)	2 trigger numbers exit at 10:01:54 how stop best 710.42 note stop: out (QQQ 716.98, stop 716.93) stop 716.9320043945313 event exit minute 31 qqq_px 716.975 trail 1 number fills 1

Orders

Role	Side	Kind	Qty	Limit	Model price	Status	Filled	Average	Sent (ET)	Filled (ET)
entry	sell	market	322	—	713.547996	filled	322	293.76	09:33 ET	09:33 ET
exit	buy	market	322	—	716.932004	filled	322	295.207672	10:01 ET	10:02 ET

Path while held

Span: 30 minutes
High: 295.22
Low: 292.52
Best point (MFE): +0.42%
Worst point (MAE): −0.50%
Bars from: SIP 1-minute bars

The rule's own trade

The rule replayed on its own bars, beside the account's fills.

Matched the account: yes
Entry: 713.577996 at 09:32 ET
Exit: 716.962004 at 10:01 ET
Exit by: stop
The rule's day: −1.0%
The rule's trades that day: 1

best: 710.39
side: −1
stop: 716.9620043945313
exit_min: 31
entry_min: 2
live_stop: 716.9620043945313

Notes

Crabel's opening range with a trailing stop, decided on QQQ and traded in QQQM

09:30:02 open 715.24: bands 716.93 / 713.55 (stretch 1.692)
09:33:17 no more entries: one trade a day
09:33:17 short at 713.55 (QQQ), stop 716.93, weight 2.11: 322 QQQM at about 293.78
10:01:54 stop: out (QQQ 716.98, stop 716.93)

inputs

armed: true
stretch: 1.69200439453125
qqq_over_qqqm: 2.4286970045303944