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

SPY · Noise area

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

The trade

Account: INTRA2
Strategy: Noise area
Book: noise
Symbol: SPY
Asset class: equity
Side: long
Exposure: long
Status: closed
Opened: Oct 20, 2026
Closed: Oct 20, 2026
Quantity: 104
Entry price: 767.768077
Exit price: 768.68
Exit by: signal
Book value at entry: $47,832.69

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: $79,847.88
Exit value: $79,942.72
P&L: +$94.84
Dividends: —
P&L with dividends: —
Costs: $1.46
Net P&L: +$93.38
Return: +0.12%
Of the book: +19.8 bp
R multiple: —
Held: 179.9 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	10:00 ET	buy	104	104	767.768077	767.955	—	−2.4 bp	—	—	long in: 767.96 > band 767.43	8 trigger numbers at 10:00 lb 764.9189154398046 px 767.955 ub 767.4318420798551 pos 1 vwap 765.9400719646718 reason long in: 767.96 > band 767.43 symbol SPY 1 number fills 1
exit	Oct 20, 2026	13:00 ET	sell	104	104	768.68	768.63	—	−0.7 bp	—	signal	long out: 768.63 < max(band 768.89, VWAP 769.12)	8 trigger numbers at 13:00 lb 763.4631469824991 px 768.63 ub 768.8887700273599 pos 0 vwap 769.1211268522006 reason long out: 768.63 < max(band 768.89, VWAP 769.12) symbol SPY 1 number fills 1

Orders

Role	Side	Kind	Qty	Limit	Model price	Status	Filled	Average	Sent (ET)	Filled (ET)
entry	buy	market	104	—	767.955	filled	104	767.768077	10:00 ET	10:00 ET
exit	sell	market	104	—	768.63	filled	104	768.68	13:00 ET	13:00 ET

Path while held

Span: 181 minutes
High: 772.29
Low: 767.525
Best point (MFE): +0.59%
Worst point (MAE): −0.03%
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: 767.955 at 10:00 ET
Exit: 768.655 at 13:00 ET
Exit by: —
The rule's day: −0.4%
The rule's trades that day: 3

side: 1
symbol: SPY
exit_min: 780
entry_min: 600

Notes

the noise-area rule on SPY and QQQ: checks on the half hour 10:00-15:30, out at the close

inputs

open.at: 10:00:06
leverage: 3.353629122016706
open.note: SPY: open 765.87, previous close 766.48, leverage 3.35, 104 shares a leg
open.open: 765.87
open.event: open
prev_close: 766.48
open.shares: 104
open.symbol: SPY
sigma_10:00: 0.0012418355075867035
open.leverage: 3.353629122016706
open.prev_close: 766.48