SPY, Sep 25, 2026 · Trading desk

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.

Account: MA
Strategy: S-B SPY put spread
Book: champion
Symbol: SPY
Asset class: option structure
Side: short
Exposure: long
Status: open
Opened: Sep 25, 2026
Closed: —
Quantity: 1
Entry price: 1.325587
Exit price: —
Exit by: —
Book value at entry: —

Record GitHub ledger

Cost model

half of each leg's quoted spread plus $0.65 a contract at entry; $0.65 a contract at expiry

Role	Date	At (ET)	Side	Qty	Asked	Price	Rule's price	Close	Slippage	Against the close	How	Why	The rule's numbers
entry	Sep 25, 2026	—	sell	1	—	1.325587	—	—	—	—	late window	gate ON	8 trigger numbers x 15.67 vix 15.67 asof 2026-09-24 mode both vix3m 18.43 reason ON verdict ON x_median 15.205 9 numbers m 0.035667624320348756 x 14.87 spot 771.4 width 27 window P3 dte_cal 21 entry_cost_usd 3.1833948996230905 entry_tier_max 1 credit_over_width 0.04909580942444792

Contract	Right	Strike	Expiry	Side	Qty	Entry	Exit	Facts
SPY261016P00744000	put	744.00	Oct 16, 2026	short	1	2.172254	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.012763859154929577
SPY261016P00717000	put	717.00	Oct 16, 2026	long	1	0.846667	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.011742

variant: B1
risk_usd: 2567.4413145539907
graded_at: null
n_touches: 4
policy_id: sb-1.0
structure: PS
max_loss_usd: 2567.4413145539907
cost_over_credit: null

SPY · S-B SPY put spread

The trade

Entry and exit

Legs

Notes