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

QQQ · S-B QQQ put spread, exploration

Opened Oct 30, 2026, in MA.

The trade

Account: MA
Strategy: S-B QQQ put spread, exploration
Book: exploration
Symbol: QQQ
Asset class: option structure
Side: short
Exposure: long
Status: open
Opened: Oct 30, 2026
Closed: —
Quantity: 1
Entry price: 3.74314
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

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 30, 2026	—	sell	1	—	3.74314	—	—	—	—	late window	gate ON	8 trigger numbers x 25.18 vix 17.2 asof 2026-10-29 mode both vix3m 19.37 reason ON verdict ON x_median 22.795 9 numbers m 0.06836094775588027 x 28.5 spot 691.1062 width 50 window P3 dte_cal 21 entry_cost_usd 8.408239249954605 entry_tier_max 1 credit_over_width 0.07486279761904763

Legs

Contract	Right	Strike	Expiry	Side	Qty	Entry	Exit	Facts
QQQ261120P00645000	put	645.00	Nov 20, 2026	short	1	5.722827	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.014377688988095239
QQQ261120P00595000	put	595.00	Nov 20, 2026	long	1	1.979688	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.03024909375

Notes

variant: B1
risk_usd: 4625.6860119047615
graded_at: null
n_touches: 4
policy_id: sb-1.0
structure: PS
max_loss_usd: 4625.6860119047615
cost_over_credit: null