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 · S-B SPY iron condor, exploration

Opened Oct 30, 2026, in MA.

The trade

Account: MA
Strategy: S-B SPY iron condor, exploration
Book: exploration
Symbol: SPY
Asset class: option structure
Side: short
Exposure: neutral
Status: open
Opened: Oct 30, 2026
Closed: —
Quantity: 1
Entry price: 3.466265
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	—	3.466265	—	—	—	—	late window	gate ON	8 trigger numbers x 17.2 vix 17.2 asof 2026-10-29 mode both vix3m 19.37 reason ON verdict ON x_median 16.57 9 numbers m 0.0465813896638314 x 19.42 spot 756.1047 width 36 window P3 dte_cal 21 entry_cost_usd 8.711515207262764 entry_tier_max 1 credit_over_width 0.09628514574134316

Legs

Contract	Right	Strike	Expiry	Side	Qty	Entry	Exit	Facts
SPY261120P00721000	put	721.00	Nov 20, 2026	short	1	4.809231	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.010660038461538462
SPY261120P00685000	put	685.00	Nov 20, 2026	long	1	1.97539	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.018945802973977695
SPY261120C00791000	call	791.00	Nov 20, 2026	short	1	0.673214	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.03297530357142857
SPY261120C00825000	call	825.00	Nov 20, 2026	long	1	0.040789	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.2779863684210526

Notes

variant: B1
risk_usd: 3253.3734753311646
graded_at: null
n_touches: 8
policy_id: sb-1.0
structure: IC
max_loss_usd: 3253.3734753311646
cost_over_credit: null