MARA, Oct 9, 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-C C1 iron butterfly, exploration
Book: exploration
Symbol: MARA
Asset class: option structure
Side: short
Exposure: neutral
Status: open
Opened: Oct 9, 2026
Closed: —
Quantity: 1
Entry price: 1.471432
Exit price: —
Exit by: —
Book value at entry: —

Record GitHub ledger

Cost model

half of each leg's spread plus $0.65 a contract at entry, the spread quoted from 15:00 to 16:00 ET or, for a wing priced by model, the stock's median option spread over the 20 sessions before, at least 5%; nothing 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	Oct 9, 2026	—	sell	1	—	1.471432	—	—	—	—	late window	F2	4 trigger numbers rank null verdict F2 cap_pass true cap_reason null 13 numbers k 9.5 k_dn 5.5 k_up 13.5 close 9.65 iv30d 0.733712386201402 sector Financial Services dte_cal 28 marketcap 3828226033 sigma_hold 1.9610368178501605 mean_spread 0.03598606967213115 model_entry true entry_cost_usd 5.9052006968908195 entry_tier_max 3

Contract	Right	Strike	Expiry	Side	Qty	Entry	Exit	Facts
MARA261106C00009500	call	9.50	Nov 6, 2026	short	1	0.85	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.035928
MARA261106P00009500	put	9.50	Nov 6, 2026	short	1	0.707623	—	4 numbers exit_tier null entry_tier 1 entry_source print_vwap entry_spread 0.036044139344262295
MARA261106C00013500	call	13.50	Nov 6, 2026	long	1	0.085	—	4 numbers exit_tier null entry_tier 2 entry_source print_nbbo entry_spread 0.11764705882352937
MARA261106P00005500	put	5.50	Nov 6, 2026	long	1	0.001191	—	4 numbers exit_tier null entry_tier 3 entry_source model entry_spread 0.05

variant: C1
risk_usd: 252.8568123085809
graded_at: null
policy_id: sc-1.0
structure: IB
max_loss_usd: 252.8568123085809
stress_loss_usd: null

MARA · S-C C1 iron butterfly, exploration

The trade

Entry and exit

Legs

Notes