Trade-log entries give a single defined-risk options structure the full anatomy treatment — P/L chart, thesis, risk table, greeks, management plan. Structures pages document each playbook structure's anatomy, strike selection, and adjustments. Playbook pages document the rules themselves: the exits, the math, the discipline.
Long call butterfly on XLP Dec 18, 2026 (122 DTE) — +1 80C @ $7.575 / −2 90C @ $1.76 / +1 100C @ $0.28. Net debit $4.335/share ($433.50/contract). Max profit $566.50 at XLP = $90 on Dec 18; max loss $433.50. Breakevens $84.335 / $95.665. Spot $85.84, IV ~17–22%.
1-contract bull call spread on GNRC Dec 18, 2026 (129 DTE, standard monthly) — BTO 230C @ $24.20 / STO 240C @ $20.65, net debit $3.55/share ($355/contract). Max profit $645 above $240; max loss $355. GNRC spot $214.52, IV ~57%.
1-contract calendar put spread on SPY — STO 760P Oct 16 @ $12.775 (66 DTE) / BTO 760P Oct 30 @ $14.77 (80 DTE), net debit $1.995/share ($199.50/contract). Peak modeled P/L ~$685.63 at SPY ≈ $760 on Oct 16; ~$260.50 if SPY pins $771.91. Max loss $199.50 (debit). Spot $771.91, IV ~16%.
1-contract bear call spread on XSP Oct 16, 2026 (66 DTE, standard monthly) — STO 815C @ $4.17 / BTO 820C @ $3.265, net credit $0.905/share ($90.50/contract). Max profit $90.50 below $815; max loss $409.50. Breakeven $815.905. XSP spot $770.53 (mini-SPX), IV 12.08%.
Bullish diagonal debit spread on INTC — short $110C Nov 20, 2026 (102 DTE), long $105C Dec 18, 2026 (130 DTE) — for a $3.425/share net debit ($342.50/contract). Max loss $342.50; realized max profit $157.50 covered-call cap if held to Dec 18 with INTC ≥ $110.
Bullish vertical debit spread on META (Meta Platforms) — long $605C Oct 16, 2026 (67 DTE), short $610C Oct 16, 2026 (67 DTE) — for a $2.10/share net debit ($210/contract). Max profit $290 if META ≥ $610 at Oct 16; max loss $210.
4-leg long call condor on META (Meta Platforms) — long $640C / short $650C + short $750C / long $760C, all Dec 18 (130 DTE) — for a $2.225/share net debit ($222.50/contract). Max profit $777.50 if META is between $650–$750 at Dec 18; max loss $222.50.
Bullish vertical debit spread on SLV (iShares Silver Trust) — long $60C Nov 20, 2026 (102 DTE), short $62C Nov 20, 2026 (102 DTE) — for a $0.725/share net debit ($72.50/contract). Max profit $127.50 if SLV ≥ $62 at Nov 20; max loss $72.50.
Bullish call diagonal debit spread on SPY. Long $795C Dec 31, 2026 (146 DTE) / Short $800C Dec 18, 2026 (133 DTE). Net debit $3.70/share ($370/contract, live mid) — a 6.2× capital reduction vs the outright long call.
Opened an AAPL Oct 16 300/295 bull put spread, a 71-DTE equity-level short-premium structure with $12.46 OTM cushion. $155 total credit, $345 defined max loss.
Working limit order on an NVDA Oct 16 180/175 bull put spread at $0.75/share ($75/contract). Above current mid ($0.62); the order fills only if NVDA dips ~1.5% or IV expands.
Opened an NVDA 240 call calendar: long Dec 18 '26 240C, short Nov 20 '26 240C. $2.30 debit/share ($230/contract), 106 DTE front / 134 DTE back. Max loss $230 (the debit).
Short iron condor on XSP Dec 18, 2026 (134 DTE, AM-settled standard monthly, symmetric $20 wings). Sell 660P / Buy 640P, Sell 850C / Buy 870C. Net credit $333/contract; max loss $1,667 each wing.
Short iron condor on XSP Nov 20, 2026 (106 DTE, AM-settled standard monthly, asymmetric $15 put / $10 call wings). Sell 700P / Buy 685P, Sell 850C / Buy 860C. Net credit $224/contract; max loss $776.
Closed some more of the SOXL, DRAM, and QQQ bull positions opened on the June–July dip — all up 30%+ since open — while adding small TLT and BIL positions. Cash + Treasury allocation is now north of 30% of NLV with the margin balance at $0.
Closed several XSP, SPX, and RUT bull call spreads and diagonals in August, September, and October expiries that had crossed 50% of max profit. Rebuilt cash to ~$30K, formalized BIL as the cash-park, and left TLT untouched as the duration hedge.
Asymmetric long call condor on XSP at 112 DTE: long 740C / short 760C / short 800C / long 810C, all Nov 20 '26. Net debit $10.695/share ($1,069.50/contract), max profit $930.50 between $760–$800 — limited by the 20-point lower wing, not the 40-point body.
Defined-risk 18-month bull call spread on DRAM (Roundhill Memory ETF): long 60C / short 70C, Jan 21 '28 LEAPS, $1.925/share net debit ($192.50/contract), $807.50 max profit above $70, and a 4.2:1 reward-to-risk.
Put-side calendar at a near-ATM $650 strike on QQQ: short 650P Oct 16 / long 650P Oct 30 for a $2.185/share net debit ($218.50/contract), with an estimated max profit of ~$1,058 if QQQ spends time near $650 at the Oct 16 short expiry.
Defined-risk, defined-reward bull call spread on XSP at 4 DTE: long 744C / short 746C for a $0.90/share net debit ($90/contract), $110 max profit above $746, and $90 max loss. A dip-buy bet that XSP bounces back toward $744.90 by Friday's PM-settled close.
Short-premium bull put spread on XSP at 3 DTE: short 735P / long 730P for a $1.285/share net credit ($128.50/contract), $128.50 max profit above $735, and $371.50 max loss below $730. A theta-harvest expressing "IV is rich relative to realized vol" into the FOMC window.
Opened a QQQ $850 calendar call spread at 18-month duration, front Dec 17 '27 / back Jan 21 '28, paired with the $800 calendar. Net debit $3.21/share ($321/contract), defined-risk theta-harvest structure with ~$2,799 estimated max profit if QQQ reclaims $850 by Dec 17 '27 expiry.
Opened a DRAM calendar call spread at $70 strike, short Dec 18 / long Jan 15 '27, on continued DRAM weakness. Net debit $107.50/contract, defined-risk theta-harvest structure with $628 estimated max profit if DRAM reclaims $70 by Dec 18 expiry.
Opened a QQQ $800 calendar call spread at 18-month duration, front Dec 17 '27 / back Jan 21 '28, on continued NASDAQ weakness. Net debit $3.80/share ($380/contract), defined-risk theta-harvest structure with ~$2,556 estimated max profit if QQQ reclaims $800 by Dec 17 '27 expiry. Pairs with the $850 calendar.
Opened a QQQ long call condor (Nov 20 '26, 715/725/810/820), pairing a near-ATM bull call credit spread (715/725) with a deep-OTM bear call credit spread (810/820) to express rangebound sideways drift over Q3 earnings season. $355 defined risk; max profit $645 in $725–$810 zone.
Opened a QQQ long call condor (Dec 18 '26, 700/715/845/860), pairing a near-ATM bull call credit spread (700/715) with a deep-OTM bear call credit spread (845/860) to express range-bounded sideways drift. $689.50 defined risk; max profit $810.50 in $715–$845 zone.
Opened an XSP long call condor (Dec 18 '26, 690/700/810/820), short the body's IV skew while harvesting theta into year-end. $609 defined risk; max profit $391 between $700–$810 (limited by 10-pt wings, not 110-pt body).
Opened a NASA ETF Jan 21 2028 30/15 bull call spread, an 18-month LEAPS upside structure on the Tema Space Innovators ETF. Net debit $6.10, max loss $610/contract × 1 = $610 total. Cushion to long strike 36%, breakeven $21.10.
Opened an RSP ETF Jan 21 2028 230/220/290/280 long call condor, an 18-month structure expressing the view that the equal-weight S&P 500 will consolidate in a $63-wide profit zone without a major breakout. Net debit $3.175/share, $317.50/contract × 1 = $317.50 total, 1:2.15 risk:reward.
Opened a second RSP ETF Jan 21 2028 220/230/280/285 long call condor with a $5-wide upper body (vs $10-wide on RSP #1). Same $3.175/share net debit but a permanent $182.50/contract upside plateau above $287 instead of a $317.50 max loss above $290. Direct comparison to RSP #1 shipped earlier today.
Opened a NASA ETF Jan 15 2027 25/20 bull put spread, a 178-DTE long-dated short-premium structure on the Tema Space Innovators ETF. Live mid credit $2.525, max loss $247.50/contract × 4 = $990 total. ~60% short-leg POP, ~$1.20/day theta.
Added a 1-contract XSP Aug 28 749/750 bear call spread as defined-risk premium-collection insurance. $61.50 net credit, $38.50 defined max loss, ~50% short-leg POP.
Opened an XSP Jul 31 742/740 bull put spread, an 11-DTE index-level short-premium structure with 6.93-point OTM cushion. $237.50 total credit, $762.50 defined max loss, ~67% short-leg POP.
Opened a USAR Jan 21 '28 20/25 bull call spread, a long-dated (553 DTE) LEAPS expressing the US critical-minerals / rare-earth processing thesis. $80 defined risk, $420 max profit (5.25:1 R/R), 29.6% cushion to lower breakeven.
Opened an SKHY Sep 18 195/200 bull call spread, an OTM speculative structure expressing a memory-cycle rally thesis. $80 defined risk, $420 max profit (5.25:1 R/R), 64 DTE.
Opened a QQQ inverse diagonal call spread, long 740C Dec 31 / short 700C Dec 18, expressing a QQQ-rally thesis into year-end. $2,519.50 defined risk; max profit $1,786 if QQQ closes at $740.
Bull call diagonal on DRAM — long 50C Jan '27, short 70C Dec '26 — opened on a −6.6% pullback day. Net debit $8.375/share ($837.50/contract), max profit $1,231.44 above $70, and positive theta from day one.
Jan 2027 LEAPS long call condor on DRAM at 40/60/80/90, opened at market open after a month-long slide from ~$80 to $57. Net debit $7.93/share ($793/contract) for a $1,207.50 max-profit plateau across the $60–$80 body.
0DTE SPX put credit spread 15-wide at 5,560/5,545, collecting $1.05 against $15 of risk. Premium-to-width of 7% met the day's edge threshold; closed at the 50% target for +$315 realized.
7DTE iron condor on XSP sold 45 minutes after a soft CPI print. $1.85 credit per condor on $3.15 of risk; closed on the 50% profit target for a +$1,000 realized gain.
Dec 2026 LEAPS long call condor on QQQ with asymmetric wings at 755/770/830/840. Net debit $4.275/share ($427.50/contract) for a $1,072.50 max-profit plateau across a 60-point body.
Long call diagonal on RUT, long 2900C Dec 31 / short 2950C Dec 18, opened after an 11.3% rally off the March lows. Net debit $28.70/share ($2,870/contract) with a mid-life "hump" profit of $4,849.
Long call vertical on RUT at 2700/2750 for December 2026, opened into a tariff-shock-reversal breakout. Net debit $22.67/share ($2,267 per contract) for a $2,733 max profit at 249 DTE.
Anatomy of a debit vertical spread: lower max-loss than a long call, capped upside, and the trade-off between risk reduction and profit potential. When the spread fits a directional thesis better than a single-leg long option.
Anatomy of a diagonal spread: long option at a longer expiration, short option at a shorter expiration, the structure's time-distributed payoff, and when the diagonal fits better than a vertical or a calendar.
Anatomy of an iron butterfly: short straddle with protective wings, very high probability of profit, defined risk, and the trade-off between premium collected and the cost of being wrong. When the structure fits a low-volatility regime better than an iron condor.
The five first-order greeks — what each measures, how they interact inside a multi-leg structure, and which ones the journal watches at entry and during the life of a position.
Expected value is the probability-weighted average of a trade's outcomes — and the single most important number in the journal's methodology. Every position opened here has a positive EV at entry.
The journal's adjustment rules are the most discretionary part of the playbook: defensive vs. offensive vs. exit adjustments, the 50% rules, rolling forward vs. rolling out, and when to simply accept the loss.
The journal's returns come from a small number of identifiable edges — structural, statistical, and informational. Each is documented, each is monitored for decay, and new edges require 12 months of trade-log evidence.
A portfolio of options positions is not a portfolio of independent bets. Name-level vs. market-level correlation, the 6% rule, basket exposure, and why the journal favors concentration over diversification.
What implied volatility is, how it differs from realized volatility, why the option's price is dominated by IV rather than the underlying's expected move, and how the journal uses IV rank to choose structures.
The journal focuses on options rather than equities — not arbitrarily, but because of the structural differences between the two markets. Leverage, time decay, defined risk, and mechanical position sizing, and the trade-off that comes with them.
The trade log is the journal's source of truth, but reading it takes context. How to read it as a list of individual decisions and as a statistical sample — hit rate vs. expected value, filtering by structure, ticker, and outcome, and the patterns that matter.
The journal's methodology is built on a small number of statistical principles — the normal distribution, the central limit theorem, and the law of large numbers. What they are, how they apply to the journal's daily work, and their limits.
Volatility is often described as an asset class, but it is really a property of an underlying. The fundamental difference between implied and realized volatility, the volatility risk premium, and how the journal uses the volatility structure to identify edge.
The options market is a continuous double auction, and its microstructure is the source of the journal's transaction costs. Bid/ask rules, open interest, volume, slippage, and the hidden cost of every trade.
Why QQQ has more call skew than SPX, how to measure call skew from a live option chain, when skew widens (and when it compresses), and how the long call condor trades it — with the live IV surface from three July 23 trades as case studies.
On July 23, 2026 the journal entered three long call condors with three different body widths. The rule-based decision tree behind body-width selection — four measurable inputs that determine strike geometry on any long call condor entry.
A post-mortem on two errors that shipped to the trade log in one day — the wrong long-call-condor max-profit formula and a stale OptionStrat pricing basis — with the right formulas, the verification routines, and the lessons.
Eight trades since the v1.0 SOP shipped produced six candidate rule changes for a v1.1 playbook — deep-OTM verticals, long-dated LEAPS, inverse diagonals, diagonal roll-ups, condor scale-ins, and long-dated diagonals. Queued for review, none in force yet.
The expected-value math behind every trade, why a 2:1 reward-to-risk ratio is the floor not the goal, and how to think about positive expectancy when the win rate is below 50%.
Why option-implied probabilities and historical probabilities are different, the difference between risk-neutral and real-world probabilities, and how to use probability of profit (POP) without over-relying on it.
What one, two, and three-sigma moves actually mean for SPX positioning, how implied vol maps to expected moves, and why strike selection in a spread book should be sigma-anchored, not delta-anchored.
How the desk turns implied-volatility regimes into trade structure: VIX regime bands, IV-rank entry thresholds, scenario targets for the S&P 500, and the event calendar that shapes every outlook.
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