{"ts": "2026-08-31T13:30:53.283941+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum of +0.50% with an elevated IV/RV ratio of 1.15, presenting favorable premium to sell out-of-the-money downside risk.", "invalidation": "SPY spot price breaks below the short put strike as short-term downward pressure accelerates beyond the -0.27% 1-day decline."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"768.0": 0.1224, "731.0": 0.2768, "746.0": 0.1928, "739.0": 0.2276, "757.0": 0.1512, "727.0": 0.2952, "725.0": 0.3085, "756.0": 0.1545, "715.0": 0.3614, "758.0": 0.1485, "753.0": 0.1644, "724.0": 0.3151, "690.0": 0.4972, "719.0": 0.3357, "759.0": 0.1459, "741.0": 0.2184, "723.0": 0.3217, "748.0": 0.183, "705.0": 0.4047, "734.0": 0.2562, "760.0": 0.1433, "700.0": 0.4355, "762.0": 0.1377, "755.0": 0.1577, "718.0": 0.3421, "742.0": 0.2112, "743.0": 0.2081, "767.0": 0.1248, "747.0": 0.1881, "726.0": 0.3018, "695.0": 0.4663, "752.0": 0.1668, "771.0": 0.1194, "744.0": 0.2007, "737.0": 0.2417, "740.0": 0.2256, "749.0": 0.18, "738.0": 0.2347, "729.0": 0.2819, "769.0": 0.1199, "745.0": 0.197, "730.0": 0.2752, "733.0": 0.2631, "763.0": 0.1353, "751.0": 0.1718, "728.0": 0.2885, "736.0": 0.2424, "766.0": 0.127, "761.0": 0.1404, "722.0": 0.3284, "720.0": 0.3293, "732.0": 0.2699, "770.0": 0.1182, "735.0": 0.2493, "710.0": 0.3934, "764.0": 0.1324, "750.0": 0.1762, "754.0": 0.1609, "765.0": 0.1299, "721.0": 0.3228}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.55, "short_delta": 0.207, "long_delta": 0.0935, "short_iv": 0.1404, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.025974025974025997, "short_quote_age": 1.919396, "long_quote_age": 1.953862, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 767.225}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.34 (gross $-17.34 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:31:04.460831+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum at +0.50% and elevated short-term volatility with an IV/RV ratio of 1.15, favoring selling out-of-the-money put premium.", "invalidation": "SPY spot price drops sharply below 767.28 accompanied by accelerating 1-day declines."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"769.0": 0.1164, "752.0": 0.1562, "751.0": 0.1595, "753.0": 0.1532, "755.0": 0.1478, "722.0": 0.2835, "738.0": 0.2076, "764.0": 0.1263, "749.0": 0.1655, "729.0": 0.2491, "718.0": 0.2988, "737.0": 0.2138, "695.0": 0.4005, "746.0": 0.1772, "723.0": 0.2778, "747.0": 0.1737, "726.0": 0.2608, "765.0": 0.1239, "730.0": 0.2433, "763.0": 0.1285, "732.0": 0.2362, "719.0": 0.2933, "750.0": 0.1622, "760.0": 0.1353, "728.0": 0.2549, "725.0": 0.2665, "768.0": 0.1178, "767.0": 0.1197, "734.0": 0.2244, "744.0": 0.1828, "715.0": 0.3154, "740.0": 0.1984, "771.0": 0.1129, "736.0": 0.2163, "735.0": 0.2224, "759.0": 0.1378, "757.0": 0.1427, "710.0": 0.3335, "743.0": 0.1871, "739.0": 0.2046, "761.0": 0.1331, "758.0": 0.1403, "700.0": 0.3742, "754.0": 0.1505, "745.0": 0.1802, "770.0": 0.1147, "705.0": 0.3605, "756.0": 0.1453, "720.0": 0.2878, "690.0": 0.4267, "766.0": 0.122, "748.0": 0.1698, "727.0": 0.2606, "733.0": 0.2303, "742.0": 0.1911, "721.0": 0.2891, "741.0": 0.1949, "731.0": 0.2375, "762.0": 0.1308, "724.0": 0.2722}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2078, "long_delta": 0.1077, "short_iv": 0.1353, "short_rel_spread": 0.018018018018018032, "long_rel_spread": 0.018691588785046745, "short_quote_age": 0.735255, "long_quote_age": 0.740572, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 767.38}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.13 (gross $-21.63 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:32:23.088268+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits a positive 5-day return of +0.50% while 3-day implied volatility trades at a premium to 20-day realized volatility with an IV/RV ratio of 1.15.", "invalidation": "SPY breaks lower and turns the 5-day return negative from the current +0.50% level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"745.0": 0.1962, "762.0": 0.1361, "759.0": 0.1442, "732.0": 0.2692, "760.0": 0.1412, "765.0": 0.1276, "728.0": 0.2878, "769.0": 0.1177, "733.0": 0.2623, "768.0": 0.1202, "743.0": 0.2073, "747.0": 0.1872, "761.0": 0.1386, "734.0": 0.2554, "756.0": 0.1534, "726.0": 0.3011, "690.0": 0.4966, "720.0": 0.3286, "746.0": 0.1919, "770.0": 0.1154, "710.0": 0.3928, "719.0": 0.335, "738.0": 0.2339, "695.0": 0.4657, "749.0": 0.1791, "736.0": 0.2417, "729.0": 0.2811, "727.0": 0.2945, "744.0": 0.1999, "751.0": 0.1708, "739.0": 0.2268, "764.0": 0.1306, "718.0": 0.3414, "750.0": 0.1732, "735.0": 0.2486, "705.0": 0.4041, "740.0": 0.2248, "715.0": 0.3607, "724.0": 0.3144, "700.0": 0.4349, "721.0": 0.3343, "766.0": 0.1249, "763.0": 0.1331, "737.0": 0.241, "723.0": 0.321, "725.0": 0.3078, "771.0": 0.1077, "752.0": 0.1658, "755.0": 0.1554, "742.0": 0.2103, "730.0": 0.2745, "722.0": 0.3277, "758.0": 0.1472, "741.0": 0.2176, "754.0": 0.1598, "753.0": 0.1634, "748.0": 0.1821, "767.0": 0.1224, "757.0": 0.15, "731.0": 0.276}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2082, "long_delta": 0.0941, "short_iv": 0.1386, "short_rel_spread": 0.021505376344085923, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.821181, "long_quote_age": 0.89091, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 767.215}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-21.02 (gross $-19.52 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-21.02 (gross $-19.52 - friction $1.50) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2082, "long_delta": 0.0941, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7918, "edge_pp": -10.02, "ev_implied_usd": -21.57, "realized_vol": 0.1064, "atm_iv": 0.1224, "vrp_ratio": 0.8693, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -26.15, "ev_at_half_drift_usd": -22.79, "ev_gross_usd": -19.52, "expected_loss_real_usd": 73.52, "friction_usd": 1.5, "ev_net_usd": -21.02, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 460}
{"ts": "2026-08-31T13:32:38.135174+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady momentum with +0.06% 1D and +1.49% 5D returns alongside ATM IV of 18.49% matching realized volatility, favoring a defined-risk put credit spread over an extended DTE window.", "invalidation": "QQQ 1D return turns sharply negative, wiping out the 5D gain of +1.49%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1875, "smile": {"656.0": 0.3652, "719.0": 0.1786, "712.0": 0.1908, "684.0": 0.2558, "641.0": 0.4269, "653.0": 0.3762, "680.0": 0.2688, "714.0": 0.1871, "664.0": 0.3298, "683.0": 0.259, "649.0": 0.3948, "676.0": 0.2822, "659.0": 0.3511, "707.0": 0.2005, "670.0": 0.3064, "677.0": 0.2786, "652.0": 0.3816, "661.0": 0.3424, "689.0": 0.2423, "643.0": 0.4202, "678.0": 0.2748, "657.0": 0.3597, "687.0": 0.2481, "703.0": 0.2085, "666.0": 0.3224, "718.0": 0.1798, "720.0": 0.1765, "668.0": 0.3146, "694.0": 0.2298, "702.0": 0.2109, "696.0": 0.2253, "673.0": 0.2948, "662.0": 0.339, "675.0": 0.2843, "660.0": 0.3479, "685.0": 0.2538, "648.0": 0.3969, "679.0": 0.2719, "658.0": 0.3542, "701.0": 0.2131, "682.0": 0.2628, "716.0": 0.1832, "695.0": 0.2274, "691.0": 0.2373, "669.0": 0.3105, "698.0": 0.2199, "692.0": 0.235, "651.0": 0.387, "708.0": 0.1986, "710.0": 0.1946, "690.0": 0.2398, "665.0": 0.3262, "650.0": 0.3894, "663.0": 0.3355, "693.0": 0.2326, "699.0": 0.2176, "709.0": 0.1967, "711.0": 0.1928, "645.0": 0.4131, "672.0": 0.2978, "688.0": 0.2457, "704.0": 0.207, "647.0": 0.4023, "697.0": 0.2223, "715.0": 0.185, "705.0": 0.2045, "674.0": 0.2902, "717.0": 0.1817, "712.5": 0.1898, "646.0": 0.4077, "654.0": 0.3735, "671.0": 0.3036, "717.5": 0.1808, "644.0": 0.4148, "686.0": 0.2508, "681.0": 0.2655, "642.0": 0.4216, "706.0": 0.2026, "713.0": 0.1889, "655.0": 0.3707, "700.0": 0.2154, "667.0": 0.3167}, "vol_profile": {"ewma": 0.1875, "windows": {"5d": 0.1187, "10d": 0.1395, "20d": 0.1731, "40d": 0.2082, "60d": 0.2624}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.000516}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260904P00704000", "long_symbol": "QQQ260904P00699000", "short_strike": 704.0, "long_strike": 699.0, "width": 5.0, "credit": 0.65, "short_delta": 0.1981, "long_delta": 0.1311, "short_iv": 0.207, "short_rel_spread": 0.03468208092485552, "long_rel_spread": 0.027649769585253482, "short_quote_age": 0.463881, "long_quote_age": 0.53829, "friction_usd": 4.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 435.0, "total_risk": 19575.0, "buying_power_used_pct": 0.9788}, "spot": 716.715}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-44.24 (gross $-39.74 - friction $4.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260904P00704000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $435/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,575.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-44.24 (gross $-39.74 - friction $4.50) > $0.00"}], "economics": {"credit": 0.65, "width": 5.0, "short_delta": 0.1981, "long_delta": 0.1311, "max_profit_usd": 65.0, "max_loss_usd": 435.0, "breakeven_wr": 0.87, "implied_wr": 0.8019, "edge_pp": -6.81, "ev_implied_usd": -17.3, "realized_vol": 0.1875, "atm_iv": 0.1817, "vrp_ratio": 1.0319, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -46.48, "ev_at_half_drift_usd": -43.08, "ev_gross_usd": -39.74, "expected_loss_real_usd": 104.74, "friction_usd": 4.5, "ev_net_usd": -44.24, "total_risk_usd": 19575.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 501}
{"ts": "2026-08-31T13:33:59.576968+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.43% with an elevated IV/RV ratio of 1.15, making short-dated put premium attractive to harvest.", "invalidation": "Further downward movement from the -0.34% 1-day return pushing the 5-day return negative would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"731.0": 0.2723, "705.0": 0.4009, "685.0": 0.5245, "738.0": 0.2301, "756.0": 0.1517, "753.0": 0.1612, "763.0": 0.1325, "748.0": 0.1803, "723.0": 0.3175, "718.0": 0.338, "721.0": 0.3308, "715.0": 0.3573, "769.0": 0.1184, "743.0": 0.2033, "754.0": 0.1584, "760.0": 0.1408, "740.0": 0.2209, "767.0": 0.1221, "737.0": 0.2371, "764.0": 0.1299, "762.0": 0.1353, "722.0": 0.3241, "710.0": 0.3894, "739.0": 0.223, "765.0": 0.1272, "752.0": 0.1642, "728.0": 0.2842, "700.0": 0.4317, "729.0": 0.2775, "770.0": 0.1187, "726.0": 0.2975, "719.0": 0.3316, "755.0": 0.1546, "742.0": 0.2107, "741.0": 0.2136, "734.0": 0.2517, "768.0": 0.1203, "761.0": 0.1381, "759.0": 0.1434, "746.0": 0.1876, "730.0": 0.2792, "735.0": 0.2448, "695.0": 0.4625, "736.0": 0.2442, "727.0": 0.2909, "724.0": 0.3108, "750.0": 0.1727, "690.0": 0.4935, "733.0": 0.2586, "757.0": 0.149, "732.0": 0.2655, "744.0": 0.1996, "745.0": 0.1953, "766.0": 0.1246, "747.0": 0.1857, "720.0": 0.3252, "725.0": 0.3042, "751.0": 0.1679, "758.0": 0.1462, "749.0": 0.1768}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1962, "long_delta": 0.0874, "short_iv": 0.1408, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.435847, "long_quote_age": 0.491377, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.59}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.36 (gross $-18.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:34:12.622091+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 5-day momentum at +1.35% with IV/RV at 1.01, supporting a wider DTE put credit spread.", "invalidation": "QQQ 1-day decline accelerates significantly below recent spot of 715.83."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1875, "smile": {"683.0": 0.267, "680.0": 0.2792, "698.0": 0.2237, "689.0": 0.2477, "671.0": 0.3195, "677.0": 0.2928, "705.0": 0.2068, "676.0": 0.2956, "713.0": 0.1884, "655.0": 0.3927, "717.0": 0.1807, "706.0": 0.2043, "686.0": 0.2581, "672.0": 0.3131, "703.0": 0.2115, "702.0": 0.2139, "685.0": 0.26, "714.0": 0.1865, "692.0": 0.239, "712.0": 0.1905, "660.0": 0.3705, "707.0": 0.202, "696.0": 0.2285, "711.0": 0.1927, "673.0": 0.3112, "640.0": 0.4649, "650.0": 0.4124, "690.0": 0.2448, "688.0": 0.251, "719.0": 0.1771, "718.0": 0.1793, "670.0": 0.3234, "675.0": 0.3022, "700.0": 0.2185, "693.0": 0.2366, "684.0": 0.2648, "694.0": 0.2341, "704.0": 0.2088, "699.0": 0.2212, "674.0": 0.3047, "701.0": 0.2161, "668.0": 0.3335, "679.0": 0.2828, "645.0": 0.4419, "681.0": 0.2754, "709.0": 0.1972, "697.0": 0.2262, "708.0": 0.1996, "715.0": 0.1841, "682.0": 0.2713, "710.0": 0.1948, "665.0": 0.3465, "716.0": 0.1824, "687.0": 0.2538, "691.0": 0.2422, "695.0": 0.2311, "669.0": 0.3272, "678.0": 0.2878}, "vol_profile": {"ewma": 0.1875, "windows": {"5d": 0.1187, "10d": 0.1395, "20d": 0.1731, "40d": 0.2082, "60d": 0.2624}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.000516}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260903P00705000", "long_symbol": "QQQ260903P00700000", "short_strike": 705.0, "long_strike": 700.0, "width": 5.0, "credit": 0.66, "short_delta": 0.2066, "long_delta": 0.1282, "short_iv": 0.2068, "short_rel_spread": 0.03174603174603177, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.496968, "long_quote_age": 0.486297, "friction_usd": 4.0, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 434.0, "total_risk": 19964.0, "buying_power_used_pct": 0.9982}, "spot": 715.8050000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-42.25 (gross $-38.25 - friction $4.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260903P00705000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $434/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,964.00 (46 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-42.25 (gross $-38.25 - friction $4.00) > $0.00"}], "economics": {"credit": 0.66, "width": 5.0, "short_delta": 0.2066, "long_delta": 0.1282, "max_profit_usd": 66.0, "max_loss_usd": 434.0, "breakeven_wr": 0.868, "implied_wr": 0.7934, "edge_pp": -7.46, "ev_implied_usd": -17.7, "realized_vol": 0.1875, "atm_iv": 0.1824, "vrp_ratio": 1.028, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -44.06, "ev_at_half_drift_usd": -41.13, "ev_gross_usd": -38.25, "expected_loss_real_usd": 104.25, "friction_usd": 4.0, "ev_net_usd": -42.25, "total_risk_usd": 19964.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 413}
{"ts": "2026-08-31T13:35:32.023021+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY holds a positive 5-day return of +0.32% while implied volatility trades at a premium to realized volatility with an IV/RV ratio of 1.15.", "invalidation": "SPY extends its 1-day decline of -0.45% and turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"754.0": 0.1497, "740.0": 0.1952, "725.0": 0.2645, "759.0": 0.1379, "730.0": 0.2401, "745.0": 0.1764, "739.0": 0.1989, "695.0": 0.3938, "742.0": 0.1869, "710.0": 0.3358, "746.0": 0.1742, "766.0": 0.1223, "724.0": 0.2646, "732.0": 0.2283, "744.0": 0.1797, "752.0": 0.1551, "700.0": 0.3806, "743.0": 0.1845, "765.0": 0.1246, "721.0": 0.2816, "763.0": 0.129, "723.0": 0.2703, "727.0": 0.2529, "734.0": 0.2202, "736.0": 0.2116, "720.0": 0.2873, "705.0": 0.3535, "747.0": 0.17, "685.0": 0.4465, "764.0": 0.1267, "762.0": 0.1311, "758.0": 0.1401, "768.0": 0.1189, "750.0": 0.161, "729.0": 0.2413, "735.0": 0.2142, "722.0": 0.276, "737.0": 0.2086, "753.0": 0.1526, "751.0": 0.1581, "741.0": 0.1912, "756.0": 0.145, "718.0": 0.2986, "738.0": 0.2024, "690.0": 0.4201, "767.0": 0.1204, "728.0": 0.2471, "731.0": 0.2342, "761.0": 0.1333, "755.0": 0.1473, "748.0": 0.1668, "757.0": 0.1425, "749.0": 0.1642, "769.0": 0.1174, "715.0": 0.3082, "760.0": 0.1354, "719.0": 0.293, "726.0": 0.2587, "733.0": 0.2263}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1982, "long_delta": 0.1042, "short_iv": 0.1401, "short_rel_spread": 0.018518518518518535, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.625203, "long_quote_age": 0.665899, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.965}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-21.12 (gross $-19.12 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $445/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,580.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-21.12 (gross $-19.12 - friction $2.00) > $0.00"}], "economics": {"credit": 0.55, "width": 5.0, "short_delta": 0.1982, "long_delta": 0.1042, "max_profit_usd": 55.0, "max_loss_usd": 445.0, "breakeven_wr": 0.89, "implied_wr": 0.8018, "edge_pp": -8.82, "ev_implied_usd": -20.6, "realized_vol": 0.1064, "atm_iv": 0.1223, "vrp_ratio": 0.87, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -27.31, "ev_at_half_drift_usd": -23.14, "ev_gross_usd": -19.12, "expected_loss_real_usd": 74.12, "friction_usd": 2.0, "ev_net_usd": -21.12, "total_risk_usd": 19580.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 437}
{"ts": "2026-08-31T13:35:45.908678+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays elevated implied volatility relative to realized volatility with an IV/RV of 1.15 and positive 5D returns (+0.32%), supporting put premium selling over an extended weekly window.", "invalidation": "Further downward continuation of the 1D drop of -0.45% pushing SPY below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"697.0": 0.3618, "713.0": 0.2948, "702.0": 0.3374, "752.0": 0.153, "695.0": 0.3634, "692.0": 0.3777, "768.0": 0.1184, "747.0": 0.1661, "764.0": 0.1269, "729.0": 0.2271, "761.0": 0.1328, "722.0": 0.2574, "690.0": 0.3873, "750.0": 0.1583, "711.0": 0.2995, "719.0": 0.2689, "707.0": 0.3193, "694.0": 0.3681, "763.0": 0.1288, "760.0": 0.1348, "753.0": 0.1507, "696.0": 0.3586, "709.0": 0.3094, "717.0": 0.2746, "740.0": 0.188, "738.0": 0.1948, "765.0": 0.1248, "746.0": 0.1689, "744.0": 0.1753, "767.0": 0.1212, "762.0": 0.1308, "718.0": 0.274, "748.0": 0.1638, "699.0": 0.3521, "735.0": 0.2063, "727.0": 0.2346, "701.0": 0.3423, "737.0": 0.1988, "743.0": 0.178, "710.0": 0.3045, "730.0": 0.2245, "725.0": 0.2452, "723.0": 0.2522, "751.0": 0.1556, "714.0": 0.2897, "715.0": 0.2847, "731.0": 0.2191, "691.0": 0.3825, "759.0": 0.137, "726.0": 0.2399, "720.0": 0.2638, "754.0": 0.148, "745.0": 0.1723, "705.0": 0.3292, "706.0": 0.3243, "766.0": 0.123, "736.0": 0.2026, "769.0": 0.1162, "698.0": 0.3569, "703.0": 0.3326, "716.0": 0.2797, "734.0": 0.2098, "742.0": 0.1816, "749.0": 0.1609, "756.0": 0.1435, "728.0": 0.2324, "755.0": 0.1457, "721.0": 0.2586, "758.0": 0.1391, "712.0": 0.2998, "732.0": 0.2162, "704.0": 0.3277, "708.0": 0.3144, "739.0": 0.1907, "685.0": 0.4006, "700.0": 0.3472, "724.0": 0.247, "741.0": 0.1849, "733.0": 0.2131, "757.0": 0.1412, "693.0": 0.3729}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2021, "long_delta": 0.1181, "short_iv": 0.1412, "short_rel_spread": 0.015503875968992262, "long_rel_spread": 0.013986013986014, "short_quote_age": 0.727382, "long_quote_age": 0.726396, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.995}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-21.82 (gross $-20.32 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:37:15.385333+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.36% with an elevated IV/RV ratio of 1.17, creating an opportunity to sell rich short-term put premium.", "invalidation": "A continuation of the 1-day decline of -0.41% that drives SPY spot significantly below 766.22."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"755.0": 0.1536, "710.0": 0.3863, "733.0": 0.2551, "770.0": 0.1169, "762.0": 0.1355, "729.0": 0.2742, "730.0": 0.2757, "685.0": 0.5215, "764.0": 0.1302, "718.0": 0.3348, "767.0": 0.123, "756.0": 0.151, "743.0": 0.1995, "728.0": 0.2809, "753.0": 0.1604, "766.0": 0.1253, "700.0": 0.4287, "765.0": 0.1276, "739.0": 0.2194, "738.0": 0.2265, "715.0": 0.3541, "695.0": 0.4596, "719.0": 0.3408, "727.0": 0.2875, "721.0": 0.3275, "734.0": 0.2482, "760.0": 0.1406, "769.0": 0.1184, "761.0": 0.1382, "740.0": 0.2172, "757.0": 0.148, "735.0": 0.2413, "747.0": 0.1816, "763.0": 0.133, "746.0": 0.1867, "736.0": 0.2406, "724.0": 0.3075, "737.0": 0.2335, "758.0": 0.1459, "731.0": 0.2689, "720.0": 0.3341, "768.0": 0.1203, "723.0": 0.3142, "744.0": 0.1957, "751.0": 0.1669, "705.0": 0.4184, "759.0": 0.1429, "741.0": 0.2099, "748.0": 0.1785, "754.0": 0.157, "752.0": 0.1634, "745.0": 0.1914, "725.0": 0.3009, "750.0": 0.1702, "722.0": 0.3208, "726.0": 0.2942, "749.0": 0.1747, "732.0": 0.262, "690.0": 0.4905, "742.0": 0.2069}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2147, "long_delta": 0.0961, "short_iv": 0.1406, "short_rel_spread": 0.02040816326530614, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.420849, "long_quote_age": 0.421169, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 766.175}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-15.65 (gross $-14.15 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $442/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,890.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-15.65 (gross $-14.15 - friction $1.50) > $0.00"}], "economics": {"credit": 0.58, "width": 5.0, "short_delta": 0.2147, "long_delta": 0.0961, "max_profit_usd": 58.0, "max_loss_usd": 442.0, "breakeven_wr": 0.884, "implied_wr": 0.7853, "edge_pp": -9.87, "ev_implied_usd": -19.7, "realized_vol": 0.1064, "atm_iv": 0.1253, "vrp_ratio": 0.8492, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -20.79, "ev_at_half_drift_usd": -17.42, "ev_gross_usd": -14.15, "expected_loss_real_usd": 72.15, "friction_usd": 1.5, "ev_net_usd": -15.65, "total_risk_usd": 19890.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 473}
{"ts": "2026-08-31T13:37:28.497199+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY shows an elevated IV/RV ratio of 1.17 alongside positive 5D performance (+0.36%), presenting a favorable volatility premium to sell on a 1D dip (-0.41%).", "invalidation": "SPY spot declines further causing 5D performance to turn sharply negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"740.0": 0.1949, "710.0": 0.3378, "720.0": 0.2893, "727.0": 0.255, "748.0": 0.1668, "765.0": 0.1233, "759.0": 0.1366, "754.0": 0.1488, "741.0": 0.1911, "757.0": 0.1413, "732.0": 0.2304, "705.0": 0.3554, "761.0": 0.1321, "725.0": 0.261, "690.0": 0.4219, "731.0": 0.2363, "721.0": 0.2836, "726.0": 0.2553, "722.0": 0.278, "753.0": 0.1512, "739.0": 0.1984, "733.0": 0.2245, "734.0": 0.2224, "728.0": 0.2492, "736.0": 0.2104, "766.0": 0.121, "747.0": 0.1697, "744.0": 0.1802, "768.0": 0.117, "729.0": 0.2434, "724.0": 0.2666, "730.0": 0.2376, "746.0": 0.1736, "767.0": 0.1192, "737.0": 0.2077, "738.0": 0.2046, "718.0": 0.2935, "742.0": 0.1871, "700.0": 0.3824, "755.0": 0.1462, "770.0": 0.1148, "745.0": 0.1772, "769.0": 0.1158, "735.0": 0.2164, "758.0": 0.139, "719.0": 0.2879, "760.0": 0.1345, "762.0": 0.1299, "751.0": 0.1571, "749.0": 0.1634, "695.0": 0.3956, "715.0": 0.3101, "763.0": 0.1277, "756.0": 0.1438, "723.0": 0.2723, "752.0": 0.1541, "750.0": 0.1605, "764.0": 0.1254, "743.0": 0.1849}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2108, "long_delta": 0.1429, "short_iv": 0.1366, "short_rel_spread": 0.017543859649122823, "long_rel_spread": 0.01360544217687076, "short_quote_age": 0.576825, "long_quote_age": 0.58555, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 260.0, "total_risk": 19760.0, "buying_power_used_pct": 0.988}, "spot": 766.29}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-15.24 (gross $-13.74 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $260/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,760.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-15.24 (gross $-13.74 - friction $1.50) > $0.00"}], "economics": {"credit": 0.4, "width": 3.0, "short_delta": 0.2108, "long_delta": 0.1429, "max_profit_usd": 40.0, "max_loss_usd": 260.0, "breakeven_wr": 0.8667, "implied_wr": 0.7892, "edge_pp": -7.75, "ev_implied_usd": -13.05, "realized_vol": 0.1064, "atm_iv": 0.121, "vrp_ratio": 0.8793, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -19.47, "ev_at_half_drift_usd": -16.56, "ev_gross_usd": -13.74, "expected_loss_real_usd": 53.74, "friction_usd": 1.5, "ev_net_usd": -15.24, "total_risk_usd": 19760.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 452}
{"ts": "2026-08-31T13:38:49.480171+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day momentum at +0.37% with ATM IV trading at a premium over 20-day realized volatility (IV/RV of 1.17) following a modest 1-day dip of -0.39%.", "invalidation": "SPY downward momentum accelerates past the 1-day decline with further spot depreciation."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"760.0": 0.1398, "732.0": 0.2636, "745.0": 0.1899, "695.0": 0.461, "743.0": 0.2012, "726.0": 0.2958, "730.0": 0.2774, "761.0": 0.1372, "729.0": 0.2758, "748.0": 0.1781, "727.0": 0.2891, "741.0": 0.2117, "758.0": 0.145, "734.0": 0.2499, "739.0": 0.2211, "757.0": 0.1473, "705.0": 0.4199, "737.0": 0.2352, "710.0": 0.3878, "722.0": 0.3224, "718.0": 0.3363, "764.0": 0.1295, "721.0": 0.329, "751.0": 0.1673, "749.0": 0.1746, "765.0": 0.127, "725.0": 0.3024, "731.0": 0.2705, "735.0": 0.243, "770.0": 0.1147, "744.0": 0.1938, "720.0": 0.3357, "753.0": 0.1601, "746.0": 0.1856, "768.0": 0.1203, "747.0": 0.1835, "723.0": 0.3157, "752.0": 0.1634, "690.0": 0.4919, "754.0": 0.1564, "715.0": 0.3556, "763.0": 0.1319, "719.0": 0.3423, "700.0": 0.4301, "750.0": 0.1704, "724.0": 0.3091, "766.0": 0.1246, "740.0": 0.2139, "685.0": 0.5229, "742.0": 0.2044, "728.0": 0.2824, "738.0": 0.2282, "736.0": 0.2361, "756.0": 0.1504, "769.0": 0.1185, "733.0": 0.2568, "755.0": 0.1529, "767.0": 0.1221, "762.0": 0.1347, "759.0": 0.1422}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2044, "long_delta": 0.0903, "short_iv": 0.1398, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.757238, "long_quote_age": 0.730775, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.3050000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-16.51 (gross $-15.51 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:39:02.197491+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV premium of 1.17 with positive 5-day performance of +0.37%, providing favorable implied volatility pricing for put credit spreads across a 4-7 DTE horizon.", "invalidation": "SPY 5-day returns turn negative or spot drops sharply below 766.32."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"693.0": 0.374, "697.0": 0.3548, "744.0": 0.1745, "754.0": 0.1469, "720.0": 0.265, "766.0": 0.1218, "768.0": 0.1181, "748.0": 0.1628, "750.0": 0.1571, "719.0": 0.2701, "770.0": 0.1147, "717.0": 0.2758, "710.0": 0.3056, "690.0": 0.3884, "747.0": 0.1658, "702.0": 0.3385, "728.0": 0.2306, "704.0": 0.3288, "757.0": 0.1403, "694.0": 0.3692, "708.0": 0.3155, "727.0": 0.2359, "760.0": 0.1336, "736.0": 0.202, "755.0": 0.1447, "718.0": 0.2707, "761.0": 0.1317, "695.0": 0.3644, "703.0": 0.3337, "764.0": 0.1256, "698.0": 0.358, "743.0": 0.1782, "735.0": 0.2055, "733.0": 0.212, "758.0": 0.1381, "729.0": 0.2283, "724.0": 0.2482, "759.0": 0.1359, "752.0": 0.1519, "726.0": 0.2411, "767.0": 0.1198, "756.0": 0.1423, "715.0": 0.2859, "696.0": 0.3596, "722.0": 0.2547, "732.0": 0.2149, "741.0": 0.1849, "765.0": 0.1237, "699.0": 0.3532, "762.0": 0.1297, "712.0": 0.2957, "711.0": 0.3006, "753.0": 0.1493, "734.0": 0.2089, "763.0": 0.1274, "739.0": 0.1904, "713.0": 0.2907, "740.0": 0.1878, "700.0": 0.3483, "725.0": 0.2464, "731.0": 0.2204, "709.0": 0.3105, "721.0": 0.2598, "749.0": 0.1598, "714.0": 0.2909, "707.0": 0.3205, "738.0": 0.1944, "746.0": 0.1684, "723.0": 0.2534, "737.0": 0.1983, "692.0": 0.3788, "730.0": 0.2258, "706.0": 0.319, "769.0": 0.1172, "716.0": 0.2808, "691.0": 0.3836, "701.0": 0.3434, "742.0": 0.1817, "745.0": 0.1716, "685.0": 0.4017, "751.0": 0.1543, "705.0": 0.3239}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1944, "long_delta": 0.1125, "short_iv": 0.1403, "short_rel_spread": 0.016393442622950834, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.499532, "long_quote_age": 0.575554, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.255}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.06 (gross $-21.06 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:40:20.817630+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.35% and offers an elevated IV/RV ratio of 1.17, favoring short put spread premium collection.", "invalidation": "SPY spot extends beyond its 1-day decline of -0.41% with continued downward momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"750.0": 0.1711, "743.0": 0.2019, "744.0": 0.1944, "737.0": 0.2358, "705.0": 0.4204, "718.0": 0.3369, "726.0": 0.2964, "739.0": 0.2217, "765.0": 0.1262, "755.0": 0.1527, "732.0": 0.2642, "761.0": 0.1367, "740.0": 0.2146, "749.0": 0.1753, "742.0": 0.205, "724.0": 0.3097, "710.0": 0.3883, "741.0": 0.2123, "734.0": 0.2505, "753.0": 0.1595, "735.0": 0.2436, "746.0": 0.1862, "725.0": 0.303, "685.0": 0.5234, "763.0": 0.1313, "729.0": 0.2763, "731.0": 0.2711, "752.0": 0.1626, "736.0": 0.2367, "759.0": 0.1415, "764.0": 0.1286, "733.0": 0.2574, "700.0": 0.4306, "747.0": 0.1814, "748.0": 0.1788, "770.0": 0.1144, "768.0": 0.119, "727.0": 0.2897, "751.0": 0.1663, "769.0": 0.1172, "757.0": 0.147, "760.0": 0.1391, "730.0": 0.278, "738.0": 0.2288, "762.0": 0.1339, "690.0": 0.4924, "728.0": 0.283, "758.0": 0.1445, "766.0": 0.1236, "720.0": 0.3362, "723.0": 0.3163, "754.0": 0.1554, "767.0": 0.1215, "722.0": 0.323, "721.0": 0.3296, "745.0": 0.1906, "695.0": 0.4615, "756.0": 0.1498, "719.0": 0.3429, "715.0": 0.3562}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2, "long_delta": 0.0883, "short_iv": 0.1391, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.637029, "long_quote_age": 0.717059, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.45}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-17.18 (gross $-16.18 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-17.18 (gross $-16.18 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2, "long_delta": 0.0883, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.8, "edge_pp": -9.4, "ev_implied_usd": -19.07, "realized_vol": 0.1064, "atm_iv": 0.1236, "vrp_ratio": 0.8608, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -22.61, "ev_at_half_drift_usd": -19.34, "ev_gross_usd": -16.18, "expected_loss_real_usd": 69.18, "friction_usd": 1.0, "ev_net_usd": -17.18, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 443}
{"ts": "2026-08-31T13:40:36.367398+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.17 offers rich option premium while 5D momentum remains positive at +0.35%.", "invalidation": "SPY declining further below spot 766.18 past the short strike invalidates the bullish bias."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"770.0": 0.1149, "744.0": 0.175, "740.0": 0.1878, "693.0": 0.3753, "726.0": 0.2392, "763.0": 0.128, "699.0": 0.3544, "711.0": 0.3019, "736.0": 0.2015, "754.0": 0.1475, "739.0": 0.192, "738.0": 0.1941, "764.0": 0.1259, "706.0": 0.3203, "751.0": 0.1549, "691.0": 0.3848, "708.0": 0.3168, "719.0": 0.2671, "707.0": 0.3154, "697.0": 0.3561, "709.0": 0.3119, "694.0": 0.3705, "690.0": 0.3896, "755.0": 0.1449, "766.0": 0.1221, "758.0": 0.1384, "721.0": 0.2612, "720.0": 0.2663, "718.0": 0.2721, "752.0": 0.1524, "730.0": 0.2272, "753.0": 0.15, "759.0": 0.1363, "685.0": 0.4029, "703.0": 0.3349, "724.0": 0.2496, "729.0": 0.2298, "746.0": 0.1692, "767.0": 0.1202, "713.0": 0.292, "760.0": 0.1341, "734.0": 0.2104, "735.0": 0.2049, "732.0": 0.2164, "741.0": 0.1851, "714.0": 0.2871, "731.0": 0.2218, "698.0": 0.3513, "748.0": 0.1629, "761.0": 0.1321, "695.0": 0.3657, "710.0": 0.3069, "692.0": 0.3801, "705.0": 0.3252, "769.0": 0.1163, "701.0": 0.3447, "702.0": 0.3398, "704.0": 0.3301, "757.0": 0.1405, "749.0": 0.1605, "756.0": 0.1427, "716.0": 0.2822, "737.0": 0.1979, "700.0": 0.3496, "762.0": 0.13, "733.0": 0.2135, "725.0": 0.2478, "727.0": 0.2373, "742.0": 0.182, "728.0": 0.232, "712.0": 0.297, "722.0": 0.2561, "717.0": 0.2771, "696.0": 0.3609, "747.0": 0.1657, "750.0": 0.1575, "723.0": 0.251, "743.0": 0.1786, "765.0": 0.124, "745.0": 0.1723, "715.0": 0.2872, "768.0": 0.1184}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.6, "short_delta": 0.2095, "long_delta": 0.1213, "short_iv": 0.1384, "short_rel_spread": 0.00754716981132076, "long_rel_spread": 0.013793103448275874, "short_quote_age": 0.447118, "long_quote_age": 0.505457, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 440.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.58}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.85 (gross $-22.85 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:41:54.854242+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.36% with an elevated IV/RV ratio of 1.17, supporting short-term put premium collection.", "invalidation": "SPY downward momentum accelerates past the 1-day -0.41% drop toward the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"728.0": 0.2812, "744.0": 0.196, "700.0": 0.429, "720.0": 0.3344, "723.0": 0.3145, "737.0": 0.2338, "729.0": 0.2745, "742.0": 0.203, "765.0": 0.1264, "743.0": 0.1998, "758.0": 0.1449, "690.0": 0.4908, "724.0": 0.3078, "769.0": 0.1176, "759.0": 0.1421, "735.0": 0.2416, "739.0": 0.2197, "768.0": 0.1195, "725.0": 0.3012, "755.0": 0.153, "740.0": 0.2125, "764.0": 0.1289, "760.0": 0.1396, "748.0": 0.1765, "718.0": 0.3351, "738.0": 0.2268, "752.0": 0.1631, "754.0": 0.1563, "719.0": 0.341, "727.0": 0.2878, "726.0": 0.2945, "731.0": 0.2692, "749.0": 0.1729, "715.0": 0.3544, "751.0": 0.1656, "745.0": 0.1884, "766.0": 0.1241, "705.0": 0.4187, "741.0": 0.2102, "747.0": 0.1819, "762.0": 0.1341, "730.0": 0.276, "761.0": 0.1366, "763.0": 0.1316, "695.0": 0.4598, "710.0": 0.3865, "732.0": 0.2623, "736.0": 0.2347, "750.0": 0.1687, "756.0": 0.1506, "722.0": 0.3211, "753.0": 0.1595, "685.0": 0.5218, "733.0": 0.2554, "721.0": 0.3278, "767.0": 0.1217, "734.0": 0.2485, "757.0": 0.1477, "746.0": 0.184}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2116, "long_delta": 0.0944, "short_iv": 0.1396, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.429244, "long_quote_age": 0.446128, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.15}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-17.09 (gross $-16.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-17.09 (gross $-16.09 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.2116, "long_delta": 0.0944, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.7884, "edge_pp": -9.76, "ev_implied_usd": -19.5, "realized_vol": 0.1064, "atm_iv": 0.1241, "vrp_ratio": 0.8574, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -22.75, "ev_at_half_drift_usd": -19.37, "ev_gross_usd": -16.09, "expected_loss_real_usd": 73.09, "friction_usd": 1.0, "ev_net_usd": -17.09, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 441}
{"ts": "2026-08-31T13:42:08.132832+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains a positive 5D return of +0.36% with IV/RV elevated at 1.17, offering favorable option premium to sell put credit spreads across a longer 3-6 DTE horizon.", "invalidation": "SPY spot declines sharply below 766.18, reversing the positive 5D trend."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"748.0": 0.1656, "769.0": 0.1155, "721.0": 0.2827, "760.0": 0.1337, "761.0": 0.1313, "744.0": 0.1791, "726.0": 0.2544, "741.0": 0.19, "753.0": 0.1506, "729.0": 0.2425, "764.0": 0.1247, "728.0": 0.2483, "758.0": 0.1383, "725.0": 0.26, "736.0": 0.2094, "731.0": 0.2308, "700.0": 0.3816, "727.0": 0.2487, "723.0": 0.2714, "710.0": 0.3275, "718.0": 0.2926, "735.0": 0.2154, "724.0": 0.2657, "754.0": 0.1484, "715.0": 0.3092, "719.0": 0.287, "747.0": 0.1685, "767.0": 0.1184, "750.0": 0.1592, "749.0": 0.1621, "734.0": 0.2176, "739.0": 0.1973, "738.0": 0.2005, "742.0": 0.186, "762.0": 0.1293, "705.0": 0.3545, "730.0": 0.2366, "745.0": 0.176, "755.0": 0.1457, "770.0": 0.1123, "690.0": 0.4211, "752.0": 0.1536, "740.0": 0.1938, "765.0": 0.1226, "751.0": 0.1568, "746.0": 0.1725, "766.0": 0.1205, "757.0": 0.1405, "743.0": 0.1817, "763.0": 0.1269, "722.0": 0.277, "720.0": 0.2815, "768.0": 0.1166, "733.0": 0.2235, "732.0": 0.2294, "695.0": 0.3947, "756.0": 0.1431, "759.0": 0.1359, "737.0": 0.2067}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1893, "long_delta": 0.1279, "short_iv": 0.1383, "short_rel_spread": 0.009950248756218916, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.680827, "long_quote_age": 0.740077, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 265.0, "total_risk": 19875.0, "buying_power_used_pct": 0.9938}, "spot": 766.185}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-14.81 (gross $-13.31 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $265/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,875.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-14.81 (gross $-13.31 - friction $1.50) > $0.00"}], "economics": {"credit": 0.35, "width": 3.0, "short_delta": 0.1893, "long_delta": 0.1279, "max_profit_usd": 35.0, "max_loss_usd": 265.0, "breakeven_wr": 0.8833, "implied_wr": 0.8107, "edge_pp": -7.26, "ev_implied_usd": -12.58, "realized_vol": 0.1064, "atm_iv": 0.1205, "vrp_ratio": 0.883, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -18.58, "ev_at_half_drift_usd": -15.9, "ev_gross_usd": -13.31, "expected_loss_real_usd": 48.31, "friction_usd": 1.5, "ev_net_usd": -14.81, "total_risk_usd": 19875.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 460}
{"ts": "2026-08-31T13:43:37.037371+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day momentum of +0.37% with IV/RV elevated at 1.15, providing attractive premium for selling short-dated downside risk.", "invalidation": "Continued intraday selling accelerating past the current 1-day decline of -0.40%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2183, "762.0": 0.1341, "700.0": 0.4278, "754.0": 0.1566, "758.0": 0.1447, "737.0": 0.2325, "719.0": 0.3398, "753.0": 0.159, "746.0": 0.1855, "715.0": 0.3532, "690.0": 0.4896, "760.0": 0.1394, "747.0": 0.1803, "718.0": 0.3339, "731.0": 0.2678, "756.0": 0.1503, "723.0": 0.3132, "742.0": 0.2015, "769.0": 0.1185, "736.0": 0.2334, "752.0": 0.1627, "730.0": 0.2747, "765.0": 0.1263, "735.0": 0.2403, "733.0": 0.2541, "740.0": 0.2111, "732.0": 0.261, "743.0": 0.1983, "767.0": 0.1213, "759.0": 0.1416, "727.0": 0.2865, "722.0": 0.3198, "721.0": 0.3265, "748.0": 0.1773, "725.0": 0.2999, "755.0": 0.1531, "720.0": 0.3331, "685.0": 0.5207, "757.0": 0.1471, "734.0": 0.2472, "741.0": 0.2088, "761.0": 0.1366, "768.0": 0.12, "729.0": 0.2732, "764.0": 0.1288, "738.0": 0.2254, "750.0": 0.1708, "763.0": 0.1314, "751.0": 0.1655, "724.0": 0.3065, "766.0": 0.1236, "710.0": 0.3853, "705.0": 0.4175, "744.0": 0.1945, "749.0": 0.1734, "695.0": 0.4587, "728.0": 0.2799, "745.0": 0.1902, "726.0": 0.2932}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1867, "long_delta": 0.0844, "short_iv": 0.1416, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.844951, "long_quote_age": 0.913485, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.885}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.09 (gross $-18.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.09 (gross $-18.09 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1867, "long_delta": 0.0844, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8133, "edge_pp": -9.07, "ev_implied_usd": -19.78, "realized_vol": 0.1064, "atm_iv": 0.1236, "vrp_ratio": 0.8608, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.2, "ev_at_half_drift_usd": -21.1, "ev_gross_usd": -18.09, "expected_loss_real_usd": 66.09, "friction_usd": 1.0, "ev_net_usd": -19.09, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 448}
{"ts": "2026-08-31T13:43:50.750843+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5-day momentum at +0.37% with an IV/RV ratio of 1.15 offering attractive premium to harvest via put credit spreads across a 4 to 7 DTE window.", "invalidation": "SPY spot falls substantially below 766.29 turning the 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"737.0": 0.1972, "692.0": 0.3779, "706.0": 0.3181, "752.0": 0.1514, "767.0": 0.1197, "761.0": 0.1313, "711.0": 0.2997, "705.0": 0.323, "724.0": 0.2472, "690.0": 0.3875, "754.0": 0.1467, "694.0": 0.3683, "699.0": 0.3523, "685.0": 0.4008, "757.0": 0.1398, "703.0": 0.3328, "759.0": 0.1355, "713.0": 0.2898, "695.0": 0.3635, "738.0": 0.1933, "708.0": 0.3146, "751.0": 0.1542, "721.0": 0.2589, "750.0": 0.1568, "701.0": 0.3425, "696.0": 0.3588, "741.0": 0.1837, "744.0": 0.1744, "723.0": 0.2524, "707.0": 0.3132, "736.0": 0.2009, "734.0": 0.2078, "739.0": 0.1909, "714.0": 0.2848, "727.0": 0.2349, "763.0": 0.1271, "735.0": 0.2044, "697.0": 0.354, "717.0": 0.2748, "693.0": 0.3731, "700.0": 0.3474, "762.0": 0.1293, "733.0": 0.2109, "704.0": 0.3279, "745.0": 0.1715, "722.0": 0.2537, "760.0": 0.1332, "743.0": 0.177, "728.0": 0.2296, "768.0": 0.1178, "731.0": 0.2193, "720.0": 0.264, "719.0": 0.2647, "709.0": 0.3096, "729.0": 0.2273, "716.0": 0.2799, "710.0": 0.3047, "753.0": 0.1492, "730.0": 0.2247, "756.0": 0.142, "764.0": 0.1254, "726.0": 0.2401, "742.0": 0.1805, "748.0": 0.1623, "758.0": 0.1377, "712.0": 0.2947, "732.0": 0.2164, "746.0": 0.1682, "769.0": 0.1166, "747.0": 0.1655, "702.0": 0.3376, "715.0": 0.2849, "749.0": 0.1596, "755.0": 0.1443, "725.0": 0.2454, "691.0": 0.3827, "740.0": 0.1867, "718.0": 0.2698, "698.0": 0.3492, "766.0": 0.1214, "765.0": 0.1232}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.1987, "long_delta": 0.115, "short_iv": 0.1398, "short_rel_spread": 0.016000000000000014, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.469733, "long_quote_age": 0.45126, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 766.045}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.73 (gross $-22.23 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:45:08.367402+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.31% with an elevated IV/RV ratio of 1.15, presenting favorable conditions to sell put spread premium.", "invalidation": "SPY spot price breaks sharply lower through the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.3072, "768.0": 0.1189, "764.0": 0.128, "753.0": 0.1586, "695.0": 0.4593, "769.0": 0.1169, "751.0": 0.1664, "754.0": 0.1553, "728.0": 0.2805, "731.0": 0.2685, "725.0": 0.3005, "739.0": 0.2189, "722.0": 0.3205, "732.0": 0.2616, "744.0": 0.1952, "752.0": 0.1622, "726.0": 0.2938, "756.0": 0.1495, "700.0": 0.4284, "741.0": 0.2095, "729.0": 0.2738, "745.0": 0.191, "719.0": 0.3404, "715.0": 0.3538, "690.0": 0.4902, "727.0": 0.2872, "746.0": 0.1862, "733.0": 0.2547, "748.0": 0.1781, "762.0": 0.1333, "710.0": 0.3859, "735.0": 0.2409, "730.0": 0.2754, "685.0": 0.5212, "737.0": 0.2331, "767.0": 0.1211, "743.0": 0.199, "747.0": 0.1811, "740.0": 0.2168, "742.0": 0.2065, "734.0": 0.2478, "718.0": 0.3345, "765.0": 0.1255, "761.0": 0.1357, "749.0": 0.1742, "757.0": 0.1465, "705.0": 0.4181, "738.0": 0.226, "723.0": 0.3138, "721.0": 0.3271, "758.0": 0.1437, "766.0": 0.1231, "755.0": 0.152, "750.0": 0.1697, "720.0": 0.3338, "760.0": 0.1383, "759.0": 0.1408, "736.0": 0.234, "763.0": 0.1308}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2132, "long_delta": 0.0949, "short_iv": 0.1383, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.474709, "long_quote_age": 0.48766, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.965}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.57 (gross $-18.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.57 (gross $-18.57 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.2132, "long_delta": 0.0949, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.7868, "edge_pp": -9.92, "ev_implied_usd": -20.03, "realized_vol": 0.1064, "atm_iv": 0.1231, "vrp_ratio": 0.8643, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.38, "ev_at_half_drift_usd": -21.92, "ev_gross_usd": -18.57, "expected_loss_real_usd": 75.57, "friction_usd": 1.0, "ev_net_usd": -19.57, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 431}
{"ts": "2026-08-31T13:45:20.791567+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.31% with elevated ATM IV relative to realized volatility at an IV/RV of 1.15, favoring selling premium across a wider expiration window.", "invalidation": "SPY spot drops significantly below 765.81 alongside deterioration in 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"708.0": 0.3146, "714.0": 0.29, "703.0": 0.3328, "717.0": 0.2749, "740.0": 0.1867, "752.0": 0.1521, "713.0": 0.2898, "745.0": 0.1715, "735.0": 0.2045, "705.0": 0.323, "767.0": 0.1193, "763.0": 0.1271, "711.0": 0.2997, "744.0": 0.1745, "756.0": 0.1423, "706.0": 0.3181, "729.0": 0.2273, "691.0": 0.3828, "743.0": 0.177, "724.0": 0.2472, "768.0": 0.1173, "730.0": 0.2247, "709.0": 0.3096, "769.0": 0.1169, "722.0": 0.2538, "695.0": 0.3636, "696.0": 0.3588, "719.0": 0.2691, "734.0": 0.2078, "731.0": 0.2193, "751.0": 0.1546, "738.0": 0.1933, "733.0": 0.211, "697.0": 0.354, "723.0": 0.2524, "700.0": 0.3474, "764.0": 0.1251, "760.0": 0.1335, "716.0": 0.2799, "690.0": 0.3876, "766.0": 0.1213, "757.0": 0.1401, "754.0": 0.147, "721.0": 0.2589, "727.0": 0.2349, "728.0": 0.2296, "702.0": 0.3377, "761.0": 0.1312, "749.0": 0.1596, "693.0": 0.3732, "710.0": 0.3047, "737.0": 0.1972, "704.0": 0.3279, "762.0": 0.1293, "742.0": 0.1805, "712.0": 0.2948, "746.0": 0.1682, "732.0": 0.2165, "741.0": 0.1838, "753.0": 0.1493, "759.0": 0.1356, "748.0": 0.1624, "699.0": 0.3523, "750.0": 0.1572, "725.0": 0.2454, "736.0": 0.2009, "694.0": 0.3684, "698.0": 0.3492, "726.0": 0.2402, "758.0": 0.1379, "692.0": 0.378, "715.0": 0.2849, "755.0": 0.1446, "739.0": 0.191, "718.0": 0.2698, "701.0": 0.3425, "747.0": 0.1655, "720.0": 0.264, "765.0": 0.1231, "707.0": 0.3196}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.38, "short_delta": 0.1991, "long_delta": 0.1438, "short_iv": 0.1401, "short_rel_spread": 0.00796812749003985, "long_rel_spread": 0.011428571428571439, "short_quote_age": 0.434504, "long_quote_age": 0.430694, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 766.06}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-14.69 (gross $-13.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:46:38.892401+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.31% alongside an elevated IV/RV ratio of 1.15, favoring selling rich put premium following the mild 1-day decline of -0.46%.", "invalidation": "SPY spot price drops significantly below the short put strike as 1-day downward momentum accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"763.0": 0.1308, "765.0": 0.1261, "756.0": 0.1493, "745.0": 0.1901, "746.0": 0.1854, "769.0": 0.1165, "737.0": 0.2324, "685.0": 0.5206, "757.0": 0.1469, "731.0": 0.2678, "728.0": 0.2798, "760.0": 0.1387, "753.0": 0.1589, "744.0": 0.1944, "690.0": 0.4896, "735.0": 0.2402, "734.0": 0.2471, "720.0": 0.3331, "695.0": 0.4586, "743.0": 0.1982, "768.0": 0.1193, "752.0": 0.1627, "724.0": 0.3065, "725.0": 0.2998, "751.0": 0.1654, "727.0": 0.2865, "761.0": 0.1362, "764.0": 0.1286, "730.0": 0.2746, "755.0": 0.153, "742.0": 0.2014, "722.0": 0.3198, "754.0": 0.1554, "759.0": 0.1415, "748.0": 0.1772, "762.0": 0.1337, "739.0": 0.2182, "736.0": 0.2333, "738.0": 0.2253, "721.0": 0.3264, "749.0": 0.1733, "750.0": 0.1688, "723.0": 0.3131, "766.0": 0.1234, "733.0": 0.254, "719.0": 0.3397, "700.0": 0.4278, "718.0": 0.3338, "715.0": 0.3531, "741.0": 0.2087, "767.0": 0.1213, "740.0": 0.216, "732.0": 0.2609, "729.0": 0.2731, "747.0": 0.1803, "705.0": 0.4174, "726.0": 0.2932, "710.0": 0.3853, "758.0": 0.1439}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1868, "long_delta": 0.0829, "short_iv": 0.1415, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.625476, "long_quote_age": 0.627785, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-17.37 (gross $-16.37 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:46:54.326383+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY shows positive 5D return of +0.31% and an elevated IV/RV ratio of 1.15, creating favorable conditions to sell put premium across a 4-7 DTE window.", "invalidation": "SPY breaks further downward as the 1D decline of -0.46% accelerates beyond expected volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"711.0": 0.2991, "767.0": 0.1198, "713.0": 0.2944, "739.0": 0.1902, "702.0": 0.3371, "721.0": 0.2583, "700.0": 0.3468, "703.0": 0.3322, "742.0": 0.1811, "749.0": 0.1596, "727.0": 0.2342, "766.0": 0.1218, "736.0": 0.2002, "743.0": 0.1775, "748.0": 0.1624, "705.0": 0.3224, "750.0": 0.157, "745.0": 0.1718, "690.0": 0.387, "747.0": 0.1656, "732.0": 0.2158, "765.0": 0.1236, "693.0": 0.3726, "733.0": 0.2127, "768.0": 0.1189, "759.0": 0.1359, "735.0": 0.2038, "757.0": 0.1402, "738.0": 0.1944, "744.0": 0.1748, "752.0": 0.1521, "755.0": 0.1446, "756.0": 0.1423, "692.0": 0.3774, "761.0": 0.1316, "701.0": 0.342, "698.0": 0.3486, "707.0": 0.319, "699.0": 0.3517, "697.0": 0.3534, "769.0": 0.1166, "719.0": 0.2685, "724.0": 0.2466, "760.0": 0.1336, "729.0": 0.2267, "763.0": 0.1275, "718.0": 0.2692, "753.0": 0.1495, "764.0": 0.1255, "706.0": 0.3176, "704.0": 0.3273, "722.0": 0.2531, "694.0": 0.3678, "712.0": 0.2942, "695.0": 0.363, "725.0": 0.2448, "723.0": 0.2518, "716.0": 0.2793, "696.0": 0.3582, "714.0": 0.2894, "715.0": 0.2843, "691.0": 0.3822, "751.0": 0.1547, "720.0": 0.2634, "741.0": 0.1845, "726.0": 0.2395, "728.0": 0.232, "730.0": 0.2241, "685.0": 0.4003, "754.0": 0.1471, "734.0": 0.2094, "740.0": 0.1875, "708.0": 0.314, "709.0": 0.309, "731.0": 0.2187, "758.0": 0.138, "762.0": 0.1296, "746.0": 0.1684, "710.0": 0.3041, "737.0": 0.1984, "717.0": 0.2742}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2026, "long_delta": 0.118, "short_iv": 0.1402, "short_rel_spread": 0.007782101167315181, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.604423, "long_quote_age": 0.551641, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.83}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.75 (gross $-22.25 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:48:12.706776+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum at +0.32% and elevated IV relative to realized volatility with an IV/RV of 1.15, favoring short put spread premium collection.", "invalidation": "SPY spot price drops further, reversing the 5-day gain into negative territory."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"749.0": 0.1732, "710.0": 0.3852, "758.0": 0.1437, "685.0": 0.5205, "695.0": 0.4585, "767.0": 0.1211, "715.0": 0.353, "764.0": 0.1278, "740.0": 0.2159, "760.0": 0.1384, "741.0": 0.2086, "722.0": 0.3197, "769.0": 0.1171, "726.0": 0.293, "733.0": 0.2539, "724.0": 0.3064, "751.0": 0.1652, "728.0": 0.2797, "723.0": 0.313, "768.0": 0.119, "705.0": 0.4173, "727.0": 0.2864, "743.0": 0.1981, "742.0": 0.2013, "721.0": 0.3263, "725.0": 0.2997, "718.0": 0.3337, "745.0": 0.19, "753.0": 0.1587, "730.0": 0.2745, "762.0": 0.1329, "735.0": 0.2401, "757.0": 0.1459, "747.0": 0.1801, "759.0": 0.1406, "752.0": 0.1625, "690.0": 0.4895, "720.0": 0.333, "746.0": 0.1852, "737.0": 0.2323, "763.0": 0.1304, "700.0": 0.4277, "750.0": 0.1686, "744.0": 0.1943, "729.0": 0.273, "754.0": 0.1552, "732.0": 0.2608, "765.0": 0.1252, "748.0": 0.177, "766.0": 0.1225, "761.0": 0.1356, "739.0": 0.2181, "738.0": 0.2252, "755.0": 0.1528, "734.0": 0.247, "736.0": 0.2332, "719.0": 0.3396, "756.0": 0.1491, "731.0": 0.2676}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.48, "short_delta": 0.186, "long_delta": 0.083, "short_iv": 0.1406, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.02985074626865674, "short_quote_age": 75.611375, "long_quote_age": 75.789747, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.895}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.24 (gross $-18.24 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 76s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.24 (gross $-18.24 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.186, "long_delta": 0.083, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.814, "edge_pp": -9.0, "ev_implied_usd": -19.25, "realized_vol": 0.1064, "atm_iv": 0.1225, "vrp_ratio": 0.8686, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.35, "ev_at_half_drift_usd": -21.25, "ev_gross_usd": -18.24, "expected_loss_real_usd": 66.24, "friction_usd": 1.0, "ev_net_usd": -19.24, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 464}
{"ts": "2026-08-31T13:48:27.439355+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5D momentum at +0.32% and an elevated IV/RV ratio of 1.15, supporting premium collection via put credit spreads.", "invalidation": "SPY 1D drop accelerates significantly past the current -0.45% decline."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"758.0": 0.1377, "708.0": 0.3139, "711.0": 0.299, "748.0": 0.1622, "692.0": 0.3773, "749.0": 0.1602, "727.0": 0.2341, "728.0": 0.2318, "754.0": 0.1469, "698.0": 0.3485, "729.0": 0.2265, "746.0": 0.1682, "738.0": 0.1942, "763.0": 0.1273, "697.0": 0.3533, "756.0": 0.1423, "765.0": 0.1235, "691.0": 0.3821, "744.0": 0.1747, "712.0": 0.294, "709.0": 0.3089, "742.0": 0.1809, "716.0": 0.2791, "761.0": 0.1312, "734.0": 0.2092, "723.0": 0.2516, "766.0": 0.1215, "721.0": 0.2581, "731.0": 0.2185, "696.0": 0.3581, "735.0": 0.2036, "750.0": 0.1568, "703.0": 0.3321, "736.0": 0.2, "701.0": 0.3418, "695.0": 0.3629, "717.0": 0.2741, "715.0": 0.2842, "722.0": 0.253, "759.0": 0.1356, "764.0": 0.1253, "755.0": 0.1446, "702.0": 0.3369, "768.0": 0.1183, "752.0": 0.1518, "726.0": 0.2394, "733.0": 0.2125, "707.0": 0.3188, "737.0": 0.1982, "745.0": 0.1716, "769.0": 0.1164, "705.0": 0.3223, "710.0": 0.304, "706.0": 0.3174, "699.0": 0.3516, "762.0": 0.1292, "747.0": 0.1654, "718.0": 0.2691, "724.0": 0.2464, "725.0": 0.2446, "704.0": 0.3272, "739.0": 0.1901, "700.0": 0.3467, "741.0": 0.1843, "730.0": 0.2239, "760.0": 0.1335, "693.0": 0.3725, "757.0": 0.14, "743.0": 0.1773, "713.0": 0.2943, "740.0": 0.1873, "714.0": 0.2892, "732.0": 0.2156, "694.0": 0.3677, "751.0": 0.1545, "767.0": 0.1195, "753.0": 0.1492, "685.0": 0.4002, "719.0": 0.2684, "720.0": 0.2632, "690.0": 0.3869}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2029, "long_delta": 0.1181, "short_iv": 0.14, "short_rel_spread": 0.007782101167315181, "long_rel_spread": 0.028169014084507067, "short_quote_age": 90.33295, "long_quote_age": 90.337342, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.895}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.28 (gross $-21.78 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:49:53.321807+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY short-term ATM IV of 12.04% is elevated relative to RV20 at an IV/RV of 1.16 while the 5-day return remains positive at +0.32%.", "invalidation": "The 1-day decline of -0.45% deepens and breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"715.0": 0.3541, "690.0": 0.4905, "740.0": 0.2172, "750.0": 0.1702, "739.0": 0.2194, "752.0": 0.1627, "685.0": 0.5215, "763.0": 0.1308, "744.0": 0.1957, "718.0": 0.3348, "760.0": 0.1391, "754.0": 0.1558, "733.0": 0.2551, "743.0": 0.1995, "767.0": 0.1208, "705.0": 0.4184, "730.0": 0.2757, "756.0": 0.1501, "731.0": 0.2689, "762.0": 0.1334, "723.0": 0.3142, "710.0": 0.3863, "737.0": 0.2335, "728.0": 0.2809, "727.0": 0.2875, "749.0": 0.1747, "761.0": 0.1363, "720.0": 0.3341, "729.0": 0.2742, "764.0": 0.1284, "725.0": 0.3009, "724.0": 0.3075, "755.0": 0.1526, "700.0": 0.4287, "751.0": 0.1669, "695.0": 0.4596, "759.0": 0.1416, "736.0": 0.2344, "742.0": 0.2069, "748.0": 0.1785, "745.0": 0.1914, "732.0": 0.262, "722.0": 0.3208, "758.0": 0.1444, "769.0": 0.1176, "746.0": 0.1867, "741.0": 0.2099, "768.0": 0.119, "765.0": 0.1258, "735.0": 0.2413, "719.0": 0.3408, "747.0": 0.1816, "721.0": 0.3275, "753.0": 0.1591, "726.0": 0.2942, "766.0": 0.1231, "734.0": 0.2482, "757.0": 0.1472, "738.0": 0.2265}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2123, "long_delta": 0.0946, "short_iv": 0.1391, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.429027, "long_quote_age": 0.428012, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.0699999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.72 (gross $-17.72 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-18.72 (gross $-17.72 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.2123, "long_delta": 0.0946, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.7877, "edge_pp": -9.83, "ev_implied_usd": -19.73, "realized_vol": 0.1064, "atm_iv": 0.1231, "vrp_ratio": 0.8643, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.45, "ev_at_half_drift_usd": -21.04, "ev_gross_usd": -17.72, "expected_loss_real_usd": 74.72, "friction_usd": 1.0, "ev_net_usd": -18.72, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 422}
{"ts": "2026-08-31T13:50:08.106240+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day returns (+0.32%) and an elevated IV/RV ratio of 1.16, providing favorable premium collection conditions for put spreads across a 4 to 7 DTE window.", "invalidation": "SPY downward 1-day momentum accelerates significantly beyond -0.45%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"741.0": 0.1846, "713.0": 0.2904, "725.0": 0.2427, "735.0": 0.2052, "743.0": 0.1779, "764.0": 0.1253, "706.0": 0.3188, "699.0": 0.345, "708.0": 0.3152, "760.0": 0.1338, "751.0": 0.1552, "712.0": 0.2954, "769.0": 0.1167, "763.0": 0.1275, "720.0": 0.2647, "739.0": 0.1917, "762.0": 0.1296, "734.0": 0.2086, "714.0": 0.2906, "749.0": 0.1606, "692.0": 0.3786, "724.0": 0.2479, "753.0": 0.1501, "733.0": 0.2117, "723.0": 0.2531, "754.0": 0.1476, "746.0": 0.1691, "745.0": 0.1724, "732.0": 0.2172, "719.0": 0.2698, "698.0": 0.3498, "716.0": 0.2805, "685.0": 0.4014, "697.0": 0.3546, "752.0": 0.1525, "765.0": 0.1235, "718.0": 0.2705, "730.0": 0.2255, "740.0": 0.1875, "696.0": 0.3594, "736.0": 0.2017, "711.0": 0.3004, "700.0": 0.348, "729.0": 0.228, "758.0": 0.1382, "726.0": 0.2408, "703.0": 0.3334, "728.0": 0.2334, "693.0": 0.3738, "747.0": 0.1664, "691.0": 0.3834, "717.0": 0.2755, "756.0": 0.1427, "702.0": 0.3383, "709.0": 0.3103, "705.0": 0.3236, "750.0": 0.1582, "744.0": 0.1753, "737.0": 0.198, "742.0": 0.1814, "701.0": 0.3431, "768.0": 0.1188, "755.0": 0.1453, "759.0": 0.1361, "757.0": 0.1406, "766.0": 0.1217, "731.0": 0.22, "707.0": 0.3202, "695.0": 0.3642, "715.0": 0.2856, "738.0": 0.1959, "727.0": 0.2356, "761.0": 0.1316, "710.0": 0.3053, "721.0": 0.2595, "704.0": 0.3285, "748.0": 0.1633, "694.0": 0.369, "690.0": 0.3882, "722.0": 0.2544, "767.0": 0.1196}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1965, "long_delta": 0.1143, "short_iv": 0.1406, "short_rel_spread": 0.01612903225806453, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.72463, "long_quote_age": 0.74256, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.155}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.11 (gross $-22.61 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:51:28.887460+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day momentum at +0.30% with IV/RV elevated at 1.16, making short put premium selling favorable.", "invalidation": "SPY spot breaks significantly lower extending beyond the current 1-day decline of -0.46%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"749.0": 0.1741, "764.0": 0.1274, "740.0": 0.2167, "750.0": 0.1696, "767.0": 0.1202, "700.0": 0.4283, "732.0": 0.2616, "751.0": 0.1663, "756.0": 0.1494, "730.0": 0.2753, "748.0": 0.178, "745.0": 0.1909, "744.0": 0.1952, "758.0": 0.1436, "734.0": 0.2478, "733.0": 0.2547, "721.0": 0.3271, "759.0": 0.1407, "690.0": 0.4901, "715.0": 0.3537, "753.0": 0.1585, "766.0": 0.1225, "724.0": 0.3071, "738.0": 0.226, "736.0": 0.234, "761.0": 0.1353, "705.0": 0.418, "743.0": 0.199, "768.0": 0.1193, "722.0": 0.3204, "726.0": 0.2938, "729.0": 0.2738, "731.0": 0.2684, "737.0": 0.2331, "765.0": 0.1249, "752.0": 0.1621, "762.0": 0.1326, "685.0": 0.5212, "720.0": 0.3337, "760.0": 0.1381, "718.0": 0.3344, "754.0": 0.1552, "728.0": 0.2804, "723.0": 0.3138, "741.0": 0.2094, "735.0": 0.2409, "755.0": 0.1519, "719.0": 0.3403, "742.0": 0.2064, "757.0": 0.1464, "695.0": 0.4592, "746.0": 0.1862, "747.0": 0.181, "725.0": 0.3004, "727.0": 0.2871, "763.0": 0.13, "769.0": 0.1154, "739.0": 0.2189, "710.0": 0.3859}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2134, "long_delta": 0.095, "short_iv": 0.1381, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.673989, "long_quote_age": 0.72618, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.02}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.31 (gross $-18.31 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.31 (gross $-18.31 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.2134, "long_delta": 0.095, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.7866, "edge_pp": -9.94, "ev_implied_usd": -20.1, "realized_vol": 0.1064, "atm_iv": 0.1225, "vrp_ratio": 0.8686, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.08, "ev_at_half_drift_usd": -21.65, "ev_gross_usd": -18.31, "expected_loss_real_usd": 75.31, "friction_usd": 1.0, "ev_net_usd": -19.31, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 426}
{"ts": "2026-08-31T13:51:43.731259+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays elevated implied volatility with an IV/RV ratio of 1.16 alongside positive 5-day performance of +0.30%, creating favorable conditions to sell put premium across a 4 to 7 DTE window.", "invalidation": "A continued downward move below SPY spot 765.78 that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"756.0": 0.1424, "708.0": 0.3157, "734.0": 0.2091, "716.0": 0.281, "743.0": 0.1785, "762.0": 0.129, "712.0": 0.2959, "700.0": 0.3485, "758.0": 0.1376, "741.0": 0.1851, "763.0": 0.1269, "765.0": 0.123, "706.0": 0.3192, "767.0": 0.119, "736.0": 0.2022, "722.0": 0.2549, "746.0": 0.1687, "694.0": 0.3694, "715.0": 0.2861, "737.0": 0.1985, "711.0": 0.3008, "724.0": 0.2484, "693.0": 0.3742, "720.0": 0.2651, "721.0": 0.26, "696.0": 0.3598, "697.0": 0.355, "769.0": 0.1152, "691.0": 0.3838, "723.0": 0.2536, "740.0": 0.188, "755.0": 0.1448, "729.0": 0.2285, "745.0": 0.1719, "735.0": 0.2057, "750.0": 0.1574, "727.0": 0.2361, "731.0": 0.2206, "751.0": 0.1546, "730.0": 0.226, "714.0": 0.2911, "753.0": 0.1499, "748.0": 0.1631, "752.0": 0.1522, "710.0": 0.3058, "698.0": 0.3502, "733.0": 0.2122, "739.0": 0.1906, "747.0": 0.1661, "725.0": 0.2432, "744.0": 0.1747, "759.0": 0.1355, "728.0": 0.2339, "749.0": 0.1605, "707.0": 0.3143, "761.0": 0.1311, "766.0": 0.121, "717.0": 0.276, "704.0": 0.329, "685.0": 0.4018, "742.0": 0.1819, "702.0": 0.3387, "757.0": 0.1399, "713.0": 0.2909, "699.0": 0.3454, "703.0": 0.3338, "719.0": 0.2703, "770.0": 0.1146, "732.0": 0.2151, "738.0": 0.1946, "705.0": 0.3241, "760.0": 0.1333, "692.0": 0.379, "726.0": 0.2413, "709.0": 0.3107, "768.0": 0.1173, "718.0": 0.2709, "701.0": 0.3436, "754.0": 0.1473, "764.0": 0.1248, "695.0": 0.3646, "690.0": 0.3886}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1929, "long_delta": 0.1123, "short_iv": 0.1399, "short_rel_spread": 0.008298755186721999, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.669821, "long_quote_age": 0.652089, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.345}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.69 (gross $-22.19 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:53:03.032858+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays elevated short-term option premium with an IV/RV ratio of 1.16 while maintaining a positive 5-day return of +0.32%.", "invalidation": "SPY continues its 1-day downward movement of -0.45% and reverses the positive 5-day momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"742.0": 0.2057, "715.0": 0.3531, "753.0": 0.1576, "721.0": 0.3264, "720.0": 0.3331, "751.0": 0.1637, "741.0": 0.2087, "744.0": 0.1944, "765.0": 0.1234, "724.0": 0.3065, "755.0": 0.1509, "752.0": 0.1612, "705.0": 0.4174, "723.0": 0.3131, "728.0": 0.2798, "749.0": 0.1712, "735.0": 0.2402, "759.0": 0.1395, "754.0": 0.1542, "764.0": 0.1259, "747.0": 0.1803, "746.0": 0.1854, "731.0": 0.2678, "768.0": 0.1163, "762.0": 0.1311, "733.0": 0.254, "766.0": 0.1207, "745.0": 0.1901, "756.0": 0.1479, "769.0": 0.1133, "700.0": 0.4278, "725.0": 0.2998, "750.0": 0.1688, "734.0": 0.2471, "739.0": 0.2182, "722.0": 0.3198, "710.0": 0.3853, "757.0": 0.1449, "736.0": 0.2333, "748.0": 0.1772, "685.0": 0.5206, "726.0": 0.2932, "743.0": 0.1982, "718.0": 0.3338, "729.0": 0.2731, "758.0": 0.1417, "727.0": 0.2865, "763.0": 0.1286, "767.0": 0.1184, "690.0": 0.4896, "760.0": 0.1362, "740.0": 0.216, "695.0": 0.4586, "738.0": 0.2253, "761.0": 0.1339, "730.0": 0.2746, "719.0": 0.3397, "737.0": 0.2324, "732.0": 0.2609}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2139, "long_delta": 0.0955, "short_iv": 0.1362, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.462208, "long_quote_age": 0.46189, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.94}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-21.91 (gross $-20.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-21.91 (gross $-20.91 - friction $1.00) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2139, "long_delta": 0.0955, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7861, "edge_pp": -10.19, "ev_implied_usd": -21.35, "realized_vol": 0.1064, "atm_iv": 0.1207, "vrp_ratio": 0.8815, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -27.75, "ev_at_half_drift_usd": -24.29, "ev_gross_usd": -20.91, "expected_loss_real_usd": 76.91, "friction_usd": 1.0, "ev_net_usd": -21.91, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 442}
{"ts": "2026-08-31T13:53:19.360630+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.16 alongside positive 5-day return (+0.32%), supporting premium selling via put credit spreads over an extended 3 to 7 DTE window.", "invalidation": "SPY spot price drops sharply below the short put strike as 1-day negative momentum (-0.45%) accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"755.0": 0.1446, "767.0": 0.1167, "738.0": 0.2028, "739.0": 0.1965, "751.0": 0.1557, "728.0": 0.2475, "726.0": 0.2536, "733.0": 0.2227, "759.0": 0.1345, "730.0": 0.2359, "734.0": 0.2206, "710.0": 0.3269, "737.0": 0.2059, "720.0": 0.2808, "753.0": 0.1499, "756.0": 0.1419, "766.0": 0.1187, "760.0": 0.1321, "752.0": 0.1525, "748.0": 0.1646, "724.0": 0.265, "719.0": 0.2863, "749.0": 0.1617, "744.0": 0.1782, "721.0": 0.282, "718.0": 0.2919, "715.0": 0.3085, "746.0": 0.1715, "754.0": 0.1473, "731.0": 0.2346, "741.0": 0.1892, "750.0": 0.1582, "725.0": 0.2593, "743.0": 0.1829, "761.0": 0.1297, "705.0": 0.3539, "769.0": 0.1133, "757.0": 0.1395, "768.0": 0.1145, "747.0": 0.1676, "723.0": 0.2707, "700.0": 0.3678, "742.0": 0.1851, "732.0": 0.2287, "695.0": 0.3941, "763.0": 0.1251, "727.0": 0.2533, "729.0": 0.2417, "762.0": 0.1274, "758.0": 0.1369, "765.0": 0.1208, "735.0": 0.2146, "745.0": 0.1751, "764.0": 0.1229, "736.0": 0.2086, "722.0": 0.2763, "690.0": 0.4204, "685.0": 0.4468, "740.0": 0.193}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1908, "long_delta": 0.099, "short_iv": 0.1369, "short_rel_spread": 0.009950248756218916, "long_rel_spread": 0.04081632653061228, "short_quote_age": 0.439969, "long_quote_age": 0.458397, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.03}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.15 (gross $-23.65 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:54:38.600341+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains a positive 5-day return of +0.37% alongside an elevated IV/RV ratio of 1.16, offering favorable premium collection via short put spreads.", "invalidation": "SPY spot price drops sharply below the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"768.0": 0.1164, "721.0": 0.3296, "767.0": 0.1181, "762.0": 0.131, "770.0": 0.1213, "769.0": 0.1145, "757.0": 0.1449, "695.0": 0.4615, "734.0": 0.2505, "753.0": 0.1581, "764.0": 0.1257, "744.0": 0.1945, "719.0": 0.3429, "747.0": 0.1815, "743.0": 0.2019, "731.0": 0.2711, "742.0": 0.2051, "738.0": 0.2288, "766.0": 0.1204, "690.0": 0.4924, "705.0": 0.4204, "733.0": 0.2574, "763.0": 0.1281, "720.0": 0.3363, "748.0": 0.1763, "760.0": 0.1366, "759.0": 0.1395, "735.0": 0.2436, "746.0": 0.1863, "737.0": 0.2359, "730.0": 0.278, "751.0": 0.1645, "722.0": 0.323, "741.0": 0.2123, "740.0": 0.2146, "758.0": 0.1422, "727.0": 0.2897, "732.0": 0.2643, "750.0": 0.1691, "728.0": 0.283, "700.0": 0.4306, "726.0": 0.2964, "754.0": 0.1542, "710.0": 0.3883, "736.0": 0.2367, "752.0": 0.1626, "739.0": 0.2217, "755.0": 0.1505, "749.0": 0.1731, "761.0": 0.1339, "724.0": 0.3097, "756.0": 0.1479, "745.0": 0.1906, "725.0": 0.303, "723.0": 0.3163, "765.0": 0.1228, "718.0": 0.3369, "729.0": 0.2764, "715.0": 0.3562}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1956, "long_delta": 0.1195, "short_iv": 0.1366, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.526054, "long_quote_age": 0.565083, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-13.97 (gross $-12.97 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $264/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-13.97 (gross $-12.97 - friction $1.00) > $0.00"}], "economics": {"credit": 0.36, "width": 3.0, "short_delta": 0.1956, "long_delta": 0.1195, "max_profit_usd": 36.0, "max_loss_usd": 264.0, "breakeven_wr": 0.88, "implied_wr": 0.8044, "edge_pp": -7.56, "ev_implied_usd": -11.27, "realized_vol": 0.1064, "atm_iv": 0.1204, "vrp_ratio": 0.8837, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -17.31, "ev_at_half_drift_usd": -15.11, "ev_gross_usd": -12.97, "expected_loss_real_usd": 48.97, "friction_usd": 1.0, "ev_net_usd": -13.97, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 428}
{"ts": "2026-08-31T13:54:48.599609+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits elevated IV relative to realized volatility with an IV/RV ratio of 1.16 and positive 5-day momentum of +0.37%, supporting premium selling on a put credit spread across 3 to 7 DTE.", "invalidation": "SPY spot price drops significantly below the 766.31 level and continues to accelerate downward."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"744.0": 0.1796, "761.0": 0.1294, "766.0": 0.1182, "756.0": 0.1418, "729.0": 0.2446, "757.0": 0.1391, "764.0": 0.1225, "759.0": 0.1342, "695.0": 0.3966, "735.0": 0.2176, "763.0": 0.1248, "723.0": 0.2734, "737.0": 0.2089, "736.0": 0.2116, "748.0": 0.1655, "750.0": 0.1586, "749.0": 0.1623, "768.0": 0.1151, "745.0": 0.1767, "733.0": 0.2257, "732.0": 0.2316, "690.0": 0.4229, "754.0": 0.147, "720.0": 0.2835, "747.0": 0.1681, "705.0": 0.3564, "741.0": 0.1899, "728.0": 0.2504, "767.0": 0.1162, "770.0": 0.112, "762.0": 0.1271, "751.0": 0.1555, "742.0": 0.186, "734.0": 0.2197, "710.0": 0.3294, "731.0": 0.233, "743.0": 0.1841, "739.0": 0.1996, "738.0": 0.2028, "722.0": 0.2791, "758.0": 0.1366, "752.0": 0.1528, "740.0": 0.1962, "746.0": 0.1717, "727.0": 0.2507, "726.0": 0.2564, "755.0": 0.1445, "724.0": 0.2678, "725.0": 0.2621, "730.0": 0.2388, "760.0": 0.1318, "753.0": 0.1503, "765.0": 0.1201, "718.0": 0.2946, "769.0": 0.1131, "700.0": 0.3703, "719.0": 0.289, "715.0": 0.3112, "721.0": 0.2847}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2005, "long_delta": 0.1349, "short_iv": 0.1342, "short_rel_spread": 0.019047619047619063, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.475141, "long_quote_age": 0.434127, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 766.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-16.93 (gross $-15.43 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:56:15.563436+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.11 alongside positive 5-day performance (+0.41%), providing an attractive premium to sell short-term put spreads.", "invalidation": "SPY spot price declines sharply below the short put strike or realized volatility expands significantly above 10.40%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"733.0": 0.2253, "760.0": 0.1311, "758.0": 0.136, "727.0": 0.2503, "752.0": 0.1523, "695.0": 0.3962, "735.0": 0.2134, "751.0": 0.155, "749.0": 0.1618, "750.0": 0.1581, "685.0": 0.4489, "730.0": 0.2384, "715.0": 0.3108, "742.0": 0.1856, "770.0": 0.1112, "700.0": 0.37, "753.0": 0.1493, "768.0": 0.1135, "769.0": 0.1121, "734.0": 0.2193, "736.0": 0.2112, "732.0": 0.2267, "739.0": 0.1992, "719.0": 0.2887, "738.0": 0.2024, "720.0": 0.2831, "710.0": 0.3291, "705.0": 0.3561, "724.0": 0.2674, "765.0": 0.1196, "748.0": 0.165, "761.0": 0.1286, "747.0": 0.1676, "754.0": 0.1464, "721.0": 0.2844, "759.0": 0.1335, "743.0": 0.1815, "725.0": 0.2617, "756.0": 0.1412, "723.0": 0.2731, "762.0": 0.1262, "757.0": 0.1385, "740.0": 0.193, "741.0": 0.1894, "744.0": 0.1791, "718.0": 0.2942, "728.0": 0.25, "726.0": 0.256, "737.0": 0.2051, "766.0": 0.1176, "755.0": 0.1439, "745.0": 0.1744, "731.0": 0.2326, "767.0": 0.1156, "746.0": 0.1712, "690.0": 0.4225, "764.0": 0.1217, "722.0": 0.2787, "729.0": 0.2442, "763.0": 0.1239}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2013, "long_delta": 0.1035, "short_iv": 0.1335, "short_rel_spread": 0.019047619047619063, "long_rel_spread": 0.01980198019801982, "short_quote_age": 0.47067, "long_quote_age": 0.475318, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.465}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.76 (gross $-24.26 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:56:34.206831+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains an elevated IV/RV ratio of 1.11 alongside positive 5-day performance of +0.41%, offering favorable premium to sell via put credit spreads across a 4 to 7 DTE window.", "invalidation": "SPY downward momentum accelerates past the 1-day decline of -0.36%, breaking below spot 766.58."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"736.0": 0.2011, "724.0": 0.2493, "716.0": 0.2819, "763.0": 0.1248, "745.0": 0.1708, "762.0": 0.1271, "766.0": 0.1191, "711.0": 0.3017, "756.0": 0.1402, "723.0": 0.2507, "713.0": 0.2918, "726.0": 0.2389, "742.0": 0.1802, "720.0": 0.2661, "702.0": 0.3396, "730.0": 0.2241, "729.0": 0.2265, "764.0": 0.1229, "770.0": 0.1126, "727.0": 0.237, "754.0": 0.1453, "696.0": 0.3606, "746.0": 0.1677, "747.0": 0.1644, "741.0": 0.1832, "732.0": 0.2161, "758.0": 0.1357, "694.0": 0.3702, "717.0": 0.2769, "719.0": 0.2668, "692.0": 0.3798, "752.0": 0.1506, "707.0": 0.3152, "709.0": 0.3116, "704.0": 0.3298, "708.0": 0.3165, "750.0": 0.1564, "760.0": 0.1312, "703.0": 0.3347, "749.0": 0.1592, "718.0": 0.2718, "739.0": 0.1899, "715.0": 0.2869, "695.0": 0.3654, "751.0": 0.153, "735.0": 0.2045, "691.0": 0.3846, "748.0": 0.1616, "755.0": 0.1429, "768.0": 0.1152, "701.0": 0.3444, "710.0": 0.3066, "706.0": 0.3201, "693.0": 0.375, "737.0": 0.1976, "698.0": 0.351, "740.0": 0.1875, "731.0": 0.2188, "769.0": 0.1141, "697.0": 0.3558, "728.0": 0.2317, "761.0": 0.1291, "743.0": 0.177, "767.0": 0.117, "700.0": 0.3493, "765.0": 0.1211, "690.0": 0.3894, "705.0": 0.3249, "699.0": 0.3463, "712.0": 0.2967, "721.0": 0.2609, "753.0": 0.1476, "744.0": 0.1734, "733.0": 0.2132, "738.0": 0.1938, "725.0": 0.2441, "714.0": 0.2868, "722.0": 0.2558, "757.0": 0.1379, "759.0": 0.1334, "734.0": 0.2077}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2065, "long_delta": 0.1484, "short_iv": 0.1357, "short_rel_spread": 0.007843137254901968, "long_rel_spread": 0.011299435028248598, "short_quote_age": 0.415175, "long_quote_age": 0.432941, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 261.0, "total_risk": 19836.0, "buying_power_used_pct": 0.9918}, "spot": 766.445}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-16.83 (gross $-15.83 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:57:52.180962+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays positive 5D momentum (+0.38%) alongside an elevated IV/RV ratio of 1.11, providing favorable implied volatility premium for short put spreads.", "invalidation": "SPY spot price accelerates downward from 766.35, reversing the 5D gain and breaching the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"729.0": 0.2764, "728.0": 0.2831, "685.0": 0.5235, "768.0": 0.115, "748.0": 0.1763, "762.0": 0.1295, "725.0": 0.3031, "722.0": 0.323, "754.0": 0.1529, "759.0": 0.1374, "758.0": 0.1407, "720.0": 0.3363, "741.0": 0.2124, "737.0": 0.2298, "732.0": 0.2643, "695.0": 0.4615, "735.0": 0.2436, "738.0": 0.2288, "761.0": 0.1322, "770.0": 0.1107, "700.0": 0.4307, "765.0": 0.1213, "746.0": 0.1863, "740.0": 0.2146, "760.0": 0.1347, "743.0": 0.202, "766.0": 0.1189, "733.0": 0.2574, "731.0": 0.2712, "724.0": 0.3097, "751.0": 0.1646, "719.0": 0.3429, "745.0": 0.1907, "727.0": 0.2897, "705.0": 0.4205, "757.0": 0.1432, "753.0": 0.1567, "755.0": 0.1494, "750.0": 0.1692, "767.0": 0.1169, "742.0": 0.2051, "744.0": 0.1945, "749.0": 0.1731, "734.0": 0.2505, "721.0": 0.3297, "690.0": 0.4925, "739.0": 0.2217, "769.0": 0.1133, "718.0": 0.3369, "764.0": 0.1241, "763.0": 0.1267, "726.0": 0.2964, "730.0": 0.2697, "723.0": 0.3164, "756.0": 0.1459, "752.0": 0.1611, "710.0": 0.3883, "747.0": 0.1815, "736.0": 0.2367, "715.0": 0.3562}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1922, "long_delta": 0.0835, "short_iv": 0.1347, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.702387, "long_quote_age": 1.087854, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.27 (gross $-22.27 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:58:05.785605+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility trades at a premium to realized volatility with an IV/RV ratio of 1.11 while maintaining a positive 5-day return of +0.38%, supporting put credit spread premium collection.", "invalidation": "SPY spot price drops sharply below 766.35 reversing the positive 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"759.0": 0.1334, "730.0": 0.2237, "727.0": 0.2366, "764.0": 0.1227, "700.0": 0.3489, "696.0": 0.3602, "728.0": 0.2313, "765.0": 0.121, "707.0": 0.3148, "756.0": 0.1402, "745.0": 0.1702, "711.0": 0.3013, "708.0": 0.3161, "697.0": 0.3554, "750.0": 0.1557, "705.0": 0.3245, "736.0": 0.2007, "769.0": 0.1136, "733.0": 0.2127, "685.0": 0.4022, "741.0": 0.1827, "724.0": 0.2489, "722.0": 0.2554, "743.0": 0.1764, "701.0": 0.344, "694.0": 0.3698, "760.0": 0.131, "690.0": 0.389, "732.0": 0.2157, "737.0": 0.1971, "729.0": 0.226, "731.0": 0.2211, "726.0": 0.2385, "695.0": 0.365, "744.0": 0.1729, "740.0": 0.187, "754.0": 0.1452, "746.0": 0.1672, "714.0": 0.2864, "758.0": 0.1357, "718.0": 0.2714, "704.0": 0.3294, "725.0": 0.2437, "699.0": 0.3459, "749.0": 0.1586, "757.0": 0.138, "766.0": 0.119, "770.0": 0.1125, "719.0": 0.2664, "721.0": 0.2605, "698.0": 0.3507, "762.0": 0.1268, "752.0": 0.15, "712.0": 0.2963, "755.0": 0.1427, "753.0": 0.1476, "747.0": 0.1638, "751.0": 0.1531, "706.0": 0.3197, "715.0": 0.2865, "692.0": 0.3794, "748.0": 0.161, "713.0": 0.2913, "735.0": 0.2041, "716.0": 0.2815, "693.0": 0.3746, "768.0": 0.1154, "767.0": 0.117, "761.0": 0.129, "703.0": 0.3343, "742.0": 0.1797, "709.0": 0.3112, "734.0": 0.2073, "710.0": 0.3062, "717.0": 0.2764, "691.0": 0.3842, "763.0": 0.1247, "720.0": 0.2656, "738.0": 0.1933, "702.0": 0.3392, "723.0": 0.2503, "739.0": 0.1894}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.59, "short_delta": 0.209, "long_delta": 0.1202, "short_iv": 0.1357, "short_rel_spread": 0.007722007722007729, "long_rel_spread": 0.014184397163120581, "short_quote_age": 0.628916, "long_quote_age": 0.632012, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 441.0, "total_risk": 19845.0, "buying_power_used_pct": 0.9922}, "spot": 766.365}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.20 (gross $-25.20 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T13:59:28.608358+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY demonstrates an IV/RV ratio of 1.11 with positive 5-day performance of +0.36%, creating a favorable setup to collect premium via put credit spreads.", "invalidation": "SPY spot price drops sharply below the short put strike as 1-day downward momentum (-0.41%) accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"745.0": 0.1886, "751.0": 0.1622, "766.0": 0.1191, "723.0": 0.3146, "740.0": 0.2127, "715.0": 0.3546, "690.0": 0.4909, "752.0": 0.1586, "749.0": 0.1709, "737.0": 0.228, "753.0": 0.1556, "746.0": 0.1842, "733.0": 0.2556, "743.0": 0.2, "744.0": 0.1925, "735.0": 0.2418, "741.0": 0.2104, "758.0": 0.1399, "742.0": 0.2031, "747.0": 0.1794, "732.0": 0.2625, "757.0": 0.1428, "730.0": 0.2679, "750.0": 0.1669, "763.0": 0.1266, "721.0": 0.3279, "768.0": 0.1147, "756.0": 0.1461, "755.0": 0.149, "724.0": 0.308, "725.0": 0.3013, "754.0": 0.1529, "731.0": 0.2693, "695.0": 0.46, "722.0": 0.3213, "718.0": 0.3353, "734.0": 0.2487, "761.0": 0.1319, "728.0": 0.2813, "739.0": 0.2198, "759.0": 0.1369, "710.0": 0.3867, "720.0": 0.3346, "765.0": 0.1213, "700.0": 0.4291, "769.0": 0.1131, "738.0": 0.2269, "760.0": 0.1344, "762.0": 0.1292, "736.0": 0.2349, "685.0": 0.5219, "748.0": 0.1741, "764.0": 0.1238, "727.0": 0.288, "705.0": 0.4188, "726.0": 0.2947, "767.0": 0.1169, "729.0": 0.2746, "719.0": 0.3412}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2018, "long_delta": 0.0881, "short_iv": 0.1344, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.574807, "long_quote_age": 0.612873, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.145}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.03 (gross $-22.03 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-23.03 (gross $-22.03 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2018, "long_delta": 0.0881, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7982, "edge_pp": -9.78, "ev_implied_usd": -20.47, "realized_vol": 0.1064, "atm_iv": 0.1191, "vrp_ratio": 0.8934, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -28.71, "ev_at_half_drift_usd": -25.32, "ev_gross_usd": -22.03, "expected_loss_real_usd": 74.03, "friction_usd": 1.0, "ev_net_usd": -23.03, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 477}
{"ts": "2026-08-31T13:59:39.346369+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5D return (+0.36%) and an elevated IV/RV ratio of 1.11, supporting premium selling via put credit spreads over a 4 to 7 DTE window.", "invalidation": "SPY spot price accelerates downward erasing the 5D gain of +0.36%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"714.0": 0.2851, "755.0": 0.1428, "722.0": 0.254, "690.0": 0.3878, "732.0": 0.2142, "716.0": 0.2802, "703.0": 0.333, "756.0": 0.1404, "751.0": 0.1529, "734.0": 0.2081, "764.0": 0.1225, "718.0": 0.2701, "738.0": 0.1936, "759.0": 0.1332, "711.0": 0.3, "736.0": 0.1992, "698.0": 0.3495, "744.0": 0.1736, "715.0": 0.2852, "719.0": 0.265, "692.0": 0.3782, "713.0": 0.2901, "706.0": 0.3184, "731.0": 0.2196, "720.0": 0.2643, "705.0": 0.3233, "691.0": 0.383, "761.0": 0.1286, "725.0": 0.2423, "697.0": 0.3542, "721.0": 0.2592, "745.0": 0.1697, "735.0": 0.2048, "693.0": 0.3734, "743.0": 0.1761, "701.0": 0.3428, "712.0": 0.295, "750.0": 0.1554, "733.0": 0.2113, "766.0": 0.1184, "699.0": 0.3447, "754.0": 0.145, "746.0": 0.1675, "723.0": 0.2489, "740.0": 0.187, "704.0": 0.3282, "728.0": 0.2299, "741.0": 0.1826, "695.0": 0.3638, "749.0": 0.1584, "747.0": 0.164, "760.0": 0.1309, "710.0": 0.305, "717.0": 0.2751, "769.0": 0.1137, "763.0": 0.1244, "707.0": 0.3135, "758.0": 0.1355, "696.0": 0.359, "767.0": 0.1165, "702.0": 0.3379, "685.0": 0.4011, "694.0": 0.3686, "762.0": 0.1264, "730.0": 0.2223, "748.0": 0.161, "727.0": 0.2352, "742.0": 0.1795, "765.0": 0.1205, "708.0": 0.3149, "757.0": 0.1377, "726.0": 0.2371, "724.0": 0.2475, "753.0": 0.1476, "739.0": 0.1896, "709.0": 0.3099, "768.0": 0.1148, "729.0": 0.2276, "700.0": 0.3477, "737.0": 0.1975, "752.0": 0.1503}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1935, "long_delta": 0.1122, "short_iv": 0.1377, "short_rel_spread": 0.016806722689075647, "long_rel_spread": 0.030303030303030328, "short_quote_age": 0.488534, "long_quote_age": 0.453021, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.12}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.20 (gross $-26.20 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:01:04.363057+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.36% with an IV/RV ratio of 1.11, offering favorable implied volatility relative to 20-day realized volatility to sell downside premium.", "invalidation": "Further downward momentum extending the 1-day decline of -0.41% that breaches the short strike below spot 766.18."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2191, "744.0": 0.1918, "745.0": 0.1879, "734.0": 0.248, "740.0": 0.212, "724.0": 0.3074, "746.0": 0.1835, "727.0": 0.2874, "743.0": 0.1992, "759.0": 0.1371, "737.0": 0.2273, "768.0": 0.1145, "761.0": 0.1317, "735.0": 0.2411, "725.0": 0.3007, "741.0": 0.2097, "749.0": 0.1701, "756.0": 0.146, "732.0": 0.2618, "752.0": 0.1594, "718.0": 0.3347, "705.0": 0.4182, "762.0": 0.1288, "738.0": 0.2263, "729.0": 0.274, "690.0": 0.4904, "721.0": 0.3273, "748.0": 0.1734, "719.0": 0.3406, "758.0": 0.1403, "720.0": 0.3339, "765.0": 0.1207, "736.0": 0.2342, "766.0": 0.1183, "700.0": 0.4286, "769.0": 0.1113, "747.0": 0.1786, "760.0": 0.1344, "767.0": 0.1163, "726.0": 0.294, "764.0": 0.1234, "728.0": 0.2807, "742.0": 0.2024, "695.0": 0.4594, "751.0": 0.1632, "753.0": 0.1561, "750.0": 0.1661, "722.0": 0.3207, "763.0": 0.1262, "723.0": 0.314, "685.0": 0.5214, "731.0": 0.2687, "757.0": 0.1435, "715.0": 0.354, "754.0": 0.1532, "710.0": 0.3861, "733.0": 0.2549, "730.0": 0.2673, "755.0": 0.1491}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2055, "long_delta": 0.0901, "short_iv": 0.1344, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.528686, "long_quote_age": 0.557027, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.0550000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.26 (gross $-23.26 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:01:17.610124+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.11 indicates rich implied volatility relative to 20-day realized volatility with positive 5-day return of +0.36%.", "invalidation": "SPY downward momentum continues past the 1-day decline of -0.41% to breach the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"724.0": 0.2472, "741.0": 0.1823, "701.0": 0.3426, "729.0": 0.2273, "745.0": 0.1704, "708.0": 0.3146, "742.0": 0.1792, "749.0": 0.158, "750.0": 0.1557, "766.0": 0.1186, "698.0": 0.3492, "715.0": 0.285, "725.0": 0.242, "702.0": 0.3377, "691.0": 0.3828, "709.0": 0.3097, "718.0": 0.2698, "746.0": 0.1672, "739.0": 0.1893, "711.0": 0.2997, "710.0": 0.3047, "731.0": 0.2194, "703.0": 0.3328, "704.0": 0.3279, "743.0": 0.1758, "690.0": 0.3876, "720.0": 0.264, "692.0": 0.378, "735.0": 0.2023, "747.0": 0.1636, "697.0": 0.354, "705.0": 0.323, "769.0": 0.1131, "748.0": 0.1606, "726.0": 0.2368, "762.0": 0.1265, "738.0": 0.1933, "722.0": 0.2538, "699.0": 0.3444, "765.0": 0.1203, "693.0": 0.3732, "767.0": 0.1166, "754.0": 0.1449, "751.0": 0.1529, "768.0": 0.1147, "740.0": 0.1867, "734.0": 0.2078, "755.0": 0.1426, "696.0": 0.3588, "744.0": 0.1733, "721.0": 0.2589, "733.0": 0.211, "752.0": 0.1502, "736.0": 0.1989, "737.0": 0.1972, "706.0": 0.3182, "730.0": 0.222, "728.0": 0.2296, "685.0": 0.4009, "719.0": 0.2648, "707.0": 0.3133, "723.0": 0.2486, "756.0": 0.1401, "763.0": 0.1245, "760.0": 0.1309, "714.0": 0.2849, "757.0": 0.1376, "732.0": 0.2139, "753.0": 0.1475, "716.0": 0.2799, "713.0": 0.2898, "695.0": 0.3636, "759.0": 0.133, "727.0": 0.2349, "717.0": 0.2749, "758.0": 0.1354, "764.0": 0.1223, "712.0": 0.2948, "761.0": 0.1287, "694.0": 0.3684, "700.0": 0.3474}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1949, "long_delta": 0.1129, "short_iv": 0.1376, "short_rel_spread": 0.016666666666666684, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.630598, "long_quote_age": 0.620509, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.045}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.09 (gross $-26.59 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:06:02.628037+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "SPY exhibits elevated implied volatility relative to realized volatility with an IV/RV of 1.13 alongside a positive 5D return of +0.31%, offering favorable premium to sell via put credit spreads.", "invalidation": "SPY spot price declines significantly, turning the 5D return negative and compressing the IV/RV ratio below 1.00."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"708.0": 0.314, "736.0": 0.2002, "762.0": 0.127, "691.0": 0.3822, "696.0": 0.3582, "694.0": 0.3678, "743.0": 0.1763, "748.0": 0.1615, "764.0": 0.1228, "721.0": 0.2583, "746.0": 0.1674, "741.0": 0.183, "732.0": 0.2132, "690.0": 0.387, "707.0": 0.3127, "766.0": 0.1192, "725.0": 0.2414, "724.0": 0.2466, "693.0": 0.3726, "722.0": 0.2531, "759.0": 0.1335, "697.0": 0.3534, "734.0": 0.2071, "758.0": 0.1357, "769.0": 0.1133, "754.0": 0.1455, "731.0": 0.2187, "728.0": 0.229, "692.0": 0.3774, "750.0": 0.1563, "751.0": 0.1533, "738.0": 0.1926, "742.0": 0.1798, "761.0": 0.1291, "729.0": 0.2267, "735.0": 0.2038, "709.0": 0.309, "695.0": 0.363, "745.0": 0.1707, "720.0": 0.2634, "755.0": 0.143, "739.0": 0.1885, "711.0": 0.2991, "747.0": 0.1646, "749.0": 0.1588, "700.0": 0.3468, "767.0": 0.1173, "726.0": 0.2362, "723.0": 0.248, "705.0": 0.3224, "730.0": 0.2213, "716.0": 0.2793, "701.0": 0.342, "756.0": 0.1404, "713.0": 0.2892, "702.0": 0.3371, "768.0": 0.1144, "753.0": 0.1483, "715.0": 0.2843, "698.0": 0.3486, "717.0": 0.2742, "744.0": 0.1737, "714.0": 0.2842, "733.0": 0.2103, "719.0": 0.2641, "765.0": 0.1211, "752.0": 0.1505, "757.0": 0.138, "727.0": 0.2342, "760.0": 0.1312, "703.0": 0.3322, "712.0": 0.2942, "699.0": 0.3438, "740.0": 0.1859, "737.0": 0.1965, "763.0": 0.1249, "704.0": 0.3273, "710.0": 0.3041, "706.0": 0.3176, "718.0": 0.2692}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00753000", "short_strike": 757.0, "long_strike": 753.0, "width": 4.0, "credit": 0.46, "short_delta": 0.1989, "long_delta": 0.1294, "short_iv": 0.138, "short_rel_spread": 0.008097165991902843, "long_rel_spread": 0.012903225806451623, "short_quote_age": 0.432623, "long_quote_age": 0.508319, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 354.0, "total_risk": 19824.0, "buying_power_used_pct": 0.9912}, "spot": 765.9449999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.25 (gross $-21.25 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:07:20.206614+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits elevated short-term implied volatility relative to realized volatility with an IV/RV of 1.13 alongside positive 5-day performance of +0.28%, supporting a put credit spread.", "invalidation": "A sharp continuation of the 1-day decline of -0.49% pushing SPY spot below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2167, "738.0": 0.2238, "759.0": 0.1375, "743.0": 0.1967, "734.0": 0.2457, "765.0": 0.1216, "747.0": 0.1786, "729.0": 0.2718, "700.0": 0.4266, "719.0": 0.3261, "720.0": 0.3317, "733.0": 0.2526, "745.0": 0.1885, "761.0": 0.132, "764.0": 0.1241, "727.0": 0.2851, "749.0": 0.1716, "769.0": 0.112, "756.0": 0.147, "752.0": 0.1593, "718.0": 0.3325, "767.0": 0.1162, "705.0": 0.4162, "766.0": 0.1191, "710.0": 0.384, "762.0": 0.1292, "695.0": 0.4575, "737.0": 0.2309, "690.0": 0.4884, "744.0": 0.1929, "758.0": 0.1407, "726.0": 0.2918, "721.0": 0.3251, "768.0": 0.1143, "736.0": 0.2319, "715.0": 0.3519, "746.0": 0.1838, "753.0": 0.1569, "735.0": 0.2388, "725.0": 0.2985, "685.0": 0.5194, "748.0": 0.1755, "723.0": 0.3118, "731.0": 0.2664, "751.0": 0.1636, "754.0": 0.1533, "722.0": 0.3184, "760.0": 0.1346, "724.0": 0.3051, "742.0": 0.1999, "755.0": 0.1498, "763.0": 0.1265, "741.0": 0.2072, "730.0": 0.2651, "750.0": 0.167, "732.0": 0.2595, "757.0": 0.1438, "740.0": 0.2096, "728.0": 0.2784}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1875, "long_delta": 0.0839, "short_iv": 0.1375, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.50531, "long_quote_age": 1.186694, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 765.735}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.49 (gross $-22.49 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:07:33.628164+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility exceeds historical realized volatility with an IV/RV of 1.13 while maintaining a positive 5D return of +0.28% across recent consolidation.", "invalidation": "SPY spot price declines significantly below 765.62 breaking the positive 5D trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"728.0": 0.228, "694.0": 0.367, "707.0": 0.3118, "738.0": 0.1915, "729.0": 0.2257, "697.0": 0.3526, "737.0": 0.1954, "716.0": 0.2784, "709.0": 0.3082, "735.0": 0.2028, "755.0": 0.143, "763.0": 0.1252, "699.0": 0.343, "768.0": 0.1167, "714.0": 0.2834, "739.0": 0.1892, "759.0": 0.1336, "744.0": 0.1737, "726.0": 0.2352, "732.0": 0.2123, "757.0": 0.1383, "745.0": 0.1706, "711.0": 0.2983, "701.0": 0.3411, "747.0": 0.1643, "749.0": 0.1583, "695.0": 0.3622, "758.0": 0.136, "742.0": 0.1787, "702.0": 0.3362, "741.0": 0.1819, "766.0": 0.1194, "733.0": 0.2093, "767.0": 0.1176, "764.0": 0.1232, "724.0": 0.2457, "740.0": 0.1864, "715.0": 0.2834, "703.0": 0.3314, "712.0": 0.2933, "730.0": 0.2203, "751.0": 0.1533, "752.0": 0.1506, "720.0": 0.2625, "706.0": 0.3167, "753.0": 0.148, "708.0": 0.3131, "692.0": 0.3766, "760.0": 0.1315, "743.0": 0.1764, "696.0": 0.3574, "691.0": 0.3814, "690.0": 0.3862, "731.0": 0.2177, "721.0": 0.2573, "723.0": 0.2471, "719.0": 0.2633, "761.0": 0.1291, "756.0": 0.1407, "685.0": 0.3995, "704.0": 0.3265, "700.0": 0.346, "727.0": 0.2333, "717.0": 0.2734, "693.0": 0.3718, "710.0": 0.3032, "746.0": 0.1672, "750.0": 0.1557, "698.0": 0.3478, "769.0": 0.1143, "748.0": 0.1611, "718.0": 0.2683, "713.0": 0.2883, "705.0": 0.3216, "762.0": 0.1272, "725.0": 0.2404, "754.0": 0.1456, "722.0": 0.2522, "734.0": 0.2061, "765.0": 0.1213, "736.0": 0.1992}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2042, "long_delta": 0.1189, "short_iv": 0.1383, "short_rel_spread": 0.015625000000000014, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.488736, "long_quote_age": 0.591151, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.705}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.59 (gross $-25.59 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:08:59.763656+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays elevated short-term implied volatility relative to realized volatility with an IV/RV ratio of 1.13 while maintaining positive 5-day momentum of +0.29%.", "invalidation": "SPY spot price extends its 1-day decline of -0.47% and falls sharply below 765.72."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"756.0": 0.1474, "736.0": 0.2321, "721.0": 0.3253, "726.0": 0.2921, "722.0": 0.3187, "755.0": 0.1502, "718.0": 0.3328, "740.0": 0.2148, "762.0": 0.1298, "759.0": 0.138, "745.0": 0.1888, "748.0": 0.1758, "732.0": 0.2598, "723.0": 0.312, "731.0": 0.2666, "743.0": 0.197, "700.0": 0.4268, "725.0": 0.2987, "719.0": 0.3263, "761.0": 0.1323, "685.0": 0.5196, "715.0": 0.3521, "742.0": 0.2002, "741.0": 0.2075, "752.0": 0.1596, "746.0": 0.1841, "733.0": 0.2529, "730.0": 0.2653, "750.0": 0.1674, "763.0": 0.1267, "749.0": 0.1719, "690.0": 0.4886, "739.0": 0.217, "754.0": 0.1537, "753.0": 0.1573, "720.0": 0.332, "727.0": 0.2854, "769.0": 0.1117, "710.0": 0.3842, "737.0": 0.2312, "738.0": 0.2241, "747.0": 0.1789, "758.0": 0.1412, "705.0": 0.4164, "744.0": 0.1932, "728.0": 0.2787, "757.0": 0.1442, "735.0": 0.2391, "724.0": 0.3054, "695.0": 0.4577, "765.0": 0.1217, "766.0": 0.1195, "751.0": 0.1639, "767.0": 0.1165, "760.0": 0.1352, "734.0": 0.246, "768.0": 0.1145, "729.0": 0.272, "764.0": 0.1243}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1869, "long_delta": 0.0837, "short_iv": 0.138, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.59643, "long_quote_age": 0.695753, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 765.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.01 (gross $-22.01 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $453/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,932.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-23.01 (gross $-22.01 - friction $1.00) > $0.00"}], "economics": {"credit": 0.47, "width": 5.0, "short_delta": 0.1869, "long_delta": 0.0837, "max_profit_usd": 47.0, "max_loss_usd": 453.0, "breakeven_wr": 0.906, "implied_wr": 0.8131, "edge_pp": -9.29, "ev_implied_usd": -20.65, "realized_vol": 0.1064, "atm_iv": 0.1195, "vrp_ratio": 0.8904, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -28.22, "ev_at_half_drift_usd": -25.07, "ev_gross_usd": -22.01, "expected_loss_real_usd": 69.01, "friction_usd": 1.0, "ev_net_usd": -23.01, "total_risk_usd": 19932.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 467}
{"ts": "2026-08-31T14:09:12.078763+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5D return of +0.29% alongside an elevated IV/RV ratio of 1.13, providing favorable pricing to harvest premium via put credit spreads.", "invalidation": "SPY spot drops significantly below 765.72 reversing the positive 5D performance."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"740.0": 0.1908, "744.0": 0.1777, "754.0": 0.1471, "736.0": 0.2064, "732.0": 0.2266, "768.0": 0.1145, "753.0": 0.1497, "685.0": 0.4451, "738.0": 0.2006, "722.0": 0.2744, "762.0": 0.1266, "730.0": 0.2339, "756.0": 0.1412, "729.0": 0.2397, "719.0": 0.2844, "767.0": 0.1155, "718.0": 0.29, "755.0": 0.1443, "764.0": 0.1222, "695.0": 0.3924, "690.0": 0.4187, "720.0": 0.2789, "766.0": 0.1178, "759.0": 0.1339, "747.0": 0.1679, "741.0": 0.1869, "726.0": 0.2516, "742.0": 0.185, "735.0": 0.2125, "758.0": 0.1363, "731.0": 0.2325, "745.0": 0.1744, "715.0": 0.3066, "750.0": 0.1587, "734.0": 0.2185, "705.0": 0.3521, "721.0": 0.28, "746.0": 0.1706, "710.0": 0.325, "700.0": 0.3661, "751.0": 0.1558, "752.0": 0.1523, "724.0": 0.263, "727.0": 0.2513, "725.0": 0.2573, "723.0": 0.2687, "739.0": 0.1943, "769.0": 0.113, "761.0": 0.1288, "749.0": 0.162, "728.0": 0.2455, "765.0": 0.1202, "733.0": 0.2206, "737.0": 0.2037, "763.0": 0.1244, "743.0": 0.1805, "757.0": 0.139, "760.0": 0.1313, "748.0": 0.1646}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2004, "long_delta": 0.105, "short_iv": 0.1363, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.625591, "long_quote_age": 1.336629, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.62}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.73 (gross $-25.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-26.73 (gross $-25.73 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2004, "long_delta": 0.105, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7996, "edge_pp": -9.24, "ev_implied_usd": -22.35, "realized_vol": 0.1064, "atm_iv": 0.1178, "vrp_ratio": 0.9032, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.19, "ev_at_half_drift_usd": -29.89, "ev_gross_usd": -25.73, "expected_loss_real_usd": 79.73, "friction_usd": 1.0, "ev_net_usd": -26.73, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 468}
{"ts": "2026-08-31T14:10:32.413180+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.26% with an elevated IV/RV ratio of 1.13, supporting a put credit spread to harvest implied volatility premium.", "invalidation": "Further downward momentum accelerating beyond the 1-day decline of -0.51% would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"753.0": 0.1572, "729.0": 0.2703, "741.0": 0.2056, "768.0": 0.115, "685.0": 0.5181, "727.0": 0.2836, "766.0": 0.1195, "763.0": 0.1274, "751.0": 0.1647, "744.0": 0.1911, "690.0": 0.4871, "732.0": 0.258, "739.0": 0.2151, "710.0": 0.3826, "738.0": 0.2222, "754.0": 0.1544, "759.0": 0.1385, "700.0": 0.4253, "746.0": 0.182, "761.0": 0.1328, "764.0": 0.1243, "757.0": 0.1443, "752.0": 0.1614, "755.0": 0.1504, "735.0": 0.2372, "743.0": 0.195, "715.0": 0.3505, "720.0": 0.3303, "724.0": 0.3037, "719.0": 0.3247, "758.0": 0.1415, "750.0": 0.1686, "725.0": 0.297, "722.0": 0.317, "748.0": 0.1759, "723.0": 0.3103, "734.0": 0.2442, "756.0": 0.1472, "749.0": 0.1717, "760.0": 0.1357, "730.0": 0.2636, "728.0": 0.277, "718.0": 0.3311, "737.0": 0.2293, "765.0": 0.1219, "695.0": 0.4561, "726.0": 0.2903, "762.0": 0.1298, "731.0": 0.2648, "740.0": 0.2129, "733.0": 0.2511, "736.0": 0.2303, "747.0": 0.1793, "767.0": 0.118, "745.0": 0.1868, "769.0": 0.1126, "742.0": 0.2024, "705.0": 0.4148, "721.0": 0.3236}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1973, "long_delta": 0.0896, "short_iv": 0.1385, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.663579, "long_quote_age": 0.638221, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.435}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.04 (gross $-21.04 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-22.04 (gross $-21.04 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1973, "long_delta": 0.0896, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8027, "edge_pp": -9.73, "ev_implied_usd": -21.72, "realized_vol": 0.1064, "atm_iv": 0.1219, "vrp_ratio": 0.8728, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -27.49, "ev_at_half_drift_usd": -24.22, "ev_gross_usd": -21.04, "expected_loss_real_usd": 71.04, "friction_usd": 1.0, "ev_net_usd": -22.04, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 478}
{"ts": "2026-08-31T14:10:46.649343+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.26% and an IV/RV ratio of 1.13, offering rich implied volatility relative to realized volatility for harvesting put spread premium across intermediate DTE.", "invalidation": "SPY spot price drops sharply below 765.46, extending the 1D decline of -0.51% and negating the 5D gain."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"762.0": 0.1276, "755.0": 0.1435, "696.0": 0.3559, "695.0": 0.3607, "737.0": 0.1954, "725.0": 0.2387, "735.0": 0.2009, "727.0": 0.2316, "756.0": 0.1409, "716.0": 0.2768, "732.0": 0.213, "768.0": 0.1149, "757.0": 0.1388, "721.0": 0.2557, "699.0": 0.3415, "719.0": 0.2616, "743.0": 0.1767, "705.0": 0.32, "700.0": 0.3445, "717.0": 0.2717, "769.0": 0.1146, "720.0": 0.2608, "747.0": 0.1648, "718.0": 0.2667, "728.0": 0.2263, "697.0": 0.3511, "692.0": 0.3751, "749.0": 0.159, "748.0": 0.1613, "758.0": 0.1363, "726.0": 0.2335, "754.0": 0.146, "759.0": 0.1342, "707.0": 0.3103, "701.0": 0.3396, "753.0": 0.1487, "715.0": 0.2818, "714.0": 0.2818, "731.0": 0.2159, "729.0": 0.2239, "712.0": 0.2917, "711.0": 0.2967, "767.0": 0.1179, "765.0": 0.1215, "761.0": 0.1296, "738.0": 0.1914, "706.0": 0.3152, "742.0": 0.1792, "703.0": 0.3298, "691.0": 0.3799, "733.0": 0.2075, "739.0": 0.1888, "734.0": 0.2043, "698.0": 0.3463, "693.0": 0.3703, "736.0": 0.1993, "751.0": 0.1534, "746.0": 0.1669, "723.0": 0.2454, "752.0": 0.1508, "724.0": 0.2439, "708.0": 0.3116, "730.0": 0.2186, "685.0": 0.398, "702.0": 0.3347, "763.0": 0.1255, "713.0": 0.2867, "722.0": 0.2505, "760.0": 0.1318, "709.0": 0.3066, "694.0": 0.3655, "750.0": 0.1561, "690.0": 0.3847, "766.0": 0.1198, "704.0": 0.3249, "741.0": 0.1827, "764.0": 0.1234, "710.0": 0.3016, "745.0": 0.1705, "740.0": 0.1844, "744.0": 0.1727}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.68, "short_delta": 0.2376, "long_delta": 0.1399, "short_iv": 0.1363, "short_rel_spread": 0.0065146579804560316, "long_rel_spread": 0.01169590643274855, "short_quote_age": 0.874574, "long_quote_age": 0.823641, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 432.0, "total_risk": 19872.0, "buying_power_used_pct": 0.9936}, "spot": 765.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.94 (gross $-24.94 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:12:05.941719+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum at +0.30% with elevated ATM IV relative to RV20 at 1.13, offering favorable premium to sell into the -0.47% 1-day pullback.", "invalidation": "SPY spot breaks significantly lower beyond the short strike as short-term selling accelerates past the 1-day decline."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"747.0": 0.1776, "749.0": 0.1705, "769.0": 0.1088, "729.0": 0.2709, "755.0": 0.1505, "727.0": 0.2843, "690.0": 0.4877, "741.0": 0.2063, "744.0": 0.1919, "722.0": 0.3176, "766.0": 0.1191, "735.0": 0.2379, "743.0": 0.1957, "764.0": 0.1241, "760.0": 0.1347, "756.0": 0.1465, "759.0": 0.1378, "733.0": 0.2517, "761.0": 0.132, "736.0": 0.231, "763.0": 0.1267, "725.0": 0.2976, "745.0": 0.1875, "742.0": 0.2032, "768.0": 0.115, "728.0": 0.2776, "726.0": 0.291, "685.0": 0.5187, "731.0": 0.2655, "734.0": 0.2448, "695.0": 0.4567, "767.0": 0.117, "739.0": 0.2158, "700.0": 0.4258, "719.0": 0.3253, "751.0": 0.164, "750.0": 0.1677, "720.0": 0.3309, "705.0": 0.4154, "754.0": 0.1532, "752.0": 0.161, "721.0": 0.3243, "765.0": 0.1218, "738.0": 0.2229, "723.0": 0.311, "732.0": 0.2586, "746.0": 0.1827, "730.0": 0.2642, "718.0": 0.3317, "758.0": 0.1406, "748.0": 0.1744, "715.0": 0.351, "740.0": 0.2136, "737.0": 0.23, "710.0": 0.3832, "753.0": 0.1569, "724.0": 0.3043, "757.0": 0.1439, "762.0": 0.1294}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1926, "long_delta": 0.0861, "short_iv": 0.1378, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.921015, "long_quote_age": 0.791709, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.56}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.74 (gross $-22.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:12:18.617789+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.30% with an elevated IV/RV ratio of 1.13 offering favorable premium to sell.", "invalidation": "SPY breaches the short put strike if the 1D decline of -0.47% continues to accelerate downward."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"729.0": 0.2393, "721.0": 0.2797, "749.0": 0.1615, "761.0": 0.1284, "731.0": 0.2321, "755.0": 0.1437, "695.0": 0.392, "724.0": 0.2626, "720.0": 0.2785, "766.0": 0.1173, "751.0": 0.1553, "744.0": 0.1772, "738.0": 0.2001, "725.0": 0.257, "756.0": 0.1409, "723.0": 0.2683, "722.0": 0.274, "730.0": 0.2335, "753.0": 0.1491, "743.0": 0.1801, "735.0": 0.2121, "705.0": 0.3517, "762.0": 0.1261, "759.0": 0.1331, "700.0": 0.3657, "752.0": 0.1521, "733.0": 0.2202, "763.0": 0.1238, "768.0": 0.1142, "726.0": 0.2513, "727.0": 0.2509, "745.0": 0.1739, "715.0": 0.3063, "747.0": 0.1674, "690.0": 0.4184, "739.0": 0.1939, "734.0": 0.2181, "710.0": 0.3247, "685.0": 0.4447, "732.0": 0.2262, "748.0": 0.1641, "767.0": 0.1159, "764.0": 0.1216, "765.0": 0.1194, "741.0": 0.1889, "760.0": 0.1307, "758.0": 0.1355, "718.0": 0.2896, "757.0": 0.1383, "750.0": 0.1582, "754.0": 0.1465, "719.0": 0.2841, "737.0": 0.2033, "736.0": 0.206, "742.0": 0.1846, "728.0": 0.2451, "740.0": 0.1903, "769.0": 0.1128, "746.0": 0.1717}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2013, "long_delta": 0.1054, "short_iv": 0.1355, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.733998, "long_quote_age": 0.808852, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.51}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.99 (gross $-26.99 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.99 (gross $-26.99 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2013, "long_delta": 0.1054, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7987, "edge_pp": -9.33, "ev_implied_usd": -22.67, "realized_vol": 0.1064, "atm_iv": 0.1173, "vrp_ratio": 0.9071, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.54, "ev_at_half_drift_usd": -31.2, "ev_gross_usd": -26.99, "expected_loss_real_usd": 80.99, "friction_usd": 1.0, "ev_net_usd": -27.99, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 433}
{"ts": "2026-08-31T14:13:41.197338+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY ATM implied volatility is elevated with an IV/RV of 1.13 while maintaining positive 5-day performance of +0.28%.", "invalidation": "SPY spot falls sharply below 765.61 with sustained negative returns."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"741.0": 0.2062, "690.0": 0.4876, "743.0": 0.1956, "765.0": 0.1201, "764.0": 0.1227, "757.0": 0.1429, "710.0": 0.3831, "724.0": 0.3042, "752.0": 0.1594, "746.0": 0.1826, "758.0": 0.1397, "768.0": 0.1136, "767.0": 0.1157, "700.0": 0.4257, "753.0": 0.1555, "718.0": 0.3316, "744.0": 0.1918, "728.0": 0.2775, "748.0": 0.1743, "721.0": 0.3242, "759.0": 0.137, "732.0": 0.2585, "755.0": 0.1493, "742.0": 0.2031, "715.0": 0.351, "719.0": 0.3252, "731.0": 0.2654, "705.0": 0.4153, "737.0": 0.2299, "761.0": 0.1313, "745.0": 0.1874, "723.0": 0.3109, "730.0": 0.2641, "749.0": 0.1703, "685.0": 0.5186, "738.0": 0.2228, "729.0": 0.2708, "733.0": 0.2516, "734.0": 0.2447, "695.0": 0.4566, "739.0": 0.2157, "766.0": 0.1179, "720.0": 0.3308, "740.0": 0.2135, "747.0": 0.18, "762.0": 0.1284, "722.0": 0.3175, "769.0": 0.108, "735.0": 0.2378, "726.0": 0.2909, "754.0": 0.153, "736.0": 0.2309, "751.0": 0.1639, "760.0": 0.1339, "727.0": 0.2842, "725.0": 0.2975, "756.0": 0.1463, "750.0": 0.1676, "763.0": 0.1257}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1917, "long_delta": 0.0862, "short_iv": 0.137, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.693547, "long_quote_age": 0.600321, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.55}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.45 (gross $-24.45 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-25.45 (gross $-24.45 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1917, "long_delta": 0.0862, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8083, "edge_pp": -9.57, "ev_implied_usd": -21.48, "realized_vol": 0.1064, "atm_iv": 0.1179, "vrp_ratio": 0.9025, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -30.83, "ev_at_half_drift_usd": -27.6, "ev_gross_usd": -24.45, "expected_loss_real_usd": 72.45, "friction_usd": 1.0, "ev_net_usd": -25.45, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 405}
{"ts": "2026-08-31T14:13:52.827992+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.13 alongside positive 5D performance of +0.28%, providing favorable implied volatility premium for short-duration put spreads.", "invalidation": "SPY spot declines significantly beyond the 1D drop of -0.49% toward the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"738.0": 0.2233, "761.0": 0.1313, "720.0": 0.3313, "763.0": 0.1258, "740.0": 0.214, "753.0": 0.1562, "746.0": 0.1832, "734.0": 0.2452, "741.0": 0.2067, "768.0": 0.1142, "755.0": 0.1501, "719.0": 0.3257, "733.0": 0.2521, "730.0": 0.2646, "721.0": 0.3246, "732.0": 0.259, "737.0": 0.2304, "751.0": 0.1629, "736.0": 0.2314, "743.0": 0.1961, "735.0": 0.2383, "742.0": 0.2036, "725.0": 0.298, "728.0": 0.278, "760.0": 0.1343, "705.0": 0.4157, "722.0": 0.318, "766.0": 0.1183, "750.0": 0.1682, "700.0": 0.4261, "767.0": 0.116, "769.0": 0.1094, "758.0": 0.1398, "726.0": 0.2913, "744.0": 0.1923, "729.0": 0.2713, "695.0": 0.457, "690.0": 0.488, "745.0": 0.188, "718.0": 0.3321, "715.0": 0.3514, "731.0": 0.2659, "685.0": 0.519, "710.0": 0.3836, "756.0": 0.1462, "748.0": 0.1749, "754.0": 0.1526, "724.0": 0.3047, "739.0": 0.2162, "749.0": 0.171, "727.0": 0.2847, "757.0": 0.1429, "765.0": 0.1207, "723.0": 0.3113, "752.0": 0.1601, "764.0": 0.1232, "747.0": 0.1806, "762.0": 0.1285, "759.0": 0.1372}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1896, "long_delta": 0.0842, "short_iv": 0.1372, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.444339, "long_quote_age": 0.738229, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.08 (gross $-23.08 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-24.08 (gross $-23.08 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1896, "long_delta": 0.0842, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8104, "edge_pp": -9.36, "ev_implied_usd": -20.45, "realized_vol": 0.1064, "atm_iv": 0.1183, "vrp_ratio": 0.8994, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -29.4, "ev_at_half_drift_usd": -26.19, "ev_gross_usd": -23.08, "expected_loss_real_usd": 71.08, "friction_usd": 1.0, "ev_net_usd": -24.08, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 478}
{"ts": "2026-08-31T14:15:21.881849+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.31% with implied volatility running rich at an IV/RV ratio of 1.12, favoring put premium selling.", "invalidation": "A continuation of the 1-day decline of -0.46% that breaks below the selected short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"725.0": 0.2987, "734.0": 0.2459, "767.0": 0.115, "745.0": 0.1888, "759.0": 0.136, "766.0": 0.1168, "762.0": 0.1274, "752.0": 0.1596, "748.0": 0.1758, "719.0": 0.3263, "723.0": 0.312, "736.0": 0.2321, "732.0": 0.2597, "764.0": 0.1219, "738.0": 0.2241, "729.0": 0.272, "753.0": 0.1559, "741.0": 0.2075, "730.0": 0.2653, "700.0": 0.4268, "743.0": 0.1969, "744.0": 0.1931, "747.0": 0.1789, "749.0": 0.1697, "760.0": 0.1327, "755.0": 0.1481, "742.0": 0.2044, "740.0": 0.2148, "758.0": 0.1389, "769.0": 0.1085, "763.0": 0.1247, "754.0": 0.1525, "726.0": 0.292, "727.0": 0.2853, "735.0": 0.239, "685.0": 0.5196, "731.0": 0.2666, "720.0": 0.332, "751.0": 0.1622, "765.0": 0.1194, "746.0": 0.184, "750.0": 0.1673, "715.0": 0.3521, "722.0": 0.3187, "695.0": 0.4576, "710.0": 0.3842, "721.0": 0.3253, "728.0": 0.2787, "690.0": 0.4886, "705.0": 0.4164, "718.0": 0.3328, "761.0": 0.1301, "756.0": 0.1446, "757.0": 0.1417, "737.0": 0.2312, "724.0": 0.3054, "739.0": 0.217, "768.0": 0.1125, "733.0": 0.2528}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2148, "long_delta": 0.0949, "short_iv": 0.1327, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.406448, "long_quote_age": 0.408538, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.725}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.13 (gross $-26.13 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $445/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,580.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.13 (gross $-26.13 - friction $1.00) > $0.00"}], "economics": {"credit": 0.55, "width": 5.0, "short_delta": 0.2148, "long_delta": 0.0949, "max_profit_usd": 55.0, "max_loss_usd": 445.0, "breakeven_wr": 0.89, "implied_wr": 0.7852, "edge_pp": -10.48, "ev_implied_usd": -22.42, "realized_vol": 0.1064, "atm_iv": 0.1168, "vrp_ratio": 0.911, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -33.13, "ev_at_half_drift_usd": -29.59, "ev_gross_usd": -26.13, "expected_loss_real_usd": 81.13, "friction_usd": 1.0, "ev_net_usd": -27.13, "total_risk_usd": 19580.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 456}
{"ts": "2026-08-31T14:15:34.993986+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an elevated IV/RV ratio of 1.12 with positive 5-day momentum of +0.31%, favoring short premium via put credit spreads over a slightly longer DTE window.", "invalidation": "SPY spot price drops significantly below the short strike as 1-day downward momentum (-0.46%) accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"764.0": 0.1204, "719.0": 0.2853, "735.0": 0.2135, "768.0": 0.112, "724.0": 0.264, "767.0": 0.1143, "742.0": 0.1839, "749.0": 0.1597, "738.0": 0.1986, "700.0": 0.3669, "745.0": 0.1738, "756.0": 0.1398, "755.0": 0.1425, "758.0": 0.1344, "725.0": 0.2583, "734.0": 0.2157, "690.0": 0.4195, "727.0": 0.2469, "754.0": 0.1449, "766.0": 0.1163, "765.0": 0.1182, "769.0": 0.1114, "761.0": 0.1271, "728.0": 0.2464, "720.0": 0.2798, "722.0": 0.2753, "750.0": 0.1568, "746.0": 0.1702, "747.0": 0.1662, "718.0": 0.2909, "737.0": 0.2047, "705.0": 0.3529, "730.0": 0.2348, "715.0": 0.3075, "732.0": 0.2276, "741.0": 0.188, "726.0": 0.2526, "752.0": 0.151, "748.0": 0.1633, "751.0": 0.1542, "731.0": 0.229, "736.0": 0.2075, "753.0": 0.1479, "685.0": 0.4459, "721.0": 0.281, "695.0": 0.3932, "763.0": 0.1224, "759.0": 0.1319, "762.0": 0.1249, "739.0": 0.1954, "733.0": 0.2216, "743.0": 0.1796, "757.0": 0.137, "744.0": 0.177, "723.0": 0.2696, "710.0": 0.3259, "760.0": 0.1295, "740.0": 0.1918, "729.0": 0.2406}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1921, "long_delta": 0.0993, "short_iv": 0.1344, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.556745, "long_quote_age": 0.489359, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.81}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.59 (gross $-26.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:16:59.853034+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum (+0.28%) with elevated short-term implied volatility over realized volatility (IV/RV of 1.12), offering attractive premium to harvest via a put credit spread.", "invalidation": "Further downward movement extending beyond the 1-day -0.49% drop that flips the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"748.0": 0.1744, "755.0": 0.1483, "762.0": 0.1275, "754.0": 0.1525, "726.0": 0.2928, "744.0": 0.194, "766.0": 0.1176, "727.0": 0.2861, "723.0": 0.3128, "725.0": 0.2995, "734.0": 0.2468, "745.0": 0.1897, "746.0": 0.185, "761.0": 0.1301, "741.0": 0.2083, "739.0": 0.2178, "705.0": 0.4171, "719.0": 0.3271, "769.0": 0.1113, "728.0": 0.2795, "721.0": 0.3261, "731.0": 0.2674, "733.0": 0.2537, "765.0": 0.1198, "718.0": 0.3335, "757.0": 0.1422, "750.0": 0.1664, "747.0": 0.1798, "695.0": 0.4583, "735.0": 0.2399, "753.0": 0.1557, "732.0": 0.2605, "710.0": 0.385, "764.0": 0.1223, "685.0": 0.5203, "729.0": 0.2728, "768.0": 0.1136, "756.0": 0.145, "742.0": 0.2053, "763.0": 0.1248, "720.0": 0.3327, "758.0": 0.1388, "759.0": 0.1361, "737.0": 0.232, "690.0": 0.4893, "767.0": 0.1155, "722.0": 0.3194, "751.0": 0.1633, "700.0": 0.4275, "738.0": 0.2249, "736.0": 0.2329, "740.0": 0.2156, "760.0": 0.1331, "743.0": 0.1978, "749.0": 0.1708, "724.0": 0.3061, "715.0": 0.3528, "730.0": 0.2661, "752.0": 0.1592}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2107, "long_delta": 0.0927, "short_iv": 0.1331, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.467496, "long_quote_age": 0.450546, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.85}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.77 (gross $-24.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:17:12.015231+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.22, "spread_width": 4, "max_loss_usd": 350, "thesis": "SPY exhibits elevated IV relative to realized volatility with an IV/RV ratio of 1.12 alongside a positive 5-day return of +0.28%.", "invalidation": "SPY spot falls sharply below the short strike as recent 1-day weakness (-0.49%) accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"764.0": 0.1205, "750.0": 0.1573, "756.0": 0.1399, "724.0": 0.2644, "725.0": 0.2587, "742.0": 0.1844, "732.0": 0.228, "763.0": 0.1227, "695.0": 0.3935, "752.0": 0.1516, "744.0": 0.1774, "730.0": 0.2352, "751.0": 0.1538, "761.0": 0.1274, "731.0": 0.2294, "766.0": 0.1166, "700.0": 0.3672, "735.0": 0.2139, "757.0": 0.1375, "734.0": 0.2161, "719.0": 0.2857, "746.0": 0.1707, "768.0": 0.112, "723.0": 0.27, "747.0": 0.1668, "718.0": 0.2913, "762.0": 0.125, "754.0": 0.1455, "710.0": 0.3263, "737.0": 0.2052, "736.0": 0.2079, "753.0": 0.1485, "743.0": 0.1801, "715.0": 0.3079, "721.0": 0.2814, "745.0": 0.1743, "733.0": 0.2221, "769.0": 0.1106, "690.0": 0.4199, "765.0": 0.1185, "720.0": 0.2802, "722.0": 0.2757, "729.0": 0.2411, "760.0": 0.1296, "727.0": 0.2473, "739.0": 0.1958, "748.0": 0.1638, "738.0": 0.199, "705.0": 0.3533, "740.0": 0.1923, "758.0": 0.1346, "741.0": 0.1885, "767.0": 0.1147, "728.0": 0.2469, "749.0": 0.1602, "726.0": 0.253, "759.0": 0.1322, "755.0": 0.1425}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 57, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00755000", "short_strike": 759.0, "long_strike": 755.0, "width": 4.0, "credit": 0.51, "short_delta": 0.217, "long_delta": 0.1279, "short_iv": 0.1322, "short_rel_spread": 0.00873362445414848, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.62823, "long_quote_age": 0.60871, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 57, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 349.0, "total_risk": 19893.0, "buying_power_used_pct": 0.9947}, "spot": 765.9}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.36 (gross $-21.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 57 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $349/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,893.00 (57 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-22.36 (gross $-21.36 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 4.0, "short_delta": 0.217, "long_delta": 0.1279, "max_profit_usd": 51.0, "max_loss_usd": 349.0, "breakeven_wr": 0.8725, "implied_wr": 0.783, "edge_pp": -8.95, "ev_implied_usd": -17.98, "realized_vol": 0.1064, "atm_iv": 0.1166, "vrp_ratio": 0.9125, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -28.91, "ev_at_half_drift_usd": -25.08, "ev_gross_usd": -21.36, "expected_loss_real_usd": 72.36, "friction_usd": 1.0, "ev_net_usd": -22.36, "total_risk_usd": 19893.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 454}
{"ts": "2026-08-31T14:18:31.479867+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains a positive 5D return of +0.33% with an elevated IV/RV of 1.12, making premium selling attractive on the 1D dip of -0.44%.", "invalidation": "Further downward continuation that turns the positive 5D return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"738.0": 0.2259, "757.0": 0.1422, "710.0": 0.3858, "768.0": 0.113, "733.0": 0.2546, "765.0": 0.1196, "749.0": 0.172, "750.0": 0.1677, "763.0": 0.1248, "731.0": 0.2684, "739.0": 0.2188, "729.0": 0.2737, "741.0": 0.2094, "764.0": 0.1222, "754.0": 0.1527, "766.0": 0.1173, "743.0": 0.1989, "748.0": 0.1755, "752.0": 0.159, "705.0": 0.418, "725.0": 0.3004, "761.0": 0.1305, "767.0": 0.115, "726.0": 0.2937, "747.0": 0.181, "760.0": 0.1332, "715.0": 0.3537, "742.0": 0.2021, "746.0": 0.1831, "769.0": 0.1109, "759.0": 0.1359, "734.0": 0.2477, "744.0": 0.1951, "724.0": 0.3071, "755.0": 0.1487, "753.0": 0.1557, "745.0": 0.1875, "721.0": 0.327, "758.0": 0.139, "727.0": 0.2871, "718.0": 0.3344, "723.0": 0.3137, "740.0": 0.2117, "722.0": 0.3204, "756.0": 0.1456, "720.0": 0.3337, "735.0": 0.2408, "728.0": 0.2804, "685.0": 0.5211, "737.0": 0.233, "736.0": 0.2339, "732.0": 0.2615, "690.0": 0.4901, "762.0": 0.1276, "751.0": 0.1628, "730.0": 0.267, "700.0": 0.4283, "719.0": 0.328, "695.0": 0.4592}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2051, "long_delta": 0.0904, "short_iv": 0.1332, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.523328, "long_quote_age": 0.396261, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.82 (gross $-24.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-25.82 (gross $-24.82 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2051, "long_delta": 0.0904, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7949, "edge_pp": -10.11, "ev_implied_usd": -21.88, "realized_vol": 0.1064, "atm_iv": 0.1173, "vrp_ratio": 0.9071, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -31.6, "ev_at_half_drift_usd": -28.17, "ev_gross_usd": -24.82, "expected_loss_real_usd": 76.82, "friction_usd": 1.0, "ev_net_usd": -25.82, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 427}
{"ts": "2026-08-31T14:18:47.489177+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.12 favoring premium selling against positive 5D momentum of +0.33%.", "invalidation": "SPY extends 1D losses past -0.44% and breaks lower."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"735.0": 0.2388, "724.0": 0.3051, "746.0": 0.1807, "758.0": 0.1392, "737.0": 0.2309, "731.0": 0.2663, "728.0": 0.2784, "685.0": 0.5194, "695.0": 0.4574, "726.0": 0.2918, "766.0": 0.1176, "710.0": 0.384, "745.0": 0.1852, "739.0": 0.2167, "748.0": 0.1731, "730.0": 0.265, "763.0": 0.125, "754.0": 0.1521, "723.0": 0.3118, "753.0": 0.1555, "767.0": 0.1154, "734.0": 0.2457, "719.0": 0.3261, "760.0": 0.1334, "738.0": 0.2238, "752.0": 0.1592, "757.0": 0.1421, "747.0": 0.1786, "749.0": 0.1694, "732.0": 0.2595, "721.0": 0.3251, "744.0": 0.1928, "756.0": 0.1452, "764.0": 0.1226, "751.0": 0.1618, "740.0": 0.2096, "700.0": 0.4265, "718.0": 0.3325, "729.0": 0.2717, "733.0": 0.2526, "722.0": 0.3184, "769.0": 0.1061, "720.0": 0.3317, "690.0": 0.4884, "761.0": 0.1306, "759.0": 0.1361, "750.0": 0.1651, "727.0": 0.2851, "725.0": 0.2984, "755.0": 0.1487, "742.0": 0.1999, "705.0": 0.4161, "768.0": 0.1137, "765.0": 0.1199, "736.0": 0.2318, "762.0": 0.1278, "715.0": 0.3518, "743.0": 0.1966, "741.0": 0.2072}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1852, "long_delta": 0.0823, "short_iv": 0.1361, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.527904, "long_quote_age": 0.588432, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.705}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.15 (gross $-24.15 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,976.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-25.15 (gross $-24.15 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.1852, "long_delta": 0.0823, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.8148, "edge_pp": -9.32, "ev_implied_usd": -20.87, "realized_vol": 0.1064, "atm_iv": 0.1176, "vrp_ratio": 0.9048, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -30.41, "ev_at_half_drift_usd": -27.24, "ev_gross_usd": -24.15, "expected_loss_real_usd": 70.15, "friction_usd": 1.0, "ev_net_usd": -25.15, "total_risk_usd": 19976.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 381}
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{"ts": "2026-08-31T14:20:20.866484+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.12 and positive 5-day return of +0.33%, favoring a put credit spread across a 4 to 7 DTE window to capture rich implied volatility.", "invalidation": "SPY daily downward momentum accelerates, reversing the positive 5-day return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"711.0": 0.2988, "747.0": 0.1633, "760.0": 0.1301, "731.0": 0.2156, "738.0": 0.1904, "712.0": 0.2938, "762.0": 0.1257, "697.0": 0.3531, "701.0": 0.3416, "730.0": 0.2209, "698.0": 0.3483, "740.0": 0.1855, "710.0": 0.3038, "742.0": 0.178, "702.0": 0.3368, "737.0": 0.1942, "727.0": 0.2306, "715.0": 0.2789, "745.0": 0.1692, "751.0": 0.1521, "720.0": 0.2588, "768.0": 0.1141, "734.0": 0.2044, "757.0": 0.1369, "726.0": 0.2358, "746.0": 0.1659, "735.0": 0.2012, "695.0": 0.3627, "753.0": 0.1466, "721.0": 0.2579, "741.0": 0.1811, "729.0": 0.2233, "756.0": 0.1394, "749.0": 0.1575, "739.0": 0.1882, "703.0": 0.3319, "725.0": 0.241, "755.0": 0.1414, "704.0": 0.327, "685.0": 0.4, "748.0": 0.1602, "763.0": 0.1237, "709.0": 0.3087, "706.0": 0.3173, "707.0": 0.3124, "705.0": 0.3221, "722.0": 0.2528, "759.0": 0.1322, "754.0": 0.1441, "750.0": 0.1543, "767.0": 0.116, "744.0": 0.1721, "723.0": 0.2477, "690.0": 0.3867, "718.0": 0.2689, "743.0": 0.1746, "764.0": 0.1215, "696.0": 0.3579, "700.0": 0.3465, "717.0": 0.2739, "736.0": 0.1978, "732.0": 0.2129, "716.0": 0.279, "699.0": 0.3435, "766.0": 0.1178, "714.0": 0.2839, "765.0": 0.1198, "728.0": 0.2286, "693.0": 0.3723, "694.0": 0.3675, "719.0": 0.2638, "713.0": 0.2889, "761.0": 0.1278, "752.0": 0.1493, "733.0": 0.2099, "769.0": 0.113, "691.0": 0.3819, "708.0": 0.3075, "692.0": 0.3771, "758.0": 0.1346, "724.0": 0.2425}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1989, "long_delta": 0.1149, "short_iv": 0.1369, "short_rel_spread": 0.008163265306122455, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.647216, "long_quote_age": 0.634845, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.84}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.67 (gross $-26.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:21:44.778726+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY short-term implied volatility is elevated relative to 20-day realized volatility with an IV/RV of 1.11 while maintaining an overall positive 5-day return of +0.30%.", "invalidation": "SPY spot price drops sharply below 765.79 accompanied by a further breakdown in 1-day and 5-day momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"731.0": 0.2676, "735.0": 0.24, "744.0": 0.1942, "739.0": 0.218, "725.0": 0.2996, "721.0": 0.3262, "762.0": 0.1263, "720.0": 0.3329, "733.0": 0.2538, "705.0": 0.4172, "740.0": 0.2109, "747.0": 0.18, "722.0": 0.3196, "766.0": 0.1163, "742.0": 0.2012, "765.0": 0.1188, "718.0": 0.3337, "743.0": 0.198, "768.0": 0.1127, "767.0": 0.1141, "759.0": 0.1351, "754.0": 0.1516, "741.0": 0.2085, "732.0": 0.2607, "760.0": 0.1322, "749.0": 0.171, "746.0": 0.1822, "737.0": 0.2322, "748.0": 0.1746, "736.0": 0.2331, "738.0": 0.2251, "726.0": 0.293, "757.0": 0.1408, "719.0": 0.3272, "690.0": 0.4894, "751.0": 0.1617, "723.0": 0.3129, "756.0": 0.1443, "710.0": 0.3851, "724.0": 0.3063, "695.0": 0.4585, "755.0": 0.1485, "745.0": 0.1866, "730.0": 0.2662, "685.0": 0.5204, "700.0": 0.4276, "761.0": 0.1293, "764.0": 0.1214, "753.0": 0.1546, "750.0": 0.1667, "728.0": 0.2796, "763.0": 0.1237, "727.0": 0.2863, "769.0": 0.1101, "715.0": 0.353, "729.0": 0.2729, "734.0": 0.2469, "752.0": 0.1579, "758.0": 0.1384}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2082, "long_delta": 0.0926, "short_iv": 0.1322, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.792235, "long_quote_age": 0.684735, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.885}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.96 (gross $-26.96 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:21:58.062613+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.11 with positive 5D return (+0.30%), providing an implied volatility premium to sell put credit spreads following a -0.46% 1D dip.", "invalidation": "SPY spot breaks significantly lower below 765.79 reversing the positive 5-day return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"717.0": 0.2744, "739.0": 0.187, "762.0": 0.1252, "753.0": 0.1462, "745.0": 0.1687, "764.0": 0.1211, "729.0": 0.2239, "763.0": 0.123, "742.0": 0.1786, "732.0": 0.2134, "714.0": 0.2844, "708.0": 0.308, "737.0": 0.1948, "725.0": 0.2416, "744.0": 0.1715, "736.0": 0.1984, "724.0": 0.2431, "720.0": 0.2593, "705.0": 0.3226, "743.0": 0.1752, "706.0": 0.3177, "769.0": 0.1128, "750.0": 0.1543, "746.0": 0.1656, "747.0": 0.163, "726.0": 0.2364, "718.0": 0.2694, "700.0": 0.347, "754.0": 0.1435, "722.0": 0.2533, "761.0": 0.1272, "696.0": 0.3584, "738.0": 0.191, "715.0": 0.2794, "709.0": 0.3092, "690.0": 0.3872, "697.0": 0.3536, "751.0": 0.1515, "695.0": 0.3632, "740.0": 0.1846, "694.0": 0.368, "757.0": 0.1361, "758.0": 0.1339, "716.0": 0.2795, "755.0": 0.1408, "765.0": 0.1192, "734.0": 0.205, "766.0": 0.1173, "703.0": 0.3324, "749.0": 0.1566, "723.0": 0.2482, "756.0": 0.1384, "752.0": 0.1488, "741.0": 0.1818, "707.0": 0.3129, "727.0": 0.2311, "760.0": 0.1294, "733.0": 0.208, "692.0": 0.3776, "713.0": 0.2894, "710.0": 0.3043, "712.0": 0.2943, "701.0": 0.3421, "748.0": 0.16, "702.0": 0.3373, "704.0": 0.3275, "731.0": 0.2161, "698.0": 0.3488, "730.0": 0.2215, "719.0": 0.2643, "721.0": 0.2584, "767.0": 0.1156, "728.0": 0.2292, "711.0": 0.2993, "685.0": 0.4005, "691.0": 0.3824, "693.0": 0.3728, "735.0": 0.2018, "768.0": 0.1147, "759.0": 0.1317, "699.0": 0.344}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1947, "long_delta": 0.1124, "short_iv": 0.1361, "short_rel_spread": 0.008438818565400852, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.631256, "long_quote_age": 0.567471, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.955}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.50 (gross $-27.50 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:23:15.260676+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 500, "thesis": "SPY exhibits elevated short-dated implied volatility relative to 20-day realized volatility with an IV/RV ratio of 1.11 while maintaining a positive 5-day return of +0.27%.", "invalidation": "SPY spot price drops sharply below recent levels, turning the 5-day trend negative and expanding realized volatility beyond implied levels."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"744.0": 0.1909, "745.0": 0.1833, "756.0": 0.1442, "727.0": 0.2835, "755.0": 0.1471, "719.0": 0.3245, "728.0": 0.2768, "767.0": 0.114, "700.0": 0.4251, "747.0": 0.1766, "768.0": 0.112, "766.0": 0.117, "731.0": 0.2646, "726.0": 0.2901, "743.0": 0.1948, "735.0": 0.237, "722.0": 0.3168, "754.0": 0.1508, "724.0": 0.3035, "733.0": 0.2509, "729.0": 0.2701, "762.0": 0.1266, "738.0": 0.222, "705.0": 0.4146, "760.0": 0.1323, "759.0": 0.1349, "753.0": 0.1544, "710.0": 0.3824, "739.0": 0.2149, "695.0": 0.456, "720.0": 0.3301, "732.0": 0.2578, "751.0": 0.1613, "761.0": 0.1297, "748.0": 0.171, "715.0": 0.3503, "757.0": 0.1408, "758.0": 0.1376, "718.0": 0.331, "737.0": 0.2291, "746.0": 0.1788, "741.0": 0.2054, "730.0": 0.2634, "740.0": 0.2078, "765.0": 0.1193, "725.0": 0.2968, "764.0": 0.1217, "769.0": 0.1012, "750.0": 0.1648, "690.0": 0.4869, "752.0": 0.1569, "734.0": 0.244, "723.0": 0.3101, "721.0": 0.3234, "763.0": 0.1242, "742.0": 0.1981, "749.0": 0.1673, "736.0": 0.2301}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 114, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00757000", "short_strike": 759.0, "long_strike": 757.0, "width": 2.0, "credit": 0.25, "short_delta": 0.1922, "long_delta": 0.1386, "short_iv": 0.1349, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.751282, "long_quote_age": 0.721288, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 114, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 175.0, "total_risk": 19950.0, "buying_power_used_pct": 0.9975}, "spot": 765.475}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-10.36 (gross $-9.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 114 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:23:30.516234+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility exceeds 20-day realized volatility with IV/RV at 1.11 and 5-day performance remains positive at +0.27% despite a -0.50% 1-day dip, offering favorable premium to sell out-of-the-money puts.", "invalidation": "SPY spot price drops significantly below the current 765.50 level and breaks the 5-day positive return trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"744.0": 0.1712, "710.0": 0.3014, "729.0": 0.2236, "760.0": 0.1301, "713.0": 0.2865, "740.0": 0.1841, "766.0": 0.1184, "765.0": 0.1202, "709.0": 0.3063, "742.0": 0.1776, "720.0": 0.2563, "761.0": 0.1281, "701.0": 0.3393, "739.0": 0.1868, "734.0": 0.204, "700.0": 0.3442, "697.0": 0.3508, "731.0": 0.2156, "746.0": 0.1655, "763.0": 0.1241, "719.0": 0.2613, "723.0": 0.2451, "695.0": 0.3604, "685.0": 0.3978, "690.0": 0.3844, "702.0": 0.3344, "718.0": 0.2664, "724.0": 0.2436, "725.0": 0.2384, "752.0": 0.1491, "737.0": 0.1932, "736.0": 0.197, "706.0": 0.3149, "749.0": 0.157, "743.0": 0.1739, "762.0": 0.1259, "715.0": 0.2765, "755.0": 0.1416, "767.0": 0.1165, "721.0": 0.2554, "692.0": 0.3748, "705.0": 0.3198, "757.0": 0.1368, "696.0": 0.3556, "764.0": 0.1221, "698.0": 0.346, "738.0": 0.191, "714.0": 0.2815, "711.0": 0.2964, "727.0": 0.2313, "728.0": 0.226, "707.0": 0.31, "751.0": 0.1517, "732.0": 0.2102, "730.0": 0.2183, "699.0": 0.3412, "712.0": 0.2914, "717.0": 0.2714, "756.0": 0.139, "769.0": 0.113, "750.0": 0.1543, "708.0": 0.3051, "704.0": 0.3247, "716.0": 0.2765, "741.0": 0.181, "722.0": 0.2503, "753.0": 0.1465, "748.0": 0.16, "726.0": 0.2332, "735.0": 0.2006, "745.0": 0.168, "691.0": 0.3796, "754.0": 0.1439, "759.0": 0.1322, "758.0": 0.1345, "693.0": 0.37, "747.0": 0.1626, "703.0": 0.3295, "768.0": 0.1137, "733.0": 0.2072, "694.0": 0.3652}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1903, "long_delta": 0.1107, "short_iv": 0.139, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.632672, "long_quote_age": 0.626413, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.325}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.37 (gross $-24.37 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:24:50.701249+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.24% with elevated short-term implied volatility at an IV/RV ratio of 1.11, providing favorable premium to sell put spreads.", "invalidation": "SPY price accelerating downward well beyond the 1-day return of -0.53% below spot 765.26."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"763.0": 0.1244, "719.0": 0.3229, "759.0": 0.1347, "757.0": 0.141, "739.0": 0.2131, "769.0": 0.0961, "718.0": 0.3293, "744.0": 0.1889, "695.0": 0.4545, "741.0": 0.2035, "721.0": 0.3218, "755.0": 0.1474, "725.0": 0.2951, "750.0": 0.1643, "748.0": 0.1712, "749.0": 0.1672, "726.0": 0.2884, "751.0": 0.1605, "736.0": 0.2283, "720.0": 0.3284, "732.0": 0.256, "745.0": 0.1845, "685.0": 0.5165, "729.0": 0.2684, "740.0": 0.2059, "710.0": 0.3808, "746.0": 0.1797, "715.0": 0.3487, "700.0": 0.4236, "737.0": 0.2273, "756.0": 0.144, "768.0": 0.1133, "762.0": 0.1269, "722.0": 0.3151, "752.0": 0.1573, "747.0": 0.1745, "735.0": 0.2353, "738.0": 0.2202, "758.0": 0.1379, "723.0": 0.3085, "705.0": 0.413, "733.0": 0.2491, "724.0": 0.3018, "767.0": 0.1149, "727.0": 0.2818, "730.0": 0.2617, "743.0": 0.1928, "753.0": 0.1532, "764.0": 0.1219, "760.0": 0.1322, "754.0": 0.1504, "734.0": 0.2422, "742.0": 0.1961, "765.0": 0.1194, "728.0": 0.2751, "761.0": 0.1295, "766.0": 0.1173, "690.0": 0.4854, "731.0": 0.2629}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2017, "long_delta": 0.0896, "short_iv": 0.1347, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.399126, "long_quote_age": 0.815782, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.185}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.96 (gross $-22.96 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:25:06.311576+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 450, "thesis": "SPY exhibits positive 5-day momentum at +0.24% alongside an elevated IV/RV ratio of 1.11, offering attractive option premium to collect on downside put spreads.", "invalidation": "SPY continues its 1-day decline of -0.53% and breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"729.0": 0.2217, "694.0": 0.3636, "698.0": 0.3444, "701.0": 0.3377, "755.0": 0.1418, "721.0": 0.2536, "692.0": 0.3732, "759.0": 0.133, "764.0": 0.1226, "715.0": 0.2798, "744.0": 0.1711, "751.0": 0.1515, "707.0": 0.3084, "747.0": 0.1628, "725.0": 0.2366, "710.0": 0.2997, "762.0": 0.1267, "733.0": 0.2076, "719.0": 0.2596, "757.0": 0.1372, "705.0": 0.3181, "739.0": 0.1864, "738.0": 0.1906, "731.0": 0.2137, "732.0": 0.2107, "728.0": 0.2241, "696.0": 0.354, "697.0": 0.3492, "730.0": 0.2164, "691.0": 0.378, "743.0": 0.1741, "706.0": 0.3132, "708.0": 0.3096, "745.0": 0.1678, "766.0": 0.1191, "740.0": 0.1834, "760.0": 0.1306, "741.0": 0.1802, "709.0": 0.3046, "700.0": 0.3426, "746.0": 0.1651, "703.0": 0.3279, "722.0": 0.2485, "750.0": 0.1544, "748.0": 0.16, "752.0": 0.1493, "753.0": 0.1467, "716.0": 0.2748, "714.0": 0.2798, "720.0": 0.2587, "699.0": 0.3396, "711.0": 0.2947, "690.0": 0.3829, "761.0": 0.1287, "742.0": 0.1779, "765.0": 0.1207, "726.0": 0.2347, "758.0": 0.1351, "763.0": 0.1246, "756.0": 0.1396, "713.0": 0.2848, "718.0": 0.2646, "695.0": 0.3588, "724.0": 0.2418, "712.0": 0.2897, "727.0": 0.2294, "768.0": 0.115, "693.0": 0.3684, "734.0": 0.2042, "702.0": 0.3328, "735.0": 0.2006, "723.0": 0.2471, "736.0": 0.1969, "767.0": 0.1175, "737.0": 0.193, "749.0": 0.1567, "717.0": 0.2697, "704.0": 0.323, "754.0": 0.1442}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00753000", "short_strike": 756.0, "long_strike": 753.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2004, "long_delta": 0.1448, "short_iv": 0.1396, "short_rel_spread": 0.015873015873015886, "long_rel_spread": 0.02272727272727275, "short_quote_age": 0.522162, "long_quote_age": 0.495828, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 764.965}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-16.34 (gross $-14.34 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:26:27.346628+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return (+0.19%) with elevated implied volatility relative to realized volatility (IV/RV of 1.11), offering favorable premium for short-dated put credit spreads.", "invalidation": "SPY drops further below the current spot price of 764.92, deepening the 1-day decline beyond -0.58%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"729.0": 0.2667, "746.0": 0.1804, "753.0": 0.1531, "750.0": 0.1638, "741.0": 0.2016, "728.0": 0.2734, "723.0": 0.3068, "758.0": 0.1381, "738.0": 0.2183, "722.0": 0.3134, "726.0": 0.2867, "721.0": 0.3201, "736.0": 0.2265, "756.0": 0.1436, "727.0": 0.2801, "764.0": 0.1229, "695.0": 0.453, "731.0": 0.2611, "760.0": 0.133, "737.0": 0.2255, "730.0": 0.2599, "725.0": 0.2934, "759.0": 0.1356, "734.0": 0.2404, "705.0": 0.4114, "761.0": 0.1302, "768.0": 0.1153, "762.0": 0.1277, "720.0": 0.3267, "748.0": 0.1713, "755.0": 0.1474, "747.0": 0.1773, "700.0": 0.4221, "735.0": 0.2335, "754.0": 0.1499, "733.0": 0.2473, "745.0": 0.1855, "767.0": 0.1159, "724.0": 0.3001, "740.0": 0.2089, "752.0": 0.1563, "718.0": 0.3277, "719.0": 0.3213, "757.0": 0.1409, "765.0": 0.1202, "739.0": 0.2112, "715.0": 0.3471, "751.0": 0.1597, "766.0": 0.1181, "710.0": 0.3792, "732.0": 0.2542, "744.0": 0.1902, "763.0": 0.1252, "749.0": 0.1689, "690.0": 0.484, "743.0": 0.1945, "685.0": 0.515, "742.0": 0.1983}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2133, "long_delta": 0.0941, "short_iv": 0.1356, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.43247, "long_quote_age": 0.432064, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 764.92}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-21.73 (gross $-20.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:26:41.000308+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY presents elevated implied volatility relative to historical realized volatility with an IV/RV of 1.11 alongside positive 5-day performance of +0.19% despite a 1-day pullback of -0.58%.", "invalidation": "SPY continues to decline sharply below recent price levels, erasing the positive 5-day return of +0.19%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"766.0": 0.1188, "757.0": 0.1369, "695.0": 0.3582, "702.0": 0.3322, "739.0": 0.1871, "765.0": 0.1204, "690.0": 0.3823, "718.0": 0.264, "736.0": 0.1961, "764.0": 0.1226, "758.0": 0.1348, "763.0": 0.1244, "698.0": 0.3438, "713.0": 0.2841, "762.0": 0.1263, "747.0": 0.1618, "753.0": 0.1464, "732.0": 0.21, "717.0": 0.269, "709.0": 0.304, "710.0": 0.299, "693.0": 0.3678, "723.0": 0.2464, "714.0": 0.2791, "752.0": 0.1488, "727.0": 0.2287, "711.0": 0.2941, "743.0": 0.1744, "694.0": 0.363, "751.0": 0.1514, "722.0": 0.2478, "728.0": 0.2264, "704.0": 0.3224, "697.0": 0.3486, "729.0": 0.221, "700.0": 0.3419, "725.0": 0.2359, "691.0": 0.3774, "741.0": 0.1807, "721.0": 0.2529, "708.0": 0.309, "746.0": 0.1651, "719.0": 0.2632, "737.0": 0.1922, "726.0": 0.234, "720.0": 0.2581, "724.0": 0.2412, "768.0": 0.1153, "745.0": 0.1679, "734.0": 0.2034, "730.0": 0.2184, "705.0": 0.3175, "716.0": 0.2741, "760.0": 0.1305, "731.0": 0.213, "754.0": 0.1438, "692.0": 0.3726, "756.0": 0.1392, "750.0": 0.1541, "706.0": 0.3126, "767.0": 0.1164, "742.0": 0.1771, "761.0": 0.1284, "749.0": 0.1565, "699.0": 0.339, "701.0": 0.3371, "696.0": 0.3534, "740.0": 0.1841, "685.0": 0.3957, "755.0": 0.1416, "707.0": 0.3077, "744.0": 0.1713, "703.0": 0.3273, "735.0": 0.1999, "738.0": 0.1899, "712.0": 0.2891, "748.0": 0.159, "715.0": 0.2791, "733.0": 0.2068, "759.0": 0.1327}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2034, "long_delta": 0.1185, "short_iv": 0.1392, "short_rel_spread": 0.015625000000000014, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.490231, "long_quote_age": 0.495614, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 764.8050000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.13 (gross $-24.13 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:28:08.311712+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.18% with short-term implied volatility trading at a premium to realized volatility (IV/RV 1.14), favoring put premium selling on the minor 1-day pullback.", "invalidation": "SPY spot price breaks significantly below 764.83 accelerating the 1-day decline of -0.59%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"700.0": 0.4219, "761.0": 0.1298, "724.0": 0.2999, "736.0": 0.2263, "729.0": 0.2665, "756.0": 0.1433, "760.0": 0.1323, "690.0": 0.4838, "744.0": 0.19, "747.0": 0.177, "718.0": 0.3275, "732.0": 0.254, "735.0": 0.2333, "742.0": 0.1981, "746.0": 0.1801, "725.0": 0.2932, "743.0": 0.1943, "768.0": 0.1153, "751.0": 0.1594, "720.0": 0.3266, "733.0": 0.2471, "727.0": 0.2799, "715.0": 0.3469, "758.0": 0.1377, "748.0": 0.171, "695.0": 0.4528, "723.0": 0.3066, "745.0": 0.1853, "741.0": 0.2014, "739.0": 0.211, "730.0": 0.2598, "759.0": 0.1352, "750.0": 0.1635, "752.0": 0.156, "762.0": 0.1272, "738.0": 0.2181, "765.0": 0.1198, "755.0": 0.1471, "728.0": 0.2732, "721.0": 0.3199, "722.0": 0.3132, "767.0": 0.1159, "719.0": 0.3211, "685.0": 0.5148, "726.0": 0.2865, "705.0": 0.4113, "754.0": 0.1496, "753.0": 0.1528, "710.0": 0.3791, "749.0": 0.1686, "734.0": 0.2402, "766.0": 0.1178, "757.0": 0.1406, "737.0": 0.2253, "764.0": 0.1221, "731.0": 0.2609, "763.0": 0.1247, "740.0": 0.2087}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2137, "long_delta": 0.0942, "short_iv": 0.1352, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.404487, "long_quote_age": 0.55875, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 764.855}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.74 (gross $-21.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:28:22.898783+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY presents an elevated IV/RV ratio of 1.14 alongside positive 5-day return of +0.18%, favoring put credit spread premium selling over a 4 to 7 DTE window.", "invalidation": "Further downward continuation of the 1-day decline of -0.59% that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"743.0": 0.1745, "699.0": 0.3399, "727.0": 0.2297, "718.0": 0.2649, "692.0": 0.3735, "749.0": 0.1564, "726.0": 0.235, "757.0": 0.1367, "737.0": 0.1934, "713.0": 0.2851, "748.0": 0.1596, "694.0": 0.3639, "760.0": 0.1303, "763.0": 0.124, "752.0": 0.1486, "764.0": 0.122, "766.0": 0.1184, "751.0": 0.1514, "754.0": 0.1438, "695.0": 0.3591, "761.0": 0.1283, "738.0": 0.1893, "705.0": 0.3184, "708.0": 0.3099, "731.0": 0.214, "729.0": 0.2221, "698.0": 0.3447, "756.0": 0.139, "719.0": 0.2642, "693.0": 0.3687, "745.0": 0.1682, "724.0": 0.2422, "706.0": 0.3135, "741.0": 0.1806, "739.0": 0.1867, "701.0": 0.338, "732.0": 0.2111, "707.0": 0.3086, "702.0": 0.3331, "716.0": 0.2751, "703.0": 0.3282, "715.0": 0.2801, "767.0": 0.116, "717.0": 0.27, "710.0": 0.3, "685.0": 0.3965, "746.0": 0.1655, "712.0": 0.29, "742.0": 0.1771, "768.0": 0.1145, "762.0": 0.1262, "720.0": 0.2591, "736.0": 0.1973, "755.0": 0.1414, "721.0": 0.2539, "753.0": 0.1464, "734.0": 0.2045, "733.0": 0.2079, "722.0": 0.2488, "723.0": 0.2474, "740.0": 0.1838, "704.0": 0.3233, "750.0": 0.1542, "759.0": 0.1324, "696.0": 0.3543, "744.0": 0.1704, "711.0": 0.295, "714.0": 0.2852, "691.0": 0.3783, "758.0": 0.1346, "735.0": 0.201, "725.0": 0.2369, "690.0": 0.3831, "709.0": 0.3049, "747.0": 0.1623, "697.0": 0.3495, "728.0": 0.2274, "730.0": 0.2167, "765.0": 0.1201, "700.0": 0.3428}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1979, "long_delta": 0.1151, "short_iv": 0.139, "short_rel_spread": 0.008097165991902843, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.418842, "long_quote_age": 0.446937, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.02}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.23 (gross $-24.23 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:29:42.531890+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY implied volatility exceeds 20-day realized volatility with an IV/RV ratio of 1.14 while maintaining positive 5-day performance at +0.19%, favoring premium selling on the put side.", "invalidation": "Continued downward momentum extending beyond the 1-day decline of -0.57%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"766.0": 0.1165, "734.0": 0.2409, "758.0": 0.1376, "739.0": 0.2117, "737.0": 0.2259, "731.0": 0.2616, "742.0": 0.1989, "764.0": 0.1216, "750.0": 0.1644, "730.0": 0.2604, "726.0": 0.2872, "715.0": 0.3475, "735.0": 0.2339, "765.0": 0.1193, "755.0": 0.1463, "741.0": 0.2021, "768.0": 0.1137, "749.0": 0.1675, "761.0": 0.1292, "722.0": 0.3139, "747.0": 0.1754, "762.0": 0.1266, "720.0": 0.3272, "744.0": 0.1874, "760.0": 0.1317, "746.0": 0.1809, "738.0": 0.2188, "729.0": 0.2671, "757.0": 0.1402, "754.0": 0.1495, "745.0": 0.183, "710.0": 0.3797, "759.0": 0.1346, "705.0": 0.4118, "695.0": 0.4534, "685.0": 0.5154, "719.0": 0.3217, "724.0": 0.3005, "756.0": 0.1436, "700.0": 0.4225, "721.0": 0.3205, "732.0": 0.2547, "736.0": 0.227, "727.0": 0.2805, "725.0": 0.2939, "743.0": 0.1951, "733.0": 0.2478, "728.0": 0.2738, "752.0": 0.1569, "753.0": 0.1525, "718.0": 0.3281, "748.0": 0.1718, "751.0": 0.1603, "767.0": 0.1144, "763.0": 0.1241, "740.0": 0.2094, "723.0": 0.3072, "690.0": 0.4843}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.54, "short_delta": 0.209, "long_delta": 0.0922, "short_iv": 0.1346, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.400682, "long_quote_age": 0.400967, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 764.97}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.44 (gross $-22.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-23.44 (gross $-22.44 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.209, "long_delta": 0.0922, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.791, "edge_pp": -10.1, "ev_implied_usd": -21.3, "realized_vol": 0.1064, "atm_iv": 0.1193, "vrp_ratio": 0.8919, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -29.25, "ev_at_half_drift_usd": -25.8, "ev_gross_usd": -22.44, "expected_loss_real_usd": 76.44, "friction_usd": 1.0, "ev_net_usd": -23.44, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 477}
{"ts": "2026-08-31T14:29:55.619488+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5D performance at +0.19% alongside an elevated IV/RV ratio of 1.14, offering favorable option premium for selling out-of-the-money put spreads over a longer DTE window.", "invalidation": "An acceleration of the 1D decline (-0.57%) that breaks SPY below the short strike would invalidate the trade."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"754.0": 0.1436, "720.0": 0.2587, "727.0": 0.2293, "721.0": 0.2535, "752.0": 0.1486, "734.0": 0.2041, "717.0": 0.2696, "718.0": 0.2645, "691.0": 0.378, "730.0": 0.219, "739.0": 0.1862, "743.0": 0.174, "726.0": 0.2346, "694.0": 0.3636, "700.0": 0.3425, "757.0": 0.1366, "760.0": 0.1302, "733.0": 0.2075, "758.0": 0.1346, "763.0": 0.124, "706.0": 0.3132, "764.0": 0.1219, "723.0": 0.247, "742.0": 0.1766, "715.0": 0.2797, "722.0": 0.2484, "740.0": 0.1833, "690.0": 0.3828, "766.0": 0.1183, "731.0": 0.2136, "712.0": 0.2896, "744.0": 0.171, "704.0": 0.3229, "761.0": 0.1281, "735.0": 0.2005, "738.0": 0.1905, "755.0": 0.1412, "737.0": 0.1929, "768.0": 0.1153, "748.0": 0.159, "729.0": 0.2216, "713.0": 0.2847, "751.0": 0.1511, "702.0": 0.3327, "725.0": 0.2365, "767.0": 0.1168, "711.0": 0.2946, "746.0": 0.1649, "692.0": 0.3732, "732.0": 0.2106, "716.0": 0.2747, "750.0": 0.1536, "695.0": 0.3588, "759.0": 0.1322, "714.0": 0.2848, "762.0": 0.1258, "756.0": 0.1389, "707.0": 0.3083, "753.0": 0.146, "765.0": 0.1201, "685.0": 0.3962, "693.0": 0.3684, "719.0": 0.2638, "736.0": 0.1968, "709.0": 0.3045, "747.0": 0.1618, "724.0": 0.2417, "696.0": 0.354, "701.0": 0.3376, "708.0": 0.3095, "745.0": 0.1676, "749.0": 0.1566, "703.0": 0.3278, "698.0": 0.3444, "728.0": 0.224, "697.0": 0.3492, "699.0": 0.3396, "705.0": 0.318, "710.0": 0.2996, "741.0": 0.1801}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.56, "short_delta": 0.1999, "long_delta": 0.116, "short_iv": 0.1389, "short_rel_spread": 0.016000000000000014, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.508713, "long_quote_age": 0.51188, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 764.9300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.95 (gross $-23.95 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:31:16.752435+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5D return of +0.22% with an elevated IV/RV ratio of 1.14, offering favorable premium collection for put credit spreads despite a 1D decline of -0.55%.", "invalidation": "A continued decline in SPY spot price below the short strike level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"727.0": 0.2814, "752.0": 0.1568, "734.0": 0.2418, "761.0": 0.1291, "719.0": 0.3225, "740.0": 0.2103, "738.0": 0.2198, "747.0": 0.1765, "731.0": 0.2625, "730.0": 0.2613, "700.0": 0.4232, "768.0": 0.1126, "722.0": 0.3147, "754.0": 0.1498, "759.0": 0.1346, "766.0": 0.1168, "755.0": 0.1458, "690.0": 0.4851, "760.0": 0.132, "736.0": 0.2279, "695.0": 0.4541, "750.0": 0.1638, "737.0": 0.2269, "763.0": 0.124, "767.0": 0.1144, "762.0": 0.1264, "765.0": 0.119, "685.0": 0.5162, "739.0": 0.2126, "748.0": 0.1707, "749.0": 0.1667, "724.0": 0.3014, "705.0": 0.4127, "741.0": 0.203, "744.0": 0.1885, "732.0": 0.2556, "764.0": 0.1214, "746.0": 0.1792, "735.0": 0.2349, "715.0": 0.3483, "729.0": 0.268, "723.0": 0.3081, "745.0": 0.1841, "733.0": 0.2487, "725.0": 0.2947, "742.0": 0.1999, "718.0": 0.329, "726.0": 0.2881, "728.0": 0.2747, "751.0": 0.16, "757.0": 0.1403, "758.0": 0.1372, "756.0": 0.1425, "710.0": 0.3805, "721.0": 0.3096, "743.0": 0.1924, "753.0": 0.1526, "720.0": 0.3161}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2037, "long_delta": 0.0899, "short_iv": 0.1346, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.558628, "long_quote_age": 0.601618, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.15}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.02 (gross $-22.02 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-23.02 (gross $-22.02 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2037, "long_delta": 0.0899, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7963, "edge_pp": -9.97, "ev_implied_usd": -21.4, "realized_vol": 0.1064, "atm_iv": 0.119, "vrp_ratio": 0.8941, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -28.69, "ev_at_half_drift_usd": -25.31, "ev_gross_usd": -22.02, "expected_loss_real_usd": 74.02, "friction_usd": 1.0, "ev_net_usd": -23.02, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 461}
{"ts": "2026-08-31T14:31:29.326803+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV premium of 1.14 alongside a positive 5D return of +0.22%, supporting put credit spread premium collection across a 4-7 DTE window.", "invalidation": "A continued decline from spot 765.12 that pushes the 5D return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"765.0": 0.12, "759.0": 0.1324, "746.0": 0.1651, "685.0": 0.3969, "726.0": 0.2355, "705.0": 0.3188, "767.0": 0.1164, "747.0": 0.1621, "724.0": 0.2426, "758.0": 0.1345, "709.0": 0.3054, "729.0": 0.2226, "737.0": 0.1939, "714.0": 0.2856, "744.0": 0.171, "691.0": 0.3787, "725.0": 0.2374, "728.0": 0.2279, "717.0": 0.2704, "716.0": 0.2755, "752.0": 0.1487, "706.0": 0.314, "751.0": 0.1514, "763.0": 0.124, "713.0": 0.2855, "754.0": 0.1438, "757.0": 0.1368, "695.0": 0.3595, "711.0": 0.2954, "694.0": 0.3643, "701.0": 0.3384, "761.0": 0.128, "762.0": 0.126, "700.0": 0.3433, "702.0": 0.3335, "745.0": 0.1678, "722.0": 0.2492, "715.0": 0.2806, "721.0": 0.2544, "727.0": 0.2302, "732.0": 0.2116, "692.0": 0.3739, "740.0": 0.1844, "720.0": 0.2595, "750.0": 0.1542, "696.0": 0.3547, "741.0": 0.1797, "742.0": 0.1776, "718.0": 0.2654, "734.0": 0.205, "753.0": 0.146, "723.0": 0.2478, "735.0": 0.2015, "698.0": 0.3451, "764.0": 0.122, "703.0": 0.3286, "743.0": 0.1739, "736.0": 0.1978, "730.0": 0.2199, "748.0": 0.1594, "768.0": 0.1148, "708.0": 0.3103, "766.0": 0.1183, "697.0": 0.3499, "756.0": 0.139, "707.0": 0.3091, "731.0": 0.2145, "749.0": 0.1571, "760.0": 0.13, "690.0": 0.3835, "733.0": 0.2084, "739.0": 0.1873, "710.0": 0.3004, "704.0": 0.3237, "693.0": 0.3691, "712.0": 0.2905, "719.0": 0.2646, "738.0": 0.1899, "755.0": 0.1413, "699.0": 0.3403}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1955, "long_delta": 0.1137, "short_iv": 0.139, "short_rel_spread": 0.008230452674897127, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.814941, "long_quote_age": 0.813701, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.12}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.30 (gross $-24.30 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:32:52.908741+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.19% alongside an elevated IV/RV ratio of 1.14, making short put premium attractive despite the 1D dip of -0.58%.", "invalidation": "SPY spot price drops sharply below 764.91 as short-term selling accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"753.0": 0.1537, "690.0": 0.4843, "729.0": 0.2671, "705.0": 0.4118, "725.0": 0.2939, "736.0": 0.227, "767.0": 0.1146, "739.0": 0.2117, "746.0": 0.1809, "757.0": 0.1402, "745.0": 0.183, "685.0": 0.5154, "720.0": 0.3152, "724.0": 0.3005, "763.0": 0.1241, "760.0": 0.1317, "727.0": 0.2805, "726.0": 0.2872, "728.0": 0.2738, "723.0": 0.3072, "730.0": 0.2604, "737.0": 0.2259, "768.0": 0.1144, "756.0": 0.1436, "733.0": 0.2478, "764.0": 0.1214, "735.0": 0.2339, "741.0": 0.2021, "738.0": 0.2188, "750.0": 0.1644, "722.0": 0.3139, "759.0": 0.1346, "752.0": 0.1569, "734.0": 0.2409, "766.0": 0.1167, "731.0": 0.2616, "761.0": 0.1292, "743.0": 0.1914, "751.0": 0.1603, "740.0": 0.2094, "758.0": 0.1376, "762.0": 0.1266, "765.0": 0.1191, "718.0": 0.3281, "742.0": 0.1989, "710.0": 0.3797, "715.0": 0.3475, "747.0": 0.1754, "719.0": 0.3217, "732.0": 0.2547, "749.0": 0.1675, "754.0": 0.1495, "700.0": 0.4225, "695.0": 0.4534, "744.0": 0.1874, "721.0": 0.3088, "748.0": 0.1718, "755.0": 0.1463}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.54, "short_delta": 0.209, "long_delta": 0.0922, "short_iv": 0.1346, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.775482, "long_quote_age": 0.778491, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 764.965}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.71 (gross $-22.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-23.71 (gross $-22.71 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.209, "long_delta": 0.0922, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.791, "edge_pp": -10.1, "ev_implied_usd": -21.3, "realized_vol": 0.1064, "atm_iv": 0.1191, "vrp_ratio": 0.8934, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -29.52, "ev_at_half_drift_usd": -26.07, "ev_gross_usd": -22.71, "expected_loss_real_usd": 76.71, "friction_usd": 1.0, "ev_net_usd": -23.71, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 450}
{"ts": "2026-08-31T14:33:07.856037+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV sits at 1.14 with 5-day return positive at +0.19%, providing favorable premium collection conditions for put credit spreads across a 4-7 DTE timeframe.", "invalidation": "SPY downward momentum accelerates past the 1-day decline of -0.58% causing realized volatility to exceed implied volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"713.0": 0.2845, "741.0": 0.1799, "697.0": 0.349, "764.0": 0.1225, "756.0": 0.1397, "720.0": 0.2585, "746.0": 0.1656, "694.0": 0.3634, "750.0": 0.154, "738.0": 0.1903, "767.0": 0.1159, "685.0": 0.396, "760.0": 0.1308, "740.0": 0.1831, "708.0": 0.3094, "711.0": 0.2944, "715.0": 0.2795, "757.0": 0.1373, "707.0": 0.3143, "739.0": 0.186, "696.0": 0.3538, "755.0": 0.1418, "758.0": 0.135, "716.0": 0.2745, "710.0": 0.2994, "704.0": 0.3228, "765.0": 0.1207, "690.0": 0.3826, "723.0": 0.2468, "712.0": 0.2895, "752.0": 0.1495, "736.0": 0.1966, "768.0": 0.1144, "725.0": 0.2364, "693.0": 0.3682, "700.0": 0.3423, "734.0": 0.2039, "743.0": 0.1738, "719.0": 0.2636, "749.0": 0.1571, "766.0": 0.1188, "699.0": 0.3472, "742.0": 0.1776, "754.0": 0.144, "698.0": 0.3442, "702.0": 0.3325, "731.0": 0.2134, "759.0": 0.1328, "726.0": 0.2344, "705.0": 0.3179, "692.0": 0.373, "722.0": 0.2482, "709.0": 0.3044, "762.0": 0.1264, "724.0": 0.2416, "737.0": 0.1927, "730.0": 0.2188, "747.0": 0.1624, "735.0": 0.2003, "701.0": 0.3374, "691.0": 0.3778, "721.0": 0.2533, "718.0": 0.2644, "695.0": 0.3586, "727.0": 0.2291, "751.0": 0.1518, "728.0": 0.2268, "703.0": 0.3277, "714.0": 0.2846, "717.0": 0.2694, "753.0": 0.1465, "744.0": 0.1708, "706.0": 0.313, "763.0": 0.1245, "733.0": 0.2073, "745.0": 0.1684, "732.0": 0.2104, "761.0": 0.1286, "748.0": 0.1596, "729.0": 0.2215}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2021, "long_delta": 0.1176, "short_iv": 0.1397, "short_rel_spread": 0.007843137254901968, "long_rel_spread": 0.014184397163120581, "short_quote_age": 0.458578, "long_quote_age": 0.487685, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 764.905}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.11 (gross $-23.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:34:49.216189+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV of 11.82% exceeds RV20 of 10.40% with IV/RV at 1.14 and a positive 5D return of +0.21%, favoring short put premium capture across a longer DTE window.", "invalidation": "SPY spot price drops further below 765.06 turning the 5D return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"762.0": 0.1258, "764.0": 0.1217, "725.0": 0.236, "711.0": 0.2941, "743.0": 0.1733, "747.0": 0.1619, "753.0": 0.1465, "733.0": 0.2069, "708.0": 0.309, "754.0": 0.1439, "715.0": 0.2792, "759.0": 0.1324, "752.0": 0.1489, "745.0": 0.167, "767.0": 0.1153, "710.0": 0.2991, "697.0": 0.3487, "757.0": 0.1368, "736.0": 0.1962, "709.0": 0.304, "737.0": 0.1923, "685.0": 0.3957, "706.0": 0.3127, "701.0": 0.3371, "699.0": 0.3469, "691.0": 0.3775, "748.0": 0.1591, "732.0": 0.2101, "741.0": 0.1794, "724.0": 0.2412, "718.0": 0.264, "721.0": 0.253, "695.0": 0.3583, "734.0": 0.2035, "693.0": 0.3679, "731.0": 0.213, "744.0": 0.1703, "763.0": 0.1239, "738.0": 0.1899, "728.0": 0.2235, "703.0": 0.3273, "717.0": 0.2691, "749.0": 0.1565, "765.0": 0.12, "714.0": 0.2842, "696.0": 0.3535, "746.0": 0.1651, "756.0": 0.1391, "739.0": 0.1856, "768.0": 0.1137, "704.0": 0.3224, "729.0": 0.2211, "694.0": 0.3631, "735.0": 0.1999, "742.0": 0.1772, "766.0": 0.118, "698.0": 0.3439, "727.0": 0.2288, "740.0": 0.1827, "730.0": 0.2184, "712.0": 0.2891, "707.0": 0.314, "751.0": 0.1512, "726.0": 0.2341, "702.0": 0.3322, "755.0": 0.1414, "720.0": 0.2581, "758.0": 0.1347, "750.0": 0.1542, "761.0": 0.1279, "722.0": 0.2478, "713.0": 0.2842, "719.0": 0.2633, "705.0": 0.3176, "692.0": 0.3727, "700.0": 0.342, "716.0": 0.2741, "723.0": 0.2464, "760.0": 0.1301, "690.0": 0.3823}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2029, "long_delta": 0.118, "short_iv": 0.1391, "short_rel_spread": 0.007843137254901968, "long_rel_spread": 0.014184397163120581, "short_quote_age": 0.417713, "long_quote_age": 0.417692, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 764.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.23 (gross $-24.23 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:36:07.219277+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.23% alongside an elevated IV/RV of 1.14, offering favorable premium to sell downside protection.", "invalidation": "SPY spot price drops sharply, accelerating beyond the 1-day decline of -0.53%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"757.0": 0.1398, "767.0": 0.1146, "761.0": 0.1289, "764.0": 0.1214, "754.0": 0.1488, "733.0": 0.2503, "743.0": 0.1941, "700.0": 0.4246, "758.0": 0.1373, "724.0": 0.3029, "727.0": 0.2829, "769.0": 0.1106, "720.0": 0.3175, "762.0": 0.1262, "749.0": 0.1687, "734.0": 0.2434, "736.0": 0.2295, "719.0": 0.324, "752.0": 0.1561, "710.0": 0.3819, "760.0": 0.1317, "685.0": 0.5175, "726.0": 0.2896, "732.0": 0.2572, "728.0": 0.2762, "763.0": 0.1239, "744.0": 0.1902, "756.0": 0.1433, "768.0": 0.1128, "759.0": 0.1344, "730.0": 0.2628, "690.0": 0.4864, "695.0": 0.4555, "725.0": 0.2962, "740.0": 0.212, "742.0": 0.2016, "745.0": 0.1859, "705.0": 0.4141, "739.0": 0.2143, "748.0": 0.1726, "718.0": 0.3304, "729.0": 0.2695, "735.0": 0.2364, "738.0": 0.2214, "746.0": 0.1811, "723.0": 0.3096, "751.0": 0.1605, "737.0": 0.2285, "715.0": 0.3497, "750.0": 0.164, "741.0": 0.2047, "765.0": 0.119, "766.0": 0.1167, "755.0": 0.1462, "747.0": 0.1759, "722.0": 0.3162, "721.0": 0.3111, "731.0": 0.2641, "753.0": 0.1523}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1946, "long_delta": 0.0839, "short_iv": 0.1344, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.564782, "long_quote_age": 0.464592, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.335}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.62 (gross $-21.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-22.62 (gross $-21.62 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1946, "long_delta": 0.0839, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8054, "edge_pp": -9.46, "ev_implied_usd": -19.63, "realized_vol": 0.1064, "atm_iv": 0.119, "vrp_ratio": 0.8941, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -28.14, "ev_at_half_drift_usd": -24.83, "ev_gross_usd": -21.62, "expected_loss_real_usd": 71.62, "friction_usd": 1.0, "ev_net_usd": -22.62, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 439}
{"ts": "2026-08-31T14:36:22.459825+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.14 alongside positive 5D return of +0.23%, favoring put premium collection over a multi-day horizon.", "invalidation": "SPY spot price drops sharply below the current 1D decline of -0.53% as realized volatility expands."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"758.0": 0.1336, "695.0": 0.3916, "760.0": 0.129, "730.0": 0.233, "762.0": 0.1241, "735.0": 0.2116, "726.0": 0.2508, "715.0": 0.3058, "759.0": 0.1312, "753.0": 0.1468, "752.0": 0.1501, "743.0": 0.1795, "719.0": 0.2836, "767.0": 0.1146, "749.0": 0.1585, "755.0": 0.1415, "685.0": 0.4443, "757.0": 0.1363, "737.0": 0.2028, "748.0": 0.1622, "756.0": 0.1385, "754.0": 0.1443, "727.0": 0.2451, "724.0": 0.2622, "745.0": 0.1716, "700.0": 0.3653, "736.0": 0.2055, "734.0": 0.2138, "765.0": 0.1177, "751.0": 0.1526, "761.0": 0.1268, "750.0": 0.1554, "768.0": 0.1132, "764.0": 0.1199, "747.0": 0.1654, "732.0": 0.2257, "690.0": 0.4179, "739.0": 0.1934, "763.0": 0.1221, "718.0": 0.2892, "728.0": 0.2446, "731.0": 0.2272, "722.0": 0.2735, "744.0": 0.1748, "738.0": 0.1996, "721.0": 0.2792, "769.0": 0.1116, "740.0": 0.1898, "741.0": 0.1859, "710.0": 0.3242, "725.0": 0.2565, "742.0": 0.1818, "729.0": 0.2388, "733.0": 0.2197, "746.0": 0.168, "766.0": 0.116, "705.0": 0.3513, "720.0": 0.2781, "723.0": 0.2678}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2006, "long_delta": 0.1034, "short_iv": 0.1336, "short_rel_spread": 0.00956937799043063, "long_rel_spread": 0.01980198019801982, "short_quote_age": 0.55385, "long_quote_age": 0.560072, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.385}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.14 (gross $-26.14 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.14 (gross $-26.14 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2006, "long_delta": 0.1034, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7994, "edge_pp": -9.26, "ev_implied_usd": -22.0, "realized_vol": 0.1064, "atm_iv": 0.1177, "vrp_ratio": 0.904, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.79, "ev_at_half_drift_usd": -30.39, "ev_gross_usd": -26.14, "expected_loss_real_usd": 80.14, "friction_usd": 1.0, "ev_net_usd": -27.14, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 462}
{"ts": "2026-08-31T14:37:44.159645+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows elevated implied volatility with an IV/RV ratio of 1.14 and a positive 5-day return of +0.28%, favoring put credit spread premium collection.", "invalidation": "A continuation of the 1-day decline of -0.49% pushing SPY spot significantly below 765.60."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"719.0": 0.3262, "722.0": 0.3185, "736.0": 0.232, "732.0": 0.2596, "731.0": 0.2665, "741.0": 0.2073, "764.0": 0.1211, "735.0": 0.2389, "715.0": 0.3519, "743.0": 0.1968, "718.0": 0.3326, "768.0": 0.1119, "761.0": 0.1292, "690.0": 0.4885, "753.0": 0.1531, "759.0": 0.1344, "747.0": 0.176, "749.0": 0.1674, "729.0": 0.2719, "726.0": 0.2919, "723.0": 0.3119, "751.0": 0.1603, "728.0": 0.2785, "742.0": 0.2, "757.0": 0.1398, "730.0": 0.2652, "754.0": 0.1487, "760.0": 0.1318, "750.0": 0.1633, "740.0": 0.2097, "765.0": 0.1188, "752.0": 0.1564, "710.0": 0.3841, "700.0": 0.4267, "733.0": 0.2527, "767.0": 0.1136, "724.0": 0.3052, "705.0": 0.4162, "756.0": 0.1426, "763.0": 0.1239, "685.0": 0.5195, "734.0": 0.2458, "695.0": 0.4575, "738.0": 0.2239, "737.0": 0.225, "720.0": 0.3198, "725.0": 0.2986, "739.0": 0.2168, "748.0": 0.1732, "727.0": 0.2852, "746.0": 0.1809, "745.0": 0.1854, "744.0": 0.1893, "758.0": 0.1372, "766.0": 0.1165, "769.0": 0.1086, "762.0": 0.1263, "721.0": 0.3133, "755.0": 0.1458}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2141, "long_delta": 0.0919, "short_iv": 0.1318, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.728363, "long_quote_age": 0.723855, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.725}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.93 (gross $-23.93 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-24.93 (gross $-23.93 - friction $1.00) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2141, "long_delta": 0.0919, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7859, "edge_pp": -10.21, "ev_implied_usd": -20.5, "realized_vol": 0.1064, "atm_iv": 0.1165, "vrp_ratio": 0.9133, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -30.93, "ev_at_half_drift_usd": -27.38, "ev_gross_usd": -23.93, "expected_loss_real_usd": 79.93, "friction_usd": 1.0, "ev_net_usd": -24.93, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 462}
{"ts": "2026-08-31T14:37:57.160039+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV premium of 1.14 with positive 5D momentum at +0.28%, making put credit spreads favorable over a 4 to 7 DTE horizon.", "invalidation": "SPY breaks below recent momentum causing the 5D return to deteriorate significantly."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"731.0": 0.214, "707.0": 0.311, "748.0": 0.159, "693.0": 0.371, "703.0": 0.3305, "709.0": 0.3073, "761.0": 0.1276, "716.0": 0.2775, "718.0": 0.2674, "705.0": 0.3208, "727.0": 0.2291, "699.0": 0.3422, "769.0": 0.1125, "741.0": 0.1794, "697.0": 0.3518, "723.0": 0.2462, "762.0": 0.1255, "753.0": 0.1466, "745.0": 0.1684, "738.0": 0.1905, "742.0": 0.1776, "728.0": 0.2271, "708.0": 0.3061, "721.0": 0.2565, "725.0": 0.2395, "720.0": 0.2573, "722.0": 0.2513, "698.0": 0.347, "734.0": 0.2028, "757.0": 0.1366, "751.0": 0.1513, "755.0": 0.141, "710.0": 0.3024, "691.0": 0.3806, "702.0": 0.3354, "694.0": 0.3662, "717.0": 0.2725, "719.0": 0.2624, "730.0": 0.2194, "766.0": 0.1176, "726.0": 0.2343, "729.0": 0.2218, "764.0": 0.1213, "735.0": 0.2018, "752.0": 0.149, "690.0": 0.3854, "706.0": 0.3159, "696.0": 0.3566, "732.0": 0.2113, "724.0": 0.2411, "692.0": 0.3758, "740.0": 0.1838, "760.0": 0.1299, "739.0": 0.1864, "712.0": 0.2924, "746.0": 0.165, "759.0": 0.1322, "736.0": 0.1961, "765.0": 0.1195, "685.0": 0.3987, "756.0": 0.1391, "733.0": 0.2083, "754.0": 0.1438, "768.0": 0.1132, "763.0": 0.1235, "744.0": 0.1714, "714.0": 0.2825, "695.0": 0.3614, "711.0": 0.2974, "700.0": 0.3452, "701.0": 0.3403, "737.0": 0.1925, "758.0": 0.1344, "767.0": 0.1158, "713.0": 0.2875, "743.0": 0.174, "747.0": 0.1622, "750.0": 0.1537, "704.0": 0.3257, "749.0": 0.157, "715.0": 0.2775}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2062, "long_delta": 0.1194, "short_iv": 0.1366, "short_rel_spread": 0.015625000000000014, "long_rel_spread": 0.014184397163120581, "short_quote_age": 0.451904, "long_quote_age": 0.450725, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.58}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.75 (gross $-26.25 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:39:16.373152+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.26% with elevated implied volatility relative to realized volatility (IV/RV of 1.14), making put credit spread premium attractive on a 1-day pullback of -0.50%.", "invalidation": "SPY spot price drops sharply below 765.47 alongside worsening multi-day losses."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"759.0": 0.1341, "729.0": 0.271, "744.0": 0.1883, "738.0": 0.223, "734.0": 0.2449, "695.0": 0.4568, "705.0": 0.4155, "718.0": 0.3318, "750.0": 0.1641, "749.0": 0.1663, "728.0": 0.2777, "725.0": 0.2977, "740.0": 0.2088, "752.0": 0.1567, "700.0": 0.4259, "753.0": 0.1532, "756.0": 0.143, "731.0": 0.2656, "751.0": 0.1591, "755.0": 0.1465, "742.0": 0.1991, "746.0": 0.1799, "732.0": 0.2587, "690.0": 0.4877, "720.0": 0.3189, "741.0": 0.2064, "747.0": 0.175, "685.0": 0.5188, "762.0": 0.1258, "760.0": 0.1313, "743.0": 0.1958, "758.0": 0.1371, "723.0": 0.311, "710.0": 0.3833, "730.0": 0.2643, "727.0": 0.2844, "764.0": 0.1205, "767.0": 0.1135, "715.0": 0.3511, "761.0": 0.1284, "737.0": 0.2241, "726.0": 0.291, "769.0": 0.1068, "745.0": 0.1844, "765.0": 0.1183, "748.0": 0.1722, "763.0": 0.1231, "724.0": 0.3044, "735.0": 0.238, "722.0": 0.3177, "754.0": 0.1499, "766.0": 0.1159, "739.0": 0.2159, "721.0": 0.3125, "719.0": 0.3254, "757.0": 0.14, "736.0": 0.2311, "733.0": 0.2518, "768.0": 0.1116}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1856, "long_delta": 0.0812, "short_iv": 0.1341, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.483841, "long_quote_age": 0.424107, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.74 (gross $-25.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:39:29.229331+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an elevated IV/RV ratio of 1.14 and maintains a positive 5-day return of +0.26%, offering attractive premium for put credit spread sellers.", "invalidation": "A continued downward move in SPY turning the 5-day return negative or sharp compression in IV/RV would invalidate the trade."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"761.0": 0.1291, "731.0": 0.2656, "744.0": 0.1884, "746.0": 0.1799, "738.0": 0.2231, "763.0": 0.1237, "710.0": 0.3833, "725.0": 0.2978, "685.0": 0.5188, "747.0": 0.175, "762.0": 0.1261, "751.0": 0.1592, "759.0": 0.1341, "736.0": 0.2311, "715.0": 0.3512, "767.0": 0.1137, "730.0": 0.2643, "700.0": 0.4259, "749.0": 0.1663, "705.0": 0.4155, "690.0": 0.4878, "742.0": 0.1991, "741.0": 0.2064, "723.0": 0.3111, "756.0": 0.1431, "743.0": 0.1959, "737.0": 0.2242, "758.0": 0.1372, "753.0": 0.1532, "724.0": 0.3044, "739.0": 0.2159, "755.0": 0.1466, "760.0": 0.1314, "740.0": 0.2088, "745.0": 0.1844, "735.0": 0.238, "768.0": 0.112, "718.0": 0.3319, "769.0": 0.1065, "748.0": 0.1722, "754.0": 0.1499, "727.0": 0.2844, "726.0": 0.2911, "722.0": 0.3177, "733.0": 0.2519, "719.0": 0.3254, "720.0": 0.319, "764.0": 0.1211, "734.0": 0.2449, "732.0": 0.2587, "750.0": 0.1642, "721.0": 0.3125, "765.0": 0.1184, "752.0": 0.1568, "695.0": 0.4568, "757.0": 0.1401, "729.0": 0.271, "766.0": 0.116, "728.0": 0.2777}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1856, "long_delta": 0.0812, "short_iv": 0.1341, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.465718, "long_quote_age": 0.471583, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.70 (gross $-25.70 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:40:55.781170+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays elevated short-term implied volatility over realized volatility with an IV/RV of 1.11 alongside positive 5-day returns of +0.31%, supporting a put credit spread to capture rich option premium.", "invalidation": "A continued downward move accelerating past the 1-day decline of -0.46% that breaches the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"761.0": 0.1288, "742.0": 0.2004, "747.0": 0.1764, "765.0": 0.1184, "685.0": 0.5198, "738.0": 0.2243, "767.0": 0.1136, "725.0": 0.2989, "745.0": 0.1857, "719.0": 0.3265, "718.0": 0.3329, "695.0": 0.4578, "755.0": 0.1463, "734.0": 0.2461, "736.0": 0.2323, "724.0": 0.3055, "750.0": 0.1637, "762.0": 0.126, "757.0": 0.1404, "748.0": 0.1711, "740.0": 0.21, "751.0": 0.1607, "737.0": 0.2254, "720.0": 0.3201, "749.0": 0.1678, "722.0": 0.3189, "723.0": 0.3122, "733.0": 0.253, "768.0": 0.1115, "758.0": 0.137, "741.0": 0.2077, "729.0": 0.2722, "700.0": 0.4269, "760.0": 0.1313, "746.0": 0.1813, "756.0": 0.1431, "766.0": 0.1163, "739.0": 0.2172, "752.0": 0.1568, "735.0": 0.2392, "754.0": 0.1492, "764.0": 0.1211, "759.0": 0.1343, "744.0": 0.1897, "721.0": 0.3136, "753.0": 0.1521, "769.0": 0.1083, "730.0": 0.2655, "731.0": 0.2668, "705.0": 0.4165, "727.0": 0.2855, "715.0": 0.3522, "743.0": 0.1972, "690.0": 0.4888, "763.0": 0.1237, "726.0": 0.2922, "728.0": 0.2789, "710.0": 0.3844, "732.0": 0.2599}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2112, "long_delta": 0.0916, "short_iv": 0.1313, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.417782, "long_quote_age": 1.284105, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.74}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.06 (gross $-26.06 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:41:08.576706+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains a positive 5D return of +0.31% with elevated IV/RV of 1.11, providing favorable implied volatility rich pricing for short put premium over a 4 to 7 day horizon.", "invalidation": "SPY spot falls below 760.00 accompanied by further deterioration in 1D and 5D momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"724.0": 0.2417, "757.0": 0.1365, "747.0": 0.1622, "726.0": 0.235, "715.0": 0.2782, "742.0": 0.177, "766.0": 0.1175, "754.0": 0.1435, "738.0": 0.1894, "752.0": 0.1487, "696.0": 0.3572, "756.0": 0.1388, "765.0": 0.1193, "751.0": 0.1516, "750.0": 0.1539, "698.0": 0.3476, "744.0": 0.171, "705.0": 0.3214, "717.0": 0.2731, "704.0": 0.3263, "759.0": 0.1319, "760.0": 0.1299, "734.0": 0.2036, "767.0": 0.1156, "728.0": 0.2278, "725.0": 0.2402, "762.0": 0.1254, "701.0": 0.3409, "733.0": 0.209, "693.0": 0.3716, "714.0": 0.2831, "711.0": 0.298, "737.0": 0.1932, "700.0": 0.3458, "707.0": 0.3116, "716.0": 0.2782, "768.0": 0.1132, "739.0": 0.1872, "712.0": 0.2931, "731.0": 0.2147, "746.0": 0.1648, "729.0": 0.2225, "749.0": 0.1571, "709.0": 0.308, "718.0": 0.2681, "691.0": 0.3812, "753.0": 0.1465, "761.0": 0.1275, "748.0": 0.159, "697.0": 0.3524, "735.0": 0.2025, "720.0": 0.258, "730.0": 0.2201, "769.0": 0.1118, "727.0": 0.2298, "764.0": 0.1214, "743.0": 0.1735, "723.0": 0.2468, "741.0": 0.1802, "736.0": 0.1969, "694.0": 0.3668, "695.0": 0.362, "708.0": 0.3067, "745.0": 0.1681, "703.0": 0.3311, "722.0": 0.252, "740.0": 0.183, "758.0": 0.1343, "763.0": 0.1234, "755.0": 0.1411, "721.0": 0.2571, "732.0": 0.212, "706.0": 0.3165, "692.0": 0.3764, "710.0": 0.303, "719.0": 0.263, "699.0": 0.3428, "713.0": 0.2881, "690.0": 0.386, "702.0": 0.336}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2025, "long_delta": 0.1453, "short_iv": 0.1365, "short_rel_spread": 0.016000000000000014, "long_rel_spread": 0.011560693641618507, "short_quote_age": 1.167181, "long_quote_age": 0.466002, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 261.0, "total_risk": 19836.0, "buying_power_used_pct": 0.9918}, "spot": 765.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-17.00 (gross $-15.50 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:42:28.372089+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY short-term implied volatility is trading at a premium to 20-day realized volatility with an IV/RV of 1.11 while retaining a positive 5-day return of +0.31%.", "invalidation": "SPY extends its 1-day decline of -0.45% sharply to the downside."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"746.0": 0.1825, "749.0": 0.1691, "741.0": 0.2088, "728.0": 0.2799, "745.0": 0.1869, "769.0": 0.1102, "736.0": 0.2334, "757.0": 0.1404, "734.0": 0.2472, "732.0": 0.261, "752.0": 0.1566, "766.0": 0.1159, "754.0": 0.1495, "756.0": 0.1438, "751.0": 0.1603, "715.0": 0.3532, "761.0": 0.1288, "764.0": 0.1207, "762.0": 0.1261, "753.0": 0.1536, "739.0": 0.2183, "731.0": 0.2678, "733.0": 0.2541, "705.0": 0.4175, "737.0": 0.2264, "735.0": 0.2403, "718.0": 0.3339, "760.0": 0.1315, "759.0": 0.1342, "755.0": 0.1467, "743.0": 0.1942, "720.0": 0.321, "721.0": 0.3146, "724.0": 0.3065, "690.0": 0.4896, "719.0": 0.3275, "758.0": 0.1373, "723.0": 0.3132, "722.0": 0.3198, "747.0": 0.1776, "763.0": 0.1234, "685.0": 0.5207, "726.0": 0.2932, "742.0": 0.2015, "710.0": 0.3853, "750.0": 0.165, "725.0": 0.2999, "765.0": 0.1182, "740.0": 0.2111, "695.0": 0.4587, "767.0": 0.1144, "700.0": 0.4278, "730.0": 0.2665, "744.0": 0.1908, "727.0": 0.2865, "738.0": 0.2254, "768.0": 0.112, "729.0": 0.2732, "748.0": 0.1724}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2054, "long_delta": 0.0892, "short_iv": 0.1315, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.424778, "long_quote_age": 0.42658, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.85}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.14 (gross $-27.14 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.14 (gross $-27.14 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2054, "long_delta": 0.0892, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7946, "edge_pp": -10.14, "ev_implied_usd": -21.65, "realized_vol": 0.1064, "atm_iv": 0.1159, "vrp_ratio": 0.918, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.05, "ev_at_half_drift_usd": -30.55, "ev_gross_usd": -27.14, "expected_loss_real_usd": 79.14, "friction_usd": 1.0, "ev_net_usd": -28.14, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 445}
{"ts": "2026-08-31T14:42:43.549315+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY presents elevated volatility with an IV/RV ratio of 1.11 alongside positive 5D momentum of +0.31%, favoring premium selling via a put credit spread.", "invalidation": "SPY continues its 1D decline of -0.45% and breaks below the short strike."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"685.0": 0.4468, "733.0": 0.2227, "757.0": 0.1362, "768.0": 0.1115, "745.0": 0.1714, "690.0": 0.4204, "743.0": 0.1786, "732.0": 0.2242, "741.0": 0.1866, "724.0": 0.2649, "727.0": 0.2479, "734.0": 0.2167, "752.0": 0.1497, "737.0": 0.2025, "695.0": 0.3941, "749.0": 0.1585, "766.0": 0.1156, "765.0": 0.1173, "740.0": 0.1902, "761.0": 0.1265, "760.0": 0.1288, "747.0": 0.166, "744.0": 0.1762, "767.0": 0.1136, "750.0": 0.1559, "763.0": 0.1217, "726.0": 0.2536, "705.0": 0.3538, "728.0": 0.2422, "755.0": 0.1413, "735.0": 0.2108, "725.0": 0.2593, "730.0": 0.2358, "746.0": 0.1682, "764.0": 0.1196, "729.0": 0.2417, "723.0": 0.2706, "756.0": 0.139, "758.0": 0.1336, "769.0": 0.1104, "742.0": 0.1827, "759.0": 0.1312, "722.0": 0.2763, "739.0": 0.1965, "715.0": 0.3085, "700.0": 0.3678, "721.0": 0.2752, "754.0": 0.1442, "731.0": 0.23, "718.0": 0.2918, "720.0": 0.2807, "751.0": 0.1526, "738.0": 0.1997, "748.0": 0.1618, "710.0": 0.3268, "762.0": 0.124, "736.0": 0.2085, "719.0": 0.2863, "753.0": 0.1469}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2116, "long_delta": 0.1083, "short_iv": 0.1312, "short_rel_spread": 0.018181818181818195, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.484284, "long_quote_age": 0.482258, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.975}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.50 (gross $-27.00 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $442/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,890.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.50 (gross $-27.00 - friction $1.50) > $0.00"}], "economics": {"credit": 0.58, "width": 5.0, "short_delta": 0.2116, "long_delta": 0.1083, "max_profit_usd": 58.0, "max_loss_usd": 442.0, "breakeven_wr": 0.884, "implied_wr": 0.7884, "edge_pp": -9.56, "ev_implied_usd": -21.98, "realized_vol": 0.1064, "atm_iv": 0.1156, "vrp_ratio": 0.9204, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.98, "ev_at_half_drift_usd": -31.42, "ev_gross_usd": -27.0, "expected_loss_real_usd": 85.0, "friction_usd": 1.5, "ev_net_usd": -28.5, "total_risk_usd": 19890.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 446}
{"ts": "2026-08-31T14:44:03.375701+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY presents an elevated IV/RV ratio of 1.11 alongside positive 5-day momentum of +0.32%, offering rich premium to sell out-of-the-money downside spreads.", "invalidation": "SPY spot price falls significantly below 765.89 as short-term downward momentum accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"705.0": 0.4169, "763.0": 0.123, "764.0": 0.1201, "690.0": 0.4891, "723.0": 0.3126, "700.0": 0.4273, "759.0": 0.1337, "724.0": 0.3059, "729.0": 0.2725, "695.0": 0.4581, "748.0": 0.1716, "734.0": 0.2465, "756.0": 0.1427, "722.0": 0.3192, "745.0": 0.1862, "718.0": 0.3333, "743.0": 0.1935, "739.0": 0.2176, "757.0": 0.1393, "752.0": 0.1558, "755.0": 0.1458, "733.0": 0.2534, "767.0": 0.1135, "749.0": 0.1683, "751.0": 0.1595, "754.0": 0.1485, "721.0": 0.314, "758.0": 0.1369, "762.0": 0.1256, "742.0": 0.2008, "720.0": 0.3204, "719.0": 0.3269, "731.0": 0.2672, "769.0": 0.1071, "750.0": 0.1621, "736.0": 0.2327, "737.0": 0.2258, "728.0": 0.2792, "735.0": 0.2396, "760.0": 0.1308, "765.0": 0.1176, "768.0": 0.1112, "732.0": 0.2603, "747.0": 0.1768, "746.0": 0.1817, "730.0": 0.2659, "685.0": 0.5201, "741.0": 0.2081, "740.0": 0.2104, "738.0": 0.2247, "710.0": 0.3847, "753.0": 0.1527, "715.0": 0.3526, "761.0": 0.1282, "766.0": 0.1152, "744.0": 0.1901, "725.0": 0.2993, "727.0": 0.2859, "726.0": 0.2926}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2081, "long_delta": 0.0897, "short_iv": 0.1308, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.40943, "long_quote_age": 1.532262, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.805}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.82 (gross $-26.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 2s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.82 (gross $-26.82 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2081, "long_delta": 0.0897, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7919, "edge_pp": -10.21, "ev_implied_usd": -21.45, "realized_vol": 0.1064, "atm_iv": 0.1152, "vrp_ratio": 0.9236, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -33.77, "ev_at_half_drift_usd": -30.25, "ev_gross_usd": -26.82, "expected_loss_real_usd": 79.82, "friction_usd": 1.0, "ev_net_usd": -27.82, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 467}
{"ts": "2026-08-31T14:44:19.241674+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY options trade at an elevated IV/RV of 1.11 against a positive 5D return of +0.32%, providing favorable premium for a put credit spread across a wider DTE window.", "invalidation": "SPY spot price breaks below the short put strike as downward momentum accelerates beyond the 1D decline of -0.45%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"730.0": 0.235, "742.0": 0.1818, "721.0": 0.2744, "733.0": 0.2218, "735.0": 0.2099, "739.0": 0.1926, "754.0": 0.1437, "763.0": 0.1212, "700.0": 0.3671, "738.0": 0.1988, "759.0": 0.1308, "757.0": 0.1359, "756.0": 0.1382, "766.0": 0.1148, "752.0": 0.1494, "727.0": 0.2471, "731.0": 0.2292, "767.0": 0.113, "695.0": 0.3933, "719.0": 0.2855, "718.0": 0.2911, "728.0": 0.2414, "768.0": 0.1112, "751.0": 0.1525, "726.0": 0.2528, "749.0": 0.1587, "743.0": 0.1798, "748.0": 0.1622, "753.0": 0.1465, "722.0": 0.2755, "745.0": 0.1723, "740.0": 0.1893, "720.0": 0.28, "723.0": 0.2698, "758.0": 0.1332, "765.0": 0.1167, "734.0": 0.2159, "750.0": 0.1548, "747.0": 0.165, "685.0": 0.4461, "736.0": 0.2077, "762.0": 0.1235, "746.0": 0.1688, "690.0": 0.4197, "769.0": 0.1096, "729.0": 0.2408, "715.0": 0.3077, "710.0": 0.3261, "732.0": 0.2234, "744.0": 0.1752, "761.0": 0.1258, "737.0": 0.2016, "724.0": 0.2641, "741.0": 0.1857, "705.0": 0.3531, "764.0": 0.1188, "725.0": 0.2585, "755.0": 0.1411, "760.0": 0.1283}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1889, "long_delta": 0.0967, "short_iv": 0.1332, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.543664, "long_quote_age": 0.539754, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.855}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.53 (gross $-27.53 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:45:40.662995+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum (+0.28%) with implied volatility trading at a premium to historical volatility (IV/RV of 1.11), favoring short put spread premium collection on the mild 1-day pullback.", "invalidation": "Accelerating downside price action significantly breaching beyond the 1-day decline of -0.49%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"732.0": 0.2591, "733.0": 0.2522, "720.0": 0.3193, "768.0": 0.1114, "745.0": 0.1848, "760.0": 0.1305, "735.0": 0.2384, "723.0": 0.3114, "728.0": 0.278, "736.0": 0.2314, "690.0": 0.488, "755.0": 0.146, "750.0": 0.1626, "718.0": 0.3322, "722.0": 0.318, "725.0": 0.2981, "761.0": 0.1278, "727.0": 0.2847, "700.0": 0.4262, "730.0": 0.2646, "744.0": 0.1887, "729.0": 0.2713, "695.0": 0.4571, "767.0": 0.1131, "738.0": 0.2234, "739.0": 0.2163, "754.0": 0.1492, "740.0": 0.2091, "685.0": 0.5191, "719.0": 0.3257, "746.0": 0.1803, "756.0": 0.1427, "749.0": 0.1667, "743.0": 0.1921, "759.0": 0.1334, "763.0": 0.1226, "741.0": 0.2068, "748.0": 0.1701, "764.0": 0.1199, "731.0": 0.266, "705.0": 0.4158, "737.0": 0.2245, "762.0": 0.1251, "726.0": 0.2914, "757.0": 0.139, "742.0": 0.1995, "753.0": 0.1523, "721.0": 0.3128, "765.0": 0.1174, "758.0": 0.1363, "724.0": 0.3047, "747.0": 0.1754, "751.0": 0.1596, "710.0": 0.3836, "766.0": 0.115, "715.0": 0.3515, "752.0": 0.1557, "734.0": 0.2453, "769.0": 0.1095}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2149, "long_delta": 0.0939, "short_iv": 0.1305, "short_rel_spread": 0.021978021978021997, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.551341, "long_quote_age": 0.551352, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.66}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.34 (gross $-26.84 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:45:55.269374+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 350, "thesis": "SPY maintains an elevated IV/RV ratio of 1.11 and a positive 5-day return of +0.28%, providing favorable implied premium for put credit spreads across a 3-6 DTE horizon.", "invalidation": "Further negative momentum beyond the 1-day decline of -0.49% driving spot below the short strike level."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"759.0": 0.1301, "718.0": 0.2907, "730.0": 0.2346, "741.0": 0.1853, "768.0": 0.1115, "745.0": 0.1718, "724.0": 0.2638, "739.0": 0.1952, "757.0": 0.1353, "752.0": 0.1489, "762.0": 0.123, "736.0": 0.2073, "725.0": 0.2581, "767.0": 0.1132, "748.0": 0.1617, "734.0": 0.2155, "723.0": 0.2694, "737.0": 0.2012, "746.0": 0.1684, "710.0": 0.3257, "743.0": 0.1794, "695.0": 0.393, "744.0": 0.1748, "769.0": 0.1098, "727.0": 0.2467, "733.0": 0.2214, "729.0": 0.2405, "722.0": 0.2751, "690.0": 0.4193, "755.0": 0.1408, "761.0": 0.1254, "735.0": 0.2095, "728.0": 0.241, "753.0": 0.146, "749.0": 0.1582, "758.0": 0.1327, "766.0": 0.1146, "742.0": 0.1814, "738.0": 0.1984, "700.0": 0.3667, "732.0": 0.223, "740.0": 0.1889, "721.0": 0.274, "726.0": 0.2524, "705.0": 0.3527, "731.0": 0.2288, "754.0": 0.1431, "763.0": 0.1208, "751.0": 0.152, "765.0": 0.1165, "756.0": 0.1379, "715.0": 0.3073, "747.0": 0.1645, "764.0": 0.1187, "720.0": 0.2796, "750.0": 0.1554, "685.0": 0.4457, "760.0": 0.1277, "719.0": 0.2852}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1902, "long_delta": 0.097, "short_iv": 0.1327, "short_rel_spread": 0.020618556701030948, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.519703, "long_quote_age": 0.580794, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.00 (gross $-27.50 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:47:22.655853+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV of 11.45% trades at an elevated IV/RV ratio of 1.10 relative to 20-day realized volatility while holding a positive 5-day return of +0.29%.", "invalidation": "Spot price breaks downward extending the 1-day decline of -0.48% and causing realized volatility to expand above implied volatility."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"748.0": 0.171, "745.0": 0.1856, "700.0": 0.4268, "741.0": 0.2075, "735.0": 0.2391, "731.0": 0.2667, "710.0": 0.3843, "743.0": 0.1929, "762.0": 0.1252, "755.0": 0.1461, "715.0": 0.3521, "750.0": 0.1635, "732.0": 0.2598, "721.0": 0.3135, "727.0": 0.2854, "758.0": 0.1368, "726.0": 0.2921, "757.0": 0.1393, "768.0": 0.1114, "747.0": 0.1762, "738.0": 0.2241, "724.0": 0.3054, "746.0": 0.1811, "695.0": 0.4577, "761.0": 0.128, "739.0": 0.217, "705.0": 0.4164, "740.0": 0.2099, "718.0": 0.3328, "719.0": 0.3264, "730.0": 0.2653, "754.0": 0.149, "742.0": 0.2002, "734.0": 0.246, "766.0": 0.1154, "759.0": 0.1341, "690.0": 0.4887, "728.0": 0.2787, "760.0": 0.131, "763.0": 0.1229, "764.0": 0.1203, "733.0": 0.2529, "729.0": 0.272, "723.0": 0.3121, "765.0": 0.1176, "753.0": 0.1533, "722.0": 0.3187, "720.0": 0.3199, "756.0": 0.1429, "725.0": 0.2988, "685.0": 0.5197, "736.0": 0.2322, "752.0": 0.1566, "769.0": 0.1106, "751.0": 0.1606, "767.0": 0.1135, "744.0": 0.1895, "749.0": 0.1676, "737.0": 0.2252}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2115, "long_delta": 0.0917, "short_iv": 0.131, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.736247, "long_quote_age": 0.857028, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.6949999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.28 (gross $-27.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:47:39.935483+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day performance of +0.29% with an IV/RV ratio of 1.10, offering favorable premium collection in longer expiration cycles.", "invalidation": "SPY spot price accelerating downward past the 1D -0.48% drop or ATM IV moving sharply higher relative to RV20."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"699.0": 0.3421, "709.0": 0.3011, "727.0": 0.229, "752.0": 0.1485, "722.0": 0.2512, "719.0": 0.2623, "735.0": 0.1995, "726.0": 0.2342, "763.0": 0.1229, "747.0": 0.162, "760.0": 0.1293, "737.0": 0.1924, "729.0": 0.2217, "736.0": 0.196, "697.0": 0.3517, "743.0": 0.1739, "753.0": 0.1458, "723.0": 0.2461, "765.0": 0.1187, "746.0": 0.1648, "740.0": 0.1837, "733.0": 0.2082, "701.0": 0.3402, "741.0": 0.1807, "706.0": 0.3158, "705.0": 0.3207, "738.0": 0.1904, "731.0": 0.2139, "762.0": 0.1249, "690.0": 0.3853, "724.0": 0.2409, "739.0": 0.1863, "761.0": 0.127, "715.0": 0.2774, "707.0": 0.3109, "703.0": 0.3304, "732.0": 0.2112, "745.0": 0.1682, "749.0": 0.1568, "714.0": 0.2824, "712.0": 0.2923, "693.0": 0.3709, "767.0": 0.1149, "744.0": 0.1712, "725.0": 0.2394, "748.0": 0.1597, "734.0": 0.2027, "696.0": 0.3565, "700.0": 0.3451, "754.0": 0.1434, "750.0": 0.1535, "759.0": 0.1315, "710.0": 0.3023, "768.0": 0.1135, "756.0": 0.1384, "758.0": 0.134, "757.0": 0.1362, "751.0": 0.1511, "704.0": 0.3255, "685.0": 0.3986, "711.0": 0.2973, "716.0": 0.2774, "694.0": 0.3661, "702.0": 0.3353, "728.0": 0.227, "764.0": 0.1208, "721.0": 0.2563, "742.0": 0.1774, "713.0": 0.2874, "766.0": 0.1169, "692.0": 0.3757, "718.0": 0.2673, "730.0": 0.2193, "755.0": 0.1408, "708.0": 0.306, "695.0": 0.3613, "717.0": 0.2724, "720.0": 0.2572, "691.0": 0.3805, "769.0": 0.1118, "698.0": 0.3469}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2061, "long_delta": 0.119, "short_iv": 0.1362, "short_rel_spread": 0.007843137254901968, "long_rel_spread": 0.0285714285714286, "short_quote_age": 0.741473, "long_quote_age": 0.672598, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.47}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.30 (gross $-26.80 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:49:06.253908+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5-day momentum (+0.28%) with an elevated IV/RV of 1.10, providing attractive premium for put credit spreads after a modest 1-day pullback (-0.49%).", "invalidation": "A continuation of the 1-day decline that pushes SPY spot below the short strike delta threshold."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"743.0": 0.1918, "721.0": 0.3126, "736.0": 0.2311, "740.0": 0.2088, "719.0": 0.3254, "729.0": 0.2711, "756.0": 0.1431, "724.0": 0.3044, "718.0": 0.3319, "750.0": 0.1642, "767.0": 0.1138, "768.0": 0.1119, "766.0": 0.1162, "728.0": 0.2778, "723.0": 0.3111, "761.0": 0.1289, "755.0": 0.1466, "710.0": 0.3834, "722.0": 0.3178, "720.0": 0.319, "765.0": 0.1183, "735.0": 0.2381, "751.0": 0.1592, "732.0": 0.2588, "757.0": 0.1401, "727.0": 0.2844, "730.0": 0.2644, "763.0": 0.1235, "733.0": 0.2519, "762.0": 0.126, "758.0": 0.1372, "760.0": 0.1314, "744.0": 0.1884, "726.0": 0.2911, "690.0": 0.4878, "742.0": 0.1991, "752.0": 0.1568, "769.0": 0.1077, "741.0": 0.2065, "734.0": 0.245, "685.0": 0.5188, "748.0": 0.1722, "759.0": 0.1342, "705.0": 0.4155, "715.0": 0.3512, "745.0": 0.1844, "725.0": 0.2978, "746.0": 0.18, "737.0": 0.2242, "753.0": 0.1533, "749.0": 0.1664, "695.0": 0.4568, "738.0": 0.2231, "747.0": 0.175, "739.0": 0.216, "700.0": 0.426, "731.0": 0.2657, "764.0": 0.1209, "754.0": 0.15}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1855, "long_delta": 0.0812, "short_iv": 0.1342, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03174603174603177, "short_quote_age": 1.023965, "long_quote_age": 0.990951, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.555}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.77 (gross $-25.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:49:19.382344+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day momentum at +0.28% with an elevated IV/RV ratio of 1.10, favoring credit collection on short puts.", "invalidation": "SPY spot breaks significantly below current levels as 1-day weakness (-0.49%) accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"732.0": 0.2219, "748.0": 0.1616, "749.0": 0.1592, "727.0": 0.2456, "733.0": 0.2203, "737.0": 0.2033, "729.0": 0.2394, "695.0": 0.3921, "746.0": 0.1686, "754.0": 0.1444, "724.0": 0.2627, "736.0": 0.2061, "750.0": 0.1561, "744.0": 0.1754, "685.0": 0.4448, "751.0": 0.1524, "762.0": 0.124, "718.0": 0.2897, "710.0": 0.3247, "766.0": 0.1157, "700.0": 0.3658, "741.0": 0.1866, "752.0": 0.15, "761.0": 0.1262, "725.0": 0.257, "690.0": 0.4184, "720.0": 0.2786, "742.0": 0.1824, "755.0": 0.1414, "763.0": 0.1216, "743.0": 0.1781, "759.0": 0.1311, "757.0": 0.1362, "721.0": 0.273, "705.0": 0.3518, "715.0": 0.3063, "747.0": 0.1646, "740.0": 0.1904, "735.0": 0.2121, "730.0": 0.2335, "739.0": 0.194, "768.0": 0.1116, "745.0": 0.1723, "767.0": 0.1134, "769.0": 0.1105, "719.0": 0.2841, "723.0": 0.2684, "728.0": 0.2452, "756.0": 0.1389, "760.0": 0.1286, "731.0": 0.2277, "722.0": 0.2741, "765.0": 0.1174, "734.0": 0.2144, "726.0": 0.2513, "753.0": 0.1468, "738.0": 0.1972, "764.0": 0.1196, "758.0": 0.1336}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1976, "long_delta": 0.1017, "short_iv": 0.1336, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.570299, "long_quote_age": 0.57731, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.555}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.33 (gross $-27.33 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.33 (gross $-27.33 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.1976, "long_delta": 0.1017, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.8024, "edge_pp": -9.16, "ev_implied_usd": -21.82, "realized_vol": 0.1064, "atm_iv": 0.1157, "vrp_ratio": 0.9196, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.85, "ev_at_half_drift_usd": -31.52, "ev_gross_usd": -27.33, "expected_loss_real_usd": 80.33, "friction_usd": 1.0, "ev_net_usd": -28.33, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 446}
{"ts": "2026-08-31T14:50:43.023821+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows elevated implied volatility relative to realized volatility with an IV/RV of 1.10 alongside positive 5-day performance (+0.25%), favoring put premium selling.", "invalidation": "SPY spot drops significantly below 765.40, accelerating the 1-day decline beyond expected volatility."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"729.0": 0.27, "759.0": 0.1341, "719.0": 0.3245, "757.0": 0.1399, "685.0": 0.5179, "738.0": 0.222, "752.0": 0.1568, "767.0": 0.1135, "728.0": 0.2767, "751.0": 0.1595, "741.0": 0.2053, "753.0": 0.1531, "732.0": 0.2577, "731.0": 0.2566, "765.0": 0.1178, "768.0": 0.1117, "705.0": 0.4145, "740.0": 0.2077, "730.0": 0.2633, "749.0": 0.1672, "755.0": 0.146, "748.0": 0.1709, "725.0": 0.2967, "718.0": 0.3309, "763.0": 0.1229, "743.0": 0.1906, "722.0": 0.3051, "762.0": 0.1255, "710.0": 0.3824, "733.0": 0.2508, "720.0": 0.318, "715.0": 0.3502, "760.0": 0.131, "727.0": 0.2834, "742.0": 0.198, "726.0": 0.2901, "700.0": 0.425, "724.0": 0.3034, "756.0": 0.1432, "750.0": 0.1628, "736.0": 0.23, "739.0": 0.2148, "764.0": 0.1202, "721.0": 0.3116, "734.0": 0.2439, "761.0": 0.1284, "735.0": 0.237, "769.0": 0.1097, "746.0": 0.1787, "690.0": 0.4869, "695.0": 0.4559, "766.0": 0.1155, "723.0": 0.3101, "747.0": 0.1738, "758.0": 0.1368, "744.0": 0.1872, "745.0": 0.1832, "737.0": 0.2231, "754.0": 0.1495}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1912, "long_delta": 0.0836, "short_iv": 0.1341, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.594176, "long_quote_age": 0.664563, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.96 (gross $-23.96 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:50:59.013976+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits implied volatility rich to realized volatility with an IV/RV ratio of 1.10 while maintaining positive 5-day return of +0.25%, favoring defined-risk put spread premium collection.", "invalidation": "Sharp acceleration of the 1-day decline of -0.51% dragging spot significantly lower."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"739.0": 0.1942, "735.0": 0.2124, "729.0": 0.2396, "745.0": 0.1725, "724.0": 0.2629, "758.0": 0.1335, "732.0": 0.2221, "721.0": 0.2732, "736.0": 0.2063, "755.0": 0.1414, "749.0": 0.1583, "768.0": 0.111, "685.0": 0.445, "725.0": 0.2572, "752.0": 0.1494, "700.0": 0.366, "766.0": 0.1153, "715.0": 0.3065, "719.0": 0.2843, "705.0": 0.352, "747.0": 0.1649, "767.0": 0.1131, "720.0": 0.2788, "743.0": 0.1783, "730.0": 0.2338, "764.0": 0.1193, "748.0": 0.1619, "760.0": 0.1284, "751.0": 0.1527, "728.0": 0.2454, "740.0": 0.1907, "753.0": 0.1463, "744.0": 0.1757, "759.0": 0.1308, "690.0": 0.4186, "746.0": 0.1689, "722.0": 0.2743, "763.0": 0.1214, "765.0": 0.1172, "726.0": 0.2515, "695.0": 0.3923, "731.0": 0.2279, "741.0": 0.1868, "761.0": 0.126, "742.0": 0.1827, "723.0": 0.2686, "762.0": 0.1238, "750.0": 0.1553, "727.0": 0.2458, "756.0": 0.1386, "738.0": 0.1974, "718.0": 0.2899, "754.0": 0.144, "733.0": 0.2205, "737.0": 0.2036, "769.0": 0.1094, "710.0": 0.3249, "734.0": 0.2146, "757.0": 0.136}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.71, "short_delta": 0.2539, "long_delta": 0.132, "short_iv": 0.1284, "short_rel_spread": 0.007326007326007331, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.52403, "long_quote_age": 0.442637, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 429.0, "total_risk": 19734.0, "buying_power_used_pct": 0.9867}, "spot": 765.62}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.17 (gross $-29.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:52:25.561612+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day performance of +0.28% with an IV/RV ratio of 1.11, offering elevated implied volatility premium to collect via downside put spreads.", "invalidation": "SPY spot declines further as 1-day negative momentum (-0.48%) accelerates below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"715.0": 0.3512, "750.0": 0.1642, "763.0": 0.1229, "746.0": 0.18, "755.0": 0.1467, "705.0": 0.4155, "725.0": 0.2978, "732.0": 0.2588, "741.0": 0.2065, "758.0": 0.1373, "724.0": 0.3045, "718.0": 0.3319, "742.0": 0.1992, "739.0": 0.216, "720.0": 0.319, "767.0": 0.1137, "753.0": 0.1533, "769.0": 0.1109, "722.0": 0.3061, "738.0": 0.2231, "731.0": 0.2577, "729.0": 0.2711, "766.0": 0.1154, "723.0": 0.3111, "721.0": 0.3126, "728.0": 0.2778, "752.0": 0.1569, "733.0": 0.2519, "740.0": 0.2089, "765.0": 0.1179, "757.0": 0.1402, "760.0": 0.1312, "710.0": 0.3834, "695.0": 0.4569, "719.0": 0.3255, "730.0": 0.2644, "754.0": 0.15, "745.0": 0.1845, "759.0": 0.1343, "748.0": 0.1723, "737.0": 0.2242, "736.0": 0.2312, "768.0": 0.1112, "727.0": 0.2845, "747.0": 0.1751, "756.0": 0.1432, "751.0": 0.161, "749.0": 0.1686, "734.0": 0.245, "743.0": 0.1919, "685.0": 0.5189, "690.0": 0.4878, "762.0": 0.1255, "700.0": 0.426, "761.0": 0.1284, "744.0": 0.1885, "764.0": 0.1203, "735.0": 0.2381, "726.0": 0.2911}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1854, "long_delta": 0.0812, "short_iv": 0.1343, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.554383, "long_quote_age": 0.567873, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.565}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.55 (gross $-26.55 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,976.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.55 (gross $-26.55 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.1854, "long_delta": 0.0812, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.8146, "edge_pp": -9.34, "ev_implied_usd": -20.65, "realized_vol": 0.1064, "atm_iv": 0.1154, "vrp_ratio": 0.922, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -32.91, "ev_at_half_drift_usd": -29.69, "ev_gross_usd": -26.55, "expected_loss_real_usd": 72.55, "friction_usd": 1.0, "ev_net_usd": -27.55, "total_risk_usd": 19976.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 479}
{"ts": "2026-08-31T14:52:39.671569+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.11 alongside positive 5D returns of +0.28%, providing favorable implied volatility premium for short put credit spread positioning across a multi-day horizon.", "invalidation": "SPY breaks down below the short strike and 5D returns deteriorate significantly."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"696.0": 0.3571, "697.0": 0.3523, "727.0": 0.2296, "726.0": 0.2348, "685.0": 0.3992, "695.0": 0.3619, "700.0": 0.3456, "712.0": 0.2929, "756.0": 0.1386, "723.0": 0.2467, "747.0": 0.162, "720.0": 0.2578, "690.0": 0.3858, "751.0": 0.1514, "742.0": 0.1768, "699.0": 0.3427, "758.0": 0.134, "768.0": 0.1144, "711.0": 0.2979, "761.0": 0.1272, "744.0": 0.1709, "766.0": 0.1172, "753.0": 0.1462, "709.0": 0.3078, "754.0": 0.1436, "708.0": 0.3066, "715.0": 0.278, "718.0": 0.2679, "746.0": 0.1646, "706.0": 0.3164, "740.0": 0.1844, "703.0": 0.331, "769.0": 0.1127, "692.0": 0.3762, "732.0": 0.2119, "750.0": 0.1537, "702.0": 0.3359, "710.0": 0.3029, "707.0": 0.3115, "704.0": 0.3261, "716.0": 0.278, "730.0": 0.2199, "736.0": 0.1967, "763.0": 0.1229, "752.0": 0.1485, "765.0": 0.1188, "759.0": 0.1316, "705.0": 0.3212, "714.0": 0.283, "731.0": 0.2146, "701.0": 0.3408, "719.0": 0.2629, "721.0": 0.257, "729.0": 0.2223, "743.0": 0.1747, "734.0": 0.2034, "717.0": 0.273, "733.0": 0.2089, "748.0": 0.1597, "764.0": 0.1208, "762.0": 0.1251, "760.0": 0.1294, "741.0": 0.18, "735.0": 0.2002, "755.0": 0.1411, "767.0": 0.1154, "737.0": 0.1931, "739.0": 0.187, "693.0": 0.3714, "749.0": 0.1569, "713.0": 0.288, "691.0": 0.381, "724.0": 0.2416, "745.0": 0.1679, "698.0": 0.3475, "728.0": 0.2276, "722.0": 0.2518, "694.0": 0.3666, "725.0": 0.2401, "738.0": 0.1911, "757.0": 0.1363}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2028, "long_delta": 0.1169, "short_iv": 0.1363, "short_rel_spread": 0.016000000000000014, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.416308, "long_quote_age": 0.417243, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.59}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.83 (gross $-28.33 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:53:59.516408+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY holds a positive 5-day return of +0.26% with an elevated IV/RV ratio of 1.11, providing favorable implied volatility to sell puts following a 1-day dip of -0.51%.", "invalidation": "SPY spot price continues dropping significantly below 765.46 as short put delta expands beyond tolerance."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"726.0": 0.2903, "733.0": 0.2511, "760.0": 0.1304, "762.0": 0.1251, "690.0": 0.4871, "731.0": 0.2569, "734.0": 0.2442, "749.0": 0.1676, "764.0": 0.1198, "759.0": 0.1333, "719.0": 0.3247, "710.0": 0.3826, "722.0": 0.3053, "767.0": 0.1121, "735.0": 0.2372, "745.0": 0.1835, "747.0": 0.1741, "742.0": 0.1983, "715.0": 0.3505, "732.0": 0.258, "751.0": 0.1599, "755.0": 0.1454, "761.0": 0.1279, "743.0": 0.1909, "746.0": 0.179, "744.0": 0.1875, "748.0": 0.1712, "741.0": 0.2056, "727.0": 0.2836, "752.0": 0.1557, "729.0": 0.2703, "730.0": 0.2636, "750.0": 0.1632, "754.0": 0.1488, "763.0": 0.1221, "758.0": 0.1365, "728.0": 0.277, "766.0": 0.1148, "738.0": 0.2222, "705.0": 0.4148, "753.0": 0.1521, "768.0": 0.1103, "695.0": 0.4561, "757.0": 0.1396, "736.0": 0.2303, "725.0": 0.297, "756.0": 0.1418, "700.0": 0.4253, "769.0": 0.1088, "685.0": 0.5181, "740.0": 0.208, "720.0": 0.3182, "765.0": 0.1173, "721.0": 0.3118, "739.0": 0.2151, "718.0": 0.3311, "737.0": 0.2234, "723.0": 0.3103, "724.0": 0.3037}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1884, "long_delta": 0.0818, "short_iv": 0.1333, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.716176, "long_quote_age": 0.723497, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 765.495}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.61 (gross $-23.61 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:54:12.311706+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility exceeds 20-day realized volatility with an IV/RV ratio of 1.11 while maintaining a positive 5-day return of +0.26%.", "invalidation": "Further 1-day declines pushing the spot price below the short put strike alongside expanding realized volatility."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"725.0": 0.2569, "723.0": 0.2683, "767.0": 0.113, "735.0": 0.212, "695.0": 0.392, "738.0": 0.1971, "758.0": 0.1328, "745.0": 0.1721, "721.0": 0.2729, "739.0": 0.1938, "759.0": 0.1304, "734.0": 0.2142, "756.0": 0.1381, "753.0": 0.1466, "700.0": 0.3657, "733.0": 0.2202, "705.0": 0.3517, "750.0": 0.1549, "760.0": 0.1279, "740.0": 0.1903, "764.0": 0.1185, "728.0": 0.2451, "765.0": 0.1163, "762.0": 0.123, "766.0": 0.1146, "757.0": 0.1354, "727.0": 0.2455, "743.0": 0.178, "769.0": 0.1092, "724.0": 0.2626, "749.0": 0.1579, "748.0": 0.1614, "731.0": 0.2276, "720.0": 0.2785, "746.0": 0.1685, "754.0": 0.1435, "752.0": 0.149, "742.0": 0.1823, "747.0": 0.1645, "715.0": 0.3062, "741.0": 0.1864, "685.0": 0.4447, "761.0": 0.1255, "736.0": 0.206, "732.0": 0.2218, "726.0": 0.2512, "710.0": 0.3246, "755.0": 0.1409, "690.0": 0.4183, "722.0": 0.2739, "763.0": 0.1208, "751.0": 0.1523, "719.0": 0.284, "737.0": 0.2032, "744.0": 0.1753, "718.0": 0.2896, "729.0": 0.2392, "730.0": 0.2334, "768.0": 0.1111}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1969, "long_delta": 0.1018, "short_iv": 0.1328, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.660087, "long_quote_age": 0.584527, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.56}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.82 (gross $-28.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.82 (gross $-28.82 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.1969, "long_delta": 0.1018, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.8031, "edge_pp": -9.29, "ev_implied_usd": -22.68, "realized_vol": 0.1064, "atm_iv": 0.1146, "vrp_ratio": 0.9284, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.33, "ev_at_half_drift_usd": -33.01, "ev_gross_usd": -28.82, "expected_loss_real_usd": 80.82, "friction_usd": 1.0, "ev_net_usd": -29.82, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 472}
{"ts": "2026-08-31T14:55:31.333657+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.31% with an elevated IV/RV ratio of 1.11, making short put premium attractive despite the 1D pullback of -0.46%.", "invalidation": "A continued decline significantly below the spot price of 765.81 that breaches short strikes would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"753.0": 0.1524, "737.0": 0.2256, "769.0": 0.1066, "690.0": 0.4889, "768.0": 0.1098, "718.0": 0.3331, "695.0": 0.458, "720.0": 0.3202, "727.0": 0.2857, "745.0": 0.1859, "747.0": 0.1766, "723.0": 0.3124, "722.0": 0.3073, "744.0": 0.1899, "764.0": 0.1193, "730.0": 0.2657, "758.0": 0.1358, "746.0": 0.1815, "726.0": 0.2924, "685.0": 0.52, "732.0": 0.2601, "729.0": 0.2724, "767.0": 0.1118, "751.0": 0.1592, "742.0": 0.2006, "756.0": 0.1424, "740.0": 0.2102, "752.0": 0.1555, "728.0": 0.279, "761.0": 0.1275, "741.0": 0.2079, "710.0": 0.3846, "738.0": 0.2245, "748.0": 0.1713, "724.0": 0.3057, "759.0": 0.1333, "721.0": 0.3138, "731.0": 0.259, "754.0": 0.1483, "762.0": 0.1249, "760.0": 0.1304, "739.0": 0.2174, "749.0": 0.168, "700.0": 0.4271, "719.0": 0.3267, "765.0": 0.1168, "757.0": 0.139, "743.0": 0.1933, "766.0": 0.1146, "733.0": 0.2532, "725.0": 0.2991, "734.0": 0.2463, "715.0": 0.3524, "736.0": 0.2325, "750.0": 0.1639, "763.0": 0.122, "705.0": 0.4167, "755.0": 0.1455, "735.0": 0.2394}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2085, "long_delta": 0.0899, "short_iv": 0.1304, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.948101, "long_quote_age": 1.364529, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.60 (gross $-26.60 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:55:41.606659+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.31% with ATM IV at 11.50% exceeding RV20 of 10.40% (IV/RV 1.11), providing favorable premium to sell downside credit spreads.", "invalidation": "SPY spot drops significantly below 765.81 alongside a reversal of the 5-day positive performance."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"726.0": 0.2526, "728.0": 0.2412, "724.0": 0.2639, "761.0": 0.1253, "730.0": 0.2348, "756.0": 0.1379, "746.0": 0.1686, "753.0": 0.1462, "744.0": 0.175, "758.0": 0.1328, "719.0": 0.2853, "764.0": 0.1184, "723.0": 0.2696, "742.0": 0.1816, "690.0": 0.4195, "731.0": 0.229, "718.0": 0.2909, "751.0": 0.1522, "762.0": 0.1228, "720.0": 0.2798, "752.0": 0.1491, "722.0": 0.2753, "732.0": 0.2232, "759.0": 0.1302, "754.0": 0.1433, "757.0": 0.1353, "721.0": 0.2742, "710.0": 0.3259, "763.0": 0.1208, "750.0": 0.1556, "727.0": 0.2469, "737.0": 0.2014, "741.0": 0.1855, "767.0": 0.1129, "768.0": 0.1112, "734.0": 0.2157, "765.0": 0.1165, "733.0": 0.2216, "740.0": 0.1891, "725.0": 0.2582, "760.0": 0.1278, "769.0": 0.1095, "748.0": 0.1619, "738.0": 0.1985, "735.0": 0.2097, "729.0": 0.2406, "745.0": 0.172, "739.0": 0.1953, "705.0": 0.3529, "743.0": 0.1774, "747.0": 0.1647, "715.0": 0.3075, "749.0": 0.1584, "736.0": 0.2074, "695.0": 0.3932, "755.0": 0.1407, "700.0": 0.3669, "766.0": 0.1144}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00754000", "short_strike": 758.0, "long_strike": 754.0, "width": 4.0, "credit": 0.43, "short_delta": 0.1893, "long_delta": 0.1106, "short_iv": 0.1328, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.018691588785046745, "short_quote_age": 0.411357, "long_quote_age": 0.411403, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 357.0, "total_risk": 19992.0, "buying_power_used_pct": 0.9996}, "spot": 765.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.35 (gross $-23.35 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $357/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,992.00 (56 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-24.35 (gross $-23.35 - friction $1.00) > $0.00"}], "economics": {"credit": 0.43, "width": 4.0, "short_delta": 0.1893, "long_delta": 0.1106, "max_profit_usd": 43.0, "max_loss_usd": 357.0, "breakeven_wr": 0.8925, "implied_wr": 0.8107, "edge_pp": -8.18, "ev_implied_usd": -16.98, "realized_vol": 0.1064, "atm_iv": 0.1144, "vrp_ratio": 0.9301, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -30.34, "ev_at_half_drift_usd": -26.79, "ev_gross_usd": -23.35, "expected_loss_real_usd": 66.35, "friction_usd": 1.0, "ev_net_usd": -24.35, "total_risk_usd": 19992.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 499}
{"ts": "2026-08-31T14:56:59.943252+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum (+0.35%) with ATM IV trading at a premium over 20-day realized volatility (IV/RV 1.11), offering favorable pricing for short put spread premium.", "invalidation": "Further acceleration of the 1-day decline (-0.42%) driving spot SPY below the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"748.0": 0.1711, "758.0": 0.1354, "710.0": 0.3864, "763.0": 0.1218, "735.0": 0.2414, "760.0": 0.1299, "757.0": 0.1387, "705.0": 0.4185, "741.0": 0.2052, "736.0": 0.2345, "759.0": 0.1328, "695.0": 0.4597, "742.0": 0.2027, "721.0": 0.3156, "768.0": 0.11, "744.0": 0.1921, "720.0": 0.3221, "769.0": 0.1082, "749.0": 0.1681, "761.0": 0.1271, "745.0": 0.1846, "727.0": 0.2876, "732.0": 0.2621, "756.0": 0.1416, "729.0": 0.2743, "751.0": 0.1599, "753.0": 0.1523, "718.0": 0.3349, "765.0": 0.1166, "734.0": 0.2483, "755.0": 0.1451, "752.0": 0.1565, "719.0": 0.3285, "746.0": 0.1806, "740.0": 0.2123, "762.0": 0.1242, "743.0": 0.1954, "728.0": 0.281, "723.0": 0.3143, "722.0": 0.3092, "690.0": 0.4906, "730.0": 0.2676, "750.0": 0.1644, "700.0": 0.4288, "724.0": 0.3076, "747.0": 0.176, "739.0": 0.2195, "766.0": 0.1141, "731.0": 0.2609, "726.0": 0.2943, "725.0": 0.301, "733.0": 0.2552, "738.0": 0.2206, "737.0": 0.2276, "685.0": 0.5216, "715.0": 0.3542, "754.0": 0.1486, "764.0": 0.1191, "767.0": 0.112}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.196, "long_delta": 0.0834, "short_iv": 0.1299, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.691837, "long_quote_age": 1.191827, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.135}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.62 (gross $-26.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.62 (gross $-26.62 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.196, "long_delta": 0.0834, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.804, "edge_pp": -9.8, "ev_implied_usd": -20.85, "realized_vol": 0.1064, "atm_iv": 0.1141, "vrp_ratio": 0.9325, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -33.31, "ev_at_half_drift_usd": -29.92, "ev_gross_usd": -26.62, "expected_loss_real_usd": 75.62, "friction_usd": 1.0, "ev_net_usd": -27.62, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 498}
{"ts": "2026-08-31T14:57:14.954504+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays elevated ATM IV relative to historical volatility with an IV/RV of 1.11 and positive 5D return of +0.35%, offering favorable premium selling conditions for a put credit spread over a 3-6 DTE horizon.", "invalidation": "SPY spot breaks significantly downward beyond the short put strike as 1D negative momentum of -0.42% expands."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"755.0": 0.1405, "734.0": 0.2181, "742.0": 0.1842, "743.0": 0.1801, "759.0": 0.1299, "760.0": 0.1275, "748.0": 0.1621, "718.0": 0.2931, "761.0": 0.1252, "765.0": 0.1162, "700.0": 0.3689, "745.0": 0.173, "767.0": 0.1122, "769.0": 0.1094, "735.0": 0.2122, "750.0": 0.1553, "741.0": 0.1881, "757.0": 0.1349, "715.0": 0.3097, "749.0": 0.159, "733.0": 0.2197, "754.0": 0.143, "756.0": 0.1379, "744.0": 0.1757, "752.0": 0.1486, "731.0": 0.2314, "710.0": 0.328, "753.0": 0.1462, "736.0": 0.2099, "723.0": 0.2719, "719.0": 0.2875, "727.0": 0.2492, "705.0": 0.355, "762.0": 0.1229, "746.0": 0.168, "728.0": 0.2435, "747.0": 0.1645, "721.0": 0.2764, "726.0": 0.2549, "738.0": 0.1978, "730.0": 0.2372, "722.0": 0.2709, "764.0": 0.1183, "766.0": 0.114, "690.0": 0.4215, "751.0": 0.1523, "732.0": 0.2255, "737.0": 0.2039, "725.0": 0.2605, "768.0": 0.1111, "695.0": 0.3952, "758.0": 0.1327, "763.0": 0.1204, "724.0": 0.2662, "770.0": 0.1093, "720.0": 0.282, "729.0": 0.243, "685.0": 0.4479, "739.0": 0.1949, "740.0": 0.1917}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2018, "long_delta": 0.1021, "short_iv": 0.1299, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.779708, "long_quote_age": 0.773516, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.165}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.49 (gross $-29.49 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T14:58:44.642773+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY implied volatility exceeds 20-day realized volatility with an IV/RV ratio of 1.09 while holding a positive 5-day return of +0.37%.", "invalidation": "SPY spot price declines significantly below 766.27, extending negative 1-day momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"690.0": 0.4912, "727.0": 0.2884, "724.0": 0.3084, "729.0": 0.275, "743.0": 0.1962, "748.0": 0.1719, "730.0": 0.2683, "695.0": 0.4603, "746.0": 0.1814, "737.0": 0.2284, "750.0": 0.1631, "762.0": 0.1242, "742.0": 0.2035, "719.0": 0.3292, "740.0": 0.2131, "756.0": 0.1417, "770.0": 0.1043, "736.0": 0.2353, "765.0": 0.1166, "728.0": 0.2817, "757.0": 0.139, "731.0": 0.2616, "733.0": 0.256, "700.0": 0.4294, "759.0": 0.1327, "760.0": 0.1294, "752.0": 0.1558, "745.0": 0.1855, "768.0": 0.1097, "685.0": 0.5223, "755.0": 0.145, "764.0": 0.1192, "734.0": 0.2491, "735.0": 0.2422, "769.0": 0.1073, "758.0": 0.1358, "739.0": 0.2202, "747.0": 0.1769, "715.0": 0.3549, "761.0": 0.1269, "753.0": 0.1518, "767.0": 0.1119, "744.0": 0.1929, "723.0": 0.315, "749.0": 0.1666, "754.0": 0.1483, "726.0": 0.295, "720.0": 0.3228, "710.0": 0.3871, "705.0": 0.4192, "738.0": 0.2214, "763.0": 0.1216, "766.0": 0.1141, "721.0": 0.3163, "722.0": 0.3099, "751.0": 0.1589, "732.0": 0.2549, "725.0": 0.3017, "718.0": 0.3356, "741.0": 0.206}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1908, "long_delta": 0.0812, "short_iv": 0.1294, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.461783, "long_quote_age": 0.425654, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 766.22}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.56 (gross $-27.56 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $453/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,932.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.56 (gross $-27.56 - friction $1.00) > $0.00"}], "economics": {"credit": 0.47, "width": 5.0, "short_delta": 0.1908, "long_delta": 0.0812, "max_profit_usd": 47.0, "max_loss_usd": 453.0, "breakeven_wr": 0.906, "implied_wr": 0.8092, "edge_pp": -9.68, "ev_implied_usd": -21.0, "realized_vol": 0.1064, "atm_iv": 0.1141, "vrp_ratio": 0.9325, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.18, "ev_at_half_drift_usd": -30.82, "ev_gross_usd": -27.56, "expected_loss_real_usd": 74.56, "friction_usd": 1.0, "ev_net_usd": -28.56, "total_risk_usd": 19932.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 453}
{"ts": "2026-08-31T14:58:57.247332+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.37% with IV/RV elevated at 1.09, offering favorable premium collection for short puts across an extended 3 to 6 DTE window.", "invalidation": "SPY breaks further below spot 766.27 and 5-day return turns negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"735.0": 0.2119, "758.0": 0.1322, "730.0": 0.2369, "764.0": 0.1176, "754.0": 0.1426, "757.0": 0.1347, "766.0": 0.1135, "731.0": 0.2311, "769.0": 0.1085, "751.0": 0.1519, "739.0": 0.1946, "710.0": 0.3277, "760.0": 0.1269, "728.0": 0.2432, "748.0": 0.1617, "720.0": 0.2817, "745.0": 0.1707, "765.0": 0.1156, "737.0": 0.2036, "690.0": 0.4213, "718.0": 0.2928, "761.0": 0.1246, "727.0": 0.2489, "721.0": 0.2762, "749.0": 0.1586, "725.0": 0.2603, "732.0": 0.2253, "767.0": 0.1116, "738.0": 0.1975, "724.0": 0.2659, "752.0": 0.1492, "734.0": 0.2178, "750.0": 0.155, "747.0": 0.1642, "746.0": 0.1677, "705.0": 0.3548, "770.0": 0.1069, "700.0": 0.3687, "723.0": 0.2651, "729.0": 0.2375, "742.0": 0.1814, "719.0": 0.2873, "722.0": 0.2706, "726.0": 0.2546, "685.0": 0.4476, "740.0": 0.1914, "744.0": 0.1754, "756.0": 0.1374, "736.0": 0.2059, "715.0": 0.3094, "768.0": 0.1101, "753.0": 0.1458, "759.0": 0.1294, "755.0": 0.1401, "741.0": 0.1851, "733.0": 0.2194, "762.0": 0.1223, "763.0": 0.1199, "743.0": 0.1775, "695.0": 0.3949}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2025, "long_delta": 0.1024, "short_iv": 0.1294, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.661668, "long_quote_age": 0.810305, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.195}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.31 (gross $-29.31 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:00:14.937016+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day momentum of +0.33% alongside an elevated IV/RV ratio of 1.09, offering favorable premium for short put credit spreads.", "invalidation": "SPY spot price breaks downward below the short put strike as 1-day weakness accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"736.0": 0.2341, "726.0": 0.2939, "759.0": 0.132, "722.0": 0.3088, "710.0": 0.386, "745.0": 0.1841, "730.0": 0.2672, "715.0": 0.3538, "735.0": 0.241, "721.0": 0.3152, "755.0": 0.1445, "685.0": 0.5213, "705.0": 0.4181, "764.0": 0.1184, "718.0": 0.3346, "720.0": 0.3217, "760.0": 0.1294, "762.0": 0.1237, "746.0": 0.1801, "752.0": 0.156, "743.0": 0.195, "695.0": 0.4593, "727.0": 0.2872, "753.0": 0.1517, "758.0": 0.1354, "742.0": 0.2023, "747.0": 0.1755, "763.0": 0.1212, "729.0": 0.2739, "723.0": 0.3139, "732.0": 0.2538, "756.0": 0.1419, "731.0": 0.2605, "728.0": 0.2806, "725.0": 0.3006, "769.0": 0.1085, "750.0": 0.1638, "748.0": 0.1706, "768.0": 0.11, "700.0": 0.4284, "754.0": 0.148, "738.0": 0.2202, "724.0": 0.3072, "733.0": 0.2548, "766.0": 0.1136, "751.0": 0.1594, "761.0": 0.1265, "767.0": 0.1118, "741.0": 0.2047, "757.0": 0.1381, "739.0": 0.219, "740.0": 0.2119, "744.0": 0.1916, "719.0": 0.3281, "737.0": 0.2272, "765.0": 0.1161, "734.0": 0.2479, "749.0": 0.1676, "690.0": 0.4903}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1975, "long_delta": 0.0838, "short_iv": 0.1294, "short_rel_spread": 0.024691358024691242, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.508786, "long_quote_age": 0.509746, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.01}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.04 (gross $-27.54 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.04 (gross $-27.54 - friction $1.50) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1975, "long_delta": 0.0838, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8025, "edge_pp": -9.75, "ev_implied_usd": -20.32, "realized_vol": 0.1064, "atm_iv": 0.1136, "vrp_ratio": 0.9366, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.32, "ev_at_half_drift_usd": -30.88, "ev_gross_usd": -27.54, "expected_loss_real_usd": 77.54, "friction_usd": 1.5, "ev_net_usd": -29.04, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 456}
{"ts": "2026-08-31T15:00:29.466147+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio is elevated at 1.09 with ATM IV of 11.34% exceeding RV20 of 10.40% while 5D performance remains positive at +0.33%, supporting put premium collection across the 4-7 DTE window.", "invalidation": "SPY spot falls substantially below 766.00 or 5D performance turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"700.0": 0.3411, "739.0": 0.1877, "722.0": 0.2512, "713.0": 0.2914, "691.0": 0.3843, "721.0": 0.2563, "717.0": 0.2715, "718.0": 0.2714, "695.0": 0.3651, "709.0": 0.3051, "707.0": 0.3148, "720.0": 0.2613, "749.0": 0.157, "711.0": 0.3013, "759.0": 0.1327, "690.0": 0.3788, "704.0": 0.3294, "769.0": 0.1146, "699.0": 0.3459, "767.0": 0.1178, "712.0": 0.2964, "766.0": 0.1193, "729.0": 0.2229, "752.0": 0.1494, "768.0": 0.1148, "743.0": 0.1751, "758.0": 0.1349, "740.0": 0.1854, "730.0": 0.2208, "714.0": 0.2864, "747.0": 0.1628, "736.0": 0.1986, "748.0": 0.1601, "694.0": 0.3699, "760.0": 0.1296, "697.0": 0.3555, "734.0": 0.2049, "754.0": 0.1441, "751.0": 0.1517, "732.0": 0.213, "724.0": 0.2452, "716.0": 0.2765, "723.0": 0.2503, "725.0": 0.24, "762.0": 0.1252, "738.0": 0.1915, "710.0": 0.3002, "733.0": 0.2103, "757.0": 0.1372, "685.0": 0.4023, "692.0": 0.3795, "727.0": 0.2333, "750.0": 0.155, "742.0": 0.1783, "741.0": 0.1812, "708.0": 0.3099, "737.0": 0.1951, "761.0": 0.1275, "702.0": 0.3392, "755.0": 0.1417, "745.0": 0.1691, "693.0": 0.3747, "728.0": 0.2281, "764.0": 0.1227, "726.0": 0.2349, "746.0": 0.1662, "735.0": 0.2018, "753.0": 0.1464, "715.0": 0.2815, "706.0": 0.3197, "765.0": 0.121, "756.0": 0.1396, "719.0": 0.2664, "763.0": 0.1232, "696.0": 0.3603, "701.0": 0.3363, "705.0": 0.3246, "698.0": 0.3507, "744.0": 0.1717, "703.0": 0.3343, "731.0": 0.2155}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2074, "long_delta": 0.1181, "short_iv": 0.1349, "short_rel_spread": 0.007843137254901968, "long_rel_spread": 0.014598540145985252, "short_quote_age": 1.460135, "long_quote_age": 1.429199, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 441.0, "total_risk": 19845.0, "buying_power_used_pct": 0.9922}, "spot": 766.055}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.35 (gross $-27.35 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:01:51.836688+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day return at +0.34% with an elevated IV/RV ratio of 1.09, offering an attractive premium-selling setup for a short-term put spread.", "invalidation": "A continued decline in SPY spot price below 766.10 that deepens the 1-day loss of -0.42%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"741.0": 0.2056, "738.0": 0.221, "732.0": 0.2545, "730.0": 0.2679, "743.0": 0.1958, "705.0": 0.4188, "719.0": 0.3288, "685.0": 0.5219, "752.0": 0.1553, "767.0": 0.1116, "748.0": 0.1715, "737.0": 0.228, "755.0": 0.1444, "742.0": 0.1984, "756.0": 0.1411, "729.0": 0.2746, "754.0": 0.1491, "744.0": 0.1885, "766.0": 0.1138, "722.0": 0.3095, "750.0": 0.1627, "695.0": 0.46, "723.0": 0.3146, "749.0": 0.1661, "736.0": 0.2349, "718.0": 0.3353, "759.0": 0.132, "762.0": 0.1239, "747.0": 0.1764, "733.0": 0.2478, "739.0": 0.2198, "710.0": 0.3867, "731.0": 0.2613, "764.0": 0.1186, "727.0": 0.288, "745.0": 0.185, "765.0": 0.1161, "724.0": 0.308, "761.0": 0.1267, "735.0": 0.2418, "757.0": 0.1384, "751.0": 0.1584, "700.0": 0.4291, "768.0": 0.1095, "758.0": 0.1352, "720.0": 0.3224, "721.0": 0.316, "734.0": 0.2487, "690.0": 0.4909, "746.0": 0.181, "728.0": 0.2813, "763.0": 0.1211, "740.0": 0.2127, "753.0": 0.1513, "715.0": 0.3546, "725.0": 0.3013, "769.0": 0.1076, "760.0": 0.1293, "726.0": 0.2947}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1928, "long_delta": 0.0815, "short_iv": 0.1293, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.903807, "long_quote_age": 0.95596, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.145}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.37 (gross $-27.37 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.37 (gross $-27.37 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1928, "long_delta": 0.0815, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8072, "edge_pp": -9.68, "ev_implied_usd": -20.58, "realized_vol": 0.1064, "atm_iv": 0.1138, "vrp_ratio": 0.935, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.05, "ev_at_half_drift_usd": -30.67, "ev_gross_usd": -27.37, "expected_loss_real_usd": 75.37, "friction_usd": 1.0, "ev_net_usd": -28.37, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 466}
{"ts": "2026-08-31T15:02:06.052134+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 4, "max_loss_usd": 400, "thesis": "SPY shows an elevated IV/RV ratio of 1.09 with positive 5D returns of +0.34%, favoring put credit spread selling across a longer 4-7 DTE window.", "invalidation": "SPY 1D decline accelerates beyond -0.42% dragging spot price through the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"717.0": 0.2706, "770.0": 0.1094, "722.0": 0.2502, "766.0": 0.1156, "748.0": 0.1588, "765.0": 0.1175, "692.0": 0.3685, "737.0": 0.194, "718.0": 0.2656, "761.0": 0.1258, "721.0": 0.2553, "740.0": 0.1842, "767.0": 0.1138, "720.0": 0.2604, "697.0": 0.3546, "744.0": 0.1704, "741.0": 0.18, "694.0": 0.369, "769.0": 0.1102, "730.0": 0.2197, "725.0": 0.239, "710.0": 0.2993, "752.0": 0.1479, "729.0": 0.2218, "708.0": 0.309, "699.0": 0.345, "760.0": 0.1281, "698.0": 0.3498, "709.0": 0.3041, "695.0": 0.3642, "738.0": 0.1903, "715.0": 0.2805, "693.0": 0.3638, "705.0": 0.3236, "754.0": 0.1425, "742.0": 0.1771, "745.0": 0.1678, "728.0": 0.227, "734.0": 0.2038, "736.0": 0.1975, "690.0": 0.3779, "753.0": 0.1449, "696.0": 0.3594, "704.0": 0.3285, "764.0": 0.1195, "724.0": 0.2442, "727.0": 0.2323, "706.0": 0.3188, "757.0": 0.1351, "726.0": 0.2339, "707.0": 0.3139, "746.0": 0.1649, "747.0": 0.1615, "759.0": 0.1303, "691.0": 0.3732, "758.0": 0.1326, "750.0": 0.1528, "701.0": 0.3354, "713.0": 0.2904, "762.0": 0.1235, "712.0": 0.2954, "703.0": 0.3259, "768.0": 0.1125, "732.0": 0.2119, "719.0": 0.2654, "733.0": 0.2066, "716.0": 0.2755, "739.0": 0.1865, "700.0": 0.3402, "755.0": 0.14, "731.0": 0.2144, "723.0": 0.2452, "763.0": 0.1215, "711.0": 0.2944, "735.0": 0.2007, "751.0": 0.1503, "749.0": 0.1556, "743.0": 0.1739, "756.0": 0.1373, "714.0": 0.2855, "702.0": 0.3306}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 59, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00760000", "long_symbol": "SPY260904P00756000", "short_strike": 760.0, "long_strike": 756.0, "width": 4.0, "credit": 0.64, "short_delta": 0.2606, "long_delta": 0.167, "short_iv": 0.1281, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.0101522842639594, "short_quote_age": 0.578412, "long_quote_age": 0.578592, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 59, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 336.0, "total_risk": 19824.0, "buying_power_used_pct": 0.9912}, "spot": 766.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.72 (gross $-24.22 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 59 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:03:26.242715+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits an IV/RV premium of 1.09 and an upward 5-day trend of +0.30%, making short-dated put credit spreads attractive to capture elevated implied volatility after a minor 1-day pullback of -0.46%.", "invalidation": "A continued downward move in SPY extending significantly past the recent 1-day decline of -0.46% toward the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"754.0": 0.1478, "740.0": 0.2099, "761.0": 0.1263, "759.0": 0.1321, "728.0": 0.2787, "731.0": 0.2586, "755.0": 0.1439, "769.0": 0.1053, "690.0": 0.4887, "752.0": 0.1551, "732.0": 0.2519, "727.0": 0.2854, "721.0": 0.3135, "746.0": 0.1779, "749.0": 0.1653, "722.0": 0.307, "733.0": 0.2452, "753.0": 0.1505, "735.0": 0.2391, "766.0": 0.1137, "743.0": 0.1929, "720.0": 0.3199, "737.0": 0.2252, "700.0": 0.4268, "744.0": 0.1856, "763.0": 0.121, "767.0": 0.111, "705.0": 0.4164, "723.0": 0.3121, "741.0": 0.2027, "734.0": 0.246, "738.0": 0.2183, "757.0": 0.1385, "762.0": 0.1237, "736.0": 0.2322, "725.0": 0.2988, "715.0": 0.3521, "756.0": 0.141, "750.0": 0.1615, "685.0": 0.5197, "751.0": 0.1588, "730.0": 0.2653, "764.0": 0.1184, "726.0": 0.2921, "760.0": 0.1292, "739.0": 0.217, "718.0": 0.3328, "745.0": 0.182, "710.0": 0.3843, "695.0": 0.4577, "748.0": 0.1683, "765.0": 0.116, "729.0": 0.272, "719.0": 0.3264, "768.0": 0.1093, "758.0": 0.1353, "747.0": 0.1733, "724.0": 0.3054, "742.0": 0.1956}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2083, "long_delta": 0.0885, "short_iv": 0.1292, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.579543, "long_quote_age": 0.599346, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.74}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.00 (gross $-28.00 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:03:38.186309+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day momentum at +0.30% and elevated implied volatility with an IV/RV of 1.09, providing favorable premium to sell via a put credit spread across 4 to 7 DTE.", "invalidation": "SPY spot price accelerating downward below the 1-day decline of -0.46% toward the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"758.0": 0.1325, "766.0": 0.1158, "690.0": 0.3765, "708.0": 0.3075, "757.0": 0.1352, "712.0": 0.2939, "696.0": 0.3579, "695.0": 0.3627, "759.0": 0.1303, "739.0": 0.1864, "748.0": 0.1584, "707.0": 0.3124, "762.0": 0.1237, "736.0": 0.1957, "714.0": 0.2839, "741.0": 0.1796, "699.0": 0.3436, "734.0": 0.2045, "705.0": 0.3222, "745.0": 0.167, "767.0": 0.114, "717.0": 0.269, "730.0": 0.218, "725.0": 0.2374, "722.0": 0.2487, "728.0": 0.2254, "715.0": 0.279, "702.0": 0.3292, "709.0": 0.3026, "746.0": 0.1638, "685.0": 0.4, "716.0": 0.274, "764.0": 0.1195, "713.0": 0.2889, "742.0": 0.1766, "723.0": 0.2477, "735.0": 0.199, "738.0": 0.1904, "693.0": 0.3624, "732.0": 0.2102, "718.0": 0.2689, "701.0": 0.334, "711.0": 0.2929, "769.0": 0.1111, "763.0": 0.1216, "760.0": 0.1281, "731.0": 0.2156, "740.0": 0.1823, "751.0": 0.15, "754.0": 0.1422, "750.0": 0.1528, "749.0": 0.1559, "698.0": 0.3484, "729.0": 0.2233, "744.0": 0.1709, "694.0": 0.3675, "691.0": 0.3718, "756.0": 0.1375, "752.0": 0.1474, "753.0": 0.1448, "765.0": 0.1177, "743.0": 0.1733, "710.0": 0.2978, "703.0": 0.3244, "737.0": 0.1922, "720.0": 0.2588, "768.0": 0.1132, "724.0": 0.2425, "706.0": 0.3173, "727.0": 0.2306, "704.0": 0.327, "755.0": 0.1399, "721.0": 0.2537, "761.0": 0.1259, "692.0": 0.3671, "747.0": 0.1614, "697.0": 0.3531, "733.0": 0.2075, "700.0": 0.3388, "726.0": 0.2358, "719.0": 0.2638}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1957, "long_delta": 0.1119, "short_iv": 0.1352, "short_rel_spread": 0.008438818565400852, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.477137, "long_quote_age": 0.475204, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.8199999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.43 (gross $-28.43 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:05:01.950339+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.32% with ATM IV trading at an elevated IV/RV ratio of 1.09, offering favorable premium collection via a short put spread.", "invalidation": "A continued downward move breaching below the 765.92 spot level on sustained selling pressure."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"752.0": 0.1554, "728.0": 0.279, "762.0": 0.1237, "745.0": 0.1823, "720.0": 0.3202, "761.0": 0.1263, "768.0": 0.1098, "754.0": 0.1482, "758.0": 0.135, "755.0": 0.1443, "715.0": 0.3524, "769.0": 0.1062, "749.0": 0.1656, "721.0": 0.3137, "740.0": 0.2102, "718.0": 0.3331, "732.0": 0.2522, "700.0": 0.427, "725.0": 0.299, "733.0": 0.2455, "765.0": 0.1159, "695.0": 0.4579, "742.0": 0.1959, "705.0": 0.4167, "719.0": 0.3266, "766.0": 0.1135, "727.0": 0.2857, "739.0": 0.2173, "685.0": 0.5199, "690.0": 0.4889, "759.0": 0.1318, "753.0": 0.1509, "723.0": 0.3123, "751.0": 0.1573, "737.0": 0.2255, "724.0": 0.3057, "722.0": 0.3073, "763.0": 0.1209, "730.0": 0.2656, "748.0": 0.1686, "746.0": 0.1782, "750.0": 0.1618, "731.0": 0.2589, "757.0": 0.138, "736.0": 0.2324, "741.0": 0.203, "735.0": 0.2394, "738.0": 0.2185, "747.0": 0.1737, "734.0": 0.2463, "760.0": 0.1291, "767.0": 0.1116, "764.0": 0.1185, "710.0": 0.3845, "729.0": 0.2723, "743.0": 0.1932, "726.0": 0.2923, "744.0": 0.1858, "756.0": 0.1414}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2065, "long_delta": 0.0883, "short_iv": 0.1291, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.564597, "long_quote_age": 0.57975, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.48 (gross $-28.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.48 (gross $-28.48 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2065, "long_delta": 0.0883, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7935, "edge_pp": -10.25, "ev_implied_usd": -21.7, "realized_vol": 0.1064, "atm_iv": 0.1135, "vrp_ratio": 0.9374, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.44, "ev_at_half_drift_usd": -31.92, "ev_gross_usd": -28.48, "expected_loss_real_usd": 80.48, "friction_usd": 1.0, "ev_net_usd": -29.48, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 477}
{"ts": "2026-08-31T15:05:13.359371+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.09 reflects elevated implied volatility relative to 20-day realized volatility with positive 5-day momentum (+0.32%).", "invalidation": "SPY spot drops sharply below 765.92 with the 1-day decline of -0.45% accelerating further."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"718.0": 0.2909, "720.0": 0.2798, "725.0": 0.2583, "705.0": 0.3529, "758.0": 0.1318, "761.0": 0.1242, "737.0": 0.2014, "748.0": 0.1606, "754.0": 0.1427, "726.0": 0.2526, "733.0": 0.2174, "724.0": 0.264, "736.0": 0.2075, "743.0": 0.1774, "727.0": 0.2469, "723.0": 0.2631, "765.0": 0.1153, "769.0": 0.1086, "747.0": 0.1633, "745.0": 0.1703, "728.0": 0.2412, "768.0": 0.1101, "752.0": 0.1483, "729.0": 0.2355, "755.0": 0.1398, "746.0": 0.167, "695.0": 0.3932, "734.0": 0.2157, "721.0": 0.2743, "749.0": 0.1573, "741.0": 0.1855, "738.0": 0.1954, "722.0": 0.2687, "744.0": 0.175, "739.0": 0.1924, "715.0": 0.2989, "760.0": 0.1266, "756.0": 0.1367, "762.0": 0.1219, "753.0": 0.1455, "690.0": 0.4195, "735.0": 0.2098, "751.0": 0.1512, "710.0": 0.3259, "757.0": 0.1345, "766.0": 0.1132, "763.0": 0.1196, "719.0": 0.2854, "740.0": 0.1891, "759.0": 0.129, "764.0": 0.1173, "742.0": 0.1816, "732.0": 0.2232, "700.0": 0.3669, "767.0": 0.1117, "730.0": 0.2349, "731.0": 0.229, "750.0": 0.1546, "685.0": 0.4459}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1873, "long_delta": 0.0955, "short_iv": 0.1318, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.459549, "long_quote_age": 0.459818, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.83}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.38 (gross $-29.38 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.38 (gross $-29.38 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1873, "long_delta": 0.0955, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8127, "edge_pp": -8.93, "ev_implied_usd": -21.7, "realized_vol": 0.1064, "atm_iv": 0.1132, "vrp_ratio": 0.9399, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.69, "ev_at_half_drift_usd": -33.47, "ev_gross_usd": -29.38, "expected_loss_real_usd": 78.38, "friction_usd": 1.0, "ev_net_usd": -30.38, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 461}
{"ts": "2026-08-31T15:06:32.154925+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.32% with ATM IV trading at an IV/RV ratio of 1.09 relative to 20-day realized volatility, supporting downside premium harvesting.", "invalidation": "Further downward continuation that extends the 1-day decline of -0.45% and reverses the positive 5-day performance."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"753.0": 0.1511, "723.0": 0.3135, "715.0": 0.3535, "769.0": 0.1075, "721.0": 0.3149, "752.0": 0.1554, "726.0": 0.2935, "751.0": 0.1589, "763.0": 0.1213, "756.0": 0.1413, "744.0": 0.1872, "728.0": 0.2802, "745.0": 0.1837, "725.0": 0.3002, "766.0": 0.1137, "762.0": 0.1234, "740.0": 0.2115, "718.0": 0.3342, "738.0": 0.2198, "768.0": 0.1092, "685.0": 0.5209, "758.0": 0.1348, "722.0": 0.3084, "755.0": 0.1439, "747.0": 0.1751, "767.0": 0.1112, "729.0": 0.2735, "741.0": 0.2043, "731.0": 0.2601, "724.0": 0.3069, "743.0": 0.1945, "705.0": 0.4178, "760.0": 0.129, "748.0": 0.1701, "765.0": 0.1158, "759.0": 0.132, "735.0": 0.2406, "746.0": 0.1796, "695.0": 0.459, "736.0": 0.2337, "750.0": 0.1634, "732.0": 0.2534, "727.0": 0.2869, "742.0": 0.1972, "754.0": 0.1474, "761.0": 0.1266, "720.0": 0.3213, "734.0": 0.2475, "764.0": 0.1183, "737.0": 0.2268, "733.0": 0.2467, "719.0": 0.3278, "749.0": 0.1671, "710.0": 0.3856, "690.0": 0.4899, "739.0": 0.2186, "757.0": 0.1383, "730.0": 0.2668, "700.0": 0.4281}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.199, "long_delta": 0.084, "short_iv": 0.129, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.804951, "long_quote_age": 0.821764, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.99}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.44 (gross $-27.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:06:44.262710+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.09 alongside positive 5-day momentum (+0.32%), offering favorable premium capture for put credit spreads over an extended 4-7 DTE window.", "invalidation": "SPY spot extending its 1-day decline of -0.45% below current levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"719.0": 0.2648, "728.0": 0.2264, "703.0": 0.3328, "702.0": 0.3301, "741.0": 0.1792, "747.0": 0.1607, "736.0": 0.1968, "740.0": 0.1818, "763.0": 0.1209, "694.0": 0.3684, "733.0": 0.2085, "758.0": 0.1321, "737.0": 0.1933, "712.0": 0.2948, "752.0": 0.1469, "749.0": 0.1547, "717.0": 0.27, "706.0": 0.3182, "761.0": 0.1254, "739.0": 0.1858, "722.0": 0.2496, "711.0": 0.2938, "765.0": 0.1171, "769.0": 0.1106, "715.0": 0.2799, "713.0": 0.2898, "698.0": 0.3492, "720.0": 0.2597, "692.0": 0.368, "724.0": 0.2435, "710.0": 0.2987, "725.0": 0.2384, "744.0": 0.1696, "731.0": 0.2167, "746.0": 0.1641, "690.0": 0.3774, "735.0": 0.2, "760.0": 0.1275, "767.0": 0.1132, "729.0": 0.2244, "750.0": 0.1519, "743.0": 0.1731, "730.0": 0.2191, "762.0": 0.1233, "714.0": 0.2849, "695.0": 0.3636, "745.0": 0.167, "716.0": 0.2749, "693.0": 0.3633, "696.0": 0.3588, "751.0": 0.1493, "691.0": 0.3727, "718.0": 0.2699, "738.0": 0.1896, "721.0": 0.2547, "734.0": 0.2031, "709.0": 0.3036, "705.0": 0.3231, "732.0": 0.2113, "726.0": 0.2368, "742.0": 0.1763, "753.0": 0.1442, "699.0": 0.3444, "708.0": 0.3084, "759.0": 0.1299, "685.0": 0.4009, "697.0": 0.354, "757.0": 0.1345, "727.0": 0.2316, "754.0": 0.1418, "723.0": 0.2487, "768.0": 0.1124, "764.0": 0.1191, "755.0": 0.1392, "704.0": 0.3279, "700.0": 0.3397, "748.0": 0.1579, "707.0": 0.3133, "756.0": 0.1367, "766.0": 0.1152, "701.0": 0.3349}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1893, "long_delta": 0.1079, "short_iv": 0.1345, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.87323, "long_quote_age": 0.858961, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.0550000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.72 (gross $-29.22 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:08:08.482586+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.32% with ATM IV trading at an elevated ratio to 20-day realized volatility (IV/RV 1.09), favoring put premium selling.", "invalidation": "SPY extends its 1-day decline of -0.45% and drops below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"730.0": 0.2651, "735.0": 0.2388, "741.0": 0.2025, "733.0": 0.245, "732.0": 0.2517, "739.0": 0.2168, "726.0": 0.2918, "757.0": 0.138, "751.0": 0.1566, "715.0": 0.3519, "746.0": 0.1776, "743.0": 0.1926, "738.0": 0.218, "724.0": 0.3052, "756.0": 0.1405, "721.0": 0.3132, "727.0": 0.2852, "705.0": 0.4162, "731.0": 0.2584, "745.0": 0.1818, "723.0": 0.3118, "729.0": 0.2718, "690.0": 0.4884, "710.0": 0.384, "725.0": 0.2985, "763.0": 0.1208, "734.0": 0.2457, "760.0": 0.1293, "740.0": 0.2096, "764.0": 0.1184, "744.0": 0.1853, "719.0": 0.3261, "742.0": 0.1953, "753.0": 0.1502, "750.0": 0.1612, "767.0": 0.1109, "768.0": 0.109, "758.0": 0.1348, "748.0": 0.168, "769.0": 0.1077, "766.0": 0.1137, "720.0": 0.3197, "695.0": 0.4575, "752.0": 0.1531, "765.0": 0.1159, "728.0": 0.2785, "759.0": 0.1316, "685.0": 0.5195, "755.0": 0.1435, "722.0": 0.3068, "747.0": 0.173, "700.0": 0.4266, "737.0": 0.225, "754.0": 0.1474, "762.0": 0.1236, "736.0": 0.2319, "761.0": 0.1263, "749.0": 0.165, "718.0": 0.3326}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.21, "long_delta": 0.0887, "short_iv": 0.1293, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.719721, "long_quote_age": 0.819488, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.73}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.77 (gross $-26.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.77 (gross $-26.77 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.21, "long_delta": 0.0887, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.79, "edge_pp": -10.2, "ev_implied_usd": -20.67, "realized_vol": 0.1064, "atm_iv": 0.1137, "vrp_ratio": 0.9358, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -33.76, "ev_at_half_drift_usd": -30.22, "ev_gross_usd": -26.77, "expected_loss_real_usd": 80.77, "friction_usd": 1.0, "ev_net_usd": -27.77, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 456}
{"ts": "2026-08-31T15:08:22.892641+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays elevated IV relative to 20-day realized volatility with an IV/RV of 1.09 alongside a positive 5-day return of +0.32%.", "invalidation": "SPY drops significantly further past its 1-day decline of -0.45%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"700.0": 0.338, "697.0": 0.3523, "703.0": 0.3311, "732.0": 0.2093, "708.0": 0.3067, "685.0": 0.3993, "727.0": 0.2297, "763.0": 0.1211, "714.0": 0.2831, "765.0": 0.1174, "758.0": 0.1321, "741.0": 0.1786, "720.0": 0.2579, "706.0": 0.3165, "751.0": 0.1494, "696.0": 0.3571, "743.0": 0.1722, "769.0": 0.1101, "748.0": 0.1572, "752.0": 0.1467, "699.0": 0.3428, "723.0": 0.2468, "728.0": 0.2245, "746.0": 0.1627, "747.0": 0.1602, "756.0": 0.1369, "725.0": 0.2365, "698.0": 0.3476, "704.0": 0.3262, "734.0": 0.2011, "745.0": 0.1658, "690.0": 0.3757, "735.0": 0.198, "695.0": 0.3619, "716.0": 0.2731, "722.0": 0.2478, "766.0": 0.1156, "730.0": 0.2171, "738.0": 0.1875, "724.0": 0.2417, "702.0": 0.3284, "754.0": 0.1418, "733.0": 0.2065, "718.0": 0.268, "712.0": 0.293, "762.0": 0.1233, "694.0": 0.3667, "742.0": 0.1755, "750.0": 0.1516, "764.0": 0.1193, "693.0": 0.3617, "760.0": 0.1277, "691.0": 0.371, "692.0": 0.3663, "744.0": 0.1686, "753.0": 0.144, "707.0": 0.3116, "761.0": 0.1255, "713.0": 0.2881, "721.0": 0.2529, "767.0": 0.1137, "726.0": 0.2349, "759.0": 0.1299, "729.0": 0.2224, "719.0": 0.263, "731.0": 0.2147, "740.0": 0.1813, "739.0": 0.1854, "717.0": 0.2682, "749.0": 0.1546, "705.0": 0.3213, "715.0": 0.2781, "737.0": 0.1912, "757.0": 0.1344, "755.0": 0.1392, "710.0": 0.2969, "701.0": 0.3332, "711.0": 0.292, "768.0": 0.1119, "736.0": 0.1947, "709.0": 0.3018}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1992, "long_delta": 0.1138, "short_iv": 0.1344, "short_rel_spread": 0.008298755186721999, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.452543, "long_quote_age": 0.608072, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.42 (gross $-28.42 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:09:40.764832+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.30% with IV/RV elevated at 1.09, offering an attractive premium to sell downside protection following a mild 1-day decline of -0.47%.", "invalidation": "A continued sharp decline in SPY spot below the short strike breaching recent positive 5-day momentum would invalidate the trade."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"768.0": 0.1087, "745.0": 0.1814, "756.0": 0.14, "733.0": 0.2446, "720.0": 0.3194, "763.0": 0.1207, "755.0": 0.143, "721.0": 0.3129, "769.0": 0.1052, "737.0": 0.2246, "732.0": 0.2514, "748.0": 0.1676, "758.0": 0.1343, "753.0": 0.1497, "729.0": 0.2715, "744.0": 0.1849, "722.0": 0.3065, "764.0": 0.118, "746.0": 0.1773, "730.0": 0.2648, "723.0": 0.3115, "710.0": 0.3837, "757.0": 0.1375, "731.0": 0.2581, "767.0": 0.1105, "743.0": 0.1923, "738.0": 0.2177, "747.0": 0.1727, "705.0": 0.4159, "741.0": 0.2021, "715.0": 0.3516, "734.0": 0.2454, "762.0": 0.1234, "742.0": 0.195, "695.0": 0.4572, "690.0": 0.4882, "760.0": 0.1286, "750.0": 0.1607, "718.0": 0.3323, "754.0": 0.147, "761.0": 0.1262, "736.0": 0.2316, "751.0": 0.158, "759.0": 0.1316, "719.0": 0.3258, "752.0": 0.1527, "766.0": 0.1132, "749.0": 0.1646, "765.0": 0.1156, "724.0": 0.3049, "727.0": 0.2848, "700.0": 0.4263, "740.0": 0.2093, "726.0": 0.2915, "739.0": 0.2164, "725.0": 0.2982, "728.0": 0.2782, "735.0": 0.2385}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2108, "long_delta": 0.1269, "short_iv": 0.1286, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.469304, "long_quote_age": 0.443257, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 765.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.75 (gross $-17.75 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $262/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,912.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-18.75 (gross $-17.75 - friction $1.00) > $0.00"}], "economics": {"credit": 0.38, "width": 3.0, "short_delta": 0.2108, "long_delta": 0.1269, "max_profit_usd": 38.0, "max_loss_usd": 262.0, "breakeven_wr": 0.8733, "implied_wr": 0.7892, "edge_pp": -8.41, "ev_implied_usd": -12.66, "realized_vol": 0.1064, "atm_iv": 0.1132, "vrp_ratio": 0.9399, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -22.44, "ev_at_half_drift_usd": -20.07, "ev_gross_usd": -17.75, "expected_loss_real_usd": 55.75, "friction_usd": 1.0, "ev_net_usd": -18.75, "total_risk_usd": 19912.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 539}
{"ts": "2026-08-31T15:09:55.261400+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays elevated implied volatility relative to historical realized volatility with IV/RV at 1.09 and positive 5D momentum of +0.30%, supporting a wider DTE put credit spread.", "invalidation": "SPY extends its 1D decline of -0.47% and flips the 5D return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"764.0": 0.1192, "706.0": 0.3167, "761.0": 0.1253, "766.0": 0.1155, "757.0": 0.1344, "709.0": 0.302, "747.0": 0.1605, "743.0": 0.1725, "752.0": 0.1464, "763.0": 0.1211, "741.0": 0.1789, "745.0": 0.1661, "697.0": 0.3526, "742.0": 0.1758, "713.0": 0.2883, "707.0": 0.3118, "737.0": 0.1915, "744.0": 0.1689, "754.0": 0.1417, "723.0": 0.247, "717.0": 0.2684, "734.0": 0.2013, "685.0": 0.3995, "769.0": 0.1105, "692.0": 0.3666, "720.0": 0.2581, "725.0": 0.2367, "765.0": 0.1172, "704.0": 0.3264, "746.0": 0.163, "718.0": 0.2683, "728.0": 0.2247, "760.0": 0.1275, "714.0": 0.2833, "691.0": 0.3713, "715.0": 0.2783, "768.0": 0.112, "721.0": 0.2531, "702.0": 0.3286, "731.0": 0.2149, "756.0": 0.1368, "753.0": 0.1438, "758.0": 0.1321, "726.0": 0.2352, "711.0": 0.2923, "705.0": 0.3216, "703.0": 0.3313, "696.0": 0.3574, "693.0": 0.3619, "749.0": 0.155, "708.0": 0.3069, "733.0": 0.2068, "732.0": 0.2096, "750.0": 0.1519, "712.0": 0.2932, "716.0": 0.2734, "722.0": 0.248, "767.0": 0.1136, "710.0": 0.2972, "700.0": 0.3382, "729.0": 0.2227, "730.0": 0.2174, "748.0": 0.1575, "727.0": 0.23, "695.0": 0.3622, "736.0": 0.195, "738.0": 0.1878, "735.0": 0.1983, "739.0": 0.1857, "698.0": 0.3478, "762.0": 0.1232, "719.0": 0.2632, "755.0": 0.1391, "724.0": 0.2419, "699.0": 0.343, "690.0": 0.3759, "759.0": 0.1298, "694.0": 0.3669, "740.0": 0.1816, "701.0": 0.3334, "751.0": 0.1491}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1979, "long_delta": 0.1125, "short_iv": 0.1344, "short_rel_spread": 0.008368200836820092, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.598586, "long_quote_age": 0.440727, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.695}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.32 (gross $-28.32 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:11:19.794828+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV(3D) of 11.24% exceeds RV20 of 10.40% with an IV/RV of 1.08 while maintaining a positive 5D return of +0.31% despite the mild 1D pullback of -0.46%.", "invalidation": "SPY spot drops significantly below 765.81 accelerating the negative 1D return."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"715.0": 0.3519, "700.0": 0.4267, "726.0": 0.2919, "763.0": 0.1205, "764.0": 0.1179, "762.0": 0.1232, "727.0": 0.2852, "738.0": 0.2181, "753.0": 0.1503, "752.0": 0.1532, "741.0": 0.2025, "750.0": 0.1612, "719.0": 0.3262, "745.0": 0.1818, "728.0": 0.2785, "744.0": 0.1854, "759.0": 0.1317, "730.0": 0.2652, "690.0": 0.4885, "723.0": 0.3119, "734.0": 0.2458, "740.0": 0.2097, "724.0": 0.3052, "739.0": 0.2168, "757.0": 0.1373, "710.0": 0.3841, "725.0": 0.2986, "731.0": 0.2585, "718.0": 0.3326, "748.0": 0.1681, "695.0": 0.4575, "729.0": 0.2719, "754.0": 0.1463, "769.0": 0.105, "685.0": 0.5195, "705.0": 0.4162, "760.0": 0.1288, "733.0": 0.245, "756.0": 0.1397, "765.0": 0.1152, "761.0": 0.1259, "737.0": 0.225, "751.0": 0.1567, "721.0": 0.3133, "768.0": 0.1086, "747.0": 0.1731, "742.0": 0.1954, "735.0": 0.2389, "722.0": 0.3069, "746.0": 0.1777, "758.0": 0.1342, "749.0": 0.1651, "766.0": 0.113, "755.0": 0.1436, "736.0": 0.232, "767.0": 0.1103, "720.0": 0.3198, "743.0": 0.1927, "732.0": 0.2517}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2088, "long_delta": 0.0887, "short_iv": 0.1288, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.727288, "long_quote_age": 0.751683, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.84 (gross $-27.84 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.84 (gross $-27.84 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2088, "long_delta": 0.0887, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7912, "edge_pp": -10.28, "ev_implied_usd": -21.38, "realized_vol": 0.1064, "atm_iv": 0.113, "vrp_ratio": 0.9416, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.82, "ev_at_half_drift_usd": -31.28, "ev_gross_usd": -27.84, "expected_loss_real_usd": 80.84, "friction_usd": 1.0, "ev_net_usd": -28.84, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 457}
{"ts": "2026-08-31T15:11:32.260689+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits rich implied volatility with an IV/RV of 1.08 and positive 5D performance of +0.31%, offering favorable edge for selling put premium.", "invalidation": "SPY spot price falls significantly below 765.81 or continued downward pressure accelerates beyond the 1D -0.46% decline."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"723.0": 0.2629, "741.0": 0.1853, "742.0": 0.1813, "715.0": 0.2986, "764.0": 0.117, "727.0": 0.2467, "766.0": 0.1131, "757.0": 0.1335, "705.0": 0.3527, "734.0": 0.2155, "769.0": 0.1081, "746.0": 0.1667, "725.0": 0.2581, "750.0": 0.1531, "751.0": 0.1499, "740.0": 0.1889, "755.0": 0.1387, "752.0": 0.147, "753.0": 0.1442, "720.0": 0.2796, "765.0": 0.1152, "737.0": 0.2012, "748.0": 0.1602, "736.0": 0.2072, "758.0": 0.1313, "756.0": 0.1363, "745.0": 0.17, "763.0": 0.1193, "722.0": 0.2685, "749.0": 0.1569, "747.0": 0.163, "721.0": 0.274, "700.0": 0.3667, "729.0": 0.2353, "760.0": 0.1263, "728.0": 0.241, "739.0": 0.1922, "732.0": 0.223, "768.0": 0.1093, "767.0": 0.1108, "754.0": 0.1415, "685.0": 0.4457, "735.0": 0.2095, "719.0": 0.2851, "718.0": 0.2907, "724.0": 0.2637, "730.0": 0.2346, "726.0": 0.2524, "759.0": 0.1286, "744.0": 0.1727, "733.0": 0.2171, "690.0": 0.4193, "738.0": 0.1951, "695.0": 0.393, "731.0": 0.2288, "710.0": 0.3257, "761.0": 0.1239, "743.0": 0.1772, "762.0": 0.1215}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1879, "long_delta": 0.0944, "short_iv": 0.1313, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.521178, "long_quote_age": 0.67121, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.57 (gross $-28.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.57 (gross $-28.57 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1879, "long_delta": 0.0944, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8121, "edge_pp": -8.79, "ev_implied_usd": -20.57, "realized_vol": 0.1064, "atm_iv": 0.1131, "vrp_ratio": 0.9408, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.94, "ev_at_half_drift_usd": -32.69, "ev_gross_usd": -28.57, "expected_loss_real_usd": 78.57, "friction_usd": 1.0, "ev_net_usd": -29.57, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 499}
{"ts": "2026-08-31T15:12:51.352476+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum (+0.31%) and an elevated IV/RV ratio of 1.08, creating favorable conditions to sell put premium following a mild 1-day pullback of -0.46%.", "invalidation": "A further downward acceleration beyond the 1-day -0.46% dip that violates the short put strike level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"754.0": 0.146, "741.0": 0.2033, "750.0": 0.1621, "723.0": 0.3126, "732.0": 0.2524, "733.0": 0.2457, "765.0": 0.1151, "734.0": 0.2465, "730.0": 0.2659, "763.0": 0.1198, "724.0": 0.3059, "727.0": 0.2859, "749.0": 0.166, "735.0": 0.2396, "757.0": 0.1367, "690.0": 0.4891, "767.0": 0.1106, "685.0": 0.5201, "740.0": 0.2104, "742.0": 0.1961, "755.0": 0.1436, "710.0": 0.3847, "695.0": 0.4581, "725.0": 0.2993, "761.0": 0.1257, "751.0": 0.1576, "705.0": 0.4169, "721.0": 0.314, "748.0": 0.1689, "759.0": 0.1309, "747.0": 0.174, "760.0": 0.1283, "720.0": 0.3204, "700.0": 0.4273, "764.0": 0.1176, "736.0": 0.2327, "737.0": 0.2258, "719.0": 0.3269, "762.0": 0.1228, "743.0": 0.1935, "758.0": 0.1339, "746.0": 0.1785, "715.0": 0.3526, "722.0": 0.3075, "756.0": 0.1398, "726.0": 0.2926, "769.0": 0.1096, "752.0": 0.1542, "738.0": 0.2188, "753.0": 0.1498, "768.0": 0.1086, "766.0": 0.1128, "718.0": 0.3333, "731.0": 0.2592, "739.0": 0.2176, "744.0": 0.1861, "745.0": 0.1826, "728.0": 0.2792, "729.0": 0.2725}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2036, "long_delta": 0.0864, "short_iv": 0.1283, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.828472, "long_quote_age": 0.85524, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.81}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.88 (gross $-28.88 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:13:04.693536+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day momentum of +0.31% and an elevated IV/RV ratio of 1.08 with ATM IV at 11.24% over RV20 of 10.40%, providing favorable premium for put credit spreads.", "invalidation": "SPY 1-day decline accelerates further past -0.46% and breaks below the short put strike."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"725.0": 0.2586, "740.0": 0.1895, "736.0": 0.2042, "741.0": 0.1859, "750.0": 0.1527, "757.0": 0.1333, "724.0": 0.2643, "751.0": 0.1496, "754.0": 0.1408, "756.0": 0.1359, "749.0": 0.1564, "745.0": 0.1687, "721.0": 0.2746, "731.0": 0.2294, "728.0": 0.2415, "747.0": 0.1621, "764.0": 0.1165, "769.0": 0.1076, "738.0": 0.1957, "759.0": 0.1282, "765.0": 0.1145, "715.0": 0.2992, "748.0": 0.1596, "718.0": 0.2912, "734.0": 0.2161, "719.0": 0.2857, "695.0": 0.3935, "761.0": 0.1232, "733.0": 0.2177, "700.0": 0.3672, "760.0": 0.1259, "727.0": 0.2472, "685.0": 0.4462, "753.0": 0.1442, "730.0": 0.2352, "755.0": 0.1382, "762.0": 0.1208, "743.0": 0.1778, "742.0": 0.1795, "726.0": 0.2529, "746.0": 0.1657, "739.0": 0.1928, "690.0": 0.4198, "752.0": 0.1468, "735.0": 0.2101, "763.0": 0.1187, "729.0": 0.2358, "766.0": 0.1124, "732.0": 0.2235, "705.0": 0.3532, "744.0": 0.1734, "723.0": 0.2635, "720.0": 0.2801, "768.0": 0.109, "722.0": 0.269, "710.0": 0.3262, "758.0": 0.1308, "767.0": 0.1105, "737.0": 0.2018}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2102, "long_delta": 0.1052, "short_iv": 0.1282, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.811091, "long_quote_age": 1.014495, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.27 (gross $-30.27 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:14:25.280319+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.28% with an elevated IV/RV ratio of 1.08, creating an attractive environment to collect premium via put credit spreads.", "invalidation": "A continued sharp downward price drop in SPY accelerating past the 1-day decline of -0.49%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.3048, "732.0": 0.2513, "760.0": 0.1279, "749.0": 0.1645, "755.0": 0.1429, "723.0": 0.3115, "690.0": 0.4881, "746.0": 0.1772, "756.0": 0.1399, "747.0": 0.1726, "715.0": 0.3515, "735.0": 0.2384, "734.0": 0.2453, "767.0": 0.1109, "726.0": 0.2915, "727.0": 0.2848, "730.0": 0.2647, "733.0": 0.2446, "710.0": 0.3837, "720.0": 0.3193, "700.0": 0.4263, "728.0": 0.2781, "721.0": 0.3129, "743.0": 0.1922, "744.0": 0.1849, "738.0": 0.2176, "739.0": 0.2163, "736.0": 0.2315, "765.0": 0.1149, "745.0": 0.1813, "725.0": 0.2981, "768.0": 0.1087, "750.0": 0.1607, "741.0": 0.2021, "761.0": 0.1252, "762.0": 0.1224, "752.0": 0.1526, "764.0": 0.1173, "695.0": 0.4571, "759.0": 0.1309, "705.0": 0.4158, "766.0": 0.1125, "754.0": 0.1456, "753.0": 0.1496, "718.0": 0.3322, "748.0": 0.1676, "751.0": 0.1561, "763.0": 0.1198, "729.0": 0.2714, "757.0": 0.1365, "722.0": 0.3064, "685.0": 0.5191, "737.0": 0.2246, "769.0": 0.1086, "719.0": 0.3258, "742.0": 0.1949, "740.0": 0.2092, "731.0": 0.258, "758.0": 0.1334}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2099, "long_delta": 0.089, "short_iv": 0.1279, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.610582, "long_quote_age": 0.762047, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.62}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.66 (gross $-29.66 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.66 (gross $-29.66 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2099, "long_delta": 0.089, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7901, "edge_pp": -10.39, "ev_implied_usd": -21.72, "realized_vol": 0.1064, "atm_iv": 0.1125, "vrp_ratio": 0.9458, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.75, "ev_at_half_drift_usd": -33.16, "ev_gross_usd": -29.66, "expected_loss_real_usd": 82.66, "friction_usd": 1.0, "ev_net_usd": -30.66, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 475}
{"ts": "2026-08-31T15:14:38.933211+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV trades at an elevated IV/RV ratio of 1.08 alongside positive 5D momentum (+0.28%), favoring selling put premium across a 4 to 7 DTE horizon.", "invalidation": "SPY continues its 1D decline (-0.49%) and erases the positive 5D return of +0.28%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"731.0": 0.2117, "749.0": 0.1537, "767.0": 0.1128, "735.0": 0.1979, "685.0": 0.3992, "742.0": 0.174, "705.0": 0.3212, "713.0": 0.288, "706.0": 0.3164, "691.0": 0.371, "700.0": 0.3379, "727.0": 0.2296, "741.0": 0.1785, "729.0": 0.2192, "757.0": 0.1338, "763.0": 0.1206, "693.0": 0.3616, "740.0": 0.1812, "738.0": 0.1874, "768.0": 0.112, "711.0": 0.292, "759.0": 0.1291, "707.0": 0.3115, "702.0": 0.3283, "698.0": 0.3475, "734.0": 0.201, "715.0": 0.278, "761.0": 0.1247, "756.0": 0.136, "737.0": 0.1911, "708.0": 0.3066, "710.0": 0.2968, "726.0": 0.2313, "701.0": 0.3331, "764.0": 0.1186, "746.0": 0.1626, "722.0": 0.2477, "753.0": 0.1432, "692.0": 0.3663, "765.0": 0.1166, "762.0": 0.1227, "690.0": 0.3757, "769.0": 0.11, "743.0": 0.1707, "696.0": 0.3571, "755.0": 0.1383, "758.0": 0.1315, "751.0": 0.1486, "733.0": 0.2064, "760.0": 0.1269, "752.0": 0.1459, "714.0": 0.283, "694.0": 0.3666, "719.0": 0.2629, "725.0": 0.2364, "747.0": 0.1591, "732.0": 0.2092, "720.0": 0.2578, "750.0": 0.1514, "736.0": 0.1946, "739.0": 0.1835, "716.0": 0.2731, "748.0": 0.1562, "703.0": 0.331, "723.0": 0.2467, "728.0": 0.2244, "718.0": 0.2679, "744.0": 0.1684, "699.0": 0.3427, "712.0": 0.2929, "766.0": 0.1147, "697.0": 0.3523, "695.0": 0.3619, "724.0": 0.2416, "709.0": 0.3017, "754.0": 0.1408, "704.0": 0.3261, "730.0": 0.217, "745.0": 0.1657, "717.0": 0.2681, "721.0": 0.2528}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1987, "long_delta": 0.1129, "short_iv": 0.1338, "short_rel_spread": 0.008368200836820092, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.499793, "long_quote_age": 0.668183, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.63}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.18 (gross $-29.18 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:15:56.884632+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.29% alongside an elevated IV/RV ratio of 1.08, providing attractive premium for defined-risk credit spreads.", "invalidation": "Further downward continuation below spot 765.72 that extends the 1-day decline of -0.47%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"723.0": 0.3119, "738.0": 0.2181, "705.0": 0.4162, "724.0": 0.3052, "763.0": 0.12, "725.0": 0.2986, "737.0": 0.225, "721.0": 0.3133, "742.0": 0.1954, "685.0": 0.5195, "769.0": 0.1075, "718.0": 0.3326, "728.0": 0.2785, "761.0": 0.1253, "720.0": 0.3198, "710.0": 0.3841, "754.0": 0.1463, "768.0": 0.1084, "746.0": 0.1777, "734.0": 0.2458, "753.0": 0.1503, "759.0": 0.131, "741.0": 0.2025, "735.0": 0.2389, "739.0": 0.2168, "766.0": 0.1126, "740.0": 0.2097, "719.0": 0.3262, "733.0": 0.245, "736.0": 0.232, "743.0": 0.1927, "700.0": 0.4267, "730.0": 0.2652, "748.0": 0.1681, "731.0": 0.2585, "729.0": 0.2719, "767.0": 0.1105, "750.0": 0.1612, "749.0": 0.1651, "726.0": 0.2919, "690.0": 0.4885, "764.0": 0.1174, "744.0": 0.1854, "752.0": 0.1532, "732.0": 0.2517, "760.0": 0.1282, "745.0": 0.1818, "695.0": 0.4575, "727.0": 0.2852, "747.0": 0.1731, "757.0": 0.1364, "762.0": 0.1227, "715.0": 0.3519, "755.0": 0.1425, "756.0": 0.1397, "765.0": 0.1147, "722.0": 0.3069, "751.0": 0.1567, "758.0": 0.1334}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2077, "long_delta": 0.087, "short_iv": 0.1282, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.7151, "long_quote_age": 1.172335, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.39 (gross $-28.39 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.39 (gross $-28.39 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2077, "long_delta": 0.087, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7923, "edge_pp": -10.17, "ev_implied_usd": -20.67, "realized_vol": 0.1064, "atm_iv": 0.1126, "vrp_ratio": 0.9449, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.41, "ev_at_half_drift_usd": -31.85, "ev_gross_usd": -28.39, "expected_loss_real_usd": 81.39, "friction_usd": 1.0, "ev_net_usd": -29.39, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 462}
{"ts": "2026-08-31T15:16:08.508846+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains an elevated IV/RV ratio of 1.08 and positive 5D momentum of +0.29%, offering favorable premium selling conditions on mild pullbacks.", "invalidation": "SPY spot price drops sharply below 765.72 reversing the 5D positive trend."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"720.0": 0.2792, "756.0": 0.1356, "729.0": 0.2349, "726.0": 0.252, "724.0": 0.2633, "742.0": 0.1784, "750.0": 0.1526, "721.0": 0.2736, "745.0": 0.1676, "763.0": 0.1181, "736.0": 0.2031, "748.0": 0.1583, "768.0": 0.1082, "754.0": 0.1409, "744.0": 0.1722, "737.0": 0.2007, "735.0": 0.2091, "705.0": 0.3523, "769.0": 0.1071, "764.0": 0.116, "755.0": 0.138, "728.0": 0.2406, "762.0": 0.1206, "734.0": 0.215, "746.0": 0.1645, "749.0": 0.1551, "753.0": 0.1436, "738.0": 0.1947, "727.0": 0.2463, "710.0": 0.3253, "767.0": 0.1096, "719.0": 0.2847, "723.0": 0.2625, "733.0": 0.2167, "732.0": 0.2225, "695.0": 0.3926, "700.0": 0.3663, "752.0": 0.1464, "685.0": 0.4454, "765.0": 0.1139, "739.0": 0.1917, "747.0": 0.1609, "761.0": 0.1227, "743.0": 0.1744, "757.0": 0.1328, "715.0": 0.2983, "730.0": 0.2342, "751.0": 0.1493, "760.0": 0.1252, "731.0": 0.2284, "759.0": 0.1278, "725.0": 0.2577, "718.0": 0.2903, "740.0": 0.1884, "741.0": 0.1821, "758.0": 0.1301, "766.0": 0.1121, "722.0": 0.2681, "690.0": 0.419}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1878, "long_delta": 0.0948, "short_iv": 0.1301, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.428019, "long_quote_age": 0.78083, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.715}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.40 (gross $-30.40 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.40 (gross $-30.40 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1878, "long_delta": 0.0948, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8122, "edge_pp": -8.98, "ev_implied_usd": -21.65, "realized_vol": 0.1064, "atm_iv": 0.1121, "vrp_ratio": 0.9492, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.79, "ev_at_half_drift_usd": -34.53, "ev_gross_usd": -30.4, "expected_loss_real_usd": 79.4, "friction_usd": 1.0, "ev_net_usd": -31.4, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 441}
{"ts": "2026-08-31T15:17:36.454196+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.27% with an IV/RV ratio of 1.08, offering attractive premium to sell downside put spreads following a 1D decline of -0.49%.", "invalidation": "A continued downward move in SPY spot price that breaches the short strike alongside expanding realized volatility."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"735.0": 0.2369, "724.0": 0.3034, "741.0": 0.2005, "685.0": 0.5179, "752.0": 0.1537, "758.0": 0.1345, "760.0": 0.1285, "738.0": 0.2161, "723.0": 0.2986, "715.0": 0.3502, "755.0": 0.1439, "731.0": 0.2565, "719.0": 0.3244, "746.0": 0.1755, "737.0": 0.223, "720.0": 0.3179, "729.0": 0.27, "749.0": 0.1627, "728.0": 0.2766, "743.0": 0.1906, "769.0": 0.1031, "767.0": 0.1103, "690.0": 0.4868, "739.0": 0.2148, "740.0": 0.2076, "765.0": 0.1153, "759.0": 0.1314, "745.0": 0.1796, "722.0": 0.305, "754.0": 0.1471, "750.0": 0.1608, "710.0": 0.3823, "700.0": 0.425, "726.0": 0.29, "733.0": 0.2431, "766.0": 0.1128, "742.0": 0.1933, "734.0": 0.2438, "721.0": 0.3115, "763.0": 0.1203, "757.0": 0.1374, "761.0": 0.1256, "747.0": 0.1708, "736.0": 0.23, "756.0": 0.1404, "768.0": 0.1083, "753.0": 0.1503, "730.0": 0.2633, "732.0": 0.2498, "705.0": 0.4145, "762.0": 0.1228, "725.0": 0.2967, "718.0": 0.3308, "695.0": 0.4559, "764.0": 0.1177, "748.0": 0.1684, "744.0": 0.1871, "727.0": 0.2833, "751.0": 0.156}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1867, "long_delta": 0.0803, "short_iv": 0.1314, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.545339, "long_quote_age": 0.54576, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.42}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.10 (gross $-26.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:17:46.522840+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "SPY exhibits positive 5D momentum of +0.27% alongside an elevated IV/RV ratio of 1.08, providing favorable premium for selling downside puts across a 2-5 DTE window.", "invalidation": "SPY spot drops significantly below 765.56 and extends its 1D loss beyond -0.49%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"748.0": 0.1685, "755.0": 0.1441, "720.0": 0.3181, "763.0": 0.1204, "761.0": 0.1259, "700.0": 0.4251, "757.0": 0.1376, "732.0": 0.25, "758.0": 0.1347, "729.0": 0.2701, "690.0": 0.4869, "737.0": 0.2232, "726.0": 0.2901, "733.0": 0.2432, "739.0": 0.2149, "747.0": 0.1739, "764.0": 0.1179, "723.0": 0.2987, "734.0": 0.244, "735.0": 0.237, "718.0": 0.331, "721.0": 0.3116, "749.0": 0.1651, "741.0": 0.2006, "751.0": 0.1579, "724.0": 0.3035, "750.0": 0.161, "743.0": 0.1907, "746.0": 0.1756, "752.0": 0.1539, "759.0": 0.1316, "730.0": 0.2634, "719.0": 0.3245, "769.0": 0.1087, "756.0": 0.1406, "727.0": 0.2835, "722.0": 0.3052, "745.0": 0.1798, "738.0": 0.2162, "742.0": 0.1981, "744.0": 0.1873, "740.0": 0.2078, "765.0": 0.1153, "753.0": 0.1505, "762.0": 0.1231, "767.0": 0.1111, "768.0": 0.1086, "766.0": 0.113, "725.0": 0.2968, "760.0": 0.1288, "728.0": 0.2768, "695.0": 0.456, "731.0": 0.2567, "710.0": 0.3824, "754.0": 0.1473, "705.0": 0.4146, "715.0": 0.3503, "736.0": 0.2301}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 113, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00757000", "short_strike": 759.0, "long_strike": 757.0, "width": 2.0, "credit": 0.24, "short_delta": 0.1865, "long_delta": 0.1331, "short_iv": 0.1316, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.428873, "long_quote_age": 0.427231, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 113, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 176.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-12.38 (gross $-11.38 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 113 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $176/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (113 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-12.38 (gross $-11.38 - friction $1.00) > $0.00"}], "economics": {"credit": 0.24, "width": 2.0, "short_delta": 0.1865, "long_delta": 0.1331, "max_profit_usd": 24.0, "max_loss_usd": 176.0, "breakeven_wr": 0.88, "implied_wr": 0.8135, "edge_pp": -6.65, "ev_implied_usd": -7.96, "realized_vol": 0.1064, "atm_iv": 0.1153, "vrp_ratio": 0.9228, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -14.43, "ev_at_half_drift_usd": -12.89, "ev_gross_usd": -11.38, "expected_loss_real_usd": 35.38, "friction_usd": 1.0, "ev_net_usd": -12.38, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 466}
{"ts": "2026-08-31T15:19:09.288401+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.27% with an elevated IV/RV ratio of 1.08, providing favorable conditions to sell put premium following a 1D decline of -0.50%.", "invalidation": "SPY spot breaks down sharply below the short strike as 1D downward momentum deepens."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"760.0": 0.1286, "766.0": 0.1127, "751.0": 0.1572, "749.0": 0.1661, "758.0": 0.1346, "719.0": 0.3252, "739.0": 0.2157, "726.0": 0.2909, "742.0": 0.1989, "727.0": 0.2842, "747.0": 0.1748, "730.0": 0.2641, "764.0": 0.1175, "753.0": 0.1502, "724.0": 0.3042, "733.0": 0.244, "737.0": 0.224, "715.0": 0.351, "750.0": 0.162, "736.0": 0.2309, "746.0": 0.1765, "685.0": 0.5186, "732.0": 0.2507, "738.0": 0.217, "721.0": 0.3123, "745.0": 0.1842, "744.0": 0.1882, "761.0": 0.1259, "734.0": 0.2448, "705.0": 0.4153, "765.0": 0.1151, "763.0": 0.1203, "752.0": 0.1534, "759.0": 0.1314, "710.0": 0.3832, "755.0": 0.1442, "735.0": 0.2378, "740.0": 0.2086, "720.0": 0.3188, "743.0": 0.1916, "690.0": 0.4876, "729.0": 0.2708, "754.0": 0.1472, "769.0": 0.1072, "725.0": 0.2976, "700.0": 0.4258, "768.0": 0.1088, "722.0": 0.3059, "748.0": 0.1695, "728.0": 0.2775, "718.0": 0.3317, "757.0": 0.1373, "695.0": 0.4566, "767.0": 0.1108, "762.0": 0.1229, "756.0": 0.1409, "723.0": 0.2994, "731.0": 0.2574, "741.0": 0.2014}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2147, "long_delta": 0.0928, "short_iv": 0.1286, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.384826, "long_quote_age": 0.397945, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.53}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.53 (gross $-30.53 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.53 (gross $-30.53 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2147, "long_delta": 0.0928, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7853, "edge_pp": -10.67, "ev_implied_usd": -22.88, "realized_vol": 0.1064, "atm_iv": 0.1127, "vrp_ratio": 0.9441, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.68, "ev_at_half_drift_usd": -34.06, "ev_gross_usd": -30.53, "expected_loss_real_usd": 84.53, "friction_usd": 1.0, "ev_net_usd": -31.53, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 472}
{"ts": "2026-08-31T15:19:23.550760+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day performance of +0.27% and an elevated IV/RV ratio of 1.08, creating favorable conditions to harvest premium across a longer 4-7 DTE window.", "invalidation": "Continuation and acceleration of the 1-day decline (-0.50%) breaking the 5-day positive trend would invalidate this bullish setup."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"727.0": 0.2297, "760.0": 0.1274, "768.0": 0.1126, "694.0": 0.3667, "759.0": 0.1296, "692.0": 0.3663, "711.0": 0.292, "744.0": 0.1685, "702.0": 0.3283, "707.0": 0.3115, "754.0": 0.1417, "719.0": 0.2629, "749.0": 0.1546, "761.0": 0.1252, "723.0": 0.2467, "725.0": 0.2365, "700.0": 0.3379, "764.0": 0.119, "731.0": 0.2146, "690.0": 0.3757, "722.0": 0.2477, "699.0": 0.3427, "724.0": 0.2416, "734.0": 0.2034, "767.0": 0.1136, "748.0": 0.1571, "758.0": 0.132, "721.0": 0.2528, "762.0": 0.1231, "713.0": 0.288, "742.0": 0.1755, "717.0": 0.2681, "696.0": 0.3571, "712.0": 0.293, "716.0": 0.2731, "693.0": 0.3616, "741.0": 0.1785, "701.0": 0.3331, "703.0": 0.331, "750.0": 0.1515, "709.0": 0.3018, "751.0": 0.1494, "733.0": 0.2065, "745.0": 0.1658, "695.0": 0.3619, "756.0": 0.1368, "685.0": 0.3992, "735.0": 0.1979, "732.0": 0.2092, "705.0": 0.3213, "753.0": 0.1439, "757.0": 0.1344, "714.0": 0.283, "729.0": 0.2224, "720.0": 0.2579, "736.0": 0.1946, "706.0": 0.3164, "697.0": 0.3523, "738.0": 0.1893, "743.0": 0.1721, "752.0": 0.1466, "715.0": 0.2781, "708.0": 0.3066, "747.0": 0.1601, "730.0": 0.2171, "746.0": 0.1626, "728.0": 0.2244, "718.0": 0.268, "765.0": 0.1171, "766.0": 0.1153, "739.0": 0.1854, "704.0": 0.3262, "691.0": 0.371, "698.0": 0.3475, "755.0": 0.1391, "769.0": 0.1102, "737.0": 0.1911, "726.0": 0.2349, "740.0": 0.1812, "710.0": 0.2969, "763.0": 0.121}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1993, "long_delta": 0.1138, "short_iv": 0.1344, "short_rel_spread": 0.008298755186721999, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.441843, "long_quote_age": 0.457142, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.62}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.31 (gross $-29.31 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:20:41.909881+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY holds positive 5-day momentum at +0.29% while 3-day implied volatility trades at a premium over 20-day realized volatility with IV/RV at 1.08, providing favorable conditions to sell put premium.", "invalidation": "Continued downward price movement beyond the 1-day decline of -0.48% that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"732.0": 0.2515, "690.0": 0.4883, "738.0": 0.2178, "729.0": 0.2716, "715.0": 0.3517, "769.0": 0.1096, "731.0": 0.2582, "762.0": 0.1232, "756.0": 0.1403, "760.0": 0.129, "705.0": 0.416, "754.0": 0.1472, "751.0": 0.1582, "735.0": 0.2387, "739.0": 0.2166, "710.0": 0.3839, "734.0": 0.2456, "753.0": 0.1514, "748.0": 0.1704, "750.0": 0.161, "763.0": 0.1209, "742.0": 0.1998, "747.0": 0.1729, "749.0": 0.1648, "767.0": 0.1114, "759.0": 0.132, "685.0": 0.5193, "741.0": 0.2023, "745.0": 0.1851, "724.0": 0.305, "766.0": 0.1133, "730.0": 0.2649, "768.0": 0.1092, "764.0": 0.1182, "720.0": 0.3195, "723.0": 0.3002, "721.0": 0.3131, "765.0": 0.1158, "733.0": 0.2448, "737.0": 0.2248, "755.0": 0.1444, "725.0": 0.2983, "700.0": 0.4265, "743.0": 0.1925, "727.0": 0.285, "740.0": 0.2095, "736.0": 0.2317, "757.0": 0.1378, "744.0": 0.1891, "722.0": 0.3066, "746.0": 0.1775, "719.0": 0.326, "726.0": 0.2917, "758.0": 0.1345, "695.0": 0.4573, "718.0": 0.3324, "761.0": 0.126, "728.0": 0.2783, "752.0": 0.1545}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2104, "long_delta": 0.0905, "short_iv": 0.129, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.429123, "long_quote_age": 0.437388, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.645}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.38 (gross $-29.38 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.38 (gross $-29.38 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2104, "long_delta": 0.0905, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7896, "edge_pp": -10.44, "ev_implied_usd": -22.23, "realized_vol": 0.1064, "atm_iv": 0.1133, "vrp_ratio": 0.9391, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.44, "ev_at_half_drift_usd": -32.87, "ev_gross_usd": -29.38, "expected_loss_real_usd": 82.38, "friction_usd": 1.0, "ev_net_usd": -30.38, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 523}
{"ts": "2026-08-31T15:20:55.941242+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility trades at a premium to 20-day realized volatility with IV/RV at 1.08 and positive 5-day performance of +0.29%, offering favorable premium to sell via a put credit spread.", "invalidation": "SPY 5-day returns turn negative or the IV/RV ratio drops below 1.00."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"741.0": 0.1791, "738.0": 0.188, "734.0": 0.2016, "714.0": 0.2835, "690.0": 0.3761, "725.0": 0.237, "754.0": 0.1415, "723.0": 0.2473, "765.0": 0.117, "707.0": 0.312, "745.0": 0.1664, "736.0": 0.1952, "727.0": 0.2302, "733.0": 0.207, "737.0": 0.1917, "702.0": 0.3288, "697.0": 0.3528, "729.0": 0.2229, "732.0": 0.2098, "735.0": 0.1985, "708.0": 0.3071, "711.0": 0.2925, "752.0": 0.1467, "694.0": 0.3671, "759.0": 0.1296, "761.0": 0.1253, "769.0": 0.1109, "742.0": 0.1761, "692.0": 0.3667, "698.0": 0.348, "731.0": 0.2152, "685.0": 0.3996, "693.0": 0.3621, "716.0": 0.2736, "739.0": 0.1859, "740.0": 0.1818, "767.0": 0.1135, "691.0": 0.3714, "751.0": 0.1494, "730.0": 0.2176, "717.0": 0.2686, "728.0": 0.225, "710.0": 0.2974, "755.0": 0.1392, "746.0": 0.1633, "722.0": 0.2482, "706.0": 0.3169, "719.0": 0.2634, "709.0": 0.3022, "743.0": 0.1727, "744.0": 0.1691, "758.0": 0.1319, "757.0": 0.1344, "720.0": 0.2584, "762.0": 0.1232, "696.0": 0.3576, "749.0": 0.1544, "715.0": 0.2786, "768.0": 0.112, "713.0": 0.2885, "712.0": 0.2935, "700.0": 0.3384, "760.0": 0.1274, "764.0": 0.1191, "699.0": 0.3432, "753.0": 0.1441, "748.0": 0.1578, "763.0": 0.121, "705.0": 0.3218, "701.0": 0.3336, "704.0": 0.3266, "750.0": 0.1522, "718.0": 0.2685, "703.0": 0.3315, "747.0": 0.1608, "695.0": 0.3623, "756.0": 0.1367, "726.0": 0.2354, "721.0": 0.2533, "724.0": 0.2421, "766.0": 0.1152}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.71, "short_delta": 0.2451, "long_delta": 0.1401, "short_iv": 0.1296, "short_rel_spread": 0.013157894736842117, "long_rel_spread": 0.012269938650306624, "short_quote_age": 0.697918, "long_quote_age": 0.510261, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 429.0, "total_risk": 19734.0, "buying_power_used_pct": 0.9867}, "spot": 765.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.21 (gross $-29.71 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:22:12.168372+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY ATM IV of 11.20% trades at an elevated premium over RV20 with an IV/RV of 1.08 alongside a positive 5D return of +0.33%.", "invalidation": "SPY spot price drops sharply below 765.99 breaking the positive 5-day return trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"730.0": 0.2671, "733.0": 0.247, "735.0": 0.2409, "741.0": 0.2046, "715.0": 0.3538, "742.0": 0.2022, "760.0": 0.1289, "690.0": 0.4902, "685.0": 0.5212, "729.0": 0.2738, "722.0": 0.3087, "718.0": 0.3345, "748.0": 0.1704, "737.0": 0.2271, "705.0": 0.418, "736.0": 0.234, "764.0": 0.1179, "724.0": 0.3071, "710.0": 0.3859, "757.0": 0.1379, "768.0": 0.1091, "743.0": 0.1949, "721.0": 0.3151, "750.0": 0.1616, "744.0": 0.1915, "761.0": 0.1261, "762.0": 0.123, "732.0": 0.2537, "727.0": 0.2871, "726.0": 0.2938, "700.0": 0.4284, "755.0": 0.1443, "769.0": 0.1068, "746.0": 0.18, "751.0": 0.1592, "766.0": 0.1129, "758.0": 0.1345, "725.0": 0.3005, "745.0": 0.184, "723.0": 0.3022, "752.0": 0.1542, "728.0": 0.2805, "759.0": 0.1319, "767.0": 0.1108, "754.0": 0.1478, "740.0": 0.2118, "756.0": 0.1408, "731.0": 0.2604, "719.0": 0.328, "753.0": 0.1515, "765.0": 0.1153, "739.0": 0.2189, "695.0": 0.4592, "763.0": 0.1205, "749.0": 0.1675, "720.0": 0.3216, "747.0": 0.1754, "738.0": 0.2201, "734.0": 0.2478}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1972, "long_delta": 0.0838, "short_iv": 0.1289, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.967095, "long_quote_age": 0.962668, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.015}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.75 (gross $-28.75 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.75 (gross $-28.75 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1972, "long_delta": 0.0838, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8028, "edge_pp": -9.92, "ev_implied_usd": -21.25, "realized_vol": 0.1064, "atm_iv": 0.1129, "vrp_ratio": 0.9424, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.53, "ev_at_half_drift_usd": -32.09, "ev_gross_usd": -28.75, "expected_loss_real_usd": 77.75, "friction_usd": 1.0, "ev_net_usd": -29.75, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 428}
{"ts": "2026-08-31T15:22:23.560321+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum of +0.33% alongside an elevated IV/RV ratio of 1.08, supporting a short put spread harvest of elevated implied volatility.", "invalidation": "SPY dropping significantly below its spot level of 765.99 on continued negative 1-day momentum would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"760.0": 0.1289, "734.0": 0.2478, "721.0": 0.3151, "719.0": 0.328, "730.0": 0.2671, "726.0": 0.2938, "725.0": 0.3005, "733.0": 0.247, "724.0": 0.3071, "715.0": 0.3538, "764.0": 0.1182, "735.0": 0.2409, "767.0": 0.1112, "700.0": 0.4284, "750.0": 0.1616, "752.0": 0.1542, "768.0": 0.1096, "695.0": 0.4592, "741.0": 0.2046, "754.0": 0.1478, "737.0": 0.2271, "740.0": 0.2118, "731.0": 0.2604, "766.0": 0.1133, "745.0": 0.184, "759.0": 0.1319, "757.0": 0.1379, "739.0": 0.2189, "746.0": 0.18, "747.0": 0.1754, "705.0": 0.418, "762.0": 0.1235, "749.0": 0.1675, "763.0": 0.1207, "738.0": 0.2201, "743.0": 0.1949, "751.0": 0.1592, "722.0": 0.3087, "756.0": 0.1408, "761.0": 0.1261, "729.0": 0.2738, "753.0": 0.1515, "742.0": 0.2022, "718.0": 0.3345, "720.0": 0.3216, "732.0": 0.2537, "748.0": 0.1704, "744.0": 0.1915, "765.0": 0.1156, "710.0": 0.3859, "728.0": 0.2805, "727.0": 0.2871, "769.0": 0.1078, "723.0": 0.3022, "755.0": 0.1443, "685.0": 0.5212, "736.0": 0.234, "690.0": 0.4902, "758.0": 0.1345}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1972, "long_delta": 0.0838, "short_iv": 0.1289, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.834318, "long_quote_age": 0.816372, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.985}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.73 (gross $-28.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:23:49.599231+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY implied volatility trades at a premium to 20-day realized volatility with an IV/RV of 1.08 alongside positive 5-day performance (+0.34%), supporting put premium selling.", "invalidation": "Continuation and acceleration of 1-day downward price action (-0.43%) breaching the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"735.0": 0.2405, "729.0": 0.2734, "750.0": 0.1611, "742.0": 0.2018, "715.0": 0.3534, "758.0": 0.1347, "752.0": 0.1537, "748.0": 0.17, "721.0": 0.3148, "767.0": 0.1107, "724.0": 0.3068, "756.0": 0.1402, "759.0": 0.1312, "722.0": 0.3084, "743.0": 0.1945, "730.0": 0.2667, "732.0": 0.2533, "710.0": 0.3856, "741.0": 0.2043, "736.0": 0.2336, "740.0": 0.2114, "727.0": 0.2868, "768.0": 0.1089, "764.0": 0.1182, "763.0": 0.1206, "760.0": 0.1289, "751.0": 0.1588, "762.0": 0.1233, "728.0": 0.2801, "726.0": 0.2935, "769.0": 0.1074, "739.0": 0.2185, "700.0": 0.428, "757.0": 0.1373, "734.0": 0.2474, "690.0": 0.4899, "766.0": 0.1132, "719.0": 0.3277, "761.0": 0.1259, "744.0": 0.1911, "718.0": 0.3341, "695.0": 0.4589, "754.0": 0.1473, "738.0": 0.2197, "753.0": 0.1511, "720.0": 0.3213, "745.0": 0.1836, "737.0": 0.2267, "733.0": 0.2466, "747.0": 0.175, "705.0": 0.4177, "723.0": 0.3019, "725.0": 0.3001, "755.0": 0.1438, "749.0": 0.1671, "746.0": 0.1796, "731.0": 0.26, "765.0": 0.1156, "685.0": 0.5209}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1992, "long_delta": 0.0841, "short_iv": 0.1289, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.605087, "long_quote_age": 0.854024, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.9300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.25 (gross $-28.25 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:23:59.324517+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "SPY exhibits an IV/RV ratio of 1.08 with positive 5-day return of +0.34%, favoring a short put credit spread capture amidst elevated implied volatility relative to realized volatility.", "invalidation": "SPY spot drops significantly below 766.04 extending the 1-day decline of -0.43%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"745.0": 0.1832, "736.0": 0.2332, "766.0": 0.1128, "759.0": 0.1312, "740.0": 0.211, "739.0": 0.2181, "749.0": 0.1666, "729.0": 0.2731, "723.0": 0.3016, "720.0": 0.3209, "752.0": 0.1532, "730.0": 0.2664, "731.0": 0.2597, "722.0": 0.308, "761.0": 0.1257, "725.0": 0.2998, "732.0": 0.253, "750.0": 0.1607, "737.0": 0.2263, "760.0": 0.1281, "733.0": 0.2462, "710.0": 0.3852, "735.0": 0.2401, "748.0": 0.1696, "724.0": 0.3064, "728.0": 0.2797, "756.0": 0.1406, "747.0": 0.1746, "690.0": 0.4895, "763.0": 0.1201, "746.0": 0.1791, "742.0": 0.2014, "757.0": 0.1367, "754.0": 0.1468, "718.0": 0.3338, "765.0": 0.1151, "721.0": 0.3144, "753.0": 0.1505, "705.0": 0.4174, "755.0": 0.1432, "726.0": 0.2931, "741.0": 0.2038, "700.0": 0.4277, "727.0": 0.2864, "734.0": 0.2471, "769.0": 0.1066, "768.0": 0.1081, "751.0": 0.1583, "758.0": 0.134, "738.0": 0.2193, "695.0": 0.4586, "764.0": 0.1176, "743.0": 0.194, "715.0": 0.3531, "744.0": 0.1907, "762.0": 0.1229, "719.0": 0.3273, "767.0": 0.1099}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 114, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00758000", "short_strike": 760.0, "long_strike": 758.0, "width": 2.0, "credit": 0.26, "short_delta": 0.2001, "long_delta": 0.1422, "short_iv": 0.1281, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.538101, "long_quote_age": 0.703409, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 114, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 174.0, "total_risk": 19836.0, "buying_power_used_pct": 0.9918}, "spot": 765.94}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-13.10 (gross $-12.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 114 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $174/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,836.00 (114 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-13.10 (gross $-12.10 - friction $1.00) > $0.00"}], "economics": {"credit": 0.26, "width": 2.0, "short_delta": 0.2001, "long_delta": 0.1422, "max_profit_usd": 26.0, "max_loss_usd": 174.0, "breakeven_wr": 0.87, "implied_wr": 0.7999, "edge_pp": -7.01, "ev_implied_usd": -8.23, "realized_vol": 0.1064, "atm_iv": 0.1128, "vrp_ratio": 0.9433, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -15.31, "ev_at_half_drift_usd": -13.69, "ev_gross_usd": -12.1, "expected_loss_real_usd": 38.1, "friction_usd": 1.0, "ev_net_usd": -13.1, "total_risk_usd": 19836.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 497}
{"ts": "2026-08-31T15:25:17.597677+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5D momentum (+0.34%) with an elevated IV/RV ratio of 1.08, favoring premium collection via downside put spreads following a mild 1D dip (-0.42%).", "invalidation": "SPY extends its 1D decline (-0.42%) with sharp downward price action below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"726.0": 0.2946, "720.0": 0.3223, "744.0": 0.1884, "753.0": 0.1512, "715.0": 0.3545, "727.0": 0.2879, "756.0": 0.14, "752.0": 0.1535, "695.0": 0.4599, "721.0": 0.3159, "728.0": 0.2813, "736.0": 0.2348, "746.0": 0.1809, "733.0": 0.2478, "765.0": 0.115, "769.0": 0.106, "741.0": 0.2055, "754.0": 0.1477, "738.0": 0.2209, "768.0": 0.1085, "750.0": 0.1626, "766.0": 0.1122, "761.0": 0.1254, "758.0": 0.1343, "719.0": 0.3288, "730.0": 0.2679, "742.0": 0.1983, "731.0": 0.2612, "685.0": 0.5219, "700.0": 0.4291, "725.0": 0.3013, "690.0": 0.4909, "722.0": 0.3095, "743.0": 0.1957, "757.0": 0.1374, "747.0": 0.1764, "748.0": 0.1714, "710.0": 0.3866, "751.0": 0.1584, "763.0": 0.12, "732.0": 0.2545, "734.0": 0.2486, "759.0": 0.1312, "760.0": 0.1285, "735.0": 0.2417, "755.0": 0.1432, "737.0": 0.2279, "718.0": 0.3352, "749.0": 0.166, "740.0": 0.2126, "724.0": 0.3079, "764.0": 0.1175, "729.0": 0.2746, "762.0": 0.1227, "767.0": 0.1102, "723.0": 0.303, "745.0": 0.1849, "705.0": 0.4188, "739.0": 0.2198}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1918, "long_delta": 0.0798, "short_iv": 0.1285, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.404478, "long_quote_age": 0.416794, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.155}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.09 (gross $-28.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.09 (gross $-28.09 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1918, "long_delta": 0.0798, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8082, "edge_pp": -9.58, "ev_implied_usd": -19.9, "realized_vol": 0.1064, "atm_iv": 0.1122, "vrp_ratio": 0.9483, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.77, "ev_at_half_drift_usd": -31.39, "ev_gross_usd": -28.09, "expected_loss_real_usd": 76.09, "friction_usd": 1.0, "ev_net_usd": -29.09, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 479}
{"ts": "2026-08-31T15:25:33.054501+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.34% alongside an IV/RV of 1.08 with ATM IV at 11.22% above RV20 of 10.40%, offering premium to harvest via put credit spreads.", "invalidation": "SPY 1D decline of -0.42% accelerates downward toward the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"766.0": 0.1146, "744.0": 0.1684, "693.0": 0.3633, "767.0": 0.1128, "733.0": 0.206, "709.0": 0.3036, "746.0": 0.163, "719.0": 0.2648, "752.0": 0.1463, "750.0": 0.1512, "763.0": 0.1204, "708.0": 0.3085, "753.0": 0.1433, "697.0": 0.3541, "718.0": 0.265, "762.0": 0.1223, "757.0": 0.1336, "707.0": 0.3134, "728.0": 0.2265, "743.0": 0.1718, "745.0": 0.1659, "738.0": 0.1877, "726.0": 0.2333, "751.0": 0.1487, "754.0": 0.141, "691.0": 0.3727, "760.0": 0.1267, "764.0": 0.1183, "723.0": 0.2446, "704.0": 0.328, "720.0": 0.2598, "732.0": 0.2113, "748.0": 0.1571, "695.0": 0.3637, "731.0": 0.2138, "685.0": 0.4009, "703.0": 0.3253, "694.0": 0.3685, "759.0": 0.1289, "702.0": 0.3301, "734.0": 0.2031, "756.0": 0.1361, "717.0": 0.27, "729.0": 0.2212, "716.0": 0.275, "715.0": 0.28, "711.0": 0.2938, "714.0": 0.2849, "713.0": 0.2899, "742.0": 0.1749, "740.0": 0.1818, "698.0": 0.3493, "765.0": 0.1166, "712.0": 0.289, "725.0": 0.2384, "690.0": 0.3774, "696.0": 0.3589, "761.0": 0.1246, "705.0": 0.3231, "755.0": 0.1385, "722.0": 0.2497, "727.0": 0.2281, "769.0": 0.1093, "724.0": 0.2436, "768.0": 0.1106, "721.0": 0.2547, "692.0": 0.368, "758.0": 0.1313, "710.0": 0.2987, "699.0": 0.3445, "730.0": 0.2191, "700.0": 0.3397, "701.0": 0.3349, "736.0": 0.1946, "735.0": 0.2001, "747.0": 0.1597, "741.0": 0.1777, "737.0": 0.1912, "706.0": 0.3182, "739.0": 0.1858, "749.0": 0.1539}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.58, "short_delta": 0.21, "long_delta": 0.1188, "short_iv": 0.1313, "short_rel_spread": 0.015873015873015886, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.76737, "long_quote_age": 0.866401, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 766.08}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.53 (gross $-30.03 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:26:50.843420+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.32% with an IV/RV ratio of 1.08, providing favorable option premium to sell put credit spreads into the 1-day decline of -0.45%.", "invalidation": "SPY spot continues falling significantly below 765.89 alongside sharp expansion in realized volatility."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"731.0": 0.2598, "755.0": 0.1434, "743.0": 0.1942, "747.0": 0.1747, "715.0": 0.3532, "727.0": 0.2865, "730.0": 0.2665, "724.0": 0.3065, "736.0": 0.2334, "705.0": 0.4175, "720.0": 0.321, "766.0": 0.1123, "764.0": 0.1172, "768.0": 0.1085, "700.0": 0.4278, "761.0": 0.1253, "729.0": 0.2732, "721.0": 0.3146, "757.0": 0.1369, "735.0": 0.2403, "737.0": 0.2264, "738.0": 0.2195, "695.0": 0.4587, "710.0": 0.3853, "751.0": 0.1565, "754.0": 0.1469, "690.0": 0.4896, "726.0": 0.2932, "733.0": 0.2464, "739.0": 0.2183, "760.0": 0.1284, "758.0": 0.1342, "734.0": 0.2472, "763.0": 0.1197, "752.0": 0.1533, "742.0": 0.1968, "741.0": 0.204, "753.0": 0.1507, "728.0": 0.2799, "732.0": 0.2531, "765.0": 0.1148, "750.0": 0.1608, "744.0": 0.1868, "723.0": 0.3017, "748.0": 0.1697, "718.0": 0.3339, "719.0": 0.3275, "745.0": 0.1834, "740.0": 0.2111, "759.0": 0.1307, "756.0": 0.1398, "769.0": 0.1078, "722.0": 0.3081, "767.0": 0.1104, "746.0": 0.1793, "749.0": 0.1643, "685.0": 0.5207, "762.0": 0.1227, "725.0": 0.2999}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1998, "long_delta": 0.0843, "short_iv": 0.1284, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.799502, "long_quote_age": 0.800634, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.9300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.81 (gross $-28.81 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:27:02.882321+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY presents an elevated IV/RV ratio of 1.08 with ATM IV at 11.22% above RV20 of 10.40% while maintaining positive 5-day momentum of +0.32%.", "invalidation": "SPY spot price moves sharply lower, reversing 5-day gains and breaking downward past recent spot levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"740.0": 0.1812, "765.0": 0.1168, "702.0": 0.3296, "703.0": 0.3248, "757.0": 0.134, "753.0": 0.1437, "691.0": 0.3722, "732.0": 0.2107, "706.0": 0.3177, "748.0": 0.1572, "755.0": 0.1386, "741.0": 0.1786, "724.0": 0.243, "708.0": 0.3079, "694.0": 0.3679, "769.0": 0.11, "756.0": 0.1363, "744.0": 0.169, "743.0": 0.1725, "737.0": 0.1906, "719.0": 0.2643, "705.0": 0.3226, "745.0": 0.1652, "763.0": 0.1206, "712.0": 0.2884, "710.0": 0.2982, "759.0": 0.1294, "723.0": 0.244, "747.0": 0.16, "698.0": 0.3488, "733.0": 0.2053, "701.0": 0.3344, "699.0": 0.344, "746.0": 0.1623, "700.0": 0.3392, "727.0": 0.2311, "760.0": 0.1272, "766.0": 0.1149, "749.0": 0.154, "718.0": 0.2645, "767.0": 0.113, "726.0": 0.2327, "754.0": 0.1412, "721.0": 0.2542, "735.0": 0.1995, "750.0": 0.1511, "685.0": 0.4004, "720.0": 0.2592, "729.0": 0.2206, "761.0": 0.1251, "692.0": 0.3675, "731.0": 0.2132, "709.0": 0.3031, "734.0": 0.2025, "704.0": 0.3275, "751.0": 0.1486, "695.0": 0.3631, "758.0": 0.1315, "707.0": 0.3128, "717.0": 0.2695, "697.0": 0.3536, "752.0": 0.1461, "722.0": 0.2491, "715.0": 0.2794, "739.0": 0.1852, "738.0": 0.189, "713.0": 0.2893, "764.0": 0.1187, "762.0": 0.1227, "768.0": 0.112, "742.0": 0.1757, "714.0": 0.2844, "725.0": 0.2379, "690.0": 0.3769, "716.0": 0.2744, "711.0": 0.2933, "730.0": 0.2185, "736.0": 0.1939, "693.0": 0.3628, "728.0": 0.2259, "696.0": 0.3583}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1912, "long_delta": 0.1084, "short_iv": 0.134, "short_rel_spread": 0.017543859649122823, "long_rel_spread": 0.016260162601626032, "short_quote_age": 1.572748, "long_quote_age": 0.564067, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.95}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.59 (gross $-29.09 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:28:23.745664+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.33% alongside an elevated IV/RV ratio of 1.08, offering attractive premium to sell downside risk following a mild 1D pullback of -0.43%.", "invalidation": "A continued sharp downward move exceeding recent 1D losses that breaks the 5D upward trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"744.0": 0.1878, "730.0": 0.2674, "738.0": 0.2204, "769.0": 0.107, "761.0": 0.1255, "763.0": 0.1202, "734.0": 0.2481, "752.0": 0.1545, "736.0": 0.2343, "751.0": 0.1577, "705.0": 0.4183, "757.0": 0.1375, "762.0": 0.1228, "750.0": 0.1619, "729.0": 0.2741, "715.0": 0.354, "758.0": 0.1342, "722.0": 0.309, "749.0": 0.1654, "735.0": 0.2412, "755.0": 0.1436, "766.0": 0.1127, "759.0": 0.131, "725.0": 0.3008, "745.0": 0.1844, "741.0": 0.205, "700.0": 0.4286, "756.0": 0.1402, "760.0": 0.1282, "726.0": 0.2941, "740.0": 0.2121, "720.0": 0.3219, "737.0": 0.2274, "695.0": 0.4595, "767.0": 0.1107, "743.0": 0.1952, "746.0": 0.1803, "723.0": 0.3025, "719.0": 0.3283, "721.0": 0.3154, "690.0": 0.4904, "724.0": 0.3074, "753.0": 0.1505, "768.0": 0.1088, "747.0": 0.1758, "718.0": 0.3347, "727.0": 0.2874, "742.0": 0.1978, "754.0": 0.1469, "748.0": 0.1708, "733.0": 0.2473, "765.0": 0.1151, "731.0": 0.2607, "764.0": 0.1176, "710.0": 0.3862, "728.0": 0.2807, "685.0": 0.5214, "732.0": 0.254, "739.0": 0.2192}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1942, "long_delta": 0.0819, "short_iv": 0.1282, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.640063, "long_quote_age": 0.542327, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.0550000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.91 (gross $-28.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:28:36.154418+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY ATM IV of 11.22% commands a premium over RV20 of 10.40% with IV/RV at 1.08, providing an edge for selling out-of-the-money premium given positive 5-day momentum of +0.33%.", "invalidation": "1-day decline of -0.43% extends sharply into a larger downward move that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"719.0": 0.2868, "753.0": 0.1442, "768.0": 0.1092, "754.0": 0.141, "765.0": 0.1145, "729.0": 0.237, "690.0": 0.4208, "751.0": 0.1502, "700.0": 0.3682, "741.0": 0.1846, "740.0": 0.1879, "746.0": 0.1671, "733.0": 0.2189, "725.0": 0.2598, "755.0": 0.1386, "721.0": 0.2757, "749.0": 0.1567, "739.0": 0.1941, "759.0": 0.1279, "710.0": 0.3273, "720.0": 0.2813, "718.0": 0.2924, "764.0": 0.1165, "757.0": 0.133, "758.0": 0.1308, "748.0": 0.1596, "767.0": 0.1106, "769.0": 0.1071, "726.0": 0.2541, "745.0": 0.1702, "737.0": 0.203, "730.0": 0.2313, "750.0": 0.1531, "760.0": 0.1255, "715.0": 0.309, "736.0": 0.2054, "743.0": 0.1769, "731.0": 0.2306, "747.0": 0.1636, "738.0": 0.197, "724.0": 0.2655, "744.0": 0.1727, "756.0": 0.1359, "763.0": 0.1187, "727.0": 0.2484, "752.0": 0.1476, "695.0": 0.3945, "732.0": 0.2248, "761.0": 0.1231, "722.0": 0.2702, "735.0": 0.2114, "766.0": 0.1125, "728.0": 0.2427, "762.0": 0.1209, "734.0": 0.2173, "705.0": 0.3543, "742.0": 0.1809, "723.0": 0.2646}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2027, "long_delta": 0.1346, "short_iv": 0.1279, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.614771, "long_quote_age": 0.856283, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 263.0, "total_risk": 19988.0, "buying_power_used_pct": 0.9994}, "spot": 766.08}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.23 (gross $-19.23 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:29:59.584801+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum of +0.32% alongside an elevated IV/RV ratio of 1.07 with ATM IV at 11.18%, providing favorable premium for short puts.", "invalidation": "Further downward continuation extending beyond the current -0.44% 1-day decline below the 765.93 spot price."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"749.0": 0.1645, "722.0": 0.3082, "755.0": 0.1436, "737.0": 0.2266, "734.0": 0.2473, "757.0": 0.1371, "705.0": 0.4176, "700.0": 0.4279, "758.0": 0.1336, "685.0": 0.5208, "765.0": 0.1146, "710.0": 0.3855, "748.0": 0.1699, "743.0": 0.1943, "767.0": 0.1105, "750.0": 0.161, "690.0": 0.4898, "769.0": 0.107, "727.0": 0.2867, "747.0": 0.1749, "724.0": 0.3067, "753.0": 0.1494, "730.0": 0.2666, "695.0": 0.4588, "762.0": 0.1224, "715.0": 0.3533, "756.0": 0.14, "738.0": 0.2196, "745.0": 0.1835, "768.0": 0.1084, "763.0": 0.1196, "741.0": 0.2041, "723.0": 0.3018, "718.0": 0.334, "746.0": 0.1794, "759.0": 0.131, "725.0": 0.3, "761.0": 0.1253, "733.0": 0.2465, "728.0": 0.28, "720.0": 0.3211, "729.0": 0.2733, "739.0": 0.2184, "731.0": 0.2599, "751.0": 0.1567, "760.0": 0.128, "754.0": 0.1471, "726.0": 0.2933, "742.0": 0.197, "732.0": 0.2532, "764.0": 0.1169, "721.0": 0.3147, "735.0": 0.2404, "766.0": 0.1121, "744.0": 0.187, "736.0": 0.2335, "752.0": 0.1535, "719.0": 0.3276, "740.0": 0.2113}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1983, "long_delta": 0.0842, "short_iv": 0.128, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.489915, "long_quote_age": 0.642406, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.08 (gross $-30.08 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.08 (gross $-30.08 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1983, "long_delta": 0.0842, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8017, "edge_pp": -10.03, "ev_implied_usd": -21.63, "realized_vol": 0.1064, "atm_iv": 0.1121, "vrp_ratio": 0.9492, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.93, "ev_at_half_drift_usd": -33.46, "ev_gross_usd": -30.08, "expected_loss_real_usd": 79.08, "friction_usd": 1.0, "ev_net_usd": -31.08, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 485}
{"ts": "2026-08-31T15:30:08.834562+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum at +0.32% and IV/RV ratio of 1.07, providing favorable premium collection conditions above historical realized volatility.", "invalidation": "SPY spot price drops below recent support or 1-day declines accelerate significantly beyond -0.44%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"750.0": 0.153, "744.0": 0.1736, "695.0": 0.3937, "740.0": 0.1868, "764.0": 0.1161, "767.0": 0.1102, "760.0": 0.1254, "749.0": 0.1554, "766.0": 0.1121, "755.0": 0.1385, "726.0": 0.2531, "756.0": 0.1356, "710.0": 0.3264, "736.0": 0.2044, "728.0": 0.2418, "768.0": 0.1079, "747.0": 0.1624, "763.0": 0.1184, "724.0": 0.2645, "722.0": 0.2692, "732.0": 0.2238, "720.0": 0.2803, "733.0": 0.2179, "752.0": 0.1471, "745.0": 0.169, "769.0": 0.1065, "690.0": 0.42, "705.0": 0.3534, "721.0": 0.2748, "730.0": 0.2303, "759.0": 0.1281, "723.0": 0.2637, "757.0": 0.1331, "737.0": 0.202, "739.0": 0.193, "729.0": 0.2361, "715.0": 0.3081, "734.0": 0.2121, "700.0": 0.3674, "718.0": 0.2914, "746.0": 0.1659, "765.0": 0.1142, "762.0": 0.1207, "758.0": 0.1306, "761.0": 0.123, "685.0": 0.4464, "741.0": 0.1835, "754.0": 0.1412, "719.0": 0.2859, "731.0": 0.2296, "735.0": 0.2103, "743.0": 0.1758, "753.0": 0.1437, "738.0": 0.1959, "748.0": 0.1584, "727.0": 0.2475, "725.0": 0.2588, "751.0": 0.1499, "742.0": 0.1798}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2088, "long_delta": 0.105, "short_iv": 0.1281, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.417582, "long_quote_age": 0.714143, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.965}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.10 (gross $-30.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.10 (gross $-30.10 - friction $1.00) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2088, "long_delta": 0.105, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7912, "edge_pp": -9.68, "ev_implied_usd": -22.45, "realized_vol": 0.1064, "atm_iv": 0.1121, "vrp_ratio": 0.9492, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.08, "ev_at_half_drift_usd": -34.52, "ev_gross_usd": -30.1, "expected_loss_real_usd": 86.1, "friction_usd": 1.0, "ev_net_usd": -31.1, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 479}
{"ts": "2026-08-31T15:31:26.234459+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an elevated IV/RV ratio of 1.07 alongside a positive 5D return of +0.28%, supporting put credit spread premium collection following a mild 1D pullback of -0.48%.", "invalidation": "Further 1D downward momentum in SPY significantly exceeding the current -0.48% decline."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"756.0": 0.1403, "736.0": 0.2311, "749.0": 0.1641, "765.0": 0.1148, "742.0": 0.1945, "746.0": 0.1768, "769.0": 0.1049, "755.0": 0.1434, "705.0": 0.4155, "743.0": 0.1918, "740.0": 0.2088, "750.0": 0.1602, "725.0": 0.2978, "720.0": 0.319, "733.0": 0.2442, "758.0": 0.1342, "739.0": 0.2159, "715.0": 0.3512, "738.0": 0.2172, "763.0": 0.1198, "718.0": 0.3319, "710.0": 0.3833, "728.0": 0.2777, "744.0": 0.1844, "757.0": 0.1367, "759.0": 0.1308, "721.0": 0.3125, "752.0": 0.1521, "762.0": 0.1228, "723.0": 0.2996, "719.0": 0.3254, "732.0": 0.2509, "724.0": 0.3044, "737.0": 0.2242, "754.0": 0.1463, "690.0": 0.4878, "685.0": 0.5188, "695.0": 0.4568, "731.0": 0.2576, "760.0": 0.1283, "748.0": 0.1671, "700.0": 0.4259, "722.0": 0.3061, "745.0": 0.1809, "727.0": 0.2844, "729.0": 0.271, "768.0": 0.1087, "753.0": 0.1491, "747.0": 0.1721, "766.0": 0.1127, "734.0": 0.2449, "764.0": 0.1174, "726.0": 0.2911, "735.0": 0.238, "761.0": 0.1252, "741.0": 0.2016, "730.0": 0.2643, "751.0": 0.1556, "767.0": 0.11}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2131, "long_delta": 0.091, "short_iv": 0.1283, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.45658, "long_quote_age": 0.702453, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.565}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.54 (gross $-29.54 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:31:40.524935+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY shows an IV/RV ratio of 1.07 with positive 5D performance of +0.28%, providing favorable implied volatility premium to sell put spreads across a 4-7 DTE horizon.", "invalidation": "SPY spot drops significantly below 765.63, accelerating past the 1D decline of -0.48%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"709.0": 0.301, "752.0": 0.1459, "741.0": 0.1775, "744.0": 0.1686, "703.0": 0.3228, "723.0": 0.2459, "753.0": 0.1431, "702.0": 0.3276, "734.0": 0.2001, "701.0": 0.3324, "733.0": 0.2055, "712.0": 0.2863, "724.0": 0.2407, "755.0": 0.1384, "765.0": 0.1167, "738.0": 0.1865, "704.0": 0.3254, "716.0": 0.2723, "691.0": 0.3702, "750.0": 0.151, "756.0": 0.1359, "708.0": 0.3058, "693.0": 0.3609, "732.0": 0.2083, "715.0": 0.2772, "705.0": 0.3205, "694.0": 0.3659, "748.0": 0.1568, "699.0": 0.3419, "720.0": 0.257, "768.0": 0.1108, "713.0": 0.2872, "722.0": 0.2469, "764.0": 0.1185, "707.0": 0.3107, "706.0": 0.3156, "742.0": 0.1744, "751.0": 0.1484, "762.0": 0.1227, "728.0": 0.2236, "711.0": 0.2912, "760.0": 0.1268, "731.0": 0.2109, "749.0": 0.1533, "718.0": 0.2623, "747.0": 0.159, "698.0": 0.3467, "759.0": 0.1292, "695.0": 0.3611, "700.0": 0.3371, "690.0": 0.3749, "719.0": 0.2621, "697.0": 0.3515, "714.0": 0.2822, "739.0": 0.1844, "757.0": 0.1336, "740.0": 0.1802, "735.0": 0.197, "730.0": 0.2162, "710.0": 0.2961, "766.0": 0.1148, "736.0": 0.1937, "721.0": 0.252, "746.0": 0.1625, "727.0": 0.2253, "769.0": 0.1096, "761.0": 0.1246, "737.0": 0.1902, "725.0": 0.2356, "692.0": 0.3656, "758.0": 0.1313, "717.0": 0.2673, "767.0": 0.1133, "729.0": 0.2183, "696.0": 0.3563, "726.0": 0.2304, "743.0": 0.1711, "745.0": 0.1646, "763.0": 0.1207, "754.0": 0.1409}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2028, "long_delta": 0.1448, "short_iv": 0.1336, "short_rel_spread": 0.008163265306122455, "long_rel_spread": 0.011834319526627229, "short_quote_age": 0.418486, "long_quote_age": 0.506235, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 765.48}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-17.97 (gross $-16.97 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:32:59.510873+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum of +0.29% alongside an elevated IV/RV ratio of 1.07, favoring put premium harvesting across short expirations.", "invalidation": "SPY spot drops significantly below 765.71, accelerating the -0.47% single-day decline."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"761.0": 0.1252, "738.0": 0.2177, "726.0": 0.2916, "756.0": 0.1392, "705.0": 0.416, "764.0": 0.1168, "757.0": 0.1367, "748.0": 0.1677, "729.0": 0.2715, "744.0": 0.185, "723.0": 0.3001, "760.0": 0.1278, "769.0": 0.0996, "690.0": 0.4882, "734.0": 0.2455, "731.0": 0.2581, "752.0": 0.1528, "762.0": 0.1222, "759.0": 0.1304, "765.0": 0.1144, "766.0": 0.1121, "725.0": 0.2983, "758.0": 0.1336, "751.0": 0.1563, "747.0": 0.1727, "767.0": 0.109, "695.0": 0.4573, "763.0": 0.1194, "754.0": 0.1458, "724.0": 0.2936, "736.0": 0.2316, "746.0": 0.1773, "739.0": 0.2165, "753.0": 0.1498, "719.0": 0.3259, "735.0": 0.2386, "730.0": 0.2648, "710.0": 0.3838, "720.0": 0.3194, "727.0": 0.2849, "715.0": 0.3516, "721.0": 0.313, "728.0": 0.2782, "741.0": 0.2022, "742.0": 0.195, "718.0": 0.3323, "732.0": 0.2514, "768.0": 0.1076, "745.0": 0.1815, "743.0": 0.1923, "700.0": 0.4264, "749.0": 0.1647, "750.0": 0.1608, "740.0": 0.2093, "733.0": 0.2447, "755.0": 0.1431, "737.0": 0.2247, "685.0": 0.5192, "722.0": 0.3066}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.209, "long_delta": 0.0889, "short_iv": 0.1278, "short_rel_spread": 0.023255813953488393, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.532058, "long_quote_age": 0.471499, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.6949999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.40 (gross $-29.90 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.40 (gross $-29.90 - friction $1.50) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.209, "long_delta": 0.0889, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.791, "edge_pp": -10.5, "ev_implied_usd": -22.48, "realized_vol": 0.1064, "atm_iv": 0.1121, "vrp_ratio": 0.9492, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.92, "ev_at_half_drift_usd": -33.37, "ev_gross_usd": -29.9, "expected_loss_real_usd": 81.9, "friction_usd": 1.5, "ev_net_usd": -31.4, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 454}
{"ts": "2026-08-31T15:33:12.642078+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV of 11.18% exceeds RV20 of 10.40% with an IV/RV ratio of 1.07 while 5-day momentum remains positive at +0.29%, favoring put credit collection across a 4 to 7 DTE window.", "invalidation": "SPY spot drops significantly below 765.71 accompanied by further deterioration of 1D returns beyond -0.47%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"740.0": 0.181, "726.0": 0.2311, "762.0": 0.1224, "732.0": 0.209, "749.0": 0.1534, "752.0": 0.1456, "720.0": 0.2576, "758.0": 0.1311, "705.0": 0.3211, "754.0": 0.1408, "727.0": 0.2259, "713.0": 0.2878, "706.0": 0.3162, "696.0": 0.3569, "751.0": 0.1483, "704.0": 0.3259, "736.0": 0.1944, "714.0": 0.2828, "698.0": 0.3473, "733.0": 0.2036, "728.0": 0.2242, "769.0": 0.1085, "746.0": 0.1623, "711.0": 0.2918, "735.0": 0.1977, "748.0": 0.1559, "768.0": 0.1094, "718.0": 0.2629, "710.0": 0.2967, "693.0": 0.3614, "724.0": 0.2414, "703.0": 0.3233, "745.0": 0.1643, "750.0": 0.1511, "742.0": 0.1737, "730.0": 0.2168, "721.0": 0.2526, "767.0": 0.1126, "737.0": 0.1909, "764.0": 0.1184, "685.0": 0.399, "731.0": 0.2115, "716.0": 0.2729, "761.0": 0.1246, "707.0": 0.3113, "747.0": 0.1588, "702.0": 0.3281, "739.0": 0.1833, "701.0": 0.3329, "695.0": 0.3617, "708.0": 0.3064, "757.0": 0.1335, "753.0": 0.1429, "729.0": 0.219, "715.0": 0.2778, "766.0": 0.1144, "717.0": 0.2679, "697.0": 0.3521, "734.0": 0.2008, "722.0": 0.2475, "719.0": 0.2627, "741.0": 0.1767, "743.0": 0.1705, "756.0": 0.1359, "691.0": 0.3708, "744.0": 0.1682, "712.0": 0.2869, "725.0": 0.2362, "699.0": 0.3425, "692.0": 0.3661, "690.0": 0.3755, "765.0": 0.1164, "763.0": 0.1204, "738.0": 0.1872, "755.0": 0.1382, "760.0": 0.1267, "759.0": 0.1289, "694.0": 0.3665, "709.0": 0.3015, "700.0": 0.3377, "723.0": 0.2465}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1991, "long_delta": 0.1131, "short_iv": 0.1335, "short_rel_spread": 0.008368200836820092, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.851362, "long_quote_age": 0.559038, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.63}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.36 (gross $-29.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:34:30.371897+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.29% with an elevated IV/RV ratio of 1.07, favoring premium capture via put credit spreads.", "invalidation": "A continued downward move extending beyond the 1-day decline of -0.48% toward the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.2936, "715.0": 0.3516, "727.0": 0.2848, "743.0": 0.1923, "749.0": 0.1646, "730.0": 0.2648, "700.0": 0.4263, "735.0": 0.2385, "745.0": 0.1814, "766.0": 0.1123, "748.0": 0.1676, "762.0": 0.1223, "718.0": 0.3323, "742.0": 0.195, "747.0": 0.1727, "740.0": 0.2093, "731.0": 0.2581, "705.0": 0.4159, "720.0": 0.3194, "761.0": 0.1251, "738.0": 0.2177, "736.0": 0.2316, "729.0": 0.2715, "728.0": 0.2782, "767.0": 0.1098, "690.0": 0.4882, "734.0": 0.2454, "719.0": 0.3258, "758.0": 0.1335, "763.0": 0.1195, "733.0": 0.2446, "759.0": 0.131, "723.0": 0.3, "752.0": 0.1527, "755.0": 0.143, "753.0": 0.1497, "760.0": 0.128, "744.0": 0.1849, "732.0": 0.2514, "765.0": 0.1147, "764.0": 0.1171, "746.0": 0.1773, "751.0": 0.1562, "754.0": 0.1457, "721.0": 0.3129, "737.0": 0.2246, "756.0": 0.1391, "722.0": 0.3065, "757.0": 0.1366, "695.0": 0.4572, "685.0": 0.5192, "741.0": 0.2021, "750.0": 0.1607, "725.0": 0.2982, "769.0": 0.1062, "768.0": 0.1078, "726.0": 0.2915, "739.0": 0.2164, "710.0": 0.3837}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2098, "long_delta": 0.089, "short_iv": 0.128, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.570033, "long_quote_age": 0.687557, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.64}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.53 (gross $-29.53 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.53 (gross $-29.53 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2098, "long_delta": 0.089, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7902, "edge_pp": -10.38, "ev_implied_usd": -21.7, "realized_vol": 0.1064, "atm_iv": 0.1123, "vrp_ratio": 0.9475, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.59, "ev_at_half_drift_usd": -33.01, "ev_gross_usd": -29.53, "expected_loss_real_usd": 82.53, "friction_usd": 1.0, "ev_net_usd": -30.53, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 450}
{"ts": "2026-08-31T15:34:45.796766+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY retains positive 5-day momentum at +0.29% with an elevated IV/RV ratio of 1.07, offering rich option premium to capture across an expanded 3 to 6 DTE horizon.", "invalidation": "SPY spot drops significantly below 765.65 causing 5-day returns to turn sharply negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"726.0": 0.2522, "748.0": 0.1587, "718.0": 0.2905, "757.0": 0.1332, "759.0": 0.1278, "742.0": 0.1812, "754.0": 0.1413, "755.0": 0.1385, "724.0": 0.2636, "752.0": 0.1468, "741.0": 0.1825, "747.0": 0.1628, "758.0": 0.1306, "749.0": 0.1555, "743.0": 0.177, "732.0": 0.2228, "760.0": 0.1253, "705.0": 0.3526, "765.0": 0.114, "736.0": 0.2034, "723.0": 0.2628, "730.0": 0.2345, "769.0": 0.1072, "751.0": 0.1497, "764.0": 0.1158, "745.0": 0.1698, "763.0": 0.1184, "719.0": 0.285, "733.0": 0.217, "700.0": 0.3666, "753.0": 0.144, "722.0": 0.2683, "738.0": 0.1949, "715.0": 0.3072, "695.0": 0.3929, "766.0": 0.1121, "710.0": 0.3256, "729.0": 0.2351, "761.0": 0.1229, "725.0": 0.2579, "735.0": 0.2094, "740.0": 0.1887, "734.0": 0.2153, "737.0": 0.201, "727.0": 0.2465, "721.0": 0.2739, "690.0": 0.4192, "767.0": 0.1103, "728.0": 0.2408, "731.0": 0.2287, "756.0": 0.1354, "720.0": 0.2794, "762.0": 0.1206, "768.0": 0.1089, "750.0": 0.1529, "744.0": 0.1726, "739.0": 0.192, "746.0": 0.1648}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1872, "long_delta": 0.1242, "short_iv": 0.1306, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.901818, "long_quote_age": 0.92938, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 266.0, "total_risk": 19950.0, "buying_power_used_pct": 0.9975}, "spot": 765.745}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.77 (gross $-18.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $266/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,950.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.77 (gross $-18.77 - friction $1.00) > $0.00"}], "economics": {"credit": 0.34, "width": 3.0, "short_delta": 0.1872, "long_delta": 0.1242, "max_profit_usd": 34.0, "max_loss_usd": 266.0, "breakeven_wr": 0.8867, "implied_wr": 0.8128, "edge_pp": -7.39, "ev_implied_usd": -12.71, "realized_vol": 0.1064, "atm_iv": 0.1121, "vrp_ratio": 0.9492, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.24, "ev_at_half_drift_usd": -21.46, "ev_gross_usd": -18.77, "expected_loss_real_usd": 52.77, "friction_usd": 1.0, "ev_net_usd": -19.77, "total_risk_usd": 19950.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 484}
{"ts": "2026-08-31T15:36:11.050926+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day performance of +0.30% with an IV/RV ratio of 1.07 providing a premium selling edge for short put spreads.", "invalidation": "Further downward continuation extending beyond the 1-day dip of -0.47% that breaks the positive 5-day trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"726.0": 0.2918, "755.0": 0.1423, "736.0": 0.2318, "740.0": 0.2096, "727.0": 0.2851, "685.0": 0.5194, "718.0": 0.3325, "690.0": 0.4884, "756.0": 0.1385, "747.0": 0.173, "763.0": 0.1187, "710.0": 0.3649, "767.0": 0.1091, "722.0": 0.3067, "731.0": 0.2583, "754.0": 0.1448, "752.0": 0.153, "724.0": 0.2938, "762.0": 0.1214, "758.0": 0.1332, "749.0": 0.1649, "748.0": 0.1679, "739.0": 0.2167, "764.0": 0.1162, "765.0": 0.1137, "742.0": 0.1952, "723.0": 0.3003, "733.0": 0.2449, "751.0": 0.1565, "735.0": 0.2388, "757.0": 0.1362, "721.0": 0.3132, "761.0": 0.1245, "719.0": 0.3261, "744.0": 0.1852, "766.0": 0.1112, "737.0": 0.2249, "760.0": 0.1273, "715.0": 0.3518, "759.0": 0.1301, "768.0": 0.1071, "753.0": 0.1487, "730.0": 0.265, "734.0": 0.2457, "743.0": 0.1926, "729.0": 0.2717, "769.0": 0.1038, "750.0": 0.1611, "732.0": 0.2516, "728.0": 0.2784, "746.0": 0.1776, "745.0": 0.1817, "700.0": 0.4265, "725.0": 0.2984, "741.0": 0.2024, "705.0": 0.4161, "720.0": 0.3196, "695.0": 0.4574, "738.0": 0.2179}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2069, "long_delta": 0.0871, "short_iv": 0.1273, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.429602, "long_quote_age": 0.428947, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.35 (gross $-30.35 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.35 (gross $-30.35 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2069, "long_delta": 0.0871, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7931, "edge_pp": -10.29, "ev_implied_usd": -21.5, "realized_vol": 0.1064, "atm_iv": 0.1112, "vrp_ratio": 0.9568, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.36, "ev_at_half_drift_usd": -33.81, "ev_gross_usd": -30.35, "expected_loss_real_usd": 82.35, "friction_usd": 1.0, "ev_net_usd": -31.35, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 463}
{"ts": "2026-08-31T15:36:31.861126+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY retains positive 5-day momentum at +0.30% with an elevated IV/RV ratio of 1.07, providing favorable premium collection for short puts across an extended expiration window.", "invalidation": "SPY 5-day return turns negative or downward pressure breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"718.0": 0.2638, "714.0": 0.2837, "692.0": 0.3669, "740.0": 0.1821, "711.0": 0.2926, "702.0": 0.329, "695.0": 0.3625, "758.0": 0.1308, "697.0": 0.3529, "736.0": 0.1954, "694.0": 0.3673, "716.0": 0.2738, "712.0": 0.2878, "701.0": 0.3338, "769.0": 0.1096, "755.0": 0.138, "725.0": 0.2372, "732.0": 0.21, "760.0": 0.1265, "747.0": 0.1591, "705.0": 0.3219, "703.0": 0.3242, "765.0": 0.116, "763.0": 0.12, "727.0": 0.2268, "696.0": 0.3577, "691.0": 0.3716, "744.0": 0.1681, "757.0": 0.1331, "754.0": 0.1401, "698.0": 0.3481, "742.0": 0.1749, "722.0": 0.2484, "748.0": 0.1563, "720.0": 0.2585, "707.0": 0.3122, "764.0": 0.1179, "728.0": 0.2251, "768.0": 0.1113, "750.0": 0.1509, "738.0": 0.1882, "749.0": 0.153, "737.0": 0.1919, "734.0": 0.2018, "706.0": 0.317, "751.0": 0.1483, "753.0": 0.1426, "704.0": 0.3268, "730.0": 0.2178, "726.0": 0.232, "746.0": 0.1625, "710.0": 0.2975, "713.0": 0.2887, "759.0": 0.1286, "700.0": 0.3386, "723.0": 0.2434, "693.0": 0.3622, "724.0": 0.2423, "739.0": 0.1844, "699.0": 0.3433, "735.0": 0.1987, "741.0": 0.1778, "690.0": 0.3763, "708.0": 0.3073, "733.0": 0.2046, "766.0": 0.1141, "752.0": 0.145, "745.0": 0.1655, "762.0": 0.1221, "767.0": 0.1124, "715.0": 0.2787, "721.0": 0.2535, "709.0": 0.3024, "731.0": 0.2125, "729.0": 0.2199, "719.0": 0.2636, "756.0": 0.1356, "717.0": 0.2688, "743.0": 0.1716, "761.0": 0.1243}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1935, "long_delta": 0.137, "short_iv": 0.1331, "short_rel_spread": 0.017391304347826105, "long_rel_spread": 0.012738853503184724, "short_quote_age": 0.806399, "long_quote_age": 0.539845, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.99 (gross $-18.49 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:38:05.389973+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits elevated IV relative to realized volatility with an IV/RV ratio of 1.07 and positive 5D return of +0.28%, supporting a bullish put credit spread across 3-6 DTE.", "invalidation": "A further decline extending beyond the 1D drop of -0.48% that pushes SPY below the short put strike."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"727.0": 0.2466, "749.0": 0.1556, "751.0": 0.1487, "747.0": 0.1613, "719.0": 0.2851, "738.0": 0.195, "722.0": 0.2684, "765.0": 0.1131, "735.0": 0.2094, "763.0": 0.1174, "757.0": 0.1322, "740.0": 0.1859, "705.0": 0.3526, "758.0": 0.1296, "742.0": 0.1788, "724.0": 0.2637, "731.0": 0.2287, "762.0": 0.1197, "720.0": 0.2795, "741.0": 0.1825, "754.0": 0.1398, "744.0": 0.1726, "761.0": 0.1222, "700.0": 0.3666, "725.0": 0.258, "729.0": 0.2352, "690.0": 0.4192, "766.0": 0.111, "715.0": 0.2986, "695.0": 0.3929, "767.0": 0.1096, "752.0": 0.1459, "745.0": 0.168, "755.0": 0.1375, "753.0": 0.1433, "739.0": 0.1921, "760.0": 0.1245, "764.0": 0.1152, "730.0": 0.2295, "737.0": 0.2011, "746.0": 0.1649, "743.0": 0.1748, "759.0": 0.1269, "710.0": 0.3256, "769.0": 0.1061, "748.0": 0.1587, "726.0": 0.2523, "733.0": 0.217, "728.0": 0.2409, "750.0": 0.1518, "768.0": 0.1076, "734.0": 0.2154, "736.0": 0.2035, "685.0": 0.4456, "756.0": 0.1349, "721.0": 0.2739, "732.0": 0.2229, "723.0": 0.2628, "718.0": 0.2906}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2119, "long_delta": 0.1059, "short_iv": 0.1269, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.953015, "long_quote_age": 1.4316, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.74}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.12 (gross $-32.12 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:39:23.318508+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum (+0.27%) and an IV/RV ratio of 1.07 indicating elevated implied volatility relative to 20-day realized volatility, creating favorable conditions for a put credit spread.", "invalidation": "A continued sharp downward move extending the -0.49% 1-day loss that breaches the short strike delta threshold."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"718.0": 0.3316, "742.0": 0.1942, "764.0": 0.1158, "759.0": 0.1296, "762.0": 0.1212, "719.0": 0.3252, "729.0": 0.2708, "765.0": 0.1133, "738.0": 0.2169, "731.0": 0.2574, "724.0": 0.2929, "722.0": 0.3058, "745.0": 0.1806, "756.0": 0.1389, "761.0": 0.1241, "721.0": 0.3123, "760.0": 0.1266, "743.0": 0.1915, "748.0": 0.1668, "750.0": 0.1598, "705.0": 0.4152, "755.0": 0.1419, "737.0": 0.2239, "723.0": 0.2994, "728.0": 0.2775, "727.0": 0.2842, "690.0": 0.4875, "751.0": 0.1553, "739.0": 0.2157, "768.0": 0.1066, "763.0": 0.1184, "695.0": 0.4566, "747.0": 0.1718, "752.0": 0.1517, "757.0": 0.1355, "741.0": 0.2014, "736.0": 0.2308, "700.0": 0.4257, "725.0": 0.2975, "753.0": 0.1487, "749.0": 0.1637, "685.0": 0.5186, "735.0": 0.2378, "769.0": 0.1004, "710.0": 0.364, "734.0": 0.2447, "744.0": 0.1841, "767.0": 0.1083, "746.0": 0.1765, "715.0": 0.3509, "758.0": 0.1322, "732.0": 0.2507, "730.0": 0.2641, "733.0": 0.2439, "740.0": 0.2085, "726.0": 0.2908, "720.0": 0.3187, "754.0": 0.1447, "766.0": 0.1109}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2116, "long_delta": 0.0895, "short_iv": 0.1266, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.796128, "long_quote_age": 1.180393, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.545}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.44 (gross $-31.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:39:38.888727+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.27% and an elevated IV/RV ratio of 1.07, providing favorable premium to collect on longer-dated short puts.", "invalidation": "SPY spot declines sharply below 765.55, accelerating past the 1D drop of -0.49%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"731.0": 0.2107, "739.0": 0.1824, "717.0": 0.2672, "708.0": 0.3057, "701.0": 0.3322, "740.0": 0.1801, "764.0": 0.1178, "748.0": 0.1557, "733.0": 0.2028, "761.0": 0.1241, "685.0": 0.3983, "722.0": 0.2467, "756.0": 0.1352, "705.0": 0.3204, "743.0": 0.1695, "728.0": 0.2234, "698.0": 0.3466, "746.0": 0.1613, "753.0": 0.1423, "738.0": 0.1863, "715.0": 0.2771, "721.0": 0.2518, "747.0": 0.1588, "727.0": 0.2251, "699.0": 0.3418, "726.0": 0.2303, "760.0": 0.1262, "744.0": 0.1672, "709.0": 0.3008, "750.0": 0.15, "696.0": 0.3562, "691.0": 0.3701, "719.0": 0.2619, "724.0": 0.2406, "749.0": 0.1531, "741.0": 0.1758, "765.0": 0.1159, "754.0": 0.1401, "757.0": 0.1329, "718.0": 0.2622, "737.0": 0.19, "730.0": 0.216, "763.0": 0.12, "758.0": 0.1306, "692.0": 0.3654, "768.0": 0.1093, "695.0": 0.361, "759.0": 0.1285, "703.0": 0.3226, "762.0": 0.122, "693.0": 0.3607, "713.0": 0.287, "729.0": 0.2182, "745.0": 0.1645, "755.0": 0.1376, "734.0": 0.1999, "736.0": 0.1935, "706.0": 0.3155, "700.0": 0.337, "714.0": 0.2821, "712.0": 0.2862, "767.0": 0.1125, "725.0": 0.2354, "711.0": 0.2911, "742.0": 0.1728, "732.0": 0.2082, "710.0": 0.2959, "766.0": 0.1142, "723.0": 0.2417, "702.0": 0.3274, "704.0": 0.3252, "707.0": 0.3106, "697.0": 0.3514, "752.0": 0.1451, "751.0": 0.1472, "690.0": 0.3748, "694.0": 0.3658, "769.0": 0.108, "720.0": 0.2569, "735.0": 0.1968, "716.0": 0.2721}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00753000", "short_strike": 757.0, "long_strike": 753.0, "width": 4.0, "credit": 0.48, "short_delta": 0.2023, "long_delta": 0.1282, "short_iv": 0.1329, "short_rel_spread": 0.008230452674897127, "long_rel_spread": 0.01360544217687076, "short_quote_age": 1.189281, "long_quote_age": 0.683483, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 352.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.455}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.31 (gross $-22.31 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:40:55.804740+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.27% with short-term ATM IV at 11.15% trading at an IV/RV premium of 1.07, making put credit spread premium attractive.", "invalidation": "Further downward momentum accelerating beyond the 1-day decline of -0.49% toward the short strike delta."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.293, "767.0": 0.109, "735.0": 0.2378, "743.0": 0.1916, "700.0": 0.4258, "758.0": 0.1324, "745.0": 0.1807, "738.0": 0.217, "751.0": 0.1554, "756.0": 0.139, "715.0": 0.351, "741.0": 0.2014, "757.0": 0.1356, "763.0": 0.1184, "749.0": 0.1638, "721.0": 0.3123, "731.0": 0.2574, "722.0": 0.3059, "695.0": 0.4566, "740.0": 0.2086, "759.0": 0.1298, "729.0": 0.2708, "727.0": 0.2842, "742.0": 0.1943, "761.0": 0.1237, "766.0": 0.1109, "732.0": 0.2507, "739.0": 0.2157, "734.0": 0.2448, "733.0": 0.244, "728.0": 0.2775, "718.0": 0.3317, "726.0": 0.2909, "769.0": 0.1046, "705.0": 0.4153, "685.0": 0.5186, "725.0": 0.2976, "748.0": 0.1669, "754.0": 0.1448, "765.0": 0.1133, "720.0": 0.3188, "744.0": 0.1842, "752.0": 0.1518, "760.0": 0.1267, "762.0": 0.1211, "690.0": 0.4876, "746.0": 0.1765, "710.0": 0.3641, "719.0": 0.3252, "750.0": 0.1599, "753.0": 0.1488, "764.0": 0.1159, "768.0": 0.1069, "747.0": 0.1719, "736.0": 0.2309, "737.0": 0.224, "723.0": 0.2994, "730.0": 0.2641, "755.0": 0.142}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2114, "long_delta": 0.0895, "short_iv": 0.1267, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.951166, "long_quote_age": 0.733857, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.54}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.64 (gross $-31.64 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:41:08.042719+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.25, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY retains positive 5-day momentum at +0.27% and IV/RV of 1.07 offers an implied volatility premium over realized volatility to support selling put credit spreads.", "invalidation": "SPY spot breaks lower such that the 5-day return turns negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"741.0": 0.1839, "756.0": 0.1349, "753.0": 0.1425, "746.0": 0.1652, "730.0": 0.2284, "761.0": 0.1223, "740.0": 0.1876, "705.0": 0.3517, "728.0": 0.2398, "745.0": 0.1686, "733.0": 0.2159, "710.0": 0.3246, "718.0": 0.2896, "734.0": 0.2142, "731.0": 0.2276, "763.0": 0.1179, "760.0": 0.1248, "737.0": 0.1999, "729.0": 0.2341, "742.0": 0.18, "758.0": 0.1297, "765.0": 0.1138, "700.0": 0.3657, "725.0": 0.2569, "747.0": 0.1615, "736.0": 0.2023, "722.0": 0.2673, "724.0": 0.2626, "757.0": 0.132, "766.0": 0.1115, "739.0": 0.1909, "750.0": 0.1515, "755.0": 0.1375, "754.0": 0.1405, "715.0": 0.2976, "744.0": 0.1713, "723.0": 0.2618, "690.0": 0.4183, "726.0": 0.2512, "695.0": 0.392, "743.0": 0.1758, "720.0": 0.2785, "719.0": 0.284, "721.0": 0.2729, "759.0": 0.1273, "738.0": 0.1938, "752.0": 0.1453, "732.0": 0.2218, "749.0": 0.1541, "764.0": 0.1158, "768.0": 0.1079, "735.0": 0.2083, "769.0": 0.1064, "762.0": 0.12, "767.0": 0.1097, "751.0": 0.1482, "748.0": 0.1573, "727.0": 0.2455}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 79, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.49, "short_delta": 0.2501, "long_delta": 0.1665, "short_iv": 0.1248, "short_rel_spread": 0.015384615384615398, "long_rel_spread": 0.012269938650306624, "short_quote_age": 0.431159, "long_quote_age": 0.642259, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 79, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 251.0, "total_risk": 19829.0, "buying_power_used_pct": 0.9915}, "spot": 765.525}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.43 (gross $-18.93 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 79 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $251/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,829.00 (79 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.43 (gross $-18.93 - friction $1.50) > $0.00"}], "economics": {"credit": 0.49, "width": 3.0, "short_delta": 0.2501, "long_delta": 0.1665, "max_profit_usd": 49.0, "max_loss_usd": 251.0, "breakeven_wr": 0.8367, "implied_wr": 0.7499, "edge_pp": -8.68, "ev_implied_usd": -13.49, "realized_vol": 0.1064, "atm_iv": 0.1115, "vrp_ratio": 0.9543, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.52, "ev_at_half_drift_usd": -22.18, "ev_gross_usd": -18.93, "expected_loss_real_usd": 67.93, "friction_usd": 1.5, "ev_net_usd": -20.43, "total_risk_usd": 19829.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 449}
{"ts": "2026-08-31T15:42:34.208168+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.28% with short-dated implied volatility elevated relative to historical realized volatility (IV/RV of 1.07), making put premium favorable to sell.", "invalidation": "A continuation of the 1-day downward move (-0.49%) pushing spot price below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"734.0": 0.2456, "695.0": 0.4573, "729.0": 0.2716, "742.0": 0.1951, "746.0": 0.1775, "731.0": 0.2582, "755.0": 0.1422, "733.0": 0.2448, "757.0": 0.136, "722.0": 0.3066, "710.0": 0.3648, "732.0": 0.2515, "723.0": 0.3002, "741.0": 0.2023, "762.0": 0.1219, "738.0": 0.2178, "740.0": 0.2095, "744.0": 0.1851, "718.0": 0.3324, "764.0": 0.1168, "736.0": 0.2317, "758.0": 0.133, "725.0": 0.2983, "761.0": 0.1246, "763.0": 0.1194, "721.0": 0.3131, "719.0": 0.326, "751.0": 0.1564, "769.0": 0.1053, "700.0": 0.4265, "766.0": 0.112, "752.0": 0.1529, "754.0": 0.1459, "705.0": 0.416, "748.0": 0.1678, "726.0": 0.2917, "727.0": 0.285, "749.0": 0.1648, "690.0": 0.4883, "720.0": 0.3195, "750.0": 0.161, "737.0": 0.2248, "739.0": 0.2166, "715.0": 0.3517, "747.0": 0.1729, "724.0": 0.2937, "735.0": 0.2387, "730.0": 0.2649, "753.0": 0.1485, "768.0": 0.1078, "760.0": 0.1271, "767.0": 0.1094, "685.0": 0.5193, "765.0": 0.1143, "743.0": 0.1925, "759.0": 0.1299, "728.0": 0.2783, "756.0": 0.1393, "745.0": 0.1816}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2071, "long_delta": 0.0872, "short_iv": 0.1271, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.462052, "long_quote_age": 0.461802, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.70 (gross $-29.70 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:42:49.761552+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum at +0.28% and an elevated IV/RV ratio of 1.07, favoring put credit spread premium selling.", "invalidation": "A continued decline pushing SPY further below spot 765.59 and breaching the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"716.0": 0.2733, "756.0": 0.1356, "768.0": 0.1115, "691.0": 0.3711, "735.0": 0.1981, "724.0": 0.2418, "763.0": 0.1205, "740.0": 0.1814, "751.0": 0.1482, "749.0": 0.1531, "695.0": 0.362, "710.0": 0.297, "769.0": 0.109, "690.0": 0.3758, "698.0": 0.3477, "767.0": 0.1131, "732.0": 0.2094, "738.0": 0.1876, "748.0": 0.1565, "692.0": 0.3665, "699.0": 0.3429, "730.0": 0.2172, "741.0": 0.1772, "755.0": 0.1381, "711.0": 0.2922, "712.0": 0.2873, "708.0": 0.3068, "754.0": 0.1403, "722.0": 0.2479, "713.0": 0.2882, "760.0": 0.1267, "702.0": 0.3285, "703.0": 0.3237, "705.0": 0.3214, "766.0": 0.1148, "693.0": 0.3618, "750.0": 0.151, "758.0": 0.1311, "727.0": 0.2298, "744.0": 0.1675, "725.0": 0.2366, "752.0": 0.1456, "765.0": 0.1167, "715.0": 0.2782, "731.0": 0.2119, "694.0": 0.3668, "742.0": 0.1742, "723.0": 0.2428, "733.0": 0.204, "714.0": 0.2832, "709.0": 0.3019, "721.0": 0.253, "700.0": 0.3381, "729.0": 0.2194, "720.0": 0.258, "737.0": 0.1913, "728.0": 0.2246, "745.0": 0.1648, "734.0": 0.2012, "707.0": 0.3117, "696.0": 0.3572, "762.0": 0.1225, "743.0": 0.171, "704.0": 0.3263, "746.0": 0.1618, "718.0": 0.2633, "726.0": 0.2315, "747.0": 0.1594, "719.0": 0.2631, "753.0": 0.143, "757.0": 0.1333, "685.0": 0.3994, "739.0": 0.1838, "701.0": 0.3333, "736.0": 0.1948, "706.0": 0.3166, "761.0": 0.1245, "764.0": 0.1185, "697.0": 0.3525, "717.0": 0.2683, "759.0": 0.1289}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1966, "long_delta": 0.1116, "short_iv": 0.1333, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.015748031496063006, "short_quote_age": 1.074434, "long_quote_age": 0.594279, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.69}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.17 (gross $-29.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:44:07.488081+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.28% with an elevated IV/RV of 1.07, favoring put credit spread selling despite the 1-day pullback of -0.49%.", "invalidation": "SPY continues its 1-day downward movement below spot 765.61 and turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"734.0": 0.2454, "746.0": 0.1772, "760.0": 0.1267, "762.0": 0.1215, "721.0": 0.3129, "705.0": 0.4159, "740.0": 0.2092, "754.0": 0.1457, "768.0": 0.1069, "739.0": 0.2164, "725.0": 0.2982, "758.0": 0.1327, "767.0": 0.109, "749.0": 0.1646, "726.0": 0.2915, "690.0": 0.4881, "757.0": 0.1357, "700.0": 0.4263, "756.0": 0.139, "737.0": 0.2246, "720.0": 0.3194, "755.0": 0.1419, "729.0": 0.2714, "748.0": 0.1676, "765.0": 0.1137, "731.0": 0.258, "751.0": 0.1561, "730.0": 0.2647, "764.0": 0.1163, "752.0": 0.1526, "736.0": 0.2315, "722.0": 0.3065, "766.0": 0.1113, "761.0": 0.1239, "685.0": 0.5192, "728.0": 0.2781, "769.0": 0.1065, "718.0": 0.3322, "747.0": 0.1726, "695.0": 0.4572, "759.0": 0.1295, "735.0": 0.2385, "732.0": 0.2513, "727.0": 0.2848, "744.0": 0.1849, "743.0": 0.1922, "710.0": 0.3646, "733.0": 0.2446, "745.0": 0.1814, "753.0": 0.1482, "742.0": 0.1949, "738.0": 0.2176, "724.0": 0.2936, "723.0": 0.3, "719.0": 0.3258, "750.0": 0.1607, "715.0": 0.3516, "741.0": 0.2021, "763.0": 0.1187}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2076, "long_delta": 0.0873, "short_iv": 0.1267, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.539409, "long_quote_age": 0.430724, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.66}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.51 (gross $-30.51 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.51 (gross $-30.51 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2076, "long_delta": 0.0873, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7924, "edge_pp": -10.36, "ev_implied_usd": -21.72, "realized_vol": 0.1064, "atm_iv": 0.1113, "vrp_ratio": 0.956, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.56, "ev_at_half_drift_usd": -33.99, "ev_gross_usd": -30.51, "expected_loss_real_usd": 82.51, "friction_usd": 1.0, "ev_net_usd": -31.51, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 481}
{"ts": "2026-08-31T15:44:19.723339+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY retains positive 5D momentum (+0.28%) with IV/RV at 1.07 indicating option premium is elevated relative to realized volatility, favoring premium collection over an extended 4-7 DTE window.", "invalidation": "SPY continues its 1D decline (-0.49%) and breaches short put strikes."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"760.0": 0.1265, "750.0": 0.1501, "730.0": 0.2172, "734.0": 0.2011, "758.0": 0.1307, "747.0": 0.1583, "724.0": 0.2417, "693.0": 0.3617, "698.0": 0.3476, "716.0": 0.2732, "708.0": 0.3067, "706.0": 0.3165, "756.0": 0.1355, "726.0": 0.2314, "745.0": 0.1647, "761.0": 0.1242, "749.0": 0.153, "753.0": 0.1429, "728.0": 0.2245, "711.0": 0.2921, "735.0": 0.198, "737.0": 0.1912, "705.0": 0.3214, "763.0": 0.1201, "695.0": 0.362, "691.0": 0.3711, "755.0": 0.138, "713.0": 0.2881, "766.0": 0.1144, "741.0": 0.1771, "757.0": 0.1332, "767.0": 0.1125, "701.0": 0.3332, "738.0": 0.1876, "754.0": 0.1402, "752.0": 0.1455, "742.0": 0.1742, "762.0": 0.1222, "696.0": 0.3572, "699.0": 0.3428, "692.0": 0.3664, "731.0": 0.2119, "702.0": 0.3284, "732.0": 0.2094, "717.0": 0.2682, "714.0": 0.2831, "764.0": 0.118, "765.0": 0.1161, "721.0": 0.2529, "703.0": 0.3236, "715.0": 0.2782, "722.0": 0.2478, "725.0": 0.2366, "694.0": 0.3668, "733.0": 0.204, "720.0": 0.258, "769.0": 0.1087, "729.0": 0.2193, "744.0": 0.1674, "739.0": 0.1837, "719.0": 0.263, "707.0": 0.3116, "712.0": 0.2872, "709.0": 0.3019, "748.0": 0.1554, "697.0": 0.3524, "759.0": 0.1286, "740.0": 0.1814, "690.0": 0.3758, "710.0": 0.297, "723.0": 0.2428, "700.0": 0.338, "751.0": 0.1481, "746.0": 0.1617, "718.0": 0.2632, "743.0": 0.1709, "736.0": 0.1947, "704.0": 0.3263, "727.0": 0.2298, "768.0": 0.1111}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1968, "long_delta": 0.1397, "short_iv": 0.1332, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.012422360248447215, "short_quote_age": 0.466969, "long_quote_age": 0.538578, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 263.0, "total_risk": 19988.0, "buying_power_used_pct": 0.9994}, "spot": 765.705}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.71 (gross $-17.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:45:36.643222+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY short-term implied volatility exceeds 20-day realized volatility with an IV/RV ratio of 1.07 alongside a positive 5-day trend (+0.33%), presenting favorable conditions to sell put premium.", "invalidation": "SPY spot price declines significantly below 765.98 with downward momentum exceeding the current 1-day decline of -0.44%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"733.0": 0.246, "746.0": 0.1789, "763.0": 0.1187, "722.0": 0.3078, "748.0": 0.1693, "768.0": 0.1066, "752.0": 0.1512, "741.0": 0.2036, "758.0": 0.1329, "735.0": 0.2399, "720.0": 0.3207, "695.0": 0.4584, "710.0": 0.3659, "766.0": 0.1112, "685.0": 0.5204, "753.0": 0.1488, "724.0": 0.2949, "745.0": 0.183, "747.0": 0.1743, "726.0": 0.2929, "744.0": 0.1865, "700.0": 0.4275, "743.0": 0.1938, "756.0": 0.1383, "749.0": 0.1639, "760.0": 0.1271, "755.0": 0.1418, "762.0": 0.1214, "727.0": 0.2862, "757.0": 0.1355, "742.0": 0.1965, "715.0": 0.3529, "725.0": 0.2996, "718.0": 0.3336, "736.0": 0.233, "721.0": 0.3143, "723.0": 0.3014, "767.0": 0.1083, "730.0": 0.2662, "761.0": 0.1241, "690.0": 0.4894, "731.0": 0.2595, "728.0": 0.2796, "754.0": 0.1452, "764.0": 0.1161, "751.0": 0.1561, "732.0": 0.2528, "769.0": 0.1051, "739.0": 0.2179, "705.0": 0.4172, "759.0": 0.1294, "737.0": 0.2261, "740.0": 0.2108, "765.0": 0.1136, "719.0": 0.3272, "738.0": 0.2191, "734.0": 0.2469, "729.0": 0.2729, "750.0": 0.1604}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1994, "long_delta": 0.0828, "short_iv": 0.1271, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.501279, "long_quote_age": 0.506844, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.9}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.16 (gross $-29.16 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:45:51.835458+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 350, "thesis": "SPY presents an elevated IV/RV ratio of 1.07 with a positive 5D trend of +0.33%, providing favorable premium for selling downside puts across a 4-7 DTE window.", "invalidation": "SPY accelerates its 1D decline of -0.44% and breaches the put spread breakeven."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"734.0": 0.2015, "742.0": 0.1731, "712.0": 0.2875, "760.0": 0.1264, "694.0": 0.3671, "716.0": 0.2735, "705.0": 0.3217, "725.0": 0.2369, "759.0": 0.1286, "720.0": 0.2583, "745.0": 0.164, "740.0": 0.18, "755.0": 0.138, "766.0": 0.1143, "711.0": 0.2924, "715.0": 0.2785, "741.0": 0.1759, "736.0": 0.1929, "743.0": 0.1699, "763.0": 0.1201, "758.0": 0.1309, "756.0": 0.1356, "700.0": 0.3383, "730.0": 0.2175, "754.0": 0.1402, "738.0": 0.1859, "765.0": 0.1161, "726.0": 0.2317, "733.0": 0.2043, "739.0": 0.1822, "748.0": 0.1559, "749.0": 0.1535, "697.0": 0.3527, "691.0": 0.3714, "709.0": 0.3021, "753.0": 0.1428, "713.0": 0.2884, "698.0": 0.3479, "722.0": 0.2481, "702.0": 0.3287, "692.0": 0.3667, "729.0": 0.2196, "707.0": 0.3119, "693.0": 0.362, "768.0": 0.1106, "747.0": 0.1587, "746.0": 0.161, "737.0": 0.1895, "744.0": 0.1677, "710.0": 0.2973, "723.0": 0.2431, "699.0": 0.3431, "757.0": 0.1331, "727.0": 0.2266, "732.0": 0.2069, "718.0": 0.2635, "769.0": 0.1087, "762.0": 0.1221, "750.0": 0.1505, "721.0": 0.2532, "714.0": 0.2834, "708.0": 0.307, "724.0": 0.242, "696.0": 0.3575, "701.0": 0.3335, "717.0": 0.2685, "761.0": 0.1243, "764.0": 0.1182, "752.0": 0.1453, "751.0": 0.1478, "690.0": 0.3761, "719.0": 0.2633, "735.0": 0.1984, "706.0": 0.3168, "767.0": 0.1127, "728.0": 0.2249, "731.0": 0.2122, "704.0": 0.3265, "695.0": 0.3623, "703.0": 0.3239}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00753000", "short_strike": 757.0, "long_strike": 753.0, "width": 4.0, "credit": 0.45, "short_delta": 0.1949, "long_delta": 0.1236, "short_iv": 0.1331, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.014184397163120581, "short_quote_age": 0.871043, "long_quote_age": 0.675312, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 355.0, "total_risk": 19880.0, "buying_power_used_pct": 0.994}, "spot": 765.775}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.71 (gross $-24.21 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:47:10.759822+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows elevated short-term implied volatility with an IV/RV ratio of 1.07 alongside an overall positive 5-day return of +0.32%, making put credit spreads attractive.", "invalidation": "A sustained downward move below spot 765.92 accelerating past the 1-day decline of -0.45%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"748.0": 0.17, "700.0": 0.428, "767.0": 0.1094, "742.0": 0.1971, "747.0": 0.175, "721.0": 0.3148, "751.0": 0.1569, "756.0": 0.1392, "731.0": 0.26, "763.0": 0.1186, "743.0": 0.1945, "695.0": 0.4589, "732.0": 0.2533, "761.0": 0.1242, "738.0": 0.2197, "720.0": 0.3213, "734.0": 0.2474, "766.0": 0.1112, "752.0": 0.152, "723.0": 0.3019, "740.0": 0.2114, "762.0": 0.1217, "750.0": 0.1611, "725.0": 0.3001, "745.0": 0.1836, "729.0": 0.2734, "755.0": 0.1426, "757.0": 0.1355, "735.0": 0.2405, "690.0": 0.4899, "760.0": 0.1269, "724.0": 0.2955, "769.0": 0.1052, "718.0": 0.3341, "741.0": 0.2043, "768.0": 0.1073, "754.0": 0.146, "728.0": 0.2801, "727.0": 0.2868, "759.0": 0.1298, "722.0": 0.3084, "726.0": 0.2935, "705.0": 0.4177, "730.0": 0.2667, "739.0": 0.2185, "710.0": 0.3664, "746.0": 0.1796, "765.0": 0.1136, "715.0": 0.3534, "733.0": 0.2466, "719.0": 0.3277, "685.0": 0.5209, "737.0": 0.2267, "764.0": 0.1163, "753.0": 0.1496, "749.0": 0.1646, "744.0": 0.1871, "758.0": 0.1331, "736.0": 0.2336}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1957, "long_delta": 0.0824, "short_iv": 0.1269, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.876668, "long_quote_age": 0.554935, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.95}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.79 (gross $-30.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.79 (gross $-30.79 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1957, "long_delta": 0.0824, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8043, "edge_pp": -9.97, "ev_implied_usd": -21.53, "realized_vol": 0.1064, "atm_iv": 0.1112, "vrp_ratio": 0.9568, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.62, "ev_at_half_drift_usd": -34.16, "ev_gross_usd": -30.79, "expected_loss_real_usd": 78.79, "friction_usd": 1.0, "ev_net_usd": -31.79, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 479}
{"ts": "2026-08-31T15:47:22.242547+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays elevated implied volatility relative to historical realized volatility with an IV/RV ratio of 1.07 alongside a positive 5-day return of +0.32%.", "invalidation": "SPY continues downward momentum worsening beyond the current 1D return of -0.45%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"698.0": 0.3487, "768.0": 0.1113, "738.0": 0.1869, "714.0": 0.2843, "767.0": 0.1125, "701.0": 0.3343, "690.0": 0.3768, "717.0": 0.2694, "759.0": 0.1288, "706.0": 0.3176, "740.0": 0.1811, "758.0": 0.1311, "737.0": 0.1905, "747.0": 0.1588, "739.0": 0.1832, "705.0": 0.3225, "695.0": 0.3631, "722.0": 0.249, "711.0": 0.2932, "699.0": 0.3439, "749.0": 0.153, "696.0": 0.3583, "733.0": 0.2052, "750.0": 0.151, "734.0": 0.2024, "727.0": 0.2275, "730.0": 0.2184, "720.0": 0.2591, "764.0": 0.1181, "694.0": 0.3678, "755.0": 0.1379, "753.0": 0.1429, "726.0": 0.2326, "731.0": 0.2131, "712.0": 0.2883, "732.0": 0.2078, "707.0": 0.3127, "765.0": 0.1162, "756.0": 0.1357, "763.0": 0.1202, "723.0": 0.244, "719.0": 0.2642, "693.0": 0.3627, "691.0": 0.3721, "766.0": 0.1143, "761.0": 0.1243, "700.0": 0.3391, "710.0": 0.2981, "721.0": 0.2541, "709.0": 0.303, "745.0": 0.1651, "769.0": 0.1089, "735.0": 0.1994, "703.0": 0.3247, "760.0": 0.1266, "743.0": 0.171, "752.0": 0.1453, "729.0": 0.2205, "728.0": 0.2258, "725.0": 0.2378, "746.0": 0.1622, "757.0": 0.1333, "762.0": 0.1221, "748.0": 0.1561, "736.0": 0.1938, "685.0": 0.4003, "708.0": 0.3079, "754.0": 0.1405, "741.0": 0.1769, "742.0": 0.1741, "697.0": 0.3535, "713.0": 0.2892, "744.0": 0.1676, "751.0": 0.1477, "692.0": 0.3674, "715.0": 0.2793, "724.0": 0.2429, "718.0": 0.2644, "702.0": 0.3295, "716.0": 0.2743, "704.0": 0.3274}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1906, "long_delta": 0.1074, "short_iv": 0.1333, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.601694, "long_quote_age": 0.741154, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.96}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.51 (gross $-29.01 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:48:48.443345+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5-day momentum at +0.31% with ATM IV trading at a premium to 20-day realized volatility at an IV/RV ratio of 1.07.", "invalidation": "SPY continues its 1-day decline of -0.46% and erases the positive 5-day return."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"721.0": 0.3139, "710.0": 0.3656, "720.0": 0.3204, "767.0": 0.1092, "756.0": 0.1377, "746.0": 0.1785, "759.0": 0.1294, "718.0": 0.3332, "764.0": 0.1165, "736.0": 0.2326, "768.0": 0.1074, "765.0": 0.114, "745.0": 0.1826, "724.0": 0.2946, "740.0": 0.2104, "762.0": 0.1216, "719.0": 0.3268, "722.0": 0.3075, "751.0": 0.1556, "729.0": 0.2725, "727.0": 0.2859, "769.0": 0.105, "700.0": 0.4272, "758.0": 0.1322, "741.0": 0.2032, "739.0": 0.2175, "715.0": 0.3525, "734.0": 0.2465, "747.0": 0.1739, "743.0": 0.1934, "735.0": 0.2396, "757.0": 0.1349, "760.0": 0.127, "730.0": 0.2658, "723.0": 0.301, "705.0": 0.4168, "763.0": 0.1192, "737.0": 0.2257, "744.0": 0.1861, "733.0": 0.2457, "738.0": 0.2187, "755.0": 0.1412, "748.0": 0.1689, "728.0": 0.2792, "685.0": 0.5201, "695.0": 0.4581, "742.0": 0.1961, "732.0": 0.2524, "749.0": 0.1635, "690.0": 0.489, "725.0": 0.2992, "750.0": 0.1599, "754.0": 0.1446, "761.0": 0.1244, "731.0": 0.2591, "766.0": 0.1119, "753.0": 0.1482, "726.0": 0.2925, "752.0": 0.1524}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2015, "long_delta": 0.0831, "short_iv": 0.127, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.625532, "long_quote_age": 0.601288, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.91 (gross $-27.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.91 (gross $-27.91 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2015, "long_delta": 0.0831, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7985, "edge_pp": -9.95, "ev_implied_usd": -20.15, "realized_vol": 0.1064, "atm_iv": 0.1119, "vrp_ratio": 0.9508, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.82, "ev_at_half_drift_usd": -31.32, "ev_gross_usd": -27.91, "expected_loss_real_usd": 78.91, "friction_usd": 1.0, "ev_net_usd": -28.91, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 435}
{"ts": "2026-08-31T15:49:02.284901+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.31% with an IV/RV ratio of 1.07 indicating option premium richness favorable for credit collection.", "invalidation": "Further decline below the 1D -0.46% move reversing the 5D gain on spot 765.84."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"748.0": 0.1579, "766.0": 0.1119, "725.0": 0.2585, "685.0": 0.4461, "750.0": 0.1513, "743.0": 0.1754, "767.0": 0.1099, "724.0": 0.2577, "731.0": 0.2292, "744.0": 0.1711, "727.0": 0.2471, "705.0": 0.3531, "742.0": 0.1793, "757.0": 0.1324, "768.0": 0.108, "740.0": 0.1864, "738.0": 0.1955, "754.0": 0.1398, "726.0": 0.2528, "765.0": 0.1138, "739.0": 0.1926, "695.0": 0.3933, "722.0": 0.2689, "733.0": 0.2175, "759.0": 0.1274, "763.0": 0.1179, "690.0": 0.4197, "718.0": 0.2911, "721.0": 0.2744, "762.0": 0.1202, "764.0": 0.1158, "761.0": 0.1224, "728.0": 0.2414, "734.0": 0.2117, "741.0": 0.1831, "735.0": 0.2099, "700.0": 0.3671, "760.0": 0.1248, "723.0": 0.2633, "715.0": 0.299, "749.0": 0.1549, "753.0": 0.1431, "756.0": 0.135, "751.0": 0.1483, "747.0": 0.1619, "737.0": 0.198, "729.0": 0.2357, "732.0": 0.2234, "752.0": 0.1456, "720.0": 0.28, "746.0": 0.1655, "730.0": 0.23, "719.0": 0.2855, "755.0": 0.1375, "736.0": 0.204, "758.0": 0.1297, "769.0": 0.1069, "710.0": 0.3261, "745.0": 0.1686}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2097, "long_delta": 0.1041, "short_iv": 0.1274, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.535275, "long_quote_age": 0.60795, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.825}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.24 (gross $-30.24 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.24 (gross $-30.24 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.2097, "long_delta": 0.1041, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.7903, "edge_pp": -9.57, "ev_implied_usd": -21.45, "realized_vol": 0.1064, "atm_iv": 0.1119, "vrp_ratio": 0.9508, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.33, "ev_at_half_drift_usd": -34.71, "ev_gross_usd": -30.24, "expected_loss_real_usd": 87.24, "friction_usd": 1.0, "ev_net_usd": -31.24, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 451}
{"ts": "2026-08-31T15:50:20.956766+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY implied volatility exceeds 20-day realized volatility with an IV/RV ratio of 1.07 while maintaining a positive 5-day return of +0.33%, supporting short-dated put premium selling.", "invalidation": "Accelerating downward momentum that expands losses past the 1-day decline of -0.44% toward the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"766.0": 0.1112, "735.0": 0.2405, "700.0": 0.428, "724.0": 0.2954, "745.0": 0.1836, "737.0": 0.2266, "765.0": 0.1136, "747.0": 0.1749, "722.0": 0.3083, "723.0": 0.3019, "757.0": 0.1354, "767.0": 0.1094, "763.0": 0.1185, "730.0": 0.2667, "754.0": 0.1446, "746.0": 0.1795, "764.0": 0.1161, "720.0": 0.3212, "741.0": 0.2042, "748.0": 0.1671, "739.0": 0.2185, "738.0": 0.2197, "729.0": 0.2734, "769.0": 0.1068, "758.0": 0.1322, "719.0": 0.3276, "731.0": 0.26, "725.0": 0.3001, "743.0": 0.1944, "705.0": 0.4177, "732.0": 0.2533, "726.0": 0.2934, "690.0": 0.4898, "715.0": 0.3534, "736.0": 0.2336, "756.0": 0.1381, "721.0": 0.3148, "751.0": 0.1548, "753.0": 0.148, "749.0": 0.1646, "750.0": 0.1588, "734.0": 0.2474, "742.0": 0.197, "762.0": 0.1215, "710.0": 0.3664, "695.0": 0.4589, "733.0": 0.2466, "727.0": 0.2867, "761.0": 0.124, "768.0": 0.1077, "759.0": 0.1297, "760.0": 0.1268, "740.0": 0.2113, "728.0": 0.2801, "755.0": 0.1414, "718.0": 0.3341, "744.0": 0.1871, "752.0": 0.1519}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1958, "long_delta": 0.1156, "short_iv": 0.1268, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.809064, "long_quote_age": 0.79601, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 265.0, "total_risk": 19875.0, "buying_power_used_pct": 0.9938}, "spot": 765.915}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.82 (gross $-18.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:50:33.387842+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV of 1.07 indicates implied volatility is elevated relative to 20-day realized volatility of 10.40%, favoring selling premium on a mild 1-day dip of -0.44% within a positive 5-day return of +0.33%.", "invalidation": "A continued decline in SPY spot below the short strike with IV expanding further above 11.10%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"719.0": 0.2595, "756.0": 0.1353, "742.0": 0.1742, "691.0": 0.3722, "731.0": 0.2132, "705.0": 0.3226, "722.0": 0.2491, "763.0": 0.1203, "764.0": 0.1184, "751.0": 0.1478, "700.0": 0.3392, "718.0": 0.2645, "765.0": 0.1163, "729.0": 0.2206, "727.0": 0.2276, "766.0": 0.1146, "738.0": 0.1871, "762.0": 0.1224, "734.0": 0.2025, "710.0": 0.2982, "692.0": 0.3675, "752.0": 0.1454, "716.0": 0.2744, "754.0": 0.1403, "767.0": 0.1128, "761.0": 0.1244, "728.0": 0.2259, "744.0": 0.1677, "685.0": 0.4004, "707.0": 0.3128, "769.0": 0.1095, "690.0": 0.3769, "712.0": 0.2884, "740.0": 0.1812, "695.0": 0.3631, "703.0": 0.3248, "693.0": 0.3628, "736.0": 0.1939, "730.0": 0.2185, "759.0": 0.1288, "708.0": 0.3079, "717.0": 0.2695, "745.0": 0.1652, "743.0": 0.1711, "721.0": 0.2542, "750.0": 0.1504, "706.0": 0.3177, "699.0": 0.344, "757.0": 0.1333, "713.0": 0.2893, "739.0": 0.1833, "714.0": 0.2844, "735.0": 0.1995, "733.0": 0.2053, "747.0": 0.159, "748.0": 0.1563, "724.0": 0.239, "746.0": 0.1612, "760.0": 0.1266, "702.0": 0.3296, "694.0": 0.3679, "768.0": 0.1116, "698.0": 0.3488, "725.0": 0.2379, "709.0": 0.3031, "701.0": 0.3344, "715.0": 0.2794, "697.0": 0.3536, "737.0": 0.1906, "704.0": 0.3275, "723.0": 0.244, "758.0": 0.1311, "732.0": 0.2079, "749.0": 0.1531, "755.0": 0.1381, "753.0": 0.1431, "696.0": 0.3583, "741.0": 0.177, "711.0": 0.2933, "720.0": 0.2592, "726.0": 0.2327}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.52, "short_delta": 0.19, "long_delta": 0.1073, "short_iv": 0.1333, "short_rel_spread": 0.0088888888888887, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.406551, "long_quote_age": 0.543409, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.935}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.90 (gross $-28.90 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:51:52.596461+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.35% with an elevated IV/RV ratio of 1.07, favoring put premium selling despite a mild 1-day decline of -0.42%.", "invalidation": "SPY 5-day return turns negative alongside accelerating 1-day losses."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"756.0": 0.1378, "761.0": 0.1239, "685.0": 0.5219, "737.0": 0.2279, "721.0": 0.3159, "726.0": 0.2946, "700.0": 0.4291, "730.0": 0.2679, "767.0": 0.1091, "710.0": 0.3674, "723.0": 0.303, "734.0": 0.2486, "695.0": 0.4599, "768.0": 0.1073, "742.0": 0.1983, "757.0": 0.1356, "740.0": 0.2126, "749.0": 0.166, "759.0": 0.1297, "764.0": 0.1161, "754.0": 0.1449, "745.0": 0.1849, "753.0": 0.1481, "739.0": 0.2198, "766.0": 0.1113, "747.0": 0.1733, "769.0": 0.1055, "744.0": 0.1884, "732.0": 0.2545, "738.0": 0.2209, "752.0": 0.1517, "765.0": 0.1137, "755.0": 0.142, "724.0": 0.2966, "743.0": 0.1957, "751.0": 0.1564, "746.0": 0.1774, "741.0": 0.2055, "770.0": 0.1058, "728.0": 0.2813, "760.0": 0.1266, "690.0": 0.4909, "725.0": 0.3013, "727.0": 0.2879, "735.0": 0.2417, "718.0": 0.3352, "729.0": 0.2746, "733.0": 0.2478, "731.0": 0.2612, "722.0": 0.3095, "763.0": 0.1187, "748.0": 0.1686, "705.0": 0.4188, "736.0": 0.2348, "750.0": 0.1603, "720.0": 0.3223, "719.0": 0.3288, "762.0": 0.1213, "758.0": 0.1326, "715.0": 0.3545}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1882, "long_delta": 0.0781, "short_iv": 0.1266, "short_rel_spread": 0.01342281879194632, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.653104, "long_quote_age": 0.643231, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 766.1800000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.17 (gross $-29.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,976.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.17 (gross $-29.17 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.1882, "long_delta": 0.0781, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.8118, "edge_pp": -9.62, "ev_implied_usd": -20.58, "realized_vol": 0.1064, "atm_iv": 0.1113, "vrp_ratio": 0.956, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.83, "ev_at_half_drift_usd": -32.45, "ev_gross_usd": -29.17, "expected_loss_real_usd": 75.17, "friction_usd": 1.0, "ev_net_usd": -30.17, "total_risk_usd": 19976.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 455}
{"ts": "2026-08-31T15:52:03.211949+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day momentum of +0.35% with an elevated IV/RV ratio of 1.07, favoring selling put premium with longer duration.", "invalidation": "SPY spot price drops sharply turning 5-day performance negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"730.0": 0.2316, "736.0": 0.2057, "737.0": 0.1997, "764.0": 0.1157, "685.0": 0.4475, "718.0": 0.2926, "720.0": 0.2815, "724.0": 0.2593, "767.0": 0.1098, "742.0": 0.1812, "719.0": 0.2871, "759.0": 0.1272, "760.0": 0.1246, "766.0": 0.1118, "695.0": 0.3948, "743.0": 0.1772, "762.0": 0.1201, "744.0": 0.173, "739.0": 0.1912, "700.0": 0.3685, "753.0": 0.1428, "732.0": 0.225, "765.0": 0.1135, "769.0": 0.107, "745.0": 0.1685, "751.0": 0.1494, "727.0": 0.2487, "690.0": 0.4211, "752.0": 0.1459, "757.0": 0.1322, "754.0": 0.1406, "723.0": 0.2649, "728.0": 0.243, "735.0": 0.2116, "749.0": 0.1557, "756.0": 0.1351, "741.0": 0.1849, "705.0": 0.3546, "738.0": 0.1973, "768.0": 0.1083, "710.0": 0.3275, "761.0": 0.1224, "733.0": 0.2192, "721.0": 0.276, "731.0": 0.2309, "763.0": 0.1178, "722.0": 0.2704, "725.0": 0.2601, "750.0": 0.1522, "734.0": 0.2134, "758.0": 0.1296, "747.0": 0.1623, "755.0": 0.1376, "740.0": 0.1882, "715.0": 0.3005, "726.0": 0.2544, "746.0": 0.1657, "729.0": 0.2373, "748.0": 0.1585}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1997, "long_delta": 0.1, "short_iv": 0.1272, "short_rel_spread": 0.02020202020202022, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.569318, "long_quote_age": 0.56854, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.125}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.30 (gross $-30.80 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.30 (gross $-30.80 - friction $1.50) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.1997, "long_delta": 0.1, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.8003, "edge_pp": -9.37, "ev_implied_usd": -21.92, "realized_vol": 0.1064, "atm_iv": 0.1118, "vrp_ratio": 0.9517, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.66, "ev_at_half_drift_usd": -35.16, "ev_gross_usd": -30.8, "expected_loss_real_usd": 83.8, "friction_usd": 1.5, "ev_net_usd": -32.3, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 420}
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{"ts": "2026-08-31T15:53:35.279898+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5D momentum at +0.34% with an IV/RV ratio of 1.07 offering attractive premium to sell downside put spreads across a 3 to 7 DTE horizon.", "invalidation": "SPY spot price drops further, turning the 5D return negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"742.0": 0.1796, "757.0": 0.1319, "753.0": 0.1432, "722.0": 0.2713, "725.0": 0.261, "764.0": 0.1155, "750.0": 0.1522, "731.0": 0.2318, "719.0": 0.2879, "749.0": 0.1555, "733.0": 0.2201, "728.0": 0.2439, "726.0": 0.2553, "727.0": 0.2496, "710.0": 0.3284, "762.0": 0.1199, "739.0": 0.1922, "718.0": 0.2935, "748.0": 0.1581, "745.0": 0.1696, "747.0": 0.1617, "752.0": 0.1462, "760.0": 0.1245, "729.0": 0.2382, "735.0": 0.2126, "758.0": 0.1295, "756.0": 0.1345, "769.0": 0.1063, "685.0": 0.4483, "736.0": 0.2067, "759.0": 0.1271, "768.0": 0.1082, "770.0": 0.1046, "761.0": 0.1221, "690.0": 0.4219, "746.0": 0.1649, "720.0": 0.2824, "763.0": 0.1177, "766.0": 0.1114, "751.0": 0.1484, "767.0": 0.1096, "737.0": 0.2007, "724.0": 0.2602, "730.0": 0.2325, "755.0": 0.1375, "732.0": 0.226, "741.0": 0.1859, "734.0": 0.2143, "695.0": 0.3956, "740.0": 0.1892, "723.0": 0.2657, "744.0": 0.1718, "754.0": 0.1404, "705.0": 0.3554, "715.0": 0.3014, "765.0": 0.1136, "738.0": 0.1983, "743.0": 0.1759, "721.0": 0.2768, "700.0": 0.3693}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1943, "long_delta": 0.0966, "short_iv": 0.1271, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.495697, "long_quote_age": 0.471278, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.325}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.67 (gross $-30.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.67 (gross $-30.67 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.1943, "long_delta": 0.0966, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.8057, "edge_pp": -9.23, "ev_implied_usd": -21.73, "realized_vol": 0.1064, "atm_iv": 0.1114, "vrp_ratio": 0.9551, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.38, "ev_at_half_drift_usd": -34.96, "ev_gross_usd": -30.67, "expected_loss_real_usd": 81.67, "friction_usd": 1.0, "ev_net_usd": -31.67, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 438}
{"ts": "2026-08-31T15:55:02.097841+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.34% with an elevated IV/RV ratio of 1.07, providing favorable premium to sell downside risk.", "invalidation": "SPY spot price accelerating downward past the 1-day decline of -0.42% with implied volatility failing to contain realized movement."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"759.0": 0.1292, "732.0": 0.2538, "741.0": 0.2047, "738.0": 0.2202, "737.0": 0.2272, "700.0": 0.4284, "730.0": 0.2672, "721.0": 0.3152, "727.0": 0.2872, "765.0": 0.1129, "743.0": 0.195, "719.0": 0.3281, "685.0": 0.5213, "754.0": 0.1439, "723.0": 0.3023, "744.0": 0.1876, "710.0": 0.3668, "750.0": 0.1595, "768.0": 0.1056, "760.0": 0.1259, "761.0": 0.1233, "767.0": 0.108, "756.0": 0.1378, "740.0": 0.2119, "718.0": 0.3346, "734.0": 0.2479, "729.0": 0.2739, "736.0": 0.2341, "769.0": 0.1046, "726.0": 0.2939, "753.0": 0.1471, "731.0": 0.2605, "757.0": 0.1344, "766.0": 0.1103, "745.0": 0.1841, "728.0": 0.2806, "735.0": 0.241, "705.0": 0.4181, "762.0": 0.1205, "755.0": 0.1409, "742.0": 0.1976, "763.0": 0.1178, "749.0": 0.1626, "747.0": 0.1724, "748.0": 0.1677, "733.0": 0.2471, "751.0": 0.1555, "720.0": 0.3217, "695.0": 0.4593, "725.0": 0.3006, "746.0": 0.1766, "758.0": 0.1314, "690.0": 0.4903, "752.0": 0.1508, "722.0": 0.3088, "715.0": 0.3538, "724.0": 0.2959, "739.0": 0.219, "764.0": 0.1152}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1911, "long_delta": 0.0786, "short_iv": 0.1259, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.64986, "long_quote_age": 0.642075, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 766.075}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.97 (gross $-29.97 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:55:16.477518+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an IV/RV premium of 1.07 and positive 5-day performance of +0.34%, favoring put credit spread premium collection across an extended 4-7 DTE window.", "invalidation": "Further downward continuation following the 1-day decline of -0.42% that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"739.0": 0.1838, "743.0": 0.1702, "764.0": 0.1183, "692.0": 0.3679, "696.0": 0.3588, "694.0": 0.3683, "715.0": 0.2798, "761.0": 0.1243, "703.0": 0.3252, "768.0": 0.1097, "766.0": 0.1145, "707.0": 0.3132, "751.0": 0.1478, "762.0": 0.1222, "718.0": 0.2649, "717.0": 0.2699, "755.0": 0.1378, "706.0": 0.3181, "734.0": 0.2004, "736.0": 0.1944, "737.0": 0.1911, "690.0": 0.3773, "726.0": 0.2332, "698.0": 0.3492, "759.0": 0.1285, "712.0": 0.2888, "730.0": 0.219, "745.0": 0.1646, "769.0": 0.1091, "721.0": 0.2546, "711.0": 0.2937, "763.0": 0.1201, "695.0": 0.3635, "709.0": 0.3035, "697.0": 0.354, "693.0": 0.3632, "756.0": 0.1356, "710.0": 0.2986, "699.0": 0.3444, "767.0": 0.1127, "752.0": 0.1454, "728.0": 0.2263, "714.0": 0.2848, "713.0": 0.2898, "758.0": 0.1308, "760.0": 0.1264, "742.0": 0.1732, "724.0": 0.2394, "735.0": 0.1976, "720.0": 0.2597, "702.0": 0.33, "705.0": 0.323, "725.0": 0.2383, "700.0": 0.3396, "691.0": 0.3726, "749.0": 0.1529, "757.0": 0.1332, "722.0": 0.2496, "727.0": 0.228, "704.0": 0.3279, "708.0": 0.3084, "750.0": 0.1502, "719.0": 0.2599, "747.0": 0.1585, "685.0": 0.4008, "754.0": 0.1402, "740.0": 0.1799, "716.0": 0.2749, "738.0": 0.1876, "765.0": 0.1162, "729.0": 0.2211, "744.0": 0.1669, "748.0": 0.1559, "746.0": 0.1618, "732.0": 0.2084, "723.0": 0.2445, "741.0": 0.1775, "701.0": 0.3348, "753.0": 0.1425, "733.0": 0.2058, "731.0": 0.2137}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2099, "long_delta": 0.1179, "short_iv": 0.1308, "short_rel_spread": 0.00796812749003985, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.597893, "long_quote_age": 0.597794, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 441.0, "total_risk": 19845.0, "buying_power_used_pct": 0.9922}, "spot": 766.1}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.39 (gross $-28.39 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:56:35.152797+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day performance of +0.32% alongside elevated option pricing with ATM IV exceeding 20-day realized volatility at an IV/RV of 1.07.", "invalidation": "SPY continues its 1-day downward move of -0.45% and breaches below the short strike delta buffer."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"728.0": 0.2796, "764.0": 0.1159, "745.0": 0.183, "739.0": 0.2179, "685.0": 0.5204, "742.0": 0.1965, "751.0": 0.1561, "732.0": 0.2528, "733.0": 0.246, "747.0": 0.1712, "741.0": 0.2036, "763.0": 0.1184, "756.0": 0.1383, "755.0": 0.1406, "737.0": 0.2261, "766.0": 0.1112, "726.0": 0.2929, "731.0": 0.2595, "718.0": 0.3336, "730.0": 0.2662, "721.0": 0.3143, "724.0": 0.2949, "746.0": 0.1755, "690.0": 0.4894, "729.0": 0.2729, "769.0": 0.1041, "759.0": 0.1294, "722.0": 0.3078, "715.0": 0.3529, "738.0": 0.2191, "719.0": 0.3272, "735.0": 0.2399, "695.0": 0.4584, "767.0": 0.1085, "725.0": 0.2996, "748.0": 0.1665, "740.0": 0.2108, "727.0": 0.2862, "752.0": 0.1512, "768.0": 0.1063, "734.0": 0.2469, "749.0": 0.1639, "753.0": 0.1473, "760.0": 0.1265, "765.0": 0.1134, "710.0": 0.385, "723.0": 0.3014, "762.0": 0.1209, "744.0": 0.1865, "700.0": 0.4275, "754.0": 0.1438, "757.0": 0.1346, "720.0": 0.3207, "750.0": 0.1604, "736.0": 0.233, "743.0": 0.1938, "705.0": 0.4172, "761.0": 0.1235, "758.0": 0.1321}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1983, "long_delta": 0.0811, "short_iv": 0.1265, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.598735, "long_quote_age": 0.758688, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.905}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.63 (gross $-28.63 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.63 (gross $-28.63 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1983, "long_delta": 0.0811, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8017, "edge_pp": -9.83, "ev_implied_usd": -19.85, "realized_vol": 0.1064, "atm_iv": 0.1112, "vrp_ratio": 0.9568, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.49, "ev_at_half_drift_usd": -32.01, "ev_gross_usd": -28.63, "expected_loss_real_usd": 78.63, "friction_usd": 1.0, "ev_net_usd": -29.63, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 472}
{"ts": "2026-08-31T15:56:49.563114+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.07 alongside positive 5-day performance of +0.32%, supporting a put credit spread across 3 to 6 DTE.", "invalidation": "Further downward momentum extending beyond the 1-day decline of -0.45% that reverses the positive 5-day return."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"759.0": 0.1271, "739.0": 0.189, "768.0": 0.1085, "743.0": 0.1749, "731.0": 0.2288, "737.0": 0.1976, "760.0": 0.1247, "755.0": 0.1373, "724.0": 0.2574, "728.0": 0.241, "747.0": 0.1614, "732.0": 0.223, "754.0": 0.14, "751.0": 0.1488, "730.0": 0.2296, "762.0": 0.1202, "736.0": 0.2036, "746.0": 0.165, "720.0": 0.2796, "710.0": 0.3257, "733.0": 0.2171, "705.0": 0.3527, "729.0": 0.2353, "719.0": 0.2852, "727.0": 0.2467, "750.0": 0.152, "745.0": 0.1681, "744.0": 0.1706, "722.0": 0.2685, "740.0": 0.186, "749.0": 0.1544, "752.0": 0.1461, "721.0": 0.274, "715.0": 0.3073, "763.0": 0.1179, "765.0": 0.1138, "718.0": 0.2907, "690.0": 0.4193, "758.0": 0.1298, "723.0": 0.2629, "742.0": 0.1789, "766.0": 0.1119, "695.0": 0.393, "734.0": 0.2113, "741.0": 0.1826, "764.0": 0.1159, "748.0": 0.1574, "767.0": 0.11, "700.0": 0.3667, "685.0": 0.4457, "726.0": 0.2524, "753.0": 0.1425, "756.0": 0.135, "738.0": 0.1951, "735.0": 0.2095, "769.0": 0.107, "757.0": 0.1324, "725.0": 0.2581, "761.0": 0.1224}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2116, "long_delta": 0.1058, "short_iv": 0.1271, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.454679, "long_quote_age": 0.671021, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.69 (gross $-30.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.69 (gross $-30.69 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.2116, "long_delta": 0.1058, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.7884, "edge_pp": -9.76, "ev_implied_usd": -22.35, "realized_vol": 0.1064, "atm_iv": 0.1119, "vrp_ratio": 0.9508, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.82, "ev_at_half_drift_usd": -35.19, "ev_gross_usd": -30.69, "expected_loss_real_usd": 87.69, "friction_usd": 1.0, "ev_net_usd": -31.69, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 465}
{"ts": "2026-08-31T15:58:09.686591+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY 3-day ATM IV of 11.08% trades at an elevated 1.07 IV/RV ratio over 20-day realized volatility of 10.40% against a positive 5-day return of +0.29%, supporting short put spread premium collection.", "invalidation": "SPY daily losses accelerate significantly beyond the current -0.47% 1-day decline to erase 5-day positive performance."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"715.0": 0.3512, "727.0": 0.2844, "700.0": 0.4259, "765.0": 0.1139, "753.0": 0.1477, "767.0": 0.1091, "755.0": 0.1412, "730.0": 0.2643, "766.0": 0.1118, "734.0": 0.2449, "723.0": 0.2996, "728.0": 0.2777, "725.0": 0.2978, "705.0": 0.4155, "726.0": 0.2911, "736.0": 0.2311, "720.0": 0.319, "742.0": 0.1945, "763.0": 0.1189, "758.0": 0.1319, "762.0": 0.1215, "733.0": 0.2442, "764.0": 0.1165, "754.0": 0.1451, "745.0": 0.1809, "747.0": 0.1721, "759.0": 0.1295, "738.0": 0.2172, "724.0": 0.2932, "749.0": 0.1641, "731.0": 0.2576, "746.0": 0.1768, "752.0": 0.1521, "743.0": 0.1918, "750.0": 0.1581, "710.0": 0.3833, "761.0": 0.1241, "744.0": 0.1844, "690.0": 0.4878, "748.0": 0.1671, "741.0": 0.2016, "756.0": 0.1384, "769.0": 0.1029, "737.0": 0.2242, "729.0": 0.271, "695.0": 0.4568, "721.0": 0.3125, "760.0": 0.1265, "735.0": 0.238, "751.0": 0.1556, "768.0": 0.1076, "718.0": 0.3319, "719.0": 0.3254, "732.0": 0.2509, "739.0": 0.2159, "685.0": 0.5188, "757.0": 0.135, "722.0": 0.3061, "740.0": 0.2088}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2098, "long_delta": 0.0877, "short_iv": 0.1265, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.741235, "long_quote_age": 0.824832, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.66}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.52 (gross $-28.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:58:21.344921+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.29% with an elevated IV/RV ratio of 1.07, providing favorable premium to sell put credit spreads over a 4 to 7 DTE window.", "invalidation": "SPY downward momentum continues to erase the 5-day gain of +0.29% or IV falls sharply relative to realized volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"692.0": 0.3659, "754.0": 0.1409, "721.0": 0.2523, "690.0": 0.3753, "763.0": 0.121, "755.0": 0.1385, "741.0": 0.1764, "762.0": 0.1229, "730.0": 0.2165, "758.0": 0.1314, "739.0": 0.183, "765.0": 0.1171, "714.0": 0.2826, "701.0": 0.3327, "731.0": 0.2112, "738.0": 0.1869, "724.0": 0.2411, "716.0": 0.2726, "709.0": 0.3013, "703.0": 0.3231, "722.0": 0.2472, "747.0": 0.1585, "702.0": 0.3279, "733.0": 0.2033, "768.0": 0.1108, "753.0": 0.1431, "696.0": 0.3566, "746.0": 0.162, "705.0": 0.3208, "708.0": 0.3062, "729.0": 0.2187, "764.0": 0.119, "767.0": 0.1136, "756.0": 0.1359, "699.0": 0.3423, "749.0": 0.153, "706.0": 0.3159, "698.0": 0.3471, "723.0": 0.2422, "718.0": 0.2627, "737.0": 0.1906, "691.0": 0.3706, "720.0": 0.2574, "761.0": 0.1251, "685.0": 0.3988, "766.0": 0.1154, "735.0": 0.1974, "700.0": 0.3375, "736.0": 0.1941, "726.0": 0.2308, "745.0": 0.164, "717.0": 0.2676, "732.0": 0.2087, "742.0": 0.1734, "725.0": 0.2359, "748.0": 0.1564, "752.0": 0.1452, "704.0": 0.3257, "697.0": 0.3518, "759.0": 0.1293, "712.0": 0.2925, "744.0": 0.1679, "751.0": 0.1479, "719.0": 0.2624, "707.0": 0.3111, "769.0": 0.1097, "710.0": 0.2964, "711.0": 0.2915, "740.0": 0.1806, "760.0": 0.1272, "728.0": 0.2239, "693.0": 0.3612, "743.0": 0.1702, "727.0": 0.2256, "695.0": 0.3614, "734.0": 0.2005, "757.0": 0.1336, "713.0": 0.2875, "715.0": 0.2776, "750.0": 0.1507, "694.0": 0.3662}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2008, "long_delta": 0.1133, "short_iv": 0.1336, "short_rel_spread": 0.016528925619834725, "long_rel_spread": 0.015503875968992262, "short_quote_age": 2.160389, "long_quote_age": 0.862788, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.59}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.28 (gross $-27.78 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T15:59:42.755232+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5D momentum (+0.26%) with IV/RV elevated at 1.07, providing favorable premium to sell put credit spreads following a mild 1D dip of -0.50%.", "invalidation": "A continued drop in SPY spot price significantly below 765.47 breaking the 5D upward trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"710.0": 0.3819, "746.0": 0.175, "760.0": 0.127, "729.0": 0.2695, "705.0": 0.4141, "754.0": 0.1453, "743.0": 0.1901, "769.0": 0.1044, "756.0": 0.1387, "738.0": 0.2156, "763.0": 0.1192, "718.0": 0.3304, "725.0": 0.2962, "695.0": 0.4555, "722.0": 0.3046, "720.0": 0.3175, "736.0": 0.2295, "724.0": 0.2917, "752.0": 0.1516, "733.0": 0.2426, "755.0": 0.1421, "740.0": 0.2071, "739.0": 0.2143, "731.0": 0.2561, "721.0": 0.3111, "761.0": 0.1246, "753.0": 0.1483, "765.0": 0.1143, "715.0": 0.3497, "744.0": 0.1827, "757.0": 0.1358, "751.0": 0.1554, "750.0": 0.1582, "735.0": 0.2364, "766.0": 0.112, "759.0": 0.1299, "747.0": 0.1703, "741.0": 0.2, "685.0": 0.5175, "727.0": 0.2829, "748.0": 0.1652, "700.0": 0.4246, "726.0": 0.2896, "719.0": 0.324, "728.0": 0.2762, "730.0": 0.2628, "762.0": 0.1217, "737.0": 0.2226, "749.0": 0.1621, "745.0": 0.1791, "764.0": 0.1167, "768.0": 0.1077, "734.0": 0.2434, "767.0": 0.1093, "723.0": 0.2982, "758.0": 0.1329, "732.0": 0.2494, "690.0": 0.4864, "742.0": 0.1928}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1865, "long_delta": 0.0789, "short_iv": 0.1299, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.770239, "long_quote_age": 0.77021, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.36}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.48 (gross $-26.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,976.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.48 (gross $-26.48 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.1865, "long_delta": 0.0789, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.8135, "edge_pp": -9.45, "ev_implied_usd": -20.35, "realized_vol": 0.1064, "atm_iv": 0.1143, "vrp_ratio": 0.9309, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -32.99, "ev_at_half_drift_usd": -29.69, "ev_gross_usd": -26.48, "expected_loss_real_usd": 72.48, "friction_usd": 1.0, "ev_net_usd": -27.48, "total_risk_usd": 19976.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 474}
{"ts": "2026-08-31T15:59:56.122462+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "With SPY maintaining positive 5-day momentum at +0.26% and an IV/RV ratio of 1.07 indicating option premium is rich relative to 20-day realized volatility, selling a put credit spread captures elevated implied volatility.", "invalidation": "Further downward continuation beyond the 1-day decline of -0.50% that breaches the short strike would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"750.0": 0.1514, "715.0": 0.3053, "695.0": 0.3912, "725.0": 0.256, "764.0": 0.1167, "723.0": 0.2609, "722.0": 0.2665, "736.0": 0.2014, "761.0": 0.123, "742.0": 0.1789, "751.0": 0.149, "718.0": 0.2887, "748.0": 0.1576, "760.0": 0.1253, "743.0": 0.1747, "738.0": 0.1928, "710.0": 0.3238, "739.0": 0.1899, "740.0": 0.1866, "744.0": 0.1723, "733.0": 0.215, "754.0": 0.1405, "729.0": 0.2332, "730.0": 0.2325, "757.0": 0.1326, "724.0": 0.2617, "768.0": 0.1093, "747.0": 0.1618, "756.0": 0.1352, "769.0": 0.1075, "734.0": 0.2133, "741.0": 0.1829, "767.0": 0.1111, "735.0": 0.2073, "727.0": 0.2446, "737.0": 0.1989, "720.0": 0.2776, "705.0": 0.3508, "758.0": 0.1301, "766.0": 0.1129, "753.0": 0.1436, "721.0": 0.272, "719.0": 0.2831, "728.0": 0.2389, "749.0": 0.1554, "762.0": 0.1207, "763.0": 0.1186, "752.0": 0.1458, "755.0": 0.138, "765.0": 0.1146, "690.0": 0.4175, "731.0": 0.2267, "746.0": 0.1641, "726.0": 0.2503, "759.0": 0.1276, "732.0": 0.2208, "745.0": 0.1674, "700.0": 0.3649}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1972, "long_delta": 0.1313, "short_iv": 0.1301, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.403793, "long_quote_age": 0.42927, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.37}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.70 (gross $-17.70 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:01:22.020634+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY 3-day ATM IV trades at an elevated 1.10 IV/RV ratio relative to 20-day realized volatility while 5-day returns remain positive at +0.23%.", "invalidation": "SPY accelerates its 1-day decline of -0.54% and erases 5-day gains."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"732.0": 0.248, "746.0": 0.1765, "726.0": 0.2882, "759.0": 0.131, "754.0": 0.1455, "743.0": 0.1885, "715.0": 0.3484, "735.0": 0.235, "736.0": 0.2281, "762.0": 0.1228, "721.0": 0.3097, "752.0": 0.1527, "755.0": 0.142, "767.0": 0.1106, "748.0": 0.1661, "756.0": 0.1392, "705.0": 0.4128, "734.0": 0.2419, "718.0": 0.3291, "745.0": 0.181, "724.0": 0.2904, "737.0": 0.2211, "730.0": 0.2614, "751.0": 0.1553, "690.0": 0.4852, "695.0": 0.4543, "731.0": 0.2547, "738.0": 0.2141, "761.0": 0.1257, "733.0": 0.2412, "763.0": 0.1206, "739.0": 0.2128, "758.0": 0.1336, "725.0": 0.2949, "720.0": 0.3162, "723.0": 0.2968, "768.0": 0.1091, "727.0": 0.2815, "760.0": 0.1282, "744.0": 0.185, "700.0": 0.4234, "753.0": 0.149, "764.0": 0.1179, "740.0": 0.2056, "710.0": 0.3806, "719.0": 0.3226, "741.0": 0.1985, "742.0": 0.1959, "747.0": 0.1715, "749.0": 0.1626, "729.0": 0.2681, "750.0": 0.1584, "722.0": 0.3033, "765.0": 0.1155, "728.0": 0.2748, "757.0": 0.1366, "685.0": 0.5163, "766.0": 0.1132}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1967, "long_delta": 0.0833, "short_iv": 0.131, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.398141, "long_quote_age": 0.523595, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.14}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.59 (gross $-24.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-25.59 (gross $-24.59 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1967, "long_delta": 0.0833, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8033, "edge_pp": -9.67, "ev_implied_usd": -20.0, "realized_vol": 0.1064, "atm_iv": 0.1155, "vrp_ratio": 0.9212, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -31.26, "ev_at_half_drift_usd": -27.88, "ev_gross_usd": -24.59, "expected_loss_real_usd": 74.59, "friction_usd": 1.0, "ev_net_usd": -25.59, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 429}
{"ts": "2026-08-31T16:01:36.153121+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.23% alongside an elevated IV/RV ratio of 1.10, offering favorable premium to sell downside puts across a longer DTE window.", "invalidation": "SPY spot price drops sharply below 765.21 and 5D performance turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"727.0": 0.2274, "746.0": 0.1618, "724.0": 0.2394, "721.0": 0.2506, "700.0": 0.3359, "685.0": 0.3973, "717.0": 0.266, "705.0": 0.3192, "710.0": 0.2948, "691.0": 0.3691, "733.0": 0.2041, "716.0": 0.271, "726.0": 0.2291, "729.0": 0.22, "757.0": 0.1341, "690.0": 0.3738, "754.0": 0.1408, "769.0": 0.111, "720.0": 0.2557, "743.0": 0.1707, "758.0": 0.1319, "723.0": 0.2445, "709.0": 0.2997, "712.0": 0.2908, "695.0": 0.3599, "762.0": 0.1236, "731.0": 0.2123, "718.0": 0.2658, "715.0": 0.2759, "751.0": 0.1481, "766.0": 0.116, "697.0": 0.3503, "765.0": 0.1178, "738.0": 0.1868, "693.0": 0.3695, "756.0": 0.1365, "703.0": 0.329, "755.0": 0.1385, "707.0": 0.3095, "699.0": 0.3407, "752.0": 0.1457, "740.0": 0.1802, "728.0": 0.2221, "749.0": 0.1538, "761.0": 0.1256, "739.0": 0.1828, "737.0": 0.1906, "719.0": 0.2607, "708.0": 0.3046, "711.0": 0.2899, "732.0": 0.2069, "698.0": 0.3455, "701.0": 0.3311, "741.0": 0.1774, "704.0": 0.3241, "745.0": 0.1651, "748.0": 0.1558, "706.0": 0.3143, "735.0": 0.1955, "702.0": 0.3263, "713.0": 0.2859, "767.0": 0.1143, "764.0": 0.1197, "734.0": 0.201, "725.0": 0.2342, "747.0": 0.159, "759.0": 0.1296, "696.0": 0.3551, "694.0": 0.3647, "768.0": 0.113, "753.0": 0.1433, "722.0": 0.2455, "742.0": 0.1742, "760.0": 0.1277, "763.0": 0.1217, "692.0": 0.3644, "750.0": 0.1512, "744.0": 0.1681, "736.0": 0.1922, "730.0": 0.2147, "714.0": 0.2809}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1892, "long_delta": 0.1072, "short_iv": 0.1365, "short_rel_spread": 0.00873362445414848, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.720107, "long_quote_age": 0.721159, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.1700000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.63 (gross $-24.63 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:02:53.830068+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.23% with elevated short-term implied volatility relative to realized volatility (IV/RV 1.10), making put premium attractive to collect on the mild 1D pullback (-0.54%).", "invalidation": "SPY spot breaks down significantly further below recent levels, reversing the positive 5D return."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"734.0": 0.2425, "741.0": 0.1991, "722.0": 0.3038, "723.0": 0.2974, "690.0": 0.4857, "760.0": 0.1277, "746.0": 0.1771, "751.0": 0.156, "727.0": 0.2821, "685.0": 0.5168, "750.0": 0.1592, "738.0": 0.2147, "737.0": 0.2217, "700.0": 0.4239, "740.0": 0.2063, "763.0": 0.1198, "754.0": 0.1464, "743.0": 0.1892, "719.0": 0.3232, "759.0": 0.1302, "767.0": 0.1108, "758.0": 0.1336, "764.0": 0.1172, "765.0": 0.1149, "729.0": 0.2687, "742.0": 0.1965, "768.0": 0.1089, "762.0": 0.1222, "744.0": 0.1857, "749.0": 0.1634, "745.0": 0.1817, "757.0": 0.1364, "725.0": 0.2954, "766.0": 0.1125, "733.0": 0.2418, "756.0": 0.1392, "720.0": 0.3167, "736.0": 0.2287, "739.0": 0.2134, "710.0": 0.3811, "728.0": 0.2754, "705.0": 0.4133, "769.0": 0.1068, "753.0": 0.1485, "735.0": 0.2356, "761.0": 0.1249, "695.0": 0.4548, "747.0": 0.1722, "724.0": 0.2909, "732.0": 0.2485, "755.0": 0.1429, "748.0": 0.1668, "715.0": 0.349, "726.0": 0.2888, "730.0": 0.262, "718.0": 0.3296, "731.0": 0.2553, "721.0": 0.3103, "752.0": 0.152}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.47, "short_delta": 0.192, "long_delta": 0.0829, "short_iv": 0.1302, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.432712, "long_quote_age": 0.621621, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 765.215}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.33 (gross $-27.33 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:03:05.236247+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows an elevated IV/RV of 1.10 alongside a positive 5D return of +0.23%, providing favorable premium collection for short put spreads across a slightly longer DTE window.", "invalidation": "SPY spot price breaks downward significantly from 765.23 accelerating beyond the 1D decline of -0.54%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"758.0": 0.131, "715.0": 0.3048, "743.0": 0.1762, "718.0": 0.2881, "760.0": 0.126, "685.0": 0.4434, "768.0": 0.1097, "731.0": 0.2261, "755.0": 0.1384, "747.0": 0.1611, "753.0": 0.1435, "727.0": 0.244, "724.0": 0.2611, "744.0": 0.1716, "700.0": 0.3643, "729.0": 0.2377, "695.0": 0.3906, "752.0": 0.1467, "764.0": 0.1172, "705.0": 0.3503, "723.0": 0.2668, "749.0": 0.1546, "690.0": 0.417, "750.0": 0.1517, "761.0": 0.1237, "721.0": 0.2715, "740.0": 0.1859, "719.0": 0.2826, "741.0": 0.1822, "726.0": 0.2497, "766.0": 0.1133, "732.0": 0.2202, "754.0": 0.1411, "762.0": 0.1215, "733.0": 0.2186, "735.0": 0.2067, "763.0": 0.1193, "769.0": 0.1085, "734.0": 0.2127, "738.0": 0.1954, "756.0": 0.1361, "722.0": 0.2659, "730.0": 0.2319, "745.0": 0.1685, "728.0": 0.2383, "765.0": 0.1152, "739.0": 0.1892, "736.0": 0.2044, "759.0": 0.1286, "751.0": 0.1491, "748.0": 0.1581, "725.0": 0.2554, "737.0": 0.1983, "746.0": 0.165, "757.0": 0.1333, "767.0": 0.1116, "710.0": 0.3232, "720.0": 0.277, "742.0": 0.1783}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2022, "long_delta": 0.1019, "short_iv": 0.131, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.585928, "long_quote_age": 0.592805, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.255}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.68 (gross $-26.68 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:04:26.313379+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day performance of +0.23% and an elevated IV/RV ratio of 1.10, favoring short put premium collection across the short-term pullback of -0.54%.", "invalidation": "Continued downward acceleration beyond the 1-day drop of -0.54% pushing SPY spot significantly lower."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"730.0": 0.2619, "750.0": 0.1591, "742.0": 0.1964, "760.0": 0.1275, "733.0": 0.2418, "731.0": 0.2552, "726.0": 0.2887, "721.0": 0.3102, "739.0": 0.2133, "766.0": 0.1125, "764.0": 0.1172, "756.0": 0.1391, "738.0": 0.2147, "732.0": 0.2485, "690.0": 0.4857, "735.0": 0.2355, "719.0": 0.3231, "752.0": 0.1519, "695.0": 0.4547, "767.0": 0.1108, "748.0": 0.1667, "685.0": 0.5167, "754.0": 0.1451, "753.0": 0.1484, "768.0": 0.1091, "737.0": 0.2216, "747.0": 0.1721, "759.0": 0.1301, "763.0": 0.1196, "736.0": 0.2286, "728.0": 0.2753, "741.0": 0.199, "755.0": 0.1418, "723.0": 0.2973, "745.0": 0.1816, "740.0": 0.2062, "761.0": 0.1248, "700.0": 0.4238, "729.0": 0.2686, "743.0": 0.1891, "757.0": 0.1359, "710.0": 0.3811, "751.0": 0.1559, "720.0": 0.3167, "725.0": 0.2954, "718.0": 0.3296, "722.0": 0.3038, "762.0": 0.1221, "734.0": 0.2424, "705.0": 0.4133, "715.0": 0.3489, "744.0": 0.1856, "724.0": 0.2908, "727.0": 0.282, "746.0": 0.1771, "765.0": 0.1145, "749.0": 0.1633, "758.0": 0.1328}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1921, "long_delta": 0.0813, "short_iv": 0.1301, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.457401, "long_quote_age": 0.458277, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.15}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.06 (gross $-27.06 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.06 (gross $-27.06 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1921, "long_delta": 0.0813, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8079, "edge_pp": -9.61, "ev_implied_usd": -20.35, "realized_vol": 0.1064, "atm_iv": 0.1145, "vrp_ratio": 0.9293, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -33.73, "ev_at_half_drift_usd": -30.35, "ev_gross_usd": -27.06, "expected_loss_real_usd": 75.06, "friction_usd": 1.0, "ev_net_usd": -28.06, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 485}
{"ts": "2026-08-31T16:04:41.510782+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits positive 5-day performance of +0.23% with ATM IV trading at an elevated IV/RV ratio of 1.10 over RV20 of 10.40%.", "invalidation": "SPY spot declines below 765.20 reversing 5-day returns into negative territory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"694.0": 0.3642, "751.0": 0.148, "731.0": 0.2117, "765.0": 0.1174, "708.0": 0.3041, "727.0": 0.2269, "698.0": 0.345, "729.0": 0.2195, "717.0": 0.2655, "691.0": 0.3686, "762.0": 0.123, "741.0": 0.1753, "737.0": 0.1881, "705.0": 0.3188, "714.0": 0.2804, "695.0": 0.3594, "723.0": 0.244, "744.0": 0.1663, "702.0": 0.3259, "701.0": 0.3307, "739.0": 0.1822, "724.0": 0.2389, "721.0": 0.2501, "709.0": 0.2992, "760.0": 0.1271, "768.0": 0.1106, "699.0": 0.3403, "704.0": 0.3236, "690.0": 0.3733, "711.0": 0.2894, "746.0": 0.1611, "726.0": 0.2285, "692.0": 0.3639, "715.0": 0.2754, "755.0": 0.1382, "733.0": 0.2035, "750.0": 0.1497, "763.0": 0.1211, "707.0": 0.309, "706.0": 0.3139, "767.0": 0.114, "716.0": 0.2705, "700.0": 0.3355, "725.0": 0.2337, "719.0": 0.2602, "753.0": 0.143, "696.0": 0.3546, "747.0": 0.1583, "764.0": 0.1192, "758.0": 0.1315, "743.0": 0.17, "713.0": 0.2854, "712.0": 0.2904, "756.0": 0.1361, "740.0": 0.1797, "738.0": 0.1862, "697.0": 0.3498, "754.0": 0.1404, "761.0": 0.125, "736.0": 0.1916, "749.0": 0.1531, "720.0": 0.2552, "693.0": 0.369, "718.0": 0.2653, "735.0": 0.1949, "742.0": 0.1722, "766.0": 0.1157, "732.0": 0.2063, "730.0": 0.2142, "745.0": 0.1634, "752.0": 0.1455, "757.0": 0.1336, "722.0": 0.245, "759.0": 0.1293, "734.0": 0.1981, "748.0": 0.156, "728.0": 0.2216, "710.0": 0.2943, "703.0": 0.3285}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00753000", "short_strike": 756.0, "long_strike": 753.0, "width": 3.0, "credit": 0.36, "short_delta": 0.191, "long_delta": 0.1362, "short_iv": 0.1361, "short_rel_spread": 0.008658008658008667, "long_rel_spread": 0.012578616352201269, "short_quote_age": 0.709629, "long_quote_age": 0.691364, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.12}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-16.50 (gross $-15.50 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:06:01.502710+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.22% with an elevated IV/RV ratio of 1.10, making short-dated put credit spreads attractive to collect premium after a mild 1D pullback.", "invalidation": "A continued decline in SPY spot below 765.12 that accelerates beyond recent 1D losses."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2122, "741.0": 0.1979, "744.0": 0.1845, "733.0": 0.2407, "767.0": 0.1095, "710.0": 0.3801, "754.0": 0.1447, "720.0": 0.3157, "723.0": 0.2963, "722.0": 0.3028, "724.0": 0.2899, "743.0": 0.1879, "732.0": 0.2475, "735.0": 0.2345, "763.0": 0.1188, "718.0": 0.3286, "748.0": 0.1655, "746.0": 0.1758, "737.0": 0.2206, "758.0": 0.1323, "752.0": 0.1505, "721.0": 0.3093, "747.0": 0.1709, "690.0": 0.4848, "725.0": 0.2944, "726.0": 0.2877, "751.0": 0.1546, "765.0": 0.114, "719.0": 0.3222, "753.0": 0.1482, "729.0": 0.2676, "762.0": 0.1213, "756.0": 0.1383, "761.0": 0.124, "742.0": 0.1953, "695.0": 0.4538, "760.0": 0.1266, "738.0": 0.2136, "750.0": 0.1577, "757.0": 0.1349, "740.0": 0.2051, "759.0": 0.1294, "768.0": 0.1075, "730.0": 0.2609, "728.0": 0.2743, "745.0": 0.1804, "749.0": 0.162, "700.0": 0.4229, "755.0": 0.1412, "685.0": 0.5158, "715.0": 0.3479, "731.0": 0.2542, "736.0": 0.2275, "764.0": 0.1164, "766.0": 0.1115, "705.0": 0.4123, "734.0": 0.2414, "727.0": 0.281}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1968, "long_delta": 0.0837, "short_iv": 0.1294, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.395688, "long_quote_age": 0.521921, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.055}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.25 (gross $-27.25 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.25 (gross $-27.25 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1968, "long_delta": 0.0837, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8032, "edge_pp": -9.88, "ev_implied_usd": -21.12, "realized_vol": 0.1064, "atm_iv": 0.114, "vrp_ratio": 0.9333, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.0, "ev_at_half_drift_usd": -30.58, "ev_gross_usd": -27.25, "expected_loss_real_usd": 76.25, "friction_usd": 1.0, "ev_net_usd": -28.25, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 483}
{"ts": "2026-08-31T16:06:15.328899+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility exceeds 20-day realized volatility with an IV/RV of 1.10 while maintaining a positive 5-day return of +0.22%.", "invalidation": "SPY spot declines significantly below 765.12 as downward momentum accelerates beyond the 1-day decline of -0.55%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"705.0": 0.3184, "758.0": 0.1313, "746.0": 0.1605, "690.0": 0.3729, "738.0": 0.1857, "747.0": 0.1587, "731.0": 0.2113, "743.0": 0.1695, "711.0": 0.289, "754.0": 0.1402, "703.0": 0.3281, "716.0": 0.2701, "755.0": 0.1379, "753.0": 0.1423, "750.0": 0.1498, "696.0": 0.3543, "719.0": 0.2598, "710.0": 0.2939, "762.0": 0.123, "744.0": 0.1669, "718.0": 0.2649, "736.0": 0.1911, "702.0": 0.3255, "766.0": 0.1155, "717.0": 0.2651, "757.0": 0.1336, "713.0": 0.285, "720.0": 0.2547, "729.0": 0.2191, "732.0": 0.2059, "725.0": 0.2333, "739.0": 0.1817, "701.0": 0.3303, "712.0": 0.29, "706.0": 0.3135, "752.0": 0.1455, "715.0": 0.275, "730.0": 0.2138, "768.0": 0.111, "737.0": 0.1895, "704.0": 0.3232, "698.0": 0.3447, "764.0": 0.1192, "761.0": 0.1252, "691.0": 0.3682, "709.0": 0.2988, "700.0": 0.3351, "756.0": 0.1357, "749.0": 0.1529, "692.0": 0.3635, "693.0": 0.3687, "714.0": 0.28, "724.0": 0.2384, "740.0": 0.1791, "765.0": 0.1172, "707.0": 0.3086, "699.0": 0.3399, "722.0": 0.2446, "728.0": 0.2212, "697.0": 0.3495, "763.0": 0.1211, "760.0": 0.1271, "734.0": 0.2, "759.0": 0.1292, "751.0": 0.1473, "735.0": 0.1945, "723.0": 0.2436, "745.0": 0.1639, "694.0": 0.3639, "742.0": 0.173, "721.0": 0.2497, "695.0": 0.3591, "733.0": 0.2031, "726.0": 0.2281, "685.0": 0.3965, "708.0": 0.3037, "748.0": 0.1554, "741.0": 0.1762, "767.0": 0.1127, "727.0": 0.2264}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00756000", "long_symbol": "SPY260904P00751000", "short_strike": 756.0, "long_strike": 751.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1927, "long_delta": 0.1092, "short_iv": 0.1357, "short_rel_spread": 0.00858369098712447, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.743471, "long_quote_age": 0.741425, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 764.985}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.49 (gross $-25.49 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:07:44.777700+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV exceeds 20-day realized volatility with IV/RV at 1.09 while 5-day performance remains positive at +0.22% following a -0.55% 1-day pullback.", "invalidation": "SPY 5-day return turns negative or 1-day decline accelerates below spot 765.12."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"759.0": 0.1292, "768.0": 0.1073, "750.0": 0.1585, "715.0": 0.3485, "761.0": 0.1237, "752.0": 0.1513, "728.0": 0.2749, "755.0": 0.1411, "756.0": 0.1384, "710.0": 0.3807, "742.0": 0.1959, "766.0": 0.1115, "760.0": 0.1266, "762.0": 0.121, "685.0": 0.5163, "722.0": 0.3033, "765.0": 0.1135, "726.0": 0.2882, "767.0": 0.109, "734.0": 0.242, "700.0": 0.4234, "690.0": 0.4853, "730.0": 0.2615, "718.0": 0.3292, "739.0": 0.2129, "741.0": 0.1985, "735.0": 0.2351, "721.0": 0.3098, "705.0": 0.4128, "746.0": 0.1765, "724.0": 0.2904, "748.0": 0.1662, "764.0": 0.1159, "754.0": 0.1444, "745.0": 0.1811, "751.0": 0.1553, "738.0": 0.2142, "729.0": 0.2682, "736.0": 0.2281, "727.0": 0.2816, "720.0": 0.3163, "747.0": 0.1716, "732.0": 0.248, "737.0": 0.2212, "763.0": 0.1184, "749.0": 0.1627, "723.0": 0.2969, "719.0": 0.3227, "753.0": 0.1478, "733.0": 0.2413, "725.0": 0.2949, "743.0": 0.1886, "695.0": 0.4543, "731.0": 0.2548, "740.0": 0.2057, "744.0": 0.1851, "757.0": 0.1351, "758.0": 0.1319}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1931, "long_delta": 0.0816, "short_iv": 0.1292, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.489167, "long_quote_age": 0.489186, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.12}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.83 (gross $-27.83 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.83 (gross $-27.83 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1931, "long_delta": 0.0816, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8069, "edge_pp": -9.71, "ev_implied_usd": -20.67, "realized_vol": 0.1064, "atm_iv": 0.1135, "vrp_ratio": 0.9374, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.52, "ev_at_half_drift_usd": -31.13, "ev_gross_usd": -27.83, "expected_loss_real_usd": 75.83, "friction_usd": 1.0, "ev_net_usd": -28.83, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 450}
{"ts": "2026-08-31T16:07:57.729842+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains an elevated IV/RV ratio of 1.09 alongside a positive 5-day return of +0.22%, favoring premium capture via a put credit spread across a longer short-dated expiry window.", "invalidation": "Further acceleration of the 1-day decline of -0.55% breaching the short put strike invalidates the trade."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"742.0": 0.1725, "721.0": 0.2504, "728.0": 0.2219, "713.0": 0.2857, "725.0": 0.234, "693.0": 0.3693, "709.0": 0.2995, "763.0": 0.1208, "708.0": 0.3044, "719.0": 0.2605, "760.0": 0.1267, "752.0": 0.1447, "724.0": 0.2391, "753.0": 0.1424, "767.0": 0.1132, "745.0": 0.1637, "740.0": 0.1784, "746.0": 0.1605, "758.0": 0.1309, "712.0": 0.2906, "734.0": 0.1984, "727.0": 0.2272, "761.0": 0.1246, "730.0": 0.2145, "768.0": 0.1126, "764.0": 0.1188, "691.0": 0.3689, "685.0": 0.3971, "748.0": 0.1555, "716.0": 0.2707, "723.0": 0.2443, "710.0": 0.2946, "738.0": 0.1865, "717.0": 0.2658, "765.0": 0.1168, "762.0": 0.1227, "766.0": 0.1153, "702.0": 0.3261, "699.0": 0.3405, "739.0": 0.1825, "692.0": 0.3642, "694.0": 0.3645, "690.0": 0.3736, "695.0": 0.3597, "700.0": 0.3357, "755.0": 0.1377, "736.0": 0.1919, "747.0": 0.1578, "704.0": 0.3239, "756.0": 0.1354, "749.0": 0.1527, "735.0": 0.1953, "696.0": 0.3549, "698.0": 0.3453, "737.0": 0.1884, "706.0": 0.3141, "714.0": 0.2807, "701.0": 0.3309, "715.0": 0.2757, "729.0": 0.2198, "703.0": 0.3288, "751.0": 0.1471, "697.0": 0.3501, "733.0": 0.2038, "759.0": 0.1288, "718.0": 0.2656, "744.0": 0.1666, "711.0": 0.2897, "757.0": 0.1331, "722.0": 0.2453, "743.0": 0.1691, "732.0": 0.2066, "741.0": 0.1756, "705.0": 0.319, "750.0": 0.1502, "726.0": 0.2288, "731.0": 0.212, "720.0": 0.2555, "754.0": 0.1399, "707.0": 0.3093}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2106, "long_delta": 0.1194, "short_iv": 0.1331, "short_rel_spread": 0.015625000000000014, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.622405, "long_quote_age": 0.519884, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 441.0, "total_risk": 19845.0, "buying_power_used_pct": 0.9922}, "spot": 765.125}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.98 (gross $-27.48 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:09:16.591651+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.22% while ATM IV trades at a premium over 20-day realized volatility with an IV/RV ratio of 1.09.", "invalidation": "SPY experiences accelerated downward momentum beyond the current 1-day loss of -0.54%."}, "intent_error": null, "spread": {"dte": 1, "realized_vol": 0.1064, "smile": {"761.0": 0.1318, "765.0": 0.118, "764.0": 0.1212, "719.0": 0.4327, "749.0": 0.1922, "745.0": 0.2251, "767.0": 0.1128, "746.0": 0.2153, "757.0": 0.1477, "733.0": 0.31, "741.0": 0.2534, "720.0": 0.424, "727.0": 0.3628, "723.0": 0.3978, "768.0": 0.1112, "755.0": 0.1553, "760.0": 0.1353, "763.0": 0.1247, "737.0": 0.2907, "715.0": 0.4676, "750.0": 0.1819, "747.0": 0.2054, "735.0": 0.2923, "724.0": 0.389, "740.0": 0.2628, "736.0": 0.3, "729.0": 0.3452, "748.0": 0.1955, "728.0": 0.354, "730.0": 0.3364, "762.0": 0.128, "718.0": 0.4415, "766.0": 0.1153, "759.0": 0.1395, "734.0": 0.3012, "721.0": 0.4153, "739.0": 0.2721, "738.0": 0.2814, "756.0": 0.1517, "731.0": 0.3276, "743.0": 0.2346, "744.0": 0.2252, "751.0": 0.1769, "726.0": 0.3715, "752.0": 0.1707, "732.0": 0.3188, "725.0": 0.3803, "753.0": 0.1672, "754.0": 0.1619, "742.0": 0.244, "758.0": 0.1429, "722.0": 0.4065}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-01", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260901P00761000", "long_symbol": "SPY260901P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.46, "short_delta": 0.2089, "long_delta": 0.0624, "short_iv": 0.1318, "short_rel_spread": 0.016000000000000014, "long_rel_spread": 0.060606060606060656, "short_quote_age": 0.397035, "long_quote_age": 0.411238, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.165}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.17 (gross $-22.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260901P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 6.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,976.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-23.17 (gross $-22.17 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.2089, "long_delta": 0.0624, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.7911, "edge_pp": -11.69, "ev_implied_usd": -21.82, "realized_vol": 0.1064, "atm_iv": 0.118, "vrp_ratio": 0.9017, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -26.54, "ev_at_half_drift_usd": -24.33, "ev_gross_usd": -22.17, "expected_loss_real_usd": 68.17, "friction_usd": 1.0, "ev_net_usd": -23.17, "total_risk_usd": 19976.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 448}
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{"ts": "2026-08-31T16:10:59.256550+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits elevated option premium with an IV/RV ratio of 1.09 while maintaining a positive 5-day return of +0.23%.", "invalidation": "Accelerating downward momentum that turns SPY 5-day returns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"696.0": 0.3561, "743.0": 0.1694, "753.0": 0.1424, "711.0": 0.2909, "769.0": 0.1091, "732.0": 0.208, "713.0": 0.2869, "735.0": 0.1967, "758.0": 0.1308, "741.0": 0.1756, "724.0": 0.2404, "746.0": 0.1611, "723.0": 0.2456, "734.0": 0.1998, "722.0": 0.2466, "698.0": 0.3465, "697.0": 0.3513, "745.0": 0.1631, "706.0": 0.3153, "752.0": 0.1449, "768.0": 0.1111, "717.0": 0.267, "702.0": 0.3273, "705.0": 0.3202, "739.0": 0.1823, "728.0": 0.2233, "729.0": 0.218, "721.0": 0.2517, "760.0": 0.1266, "733.0": 0.2026, "710.0": 0.2958, "730.0": 0.2159, "744.0": 0.167, "764.0": 0.1187, "707.0": 0.3105, "693.0": 0.3705, "736.0": 0.1934, "685.0": 0.3982, "719.0": 0.2618, "700.0": 0.3369, "738.0": 0.1861, "747.0": 0.1576, "718.0": 0.2668, "708.0": 0.3056, "695.0": 0.3609, "701.0": 0.3321, "742.0": 0.1726, "720.0": 0.2567, "690.0": 0.3747, "763.0": 0.1206, "748.0": 0.1555, "756.0": 0.1352, "755.0": 0.1374, "709.0": 0.3007, "766.0": 0.1148, "740.0": 0.1799, "726.0": 0.2301, "754.0": 0.1398, "703.0": 0.3225, "699.0": 0.3417, "691.0": 0.37, "751.0": 0.1476, "737.0": 0.1898, "765.0": 0.1168, "715.0": 0.277, "750.0": 0.1498, "759.0": 0.1286, "767.0": 0.1134, "762.0": 0.1224, "757.0": 0.1331, "714.0": 0.2819, "692.0": 0.3653, "716.0": 0.272, "727.0": 0.2285, "704.0": 0.3251, "725.0": 0.2353, "712.0": 0.2919, "761.0": 0.1245, "731.0": 0.2105, "749.0": 0.1529, "694.0": 0.3657}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2034, "long_delta": 0.115, "short_iv": 0.1331, "short_rel_spread": 0.008163265306122455, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.62678, "long_quote_age": 0.607738, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.4449999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.08 (gross $-26.08 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:13:58.981301+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.27% with an elevated IV/RV ratio of 1.07, presenting attractive premium to sell via put credit spreads.", "invalidation": "SPY spot price drops sharply below 765.56, extending losses beyond the current 1-day decline of -0.49%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"747.0": 0.1718, "740.0": 0.2085, "750.0": 0.1598, "715.0": 0.3509, "720.0": 0.3187, "719.0": 0.3252, "768.0": 0.107, "738.0": 0.2169, "739.0": 0.2157, "745.0": 0.1806, "730.0": 0.2641, "746.0": 0.1765, "737.0": 0.2239, "724.0": 0.2929, "685.0": 0.5186, "731.0": 0.2574, "732.0": 0.2507, "748.0": 0.1668, "769.0": 0.1048, "753.0": 0.1487, "752.0": 0.1517, "759.0": 0.1296, "755.0": 0.1419, "765.0": 0.1136, "758.0": 0.1322, "751.0": 0.1553, "760.0": 0.1266, "763.0": 0.1187, "756.0": 0.1389, "743.0": 0.1915, "722.0": 0.3058, "728.0": 0.2775, "718.0": 0.3316, "705.0": 0.4152, "761.0": 0.1241, "754.0": 0.1447, "749.0": 0.1637, "741.0": 0.2014, "690.0": 0.4875, "700.0": 0.4257, "744.0": 0.1881, "723.0": 0.2994, "734.0": 0.2447, "725.0": 0.2975, "733.0": 0.2439, "727.0": 0.2842, "757.0": 0.1355, "767.0": 0.1088, "764.0": 0.116, "766.0": 0.1111, "721.0": 0.3123, "762.0": 0.1212, "695.0": 0.4566, "735.0": 0.2378, "742.0": 0.1988, "736.0": 0.2308, "710.0": 0.3831, "726.0": 0.2908, "729.0": 0.2708}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2116, "long_delta": 0.0895, "short_iv": 0.1266, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.452714, "long_quote_age": 0.486637, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.51}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.73 (gross $-31.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.73 (gross $-31.73 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2116, "long_delta": 0.0895, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7884, "edge_pp": -10.56, "ev_implied_usd": -22.27, "realized_vol": 0.1064, "atm_iv": 0.1111, "vrp_ratio": 0.9577, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.89, "ev_at_half_drift_usd": -35.26, "ev_gross_usd": -31.73, "expected_loss_real_usd": 84.73, "friction_usd": 1.0, "ev_net_usd": -32.73, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 471}
{"ts": "2026-08-31T16:14:13.867373+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.27% alongside an IV/RV ratio of 1.07, providing favorable premium to sell downside puts across a 3 to 6 day horizon.", "invalidation": "SPY spot price drops significantly below 765.56 accelerating the 1-day decline of -0.49%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"759.0": 0.1269, "769.0": 0.106, "767.0": 0.1093, "722.0": 0.2673, "761.0": 0.122, "755.0": 0.1374, "765.0": 0.1134, "747.0": 0.1599, "718.0": 0.2895, "685.0": 0.4447, "749.0": 0.1541, "731.0": 0.2275, "739.0": 0.1908, "728.0": 0.2398, "727.0": 0.2455, "732.0": 0.2217, "738.0": 0.1938, "756.0": 0.1342, "736.0": 0.2023, "753.0": 0.1424, "726.0": 0.2512, "723.0": 0.2617, "724.0": 0.2625, "750.0": 0.1515, "720.0": 0.2784, "751.0": 0.1482, "748.0": 0.1573, "695.0": 0.3919, "745.0": 0.1666, "690.0": 0.4183, "743.0": 0.1735, "734.0": 0.21, "760.0": 0.1244, "735.0": 0.2082, "710.0": 0.3246, "705.0": 0.3516, "740.0": 0.1846, "752.0": 0.1452, "737.0": 0.1999, "719.0": 0.284, "733.0": 0.2159, "768.0": 0.1077, "725.0": 0.2569, "700.0": 0.3656, "742.0": 0.1775, "746.0": 0.1635, "762.0": 0.1198, "763.0": 0.1176, "715.0": 0.3062, "730.0": 0.2283, "729.0": 0.2341, "754.0": 0.1396, "744.0": 0.1713, "721.0": 0.2729, "757.0": 0.1319, "766.0": 0.1115, "741.0": 0.1812, "758.0": 0.1293, "764.0": 0.1154}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00754000", "short_strike": 758.0, "long_strike": 754.0, "width": 4.0, "credit": 0.43, "short_delta": 0.191, "long_delta": 0.1096, "short_iv": 0.1293, "short_rel_spread": 0.02105263157894739, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.713573, "long_quote_age": 0.659549, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 357.0, "total_risk": 19992.0, "buying_power_used_pct": 0.9996}, "spot": 765.53}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.91 (gross $-25.41 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $357/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,992.00 (56 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-26.91 (gross $-25.41 - friction $1.50) > $0.00"}], "economics": {"credit": 0.43, "width": 4.0, "short_delta": 0.191, "long_delta": 0.1096, "max_profit_usd": 43.0, "max_loss_usd": 357.0, "breakeven_wr": 0.8925, "implied_wr": 0.809, "edge_pp": -8.35, "ev_implied_usd": -17.12, "realized_vol": 0.1064, "atm_iv": 0.1115, "vrp_ratio": 0.9543, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -32.53, "ev_at_half_drift_usd": -28.92, "ev_gross_usd": -25.41, "expected_loss_real_usd": 68.41, "friction_usd": 1.5, "ev_net_usd": -26.91, "total_risk_usd": 19992.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 470}
{"ts": "2026-08-31T16:15:33.261349+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY IV/RV ratio of 1.07 offers favorable option premium to sell following a mild 1-day decline of -0.47% within a positive 5-day return of +0.29%.", "invalidation": "A continued decline breaching spot 765.71 with realized volatility rising significantly above ATM IV of 11.14%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"752.0": 0.1514, "722.0": 0.3067, "723.0": 0.3003, "757.0": 0.1353, "764.0": 0.1155, "741.0": 0.2024, "766.0": 0.1108, "725.0": 0.2984, "731.0": 0.2583, "751.0": 0.1546, "735.0": 0.2388, "742.0": 0.1999, "760.0": 0.1261, "740.0": 0.2096, "726.0": 0.2918, "695.0": 0.4574, "724.0": 0.2938, "685.0": 0.5194, "715.0": 0.3518, "733.0": 0.2449, "745.0": 0.1817, "769.0": 0.1033, "736.0": 0.2318, "720.0": 0.3196, "768.0": 0.1064, "718.0": 0.3325, "759.0": 0.1294, "763.0": 0.1182, "721.0": 0.3132, "730.0": 0.265, "747.0": 0.173, "767.0": 0.1082, "690.0": 0.4884, "700.0": 0.4265, "750.0": 0.159, "734.0": 0.2457, "729.0": 0.2717, "738.0": 0.2179, "727.0": 0.2851, "755.0": 0.1412, "719.0": 0.3261, "710.0": 0.384, "765.0": 0.113, "743.0": 0.1926, "746.0": 0.1776, "744.0": 0.1892, "758.0": 0.1324, "761.0": 0.1234, "756.0": 0.1385, "732.0": 0.2516, "762.0": 0.1209, "753.0": 0.1487, "754.0": 0.1448, "749.0": 0.1625, "728.0": 0.2784, "739.0": 0.2167, "705.0": 0.4161, "748.0": 0.1679, "737.0": 0.2249}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2046, "long_delta": 0.0854, "short_iv": 0.1261, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.896037, "long_quote_age": 1.54391, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.695}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.21 (gross $-31.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 2s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.21 (gross $-31.21 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2046, "long_delta": 0.0854, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7954, "edge_pp": -10.26, "ev_implied_usd": -21.5, "realized_vol": 0.1064, "atm_iv": 0.1108, "vrp_ratio": 0.9603, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.24, "ev_at_half_drift_usd": -34.68, "ev_gross_usd": -31.21, "expected_loss_real_usd": 82.21, "friction_usd": 1.0, "ev_net_usd": -32.21, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 478}
{"ts": "2026-08-31T16:15:48.180474+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.07 indicates premium richness over 20-day realized volatility of 10.40% while 5-day momentum remains positive at +0.29%.", "invalidation": "SPY spot price declines significantly below 765.71 or the 5-day return turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"761.0": 0.1242, "699.0": 0.343, "702.0": 0.3286, "759.0": 0.1286, "743.0": 0.1698, "703.0": 0.3238, "736.0": 0.1927, "707.0": 0.3118, "766.0": 0.1147, "740.0": 0.1799, "757.0": 0.1331, "716.0": 0.2734, "742.0": 0.1729, "726.0": 0.2316, "705.0": 0.3216, "691.0": 0.3713, "719.0": 0.2584, "746.0": 0.1608, "747.0": 0.1585, "724.0": 0.2419, "694.0": 0.3669, "685.0": 0.3995, "695.0": 0.3622, "753.0": 0.1426, "693.0": 0.3619, "751.0": 0.1477, "706.0": 0.3167, "756.0": 0.1354, "715.0": 0.2783, "710.0": 0.2972, "749.0": 0.1524, "752.0": 0.1451, "709.0": 0.302, "718.0": 0.2634, "728.0": 0.2247, "714.0": 0.2833, "711.0": 0.2923, "765.0": 0.1165, "700.0": 0.3382, "698.0": 0.3478, "750.0": 0.1504, "720.0": 0.2581, "701.0": 0.3334, "731.0": 0.2121, "760.0": 0.1265, "755.0": 0.1378, "723.0": 0.243, "722.0": 0.248, "730.0": 0.2174, "763.0": 0.1203, "758.0": 0.1309, "696.0": 0.3574, "735.0": 0.1959, "690.0": 0.3759, "741.0": 0.1757, "708.0": 0.3069, "762.0": 0.1223, "745.0": 0.1638, "733.0": 0.2042, "768.0": 0.1115, "737.0": 0.1894, "721.0": 0.2531, "732.0": 0.2067, "764.0": 0.1184, "769.0": 0.1092, "717.0": 0.2684, "754.0": 0.14, "712.0": 0.2874, "725.0": 0.2367, "767.0": 0.1129, "748.0": 0.1557, "734.0": 0.2013, "697.0": 0.3526, "739.0": 0.1839, "729.0": 0.2195, "704.0": 0.3264, "713.0": 0.2883, "692.0": 0.3666, "727.0": 0.2264, "744.0": 0.1663, "738.0": 0.1858}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1956, "long_delta": 0.1105, "short_iv": 0.1331, "short_rel_spread": 0.00858369098712447, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.914922, "long_quote_age": 0.830675, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.72}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.71 (gross $-28.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:17:10.151651+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY holds a positive 5-day return of +0.27% with 3-day ATM IV at 11.14% exceeding 20-day realized volatility at an IV/RV ratio of 1.07, favoring put premium selling.", "invalidation": "SPY spot price falls sharply below the short strike accelerating beyond the current 1-day decline of -0.50%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"753.0": 0.1476, "723.0": 0.2986, "722.0": 0.305, "760.0": 0.1267, "724.0": 0.2921, "732.0": 0.2498, "726.0": 0.29, "755.0": 0.1418, "719.0": 0.3244, "769.0": 0.0983, "733.0": 0.2431, "739.0": 0.2148, "744.0": 0.1871, "695.0": 0.4559, "705.0": 0.4145, "767.0": 0.1089, "748.0": 0.1658, "752.0": 0.1522, "766.0": 0.111, "764.0": 0.1159, "763.0": 0.1184, "731.0": 0.2565, "746.0": 0.1755, "761.0": 0.1239, "737.0": 0.223, "729.0": 0.27, "750.0": 0.1588, "725.0": 0.2967, "710.0": 0.3823, "715.0": 0.3502, "759.0": 0.1294, "741.0": 0.2005, "734.0": 0.2438, "751.0": 0.1542, "730.0": 0.2633, "758.0": 0.1323, "768.0": 0.1071, "740.0": 0.2076, "756.0": 0.1385, "738.0": 0.2161, "747.0": 0.1708, "762.0": 0.1213, "745.0": 0.1796, "749.0": 0.1627, "728.0": 0.2766, "720.0": 0.3179, "727.0": 0.2833, "735.0": 0.2369, "685.0": 0.5179, "736.0": 0.23, "757.0": 0.1349, "743.0": 0.1906, "700.0": 0.425, "742.0": 0.1979, "721.0": 0.3115, "754.0": 0.1447, "690.0": 0.4868, "765.0": 0.1134, "718.0": 0.3308}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1831, "long_delta": 0.0769, "short_iv": 0.1294, "short_rel_spread": 0.01360544217687076, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.637916, "long_quote_age": 0.718602, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 455.0, "total_risk": 19565.0, "buying_power_used_pct": 0.9782}, "spot": 765.5}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.73 (gross $-28.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:17:23.238015+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY ATM implied volatility of 11.14% is elevated relative to 20-day realized volatility of 10.40% (IV/RV 1.07) while 5-day return remains positive at +0.27%.", "invalidation": "SPY 1-day downward momentum of -0.50% accelerates and breaches strike support."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"759.0": 0.1273, "727.0": 0.2446, "761.0": 0.1225, "767.0": 0.1095, "748.0": 0.1575, "728.0": 0.2389, "768.0": 0.1082, "750.0": 0.1514, "739.0": 0.1899, "744.0": 0.1702, "743.0": 0.1747, "726.0": 0.2503, "766.0": 0.1117, "721.0": 0.272, "720.0": 0.2776, "742.0": 0.1789, "740.0": 0.1865, "757.0": 0.132, "715.0": 0.3053, "724.0": 0.2617, "754.0": 0.1397, "747.0": 0.1603, "730.0": 0.2325, "763.0": 0.1181, "737.0": 0.1989, "755.0": 0.1373, "752.0": 0.1458, "695.0": 0.3911, "725.0": 0.256, "753.0": 0.1427, "745.0": 0.1674, "758.0": 0.1298, "705.0": 0.3508, "749.0": 0.1541, "760.0": 0.1248, "719.0": 0.2831, "710.0": 0.3238, "729.0": 0.2332, "741.0": 0.1829, "756.0": 0.1346, "731.0": 0.2266, "769.0": 0.1071, "734.0": 0.2133, "765.0": 0.1138, "736.0": 0.2013, "732.0": 0.2208, "733.0": 0.215, "764.0": 0.1159, "738.0": 0.1928, "762.0": 0.1203, "718.0": 0.2887, "735.0": 0.2073, "690.0": 0.4175, "722.0": 0.2664, "700.0": 0.3648, "746.0": 0.1641, "751.0": 0.1479, "723.0": 0.2609}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1968, "long_delta": 0.1302, "short_iv": 0.1298, "short_rel_spread": 0.02020202020202022, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.679522, "long_quote_age": 0.851718, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.38}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.33 (gross $-17.83 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $264/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.33 (gross $-17.83 - friction $1.50) > $0.00"}], "economics": {"credit": 0.36, "width": 3.0, "short_delta": 0.1968, "long_delta": 0.1302, "max_profit_usd": 36.0, "max_loss_usd": 264.0, "breakeven_wr": 0.88, "implied_wr": 0.8032, "edge_pp": -7.68, "ev_implied_usd": -13.05, "realized_vol": 0.1064, "atm_iv": 0.1138, "vrp_ratio": 0.935, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -23.49, "ev_at_half_drift_usd": -20.62, "ev_gross_usd": -17.83, "expected_loss_real_usd": 53.83, "friction_usd": 1.5, "ev_net_usd": -19.33, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 468}
{"ts": "2026-08-31T16:18:45.467380+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day performance (+0.25%) while 3-day ATM IV (11.14%) exceeds 20-day realized volatility (10.40%) at an IV/RV ratio of 1.07, providing favorable premium to sell out-of-the-money put spreads.", "invalidation": "Continuation of 1-day downward momentum (-0.52%) pushing spot significantly lower toward the short strike delta."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"757.0": 0.1355, "730.0": 0.2626, "745.0": 0.1789, "769.0": 0.0965, "761.0": 0.1239, "741.0": 0.1998, "743.0": 0.1899, "727.0": 0.2827, "767.0": 0.109, "738.0": 0.2154, "700.0": 0.4244, "737.0": 0.2224, "748.0": 0.1676, "762.0": 0.1213, "726.0": 0.2894, "742.0": 0.1972, "715.0": 0.3496, "718.0": 0.3302, "744.0": 0.1864, "755.0": 0.1418, "733.0": 0.2425, "759.0": 0.1295, "752.0": 0.1513, "739.0": 0.2141, "722.0": 0.3044, "728.0": 0.276, "749.0": 0.1619, "705.0": 0.4139, "747.0": 0.1701, "732.0": 0.2492, "763.0": 0.1184, "764.0": 0.1159, "695.0": 0.4553, "685.0": 0.5173, "690.0": 0.4863, "765.0": 0.1133, "735.0": 0.2363, "746.0": 0.1747, "740.0": 0.2069, "753.0": 0.148, "723.0": 0.298, "766.0": 0.1109, "754.0": 0.145, "724.0": 0.2915, "710.0": 0.3817, "758.0": 0.1326, "721.0": 0.3109, "719.0": 0.3238, "731.0": 0.2559, "760.0": 0.1266, "725.0": 0.2961, "768.0": 0.1065, "736.0": 0.2293, "720.0": 0.3173, "751.0": 0.1551, "750.0": 0.16, "756.0": 0.1384, "734.0": 0.2432, "729.0": 0.2693}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.187, "long_delta": 0.0791, "short_iv": 0.1295, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.660653, "long_quote_age": 0.492756, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.35}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.39 (gross $-27.39 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:18:58.171568+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.07 indicates rich implied volatility relative to 20-day realized volatility while 5-day return remains positive at +0.25%.", "invalidation": "SPY spot drops below the short put strike or 5-day returns turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"743.0": 0.1704, "734.0": 0.1995, "713.0": 0.2867, "706.0": 0.3151, "701.0": 0.3319, "708.0": 0.3053, "711.0": 0.2907, "741.0": 0.1768, "702.0": 0.3271, "759.0": 0.1292, "750.0": 0.1502, "709.0": 0.3004, "731.0": 0.2103, "769.0": 0.1113, "716.0": 0.2717, "735.0": 0.1964, "744.0": 0.1667, "693.0": 0.3604, "718.0": 0.2618, "753.0": 0.1429, "765.0": 0.1171, "694.0": 0.3654, "719.0": 0.2615, "707.0": 0.3102, "739.0": 0.182, "728.0": 0.223, "738.0": 0.1858, "746.0": 0.1608, "695.0": 0.3606, "721.0": 0.2514, "761.0": 0.1249, "756.0": 0.1357, "724.0": 0.2402, "745.0": 0.1639, "764.0": 0.1189, "698.0": 0.3462, "740.0": 0.1796, "768.0": 0.112, "762.0": 0.1231, "748.0": 0.1552, "730.0": 0.2156, "760.0": 0.1269, "766.0": 0.1152, "749.0": 0.1526, "715.0": 0.2767, "722.0": 0.2463, "717.0": 0.2668, "699.0": 0.3414, "751.0": 0.1472, "685.0": 0.398, "767.0": 0.1135, "696.0": 0.3558, "732.0": 0.2077, "758.0": 0.1313, "733.0": 0.2024, "704.0": 0.3249, "725.0": 0.235, "692.0": 0.3651, "697.0": 0.351, "747.0": 0.1582, "757.0": 0.1335, "712.0": 0.2858, "754.0": 0.1402, "714.0": 0.2817, "755.0": 0.138, "737.0": 0.1895, "763.0": 0.1209, "720.0": 0.2565, "703.0": 0.3223, "700.0": 0.3366, "729.0": 0.2177, "752.0": 0.1451, "736.0": 0.1931, "691.0": 0.3698, "726.0": 0.2299, "742.0": 0.1723, "710.0": 0.2956, "705.0": 0.32, "690.0": 0.3745, "727.0": 0.2282, "723.0": 0.2413}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2056, "long_delta": 0.1163, "short_iv": 0.1335, "short_rel_spread": 0.008032128514056231, "long_rel_spread": 0.015037593984962419, "short_quote_age": 1.601211, "long_quote_age": 1.06599, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.355}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.10 (gross $-26.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:20:24.655747+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains an overall positive 5-day return of +0.28% with an elevated ATM IV relative to 20-day realized volatility at IV/RV 1.07, supporting premium collection via a put credit spread.", "invalidation": "A continued downward move accelerating past the 1-day decline of -0.49% that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2161, "760.0": 0.1268, "740.0": 0.2089, "736.0": 0.2312, "735.0": 0.2382, "718.0": 0.332, "754.0": 0.1452, "762.0": 0.1211, "720.0": 0.3191, "726.0": 0.2912, "749.0": 0.1642, "756.0": 0.1386, "733.0": 0.2443, "715.0": 0.3513, "745.0": 0.181, "742.0": 0.1993, "730.0": 0.2645, "721.0": 0.3126, "732.0": 0.251, "767.0": 0.1081, "765.0": 0.1132, "751.0": 0.1558, "710.0": 0.3834, "761.0": 0.1238, "727.0": 0.2845, "747.0": 0.1723, "700.0": 0.426, "725.0": 0.2979, "723.0": 0.2997, "705.0": 0.4156, "746.0": 0.1769, "752.0": 0.1522, "748.0": 0.1672, "758.0": 0.1322, "734.0": 0.2451, "685.0": 0.5189, "757.0": 0.1352, "750.0": 0.1603, "741.0": 0.2018, "764.0": 0.1157, "759.0": 0.129, "690.0": 0.4879, "763.0": 0.1185, "744.0": 0.1885, "719.0": 0.3255, "729.0": 0.2712, "766.0": 0.111, "728.0": 0.2778, "737.0": 0.2243, "724.0": 0.2933, "738.0": 0.2173, "731.0": 0.2578, "695.0": 0.4569, "768.0": 0.1065, "769.0": 0.1075, "755.0": 0.1414, "743.0": 0.1919, "753.0": 0.1478, "722.0": 0.3062}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2095, "long_delta": 0.0876, "short_iv": 0.1268, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.589219, "long_quote_age": 0.671539, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.63}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.88 (gross $-29.88 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:20:37.245304+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum at +0.28% alongside an IV/RV ratio of 1.07, offering favorable premium collection in short-dated puts.", "invalidation": "A drop in SPY spot below current levels reversing the positive 5-day return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"699.0": 0.3424, "731.0": 0.2114, "718.0": 0.2628, "736.0": 0.192, "703.0": 0.3233, "747.0": 0.1577, "749.0": 0.1524, "734.0": 0.2007, "709.0": 0.3015, "692.0": 0.366, "763.0": 0.1205, "738.0": 0.1851, "729.0": 0.2189, "694.0": 0.3664, "759.0": 0.1289, "717.0": 0.2678, "737.0": 0.1887, "695.0": 0.3616, "726.0": 0.231, "754.0": 0.1401, "733.0": 0.2035, "758.0": 0.1309, "762.0": 0.1225, "697.0": 0.352, "750.0": 0.1502, "711.0": 0.2917, "765.0": 0.1169, "756.0": 0.1355, "744.0": 0.1668, "693.0": 0.3613, "740.0": 0.1792, "705.0": 0.321, "746.0": 0.1611, "745.0": 0.1642, "766.0": 0.1148, "764.0": 0.1186, "751.0": 0.1475, "730.0": 0.2167, "690.0": 0.3754, "725.0": 0.2361, "710.0": 0.2966, "704.0": 0.3259, "755.0": 0.1378, "720.0": 0.2575, "752.0": 0.1448, "700.0": 0.3376, "713.0": 0.2877, "769.0": 0.1089, "723.0": 0.2423, "719.0": 0.2626, "741.0": 0.1766, "768.0": 0.1102, "716.0": 0.2728, "715.0": 0.2777, "722.0": 0.2474, "706.0": 0.3161, "702.0": 0.328, "727.0": 0.2258, "761.0": 0.1246, "724.0": 0.2413, "701.0": 0.3328, "753.0": 0.1425, "732.0": 0.2089, "767.0": 0.113, "721.0": 0.2525, "728.0": 0.2241, "760.0": 0.1267, "712.0": 0.2868, "735.0": 0.1952, "714.0": 0.2827, "743.0": 0.1704, "757.0": 0.1333, "742.0": 0.1722, "708.0": 0.3063, "698.0": 0.3472, "691.0": 0.3707, "685.0": 0.3989, "748.0": 0.1558, "696.0": 0.3568, "739.0": 0.1832, "707.0": 0.3112}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.1993, "long_delta": 0.1121, "short_iv": 0.1333, "short_rel_spread": 0.008368200836820092, "long_rel_spread": 0.015748031496063006, "short_quote_age": 1.503997, "long_quote_age": 1.24905, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.595}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.87 (gross $-27.87 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:21:55.166432+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY demonstrates a positive 5-day return of +0.28% and an elevated IV/RV ratio of 1.07, favoring put premium collection following a modest 1-day dip of -0.49%.", "invalidation": "SPY extends its 1-day decline of -0.49% and pushes spot price below the short strike level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"727.0": 0.2845, "755.0": 0.1424, "724.0": 0.2932, "733.0": 0.2443, "766.0": 0.1105, "757.0": 0.1351, "725.0": 0.2978, "738.0": 0.2173, "732.0": 0.251, "748.0": 0.1672, "759.0": 0.1296, "769.0": 0.1071, "736.0": 0.2312, "740.0": 0.2089, "730.0": 0.2644, "760.0": 0.1266, "728.0": 0.2778, "741.0": 0.2017, "767.0": 0.1085, "726.0": 0.2911, "746.0": 0.1768, "735.0": 0.2381, "720.0": 0.319, "743.0": 0.1919, "739.0": 0.216, "768.0": 0.1067, "763.0": 0.1181, "761.0": 0.1237, "723.0": 0.2997, "754.0": 0.1452, "765.0": 0.113, "731.0": 0.2577, "729.0": 0.2711, "690.0": 0.4878, "756.0": 0.1385, "722.0": 0.3061, "719.0": 0.3255, "751.0": 0.1557, "721.0": 0.3126, "749.0": 0.1641, "700.0": 0.426, "758.0": 0.1321, "685.0": 0.5189, "744.0": 0.1885, "710.0": 0.3834, "705.0": 0.4155, "745.0": 0.181, "718.0": 0.3319, "742.0": 0.1992, "747.0": 0.1722, "715.0": 0.3512, "750.0": 0.1603, "734.0": 0.245, "737.0": 0.2242, "762.0": 0.1209, "764.0": 0.1155, "752.0": 0.1522, "695.0": 0.4569, "753.0": 0.1492}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2097, "long_delta": 0.0893, "short_iv": 0.1266, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.564016, "long_quote_age": 0.56399, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.6}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.97 (gross $-31.97 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.97 (gross $-31.97 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2097, "long_delta": 0.0893, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7903, "edge_pp": -10.57, "ev_implied_usd": -22.75, "realized_vol": 0.1064, "atm_iv": 0.1105, "vrp_ratio": 0.9629, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.07, "ev_at_half_drift_usd": -35.47, "ev_gross_usd": -31.97, "expected_loss_real_usd": 83.97, "friction_usd": 1.0, "ev_net_usd": -32.97, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 471}
{"ts": "2026-08-31T16:22:10.319990+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum at +0.28% with an IV/RV ratio of 1.07 indicating option premium is elevated relative to 20-day realized volatility.", "invalidation": "SPY spot price drops significantly below 765.60, expanding the 1-day loss of -0.49% and threatening the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"735.0": 0.1947, "769.0": 0.1092, "701.0": 0.3324, "727.0": 0.2254, "767.0": 0.113, "744.0": 0.1663, "730.0": 0.2163, "693.0": 0.3609, "736.0": 0.1916, "752.0": 0.1448, "740.0": 0.1787, "724.0": 0.2408, "741.0": 0.1761, "715.0": 0.2773, "760.0": 0.1265, "755.0": 0.1375, "712.0": 0.2864, "707.0": 0.3108, "725.0": 0.2357, "716.0": 0.2724, "720.0": 0.2571, "761.0": 0.1245, "702.0": 0.3277, "732.0": 0.2084, "714.0": 0.2823, "723.0": 0.2419, "685.0": 0.3985, "745.0": 0.1636, "717.0": 0.2674, "700.0": 0.3372, "721.0": 0.252, "746.0": 0.1606, "766.0": 0.1148, "765.0": 0.1167, "763.0": 0.1205, "697.0": 0.3516, "704.0": 0.3255, "733.0": 0.203, "734.0": 0.2002, "718.0": 0.2624, "699.0": 0.342, "708.0": 0.3059, "703.0": 0.3229, "743.0": 0.1698, "758.0": 0.1309, "690.0": 0.375, "726.0": 0.2305, "692.0": 0.3656, "748.0": 0.1552, "751.0": 0.1475, "709.0": 0.301, "711.0": 0.2913, "706.0": 0.3157, "750.0": 0.1496, "737.0": 0.1882, "759.0": 0.1288, "722.0": 0.247, "768.0": 0.1098, "705.0": 0.3206, "754.0": 0.1399, "756.0": 0.1354, "696.0": 0.3564, "728.0": 0.2236, "691.0": 0.3703, "698.0": 0.3468, "731.0": 0.211, "764.0": 0.1185, "742.0": 0.1731, "757.0": 0.1329, "738.0": 0.1866, "749.0": 0.1527, "719.0": 0.2622, "762.0": 0.1225, "739.0": 0.1827, "729.0": 0.2184, "713.0": 0.2873, "694.0": 0.366, "710.0": 0.2962, "695.0": 0.3612, "747.0": 0.1581, "753.0": 0.1421}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.201, "long_delta": 0.1136, "short_iv": 0.1329, "short_rel_spread": 0.008298755186721999, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.483379, "long_quote_age": 0.468444, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.485}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.77 (gross $-26.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:23:31.118653+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.25% with IV/RV at 1.07 offering favorable premium selling relative to realized volatility despite the 1-day dip of -0.51%.", "invalidation": "SPY spot price of 765.40 breaks significantly lower, breaching the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2143, "768.0": 0.1075, "748.0": 0.1678, "745.0": 0.1791, "735.0": 0.2364, "746.0": 0.175, "747.0": 0.1703, "767.0": 0.1093, "741.0": 0.2, "731.0": 0.2561, "723.0": 0.2982, "700.0": 0.4246, "734.0": 0.2434, "732.0": 0.2494, "755.0": 0.1411, "685.0": 0.5175, "750.0": 0.1582, "725.0": 0.2962, "726.0": 0.2896, "736.0": 0.2295, "722.0": 0.3046, "720.0": 0.3175, "743.0": 0.1901, "738.0": 0.2156, "719.0": 0.324, "730.0": 0.2628, "695.0": 0.4555, "751.0": 0.1554, "763.0": 0.1182, "690.0": 0.4864, "710.0": 0.3819, "721.0": 0.3111, "753.0": 0.1483, "761.0": 0.1235, "724.0": 0.2917, "769.0": 0.0977, "764.0": 0.1155, "766.0": 0.1109, "705.0": 0.4141, "742.0": 0.1974, "758.0": 0.1322, "740.0": 0.2071, "759.0": 0.1292, "762.0": 0.121, "754.0": 0.1453, "737.0": 0.2226, "744.0": 0.1866, "733.0": 0.2426, "718.0": 0.3304, "749.0": 0.1621, "728.0": 0.2762, "760.0": 0.1264, "752.0": 0.1516, "757.0": 0.135, "765.0": 0.1132, "727.0": 0.2829, "715.0": 0.3497, "756.0": 0.1387, "729.0": 0.2695}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1853, "long_delta": 0.0789, "short_iv": 0.1292, "short_rel_spread": 0.01342281879194632, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.443754, "long_quote_age": 0.816361, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 455.0, "total_risk": 19565.0, "buying_power_used_pct": 0.9782}, "spot": 765.34}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.40 (gross $-28.40 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:23:43.499202+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility exceeds 20-day realized volatility with an IV/RV of 1.07 while 5-day returns remain positive at +0.25%, offering an edge to collect premium on a bullish spread.", "invalidation": "SPY spot price drops further below 765.40 turning 5-day performance negative and driving realized volatility above the 11.14% ATM IV."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"748.0": 0.1577, "727.0": 0.2447, "732.0": 0.2209, "740.0": 0.1867, "757.0": 0.1323, "743.0": 0.1749, "724.0": 0.2618, "721.0": 0.2721, "705.0": 0.3509, "765.0": 0.1142, "715.0": 0.3054, "763.0": 0.1181, "760.0": 0.1249, "726.0": 0.2504, "742.0": 0.1791, "755.0": 0.1375, "731.0": 0.2268, "685.0": 0.444, "746.0": 0.1642, "733.0": 0.2151, "754.0": 0.14, "719.0": 0.2832, "750.0": 0.1516, "700.0": 0.365, "739.0": 0.19, "728.0": 0.239, "751.0": 0.1481, "764.0": 0.1162, "720.0": 0.2777, "767.0": 0.111, "744.0": 0.1704, "745.0": 0.1676, "749.0": 0.1543, "766.0": 0.1122, "729.0": 0.2333, "730.0": 0.2326, "747.0": 0.1605, "723.0": 0.261, "762.0": 0.1204, "768.0": 0.1093, "725.0": 0.2561, "735.0": 0.2074, "769.0": 0.1074, "734.0": 0.2134, "722.0": 0.2666, "752.0": 0.146, "718.0": 0.2888, "690.0": 0.4176, "738.0": 0.193, "741.0": 0.1804, "695.0": 0.3913, "710.0": 0.3239, "759.0": 0.1273, "737.0": 0.199, "753.0": 0.143, "756.0": 0.1348, "761.0": 0.1226, "758.0": 0.1298, "736.0": 0.2015}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.52, "short_delta": 0.196, "long_delta": 0.0987, "short_iv": 0.1298, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.505499, "long_quote_age": 1.226409, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.35}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.73 (gross $-28.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:25:03.909378+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.26% with ATM IV at 11.14% trading at a premium to 20-day realized volatility with an IV/RV ratio of 1.07, favoring put premium selling on the 1-day dip.", "invalidation": "SPY spot continues to decline below the 1-day change of -0.51% and turns 5-day performance negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"769.0": 0.1035, "732.0": 0.2503, "741.0": 0.201, "685.0": 0.5183, "759.0": 0.129, "729.0": 0.2705, "751.0": 0.1548, "690.0": 0.4873, "740.0": 0.2082, "739.0": 0.2153, "700.0": 0.4254, "718.0": 0.3313, "749.0": 0.1633, "743.0": 0.1911, "738.0": 0.2166, "727.0": 0.2838, "758.0": 0.1317, "733.0": 0.2436, "765.0": 0.1128, "744.0": 0.1877, "730.0": 0.2638, "737.0": 0.2236, "763.0": 0.1179, "746.0": 0.1761, "755.0": 0.1415, "728.0": 0.2772, "736.0": 0.2305, "731.0": 0.2571, "753.0": 0.1483, "766.0": 0.1104, "752.0": 0.1513, "750.0": 0.1594, "754.0": 0.1442, "726.0": 0.2905, "719.0": 0.3249, "721.0": 0.312, "735.0": 0.2374, "723.0": 0.2991, "761.0": 0.1234, "760.0": 0.1263, "768.0": 0.1067, "725.0": 0.2972, "764.0": 0.1153, "720.0": 0.3184, "745.0": 0.1802, "724.0": 0.2926, "695.0": 0.4563, "722.0": 0.3055, "705.0": 0.415, "734.0": 0.2444, "747.0": 0.1715, "710.0": 0.3828, "715.0": 0.3506, "762.0": 0.1207, "756.0": 0.1384, "742.0": 0.1985, "767.0": 0.1088, "748.0": 0.1664, "757.0": 0.1349}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.213, "long_delta": 0.0898, "short_iv": 0.1263, "short_rel_spread": 0.022988505747126457, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.507757, "long_quote_age": 0.552959, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.475}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.45 (gross $-29.95 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:25:17.948107+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits implied volatility trading at a premium over 20-day realized volatility with an IV/RV ratio of 1.07 and net positive 5-day performance of +0.26%.", "invalidation": "SPY spot price drops sharply below the short put strike as the 1-day decline of -0.51% expands."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"748.0": 0.1553, "760.0": 0.1271, "755.0": 0.138, "751.0": 0.1477, "735.0": 0.1972, "692.0": 0.3657, "759.0": 0.1292, "727.0": 0.2255, "767.0": 0.1137, "707.0": 0.3109, "691.0": 0.3704, "738.0": 0.1867, "702.0": 0.3277, "724.0": 0.2409, "739.0": 0.1828, "690.0": 0.3751, "740.0": 0.1788, "758.0": 0.1311, "725.0": 0.2358, "703.0": 0.3229, "768.0": 0.1121, "718.0": 0.2625, "733.0": 0.2031, "764.0": 0.1191, "685.0": 0.3986, "723.0": 0.242, "754.0": 0.1401, "753.0": 0.1426, "729.0": 0.2185, "705.0": 0.3207, "752.0": 0.1449, "731.0": 0.2111, "762.0": 0.1229, "696.0": 0.3565, "698.0": 0.3469, "710.0": 0.2963, "749.0": 0.1528, "693.0": 0.361, "769.0": 0.1101, "715.0": 0.2774, "717.0": 0.2675, "736.0": 0.1917, "730.0": 0.2164, "737.0": 0.1883, "708.0": 0.306, "745.0": 0.1637, "763.0": 0.1209, "701.0": 0.3325, "713.0": 0.2874, "721.0": 0.2521, "714.0": 0.2824, "719.0": 0.2623, "697.0": 0.3517, "761.0": 0.1249, "704.0": 0.3255, "720.0": 0.2572, "728.0": 0.2237, "744.0": 0.1664, "726.0": 0.2306, "694.0": 0.3661, "765.0": 0.1173, "695.0": 0.3613, "742.0": 0.1732, "746.0": 0.1607, "711.0": 0.2914, "750.0": 0.1505, "743.0": 0.17, "756.0": 0.1356, "709.0": 0.3011, "757.0": 0.1333, "716.0": 0.2725, "700.0": 0.3373, "722.0": 0.2471, "734.0": 0.2003, "712.0": 0.2865, "747.0": 0.1582, "699.0": 0.3421, "741.0": 0.1762, "766.0": 0.1155, "732.0": 0.2085, "706.0": 0.3158}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.65, "short_delta": 0.2251, "long_delta": 0.1273, "short_iv": 0.1311, "short_rel_spread": 0.0072727272727271175, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.66486, "long_quote_age": 0.692203, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 435.0, "total_risk": 19575.0, "buying_power_used_pct": 0.9788}, "spot": 765.5}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.48 (gross $-25.98 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:26:44.237545+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D gain of +0.26% with an IV/RV ratio of 1.09, providing favorable implied volatility premium to sell downside put spreads after a 1D dip of -0.50%.", "invalidation": "Continued downward momentum in SPY spot price that reverses the positive 5D return."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"762.0": 0.1205, "744.0": 0.188, "755.0": 0.1418, "748.0": 0.1667, "757.0": 0.1354, "750.0": 0.1598, "768.0": 0.1067, "723.0": 0.2993, "745.0": 0.1805, "759.0": 0.1288, "700.0": 0.4256, "725.0": 0.2974, "753.0": 0.1486, "756.0": 0.1378, "743.0": 0.1914, "719.0": 0.3251, "720.0": 0.3187, "724.0": 0.2929, "767.0": 0.109, "733.0": 0.2439, "710.0": 0.383, "763.0": 0.118, "765.0": 0.1129, "731.0": 0.2573, "740.0": 0.2085, "746.0": 0.1764, "752.0": 0.1516, "739.0": 0.2156, "729.0": 0.2707, "721.0": 0.3122, "732.0": 0.2506, "726.0": 0.2908, "695.0": 0.4565, "751.0": 0.1552, "760.0": 0.1259, "734.0": 0.2446, "727.0": 0.2841, "685.0": 0.5185, "690.0": 0.4875, "749.0": 0.1637, "737.0": 0.2238, "754.0": 0.1446, "741.0": 0.2013, "764.0": 0.1154, "747.0": 0.1718, "722.0": 0.3058, "730.0": 0.264, "718.0": 0.3316, "735.0": 0.2377, "715.0": 0.3509, "761.0": 0.1234, "728.0": 0.2774, "705.0": 0.4152, "742.0": 0.1988, "736.0": 0.2308, "758.0": 0.1321, "738.0": 0.2169, "769.0": 0.1049, "766.0": 0.1107}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2107, "long_delta": 0.0896, "short_iv": 0.1259, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.77671, "long_quote_age": 0.77833, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.505}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.79 (gross $-32.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.79 (gross $-32.79 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2107, "long_delta": 0.0896, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7893, "edge_pp": -10.67, "ev_implied_usd": -23.08, "realized_vol": 0.1064, "atm_iv": 0.1107, "vrp_ratio": 0.9612, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.95, "ev_at_half_drift_usd": -36.32, "ev_gross_usd": -32.79, "expected_loss_real_usd": 84.79, "friction_usd": 1.0, "ev_net_usd": -33.79, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 477}
{"ts": "2026-08-31T16:26:55.174278+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 350, "thesis": "SPY maintains a positive 5D return of +0.26% and an elevated IV/RV ratio of 1.09, making put premium attractive to collect over a longer DTE window.", "invalidation": "SPY accelerates its 1D decline of -0.50% and breaches recent multi-day gains."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"694.0": 0.3666, "767.0": 0.1131, "752.0": 0.1446, "745.0": 0.1645, "690.0": 0.3757, "721.0": 0.2528, "766.0": 0.115, "744.0": 0.1672, "728.0": 0.2244, "685.0": 0.3992, "757.0": 0.1331, "769.0": 0.1102, "732.0": 0.2092, "711.0": 0.292, "737.0": 0.189, "696.0": 0.3571, "731.0": 0.2117, "733.0": 0.2038, "703.0": 0.3235, "718.0": 0.2631, "714.0": 0.283, "724.0": 0.2416, "698.0": 0.3475, "725.0": 0.2364, "722.0": 0.2477, "741.0": 0.1769, "712.0": 0.2871, "691.0": 0.371, "743.0": 0.1707, "730.0": 0.217, "727.0": 0.2261, "692.0": 0.3663, "705.0": 0.3212, "765.0": 0.1168, "756.0": 0.1352, "762.0": 0.1225, "699.0": 0.3427, "760.0": 0.1266, "763.0": 0.1206, "693.0": 0.3616, "748.0": 0.1552, "740.0": 0.1795, "702.0": 0.3283, "707.0": 0.3115, "717.0": 0.2681, "729.0": 0.2192, "720.0": 0.2578, "759.0": 0.1287, "754.0": 0.14, "719.0": 0.2629, "701.0": 0.3331, "695.0": 0.3619, "749.0": 0.1528, "734.0": 0.201, "710.0": 0.2968, "758.0": 0.1308, "706.0": 0.3164, "697.0": 0.3523, "709.0": 0.3017, "700.0": 0.3379, "735.0": 0.1979, "751.0": 0.1472, "750.0": 0.1499, "738.0": 0.1854, "755.0": 0.1377, "713.0": 0.288, "742.0": 0.174, "716.0": 0.2731, "736.0": 0.1924, "739.0": 0.1835, "761.0": 0.1245, "768.0": 0.1125, "764.0": 0.1186, "726.0": 0.2313, "708.0": 0.3066, "746.0": 0.1615, "723.0": 0.2426, "753.0": 0.1426, "704.0": 0.3261, "747.0": 0.1581, "715.0": 0.278}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1975, "long_delta": 0.1108, "short_iv": 0.1331, "short_rel_spread": 0.0169491525423729, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.660713, "long_quote_age": 0.72904, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.65}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.50 (gross $-28.00 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:28:12.655316+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum of +0.31% with an elevated IV/RV ratio of 1.09, providing favorable option premium to sell out-of-the-money downside puts.", "invalidation": "SPY spot price accelerates downward below the short strike following the 1-day decline of -0.46%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"754.0": 0.1446, "718.0": 0.3332, "738.0": 0.2187, "748.0": 0.1688, "730.0": 0.2658, "750.0": 0.1599, "700.0": 0.4272, "705.0": 0.4168, "764.0": 0.115, "747.0": 0.1738, "736.0": 0.2326, "710.0": 0.3847, "722.0": 0.3074, "723.0": 0.301, "766.0": 0.1103, "759.0": 0.1287, "763.0": 0.1177, "740.0": 0.2103, "715.0": 0.3525, "744.0": 0.19, "735.0": 0.2395, "753.0": 0.1482, "742.0": 0.2007, "760.0": 0.1263, "768.0": 0.1068, "752.0": 0.1524, "733.0": 0.2456, "727.0": 0.2858, "734.0": 0.2464, "749.0": 0.1634, "690.0": 0.489, "741.0": 0.2032, "721.0": 0.3139, "728.0": 0.2791, "719.0": 0.3268, "757.0": 0.1348, "695.0": 0.4581, "685.0": 0.52, "765.0": 0.1126, "761.0": 0.1232, "751.0": 0.1556, "743.0": 0.1934, "746.0": 0.1784, "739.0": 0.2175, "769.0": 0.1143, "762.0": 0.1205, "720.0": 0.3203, "737.0": 0.2257, "745.0": 0.1825, "731.0": 0.2591, "732.0": 0.2523, "726.0": 0.2925, "724.0": 0.2945, "755.0": 0.1411, "725.0": 0.2992, "756.0": 0.1377, "767.0": 0.1089, "729.0": 0.2725, "758.0": 0.1321}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.2005, "long_delta": 0.0831, "short_iv": 0.1263, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.679266, "long_quote_age": 0.53574, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.795}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.95 (gross $-30.95 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.95 (gross $-30.95 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.2005, "long_delta": 0.0831, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.7995, "edge_pp": -10.05, "ev_implied_usd": -20.9, "realized_vol": 0.1064, "atm_iv": 0.1103, "vrp_ratio": 0.9646, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.9, "ev_at_half_drift_usd": -34.38, "ev_gross_usd": -30.95, "expected_loss_real_usd": 80.95, "friction_usd": 1.0, "ev_net_usd": -31.95, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 477}
{"ts": "2026-08-31T16:28:26.887123+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV of 11.34% exceeds 20-day realized volatility of 10.40% with an IV/RV ratio of 1.09 alongside a positive 5-day return of +0.31%, supporting put credit spread premium collection.", "invalidation": "SPY 5-day return turns negative or IV/RV compresses below 1.00."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"703.0": 0.3243, "761.0": 0.1246, "739.0": 0.1827, "752.0": 0.1446, "733.0": 0.2048, "763.0": 0.1206, "690.0": 0.3765, "702.0": 0.3291, "716.0": 0.2739, "762.0": 0.1227, "747.0": 0.1583, "718.0": 0.264, "742.0": 0.1736, "700.0": 0.3387, "705.0": 0.3221, "725.0": 0.2373, "740.0": 0.1806, "709.0": 0.3026, "754.0": 0.1401, "760.0": 0.1266, "694.0": 0.3675, "751.0": 0.1474, "731.0": 0.2127, "768.0": 0.1109, "713.0": 0.2888, "721.0": 0.2537, "727.0": 0.227, "697.0": 0.3531, "759.0": 0.1287, "712.0": 0.2879, "743.0": 0.1705, "692.0": 0.3671, "746.0": 0.1616, "710.0": 0.2977, "756.0": 0.1354, "767.0": 0.1132, "706.0": 0.3172, "715.0": 0.2789, "717.0": 0.269, "691.0": 0.3718, "769.0": 0.1094, "734.0": 0.202, "719.0": 0.2638, "693.0": 0.3624, "753.0": 0.1422, "749.0": 0.1524, "745.0": 0.1645, "744.0": 0.167, "704.0": 0.327, "729.0": 0.2201, "711.0": 0.2928, "757.0": 0.1332, "707.0": 0.3123, "738.0": 0.1865, "765.0": 0.1168, "698.0": 0.3483, "699.0": 0.3435, "736.0": 0.1934, "741.0": 0.1764, "685.0": 0.4, "726.0": 0.2322, "696.0": 0.3579, "764.0": 0.1187, "695.0": 0.3627, "735.0": 0.1989, "758.0": 0.1309, "755.0": 0.1377, "722.0": 0.2486, "724.0": 0.2425, "748.0": 0.1556, "728.0": 0.2253, "737.0": 0.19, "714.0": 0.2839, "730.0": 0.218, "708.0": 0.3074, "723.0": 0.2435, "720.0": 0.2587, "750.0": 0.15, "732.0": 0.2073, "701.0": 0.3339, "766.0": 0.115}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1927, "long_delta": 0.1078, "short_iv": 0.1332, "short_rel_spread": 0.00873362445414848, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.533722, "long_quote_age": 0.744919, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.86}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.90 (gross $-26.90 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:31:29.182849+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day momentum at +0.31% while ATM IV exceeds 20-day realized volatility with an IV/RV ratio of 1.09, offering favorable premium for selling put spreads.", "invalidation": "SPY spot falls below 760.00 or the 5-day return turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"766.0": 0.1148, "748.0": 0.155, "701.0": 0.3335, "744.0": 0.1665, "769.0": 0.1095, "716.0": 0.2735, "725.0": 0.2369, "707.0": 0.3119, "720.0": 0.2583, "721.0": 0.2532, "754.0": 0.1402, "710.0": 0.2973, "755.0": 0.1375, "727.0": 0.2266, "699.0": 0.3431, "692.0": 0.3667, "751.0": 0.1472, "758.0": 0.1309, "709.0": 0.3022, "723.0": 0.2431, "708.0": 0.307, "695.0": 0.3623, "718.0": 0.2636, "726.0": 0.2317, "741.0": 0.1759, "749.0": 0.1526, "731.0": 0.2122, "691.0": 0.3714, "742.0": 0.1731, "700.0": 0.3383, "698.0": 0.3479, "762.0": 0.1225, "738.0": 0.186, "752.0": 0.1447, "740.0": 0.1801, "724.0": 0.238, "715.0": 0.2785, "703.0": 0.3239, "705.0": 0.3217, "694.0": 0.3573, "697.0": 0.3527, "685.0": 0.3996, "735.0": 0.1984, "746.0": 0.161, "743.0": 0.1699, "722.0": 0.2482, "733.0": 0.2043, "712.0": 0.2875, "711.0": 0.2924, "765.0": 0.1167, "764.0": 0.1186, "704.0": 0.3192, "739.0": 0.1822, "729.0": 0.2196, "745.0": 0.164, "719.0": 0.2586, "757.0": 0.1331, "756.0": 0.1354, "734.0": 0.1989, "693.0": 0.362, "761.0": 0.1246, "714.0": 0.2835, "713.0": 0.2884, "747.0": 0.1577, "737.0": 0.1895, "750.0": 0.1498, "763.0": 0.1205, "696.0": 0.3575, "767.0": 0.1131, "759.0": 0.1287, "702.0": 0.3287, "728.0": 0.2249, "732.0": 0.2069, "760.0": 0.1267, "706.0": 0.3168, "753.0": 0.1422, "730.0": 0.2175, "768.0": 0.1102, "690.0": 0.3761, "736.0": 0.1929, "717.0": 0.2685}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.7, "short_delta": 0.244, "long_delta": 0.1383, "short_iv": 0.1287, "short_rel_spread": 0.013333333333333345, "long_rel_spread": 0.012578616352201269, "short_quote_age": 0.460169, "long_quote_age": 0.45296, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 430.0, "total_risk": 19780.0, "buying_power_used_pct": 0.989}, "spot": 765.73}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.72 (gross $-30.22 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:33:07.801386+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.07 alongside positive 5-day momentum of +0.30%, making short put credit spreads attractive to capture premium.", "invalidation": "A continued decline past the 1-day drop of -0.47% that breaches the short strike would invalidate this position."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"711.0": 0.2924, "697.0": 0.3526, "715.0": 0.2784, "752.0": 0.1449, "721.0": 0.2532, "723.0": 0.243, "709.0": 0.3021, "764.0": 0.1188, "757.0": 0.1333, "734.0": 0.2014, "760.0": 0.1267, "743.0": 0.1699, "768.0": 0.1121, "735.0": 0.1984, "713.0": 0.2884, "722.0": 0.2481, "754.0": 0.1401, "695.0": 0.3622, "746.0": 0.161, "744.0": 0.1664, "730.0": 0.2175, "733.0": 0.2043, "731.0": 0.2122, "701.0": 0.3335, "755.0": 0.1377, "692.0": 0.3666, "700.0": 0.3383, "690.0": 0.376, "739.0": 0.1822, "710.0": 0.2972, "756.0": 0.1355, "741.0": 0.1758, "766.0": 0.1151, "765.0": 0.117, "763.0": 0.1207, "718.0": 0.2635, "705.0": 0.3216, "708.0": 0.307, "737.0": 0.1895, "685.0": 0.3995, "719.0": 0.2585, "691.0": 0.3713, "716.0": 0.2735, "694.0": 0.3573, "706.0": 0.3168, "699.0": 0.3431, "747.0": 0.1576, "724.0": 0.238, "704.0": 0.3191, "725.0": 0.2368, "714.0": 0.2834, "717.0": 0.2685, "750.0": 0.1497, "693.0": 0.3619, "759.0": 0.129, "758.0": 0.131, "748.0": 0.1549, "761.0": 0.1246, "751.0": 0.1471, "712.0": 0.2875, "762.0": 0.1227, "742.0": 0.173, "732.0": 0.2068, "696.0": 0.3574, "727.0": 0.2265, "767.0": 0.1134, "698.0": 0.3479, "726.0": 0.2317, "753.0": 0.1427, "745.0": 0.1639, "740.0": 0.18, "702.0": 0.3287, "769.0": 0.1106, "728.0": 0.2248, "707.0": 0.3119, "736.0": 0.1928, "738.0": 0.1859, "749.0": 0.1526, "720.0": 0.2582, "703.0": 0.3239, "729.0": 0.2196}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1954, "long_delta": 0.1099, "short_iv": 0.1333, "short_rel_spread": 0.00858369098712447, "long_rel_spread": 0.03225806451612906, "short_quote_age": 0.502649, "long_quote_age": 0.499053, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.725}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.77 (gross $-27.27 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:34:26.729859+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.31% while 3-day ATM IV trades at a premium to 20-day realized volatility with an IV/RV of 1.07.", "invalidation": "SPY spot price declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"719.0": 0.327, "742.0": 0.1963, "759.0": 0.1284, "690.0": 0.4892, "695.0": 0.4583, "736.0": 0.2329, "741.0": 0.2035, "761.0": 0.1232, "743.0": 0.1937, "722.0": 0.3077, "724.0": 0.2948, "715.0": 0.3527, "731.0": 0.2593, "737.0": 0.2259, "728.0": 0.2794, "720.0": 0.3206, "740.0": 0.2106, "756.0": 0.1381, "721.0": 0.3141, "750.0": 0.1602, "710.0": 0.3849, "723.0": 0.3012, "765.0": 0.1123, "739.0": 0.212, "767.0": 0.1081, "753.0": 0.1486, "734.0": 0.2467, "718.0": 0.3334, "745.0": 0.1828, "762.0": 0.12, "726.0": 0.2927, "752.0": 0.1519, "725.0": 0.2994, "766.0": 0.11, "754.0": 0.1449, "768.0": 0.1061, "735.0": 0.2398, "755.0": 0.1415, "744.0": 0.1863, "769.0": 0.1154, "764.0": 0.115, "685.0": 0.5203, "733.0": 0.2459, "730.0": 0.266, "727.0": 0.2861, "700.0": 0.4274, "748.0": 0.1691, "729.0": 0.2727, "732.0": 0.2526, "749.0": 0.1637, "757.0": 0.1343, "763.0": 0.1176, "746.0": 0.1787, "738.0": 0.219, "751.0": 0.1559, "758.0": 0.1318, "760.0": 0.1255, "705.0": 0.417, "747.0": 0.1741}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1975, "long_delta": 0.0829, "short_iv": 0.1255, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.480228, "long_quote_age": 0.483606, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.84}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.48 (gross $-32.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.48 (gross $-32.48 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1975, "long_delta": 0.0829, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8025, "edge_pp": -10.15, "ev_implied_usd": -22.1, "realized_vol": 0.1064, "atm_iv": 0.11, "vrp_ratio": 0.9673, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.4, "ev_at_half_drift_usd": -35.89, "ev_gross_usd": -32.48, "expected_loss_real_usd": 80.48, "friction_usd": 1.0, "ev_net_usd": -33.48, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 443}
{"ts": "2026-08-31T16:34:38.809439+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 350, "thesis": "SPY maintains a positive 5D return of +0.31% with an elevated IV/RV ratio of 1.07, providing favorable premium to sell downside put spreads across intermediate weekly expiries.", "invalidation": "SPY spot price drops sharply below recent levels accompanied by an expansion in downside volatility that reverses the positive 5D trend."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"724.0": 0.2642, "757.0": 0.132, "746.0": 0.1638, "718.0": 0.2912, "732.0": 0.2235, "740.0": 0.1866, "769.0": 0.1062, "726.0": 0.2529, "736.0": 0.2041, "761.0": 0.1222, "721.0": 0.2745, "728.0": 0.2415, "690.0": 0.4198, "731.0": 0.2293, "753.0": 0.1424, "748.0": 0.1566, "764.0": 0.1154, "745.0": 0.1667, "695.0": 0.3934, "760.0": 0.1246, "729.0": 0.2358, "720.0": 0.2801, "725.0": 0.2586, "733.0": 0.2176, "744.0": 0.1712, "710.0": 0.3262, "751.0": 0.1473, "765.0": 0.1134, "763.0": 0.1175, "756.0": 0.1345, "752.0": 0.1448, "754.0": 0.1391, "755.0": 0.1366, "768.0": 0.1079, "762.0": 0.1199, "766.0": 0.1113, "705.0": 0.3532, "719.0": 0.2856, "747.0": 0.1604, "742.0": 0.1795, "767.0": 0.1094, "737.0": 0.1981, "723.0": 0.2634, "735.0": 0.2101, "749.0": 0.1537, "685.0": 0.4462, "738.0": 0.1956, "715.0": 0.2991, "741.0": 0.1832, "730.0": 0.2301, "734.0": 0.2118, "727.0": 0.2472, "700.0": 0.3672, "758.0": 0.1293, "739.0": 0.1896, "722.0": 0.269, "743.0": 0.1755, "759.0": 0.1271, "750.0": 0.1502}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2085, "long_delta": 0.1027, "short_iv": 0.1271, "short_rel_spread": 0.00956937799043063, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.762898, "long_quote_age": 0.912211, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.86}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.98 (gross $-29.98 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:35:56.714470+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.31% while ATM IV trades at an elevated IV/RV ratio of 1.07, providing an attractive premium for selling short-dated put spreads.", "invalidation": "SPY spot price drops sharply below the 1-day decline of -0.46% toward the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"762.0": 0.1206, "700.0": 0.4268, "756.0": 0.138, "755.0": 0.1417, "740.0": 0.2099, "738.0": 0.2183, "768.0": 0.1065, "733.0": 0.2452, "721.0": 0.3135, "731.0": 0.2586, "757.0": 0.135, "769.0": 0.1106, "728.0": 0.2787, "765.0": 0.1131, "727.0": 0.2854, "690.0": 0.4887, "710.0": 0.3843, "751.0": 0.155, "729.0": 0.272, "767.0": 0.1086, "758.0": 0.1322, "722.0": 0.307, "754.0": 0.144, "737.0": 0.2252, "746.0": 0.1779, "715.0": 0.3521, "734.0": 0.246, "685.0": 0.5197, "750.0": 0.1594, "764.0": 0.1154, "718.0": 0.3328, "736.0": 0.2322, "735.0": 0.2391, "720.0": 0.3199, "723.0": 0.3006, "705.0": 0.4164, "766.0": 0.1108, "743.0": 0.1929, "761.0": 0.1235, "748.0": 0.1683, "745.0": 0.182, "719.0": 0.3264, "752.0": 0.1518, "753.0": 0.1476, "747.0": 0.1733, "730.0": 0.2653, "760.0": 0.1261, "744.0": 0.1856, "739.0": 0.2113, "763.0": 0.1181, "695.0": 0.4577, "741.0": 0.2027, "725.0": 0.2988, "759.0": 0.1293, "742.0": 0.1956, "724.0": 0.2941, "749.0": 0.1629, "726.0": 0.2921, "732.0": 0.2519}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.2027, "long_delta": 0.0852, "short_iv": 0.1261, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.425774, "long_quote_age": 0.45083, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.78}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.87 (gross $-30.87 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.87 (gross $-30.87 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.2027, "long_delta": 0.0852, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.7973, "edge_pp": -10.27, "ev_implied_usd": -21.97, "realized_vol": 0.1064, "atm_iv": 0.1108, "vrp_ratio": 0.9603, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.83, "ev_at_half_drift_usd": -34.3, "ev_gross_usd": -30.87, "expected_loss_real_usd": 80.87, "friction_usd": 1.0, "ev_net_usd": -31.87, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 496}
{"ts": "2026-08-31T16:36:07.093825+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "SPY exhibits an IV/RV ratio of 1.07 indicating option premium is elevated relative to 20-day realized volatility alongside a positive 5-day return of +0.31%.", "invalidation": "SPY spot drops sharply, invalidating the positive 5-day momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"716.0": 0.2735, "759.0": 0.1289, "746.0": 0.1611, "705.0": 0.3217, "761.0": 0.1248, "714.0": 0.2835, "690.0": 0.3761, "763.0": 0.1207, "743.0": 0.17, "754.0": 0.1403, "767.0": 0.1131, "766.0": 0.1151, "712.0": 0.2875, "736.0": 0.1929, "703.0": 0.324, "713.0": 0.2884, "725.0": 0.2369, "702.0": 0.3288, "768.0": 0.1106, "745.0": 0.164, "721.0": 0.2533, "720.0": 0.2583, "723.0": 0.2431, "729.0": 0.2197, "760.0": 0.1269, "717.0": 0.2686, "742.0": 0.1731, "693.0": 0.362, "706.0": 0.3168, "747.0": 0.1577, "751.0": 0.1472, "752.0": 0.1447, "739.0": 0.1823, "741.0": 0.1759, "735.0": 0.1961, "710.0": 0.2973, "707.0": 0.312, "724.0": 0.238, "701.0": 0.3335, "691.0": 0.3714, "708.0": 0.3071, "719.0": 0.2586, "757.0": 0.1332, "753.0": 0.1422, "765.0": 0.1169, "762.0": 0.1227, "722.0": 0.2482, "728.0": 0.2249, "748.0": 0.155, "764.0": 0.1187, "744.0": 0.1665, "749.0": 0.1527, "731.0": 0.2122, "699.0": 0.3431, "755.0": 0.1376, "737.0": 0.1896, "695.0": 0.3623, "734.0": 0.199, "726.0": 0.2318, "756.0": 0.1357, "738.0": 0.186, "732.0": 0.2069, "697.0": 0.3527, "758.0": 0.1312, "700.0": 0.3383, "718.0": 0.2636, "769.0": 0.1101, "692.0": 0.3667, "740.0": 0.1801, "698.0": 0.3479, "696.0": 0.3575, "750.0": 0.1498, "709.0": 0.3022, "727.0": 0.2266, "711.0": 0.2924, "704.0": 0.3192, "730.0": 0.2175, "715.0": 0.2785, "694.0": 0.3573, "733.0": 0.2044}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1948, "long_delta": 0.1383, "short_iv": 0.1332, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.012578616352201269, "short_quote_age": 0.941938, "long_quote_age": 0.713806, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.45 (gross $-17.95 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:37:25.398097+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day performance (+0.29%) with an elevated IV/RV ratio of 1.07, favoring put premium selling on a minor 1-day pullback (-0.47%).", "invalidation": "A continuation of the 1-day decline that pushes SPY significantly below 765.72."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"728.0": 0.2786, "690.0": 0.4885, "722.0": 0.3069, "700.0": 0.4267, "747.0": 0.1732, "738.0": 0.2181, "735.0": 0.239, "744.0": 0.1854, "757.0": 0.1348, "723.0": 0.3005, "731.0": 0.2585, "756.0": 0.1378, "768.0": 0.1071, "750.0": 0.1592, "734.0": 0.2459, "764.0": 0.1156, "725.0": 0.2986, "754.0": 0.1451, "721.0": 0.3134, "695.0": 0.4576, "748.0": 0.1682, "752.0": 0.1516, "760.0": 0.1264, "726.0": 0.292, "724.0": 0.294, "767.0": 0.1083, "685.0": 0.5196, "710.0": 0.3842, "733.0": 0.2451, "746.0": 0.1778, "718.0": 0.3327, "766.0": 0.1108, "755.0": 0.1415, "751.0": 0.1549, "759.0": 0.1291, "763.0": 0.1182, "736.0": 0.232, "740.0": 0.2098, "720.0": 0.3198, "761.0": 0.1232, "719.0": 0.3263, "727.0": 0.2853, "742.0": 0.1954, "739.0": 0.2112, "758.0": 0.132, "737.0": 0.2251, "753.0": 0.1474, "730.0": 0.2652, "729.0": 0.2719, "762.0": 0.1208, "745.0": 0.1819, "732.0": 0.2518, "743.0": 0.1928, "705.0": 0.4163, "715.0": 0.352, "749.0": 0.1628, "741.0": 0.2026, "769.0": 0.1116, "765.0": 0.1132}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2041, "long_delta": 0.0853, "short_iv": 0.1264, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.6489, "long_quote_age": 0.664862, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.725}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.50 (gross $-30.50 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.50 (gross $-30.50 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2041, "long_delta": 0.0853, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7959, "edge_pp": -10.21, "ev_implied_usd": -21.35, "realized_vol": 0.1064, "atm_iv": 0.1108, "vrp_ratio": 0.9603, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.5, "ev_at_half_drift_usd": -33.96, "ev_gross_usd": -30.5, "expected_loss_real_usd": 81.5, "friction_usd": 1.0, "ev_net_usd": -31.5, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 464}
{"ts": "2026-08-31T16:37:36.200651+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.07 presents elevated implied volatility relative to 20-day realized volatility while the 5-day trend remains positive at +0.29%.", "invalidation": "SPY 5-day return turns negative or spot price breaks sharply below 765.72."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"740.0": 0.1857, "754.0": 0.1396, "728.0": 0.2407, "738.0": 0.1948, "753.0": 0.1421, "769.0": 0.1071, "751.0": 0.1485, "726.0": 0.2521, "731.0": 0.2285, "737.0": 0.1973, "764.0": 0.1159, "755.0": 0.1369, "727.0": 0.2464, "710.0": 0.3255, "743.0": 0.1746, "744.0": 0.1703, "725.0": 0.2578, "747.0": 0.1611, "766.0": 0.1119, "756.0": 0.1346, "767.0": 0.1099, "735.0": 0.2093, "758.0": 0.1298, "762.0": 0.1203, "722.0": 0.2682, "742.0": 0.1786, "730.0": 0.2293, "761.0": 0.1225, "763.0": 0.1181, "705.0": 0.3525, "768.0": 0.1083, "734.0": 0.211, "745.0": 0.1678, "749.0": 0.154, "690.0": 0.4191, "715.0": 0.2984, "733.0": 0.2169, "746.0": 0.1629, "720.0": 0.2793, "718.0": 0.2904, "736.0": 0.2033, "752.0": 0.1447, "748.0": 0.1571, "741.0": 0.1823, "739.0": 0.1887, "765.0": 0.1139, "695.0": 0.3928, "719.0": 0.2849, "724.0": 0.2635, "732.0": 0.2227, "760.0": 0.1249, "759.0": 0.1271, "750.0": 0.1516, "729.0": 0.235, "723.0": 0.2627, "700.0": 0.3665, "721.0": 0.2738, "757.0": 0.1319}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2132, "long_delta": 0.1408, "short_iv": 0.1271, "short_rel_spread": 0.009302325581395356, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.399081, "long_quote_age": 1.766307, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 260.0, "total_risk": 19760.0, "buying_power_used_pct": 0.988}, "spot": 765.6949999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.06 (gross $-19.06 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 2s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $260/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,760.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.06 (gross $-19.06 - friction $1.00) > $0.00"}], "economics": {"credit": 0.4, "width": 3.0, "short_delta": 0.2132, "long_delta": 0.1408, "max_profit_usd": 40.0, "max_loss_usd": 260.0, "breakeven_wr": 0.8667, "implied_wr": 0.7868, "edge_pp": -7.99, "ev_implied_usd": -13.1, "realized_vol": 0.1064, "atm_iv": 0.1119, "vrp_ratio": 0.9508, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.06, "ev_at_half_drift_usd": -22.02, "ev_gross_usd": -19.06, "expected_loss_real_usd": 59.06, "friction_usd": 1.0, "ev_net_usd": -20.06, "total_risk_usd": 19760.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 444}
{"ts": "2026-08-31T16:39:03.185623+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY implied volatility is elevated over 20-day realized volatility with an IV/RV of 1.07 alongside a positive 5-day return of +0.27%, favoring selling put spreads to harvest premium.", "invalidation": "SPY continues its 1-day decline of -0.50% and breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"750.0": 0.1585, "742.0": 0.1931, "765.0": 0.113, "757.0": 0.1346, "756.0": 0.1373, "766.0": 0.1105, "762.0": 0.1206, "695.0": 0.4557, "732.0": 0.2496, "736.0": 0.2298, "731.0": 0.2564, "685.0": 0.5177, "720.0": 0.3178, "747.0": 0.1706, "690.0": 0.4867, "763.0": 0.1179, "748.0": 0.1655, "745.0": 0.1794, "734.0": 0.2436, "760.0": 0.1257, "738.0": 0.2159, "746.0": 0.1753, "749.0": 0.1625, "722.0": 0.3049, "710.0": 0.3821, "755.0": 0.1404, "764.0": 0.1153, "743.0": 0.1904, "744.0": 0.183, "737.0": 0.2228, "751.0": 0.1539, "719.0": 0.3242, "739.0": 0.2089, "759.0": 0.129, "723.0": 0.2984, "729.0": 0.2698, "753.0": 0.1473, "740.0": 0.2074, "728.0": 0.2765, "721.0": 0.3113, "725.0": 0.2965, "727.0": 0.2831, "741.0": 0.2003, "761.0": 0.1235, "730.0": 0.2631, "758.0": 0.1319, "705.0": 0.4143, "735.0": 0.2367, "724.0": 0.2919, "700.0": 0.4248, "767.0": 0.1086, "768.0": 0.1068, "718.0": 0.3307, "733.0": 0.2429, "726.0": 0.2898, "754.0": 0.1444, "752.0": 0.1503, "715.0": 0.35, "769.0": 0.0987}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1836, "long_delta": 0.0771, "short_iv": 0.129, "short_rel_spread": 0.01360544217687076, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.418937, "long_quote_age": 0.784163, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 455.0, "total_risk": 19565.0, "buying_power_used_pct": 0.9782}, "spot": 765.38}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.51 (gross $-27.51 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $455/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,565.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-28.51 (gross $-27.51 - friction $1.00) > $0.00"}], "economics": {"credit": 0.45, "width": 5.0, "short_delta": 0.1836, "long_delta": 0.0771, "max_profit_usd": 45.0, "max_loss_usd": 455.0, "breakeven_wr": 0.91, "implied_wr": 0.8164, "edge_pp": -9.36, "ev_implied_usd": -20.18, "realized_vol": 0.1064, "atm_iv": 0.113, "vrp_ratio": 0.9416, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.0, "ev_at_half_drift_usd": -30.71, "ev_gross_usd": -27.51, "expected_loss_real_usd": 72.51, "friction_usd": 1.0, "ev_net_usd": -28.51, "total_risk_usd": 19565.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 479}
{"ts": "2026-08-31T16:39:16.675320+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY exhibits IV/RV of 1.07 with positive 5-day return of +0.27%, supporting selling premium via put credit spreads over an expanded DTE window.", "invalidation": "SPY spot breaks downward from 765.50 and reverses the positive 5-day return."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"754.0": 0.1398, "734.0": 0.2091, "747.0": 0.1603, "768.0": 0.1079, "744.0": 0.1703, "721.0": 0.272, "732.0": 0.2208, "766.0": 0.1121, "739.0": 0.1867, "764.0": 0.1159, "745.0": 0.1656, "751.0": 0.148, "750.0": 0.1503, "738.0": 0.1928, "719.0": 0.2831, "736.0": 0.2014, "722.0": 0.2665, "759.0": 0.1274, "757.0": 0.1321, "729.0": 0.2332, "762.0": 0.1203, "742.0": 0.1765, "731.0": 0.2267, "710.0": 0.3238, "769.0": 0.1069, "765.0": 0.114, "737.0": 0.1954, "695.0": 0.3912, "755.0": 0.1367, "741.0": 0.1803, "690.0": 0.4175, "748.0": 0.1562, "735.0": 0.2073, "726.0": 0.2503, "763.0": 0.1182, "700.0": 0.3649, "752.0": 0.1449, "705.0": 0.3508, "749.0": 0.1529, "727.0": 0.2446, "720.0": 0.2776, "730.0": 0.2275, "743.0": 0.1725, "733.0": 0.215, "746.0": 0.1624, "728.0": 0.2389, "723.0": 0.2609, "756.0": 0.1346, "753.0": 0.142, "740.0": 0.1837, "724.0": 0.2617, "761.0": 0.1226, "758.0": 0.1295, "725.0": 0.256, "715.0": 0.2967, "767.0": 0.1095, "718.0": 0.2887, "760.0": 0.1249}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1962, "long_delta": 0.129, "short_iv": 0.1295, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.518699, "long_quote_age": 0.523009, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 263.0, "total_risk": 19988.0, "buying_power_used_pct": 0.9994}, "spot": 765.39}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-17.56 (gross $-16.56 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $263/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,988.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-17.56 (gross $-16.56 - friction $1.00) > $0.00"}], "economics": {"credit": 0.37, "width": 3.0, "short_delta": 0.1962, "long_delta": 0.129, "max_profit_usd": 37.0, "max_loss_usd": 263.0, "breakeven_wr": 0.8767, "implied_wr": 0.8038, "edge_pp": -7.29, "ev_implied_usd": -11.78, "realized_vol": 0.1064, "atm_iv": 0.114, "vrp_ratio": 0.9333, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -22.23, "ev_at_half_drift_usd": -19.35, "ev_gross_usd": -16.56, "expected_loss_real_usd": 53.56, "friction_usd": 1.0, "ev_net_usd": -17.56, "total_risk_usd": 19988.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 440}
{"ts": "2026-08-31T16:40:37.050756+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility is elevated over 20-day realized volatility with an IV/RV ratio of 1.07 while maintaining a positive 5-day return of +0.23%.", "invalidation": "SPY spot drops significantly below 765.21, extending the 1-day decline and erasing the 5-day gain."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"755.0": 0.1412, "720.0": 0.317, "768.0": 0.1066, "746.0": 0.1743, "738.0": 0.215, "735.0": 0.2359, "758.0": 0.1312, "752.0": 0.1508, "745.0": 0.1785, "725.0": 0.2957, "685.0": 0.517, "756.0": 0.1378, "744.0": 0.1821, "751.0": 0.1546, "727.0": 0.2823, "749.0": 0.1614, "748.0": 0.1645, "739.0": 0.208, "766.0": 0.1106, "732.0": 0.2488, "747.0": 0.1696, "723.0": 0.2976, "722.0": 0.3041, "736.0": 0.2289, "764.0": 0.1152, "761.0": 0.123, "710.0": 0.3814, "762.0": 0.1203, "763.0": 0.1177, "715.0": 0.3492, "734.0": 0.2428, "759.0": 0.1288, "695.0": 0.455, "767.0": 0.1087, "690.0": 0.4859, "728.0": 0.2756, "757.0": 0.1344, "721.0": 0.3105, "731.0": 0.2555, "742.0": 0.1922, "754.0": 0.1444, "730.0": 0.2622, "718.0": 0.3299, "719.0": 0.3234, "753.0": 0.1475, "741.0": 0.1994, "750.0": 0.1575, "760.0": 0.1258, "769.0": 0.0974, "724.0": 0.2912, "726.0": 0.289, "705.0": 0.4135, "765.0": 0.1127, "740.0": 0.2065, "733.0": 0.2421, "700.0": 0.4241, "743.0": 0.1894, "729.0": 0.2689, "737.0": 0.222}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1878, "long_delta": 0.0793, "short_iv": 0.1288, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.387981, "long_quote_age": 0.446255, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.265}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.37 (gross $-28.37 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,976.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.37 (gross $-28.37 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.1878, "long_delta": 0.0793, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.8122, "edge_pp": -9.58, "ev_implied_usd": -20.77, "realized_vol": 0.1064, "atm_iv": 0.1127, "vrp_ratio": 0.9441, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -34.96, "ev_at_half_drift_usd": -31.62, "ev_gross_usd": -28.37, "expected_loss_real_usd": 74.37, "friction_usd": 1.0, "ev_net_usd": -29.37, "total_risk_usd": 19976.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 466}
{"ts": "2026-08-31T16:40:47.422738+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY shows positive 5-day momentum of +0.23% and elevated implied volatility relative to realized volatility with IV/RV at 1.07, favoring premium selling via put credit spreads.", "invalidation": "SPY spot dropping significantly below 765.21 and continuing the 1-day decline of -0.54%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"737.0": 0.1986, "718.0": 0.2884, "759.0": 0.1267, "752.0": 0.1444, "763.0": 0.1177, "690.0": 0.4172, "733.0": 0.2146, "729.0": 0.2329, "747.0": 0.1599, "738.0": 0.1925, "739.0": 0.1895, "764.0": 0.1154, "746.0": 0.1637, "754.0": 0.1393, "736.0": 0.201, "730.0": 0.2322, "767.0": 0.1095, "700.0": 0.3646, "760.0": 0.1244, "705.0": 0.3505, "728.0": 0.2386, "727.0": 0.2443, "695.0": 0.3909, "734.0": 0.2088, "755.0": 0.1365, "765.0": 0.1134, "749.0": 0.1537, "744.0": 0.1699, "769.0": 0.1062, "723.0": 0.2606, "735.0": 0.207, "742.0": 0.1762, "725.0": 0.2557, "745.0": 0.167, "761.0": 0.1218, "732.0": 0.2205, "762.0": 0.1197, "710.0": 0.3235, "731.0": 0.2263, "758.0": 0.1289, "722.0": 0.2661, "756.0": 0.1341, "724.0": 0.2614, "719.0": 0.2828, "748.0": 0.1557, "766.0": 0.1114, "726.0": 0.25, "743.0": 0.1743, "715.0": 0.2964, "720.0": 0.2773, "740.0": 0.1833, "721.0": 0.2717, "750.0": 0.1498, "768.0": 0.108, "741.0": 0.1799, "751.0": 0.1475, "753.0": 0.1415, "757.0": 0.1315}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.36, "short_delta": 0.197, "long_delta": 0.13, "short_iv": 0.1289, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.03225806451612906, "short_quote_age": 0.563012, "long_quote_age": 0.56439, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.31}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.77 (gross $-18.27 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $264/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.77 (gross $-18.27 - friction $1.50) > $0.00"}], "economics": {"credit": 0.36, "width": 3.0, "short_delta": 0.197, "long_delta": 0.13, "max_profit_usd": 36.0, "max_loss_usd": 264.0, "breakeven_wr": 0.88, "implied_wr": 0.803, "edge_pp": -7.7, "ev_implied_usd": -13.05, "realized_vol": 0.1064, "atm_iv": 0.1134, "vrp_ratio": 0.9383, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -23.98, "ev_at_half_drift_usd": -21.08, "ev_gross_usd": -18.27, "expected_loss_real_usd": 54.27, "friction_usd": 1.5, "ev_net_usd": -19.77, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 497}
{"ts": "2026-08-31T16:42:08.997170+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.27% while ATM IV trades at a premium to 20-day realized volatility with an IV/RV ratio of 1.07.", "invalidation": "SPY spot price declines further as the 1-day downward movement of -0.50% accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"756.0": 0.1378, "750.0": 0.1592, "705.0": 0.4163, "736.0": 0.232, "732.0": 0.2518, "769.0": 0.1054, "741.0": 0.2026, "748.0": 0.1682, "733.0": 0.2451, "727.0": 0.2853, "735.0": 0.239, "767.0": 0.1083, "723.0": 0.3005, "724.0": 0.294, "751.0": 0.1549, "764.0": 0.1153, "752.0": 0.1516, "738.0": 0.2181, "758.0": 0.1312, "685.0": 0.5196, "725.0": 0.2986, "744.0": 0.1854, "760.0": 0.1258, "740.0": 0.2098, "715.0": 0.352, "731.0": 0.2585, "753.0": 0.1474, "729.0": 0.2719, "743.0": 0.1928, "726.0": 0.292, "749.0": 0.1628, "745.0": 0.1819, "722.0": 0.3069, "766.0": 0.1106, "742.0": 0.1954, "734.0": 0.2459, "761.0": 0.1232, "719.0": 0.3263, "739.0": 0.2112, "721.0": 0.3134, "700.0": 0.4267, "720.0": 0.3198, "768.0": 0.1068, "762.0": 0.1203, "754.0": 0.1438, "759.0": 0.1284, "755.0": 0.1403, "730.0": 0.2652, "690.0": 0.4885, "747.0": 0.1732, "718.0": 0.3327, "710.0": 0.3842, "746.0": 0.1778, "757.0": 0.1348, "763.0": 0.1177, "737.0": 0.2251, "695.0": 0.4576, "728.0": 0.2786, "765.0": 0.1127}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.203, "long_delta": 0.0836, "short_iv": 0.1258, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.402216, "long_quote_age": 0.432005, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.715}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.42 (gross $-30.42 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.42 (gross $-30.42 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.203, "long_delta": 0.0836, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.797, "edge_pp": -10.1, "ev_implied_usd": -20.65, "realized_vol": 0.1064, "atm_iv": 0.1106, "vrp_ratio": 0.962, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.44, "ev_at_half_drift_usd": -33.88, "ev_gross_usd": -30.42, "expected_loss_real_usd": 81.42, "friction_usd": 1.0, "ev_net_usd": -31.42, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 445}
{"ts": "2026-08-31T16:42:22.880459+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.27% and favorable IV/RV of 1.07, providing an attractive premium-selling opportunity across a 4-7 DTE window despite the mild 1D decline of -0.50%.", "invalidation": "Acceleration of the 1D -0.50% downward movement breaching below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"702.0": 0.3284, "704.0": 0.3188, "752.0": 0.1441, "736.0": 0.1925, "726.0": 0.2314, "758.0": 0.1306, "751.0": 0.1466, "692.0": 0.3663, "738.0": 0.1855, "768.0": 0.1106, "742.0": 0.1726, "695.0": 0.3619, "745.0": 0.1623, "741.0": 0.1754, "740.0": 0.1796, "716.0": 0.2731, "762.0": 0.1222, "714.0": 0.2831, "766.0": 0.1147, "739.0": 0.1818, "708.0": 0.3067, "717.0": 0.2682, "698.0": 0.3476, "763.0": 0.1203, "711.0": 0.292, "712.0": 0.2872, "755.0": 0.1371, "703.0": 0.3236, "696.0": 0.3571, "721.0": 0.2529, "759.0": 0.1285, "699.0": 0.3428, "761.0": 0.1242, "722.0": 0.2478, "737.0": 0.1891, "730.0": 0.2171, "700.0": 0.338, "749.0": 0.1521, "706.0": 0.3165, "719.0": 0.2582, "715.0": 0.2781, "731.0": 0.2118, "693.0": 0.3617, "760.0": 0.1264, "701.0": 0.3332, "725.0": 0.2365, "724.0": 0.2376, "757.0": 0.1326, "764.0": 0.1185, "697.0": 0.3523, "713.0": 0.2881, "735.0": 0.1956, "723.0": 0.2427, "743.0": 0.1695, "746.0": 0.1594, "769.0": 0.109, "747.0": 0.1572, "720.0": 0.2532, "727.0": 0.2262, "765.0": 0.1166, "729.0": 0.2193, "709.0": 0.3018, "732.0": 0.2065, "705.0": 0.3213, "694.0": 0.357, "744.0": 0.166, "718.0": 0.2632, "728.0": 0.2245, "691.0": 0.371, "753.0": 0.1416, "756.0": 0.1349, "710.0": 0.2969, "707.0": 0.3116, "767.0": 0.1122, "733.0": 0.2039, "748.0": 0.1545, "690.0": 0.3757, "754.0": 0.1396, "734.0": 0.1985, "750.0": 0.1492}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00753000", "short_strike": 757.0, "long_strike": 753.0, "width": 4.0, "credit": 0.47, "short_delta": 0.1961, "long_delta": 0.123, "short_iv": 0.1326, "short_rel_spread": 0.00858369098712447, "long_rel_spread": 0.014388489208633108, "short_quote_age": 0.466638, "long_quote_age": 0.413399, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 353.0, "total_risk": 19768.0, "buying_power_used_pct": 0.9884}, "spot": 765.6800000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.12 (gross $-22.12 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:43:42.693081+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5D return of +0.28% and elevated IV relative to realized volatility with an IV/RV of 1.07, favoring put premium selling.", "invalidation": "SPY spot price extends its 1D decline of -0.49% below the short strike level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.2935, "769.0": 0.1045, "765.0": 0.1125, "749.0": 0.162, "718.0": 0.3322, "732.0": 0.2512, "700.0": 0.4262, "746.0": 0.1771, "768.0": 0.1055, "734.0": 0.2453, "744.0": 0.1848, "764.0": 0.1149, "740.0": 0.2091, "730.0": 0.2646, "759.0": 0.128, "745.0": 0.1812, "720.0": 0.3193, "754.0": 0.1443, "755.0": 0.1406, "722.0": 0.3064, "705.0": 0.4158, "751.0": 0.1541, "719.0": 0.3257, "761.0": 0.1228, "760.0": 0.1253, "743.0": 0.1921, "733.0": 0.2445, "685.0": 0.5191, "756.0": 0.1379, "750.0": 0.1585, "715.0": 0.3515, "767.0": 0.108, "757.0": 0.1338, "738.0": 0.2175, "728.0": 0.278, "731.0": 0.2579, "763.0": 0.1173, "727.0": 0.2847, "758.0": 0.131, "741.0": 0.202, "695.0": 0.4571, "725.0": 0.2981, "690.0": 0.488, "737.0": 0.2245, "747.0": 0.1725, "723.0": 0.2999, "721.0": 0.3128, "748.0": 0.1675, "742.0": 0.1948, "735.0": 0.2384, "752.0": 0.1509, "729.0": 0.2713, "710.0": 0.3836, "726.0": 0.2914, "762.0": 0.12, "766.0": 0.1101, "753.0": 0.1481, "739.0": 0.2106, "736.0": 0.2314}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2056, "long_delta": 0.0857, "short_iv": 0.1253, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.444489, "long_quote_age": 0.75722, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.615}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.09 (gross $-32.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.09 (gross $-32.09 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2056, "long_delta": 0.0857, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7944, "edge_pp": -10.36, "ev_implied_usd": -21.83, "realized_vol": 0.1064, "atm_iv": 0.1101, "vrp_ratio": 0.9664, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.17, "ev_at_half_drift_usd": -35.58, "ev_gross_usd": -32.09, "expected_loss_real_usd": 83.09, "friction_usd": 1.0, "ev_net_usd": -33.09, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 437}
{"ts": "2026-08-31T16:43:55.291525+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits elevated implied volatility with an IV/RV ratio of 1.07 alongside a positive 5-day return of +0.28%, supporting put credit spread sales across a 4 to 7 DTE window.", "invalidation": "SPY 1-day decline of -0.49% accelerates further, pushing spot significantly below 765.59."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"694.0": 0.3572, "760.0": 0.1263, "738.0": 0.1859, "764.0": 0.1184, "708.0": 0.307, "714.0": 0.2834, "751.0": 0.147, "768.0": 0.1122, "692.0": 0.3666, "743.0": 0.1698, "734.0": 0.1988, "752.0": 0.1445, "716.0": 0.2734, "728.0": 0.2248, "731.0": 0.2121, "699.0": 0.343, "722.0": 0.2481, "707.0": 0.3118, "758.0": 0.1305, "739.0": 0.1821, "696.0": 0.3574, "713.0": 0.2883, "723.0": 0.243, "715.0": 0.2784, "757.0": 0.1327, "709.0": 0.3021, "712.0": 0.2874, "747.0": 0.1576, "730.0": 0.2174, "749.0": 0.1517, "755.0": 0.1374, "701.0": 0.3334, "700.0": 0.3382, "729.0": 0.2195, "690.0": 0.376, "691.0": 0.3713, "720.0": 0.2535, "736.0": 0.1928, "765.0": 0.1165, "698.0": 0.3478, "719.0": 0.2585, "744.0": 0.1664, "740.0": 0.1799, "737.0": 0.1894, "766.0": 0.1147, "718.0": 0.2635, "741.0": 0.1758, "748.0": 0.1548, "727.0": 0.2265, "703.0": 0.3239, "702.0": 0.3287, "733.0": 0.2042, "759.0": 0.1285, "742.0": 0.173, "724.0": 0.2379, "732.0": 0.2068, "695.0": 0.3622, "710.0": 0.2972, "725.0": 0.2368, "767.0": 0.113, "704.0": 0.3191, "746.0": 0.1609, "693.0": 0.3619, "711.0": 0.2923, "717.0": 0.2684, "754.0": 0.1395, "763.0": 0.1202, "762.0": 0.1222, "769.0": 0.1097, "697.0": 0.3526, "735.0": 0.1959, "756.0": 0.135, "750.0": 0.1496, "705.0": 0.3216, "726.0": 0.2316, "753.0": 0.142, "685.0": 0.3995, "706.0": 0.3167, "745.0": 0.1639, "761.0": 0.1243, "721.0": 0.2531}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1947, "long_delta": 0.1094, "short_iv": 0.1327, "short_rel_spread": 0.008658008658008667, "long_rel_spread": 0.016260162601626032, "short_quote_age": 1.305845, "long_quote_age": 0.434262, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.74}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.09 (gross $-28.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:45:21.370577+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.26% with ATM IV at 11.33% elevated above RV20 at an IV/RV ratio of 1.09, providing attractive premium for put selling.", "invalidation": "A continued daily drop below the short put strike coupled with further IV expansion would invalidate this trade."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"718.0": 0.3314, "740.0": 0.2083, "754.0": 0.1444, "742.0": 0.194, "759.0": 0.1286, "749.0": 0.1611, "767.0": 0.1082, "700.0": 0.4255, "710.0": 0.3829, "756.0": 0.1376, "690.0": 0.4874, "719.0": 0.325, "735.0": 0.2376, "741.0": 0.2012, "752.0": 0.1515, "739.0": 0.2098, "746.0": 0.1762, "728.0": 0.2773, "766.0": 0.1105, "764.0": 0.115, "753.0": 0.147, "751.0": 0.155, "744.0": 0.1839, "747.0": 0.1716, "721.0": 0.3121, "720.0": 0.3185, "768.0": 0.1066, "722.0": 0.3056, "695.0": 0.4564, "733.0": 0.2437, "731.0": 0.2572, "715.0": 0.3508, "769.0": 0.1032, "705.0": 0.4151, "743.0": 0.1913, "763.0": 0.1177, "732.0": 0.2505, "727.0": 0.284, "758.0": 0.1312, "734.0": 0.2445, "738.0": 0.2167, "685.0": 0.5184, "725.0": 0.2973, "762.0": 0.1202, "724.0": 0.2927, "750.0": 0.1575, "765.0": 0.1125, "729.0": 0.2706, "761.0": 0.1228, "760.0": 0.1256, "723.0": 0.2992, "737.0": 0.2237, "748.0": 0.1665, "757.0": 0.1343, "736.0": 0.2306, "745.0": 0.1804, "730.0": 0.2639, "726.0": 0.2906, "755.0": 0.1406}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.211, "long_delta": 0.088, "short_iv": 0.1256, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.623141, "long_quote_age": 0.511201, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.52}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.22 (gross $-31.22 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:45:32.814809+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits elevated implied volatility relative to realized volatility with an IV/RV of 1.09 alongside a positive 5-day return of +0.26%, providing favorable premium collection.", "invalidation": "A continuation of the 1-day decline of -0.51% accelerating downside momentum would invalidate this trade."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"753.0": 0.1418, "700.0": 0.3374, "766.0": 0.1145, "743.0": 0.1687, "751.0": 0.1464, "706.0": 0.3159, "747.0": 0.1574, "731.0": 0.2112, "722.0": 0.2472, "693.0": 0.3611, "752.0": 0.1438, "728.0": 0.2204, "699.0": 0.3422, "705.0": 0.3208, "697.0": 0.3518, "767.0": 0.1128, "760.0": 0.1262, "744.0": 0.1653, "709.0": 0.3012, "762.0": 0.1221, "759.0": 0.1284, "734.0": 0.1979, "692.0": 0.3658, "704.0": 0.3182, "698.0": 0.347, "764.0": 0.1184, "690.0": 0.3752, "685.0": 0.3987, "701.0": 0.3326, "740.0": 0.1789, "755.0": 0.1368, "763.0": 0.1202, "758.0": 0.1304, "729.0": 0.2186, "695.0": 0.3614, "713.0": 0.2875, "711.0": 0.2915, "741.0": 0.1747, "754.0": 0.1391, "733.0": 0.2032, "735.0": 0.1949, "727.0": 0.2256, "745.0": 0.1627, "769.0": 0.1094, "749.0": 0.1512, "746.0": 0.1597, "717.0": 0.2676, "750.0": 0.1491, "739.0": 0.1811, "732.0": 0.2058, "742.0": 0.1719, "761.0": 0.1242, "765.0": 0.1165, "691.0": 0.3705, "703.0": 0.323, "702.0": 0.3278, "726.0": 0.2307, "736.0": 0.1918, "725.0": 0.2359, "737.0": 0.1884, "757.0": 0.1326, "714.0": 0.2825, "724.0": 0.237, "708.0": 0.3061, "748.0": 0.1545, "756.0": 0.1348, "715.0": 0.2775, "707.0": 0.311, "716.0": 0.2725, "712.0": 0.2866, "738.0": 0.1848, "694.0": 0.3564, "696.0": 0.3566, "768.0": 0.1118, "721.0": 0.2522, "718.0": 0.2626, "720.0": 0.2526, "710.0": 0.2963, "723.0": 0.2421, "719.0": 0.2576, "730.0": 0.2165}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.1994, "long_delta": 0.1113, "short_iv": 0.1326, "short_rel_spread": 0.016806722689075647, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.580745, "long_quote_age": 0.55764, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.55}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.39 (gross $-27.89 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260904P00757000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.39 (gross $-27.89 - friction $1.50) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.1994, "long_delta": 0.1113, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.8006, "edge_pp": -8.74, "ev_implied_usd": -21.68, "realized_vol": 0.1064, "atm_iv": 0.1145, "vrp_ratio": 0.9293, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.1, "ev_at_half_drift_usd": -32.9, "ev_gross_usd": -27.89, "expected_loss_real_usd": 83.89, "friction_usd": 1.5, "ev_net_usd": -29.39, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 517}
{"ts": "2026-08-31T16:46:51.141568+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.26% with an elevated IV/RV ratio of 1.09, offering favorable premium to sell downside risk after a 1-day decline of -0.50%.", "invalidation": "SPY spot price drops sharply below 765.47, turning the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"752.0": 0.1496, "766.0": 0.1102, "757.0": 0.134, "736.0": 0.2304, "723.0": 0.299, "747.0": 0.1714, "729.0": 0.2704, "737.0": 0.2235, "744.0": 0.1837, "690.0": 0.4872, "753.0": 0.1468, "695.0": 0.4563, "740.0": 0.2081, "758.0": 0.1308, "721.0": 0.3119, "734.0": 0.2443, "745.0": 0.1801, "727.0": 0.2838, "755.0": 0.1403, "724.0": 0.2925, "718.0": 0.3313, "722.0": 0.3055, "731.0": 0.257, "735.0": 0.2374, "720.0": 0.3184, "719.0": 0.3248, "767.0": 0.1076, "739.0": 0.2096, "715.0": 0.3506, "726.0": 0.2905, "738.0": 0.2165, "754.0": 0.1429, "685.0": 0.5182, "756.0": 0.1373, "763.0": 0.1172, "725.0": 0.2971, "746.0": 0.176, "733.0": 0.2435, "759.0": 0.1282, "705.0": 0.4149, "751.0": 0.1529, "741.0": 0.201, "732.0": 0.2503, "769.0": 0.102, "760.0": 0.1252, "700.0": 0.4254, "730.0": 0.2637, "748.0": 0.1663, "762.0": 0.1198, "710.0": 0.3827, "749.0": 0.1609, "764.0": 0.1147, "728.0": 0.2771, "765.0": 0.1123, "750.0": 0.1573, "768.0": 0.1061, "761.0": 0.1227, "743.0": 0.1911, "742.0": 0.1938}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2115, "long_delta": 0.0882, "short_iv": 0.1252, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.459125, "long_quote_age": 0.747666, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.5}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.52 (gross $-31.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.52 (gross $-31.52 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2115, "long_delta": 0.0882, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7885, "edge_pp": -10.55, "ev_implied_usd": -21.92, "realized_vol": 0.1064, "atm_iv": 0.1102, "vrp_ratio": 0.9655, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.69, "ev_at_half_drift_usd": -35.06, "ev_gross_usd": -31.52, "expected_loss_real_usd": 84.52, "friction_usd": 1.0, "ev_net_usd": -32.52, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 465}
{"ts": "2026-08-31T16:47:05.909106+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY IV/RV ratio of 1.09 indicates elevated implied volatility relative to realized volatility alongside positive 5D returns of +0.26%, favoring short put premium collection across the 2-5 DTE window.", "invalidation": "SPY spot price drops significantly below 765.47 accompanied by accelerated 1D negative momentum beyond -0.50%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"750.0": 0.1576, "720.0": 0.3186, "715.0": 0.3508, "719.0": 0.3251, "685.0": 0.5185, "754.0": 0.1432, "695.0": 0.4565, "759.0": 0.128, "690.0": 0.4874, "700.0": 0.4256, "748.0": 0.1666, "744.0": 0.184, "734.0": 0.2446, "766.0": 0.1098, "768.0": 0.1062, "745.0": 0.1804, "737.0": 0.2238, "735.0": 0.2376, "769.0": 0.1022, "758.0": 0.1305, "742.0": 0.1941, "753.0": 0.1471, "722.0": 0.3057, "755.0": 0.1395, "736.0": 0.2307, "705.0": 0.4151, "746.0": 0.1763, "724.0": 0.2928, "757.0": 0.1335, "741.0": 0.2012, "726.0": 0.2907, "731.0": 0.2572, "743.0": 0.1914, "762.0": 0.1199, "738.0": 0.2168, "763.0": 0.1174, "739.0": 0.2098, "710.0": 0.383, "723.0": 0.2993, "756.0": 0.1368, "727.0": 0.284, "730.0": 0.264, "760.0": 0.1251, "740.0": 0.2084, "728.0": 0.2773, "761.0": 0.1227, "732.0": 0.2505, "764.0": 0.1147, "767.0": 0.1076, "718.0": 0.3315, "721.0": 0.3122, "733.0": 0.2438, "729.0": 0.2706, "765.0": 0.1123, "752.0": 0.1499, "725.0": 0.2974, "749.0": 0.1612, "747.0": 0.1717, "751.0": 0.1532}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2097, "long_delta": 0.0863, "short_iv": 0.1251, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.505764, "long_quote_age": 0.499563, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.555}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.81 (gross $-30.81 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:48:24.876591+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY shows positive 5-day performance of +0.28% and an IV/RV ratio of 1.09 with ATM IV at 11.33%, offering favorable premium to sell downside put spreads following a mild 1-day pullback of -0.49%.", "invalidation": "SPY spot falls sharply below 765.60 as 1-day selling pressure extends across multi-day returns."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"727.0": 0.2848, "758.0": 0.1303, "767.0": 0.108, "746.0": 0.1772, "705.0": 0.4158, "764.0": 0.1144, "720.0": 0.3193, "769.0": 0.1066, "735.0": 0.2384, "724.0": 0.2935, "710.0": 0.3837, "759.0": 0.1274, "728.0": 0.2781, "719.0": 0.3258, "739.0": 0.2106, "685.0": 0.5191, "760.0": 0.1248, "768.0": 0.1058, "753.0": 0.1467, "754.0": 0.1431, "756.0": 0.137, "748.0": 0.1676, "751.0": 0.1542, "718.0": 0.3322, "731.0": 0.258, "747.0": 0.1695, "725.0": 0.2981, "763.0": 0.1169, "737.0": 0.2246, "730.0": 0.2647, "700.0": 0.4263, "695.0": 0.4571, "734.0": 0.2453, "723.0": 0.3, "736.0": 0.2315, "732.0": 0.2513, "721.0": 0.3129, "745.0": 0.1813, "743.0": 0.1922, "729.0": 0.2714, "733.0": 0.2446, "749.0": 0.1621, "740.0": 0.2092, "755.0": 0.1396, "750.0": 0.1585, "738.0": 0.2176, "722.0": 0.3064, "762.0": 0.1196, "765.0": 0.112, "757.0": 0.1339, "744.0": 0.1849, "766.0": 0.1099, "690.0": 0.4881, "726.0": 0.2915, "761.0": 0.1221, "741.0": 0.2021, "742.0": 0.1949, "715.0": 0.3515, "752.0": 0.1509}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2043, "long_delta": 0.0839, "short_iv": 0.1248, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.505819, "long_quote_age": 0.513461, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.65}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.29 (gross $-31.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:48:36.400336+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 350, "thesis": "SPY exhibits an IV/RV ratio of 1.09 with positive 5D momentum of +0.28%, providing favorable implied volatility premium to sell short-dated put spreads following a mild 1D pullback.", "invalidation": "SPY spot price drops sharply below the short put strike, extending the 1D decline of -0.49%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"721.0": 0.3127, "733.0": 0.2444, "751.0": 0.1539, "735.0": 0.2382, "747.0": 0.1693, "723.0": 0.2998, "744.0": 0.1846, "719.0": 0.3256, "762.0": 0.1196, "745.0": 0.1811, "690.0": 0.4879, "746.0": 0.1769, "769.0": 0.1054, "720.0": 0.3191, "758.0": 0.1307, "729.0": 0.2712, "734.0": 0.2451, "710.0": 0.3835, "740.0": 0.209, "752.0": 0.1506, "727.0": 0.2846, "760.0": 0.125, "731.0": 0.2578, "725.0": 0.2979, "736.0": 0.2313, "749.0": 0.1619, "739.0": 0.2104, "767.0": 0.108, "763.0": 0.1169, "755.0": 0.1392, "695.0": 0.457, "737.0": 0.2243, "722.0": 0.3062, "741.0": 0.2018, "724.0": 0.2933, "748.0": 0.1673, "738.0": 0.2174, "756.0": 0.1367, "757.0": 0.1336, "750.0": 0.1583, "700.0": 0.4261, "765.0": 0.1122, "715.0": 0.3513, "759.0": 0.1277, "761.0": 0.1222, "768.0": 0.106, "766.0": 0.1098, "743.0": 0.192, "764.0": 0.1147, "742.0": 0.1946, "732.0": 0.2511, "705.0": 0.4156, "728.0": 0.2779, "718.0": 0.332, "726.0": 0.2912, "753.0": 0.1464, "754.0": 0.1427, "730.0": 0.2645}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00756000", "short_strike": 760.0, "long_strike": 756.0, "width": 4.0, "credit": 0.45, "short_delta": 0.206, "long_delta": 0.1015, "short_iv": 0.125, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.443225, "long_quote_age": 0.468338, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 355.0, "total_risk": 19880.0, "buying_power_used_pct": 0.994}, "spot": 765.595}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.92 (gross $-25.92 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $355/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,880.00 (56 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-26.92 (gross $-25.92 - friction $1.00) > $0.00"}], "economics": {"credit": 0.45, "width": 4.0, "short_delta": 0.206, "long_delta": 0.1015, "max_profit_usd": 45.0, "max_loss_usd": 355.0, "breakeven_wr": 0.8875, "implied_wr": 0.794, "edge_pp": -9.35, "ev_implied_usd": -16.5, "realized_vol": 0.1064, "atm_iv": 0.1098, "vrp_ratio": 0.969, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -31.9, "ev_at_half_drift_usd": -28.87, "ev_gross_usd": -25.92, "expected_loss_real_usd": 70.92, "friction_usd": 1.0, "ev_net_usd": -26.92, "total_risk_usd": 19880.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 494}
{"ts": "2026-08-31T16:49:56.931993+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day return (+0.31%) and an elevated IV/RV ratio of 1.09, providing favorable premium to sell out-of-the-money put spreads.", "invalidation": "SPY spot drops significantly below current levels, accelerating beyond the recent 1-day decline of -0.46%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"730.0": 0.2654, "695.0": 0.4578, "740.0": 0.21, "722.0": 0.3071, "715.0": 0.3522, "737.0": 0.2253, "719.0": 0.3264, "764.0": 0.1149, "745.0": 0.1821, "732.0": 0.252, "738.0": 0.2183, "742.0": 0.1956, "766.0": 0.1101, "767.0": 0.1077, "685.0": 0.5197, "731.0": 0.2587, "754.0": 0.1427, "757.0": 0.1333, "765.0": 0.1126, "724.0": 0.2942, "758.0": 0.1307, "753.0": 0.1462, "721.0": 0.3135, "720.0": 0.32, "741.0": 0.2028, "760.0": 0.1253, "749.0": 0.163, "728.0": 0.2788, "729.0": 0.2721, "747.0": 0.1703, "746.0": 0.1746, "710.0": 0.3843, "723.0": 0.3006, "748.0": 0.1656, "763.0": 0.1175, "769.0": 0.1082, "700.0": 0.4269, "734.0": 0.2461, "718.0": 0.3329, "768.0": 0.1061, "744.0": 0.1856, "705.0": 0.4165, "725.0": 0.2988, "755.0": 0.1395, "739.0": 0.2114, "743.0": 0.193, "736.0": 0.2322, "762.0": 0.1202, "726.0": 0.2921, "761.0": 0.1225, "733.0": 0.2453, "690.0": 0.4887, "752.0": 0.1502, "735.0": 0.2392, "756.0": 0.1371, "750.0": 0.1572, "751.0": 0.1532, "727.0": 0.2855, "759.0": 0.128}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2008, "long_delta": 0.0817, "short_iv": 0.1253, "short_rel_spread": 0.025000000000000022, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.45717, "long_quote_age": 0.540149, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.765}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.09 (gross $-29.59 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.09 (gross $-29.59 - friction $1.50) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2008, "long_delta": 0.0817, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7992, "edge_pp": -9.88, "ev_implied_usd": -19.63, "realized_vol": 0.1064, "atm_iv": 0.1101, "vrp_ratio": 0.9664, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.56, "ev_at_half_drift_usd": -33.03, "ev_gross_usd": -29.59, "expected_loss_real_usd": 80.59, "friction_usd": 1.5, "ev_net_usd": -31.09, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 473}
{"ts": "2026-08-31T16:50:09.428158+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.09 indicates implied volatility is rich relative to 20-day realized volatility of 10.40% with a positive 5-day return of +0.31%.", "invalidation": "SPY spot declines sharply below 765.81 reversing the positive 5-day trend."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"766.0": 0.1114, "721.0": 0.2739, "745.0": 0.166, "710.0": 0.3256, "720.0": 0.2795, "740.0": 0.1859, "758.0": 0.1285, "737.0": 0.1975, "731.0": 0.2238, "756.0": 0.1336, "730.0": 0.2295, "743.0": 0.1724, "762.0": 0.1195, "747.0": 0.1597, "728.0": 0.2409, "753.0": 0.1415, "765.0": 0.1131, "729.0": 0.2352, "761.0": 0.1217, "690.0": 0.4192, "769.0": 0.1065, "750.0": 0.1494, "733.0": 0.217, "768.0": 0.1076, "748.0": 0.1558, "705.0": 0.3526, "724.0": 0.2573, "718.0": 0.2906, "695.0": 0.3929, "752.0": 0.144, "757.0": 0.131, "755.0": 0.1364, "744.0": 0.1705, "722.0": 0.2684, "736.0": 0.2035, "726.0": 0.2523, "767.0": 0.1094, "741.0": 0.1825, "754.0": 0.139, "700.0": 0.3666, "715.0": 0.2986, "723.0": 0.2628, "732.0": 0.2229, "759.0": 0.1264, "749.0": 0.1529, "760.0": 0.1241, "738.0": 0.195, "739.0": 0.1889, "734.0": 0.2112, "751.0": 0.1465, "719.0": 0.2851, "727.0": 0.2466, "746.0": 0.1631, "725.0": 0.258, "764.0": 0.1152, "735.0": 0.2094, "742.0": 0.1762, "763.0": 0.1172}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.4, "short_delta": 0.211, "long_delta": 0.1383, "short_iv": 0.1264, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.414877, "long_quote_age": 1.123302, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 260.0, "total_risk": 19760.0, "buying_power_used_pct": 0.988}, "spot": 765.73}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.54 (gross $-18.54 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $260/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,760.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.54 (gross $-18.54 - friction $1.00) > $0.00"}], "economics": {"credit": 0.4, "width": 3.0, "short_delta": 0.211, "long_delta": 0.1383, "max_profit_usd": 40.0, "max_loss_usd": 260.0, "breakeven_wr": 0.8667, "implied_wr": 0.789, "edge_pp": -7.77, "ev_implied_usd": -12.39, "realized_vol": 0.1064, "atm_iv": 0.1114, "vrp_ratio": 0.9551, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.54, "ev_at_half_drift_usd": -21.5, "ev_gross_usd": -18.54, "expected_loss_real_usd": 58.54, "friction_usd": 1.0, "ev_net_usd": -19.54, "total_risk_usd": 19760.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 456}
{"ts": "2026-08-31T16:51:35.298593+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.32% with an elevated IV/RV ratio of 1.07, favoring premium collection via short put spreads.", "invalidation": "SPY extends its 1-day decline of -0.45% into a deeper drop below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"719.0": 0.327, "726.0": 0.2927, "762.0": 0.1199, "764.0": 0.1147, "766.0": 0.1099, "760.0": 0.1254, "742.0": 0.1963, "743.0": 0.1891, "759.0": 0.1284, "755.0": 0.1403, "722.0": 0.3076, "724.0": 0.2947, "758.0": 0.131, "715.0": 0.3527, "734.0": 0.2391, "754.0": 0.1436, "690.0": 0.4892, "747.0": 0.171, "739.0": 0.212, "695.0": 0.4583, "745.0": 0.1789, "753.0": 0.147, "721.0": 0.3141, "761.0": 0.1225, "737.0": 0.2259, "756.0": 0.137, "769.0": 0.1043, "740.0": 0.205, "738.0": 0.2189, "732.0": 0.2526, "705.0": 0.417, "736.0": 0.2328, "729.0": 0.2727, "765.0": 0.1124, "685.0": 0.5202, "730.0": 0.266, "749.0": 0.1611, "700.0": 0.4274, "731.0": 0.2593, "741.0": 0.2034, "727.0": 0.286, "710.0": 0.3849, "752.0": 0.1509, "750.0": 0.1579, "751.0": 0.1539, "735.0": 0.2398, "768.0": 0.1062, "733.0": 0.2459, "767.0": 0.1082, "725.0": 0.2994, "746.0": 0.1752, "720.0": 0.3205, "744.0": 0.1863, "723.0": 0.3012, "757.0": 0.1343, "718.0": 0.3334, "748.0": 0.1663, "728.0": 0.2794, "763.0": 0.1172}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1976, "long_delta": 0.0812, "short_iv": 0.1254, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.437786, "long_quote_age": 0.444565, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.21 (gross $-31.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.21 (gross $-31.21 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1976, "long_delta": 0.0812, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8024, "edge_pp": -9.96, "ev_implied_usd": -20.7, "realized_vol": 0.1064, "atm_iv": 0.1099, "vrp_ratio": 0.9682, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.13, "ev_at_half_drift_usd": -34.62, "ev_gross_usd": -31.21, "expected_loss_real_usd": 80.21, "friction_usd": 1.0, "ev_net_usd": -32.21, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 439}
{"ts": "2026-08-31T16:51:47.851622+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.07 alongside a positive 5-day return of +0.32%, offering favorable premium to capture via put credit spreads.", "invalidation": "A continuation of the 1-day decline (-0.45%) that pushes SPY spot price below the short put strike."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"748.0": 0.1569, "695.0": 0.3936, "729.0": 0.236, "751.0": 0.1477, "760.0": 0.1241, "720.0": 0.2803, "750.0": 0.1505, "742.0": 0.1772, "728.0": 0.2417, "747.0": 0.1607, "754.0": 0.1395, "767.0": 0.1096, "749.0": 0.154, "718.0": 0.2914, "739.0": 0.1898, "700.0": 0.3674, "710.0": 0.3264, "753.0": 0.1419, "758.0": 0.1289, "730.0": 0.2303, "735.0": 0.2062, "726.0": 0.2531, "734.0": 0.2121, "764.0": 0.1153, "759.0": 0.1265, "737.0": 0.1984, "685.0": 0.4464, "768.0": 0.1083, "725.0": 0.2588, "722.0": 0.2692, "732.0": 0.2237, "765.0": 0.1132, "740.0": 0.1868, "756.0": 0.134, "741.0": 0.1834, "721.0": 0.2748, "723.0": 0.2636, "715.0": 0.2993, "727.0": 0.2474, "733.0": 0.2179, "763.0": 0.1174, "752.0": 0.1451, "769.0": 0.1064, "738.0": 0.1959, "766.0": 0.1112, "724.0": 0.2581, "690.0": 0.42, "746.0": 0.1641, "755.0": 0.1363, "705.0": 0.3534, "743.0": 0.1734, "762.0": 0.1196, "731.0": 0.2246, "744.0": 0.1715, "757.0": 0.1312, "736.0": 0.2043, "745.0": 0.167, "719.0": 0.2859, "761.0": 0.1218}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2061, "long_delta": 0.1025, "short_iv": 0.1265, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.503236, "long_quote_age": 2.846805, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.905}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.16 (gross $-31.16 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 3s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $445/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,580.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.16 (gross $-31.16 - friction $1.00) > $0.00"}], "economics": {"credit": 0.55, "width": 5.0, "short_delta": 0.2061, "long_delta": 0.1025, "max_profit_usd": 55.0, "max_loss_usd": 445.0, "breakeven_wr": 0.89, "implied_wr": 0.7939, "edge_pp": -9.61, "ev_implied_usd": -22.15, "realized_vol": 0.1064, "atm_iv": 0.1112, "vrp_ratio": 0.9568, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.19, "ev_at_half_drift_usd": -35.6, "ev_gross_usd": -31.16, "expected_loss_real_usd": 86.16, "friction_usd": 1.0, "ev_net_usd": -32.16, "total_risk_usd": 19580.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 462}
{"ts": "2026-08-31T16:53:09.525680+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY offers favorable premium-selling conditions with an IV/RV of 1.07 and positive 5-day momentum of +0.32% despite a minor 1-day pullback of -0.45%.", "invalidation": "SPY spot price continues falling below the 1-day dip of -0.45% and breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"746.0": 0.1755, "743.0": 0.1893, "768.0": 0.1065, "739.0": 0.2122, "727.0": 0.2863, "723.0": 0.3014, "742.0": 0.1965, "766.0": 0.1103, "700.0": 0.4276, "763.0": 0.1175, "736.0": 0.2331, "759.0": 0.1281, "721.0": 0.3143, "745.0": 0.1792, "755.0": 0.1407, "720.0": 0.3207, "741.0": 0.2037, "744.0": 0.1865, "729.0": 0.2729, "725.0": 0.2996, "732.0": 0.2528, "718.0": 0.3336, "765.0": 0.1126, "737.0": 0.2261, "695.0": 0.4585, "738.0": 0.2192, "740.0": 0.2052, "735.0": 0.24, "761.0": 0.1227, "753.0": 0.1473, "731.0": 0.2595, "726.0": 0.2929, "752.0": 0.1512, "749.0": 0.1614, "722.0": 0.3079, "734.0": 0.2393, "724.0": 0.2949, "756.0": 0.1373, "769.0": 0.1047, "730.0": 0.2662, "762.0": 0.1202, "748.0": 0.1666, "758.0": 0.1313, "705.0": 0.4172, "747.0": 0.1713, "757.0": 0.1337, "685.0": 0.5204, "764.0": 0.115, "754.0": 0.1439, "690.0": 0.4894, "767.0": 0.1086, "733.0": 0.2461, "760.0": 0.1252, "710.0": 0.3851, "751.0": 0.1542, "750.0": 0.1582, "719.0": 0.3272, "728.0": 0.2796, "715.0": 0.3529}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1958, "long_delta": 0.0811, "short_iv": 0.1252, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.433777, "long_quote_age": 0.551105, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.885}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.04 (gross $-31.04 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.04 (gross $-31.04 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1958, "long_delta": 0.0811, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8042, "edge_pp": -9.98, "ev_implied_usd": -21.23, "realized_vol": 0.1064, "atm_iv": 0.1103, "vrp_ratio": 0.9646, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.92, "ev_at_half_drift_usd": -34.44, "ev_gross_usd": -31.04, "expected_loss_real_usd": 79.04, "friction_usd": 1.0, "ev_net_usd": -32.04, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 467}
{"ts": "2026-08-31T16:53:21.290496+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 350, "thesis": "SPY implied volatility exceeds 20-day realized volatility with an IV/RV of 1.07 while maintaining a positive 5-day return of +0.32%, favoring put premium selling across a multi-day expiration window.", "invalidation": "SPY spot price drops significantly below 765.88, extending its 1-day decline of -0.45%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"764.0": 0.115, "745.0": 0.1794, "700.0": 0.4278, "759.0": 0.1286, "720.0": 0.321, "735.0": 0.2402, "747.0": 0.1716, "726.0": 0.2932, "766.0": 0.1105, "732.0": 0.253, "765.0": 0.1127, "742.0": 0.1968, "723.0": 0.3016, "750.0": 0.1585, "690.0": 0.4896, "752.0": 0.1516, "758.0": 0.131, "740.0": 0.2055, "754.0": 0.1443, "718.0": 0.3339, "733.0": 0.2463, "710.0": 0.3853, "769.0": 0.1061, "748.0": 0.1669, "757.0": 0.1341, "722.0": 0.3081, "725.0": 0.2998, "744.0": 0.1868, "721.0": 0.3145, "734.0": 0.2396, "761.0": 0.123, "751.0": 0.1545, "729.0": 0.2731, "738.0": 0.2194, "741.0": 0.204, "724.0": 0.2952, "755.0": 0.141, "768.0": 0.1067, "731.0": 0.2598, "760.0": 0.1257, "730.0": 0.2665, "695.0": 0.4587, "746.0": 0.1758, "715.0": 0.3532, "753.0": 0.1477, "763.0": 0.1177, "728.0": 0.2798, "739.0": 0.2125, "756.0": 0.1377, "727.0": 0.2865, "705.0": 0.4174, "736.0": 0.2333, "737.0": 0.2264, "719.0": 0.3274, "767.0": 0.1089, "749.0": 0.1617, "762.0": 0.1202, "743.0": 0.1896}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 55, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00756000", "short_strike": 760.0, "long_strike": 756.0, "width": 4.0, "credit": 0.42, "short_delta": 0.1952, "long_delta": 0.0963, "short_iv": 0.1257, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.565516, "long_quote_age": 0.961538, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 55, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 358.0, "total_risk": 19690.0, "buying_power_used_pct": 0.9845}, "spot": 765.915}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.00 (gross $-25.00 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 55 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:54:40.245517+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day return of +0.30% with IV/RV at 1.07 offering favorable premium selling conditions above realized volatility.", "invalidation": "SPY continues downward momentum below the spot price of 765.76 accompanied by widening daily losses."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"720.0": 0.3202, "755.0": 0.1397, "758.0": 0.1311, "744.0": 0.1858, "743.0": 0.1887, "731.0": 0.2589, "751.0": 0.1534, "746.0": 0.1748, "764.0": 0.115, "736.0": 0.2324, "754.0": 0.143, "761.0": 0.1229, "725.0": 0.299, "723.0": 0.3008, "742.0": 0.1959, "700.0": 0.427, "753.0": 0.1465, "710.0": 0.3845, "765.0": 0.1126, "768.0": 0.106, "740.0": 0.2046, "747.0": 0.1706, "762.0": 0.1201, "735.0": 0.2394, "734.0": 0.2387, "715.0": 0.3524, "759.0": 0.1284, "749.0": 0.1607, "737.0": 0.2255, "763.0": 0.1175, "724.0": 0.2944, "766.0": 0.1104, "745.0": 0.1785, "719.0": 0.3266, "760.0": 0.1253, "733.0": 0.2455, "748.0": 0.1658, "767.0": 0.1078, "750.0": 0.1575, "728.0": 0.279, "769.0": 0.1012, "721.0": 0.3137, "752.0": 0.1504, "727.0": 0.2857, "729.0": 0.2723, "718.0": 0.3331, "757.0": 0.1336, "685.0": 0.5199, "741.0": 0.203, "726.0": 0.2923, "695.0": 0.4579, "705.0": 0.4167, "739.0": 0.2116, "722.0": 0.3073, "756.0": 0.1374, "738.0": 0.2185, "732.0": 0.2522, "730.0": 0.2656, "690.0": 0.4889}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1997, "long_delta": 0.0815, "short_iv": 0.1253, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.605614, "long_quote_age": 0.630698, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.79}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.19 (gross $-30.19 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.19 (gross $-30.19 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1997, "long_delta": 0.0815, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8003, "edge_pp": -9.97, "ev_implied_usd": -20.3, "realized_vol": 0.1064, "atm_iv": 0.1104, "vrp_ratio": 0.9638, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.14, "ev_at_half_drift_usd": -33.62, "ev_gross_usd": -30.19, "expected_loss_real_usd": 80.19, "friction_usd": 1.0, "ev_net_usd": -31.19, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 458}
{"ts": "2026-08-31T16:54:53.964393+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows an elevated IV/RV ratio of 1.07 alongside a positive 5-day return of +0.30%, providing attractive premium for selling put credit spreads across a longer weekly expiration window.", "invalidation": "SPY continuing its 1-day decline of -0.47% and breaking sharply lower over the 5-day timeframe."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"765.0": 0.1166, "703.0": 0.3242, "738.0": 0.1842, "756.0": 0.1351, "733.0": 0.2018, "697.0": 0.3529, "700.0": 0.3385, "722.0": 0.2484, "750.0": 0.1493, "685.0": 0.3998, "741.0": 0.1745, "752.0": 0.1443, "760.0": 0.1262, "764.0": 0.1183, "763.0": 0.1203, "726.0": 0.232, "721.0": 0.2535, "745.0": 0.1631, "693.0": 0.3622, "736.0": 0.1908, "708.0": 0.3073, "713.0": 0.2829, "709.0": 0.3024, "698.0": 0.3481, "746.0": 0.1602, "739.0": 0.1825, "719.0": 0.2588, "737.0": 0.1876, "762.0": 0.1222, "729.0": 0.2199, "734.0": 0.1992, "743.0": 0.1688, "767.0": 0.113, "692.0": 0.3669, "730.0": 0.2147, "744.0": 0.1655, "766.0": 0.1148, "761.0": 0.1244, "747.0": 0.157, "758.0": 0.1305, "727.0": 0.2268, "694.0": 0.3575, "725.0": 0.2371, "720.0": 0.2538, "742.0": 0.1718, "717.0": 0.2688, "696.0": 0.3577, "699.0": 0.3433, "757.0": 0.1329, "691.0": 0.3716, "715.0": 0.2787, "704.0": 0.3194, "701.0": 0.3337, "714.0": 0.2837, "754.0": 0.1395, "759.0": 0.1284, "731.0": 0.2094, "728.0": 0.2217, "716.0": 0.2737, "723.0": 0.2433, "695.0": 0.3625, "711.0": 0.2926, "690.0": 0.3763, "749.0": 0.1521, "755.0": 0.1374, "718.0": 0.2638, "751.0": 0.1468, "769.0": 0.11, "753.0": 0.1419, "768.0": 0.1109, "702.0": 0.329, "724.0": 0.2383, "712.0": 0.2877, "707.0": 0.3122, "710.0": 0.2975, "732.0": 0.2071, "705.0": 0.3219, "748.0": 0.1544, "706.0": 0.317, "740.0": 0.1786, "735.0": 0.1963}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1931, "long_delta": 0.108, "short_iv": 0.1329, "short_rel_spread": 0.00873362445414848, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.474596, "long_quote_age": 0.477498, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.795}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.44 (gross $-27.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:56:12.542956+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.32% with ATM IV at an elevated ratio to 20-day realized volatility (IV/RV 1.07), providing favorable conditions for selling put spread premium.", "invalidation": "Further decline in SPY spot reversing the 5-day positive return."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2123, "715.0": 0.353, "733.0": 0.2462, "726.0": 0.293, "755.0": 0.1408, "736.0": 0.2332, "752.0": 0.1514, "759.0": 0.1283, "762.0": 0.1201, "741.0": 0.2038, "735.0": 0.2401, "742.0": 0.1966, "766.0": 0.1104, "744.0": 0.1866, "769.0": 0.105, "728.0": 0.2797, "757.0": 0.1339, "740.0": 0.2053, "768.0": 0.106, "725.0": 0.2997, "748.0": 0.1667, "764.0": 0.1148, "747.0": 0.1714, "690.0": 0.4895, "695.0": 0.4585, "754.0": 0.144, "737.0": 0.2262, "760.0": 0.1254, "720.0": 0.3208, "758.0": 0.1307, "719.0": 0.3273, "750.0": 0.1583, "727.0": 0.2864, "730.0": 0.2663, "722.0": 0.3079, "749.0": 0.1615, "685.0": 0.5205, "753.0": 0.1474, "721.0": 0.3144, "718.0": 0.3337, "734.0": 0.2394, "705.0": 0.4173, "763.0": 0.1175, "761.0": 0.1226, "756.0": 0.1375, "710.0": 0.3852, "767.0": 0.1079, "729.0": 0.273, "765.0": 0.1127, "700.0": 0.4277, "751.0": 0.1543, "745.0": 0.1793, "746.0": 0.1756, "732.0": 0.2529, "731.0": 0.2596, "724.0": 0.295, "743.0": 0.1894, "723.0": 0.3015, "738.0": 0.2193}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1956, "long_delta": 0.081, "short_iv": 0.1254, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.0338983050847458, "short_quote_age": 1.036528, "long_quote_age": 0.443021, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.91}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.61 (gross $-30.61 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.61 (gross $-30.61 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1956, "long_delta": 0.081, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8044, "edge_pp": -9.96, "ev_implied_usd": -21.15, "realized_vol": 0.1064, "atm_iv": 0.1104, "vrp_ratio": 0.9638, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.48, "ev_at_half_drift_usd": -34.0, "ev_gross_usd": -30.61, "expected_loss_real_usd": 78.61, "friction_usd": 1.0, "ev_net_usd": -31.61, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 472}
{"ts": "2026-08-31T16:56:24.199521+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.07 alongside a positive 5D return of +0.32%, offering favorable premium to sell put credit spreads across a longer weekly horizon.", "invalidation": "SPY 1D decline of -0.45% expands and reverses the positive 5D trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"738.0": 0.1844, "693.0": 0.3624, "698.0": 0.3483, "769.0": 0.1095, "744.0": 0.1658, "735.0": 0.1965, "729.0": 0.2201, "752.0": 0.144, "710.0": 0.2977, "714.0": 0.2839, "742.0": 0.1721, "702.0": 0.3291, "720.0": 0.254, "718.0": 0.264, "750.0": 0.1496, "713.0": 0.2831, "697.0": 0.3531, "763.0": 0.1203, "757.0": 0.1324, "695.0": 0.3627, "748.0": 0.1547, "743.0": 0.1691, "760.0": 0.1263, "706.0": 0.3172, "685.0": 0.4, "715.0": 0.2789, "727.0": 0.227, "739.0": 0.1808, "737.0": 0.1879, "746.0": 0.1605, "690.0": 0.3765, "741.0": 0.1748, "716.0": 0.2739, "734.0": 0.1994, "707.0": 0.3124, "692.0": 0.3671, "724.0": 0.2385, "766.0": 0.1149, "740.0": 0.1788, "709.0": 0.3026, "745.0": 0.1634, "717.0": 0.269, "694.0": 0.3577, "754.0": 0.1392, "711.0": 0.2928, "699.0": 0.3435, "731.0": 0.2096, "759.0": 0.1284, "730.0": 0.2149, "761.0": 0.1243, "722.0": 0.2486, "728.0": 0.2219, "719.0": 0.259, "708.0": 0.3075, "751.0": 0.1471, "768.0": 0.1111, "696.0": 0.3579, "749.0": 0.1515, "758.0": 0.1305, "747.0": 0.1573, "701.0": 0.3339, "764.0": 0.1184, "712.0": 0.2879, "703.0": 0.3244, "721.0": 0.2537, "732.0": 0.2074, "767.0": 0.1132, "725.0": 0.2374, "753.0": 0.1417, "733.0": 0.202, "700.0": 0.3387, "726.0": 0.2322, "765.0": 0.1166, "755.0": 0.1372, "736.0": 0.1911, "723.0": 0.2435, "705.0": 0.3221, "762.0": 0.1222, "691.0": 0.3718, "704.0": 0.3196, "756.0": 0.1349}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1911, "long_delta": 0.1067, "short_iv": 0.1324, "short_rel_spread": 0.0088888888888887, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.737671, "long_quote_age": 0.736763, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.885}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.21 (gross $-27.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:57:49.556748+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum at +0.32% and an IV/RV ratio of 1.07, providing favorable premium to sell out-of-the-money put spreads following a mild 1-day pullback of -0.45%.", "invalidation": "SPY downward momentum accelerates significantly beyond the 1-day loss of -0.45% and turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"737.0": 0.2265, "752.0": 0.1517, "729.0": 0.2732, "685.0": 0.5207, "763.0": 0.1179, "750.0": 0.1587, "760.0": 0.1259, "764.0": 0.1153, "733.0": 0.2464, "743.0": 0.1897, "710.0": 0.3854, "741.0": 0.2041, "756.0": 0.1379, "761.0": 0.1232, "755.0": 0.1412, "731.0": 0.2599, "727.0": 0.2866, "735.0": 0.2403, "757.0": 0.1343, "722.0": 0.3082, "769.0": 0.1064, "695.0": 0.4588, "719.0": 0.3275, "759.0": 0.1287, "728.0": 0.2799, "732.0": 0.2531, "754.0": 0.1444, "745.0": 0.1795, "751.0": 0.1546, "766.0": 0.1106, "715.0": 0.3533, "721.0": 0.3146, "700.0": 0.4279, "747.0": 0.1717, "730.0": 0.2666, "738.0": 0.2195, "725.0": 0.2999, "740.0": 0.2056, "718.0": 0.334, "749.0": 0.1618, "758.0": 0.1311, "739.0": 0.2126, "724.0": 0.2953, "690.0": 0.4897, "765.0": 0.113, "746.0": 0.1759, "748.0": 0.167, "705.0": 0.4175, "734.0": 0.2397, "762.0": 0.1204, "736.0": 0.2334, "768.0": 0.1069, "753.0": 0.1478, "744.0": 0.1869, "723.0": 0.3017, "720.0": 0.3211, "726.0": 0.2933, "767.0": 0.1084, "742.0": 0.1969}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.195, "long_delta": 0.0808, "short_iv": 0.1259, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.666405, "long_quote_age": 0.6711, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.935}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.42 (gross $-30.42 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:57:59.701646+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY presents elevated implied volatility with an IV/RV ratio of 1.07 alongside positive 5D performance (+0.32%), favoring premium selling via a put credit spread.", "invalidation": "Acceleration of SPY's 1-day decline of -0.45% that pushes the underlying toward the short strike."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"729.0": 0.2363, "748.0": 0.1572, "731.0": 0.2248, "710.0": 0.3266, "718.0": 0.2916, "764.0": 0.1156, "735.0": 0.2064, "761.0": 0.1221, "737.0": 0.1986, "753.0": 0.1422, "758.0": 0.1294, "705.0": 0.3536, "726.0": 0.2534, "765.0": 0.1138, "733.0": 0.2181, "756.0": 0.134, "749.0": 0.1543, "760.0": 0.1244, "728.0": 0.242, "719.0": 0.2861, "715.0": 0.2996, "755.0": 0.1367, "700.0": 0.3676, "685.0": 0.4466, "757.0": 0.1317, "690.0": 0.4202, "743.0": 0.1736, "738.0": 0.1962, "763.0": 0.1178, "747.0": 0.161, "752.0": 0.1445, "695.0": 0.3939, "767.0": 0.1101, "741.0": 0.1809, "739.0": 0.1901, "730.0": 0.2306, "724.0": 0.2583, "759.0": 0.1268, "766.0": 0.1119, "742.0": 0.1774, "750.0": 0.1509, "732.0": 0.224, "722.0": 0.2694, "754.0": 0.1391, "745.0": 0.1673, "723.0": 0.2639, "720.0": 0.2805, "768.0": 0.1086, "740.0": 0.1871, "751.0": 0.148, "734.0": 0.2123, "746.0": 0.1644, "762.0": 0.12, "744.0": 0.1696, "721.0": 0.275, "727.0": 0.2477, "725.0": 0.2527, "769.0": 0.1067, "736.0": 0.2046}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.56, "short_delta": 0.205, "long_delta": 0.101, "short_iv": 0.1268, "short_rel_spread": 0.01960784313725492, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.402622, "long_quote_age": 1.132842, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.96}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.49 (gross $-28.99 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.49 (gross $-28.99 - friction $1.50) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.205, "long_delta": 0.101, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.795, "edge_pp": -9.3, "ev_implied_usd": -20.5, "realized_vol": 0.1064, "atm_iv": 0.1119, "vrp_ratio": 0.9508, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.98, "ev_at_half_drift_usd": -33.42, "ev_gross_usd": -28.99, "expected_loss_real_usd": 84.99, "friction_usd": 1.5, "ev_net_usd": -30.49, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 492}
{"ts": "2026-08-31T16:59:19.029970+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5-day momentum at +0.31% while ATM IV exceeds 20-day realized volatility with an IV/RV ratio of 1.07, offering an attractive premium selling environment despite the minor 1-day dip of -0.46%.", "invalidation": "Further downward momentum extending the 1-day drop of -0.46% that sharply pushes spot below 765.83."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"760.0": 0.1253, "732.0": 0.2522, "768.0": 0.107, "766.0": 0.1104, "755.0": 0.1397, "742.0": 0.1959, "748.0": 0.1658, "726.0": 0.2923, "700.0": 0.427, "720.0": 0.3202, "731.0": 0.2589, "738.0": 0.2185, "695.0": 0.4579, "719.0": 0.3266, "722.0": 0.3073, "710.0": 0.3845, "737.0": 0.2255, "740.0": 0.2046, "747.0": 0.1706, "705.0": 0.4167, "749.0": 0.1607, "763.0": 0.1175, "764.0": 0.115, "751.0": 0.1534, "767.0": 0.1085, "752.0": 0.1504, "753.0": 0.1465, "741.0": 0.203, "727.0": 0.2857, "754.0": 0.143, "761.0": 0.1229, "721.0": 0.3137, "746.0": 0.1748, "690.0": 0.4889, "765.0": 0.1126, "736.0": 0.2324, "743.0": 0.1887, "715.0": 0.3524, "724.0": 0.2944, "735.0": 0.232, "745.0": 0.1785, "739.0": 0.2116, "718.0": 0.3331, "759.0": 0.1284, "729.0": 0.2723, "744.0": 0.1858, "757.0": 0.1336, "733.0": 0.2455, "734.0": 0.2387, "730.0": 0.2656, "769.0": 0.1017, "685.0": 0.5199, "756.0": 0.1374, "750.0": 0.1575, "758.0": 0.1311, "762.0": 0.1201, "723.0": 0.3008, "728.0": 0.279, "725.0": 0.299}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1997, "long_delta": 0.0815, "short_iv": 0.1253, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.691893, "long_quote_age": 0.456535, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.47 (gross $-30.47 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T16:59:32.077308+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum at +0.31% with ATM IV at 11.15% outpacing RV20 at 10.40% (IV/RV 1.07), favoring put premium collection over a 4-7 DTE window.", "invalidation": "SPY spot price breaks below the short strike as 1-day weakness (-0.46%) accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"751.0": 0.1466, "768.0": 0.1125, "725.0": 0.2375, "737.0": 0.1881, "716.0": 0.2741, "694.0": 0.3579, "764.0": 0.1185, "695.0": 0.3629, "692.0": 0.3672, "750.0": 0.1499, "735.0": 0.1967, "742.0": 0.1723, "703.0": 0.3245, "708.0": 0.3077, "700.0": 0.3389, "760.0": 0.1267, "706.0": 0.3174, "717.0": 0.2692, "690.0": 0.3766, "761.0": 0.1246, "741.0": 0.175, "766.0": 0.1149, "749.0": 0.1518, "693.0": 0.3626, "715.0": 0.2791, "714.0": 0.2841, "758.0": 0.1307, "724.0": 0.2387, "755.0": 0.1373, "726.0": 0.2324, "767.0": 0.1131, "685.0": 0.4001, "762.0": 0.1225, "738.0": 0.1847, "756.0": 0.135, "769.0": 0.1111, "710.0": 0.2979, "719.0": 0.2592, "734.0": 0.1996, "698.0": 0.3485, "728.0": 0.2221, "732.0": 0.2076, "753.0": 0.142, "718.0": 0.2642, "754.0": 0.1396, "757.0": 0.1327, "701.0": 0.3341, "747.0": 0.1575, "729.0": 0.2203, "740.0": 0.1791, "736.0": 0.1913, "723.0": 0.2437, "731.0": 0.2098, "712.0": 0.2881, "711.0": 0.293, "720.0": 0.2542, "707.0": 0.3125, "699.0": 0.3437, "705.0": 0.3223, "748.0": 0.1549, "730.0": 0.2151, "763.0": 0.1205, "727.0": 0.2272, "733.0": 0.2022, "744.0": 0.166, "709.0": 0.3028, "704.0": 0.3197, "743.0": 0.1693, "739.0": 0.181, "696.0": 0.3581, "759.0": 0.1286, "765.0": 0.1168, "697.0": 0.3533, "752.0": 0.1443, "713.0": 0.2832, "691.0": 0.3719, "722.0": 0.2488, "702.0": 0.3293, "746.0": 0.1608, "721.0": 0.2539, "745.0": 0.1636}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1907, "long_delta": 0.1065, "short_iv": 0.1327, "short_rel_spread": 0.0088888888888887, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.60228, "long_quote_age": 0.52867, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.87}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.57 (gross $-27.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:00:51.171813+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum of +0.30% and an IV/RV ratio of 1.07 offering favorable premium to sell put spreads after a mild -0.47% 1-day pullback.", "invalidation": "Further downward continuation exceeding the 1-day drop of -0.47% turning the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.2949, "752.0": 0.1511, "733.0": 0.246, "766.0": 0.1106, "739.0": 0.2121, "728.0": 0.2795, "700.0": 0.4275, "735.0": 0.2325, "730.0": 0.2661, "748.0": 0.1664, "720.0": 0.3207, "763.0": 0.1175, "758.0": 0.1312, "685.0": 0.5203, "726.0": 0.2928, "764.0": 0.1152, "741.0": 0.1981, "744.0": 0.1864, "715.0": 0.3528, "725.0": 0.2995, "737.0": 0.226, "755.0": 0.1405, "749.0": 0.1613, "721.0": 0.3142, "719.0": 0.3271, "756.0": 0.1372, "705.0": 0.4171, "731.0": 0.2594, "767.0": 0.1085, "761.0": 0.1228, "757.0": 0.1336, "690.0": 0.4893, "742.0": 0.1964, "722.0": 0.3078, "762.0": 0.1202, "732.0": 0.2527, "710.0": 0.385, "759.0": 0.1283, "729.0": 0.2728, "738.0": 0.2191, "734.0": 0.2393, "754.0": 0.1438, "747.0": 0.1712, "751.0": 0.1541, "768.0": 0.1063, "765.0": 0.1128, "743.0": 0.1892, "740.0": 0.2051, "745.0": 0.179, "736.0": 0.233, "760.0": 0.1257, "695.0": 0.4584, "750.0": 0.1581, "718.0": 0.3335, "727.0": 0.2862, "746.0": 0.1754, "753.0": 0.1472, "723.0": 0.3013, "769.0": 0.1055}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1972, "long_delta": 0.0811, "short_iv": 0.1257, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.923062, "long_quote_age": 0.909715, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.865}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.00 (gross $-30.00 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.00 (gross $-30.00 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1972, "long_delta": 0.0811, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8028, "edge_pp": -9.92, "ev_implied_usd": -20.57, "realized_vol": 0.1064, "atm_iv": 0.1106, "vrp_ratio": 0.962, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.9, "ev_at_half_drift_usd": -33.4, "ev_gross_usd": -30.0, "expected_loss_real_usd": 79.0, "friction_usd": 1.0, "ev_net_usd": -31.0, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 476}
{"ts": "2026-08-31T17:01:01.429878+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains a positive 5D return of +0.30% with an IV/RV ratio of 1.07 indicating option premium is elevated relative to 20-day realized volatility.", "invalidation": "SPY 1D decline accelerates and breaks the positive 5D trend."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"753.0": 0.1416, "740.0": 0.186, "728.0": 0.241, "754.0": 0.1391, "730.0": 0.2295, "725.0": 0.2517, "724.0": 0.2573, "723.0": 0.2629, "756.0": 0.134, "768.0": 0.1077, "743.0": 0.1725, "761.0": 0.1223, "763.0": 0.1179, "744.0": 0.1684, "737.0": 0.1975, "750.0": 0.1495, "726.0": 0.2523, "710.0": 0.3257, "718.0": 0.2907, "747.0": 0.1597, "757.0": 0.1317, "739.0": 0.189, "705.0": 0.3527, "734.0": 0.2112, "748.0": 0.1559, "752.0": 0.144, "755.0": 0.1365, "695.0": 0.393, "767.0": 0.1101, "760.0": 0.1244, "690.0": 0.4193, "733.0": 0.2171, "732.0": 0.2229, "741.0": 0.1798, "762.0": 0.12, "722.0": 0.2684, "735.0": 0.2054, "765.0": 0.114, "721.0": 0.274, "746.0": 0.1632, "742.0": 0.1763, "700.0": 0.3667, "769.0": 0.107, "764.0": 0.1158, "766.0": 0.1119, "736.0": 0.2035, "729.0": 0.2352, "727.0": 0.2467, "720.0": 0.2796, "751.0": 0.1477, "758.0": 0.1291, "749.0": 0.153, "715.0": 0.2986, "719.0": 0.2851, "738.0": 0.1916, "731.0": 0.2238, "759.0": 0.1268, "745.0": 0.1661}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2113, "long_delta": 0.1388, "short_iv": 0.1268, "short_rel_spread": 0.018867924528301903, "long_rel_spread": 0.030303030303030328, "short_quote_age": 1.277029, "long_quote_age": 1.319572, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 260.0, "total_risk": 19760.0, "buying_power_used_pct": 0.988}, "spot": 765.765}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.26 (gross $-18.26 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $260/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,760.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.26 (gross $-18.26 - friction $2.00) > $0.00"}], "economics": {"credit": 0.4, "width": 3.0, "short_delta": 0.2113, "long_delta": 0.1388, "max_profit_usd": 40.0, "max_loss_usd": 260.0, "breakeven_wr": 0.8667, "implied_wr": 0.7887, "edge_pp": -7.8, "ev_implied_usd": -12.51, "realized_vol": 0.1064, "atm_iv": 0.1119, "vrp_ratio": 0.9508, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.23, "ev_at_half_drift_usd": -21.2, "ev_gross_usd": -18.26, "expected_loss_real_usd": 58.26, "friction_usd": 2.0, "ev_net_usd": -20.26, "total_risk_usd": 19760.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 431}
{"ts": "2026-08-31T17:02:20.237641+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day performance of +0.31% while ATM IV trades at an IV/RV premium of 1.07 relative to 20-day realized volatility.", "invalidation": "SPY spot price drops sharply below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"759.0": 0.1284, "758.0": 0.1311, "700.0": 0.427, "756.0": 0.1364, "719.0": 0.3266, "724.0": 0.2944, "751.0": 0.1534, "768.0": 0.1067, "721.0": 0.3137, "718.0": 0.3331, "762.0": 0.1201, "745.0": 0.1785, "765.0": 0.1126, "757.0": 0.1336, "741.0": 0.1976, "754.0": 0.143, "729.0": 0.2723, "728.0": 0.279, "735.0": 0.232, "760.0": 0.1253, "769.0": 0.1047, "752.0": 0.1504, "744.0": 0.1858, "725.0": 0.299, "720.0": 0.3202, "722.0": 0.3073, "734.0": 0.2387, "750.0": 0.1575, "726.0": 0.2923, "742.0": 0.1959, "737.0": 0.2255, "748.0": 0.1658, "736.0": 0.2324, "685.0": 0.5199, "764.0": 0.115, "723.0": 0.3008, "733.0": 0.2455, "727.0": 0.2857, "743.0": 0.1887, "715.0": 0.3524, "738.0": 0.2185, "690.0": 0.4889, "755.0": 0.1397, "753.0": 0.1465, "746.0": 0.1748, "763.0": 0.1175, "732.0": 0.2522, "766.0": 0.1104, "740.0": 0.2046, "731.0": 0.2589, "747.0": 0.1706, "730.0": 0.2656, "695.0": 0.4579, "705.0": 0.4167, "749.0": 0.1607, "739.0": 0.2116, "710.0": 0.3845, "761.0": 0.1229, "767.0": 0.1082}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1997, "long_delta": 0.0815, "short_iv": 0.1253, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.650501, "long_quote_age": 0.519775, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.29 (gross $-30.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.29 (gross $-30.29 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1997, "long_delta": 0.0815, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8003, "edge_pp": -9.97, "ev_implied_usd": -20.3, "realized_vol": 0.1064, "atm_iv": 0.1104, "vrp_ratio": 0.9638, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.26, "ev_at_half_drift_usd": -33.73, "ev_gross_usd": -30.29, "expected_loss_real_usd": 80.29, "friction_usd": 1.0, "ev_net_usd": -31.29, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 433}
{"ts": "2026-08-31T17:02:33.784332+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY IV/RV ratio of 1.07 indicates rich option premium relative to 20-day realized volatility with 5-day return remaining positive at +0.31%.", "invalidation": "SPY continues its 1-day downward movement of -0.46% and breaks significantly below current spot."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"725.0": 0.2327, "704.0": 0.3189, "728.0": 0.2212, "749.0": 0.1515, "727.0": 0.2263, "719.0": 0.2583, "710.0": 0.2971, "692.0": 0.3665, "764.0": 0.1189, "746.0": 0.1596, "756.0": 0.1347, "691.0": 0.3712, "759.0": 0.1286, "742.0": 0.1713, "758.0": 0.1307, "712.0": 0.2873, "693.0": 0.3618, "703.0": 0.3237, "736.0": 0.1903, "685.0": 0.3994, "732.0": 0.2066, "754.0": 0.1393, "700.0": 0.3381, "740.0": 0.178, "765.0": 0.1171, "699.0": 0.3429, "743.0": 0.1682, "755.0": 0.1371, "714.0": 0.2775, "735.0": 0.1958, "701.0": 0.3333, "748.0": 0.1546, "753.0": 0.1418, "744.0": 0.1649, "729.0": 0.216, "721.0": 0.253, "702.0": 0.3285, "718.0": 0.2633, "690.0": 0.3759, "750.0": 0.1494, "706.0": 0.3166, "769.0": 0.1103, "734.0": 0.1987, "722.0": 0.2479, "724.0": 0.2378, "738.0": 0.1837, "760.0": 0.1267, "709.0": 0.3019, "720.0": 0.2534, "768.0": 0.1107, "717.0": 0.2683, "757.0": 0.1327, "761.0": 0.1246, "715.0": 0.2783, "751.0": 0.1468, "716.0": 0.2733, "737.0": 0.1871, "694.0": 0.3571, "711.0": 0.2922, "723.0": 0.2429, "762.0": 0.1226, "726.0": 0.2315, "697.0": 0.3525, "741.0": 0.174, "695.0": 0.3621, "766.0": 0.1153, "733.0": 0.2013, "698.0": 0.3477, "763.0": 0.1209, "739.0": 0.182, "705.0": 0.3215, "747.0": 0.1574, "708.0": 0.3068, "752.0": 0.1443, "731.0": 0.2089, "696.0": 0.3573, "767.0": 0.1135, "707.0": 0.3117, "730.0": 0.2142, "713.0": 0.2824, "745.0": 0.1625}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1954, "long_delta": 0.1095, "short_iv": 0.1327, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.745307, "long_quote_age": 0.490562, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.725}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.91 (gross $-27.41 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:04:01.540057+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum of +0.30% with short-term implied volatility trading at a premium to realized volatility (IV/RV 1.07), favoring put credit spread selling.", "invalidation": "SPY spot price falls further from 765.75 and breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"754.0": 0.1432, "763.0": 0.1176, "731.0": 0.2581, "746.0": 0.1739, "749.0": 0.1597, "736.0": 0.2316, "732.0": 0.2514, "722.0": 0.3065, "739.0": 0.2107, "741.0": 0.1967, "695.0": 0.4572, "761.0": 0.1228, "745.0": 0.1775, "748.0": 0.1648, "723.0": 0.3, "705.0": 0.4159, "743.0": 0.1878, "718.0": 0.3323, "740.0": 0.2037, "752.0": 0.1493, "720.0": 0.3194, "769.0": 0.1008, "742.0": 0.195, "753.0": 0.1468, "750.0": 0.1564, "744.0": 0.1849, "758.0": 0.1312, "690.0": 0.4882, "767.0": 0.1089, "757.0": 0.134, "755.0": 0.1397, "759.0": 0.1282, "710.0": 0.3837, "751.0": 0.1523, "721.0": 0.3129, "729.0": 0.2715, "719.0": 0.3258, "727.0": 0.2848, "728.0": 0.2782, "734.0": 0.2379, "760.0": 0.1256, "715.0": 0.3516, "768.0": 0.1073, "737.0": 0.2246, "766.0": 0.1105, "725.0": 0.2982, "724.0": 0.2936, "685.0": 0.5192, "726.0": 0.2915, "733.0": 0.2446, "738.0": 0.2177, "700.0": 0.4263, "747.0": 0.1696, "765.0": 0.1129, "756.0": 0.1371, "730.0": 0.2648, "735.0": 0.2312, "762.0": 0.1203, "764.0": 0.115}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2053, "long_delta": 0.0839, "short_iv": 0.1256, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.478836, "long_quote_age": 0.479126, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.29 (gross $-30.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.29 (gross $-30.29 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2053, "long_delta": 0.0839, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7947, "edge_pp": -10.13, "ev_implied_usd": -20.3, "realized_vol": 0.1064, "atm_iv": 0.1105, "vrp_ratio": 0.9629, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.36, "ev_at_half_drift_usd": -33.78, "ev_gross_usd": -30.29, "expected_loss_real_usd": 82.29, "friction_usd": 1.0, "ev_net_usd": -31.29, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 472}
{"ts": "2026-08-31T17:04:13.639255+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY retains a positive 5-day return of +0.30% with IV/RV at 1.07, providing favorable premium collection on pullbacks across a longer 4-7 DTE window.", "invalidation": "SPY spot price drops significantly below the short put strike as 1-day downward momentum (-0.47%) accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"723.0": 0.2426, "742.0": 0.171, "711.0": 0.2919, "690.0": 0.3756, "703.0": 0.3235, "740.0": 0.1777, "735.0": 0.1955, "695.0": 0.3618, "727.0": 0.2261, "728.0": 0.2209, "705.0": 0.3212, "710.0": 0.2968, "696.0": 0.357, "753.0": 0.1414, "702.0": 0.3283, "692.0": 0.3662, "721.0": 0.2527, "715.0": 0.278, "736.0": 0.19, "726.0": 0.2312, "725.0": 0.2324, "720.0": 0.2531, "706.0": 0.3163, "760.0": 0.1265, "747.0": 0.157, "729.0": 0.2157, "754.0": 0.1394, "751.0": 0.1464, "698.0": 0.3474, "717.0": 0.2681, "694.0": 0.3569, "743.0": 0.1679, "730.0": 0.2139, "750.0": 0.1491, "757.0": 0.1324, "738.0": 0.1834, "752.0": 0.1439, "765.0": 0.1169, "697.0": 0.3522, "758.0": 0.1306, "701.0": 0.3331, "744.0": 0.1659, "699.0": 0.3427, "700.0": 0.3379, "766.0": 0.1149, "734.0": 0.1984, "764.0": 0.1185, "733.0": 0.201, "709.0": 0.3017, "755.0": 0.1372, "768.0": 0.1111, "749.0": 0.1519, "714.0": 0.2773, "708.0": 0.3066, "746.0": 0.1593, "756.0": 0.1347, "716.0": 0.273, "713.0": 0.2822, "741.0": 0.1753, "767.0": 0.1132, "722.0": 0.2477, "724.0": 0.2375, "704.0": 0.3187, "762.0": 0.1225, "759.0": 0.1284, "731.0": 0.2086, "719.0": 0.2581, "732.0": 0.2064, "761.0": 0.1243, "712.0": 0.287, "763.0": 0.1205, "769.0": 0.1103, "691.0": 0.3709, "718.0": 0.2631, "748.0": 0.1543, "693.0": 0.3616, "739.0": 0.1817, "745.0": 0.1621, "737.0": 0.1868, "707.0": 0.3115}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1964, "long_delta": 0.139, "short_iv": 0.1324, "short_rel_spread": 0.00858369098712447, "long_rel_spread": 0.012578616352201269, "short_quote_age": 0.623974, "long_quote_age": 0.565987, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 263.0, "total_risk": 19988.0, "buying_power_used_pct": 0.9994}, "spot": 765.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.42 (gross $-17.42 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:05:35.855072+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.31% alongside an elevated IV/RV ratio of 1.07, providing favorable premium to sell downside puts.", "invalidation": "A continued decline from the current spot of 765.81 that breaches the short strike delta threshold."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"765.0": 0.1124, "754.0": 0.1427, "690.0": 0.4887, "715.0": 0.3522, "759.0": 0.1273, "742.0": 0.1956, "722.0": 0.3071, "760.0": 0.1249, "735.0": 0.2318, "728.0": 0.2788, "767.0": 0.1079, "740.0": 0.2044, "749.0": 0.1604, "744.0": 0.1856, "724.0": 0.2942, "695.0": 0.4578, "705.0": 0.4165, "739.0": 0.2114, "751.0": 0.1532, "721.0": 0.3135, "731.0": 0.2587, "700.0": 0.4269, "736.0": 0.2322, "741.0": 0.1974, "723.0": 0.3006, "750.0": 0.1572, "725.0": 0.2988, "747.0": 0.1703, "745.0": 0.1783, "719.0": 0.3264, "769.0": 0.1042, "743.0": 0.1885, "755.0": 0.1395, "768.0": 0.1061, "720.0": 0.32, "756.0": 0.1361, "685.0": 0.5197, "753.0": 0.1462, "752.0": 0.1502, "746.0": 0.1746, "734.0": 0.2385, "748.0": 0.1656, "763.0": 0.1173, "758.0": 0.13, "730.0": 0.2654, "764.0": 0.1149, "738.0": 0.2183, "732.0": 0.252, "737.0": 0.2253, "761.0": 0.1225, "733.0": 0.2453, "727.0": 0.2855, "718.0": 0.3329, "729.0": 0.2721, "710.0": 0.3843, "757.0": 0.1333, "762.0": 0.1197, "726.0": 0.2921, "766.0": 0.1101}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.2002, "long_delta": 0.0817, "short_iv": 0.1249, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.574685, "long_quote_age": 0.575263, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.05 (gross $-30.05 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.05 (gross $-30.05 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.2002, "long_delta": 0.0817, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.7998, "edge_pp": -10.02, "ev_implied_usd": -20.47, "realized_vol": 0.1064, "atm_iv": 0.1101, "vrp_ratio": 0.9664, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.02, "ev_at_half_drift_usd": -33.49, "ev_gross_usd": -30.05, "expected_loss_real_usd": 80.05, "friction_usd": 1.0, "ev_net_usd": -31.05, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 461}
{"ts": "2026-08-31T17:05:48.600510+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day return of +0.31% and an IV/RV of 1.07 indicating option premium is elevated relative to 20-day realized volatility.", "invalidation": "SPY spot falls substantially below 765.81 reversing the 5-day gain of +0.31%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"711.0": 0.2925, "746.0": 0.1601, "763.0": 0.1201, "718.0": 0.2637, "757.0": 0.1324, "737.0": 0.1875, "700.0": 0.3384, "766.0": 0.1147, "708.0": 0.3071, "749.0": 0.1519, "716.0": 0.2736, "722.0": 0.2483, "734.0": 0.199, "727.0": 0.2267, "706.0": 0.3169, "719.0": 0.2587, "761.0": 0.1241, "748.0": 0.1542, "704.0": 0.3192, "768.0": 0.1115, "752.0": 0.1435, "750.0": 0.1491, "740.0": 0.1784, "765.0": 0.1165, "764.0": 0.1182, "759.0": 0.1281, "705.0": 0.3218, "695.0": 0.3624, "738.0": 0.184, "729.0": 0.2163, "751.0": 0.1466, "755.0": 0.1366, "733.0": 0.2017, "693.0": 0.3621, "703.0": 0.324, "694.0": 0.3574, "710.0": 0.2974, "692.0": 0.3668, "760.0": 0.1261, "767.0": 0.1129, "717.0": 0.2686, "699.0": 0.3432, "745.0": 0.1629, "723.0": 0.2432, "754.0": 0.1389, "712.0": 0.2876, "753.0": 0.1411, "756.0": 0.1343, "735.0": 0.1961, "724.0": 0.2381, "702.0": 0.3288, "762.0": 0.122, "739.0": 0.1804, "721.0": 0.2487, "730.0": 0.2145, "743.0": 0.1687, "744.0": 0.1653, "714.0": 0.2778, "742.0": 0.1717, "726.0": 0.2318, "707.0": 0.312, "696.0": 0.3576, "690.0": 0.3762, "713.0": 0.2827, "769.0": 0.1101, "741.0": 0.1743, "685.0": 0.3997, "715.0": 0.2786, "736.0": 0.1907, "698.0": 0.348, "728.0": 0.2215, "747.0": 0.1568, "691.0": 0.3715, "720.0": 0.2537, "725.0": 0.233, "731.0": 0.2093, "701.0": 0.3336, "758.0": 0.1303, "709.0": 0.3023, "732.0": 0.207, "697.0": 0.3528}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1931, "long_delta": 0.1071, "short_iv": 0.1324, "short_rel_spread": 0.017543859649122823, "long_rel_spread": 0.016806722689075647, "short_quote_age": 1.928946, "long_quote_age": 0.596132, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.755}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.80 (gross $-27.30 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:07:06.618926+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return (+0.28%) with IV trading at a premium over 20-day realized volatility (IV/RV 1.07), supporting put credit premium collection.", "invalidation": "SPY spot price moves significantly below 765.63 alongside further deterioration in 1-day momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"734.0": 0.2379, "710.0": 0.3837, "748.0": 0.1648, "705.0": 0.4159, "727.0": 0.2848, "754.0": 0.1418, "733.0": 0.2446, "723.0": 0.3, "758.0": 0.1304, "735.0": 0.2312, "730.0": 0.2648, "769.0": 0.1054, "729.0": 0.2715, "753.0": 0.1453, "746.0": 0.1739, "740.0": 0.2037, "759.0": 0.1275, "751.0": 0.1523, "726.0": 0.2915, "725.0": 0.2982, "685.0": 0.5192, "745.0": 0.1775, "744.0": 0.1849, "755.0": 0.1397, "764.0": 0.1148, "731.0": 0.2581, "747.0": 0.1696, "768.0": 0.1066, "728.0": 0.2782, "737.0": 0.2246, "766.0": 0.1103, "762.0": 0.1197, "767.0": 0.1083, "752.0": 0.1493, "724.0": 0.2936, "715.0": 0.3516, "738.0": 0.2177, "718.0": 0.3323, "690.0": 0.4882, "756.0": 0.1361, "700.0": 0.4263, "763.0": 0.1171, "719.0": 0.3258, "739.0": 0.2107, "757.0": 0.1332, "765.0": 0.1124, "721.0": 0.3129, "743.0": 0.1878, "761.0": 0.1222, "720.0": 0.3194, "760.0": 0.1249, "741.0": 0.1967, "742.0": 0.195, "750.0": 0.1564, "736.0": 0.2316, "695.0": 0.4572, "749.0": 0.1597, "732.0": 0.2514, "722.0": 0.3065}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2041, "long_delta": 0.0839, "short_iv": 0.1249, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.479381, "long_quote_age": 1.890334, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.64}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.77 (gross $-30.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:07:21.200078+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.28% with ATM IV exceeding 20-day realized volatility at an IV/RV ratio of 1.07, offering elevated option premium to collect via downside put spreads over a multi-day window.", "invalidation": "SPY breaks sharply lower as short-term 1D downward momentum (-0.48%) accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"724.0": 0.2567, "763.0": 0.1172, "718.0": 0.2901, "769.0": 0.1065, "759.0": 0.1259, "733.0": 0.2165, "731.0": 0.2232, "739.0": 0.1883, "764.0": 0.115, "768.0": 0.1078, "744.0": 0.1699, "719.0": 0.2845, "767.0": 0.1092, "722.0": 0.2679, "746.0": 0.1624, "723.0": 0.2623, "751.0": 0.1469, "749.0": 0.1522, "765.0": 0.1131, "685.0": 0.4452, "727.0": 0.2461, "738.0": 0.1909, "748.0": 0.1551, "690.0": 0.4188, "734.0": 0.2106, "737.0": 0.1969, "758.0": 0.1283, "730.0": 0.2289, "743.0": 0.1718, "710.0": 0.3251, "761.0": 0.1214, "752.0": 0.1442, "747.0": 0.159, "695.0": 0.3924, "760.0": 0.1239, "750.0": 0.1499, "754.0": 0.1382, "700.0": 0.3662, "729.0": 0.2347, "740.0": 0.1853, "735.0": 0.2048, "745.0": 0.1654, "715.0": 0.2981, "755.0": 0.1355, "720.0": 0.279, "736.0": 0.2029, "756.0": 0.1333, "705.0": 0.3521, "728.0": 0.2404, "725.0": 0.2512, "742.0": 0.1756, "741.0": 0.1791, "732.0": 0.2223, "757.0": 0.1306, "721.0": 0.2734, "766.0": 0.1113, "726.0": 0.2518, "753.0": 0.1407, "762.0": 0.1192}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2133, "long_delta": 0.1051, "short_iv": 0.1259, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.665234, "long_quote_age": 0.665515, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.67 (gross $-30.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:08:40.085609+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 4], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY implied volatility trades at a premium over 20-day realized volatility with an IV/RV of 1.07 while maintaining a positive 5-day return of +0.29%.", "invalidation": "SPY continues its 1-day downward movement of -0.48% and pushes lower."}, "intent_error": null, "spread": {"dte": 1, "realized_vol": 0.1064, "smile": {"761.0": 0.1282, "731.0": 0.3316, "766.0": 0.1132, "748.0": 0.2001, "734.0": 0.3051, "741.0": 0.2576, "754.0": 0.1576, "723.0": 0.4016, "765.0": 0.1158, "740.0": 0.267, "718.0": 0.4453, "721.0": 0.4191, "769.0": 0.1084, "768.0": 0.109, "719.0": 0.4366, "727.0": 0.3666, "722.0": 0.4104, "750.0": 0.1867, "739.0": 0.2763, "767.0": 0.1109, "745.0": 0.22, "729.0": 0.3491, "724.0": 0.3929, "755.0": 0.1527, "733.0": 0.314, "763.0": 0.1214, "757.0": 0.1428, "758.0": 0.1387, "728.0": 0.3579, "730.0": 0.3403, "735.0": 0.2963, "764.0": 0.1184, "726.0": 0.3754, "751.0": 0.1764, "720.0": 0.4278, "725.0": 0.3842, "762.0": 0.1244, "736.0": 0.3042, "742.0": 0.2483, "738.0": 0.2856, "747.0": 0.2099, "732.0": 0.3228, "756.0": 0.1487, "752.0": 0.1711, "760.0": 0.1311, "744.0": 0.2295, "753.0": 0.1648, "746.0": 0.2198, "715.0": 0.4714, "743.0": 0.2389, "737.0": 0.2949, "759.0": 0.1351, "749.0": 0.1901}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-01", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260901P00761000", "long_symbol": "SPY260901P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.37, "short_delta": 0.1777, "long_delta": 0.05, "short_iv": 0.1282, "short_rel_spread": 0.02020202020202022, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.579933, "long_quote_age": 0.602585, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 463.0, "total_risk": 19909.0, "buying_power_used_pct": 0.9954}, "spot": 765.655}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-25.18 (gross $-24.18 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260901P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $463/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,909.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-25.18 (gross $-24.18 - friction $1.00) > $0.00"}], "economics": {"credit": 0.37, "width": 5.0, "short_delta": 0.1777, "long_delta": 0.05, "max_profit_usd": 37.0, "max_loss_usd": 463.0, "breakeven_wr": 0.926, "implied_wr": 0.8223, "edge_pp": -10.37, "ev_implied_usd": -19.92, "realized_vol": 0.1064, "atm_iv": 0.1132, "vrp_ratio": 0.9399, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -28.21, "ev_at_half_drift_usd": -26.17, "ev_gross_usd": -24.18, "expected_loss_real_usd": 61.18, "friction_usd": 1.0, "ev_net_usd": -25.18, "total_risk_usd": 19909.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 439}
{"ts": "2026-08-31T17:08:52.581264+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY IV/RV ratio of 1.07 indicates implied volatility is elevated above 20-day realized volatility while 5-day momentum remains positive at +0.29%.", "invalidation": "SPY extends its 1-day decline of -0.48% and pushes realized volatility further above implied volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"716.0": 0.2726, "741.0": 0.1748, "691.0": 0.3705, "702.0": 0.3279, "740.0": 0.1772, "764.0": 0.118, "732.0": 0.2059, "736.0": 0.1918, "738.0": 0.1849, "700.0": 0.3375, "715.0": 0.2776, "755.0": 0.1364, "694.0": 0.3565, "718.0": 0.2626, "753.0": 0.1413, "763.0": 0.12, "709.0": 0.3013, "748.0": 0.1537, "707.0": 0.311, "760.0": 0.1259, "743.0": 0.1674, "742.0": 0.1704, "756.0": 0.1344, "724.0": 0.2371, "752.0": 0.1432, "725.0": 0.232, "734.0": 0.1979, "745.0": 0.1616, "720.0": 0.2527, "690.0": 0.3752, "746.0": 0.1587, "754.0": 0.1386, "768.0": 0.1102, "712.0": 0.2866, "693.0": 0.3612, "765.0": 0.1161, "692.0": 0.3658, "750.0": 0.1484, "711.0": 0.2915, "722.0": 0.2472, "747.0": 0.1564, "717.0": 0.2676, "759.0": 0.1279, "726.0": 0.2308, "685.0": 0.3988, "744.0": 0.1653, "727.0": 0.2256, "758.0": 0.1299, "696.0": 0.3566, "713.0": 0.2817, "730.0": 0.2134, "699.0": 0.3422, "766.0": 0.1144, "767.0": 0.1128, "706.0": 0.3159, "731.0": 0.2082, "708.0": 0.3062, "761.0": 0.124, "735.0": 0.195, "737.0": 0.1863, "704.0": 0.3183, "710.0": 0.2964, "721.0": 0.2477, "749.0": 0.1513, "751.0": 0.1457, "697.0": 0.3518, "769.0": 0.1086, "728.0": 0.2204, "719.0": 0.2577, "714.0": 0.2768, "729.0": 0.2153, "695.0": 0.3614, "701.0": 0.3327, "705.0": 0.3208, "733.0": 0.2006, "698.0": 0.347, "703.0": 0.3231, "723.0": 0.2421, "739.0": 0.1811, "762.0": 0.1219, "757.0": 0.132}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.73, "short_delta": 0.2489, "long_delta": 0.1396, "short_iv": 0.1279, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.012578616352201269, "short_quote_age": 0.709477, "long_quote_age": 0.477983, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 427.0, "total_risk": 19642.0, "buying_power_used_pct": 0.9821}, "spot": 765.54}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.41 (gross $-28.91 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:10:15.998259+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.28% and elevated IV relative to realized volatility with an IV/RV ratio of 1.06, providing favorable premium to sell on a 1-day pullback of -0.49%.", "invalidation": "Further downward continuation of the 1-day decline breaching spot 765.59."}, "intent_error": null, "spread": {"dte": 1, "realized_vol": 0.1064, "smile": {"754.0": 0.1573, "752.0": 0.1708, "765.0": 0.1144, "730.0": 0.3401, "748.0": 0.1998, "732.0": 0.3225, "715.0": 0.4712, "739.0": 0.276, "733.0": 0.3137, "762.0": 0.1238, "720.0": 0.4276, "757.0": 0.1424, "760.0": 0.1306, "741.0": 0.2574, "747.0": 0.2097, "750.0": 0.1864, "726.0": 0.3752, "753.0": 0.1645, "766.0": 0.1119, "746.0": 0.2195, "721.0": 0.4189, "743.0": 0.2386, "764.0": 0.1177, "729.0": 0.3489, "722.0": 0.4101, "731.0": 0.3313, "756.0": 0.1483, "728.0": 0.3576, "734.0": 0.3049, "742.0": 0.248, "763.0": 0.1208, "751.0": 0.1761, "723.0": 0.4014, "761.0": 0.1277, "769.0": 0.1064, "738.0": 0.2853, "724.0": 0.3927, "735.0": 0.2961, "767.0": 0.1094, "740.0": 0.2667, "727.0": 0.3664, "745.0": 0.2197, "719.0": 0.4363, "749.0": 0.1898, "725.0": 0.3839, "759.0": 0.1347, "755.0": 0.1523, "768.0": 0.1075, "744.0": 0.2292, "758.0": 0.1383, "718.0": 0.445, "737.0": 0.2946, "736.0": 0.3039}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-01", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260901P00761000", "long_symbol": "SPY260901P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.37, "short_delta": 0.1783, "long_delta": 0.0501, "short_iv": 0.1277, "short_rel_spread": 0.02020202020202022, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.395361, "long_quote_age": 0.656939, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 463.0, "total_risk": 19909.0, "buying_power_used_pct": 0.9954}, "spot": 765.6}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.04 (gross $-26.04 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260901P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $463/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,909.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-27.04 (gross $-26.04 - friction $1.00) > $0.00"}], "economics": {"credit": 0.37, "width": 5.0, "short_delta": 0.1783, "long_delta": 0.0501, "max_profit_usd": 37.0, "max_loss_usd": 463.0, "breakeven_wr": 0.926, "implied_wr": 0.8217, "edge_pp": -10.43, "ev_implied_usd": -20.1, "realized_vol": 0.1064, "atm_iv": 0.1119, "vrp_ratio": 0.9508, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -30.12, "ev_at_half_drift_usd": -28.06, "ev_gross_usd": -26.04, "expected_loss_real_usd": 63.04, "friction_usd": 1.0, "ev_net_usd": -27.04, "total_risk_usd": 19909.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 485}
{"ts": "2026-08-31T17:10:26.080444+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV exceeds realized volatility with an IV/RV of 1.06 while maintaining a positive 5D return of +0.28%.", "invalidation": "SPY spot falls below 765.59 accompanied by further deterioration in 1D momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.2935, "753.0": 0.1452, "738.0": 0.2176, "719.0": 0.3258, "742.0": 0.1949, "760.0": 0.1242, "758.0": 0.1295, "731.0": 0.258, "737.0": 0.2246, "690.0": 0.4881, "705.0": 0.4158, "725.0": 0.2981, "721.0": 0.3129, "750.0": 0.1563, "764.0": 0.1141, "729.0": 0.2714, "767.0": 0.1078, "765.0": 0.1118, "752.0": 0.1492, "748.0": 0.1648, "741.0": 0.1967, "718.0": 0.3322, "757.0": 0.1331, "722.0": 0.3064, "732.0": 0.2513, "766.0": 0.1094, "768.0": 0.1056, "740.0": 0.2037, "759.0": 0.1267, "762.0": 0.1191, "736.0": 0.2315, "715.0": 0.3515, "747.0": 0.1695, "744.0": 0.1849, "761.0": 0.1215, "726.0": 0.2915, "727.0": 0.2848, "710.0": 0.3837, "769.0": 0.1051, "743.0": 0.1877, "749.0": 0.1596, "746.0": 0.1738, "735.0": 0.2311, "728.0": 0.2781, "695.0": 0.4571, "734.0": 0.2378, "751.0": 0.1523, "739.0": 0.2106, "763.0": 0.1167, "720.0": 0.3193, "754.0": 0.1417, "745.0": 0.1775, "755.0": 0.1384, "723.0": 0.3, "756.0": 0.136, "685.0": 0.5191, "700.0": 0.4263, "733.0": 0.2446, "730.0": 0.2647}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2031, "long_delta": 0.0822, "short_iv": 0.1242, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.482472, "long_quote_age": 0.482651, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.29 (gross $-31.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.29 (gross $-31.29 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2031, "long_delta": 0.0822, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7969, "edge_pp": -10.11, "ev_implied_usd": -20.32, "realized_vol": 0.1064, "atm_iv": 0.1094, "vrp_ratio": 0.9726, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.37, "ev_at_half_drift_usd": -34.78, "ev_gross_usd": -31.29, "expected_loss_real_usd": 82.29, "friction_usd": 1.0, "ev_net_usd": -32.29, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 411}
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{"ts": "2026-08-31T17:11:56.588831+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "SPY maintains a positive 5-day return of +0.30% with an elevated IV/RV ratio of 1.06, providing favorable premium to sell put credit spreads.", "invalidation": "SPY price drops significantly below recent ranges as the 1-day negative return of -0.47% accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"731.0": 0.2238, "718.0": 0.2906, "732.0": 0.2229, "762.0": 0.1189, "700.0": 0.3666, "747.0": 0.158, "741.0": 0.1797, "746.0": 0.1631, "753.0": 0.1406, "760.0": 0.1234, "705.0": 0.3526, "695.0": 0.3929, "751.0": 0.1465, "754.0": 0.1382, "735.0": 0.2053, "721.0": 0.2739, "761.0": 0.1211, "745.0": 0.166, "736.0": 0.2035, "724.0": 0.2573, "767.0": 0.1087, "766.0": 0.111, "765.0": 0.1127, "722.0": 0.2684, "720.0": 0.2795, "726.0": 0.2523, "738.0": 0.1915, "752.0": 0.143, "725.0": 0.2517, "719.0": 0.2851, "759.0": 0.1254, "730.0": 0.2295, "727.0": 0.2466, "729.0": 0.2352, "768.0": 0.1069, "723.0": 0.2628, "733.0": 0.217, "737.0": 0.1975, "755.0": 0.1357, "742.0": 0.1762, "756.0": 0.1329, "763.0": 0.1168, "728.0": 0.2409, "715.0": 0.2986, "757.0": 0.1304, "750.0": 0.1494, "769.0": 0.1057, "748.0": 0.1558, "734.0": 0.2112, "749.0": 0.1529, "690.0": 0.4192, "743.0": 0.1724, "744.0": 0.1683, "739.0": 0.1889, "740.0": 0.1859, "764.0": 0.1147, "758.0": 0.128, "710.0": 0.3256}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 116, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00757000", "short_strike": 759.0, "long_strike": 757.0, "width": 2.0, "credit": 0.28, "short_delta": 0.2091, "long_delta": 0.1581, "short_iv": 0.1254, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.013245033112582794, "short_quote_age": 0.460049, "long_quote_age": 0.887296, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 116, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 172.0, "total_risk": 19952.0, "buying_power_used_pct": 0.9976}, "spot": 765.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-14.04 (gross $-13.04 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 116 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $172/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,952.00 (116 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-14.04 (gross $-13.04 - friction $1.00) > $0.00"}], "economics": {"credit": 0.28, "width": 2.0, "short_delta": 0.2091, "long_delta": 0.1581, "max_profit_usd": 28.0, "max_loss_usd": 172.0, "breakeven_wr": 0.86, "implied_wr": 0.7909, "edge_pp": -6.91, "ev_implied_usd": -8.72, "realized_vol": 0.1064, "atm_iv": 0.111, "vrp_ratio": 0.9586, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -17.2, "ev_at_half_drift_usd": -15.09, "ev_gross_usd": -13.04, "expected_loss_real_usd": 41.04, "friction_usd": 1.0, "ev_net_usd": -14.04, "total_risk_usd": 19952.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 475}
{"ts": "2026-08-31T17:13:16.658845+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5-day momentum at +0.31% with ATM IV trading at a premium to 20-day realized volatility with an IV/RV ratio of 1.06, providing favorable conditions for selling put credit spreads following a minor 1-day pullback of -0.46%.", "invalidation": "SPY experiences continued selling that turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"695.0": 0.4582, "766.0": 0.1095, "700.0": 0.4273, "729.0": 0.2726, "769.0": 0.1092, "756.0": 0.1358, "741.0": 0.1979, "723.0": 0.3011, "710.0": 0.3848, "722.0": 0.3076, "734.0": 0.2391, "744.0": 0.1862, "751.0": 0.1538, "760.0": 0.124, "736.0": 0.2328, "725.0": 0.2993, "748.0": 0.1662, "761.0": 0.1218, "715.0": 0.3527, "735.0": 0.2323, "762.0": 0.1192, "755.0": 0.139, "768.0": 0.1056, "690.0": 0.4891, "746.0": 0.1752, "765.0": 0.1117, "726.0": 0.2927, "759.0": 0.1268, "728.0": 0.2793, "731.0": 0.2592, "727.0": 0.286, "719.0": 0.3269, "739.0": 0.2119, "743.0": 0.189, "749.0": 0.1611, "742.0": 0.1962, "732.0": 0.2525, "737.0": 0.2258, "685.0": 0.5202, "754.0": 0.1421, "750.0": 0.1579, "718.0": 0.3334, "763.0": 0.1166, "767.0": 0.1073, "740.0": 0.2049, "721.0": 0.314, "720.0": 0.3205, "764.0": 0.114, "705.0": 0.4169, "747.0": 0.1709, "753.0": 0.1454, "752.0": 0.1509, "757.0": 0.1323, "724.0": 0.2947, "730.0": 0.2659, "733.0": 0.2458, "745.0": 0.1788, "738.0": 0.2189, "758.0": 0.13}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1953, "long_delta": 0.0795, "short_iv": 0.124, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.443833, "long_quote_age": 0.558671, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.34 (gross $-31.34 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:13:33.374077+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY maintains positive 5D performance at +0.31% alongside an elevated IV/RV of 1.06, creating an attractive premium-selling opportunity in multi-day puts.", "invalidation": "SPY breaks sharply lower, extending 1D losses past -0.46% from spot 765.84."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"726.0": 0.2532, "765.0": 0.1128, "760.0": 0.1236, "742.0": 0.1772, "745.0": 0.165, "732.0": 0.219, "729.0": 0.2361, "746.0": 0.1624, "740.0": 0.1869, "736.0": 0.2044, "759.0": 0.1257, "715.0": 0.2994, "749.0": 0.1527, "741.0": 0.1807, "739.0": 0.1899, "727.0": 0.2475, "730.0": 0.2304, "723.0": 0.2637, "743.0": 0.1735, "748.0": 0.1555, "722.0": 0.2693, "728.0": 0.2418, "738.0": 0.1925, "733.0": 0.218, "734.0": 0.2121, "752.0": 0.1433, "751.0": 0.1467, "690.0": 0.42, "767.0": 0.1089, "764.0": 0.1148, "766.0": 0.1108, "720.0": 0.2804, "737.0": 0.1985, "724.0": 0.2581, "768.0": 0.1079, "725.0": 0.2526, "705.0": 0.3535, "755.0": 0.1357, "721.0": 0.2748, "744.0": 0.1694, "735.0": 0.2063, "719.0": 0.2859, "758.0": 0.128, "762.0": 0.119, "731.0": 0.2247, "700.0": 0.3674, "750.0": 0.1494, "754.0": 0.138, "757.0": 0.1308, "695.0": 0.3937, "747.0": 0.1591, "761.0": 0.1211, "756.0": 0.1331, "753.0": 0.1411, "718.0": 0.2915, "769.0": 0.1064, "710.0": 0.3265, "763.0": 0.1168}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.38, "short_delta": 0.204, "long_delta": 0.1335, "short_iv": 0.1257, "short_rel_spread": 0.009950248756218916, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.590769, "long_quote_age": 0.652941, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 765.905}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.31 (gross $-19.31 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $262/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,912.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.31 (gross $-19.31 - friction $1.00) > $0.00"}], "economics": {"credit": 0.38, "width": 3.0, "short_delta": 0.204, "long_delta": 0.1335, "max_profit_usd": 38.0, "max_loss_usd": 262.0, "breakeven_wr": 0.8733, "implied_wr": 0.796, "edge_pp": -7.73, "ev_implied_usd": -12.62, "realized_vol": 0.1064, "atm_iv": 0.1108, "vrp_ratio": 0.9603, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.21, "ev_at_half_drift_usd": -22.22, "ev_gross_usd": -19.31, "expected_loss_real_usd": 57.31, "friction_usd": 1.0, "ev_net_usd": -20.31, "total_risk_usd": 19912.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 450}
{"ts": "2026-08-31T17:14:52.653603+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.32% with ATM IV exceeding 20-day realized volatility at an IV/RV ratio of 1.06, supporting an out-of-the-money put credit spread.", "invalidation": "A continued decline in SPY extending significantly past the recent 1-day drop of -0.45% toward the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"745.0": 0.1792, "733.0": 0.2461, "736.0": 0.2331, "690.0": 0.4894, "732.0": 0.2528, "755.0": 0.1383, "746.0": 0.1755, "759.0": 0.1267, "731.0": 0.2595, "715.0": 0.3529, "705.0": 0.4172, "685.0": 0.5204, "723.0": 0.3014, "695.0": 0.4585, "742.0": 0.1965, "761.0": 0.1213, "752.0": 0.1495, "751.0": 0.1521, "762.0": 0.1188, "758.0": 0.1297, "743.0": 0.1893, "727.0": 0.2863, "720.0": 0.3207, "719.0": 0.3272, "757.0": 0.1328, "710.0": 0.3851, "737.0": 0.2261, "739.0": 0.2122, "729.0": 0.2729, "747.0": 0.1713, "766.0": 0.1094, "750.0": 0.1582, "765.0": 0.1115, "734.0": 0.2393, "764.0": 0.1139, "700.0": 0.4276, "721.0": 0.3143, "740.0": 0.2052, "768.0": 0.1053, "744.0": 0.1865, "728.0": 0.2796, "724.0": 0.2949, "748.0": 0.1666, "760.0": 0.124, "741.0": 0.1982, "767.0": 0.1066, "718.0": 0.3336, "749.0": 0.1614, "769.0": 0.109, "763.0": 0.1163, "730.0": 0.2662, "726.0": 0.2929, "735.0": 0.2326, "754.0": 0.1425, "725.0": 0.2996, "753.0": 0.1457, "738.0": 0.2192, "756.0": 0.1352, "722.0": 0.3079}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1934, "long_delta": 0.0775, "short_iv": 0.124, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.561264, "long_quote_age": 2.387586, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.875}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.75 (gross $-30.75 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 2s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.75 (gross $-30.75 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1934, "long_delta": 0.0775, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8066, "edge_pp": -9.74, "ev_implied_usd": -19.72, "realized_vol": 0.1064, "atm_iv": 0.1094, "vrp_ratio": 0.9726, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.64, "ev_at_half_drift_usd": -34.15, "ev_gross_usd": -30.75, "expected_loss_real_usd": 78.75, "friction_usd": 1.0, "ev_net_usd": -31.75, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 510}
{"ts": "2026-08-31T17:15:03.972985+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5D return of +0.32% and an elevated IV/RV ratio of 1.06, supporting put premium harvesting over a 4-7 DTE window.", "invalidation": "Acceleration of the 1D -0.45% drop that breaks the 5D upward momentum would invalidate this bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"721.0": 0.2494, "756.0": 0.1341, "702.0": 0.3295, "691.0": 0.3721, "696.0": 0.3582, "745.0": 0.1626, "716.0": 0.2743, "744.0": 0.1649, "727.0": 0.2274, "714.0": 0.2785, "761.0": 0.1238, "701.0": 0.3343, "738.0": 0.1849, "732.0": 0.2078, "706.0": 0.3176, "757.0": 0.1319, "717.0": 0.2693, "711.0": 0.2932, "698.0": 0.3487, "730.0": 0.2153, "746.0": 0.1599, "710.0": 0.2981, "765.0": 0.116, "737.0": 0.1883, "722.0": 0.249, "707.0": 0.3127, "758.0": 0.1298, "733.0": 0.2025, "762.0": 0.1217, "734.0": 0.1998, "740.0": 0.1775, "713.0": 0.2834, "685.0": 0.4003, "705.0": 0.3225, "759.0": 0.1278, "715.0": 0.2793, "725.0": 0.2338, "736.0": 0.1915, "750.0": 0.1486, "729.0": 0.2171, "766.0": 0.1142, "723.0": 0.2439, "747.0": 0.1567, "731.0": 0.21, "697.0": 0.3534, "763.0": 0.1198, "764.0": 0.118, "712.0": 0.2883, "700.0": 0.3391, "753.0": 0.141, "755.0": 0.1363, "748.0": 0.1542, "735.0": 0.1969, "693.0": 0.3627, "728.0": 0.2223, "708.0": 0.3078, "752.0": 0.1432, "726.0": 0.2287, "741.0": 0.1752, "695.0": 0.363, "720.0": 0.2544, "703.0": 0.3247, "704.0": 0.3199, "709.0": 0.3029, "767.0": 0.1125, "739.0": 0.1813, "760.0": 0.1258, "754.0": 0.1387, "692.0": 0.3674, "742.0": 0.171, "751.0": 0.1462, "690.0": 0.3768, "769.0": 0.1096, "724.0": 0.2389, "699.0": 0.3439, "719.0": 0.2594, "749.0": 0.1512, "768.0": 0.112, "743.0": 0.1681, "694.0": 0.358, "718.0": 0.2644}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.6, "short_delta": 0.2114, "long_delta": 0.1175, "short_iv": 0.1298, "short_rel_spread": 0.00796812749003985, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.62192, "long_quote_age": 0.669087, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 440.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.30 (gross $-28.30 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:16:27.450488+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains an elevated IV/RV ratio of 1.06 and a positive 5-day return of +0.33%, offering favorable premium to sell put credit spreads following a mild 1-day decline of -0.44%.", "invalidation": "A continued sharp downward move in SPY spot price breaching the short strike or a severe drop in the 5-day return profile."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"763.0": 0.1166, "730.0": 0.2669, "729.0": 0.2736, "731.0": 0.2602, "738.0": 0.2199, "746.0": 0.1763, "710.0": 0.3858, "718.0": 0.3343, "722.0": 0.3085, "745.0": 0.18, "752.0": 0.1504, "757.0": 0.1331, "756.0": 0.1364, "727.0": 0.287, "742.0": 0.1973, "741.0": 0.199, "743.0": 0.1901, "715.0": 0.3536, "751.0": 0.1531, "764.0": 0.1142, "759.0": 0.1273, "721.0": 0.315, "690.0": 0.49, "744.0": 0.1873, "769.0": 0.1118, "685.0": 0.521, "754.0": 0.1422, "732.0": 0.2535, "735.0": 0.2333, "767.0": 0.1079, "695.0": 0.4591, "758.0": 0.1302, "728.0": 0.2803, "733.0": 0.2468, "748.0": 0.1674, "768.0": 0.1061, "750.0": 0.1568, "766.0": 0.1097, "765.0": 0.1119, "740.0": 0.206, "737.0": 0.2269, "762.0": 0.1192, "726.0": 0.2937, "749.0": 0.1623, "755.0": 0.1393, "705.0": 0.4179, "753.0": 0.1467, "719.0": 0.3279, "747.0": 0.1721, "724.0": 0.2956, "761.0": 0.1216, "720.0": 0.3214, "700.0": 0.4282, "723.0": 0.3021, "739.0": 0.213, "734.0": 0.2401, "725.0": 0.3003, "736.0": 0.2338, "760.0": 0.1247}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1904, "long_delta": 0.077, "short_iv": 0.1247, "short_rel_spread": 0.01342281879194632, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.493117, "long_quote_age": 0.684174, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 765.97}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.74 (gross $-30.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:16:40.962440+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day returns (+0.33%) and an elevated IV/RV of 1.06, offering positive volatility premium for put credit spreads.", "invalidation": "SPY dropping further after the 1-day decline of -0.44% would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"764.0": 0.1148, "738.0": 0.1931, "751.0": 0.1464, "734.0": 0.2128, "725.0": 0.2532, "741.0": 0.1814, "730.0": 0.231, "748.0": 0.1562, "756.0": 0.1331, "723.0": 0.2643, "768.0": 0.1076, "749.0": 0.1521, "718.0": 0.2921, "754.0": 0.1381, "769.0": 0.1059, "690.0": 0.4206, "733.0": 0.2186, "760.0": 0.1234, "739.0": 0.1906, "724.0": 0.2587, "759.0": 0.1258, "736.0": 0.201, "742.0": 0.1779, "745.0": 0.1658, "766.0": 0.111, "763.0": 0.117, "737.0": 0.1991, "700.0": 0.368, "721.0": 0.2754, "705.0": 0.354, "735.0": 0.2069, "752.0": 0.1441, "757.0": 0.1306, "750.0": 0.1502, "758.0": 0.128, "767.0": 0.109, "726.0": 0.2476, "722.0": 0.2699, "727.0": 0.2481, "755.0": 0.1359, "744.0": 0.1701, "719.0": 0.2865, "746.0": 0.1631, "743.0": 0.1742, "715.0": 0.3, "753.0": 0.1411, "710.0": 0.327, "732.0": 0.2196, "695.0": 0.3943, "747.0": 0.1599, "765.0": 0.1129, "762.0": 0.1192, "740.0": 0.1845, "761.0": 0.1212, "729.0": 0.2367, "728.0": 0.2424, "731.0": 0.2253, "720.0": 0.281}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2007, "long_delta": 0.1309, "short_iv": 0.1258, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.407976, "long_quote_age": 0.809702, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 766.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.71 (gross $-18.21 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $262/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,912.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.71 (gross $-18.21 - friction $1.50) > $0.00"}], "economics": {"credit": 0.38, "width": 3.0, "short_delta": 0.2007, "long_delta": 0.1309, "max_profit_usd": 38.0, "max_loss_usd": 262.0, "breakeven_wr": 0.8733, "implied_wr": 0.7993, "edge_pp": -7.4, "ev_implied_usd": -11.74, "realized_vol": 0.1064, "atm_iv": 0.111, "vrp_ratio": 0.9586, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.06, "ev_at_half_drift_usd": -21.09, "ev_gross_usd": -18.21, "expected_loss_real_usd": 56.21, "friction_usd": 1.5, "ev_net_usd": -19.71, "total_risk_usd": 19912.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 460}
{"ts": "2026-08-31T17:17:58.476768+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains a positive 5D return of +0.33% alongside an elevated IV/RV ratio of 1.06, offering favorable conditions to collect premium on a minor 1D pullback of -0.44%.", "invalidation": "SPY extends its 1D decline of -0.44% into a sharp downward break toward the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"720.0": 0.3213, "724.0": 0.2955, "721.0": 0.3148, "758.0": 0.1307, "730.0": 0.2667, "749.0": 0.1621, "729.0": 0.2734, "769.0": 0.1049, "750.0": 0.1566, "760.0": 0.125, "725.0": 0.3001, "744.0": 0.1871, "740.0": 0.2058, "719.0": 0.3277, "690.0": 0.4899, "727.0": 0.2868, "715.0": 0.3534, "737.0": 0.2267, "738.0": 0.2197, "728.0": 0.2801, "723.0": 0.3019, "722.0": 0.3084, "768.0": 0.1062, "695.0": 0.4589, "733.0": 0.2466, "763.0": 0.1172, "734.0": 0.2399, "745.0": 0.1798, "700.0": 0.428, "759.0": 0.1276, "742.0": 0.1971, "755.0": 0.1403, "753.0": 0.1465, "705.0": 0.4177, "710.0": 0.3856, "747.0": 0.1686, "765.0": 0.1125, "743.0": 0.1899, "761.0": 0.1224, "751.0": 0.1528, "718.0": 0.3341, "754.0": 0.1433, "731.0": 0.26, "739.0": 0.2128, "757.0": 0.1337, "752.0": 0.1502, "748.0": 0.1672, "756.0": 0.1371, "767.0": 0.1083, "762.0": 0.1198, "746.0": 0.1761, "764.0": 0.1149, "726.0": 0.2935, "736.0": 0.2336, "732.0": 0.2533, "735.0": 0.2332, "741.0": 0.1988, "766.0": 0.1103}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1921, "long_delta": 0.1124, "short_iv": 0.125, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.412433, "long_quote_age": 0.589221, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 266.0, "total_risk": 19950.0, "buying_power_used_pct": 0.9975}, "spot": 765.95}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.10 (gross $-19.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $266/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,950.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.10 (gross $-19.10 - friction $1.00) > $0.00"}], "economics": {"credit": 0.34, "width": 3.0, "short_delta": 0.1921, "long_delta": 0.1124, "max_profit_usd": 34.0, "max_loss_usd": 266.0, "breakeven_wr": 0.8867, "implied_wr": 0.8079, "edge_pp": -7.88, "ev_implied_usd": -11.67, "realized_vol": 0.1064, "atm_iv": 0.1103, "vrp_ratio": 0.9646, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -23.66, "ev_at_half_drift_usd": -21.35, "ev_gross_usd": -19.1, "expected_loss_real_usd": 53.1, "friction_usd": 1.0, "ev_net_usd": -20.1, "total_risk_usd": 19950.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 484}
{"ts": "2026-08-31T17:18:12.239877+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains a positive 5-day return of +0.33% alongside an IV/RV ratio of 1.06, providing favorable implied volatility premium for short put spreads over a longer expiry window.", "invalidation": "SPY extends its 1-day decline of -0.44% and erases the 5-day gain of +0.33%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"699.0": 0.3438, "758.0": 0.1301, "710.0": 0.298, "767.0": 0.1128, "718.0": 0.2643, "750.0": 0.1485, "705.0": 0.3151, "752.0": 0.1439, "756.0": 0.1346, "744.0": 0.1649, "720.0": 0.2544, "692.0": 0.3674, "757.0": 0.1323, "732.0": 0.2047, "701.0": 0.3343, "716.0": 0.2743, "693.0": 0.3627, "702.0": 0.3295, "711.0": 0.2932, "723.0": 0.2439, "749.0": 0.1512, "753.0": 0.1416, "712.0": 0.2883, "721.0": 0.2494, "706.0": 0.3176, "736.0": 0.1914, "722.0": 0.249, "754.0": 0.1392, "708.0": 0.3078, "747.0": 0.1567, "727.0": 0.2274, "764.0": 0.1183, "713.0": 0.2834, "738.0": 0.1848, "725.0": 0.2338, "728.0": 0.2222, "734.0": 0.1971, "714.0": 0.2785, "697.0": 0.3534, "745.0": 0.1626, "769.0": 0.1092, "760.0": 0.1261, "763.0": 0.1201, "737.0": 0.1883, "715.0": 0.2736, "731.0": 0.21, "739.0": 0.1812, "746.0": 0.1599, "762.0": 0.122, "766.0": 0.1145, "733.0": 0.2024, "694.0": 0.358, "768.0": 0.1104, "691.0": 0.3721, "748.0": 0.1542, "698.0": 0.3486, "765.0": 0.1164, "700.0": 0.3391, "704.0": 0.3199, "726.0": 0.2287, "709.0": 0.3029, "740.0": 0.1774, "730.0": 0.2153, "707.0": 0.3127, "717.0": 0.2693, "759.0": 0.1281, "724.0": 0.2388, "735.0": 0.1944, "729.0": 0.2171, "695.0": 0.363, "719.0": 0.2594, "741.0": 0.1752, "755.0": 0.1368, "696.0": 0.3582, "743.0": 0.1681, "742.0": 0.171, "761.0": 0.1241, "690.0": 0.3768, "703.0": 0.3247, "751.0": 0.1461}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1891, "long_delta": 0.1334, "short_iv": 0.1323, "short_rel_spread": 0.018018018018018032, "long_rel_spread": 0.013245033112582794, "short_quote_age": 1.10712, "long_quote_age": 0.752347, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.895}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.38 (gross $-16.88 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:19:34.439239+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return (+0.30%) with an IV/RV ratio of 1.06, offering attractive premium to harvest via a defined-risk put spread.", "invalidation": "SPY spot breaks down significantly below 765.77 as 1-day downward momentum persists."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"735.0": 0.2315, "755.0": 0.1402, "724.0": 0.2939, "742.0": 0.1954, "769.0": 0.0997, "762.0": 0.1196, "727.0": 0.2852, "768.0": 0.1061, "718.0": 0.3326, "761.0": 0.1225, "700.0": 0.4267, "760.0": 0.1251, "715.0": 0.3519, "763.0": 0.1171, "750.0": 0.1569, "748.0": 0.1653, "753.0": 0.1459, "731.0": 0.2585, "721.0": 0.3133, "752.0": 0.1498, "756.0": 0.1367, "695.0": 0.4575, "733.0": 0.245, "744.0": 0.1854, "751.0": 0.1528, "741.0": 0.1971, "720.0": 0.3198, "767.0": 0.1076, "757.0": 0.1338, "722.0": 0.3069, "725.0": 0.2986, "736.0": 0.232, "740.0": 0.2041, "739.0": 0.2111, "738.0": 0.2181, "723.0": 0.3004, "710.0": 0.3841, "746.0": 0.1743, "759.0": 0.1276, "730.0": 0.2652, "747.0": 0.1667, "685.0": 0.5195, "719.0": 0.3262, "758.0": 0.1311, "690.0": 0.4885, "705.0": 0.4162, "754.0": 0.1424, "728.0": 0.2785, "766.0": 0.1101, "734.0": 0.2383, "732.0": 0.2517, "729.0": 0.2719, "726.0": 0.2919, "749.0": 0.1601, "745.0": 0.178, "737.0": 0.225, "764.0": 0.1147, "765.0": 0.1123, "743.0": 0.1882}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.5, "short_delta": 0.202, "long_delta": 0.0836, "short_iv": 0.1251, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03278688524590167, "short_quote_age": 1.701428, "long_quote_age": 0.753474, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.72}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.28 (gross $-31.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 2s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.28 (gross $-31.28 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.202, "long_delta": 0.0836, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.798, "edge_pp": -10.2, "ev_implied_usd": -21.4, "realized_vol": 0.1064, "atm_iv": 0.1101, "vrp_ratio": 0.9664, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.29, "ev_at_half_drift_usd": -34.74, "ev_gross_usd": -31.28, "expected_loss_real_usd": 81.28, "friction_usd": 1.0, "ev_net_usd": -32.28, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 450}
{"ts": "2026-08-31T17:19:49.997616+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY shows positive 5D momentum at +0.30% with an elevated IV/RV ratio of 1.06, providing an attractive environment for collecting premium via put credit spreads.", "invalidation": "SPY spot breaks downward below 765.77 and turns the 5D return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"743.0": 0.1887, "769.0": 0.1022, "745.0": 0.1785, "729.0": 0.2723, "758.0": 0.1307, "740.0": 0.2046, "731.0": 0.2589, "759.0": 0.1277, "750.0": 0.1575, "767.0": 0.1087, "751.0": 0.1534, "727.0": 0.2857, "736.0": 0.2324, "715.0": 0.3524, "718.0": 0.3331, "735.0": 0.232, "752.0": 0.1504, "741.0": 0.1976, "753.0": 0.1465, "710.0": 0.3845, "725.0": 0.299, "732.0": 0.2522, "755.0": 0.1397, "728.0": 0.279, "768.0": 0.1063, "719.0": 0.3266, "762.0": 0.1196, "764.0": 0.1145, "721.0": 0.3137, "723.0": 0.3008, "737.0": 0.2255, "720.0": 0.3202, "738.0": 0.2185, "748.0": 0.1658, "705.0": 0.4167, "700.0": 0.427, "739.0": 0.2116, "749.0": 0.1607, "722.0": 0.3073, "761.0": 0.1223, "730.0": 0.2656, "756.0": 0.1364, "754.0": 0.143, "765.0": 0.1121, "757.0": 0.1336, "695.0": 0.4579, "760.0": 0.1247, "744.0": 0.1858, "763.0": 0.117, "746.0": 0.1748, "742.0": 0.1959, "690.0": 0.4889, "747.0": 0.1706, "766.0": 0.1097, "724.0": 0.2944, "734.0": 0.2387, "726.0": 0.2923, "733.0": 0.2455}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1985, "long_delta": 0.1169, "short_iv": 0.1247, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.479516, "long_quote_age": 0.463981, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 265.0, "total_risk": 19875.0, "buying_power_used_pct": 0.9938}, "spot": 765.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-21.32 (gross $-20.32 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $265/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,875.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-21.32 (gross $-20.32 - friction $1.00) > $0.00"}], "economics": {"credit": 0.35, "width": 3.0, "short_delta": 0.1985, "long_delta": 0.1169, "max_profit_usd": 35.0, "max_loss_usd": 265.0, "breakeven_wr": 0.8833, "implied_wr": 0.8015, "edge_pp": -8.18, "ev_implied_usd": -12.31, "realized_vol": 0.1064, "atm_iv": 0.1097, "vrp_ratio": 0.9699, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.97, "ev_at_half_drift_usd": -22.62, "ev_gross_usd": -20.32, "expected_loss_real_usd": 55.32, "friction_usd": 1.0, "ev_net_usd": -21.32, "total_risk_usd": 19875.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 453}
{"ts": "2026-08-31T17:21:07.654843+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY short-term implied volatility is elevated relative to realized volatility with an IV/RV ratio of 1.06 alongside a positive 5-day return of +0.30%, favoring short put premium selling.", "invalidation": "Further negative price momentum extending beyond the 1-day decline of -0.46% below the 765.78 spot price."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"740.0": 0.2048, "705.0": 0.4168, "764.0": 0.1146, "690.0": 0.489, "721.0": 0.3139, "768.0": 0.106, "741.0": 0.1978, "769.0": 0.1032, "765.0": 0.112, "732.0": 0.2524, "735.0": 0.2322, "749.0": 0.1609, "738.0": 0.2187, "719.0": 0.3268, "700.0": 0.4272, "752.0": 0.1507, "766.0": 0.1099, "739.0": 0.2118, "748.0": 0.1661, "737.0": 0.2257, "710.0": 0.3847, "754.0": 0.1433, "718.0": 0.3332, "758.0": 0.1306, "731.0": 0.2591, "743.0": 0.1889, "751.0": 0.1537, "715.0": 0.3525, "734.0": 0.2389, "722.0": 0.3075, "733.0": 0.2457, "750.0": 0.1577, "760.0": 0.1251, "724.0": 0.2946, "729.0": 0.2725, "746.0": 0.175, "727.0": 0.2859, "723.0": 0.301, "756.0": 0.1367, "742.0": 0.1961, "747.0": 0.1708, "695.0": 0.4581, "726.0": 0.2925, "736.0": 0.2326, "763.0": 0.117, "753.0": 0.1467, "761.0": 0.1221, "759.0": 0.128, "755.0": 0.14, "744.0": 0.1861, "767.0": 0.1081, "720.0": 0.3204, "728.0": 0.2792, "762.0": 0.1195, "730.0": 0.2658, "757.0": 0.134, "725.0": 0.2992, "745.0": 0.1787}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.35, "short_delta": 0.198, "long_delta": 0.1167, "short_iv": 0.1251, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.533826, "long_quote_age": 0.488067, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 265.0, "total_risk": 19875.0, "buying_power_used_pct": 0.9938}, "spot": 765.815}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.69 (gross $-19.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:21:20.785971+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains a positive 5D return (+0.30%) with an IV/RV ratio of 1.06, providing favorable premium to sell put credit spreads across a 4-7 DTE window following the 1D -0.46% pullback.", "invalidation": "SPY falling further below the current spot price of 765.78 and turning 5D return negative would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"717.0": 0.2687, "733.0": 0.2018, "738.0": 0.1842, "699.0": 0.3433, "742.0": 0.1718, "701.0": 0.3337, "714.0": 0.2779, "749.0": 0.1512, "754.0": 0.1388, "719.0": 0.2588, "693.0": 0.3622, "696.0": 0.3577, "747.0": 0.1559, "739.0": 0.1805, "740.0": 0.1767, "750.0": 0.1485, "727.0": 0.2268, "752.0": 0.1436, "695.0": 0.3625, "690.0": 0.3762, "751.0": 0.146, "731.0": 0.2094, "757.0": 0.1321, "692.0": 0.3669, "726.0": 0.2281, "722.0": 0.2484, "712.0": 0.2877, "710.0": 0.2975, "691.0": 0.3715, "736.0": 0.1908, "724.0": 0.2382, "745.0": 0.1618, "702.0": 0.3289, "728.0": 0.2216, "768.0": 0.1104, "713.0": 0.2828, "716.0": 0.2737, "756.0": 0.1342, "698.0": 0.3481, "706.0": 0.317, "743.0": 0.1673, "711.0": 0.2926, "704.0": 0.3193, "755.0": 0.1363, "721.0": 0.2488, "725.0": 0.2331, "764.0": 0.1179, "758.0": 0.13, "732.0": 0.2071, "735.0": 0.1937, "715.0": 0.273, "723.0": 0.2433, "705.0": 0.3145, "765.0": 0.1161, "703.0": 0.3241, "748.0": 0.1533, "700.0": 0.3385, "709.0": 0.3023, "730.0": 0.2146, "708.0": 0.3072, "766.0": 0.1144, "734.0": 0.1991, "762.0": 0.1219, "737.0": 0.1876, "741.0": 0.1745, "763.0": 0.12, "720.0": 0.2538, "697.0": 0.3529, "759.0": 0.1279, "729.0": 0.2164, "760.0": 0.1257, "694.0": 0.3575, "744.0": 0.1654, "753.0": 0.1412, "707.0": 0.3121, "718.0": 0.2637, "746.0": 0.1591, "769.0": 0.1083, "767.0": 0.1126, "761.0": 0.1237}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.36, "short_delta": 0.192, "long_delta": 0.1352, "short_iv": 0.1321, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.013071895424836612, "short_quote_age": 1.901755, "long_quote_age": 0.64968, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.55 (gross $-17.05 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:22:44.951068+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.31% with implied volatility trading at a premium to realized volatility (IV/RV 1.07), making put credit spreads attractive on the modest 1-day dip of -0.45%.", "invalidation": "SPY spot price drops sharply below the short put strike as daily losses accelerate."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"718.0": 0.3337, "710.0": 0.3852, "745.0": 0.1793, "730.0": 0.2663, "750.0": 0.1584, "759.0": 0.1276, "742.0": 0.1966, "733.0": 0.2462, "768.0": 0.1061, "741.0": 0.1984, "766.0": 0.11, "767.0": 0.108, "685.0": 0.5205, "719.0": 0.3273, "727.0": 0.2864, "764.0": 0.1147, "721.0": 0.3144, "720.0": 0.3209, "695.0": 0.4586, "754.0": 0.1427, "765.0": 0.1121, "760.0": 0.1249, "752.0": 0.1496, "753.0": 0.1475, "763.0": 0.1171, "757.0": 0.1339, "726.0": 0.2931, "731.0": 0.2596, "747.0": 0.1714, "755.0": 0.1397, "732.0": 0.2529, "723.0": 0.3015, "724.0": 0.2951, "740.0": 0.2054, "739.0": 0.2124, "738.0": 0.2193, "756.0": 0.1365, "744.0": 0.1867, "690.0": 0.4895, "749.0": 0.1616, "761.0": 0.1221, "748.0": 0.1667, "769.0": 0.1062, "758.0": 0.1308, "737.0": 0.2263, "746.0": 0.1756, "736.0": 0.2332, "728.0": 0.2797, "734.0": 0.2395, "762.0": 0.1197, "722.0": 0.308, "715.0": 0.353, "743.0": 0.1895, "725.0": 0.2997, "735.0": 0.2327, "705.0": 0.4173, "729.0": 0.273, "751.0": 0.1544, "700.0": 0.4277}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1943, "long_delta": 0.0792, "short_iv": 0.1249, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.60949, "long_quote_age": 0.777935, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.88}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.03 (gross $-31.03 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:23:00.378836+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits elevated implied volatility with an IV/RV ratio of 1.07 alongside a positive 5D return of +0.31%, favoring put credit spread premium collection.", "invalidation": "SPY spot drops significantly below the current 765.85 level, continuing the 1D -0.45% decline."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"759.0": 0.1262, "743.0": 0.1732, "754.0": 0.1385, "731.0": 0.2244, "734.0": 0.2119, "715.0": 0.2992, "769.0": 0.106, "768.0": 0.1073, "722.0": 0.269, "741.0": 0.1804, "760.0": 0.1236, "746.0": 0.1621, "728.0": 0.2416, "755.0": 0.136, "762.0": 0.1193, "736.0": 0.2042, "719.0": 0.2857, "690.0": 0.4198, "730.0": 0.2302, "721.0": 0.2746, "756.0": 0.1334, "757.0": 0.131, "739.0": 0.1896, "761.0": 0.1215, "735.0": 0.206, "685.0": 0.4462, "748.0": 0.1551, "750.0": 0.1491, "725.0": 0.2523, "751.0": 0.1463, "723.0": 0.2635, "745.0": 0.1668, "705.0": 0.3533, "718.0": 0.2912, "738.0": 0.1922, "724.0": 0.2579, "733.0": 0.2177, "765.0": 0.1129, "737.0": 0.1982, "740.0": 0.1835, "727.0": 0.2473, "695.0": 0.3935, "732.0": 0.2187, "742.0": 0.177, "766.0": 0.1111, "720.0": 0.2801, "729.0": 0.2359, "764.0": 0.1149, "747.0": 0.1588, "767.0": 0.1091, "744.0": 0.1691, "700.0": 0.3672, "753.0": 0.1407, "763.0": 0.117, "752.0": 0.1439, "758.0": 0.1286, "749.0": 0.1524, "710.0": 0.3262, "726.0": 0.2468}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2065, "long_delta": 0.1014, "short_iv": 0.1262, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.529234, "long_quote_age": 0.759133, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.86}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.44 (gross $-30.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.44 (gross $-30.44 - friction $1.00) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2065, "long_delta": 0.1014, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7935, "edge_pp": -9.45, "ev_implied_usd": -20.97, "realized_vol": 0.1064, "atm_iv": 0.1111, "vrp_ratio": 0.9577, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.51, "ev_at_half_drift_usd": -34.9, "ev_gross_usd": -30.44, "expected_loss_real_usd": 86.44, "friction_usd": 1.0, "ev_net_usd": -31.44, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 472}
{"ts": "2026-08-31T17:24:19.504962+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5-day momentum of +0.31% while ATM IV of 11.08% commands a 1.07 IV/RV premium over 20-day realized volatility, favoring short put spread premium collection.", "invalidation": "SPY spot price extends its 1-day decline of -0.45% and turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"729.0": 0.2728, "719.0": 0.3271, "710.0": 0.385, "728.0": 0.2795, "751.0": 0.1541, "700.0": 0.4275, "730.0": 0.2661, "690.0": 0.4893, "742.0": 0.1964, "746.0": 0.1754, "731.0": 0.2594, "685.0": 0.5203, "741.0": 0.1981, "767.0": 0.1082, "732.0": 0.2527, "720.0": 0.3206, "760.0": 0.1251, "748.0": 0.1664, "724.0": 0.2948, "718.0": 0.3335, "722.0": 0.3078, "759.0": 0.1279, "743.0": 0.1892, "723.0": 0.3013, "695.0": 0.4584, "740.0": 0.2051, "734.0": 0.2392, "763.0": 0.117, "747.0": 0.1712, "769.0": 0.105, "726.0": 0.2928, "757.0": 0.1336, "754.0": 0.1424, "705.0": 0.4171, "735.0": 0.2325, "725.0": 0.2995, "752.0": 0.1493, "733.0": 0.246, "727.0": 0.2862, "721.0": 0.3142, "750.0": 0.1581, "745.0": 0.179, "762.0": 0.1197, "753.0": 0.1456, "761.0": 0.1222, "758.0": 0.1304, "764.0": 0.1145, "738.0": 0.2191, "749.0": 0.1613, "715.0": 0.3528, "744.0": 0.1864, "768.0": 0.1065, "755.0": 0.1393, "736.0": 0.233, "739.0": 0.2121, "765.0": 0.1123, "737.0": 0.226, "756.0": 0.1372, "766.0": 0.1099}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1961, "long_delta": 0.0794, "short_iv": 0.1251, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.711699, "long_quote_age": 0.955298, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.85}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.59 (gross $-30.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:24:32.908818+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.07 with positive 5D return of +0.31%, supporting selling put credit spreads over a 4 to 7 DTE window.", "invalidation": "SPY experiences further downside that turns the 5D return negative or IV falls significantly relative to RV20."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"703.0": 0.3243, "759.0": 0.1279, "757.0": 0.1321, "707.0": 0.3123, "722.0": 0.2486, "712.0": 0.2879, "726.0": 0.2283, "733.0": 0.202, "743.0": 0.1676, "729.0": 0.2167, "734.0": 0.1994, "765.0": 0.1161, "697.0": 0.3531, "752.0": 0.1433, "696.0": 0.3579, "740.0": 0.177, "769.0": 0.1095, "698.0": 0.3483, "747.0": 0.1562, "741.0": 0.1747, "758.0": 0.1298, "727.0": 0.227, "762.0": 0.1218, "692.0": 0.3671, "731.0": 0.2096, "744.0": 0.1644, "760.0": 0.1259, "766.0": 0.1142, "750.0": 0.148, "718.0": 0.264, "725.0": 0.2334, "724.0": 0.2385, "732.0": 0.2073, "695.0": 0.3627, "709.0": 0.3026, "761.0": 0.1239, "708.0": 0.3075, "710.0": 0.2977, "749.0": 0.1506, "728.0": 0.2219, "746.0": 0.1594, "685.0": 0.4, "738.0": 0.1844, "699.0": 0.3435, "713.0": 0.283, "735.0": 0.194, "768.0": 0.1104, "691.0": 0.3718, "720.0": 0.254, "723.0": 0.2435, "704.0": 0.3196, "721.0": 0.249, "730.0": 0.2149, "702.0": 0.3291, "748.0": 0.1537, "764.0": 0.1179, "751.0": 0.1456, "714.0": 0.2782, "705.0": 0.3148, "706.0": 0.3172, "694.0": 0.3577, "755.0": 0.1367, "693.0": 0.3624, "700.0": 0.3387, "717.0": 0.269, "756.0": 0.1344, "690.0": 0.3765, "711.0": 0.2928, "701.0": 0.3339, "739.0": 0.1808, "745.0": 0.1621, "742.0": 0.1705, "736.0": 0.191, "753.0": 0.141, "737.0": 0.1878, "719.0": 0.259, "754.0": 0.1386, "767.0": 0.1125, "716.0": 0.2739, "763.0": 0.1199, "715.0": 0.2733}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1907, "long_delta": 0.1057, "short_iv": 0.1321, "short_rel_spread": 0.017857142857142672, "long_rel_spread": 0.01709401709401711, "short_quote_age": 1.74723, "long_quote_age": 0.814883, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.855}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.26 (gross $-26.76 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:25:54.553428+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5D momentum at +0.29% with IV/RV at 1.07 providing favorable premium to sell out-of-the-money puts.", "invalidation": "SPY spot drops significantly, turning 5D momentum negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"721.0": 0.3125, "747.0": 0.1691, "756.0": 0.1364, "740.0": 0.2033, "760.0": 0.1247, "710.0": 0.3833, "768.0": 0.1064, "752.0": 0.1487, "759.0": 0.1274, "738.0": 0.2172, "720.0": 0.319, "718.0": 0.3319, "685.0": 0.5188, "727.0": 0.2844, "761.0": 0.1221, "736.0": 0.2311, "767.0": 0.1082, "728.0": 0.2777, "764.0": 0.1144, "749.0": 0.1617, "735.0": 0.2307, "762.0": 0.1195, "724.0": 0.2932, "750.0": 0.1559, "726.0": 0.2911, "757.0": 0.1333, "758.0": 0.1304, "715.0": 0.3512, "700.0": 0.4259, "729.0": 0.271, "730.0": 0.2643, "753.0": 0.1462, "722.0": 0.3061, "742.0": 0.1945, "690.0": 0.4878, "751.0": 0.1537, "723.0": 0.2996, "705.0": 0.4155, "765.0": 0.1121, "746.0": 0.1733, "731.0": 0.2576, "733.0": 0.2442, "695.0": 0.4568, "719.0": 0.3254, "769.0": 0.0982, "737.0": 0.2242, "766.0": 0.1098, "748.0": 0.1643, "754.0": 0.1425, "739.0": 0.2102, "743.0": 0.1873, "755.0": 0.1401, "734.0": 0.2375, "745.0": 0.177, "732.0": 0.2509, "725.0": 0.2978, "763.0": 0.1169, "741.0": 0.2016, "744.0": 0.1844}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2064, "long_delta": 0.086, "short_iv": 0.1247, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.615332, "long_quote_age": 0.556435, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.54}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.81 (gross $-32.81 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.81 (gross $-32.81 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2064, "long_delta": 0.086, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7936, "edge_pp": -10.44, "ev_implied_usd": -22.1, "realized_vol": 0.1064, "atm_iv": 0.1098, "vrp_ratio": 0.969, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.95, "ev_at_half_drift_usd": -36.33, "ev_gross_usd": -32.81, "expected_loss_real_usd": 83.81, "friction_usd": 1.0, "ev_net_usd": -33.81, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 400}
{"ts": "2026-08-31T17:26:06.739774+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.29% with an IV/RV ratio of 1.07 indicating options pricing above 20-day realized volatility.", "invalidation": "SPY spot drops significantly below 765.68 reversing its 5D gain."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"718.0": 0.2626, "727.0": 0.2256, "748.0": 0.1536, "739.0": 0.1811, "769.0": 0.1085, "756.0": 0.1341, "690.0": 0.3752, "754.0": 0.1386, "732.0": 0.2058, "714.0": 0.2825, "704.0": 0.3182, "706.0": 0.3159, "745.0": 0.1615, "693.0": 0.3611, "715.0": 0.2775, "707.0": 0.311, "717.0": 0.2676, "716.0": 0.2725, "728.0": 0.2204, "742.0": 0.1704, "705.0": 0.3208, "760.0": 0.1256, "759.0": 0.1278, "701.0": 0.3326, "752.0": 0.1431, "709.0": 0.3012, "755.0": 0.1363, "698.0": 0.347, "757.0": 0.1319, "692.0": 0.3658, "685.0": 0.3987, "762.0": 0.1217, "746.0": 0.1586, "721.0": 0.2522, "729.0": 0.2186, "740.0": 0.1772, "744.0": 0.164, "741.0": 0.1731, "767.0": 0.1128, "764.0": 0.1179, "731.0": 0.2112, "720.0": 0.2526, "749.0": 0.1504, "699.0": 0.3422, "724.0": 0.237, "708.0": 0.3061, "738.0": 0.1828, "726.0": 0.2307, "758.0": 0.1298, "723.0": 0.2421, "719.0": 0.2576, "753.0": 0.1409, "768.0": 0.1099, "696.0": 0.3566, "702.0": 0.3278, "703.0": 0.323, "736.0": 0.1918, "750.0": 0.1483, "735.0": 0.1949, "694.0": 0.3662, "737.0": 0.1862, "725.0": 0.2359, "730.0": 0.2134, "711.0": 0.2915, "697.0": 0.3518, "710.0": 0.2963, "734.0": 0.1979, "751.0": 0.1457, "765.0": 0.116, "766.0": 0.1144, "761.0": 0.1239, "743.0": 0.1673, "763.0": 0.1198, "722.0": 0.2472, "700.0": 0.3374, "691.0": 0.3705, "747.0": 0.1564, "733.0": 0.2005, "695.0": 0.3614, "712.0": 0.2866, "713.0": 0.2875}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.1983, "long_delta": 0.1103, "short_iv": 0.1319, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.656809, "long_quote_age": 0.658091, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.525}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.67 (gross $-27.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:27:27.513664+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains a positive 5-day return of +0.26% and an elevated IV/RV ratio of 1.07, favoring selling short-term put premium following a 1-day decline of -0.50%.", "invalidation": "SPY spot price continues to decline significantly below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"744.0": 0.1836, "722.0": 0.3054, "743.0": 0.1865, "761.0": 0.1223, "763.0": 0.117, "734.0": 0.2367, "727.0": 0.2837, "765.0": 0.1126, "730.0": 0.2636, "747.0": 0.1682, "733.0": 0.2435, "759.0": 0.1274, "735.0": 0.23, "720.0": 0.3183, "751.0": 0.1528, "729.0": 0.2703, "769.0": 0.0948, "725.0": 0.2971, "710.0": 0.3827, "762.0": 0.1196, "718.0": 0.3312, "732.0": 0.2502, "736.0": 0.2304, "705.0": 0.4148, "753.0": 0.1452, "757.0": 0.1339, "756.0": 0.1363, "746.0": 0.1725, "728.0": 0.277, "742.0": 0.1937, "767.0": 0.1078, "690.0": 0.4872, "721.0": 0.3119, "715.0": 0.3505, "723.0": 0.2989, "760.0": 0.1251, "766.0": 0.11, "748.0": 0.1635, "745.0": 0.1763, "738.0": 0.2165, "758.0": 0.1307, "740.0": 0.2025, "754.0": 0.1428, "768.0": 0.1068, "764.0": 0.1145, "739.0": 0.2095, "685.0": 0.5182, "750.0": 0.1572, "752.0": 0.1495, "755.0": 0.1391, "724.0": 0.2925, "737.0": 0.2234, "731.0": 0.2569, "700.0": 0.4253, "749.0": 0.1608, "741.0": 0.2009, "726.0": 0.2904, "719.0": 0.3247, "695.0": 0.4562}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2117, "long_delta": 0.0865, "short_iv": 0.1251, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.415521, "long_quote_age": 1.145364, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.45}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.18 (gross $-28.18 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.18 (gross $-28.18 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2117, "long_delta": 0.0865, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7883, "edge_pp": -10.37, "ev_implied_usd": -20.55, "realized_vol": 0.1064, "atm_iv": 0.1126, "vrp_ratio": 0.9449, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.41, "ev_at_half_drift_usd": -31.75, "ev_gross_usd": -28.18, "expected_loss_real_usd": 82.18, "friction_usd": 1.0, "ev_net_usd": -29.18, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 453}
{"ts": "2026-08-31T17:27:40.284291+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day momentum at +0.26% and an IV/RV ratio of 1.07, providing favorable premium to sell put credit spreads across a longer DTE window.", "invalidation": "SPY 5-day return turns negative alongside sustained downward spot price momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"727.0": 0.2254, "695.0": 0.3612, "753.0": 0.141, "711.0": 0.2913, "700.0": 0.3373, "729.0": 0.2185, "745.0": 0.1613, "714.0": 0.2824, "693.0": 0.361, "715.0": 0.2774, "717.0": 0.2674, "767.0": 0.1126, "699.0": 0.3421, "766.0": 0.1142, "744.0": 0.1651, "761.0": 0.1237, "734.0": 0.1977, "763.0": 0.1198, "691.0": 0.3704, "703.0": 0.3229, "756.0": 0.1341, "760.0": 0.1257, "702.0": 0.3277, "726.0": 0.2306, "749.0": 0.151, "731.0": 0.211, "758.0": 0.1298, "725.0": 0.2357, "755.0": 0.1361, "741.0": 0.1729, "743.0": 0.1671, "739.0": 0.1809, "747.0": 0.1562, "751.0": 0.1455, "738.0": 0.1826, "730.0": 0.2132, "709.0": 0.3011, "720.0": 0.2525, "759.0": 0.1277, "740.0": 0.177, "685.0": 0.3986, "750.0": 0.1481, "736.0": 0.1916, "754.0": 0.1383, "708.0": 0.306, "707.0": 0.3109, "733.0": 0.2003, "737.0": 0.1861, "710.0": 0.2962, "769.0": 0.1097, "721.0": 0.2521, "694.0": 0.366, "722.0": 0.247, "723.0": 0.242, "764.0": 0.1177, "713.0": 0.2873, "748.0": 0.1534, "757.0": 0.1319, "697.0": 0.3517, "704.0": 0.3255, "696.0": 0.3565, "762.0": 0.1217, "712.0": 0.2864, "735.0": 0.1948, "746.0": 0.1584, "719.0": 0.2575, "701.0": 0.3325, "728.0": 0.2203, "718.0": 0.2624, "768.0": 0.1106, "724.0": 0.2369, "698.0": 0.3469, "752.0": 0.1429, "742.0": 0.1702, "716.0": 0.2724, "690.0": 0.3751, "705.0": 0.3206, "706.0": 0.3157, "692.0": 0.3657, "765.0": 0.1157, "732.0": 0.2057}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.199, "long_delta": 0.1104, "short_iv": 0.1319, "short_rel_spread": 0.0169491525423729, "long_rel_spread": 0.016260162601626032, "short_quote_age": 5.272733, "long_quote_age": 0.891682, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.51}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.45 (gross $-27.95 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:29:05.011205+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows elevated implied volatility with an IV/RV ratio of 1.07 while maintaining a positive 5-day return of +0.27% despite a mild 1-day dip.", "invalidation": "A continued sharp downward movement from the spot price of 765.51 that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"685.0": 0.518, "743.0": 0.1863, "742.0": 0.1935, "767.0": 0.1075, "734.0": 0.2366, "760.0": 0.1247, "765.0": 0.112, "745.0": 0.176, "722.0": 0.3052, "736.0": 0.2302, "724.0": 0.2923, "731.0": 0.2567, "705.0": 0.4147, "739.0": 0.2093, "752.0": 0.1492, "732.0": 0.25, "758.0": 0.1304, "719.0": 0.3246, "747.0": 0.168, "715.0": 0.3503, "741.0": 0.2007, "700.0": 0.4251, "764.0": 0.1144, "749.0": 0.1605, "740.0": 0.2023, "757.0": 0.1335, "737.0": 0.2232, "721.0": 0.3117, "729.0": 0.2701, "766.0": 0.1095, "753.0": 0.145, "761.0": 0.1221, "727.0": 0.2835, "695.0": 0.456, "690.0": 0.487, "751.0": 0.1526, "720.0": 0.3181, "748.0": 0.1632, "735.0": 0.2298, "762.0": 0.1194, "738.0": 0.2163, "746.0": 0.1723, "763.0": 0.1168, "730.0": 0.2634, "725.0": 0.2969, "768.0": 0.1058, "723.0": 0.2988, "769.0": 0.0944, "728.0": 0.2768, "759.0": 0.1271, "755.0": 0.1388, "756.0": 0.136, "733.0": 0.2433, "710.0": 0.3825, "718.0": 0.331, "744.0": 0.1834, "750.0": 0.1569, "754.0": 0.1425, "726.0": 0.2902}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2122, "long_delta": 0.0867, "short_iv": 0.1247, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.4105, "long_quote_age": 1.225402, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.46}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.38 (gross $-28.38 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.38 (gross $-28.38 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2122, "long_delta": 0.0867, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7878, "edge_pp": -10.42, "ev_implied_usd": -20.72, "realized_vol": 0.1064, "atm_iv": 0.112, "vrp_ratio": 0.95, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.6, "ev_at_half_drift_usd": -31.94, "ev_gross_usd": -28.38, "expected_loss_real_usd": 82.38, "friction_usd": 1.0, "ev_net_usd": -29.38, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 465}
{"ts": "2026-08-31T17:29:18.439778+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays elevated implied volatility relative to realized volatility with an IV/RV of 1.07 while maintaining a positive 5-day return of +0.27%, offering attractive premium to harvest via short put spreads across a 3 to 6 day expiration.", "invalidation": "Further downward momentum extending past the 1-day -0.50% pullback that drives realized volatility significantly higher than 10.40%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"758.0": 0.1277, "747.0": 0.1577, "752.0": 0.1436, "723.0": 0.2613, "748.0": 0.1553, "767.0": 0.1098, "742.0": 0.177, "719.0": 0.2836, "732.0": 0.2213, "741.0": 0.1808, "764.0": 0.1146, "731.0": 0.2222, "760.0": 0.1231, "724.0": 0.2557, "765.0": 0.1126, "753.0": 0.1409, "759.0": 0.1256, "740.0": 0.1842, "755.0": 0.1353, "729.0": 0.2336, "725.0": 0.2502, "726.0": 0.2507, "685.0": 0.4443, "721.0": 0.2724, "746.0": 0.1612, "754.0": 0.1382, "763.0": 0.1166, "715.0": 0.2971, "745.0": 0.1641, "737.0": 0.1958, "766.0": 0.1107, "705.0": 0.3512, "743.0": 0.173, "720.0": 0.278, "739.0": 0.1872, "750.0": 0.1485, "757.0": 0.1303, "700.0": 0.3653, "751.0": 0.1465, "690.0": 0.4179, "734.0": 0.2096, "728.0": 0.2393, "695.0": 0.3915, "749.0": 0.1522, "736.0": 0.2018, "744.0": 0.1687, "761.0": 0.1208, "727.0": 0.245, "738.0": 0.1933, "735.0": 0.2078, "722.0": 0.2669, "768.0": 0.1075, "718.0": 0.2891, "769.0": 0.1062, "733.0": 0.2154, "756.0": 0.1328, "762.0": 0.1188, "710.0": 0.3242, "730.0": 0.2279}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1905, "long_delta": 0.0945, "short_iv": 0.1277, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.400758, "long_quote_age": 0.408881, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 765.42}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.82 (gross $-29.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:30:36.580788+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays elevated implied volatility relative to realized volatility with an IV/RV of 1.07 while maintaining a positive 5-day return of +0.25%, making short-term put premium attractive to harvest.", "invalidation": "SPY spot price breaks significantly downward below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"749.0": 0.1598, "759.0": 0.1273, "685.0": 0.5175, "738.0": 0.2156, "752.0": 0.1484, "740.0": 0.2017, "715.0": 0.3498, "741.0": 0.2, "766.0": 0.1097, "758.0": 0.13, "700.0": 0.4246, "729.0": 0.2695, "725.0": 0.2963, "727.0": 0.2829, "736.0": 0.2295, "737.0": 0.2226, "732.0": 0.2494, "756.0": 0.136, "723.0": 0.2982, "762.0": 0.1195, "733.0": 0.2427, "705.0": 0.4141, "734.0": 0.2359, "760.0": 0.1247, "765.0": 0.112, "726.0": 0.2896, "742.0": 0.1928, "695.0": 0.4555, "769.0": 0.0925, "728.0": 0.2762, "747.0": 0.1673, "753.0": 0.1456, "724.0": 0.2917, "746.0": 0.1716, "748.0": 0.1625, "744.0": 0.1827, "750.0": 0.1562, "722.0": 0.3046, "731.0": 0.2561, "763.0": 0.1169, "745.0": 0.1754, "768.0": 0.106, "719.0": 0.324, "718.0": 0.3304, "720.0": 0.3176, "730.0": 0.2628, "764.0": 0.1145, "721.0": 0.3111, "739.0": 0.2087, "761.0": 0.1219, "735.0": 0.2292, "751.0": 0.1518, "757.0": 0.1334, "690.0": 0.4865, "755.0": 0.1389, "754.0": 0.1416, "710.0": 0.3819, "743.0": 0.1856, "767.0": 0.1074}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2161, "long_delta": 0.0889, "short_iv": 0.1247, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.433087, "long_quote_age": 0.518374, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.355}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.86 (gross $-28.86 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:30:49.899476+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum of +0.25% and elevated option pricing with an IV/RV ratio of 1.07, providing favorable premium to sell put credit spreads in the 3 to 7 DTE range.", "invalidation": "SPY spot price drops sharply below the current 1-day decline of -0.51% while realized volatility accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"760.0": 0.1235, "764.0": 0.1149, "720.0": 0.2774, "755.0": 0.1356, "736.0": 0.2011, "762.0": 0.119, "768.0": 0.1079, "751.0": 0.1466, "718.0": 0.2885, "738.0": 0.1926, "732.0": 0.2206, "729.0": 0.233, "730.0": 0.2273, "756.0": 0.133, "690.0": 0.4173, "763.0": 0.1169, "735.0": 0.2071, "746.0": 0.1622, "726.0": 0.2501, "721.0": 0.2718, "742.0": 0.1763, "695.0": 0.391, "731.0": 0.2215, "744.0": 0.1679, "724.0": 0.2551, "727.0": 0.2444, "737.0": 0.1951, "705.0": 0.3506, "757.0": 0.1306, "722.0": 0.2663, "747.0": 0.1585, "761.0": 0.1213, "767.0": 0.1094, "748.0": 0.1559, "715.0": 0.3051, "725.0": 0.2558, "739.0": 0.1865, "743.0": 0.1722, "750.0": 0.1488, "740.0": 0.1835, "759.0": 0.126, "734.0": 0.2089, "723.0": 0.2607, "700.0": 0.3647, "710.0": 0.3236, "766.0": 0.111, "733.0": 0.2148, "753.0": 0.1408, "741.0": 0.18, "728.0": 0.2387, "754.0": 0.1379, "758.0": 0.1281, "769.0": 0.1064, "765.0": 0.1128, "752.0": 0.1436, "719.0": 0.2829, "685.0": 0.4437, "749.0": 0.1526, "745.0": 0.1653}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1948, "long_delta": 0.0964, "short_iv": 0.1281, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.666359, "long_quote_age": 0.459144, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.33}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.76 (gross $-28.76 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:32:09.151831+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains an overall positive 5-day return of +0.24% with an IV/RV ratio of 1.07, providing favorable premium to sell put spreads following a mild 1-day decline of -0.53%.", "invalidation": "SPY spot breaks downward significantly below the short strike on expanding realized volatility exceeding 10.40%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2091, "705.0": 0.4145, "766.0": 0.1097, "764.0": 0.1141, "740.0": 0.2021, "721.0": 0.3115, "729.0": 0.27, "722.0": 0.305, "710.0": 0.3823, "724.0": 0.2921, "690.0": 0.4868, "760.0": 0.1243, "741.0": 0.2005, "753.0": 0.1461, "751.0": 0.1523, "769.0": 0.0983, "767.0": 0.108, "685.0": 0.5179, "731.0": 0.2565, "726.0": 0.29, "720.0": 0.3179, "744.0": 0.1832, "746.0": 0.1721, "762.0": 0.1192, "735.0": 0.2296, "736.0": 0.23, "743.0": 0.1906, "752.0": 0.149, "719.0": 0.3244, "733.0": 0.2431, "765.0": 0.1118, "725.0": 0.2967, "750.0": 0.1567, "748.0": 0.1658, "715.0": 0.3502, "718.0": 0.3308, "738.0": 0.2161, "723.0": 0.2986, "758.0": 0.13, "734.0": 0.2364, "749.0": 0.1603, "695.0": 0.4559, "755.0": 0.1385, "754.0": 0.1422, "763.0": 0.1165, "768.0": 0.1059, "745.0": 0.1796, "756.0": 0.1357, "700.0": 0.425, "727.0": 0.2833, "759.0": 0.1267, "728.0": 0.2766, "757.0": 0.1324, "761.0": 0.1217, "742.0": 0.1933, "737.0": 0.223, "732.0": 0.2498, "747.0": 0.1678, "730.0": 0.2633}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2127, "long_delta": 0.0868, "short_iv": 0.1243, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.962788, "long_quote_age": 0.970921, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.99 (gross $-28.99 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:32:26.945541+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits IV/RV of 1.07 with ATM IV at 11.09% exceeding 20-day realized volatility of 10.40% and maintains a positive 5-day return of +0.24%.", "invalidation": "SPY spot falls below the short put strike if 1-day downward momentum of -0.53% accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"726.0": 0.2506, "730.0": 0.2278, "756.0": 0.1323, "710.0": 0.324, "746.0": 0.161, "765.0": 0.1122, "749.0": 0.152, "732.0": 0.2211, "753.0": 0.1399, "758.0": 0.1275, "725.0": 0.2563, "759.0": 0.1251, "764.0": 0.1142, "752.0": 0.1425, "727.0": 0.2449, "729.0": 0.2335, "767.0": 0.109, "690.0": 0.4178, "695.0": 0.3914, "738.0": 0.1932, "751.0": 0.1453, "762.0": 0.1185, "755.0": 0.1351, "720.0": 0.2779, "757.0": 0.1297, "731.0": 0.227, "744.0": 0.1685, "734.0": 0.2094, "719.0": 0.2834, "750.0": 0.1483, "760.0": 0.1228, "740.0": 0.184, "743.0": 0.1728, "705.0": 0.3511, "768.0": 0.1073, "748.0": 0.1551, "723.0": 0.2612, "721.0": 0.2723, "741.0": 0.1806, "745.0": 0.1659, "737.0": 0.1957, "742.0": 0.1769, "747.0": 0.1576, "763.0": 0.1163, "733.0": 0.2153, "718.0": 0.289, "736.0": 0.2017, "754.0": 0.1372, "724.0": 0.2556, "761.0": 0.1205, "685.0": 0.4442, "722.0": 0.2667, "715.0": 0.3056, "735.0": 0.2076, "728.0": 0.2392, "739.0": 0.1871, "766.0": 0.1106, "769.0": 0.1059, "700.0": 0.3651}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1908, "long_delta": 0.0933, "short_iv": 0.1275, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.023529411764705903, "short_quote_age": 1.02238, "long_quote_age": 0.444066, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 765.4300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.62 (gross $-28.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.62 (gross $-28.62 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.1908, "long_delta": 0.0933, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.8092, "edge_pp": -8.88, "ev_implied_usd": -20.03, "realized_vol": 0.1064, "atm_iv": 0.1122, "vrp_ratio": 0.9483, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.23, "ev_at_half_drift_usd": -32.85, "ev_gross_usd": -28.62, "expected_loss_real_usd": 79.62, "friction_usd": 1.0, "ev_net_usd": -29.62, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 468}
{"ts": "2026-08-31T17:33:45.659270+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY short-term implied volatility is elevated relative to realized volatility with an IV/RV of 1.07 while 5D momentum remains positive at +0.26% despite a 1D dip of -0.51%.", "invalidation": "SPY spot price drops sharply below recent trading range extending 1D losses beyond -0.51%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"755.0": 0.1388, "758.0": 0.1296, "765.0": 0.1113, "761.0": 0.121, "764.0": 0.1137, "743.0": 0.1908, "762.0": 0.1187, "763.0": 0.1161, "754.0": 0.1412, "741.0": 0.2007, "766.0": 0.1093, "745.0": 0.178, "723.0": 0.2988, "749.0": 0.1605, "740.0": 0.2023, "736.0": 0.2302, "756.0": 0.135, "757.0": 0.1327, "705.0": 0.4147, "760.0": 0.1241, "750.0": 0.1569, "733.0": 0.2433, "737.0": 0.2232, "710.0": 0.3825, "739.0": 0.2093, "735.0": 0.2298, "734.0": 0.2366, "738.0": 0.2163, "690.0": 0.487, "748.0": 0.1632, "725.0": 0.2969, "753.0": 0.145, "685.0": 0.518, "769.0": 0.0995, "731.0": 0.2567, "721.0": 0.3117, "729.0": 0.2701, "752.0": 0.1492, "751.0": 0.1526, "759.0": 0.1264, "720.0": 0.3181, "732.0": 0.25, "718.0": 0.331, "700.0": 0.4251, "719.0": 0.3246, "768.0": 0.1054, "715.0": 0.3503, "767.0": 0.1066, "728.0": 0.2768, "744.0": 0.1834, "695.0": 0.456, "742.0": 0.1935, "726.0": 0.2902, "730.0": 0.2634, "746.0": 0.1723, "727.0": 0.2835, "724.0": 0.2923, "747.0": 0.168, "722.0": 0.3052}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2111, "long_delta": 0.0867, "short_iv": 0.1241, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.424591, "long_quote_age": 1.118533, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.455}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.54 (gross $-29.54 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.54 (gross $-29.54 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2111, "long_delta": 0.0867, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7889, "edge_pp": -10.51, "ev_implied_usd": -21.45, "realized_vol": 0.1064, "atm_iv": 0.1113, "vrp_ratio": 0.956, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.77, "ev_at_half_drift_usd": -33.1, "ev_gross_usd": -29.54, "expected_loss_real_usd": 82.54, "friction_usd": 1.0, "ev_net_usd": -30.54, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 483}
{"ts": "2026-08-31T17:34:02.210065+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.26% with an IV/RV ratio of 1.07 indicating favorable option premium to sell across a 4-7 DTE horizon.", "invalidation": "A continuation of the 1-day decline (-0.51%) breaching the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"754.0": 0.138, "758.0": 0.1292, "715.0": 0.2775, "725.0": 0.2359, "765.0": 0.1153, "753.0": 0.14, "741.0": 0.1731, "717.0": 0.2676, "707.0": 0.311, "685.0": 0.3987, "733.0": 0.2033, "767.0": 0.1117, "694.0": 0.3662, "703.0": 0.3305, "713.0": 0.2875, "756.0": 0.1334, "740.0": 0.1772, "701.0": 0.3326, "764.0": 0.1172, "739.0": 0.1811, "712.0": 0.2924, "729.0": 0.2186, "730.0": 0.2134, "738.0": 0.1849, "755.0": 0.1356, "710.0": 0.2964, "732.0": 0.2059, "751.0": 0.145, "763.0": 0.1189, "759.0": 0.1271, "721.0": 0.2523, "719.0": 0.2576, "750.0": 0.1476, "704.0": 0.3257, "766.0": 0.1135, "708.0": 0.3061, "705.0": 0.3208, "714.0": 0.2825, "731.0": 0.2112, "702.0": 0.3278, "692.0": 0.3758, "736.0": 0.1918, "752.0": 0.1425, "696.0": 0.3566, "726.0": 0.2307, "697.0": 0.3518, "745.0": 0.1615, "747.0": 0.1554, "744.0": 0.164, "737.0": 0.1863, "728.0": 0.2239, "691.0": 0.3705, "695.0": 0.3614, "720.0": 0.2573, "746.0": 0.1587, "768.0": 0.1114, "769.0": 0.109, "700.0": 0.3374, "742.0": 0.1704, "749.0": 0.1504, "727.0": 0.2256, "735.0": 0.195, "709.0": 0.3012, "690.0": 0.3752, "716.0": 0.2726, "723.0": 0.2421, "760.0": 0.1251, "757.0": 0.1313, "698.0": 0.347, "748.0": 0.1527, "761.0": 0.123, "722.0": 0.2472, "743.0": 0.1673, "699.0": 0.3422, "762.0": 0.1211, "693.0": 0.371, "718.0": 0.2626, "711.0": 0.2915, "734.0": 0.1979, "724.0": 0.237, "706.0": 0.3159}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.197, "long_delta": 0.1092, "short_iv": 0.1313, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.808949, "long_quote_age": 0.479827, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.53}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.46 (gross $-28.96 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:35:28.394712+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.26% with short-term ATM IV trading at a premium to realized volatility at an IV/RV ratio of 1.08.", "invalidation": "SPY spot breaks significantly lower as the 1D downward movement of -0.51% accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"763.0": 0.1161, "764.0": 0.1137, "740.0": 0.2027, "738.0": 0.2167, "719.0": 0.3249, "700.0": 0.4255, "756.0": 0.1356, "737.0": 0.2236, "749.0": 0.161, "726.0": 0.2906, "757.0": 0.1325, "750.0": 0.1574, "746.0": 0.1728, "705.0": 0.415, "751.0": 0.1531, "762.0": 0.1185, "720.0": 0.3185, "753.0": 0.1455, "741.0": 0.2011, "735.0": 0.2302, "754.0": 0.1418, "761.0": 0.1213, "710.0": 0.3829, "721.0": 0.312, "767.0": 0.1077, "744.0": 0.1839, "731.0": 0.2571, "715.0": 0.3507, "766.0": 0.1091, "739.0": 0.2097, "724.0": 0.2927, "718.0": 0.3314, "752.0": 0.1497, "760.0": 0.1236, "733.0": 0.2437, "723.0": 0.2991, "727.0": 0.2839, "742.0": 0.1939, "743.0": 0.1912, "725.0": 0.2972, "758.0": 0.1295, "732.0": 0.2504, "729.0": 0.2705, "695.0": 0.4564, "690.0": 0.4873, "769.0": 0.1017, "768.0": 0.1056, "728.0": 0.2772, "747.0": 0.1685, "685.0": 0.5184, "736.0": 0.2306, "765.0": 0.1114, "748.0": 0.1637, "755.0": 0.1382, "745.0": 0.1803, "730.0": 0.2638, "759.0": 0.1264, "734.0": 0.2369, "722.0": 0.3056}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2078, "long_delta": 0.0847, "short_iv": 0.1236, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.777118, "long_quote_age": 1.261929, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.5}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.24 (gross $-32.24 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.24 (gross $-32.24 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2078, "long_delta": 0.0847, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7922, "edge_pp": -10.38, "ev_implied_usd": -21.12, "realized_vol": 0.1064, "atm_iv": 0.1091, "vrp_ratio": 0.9753, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.42, "ev_at_half_drift_usd": -35.78, "ev_gross_usd": -32.24, "expected_loss_real_usd": 84.24, "friction_usd": 1.0, "ev_net_usd": -33.24, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 445}
{"ts": "2026-08-31T17:35:42.216975+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an elevated IV/RV ratio of 1.08 alongside positive 5D momentum of +0.26%, offering attractive premium to harvest via downside credit spreads.", "invalidation": "SPY breaking downward beyond its 1D loss of -0.51% would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"746.0": 0.1581, "720.0": 0.2569, "750.0": 0.1478, "755.0": 0.1357, "738.0": 0.1844, "709.0": 0.3009, "715.0": 0.2771, "704.0": 0.3253, "763.0": 0.119, "694.0": 0.3658, "741.0": 0.1742, "693.0": 0.3706, "733.0": 0.2028, "724.0": 0.2366, "711.0": 0.2911, "697.0": 0.3514, "708.0": 0.3058, "710.0": 0.296, "747.0": 0.1559, "736.0": 0.1914, "766.0": 0.1136, "764.0": 0.117, "737.0": 0.188, "705.0": 0.3204, "717.0": 0.2672, "712.0": 0.2921, "743.0": 0.1668, "752.0": 0.1425, "718.0": 0.2622, "749.0": 0.1499, "707.0": 0.3106, "767.0": 0.1119, "734.0": 0.1974, "695.0": 0.361, "753.0": 0.14, "748.0": 0.1531, "729.0": 0.2182, "754.0": 0.1379, "702.0": 0.3275, "725.0": 0.2355, "723.0": 0.2417, "721.0": 0.2519, "730.0": 0.213, "690.0": 0.3749, "731.0": 0.2108, "744.0": 0.1648, "757.0": 0.1312, "727.0": 0.2252, "745.0": 0.161, "714.0": 0.2821, "700.0": 0.3371, "759.0": 0.127, "706.0": 0.3155, "713.0": 0.2871, "698.0": 0.3466, "685.0": 0.3984, "719.0": 0.2572, "728.0": 0.2235, "762.0": 0.121, "691.0": 0.3702, "726.0": 0.2303, "735.0": 0.1945, "765.0": 0.1152, "696.0": 0.3562, "751.0": 0.1451, "739.0": 0.1806, "742.0": 0.1699, "740.0": 0.1767, "699.0": 0.3419, "703.0": 0.3302, "732.0": 0.2054, "692.0": 0.3754, "758.0": 0.1291, "768.0": 0.1106, "722.0": 0.2468, "716.0": 0.2722, "760.0": 0.125, "756.0": 0.1334, "701.0": 0.3323, "761.0": 0.123, "769.0": 0.109}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.73, "short_delta": 0.2502, "long_delta": 0.1402, "short_iv": 0.127, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.012578616352201269, "short_quote_age": 0.709273, "long_quote_age": 0.721512, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 427.0, "total_risk": 19642.0, "buying_power_used_pct": 0.9821}, "spot": 765.47}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.68 (gross $-28.18 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:37:04.166004+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY IV/RV ratio of 1.08 with ATM IV at 11.25% presents favorable premium to sell while holding a positive 5-day return of +0.29%.", "invalidation": "SPY spot price continuing downward beyond the 1-day decline of -0.48%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"719.0": 0.3261, "752.0": 0.1498, "727.0": 0.2852, "735.0": 0.2315, "733.0": 0.245, "764.0": 0.1131, "747.0": 0.17, "742.0": 0.1953, "744.0": 0.1853, "710.0": 0.384, "757.0": 0.1319, "726.0": 0.2918, "734.0": 0.2382, "756.0": 0.1356, "728.0": 0.2785, "690.0": 0.4884, "724.0": 0.2939, "769.0": 0.109, "718.0": 0.3326, "731.0": 0.2584, "723.0": 0.3003, "743.0": 0.1881, "737.0": 0.225, "760.0": 0.1231, "755.0": 0.139, "685.0": 0.5195, "749.0": 0.1601, "739.0": 0.211, "736.0": 0.2319, "748.0": 0.1652, "768.0": 0.1048, "750.0": 0.1568, "751.0": 0.1528, "746.0": 0.1742, "759.0": 0.126, "715.0": 0.3519, "758.0": 0.1286, "705.0": 0.4162, "732.0": 0.2517, "721.0": 0.3132, "766.0": 0.1086, "765.0": 0.1108, "762.0": 0.1179, "700.0": 0.4266, "763.0": 0.1155, "741.0": 0.2025, "725.0": 0.2985, "740.0": 0.2041, "738.0": 0.218, "754.0": 0.1423, "695.0": 0.4575, "753.0": 0.1458, "767.0": 0.1069, "745.0": 0.1779, "761.0": 0.1207, "722.0": 0.3068, "730.0": 0.2651, "720.0": 0.3197, "729.0": 0.2718}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1986, "long_delta": 0.0819, "short_iv": 0.1231, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.418236, "long_quote_age": 0.415096, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.715}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.40 (gross $-33.40 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.40 (gross $-33.40 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1986, "long_delta": 0.0819, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8014, "edge_pp": -10.26, "ev_implied_usd": -22.12, "realized_vol": 0.1064, "atm_iv": 0.1086, "vrp_ratio": 0.9797, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.42, "ev_at_half_drift_usd": -36.86, "ev_gross_usd": -33.4, "expected_loss_real_usd": 81.4, "friction_usd": 1.0, "ev_net_usd": -34.4, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 420}
{"ts": "2026-08-31T17:37:15.860618+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.08 indicating rich option premium while maintaining a positive 5-day return of +0.29%.", "invalidation": "SPY spot price drops sharply below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"765.0": 0.1117, "741.0": 0.1793, "695.0": 0.3926, "728.0": 0.2406, "737.0": 0.1971, "754.0": 0.1369, "720.0": 0.2792, "705.0": 0.3523, "766.0": 0.1099, "742.0": 0.1759, "755.0": 0.1344, "753.0": 0.1401, "740.0": 0.1855, "685.0": 0.4454, "751.0": 0.1461, "748.0": 0.1554, "738.0": 0.1947, "690.0": 0.419, "735.0": 0.205, "767.0": 0.1082, "710.0": 0.3253, "727.0": 0.2463, "739.0": 0.1886, "745.0": 0.1656, "747.0": 0.1576, "761.0": 0.1202, "750.0": 0.149, "730.0": 0.2292, "762.0": 0.1179, "721.0": 0.2736, "763.0": 0.1158, "715.0": 0.3069, "758.0": 0.1271, "744.0": 0.1679, "759.0": 0.1248, "736.0": 0.2031, "719.0": 0.2847, "769.0": 0.1052, "760.0": 0.1225, "733.0": 0.2167, "732.0": 0.2225, "725.0": 0.2577, "726.0": 0.252, "752.0": 0.1425, "722.0": 0.2681, "724.0": 0.2569, "723.0": 0.2625, "768.0": 0.1065, "756.0": 0.132, "734.0": 0.2109, "749.0": 0.1511, "746.0": 0.1609, "729.0": 0.2349, "700.0": 0.3663, "757.0": 0.1292, "743.0": 0.172, "764.0": 0.1138, "718.0": 0.2903, "731.0": 0.2234}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.57, "short_delta": 0.21, "long_delta": 0.1023, "short_iv": 0.1248, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.509322, "long_quote_age": 0.457705, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.665}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.68 (gross $-31.68 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.68 (gross $-31.68 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.21, "long_delta": 0.1023, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.79, "edge_pp": -9.6, "ev_implied_usd": -21.08, "realized_vol": 0.1064, "atm_iv": 0.1099, "vrp_ratio": 0.9682, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.91, "ev_at_half_drift_usd": -36.23, "ev_gross_usd": -31.68, "expected_loss_real_usd": 88.68, "friction_usd": 1.0, "ev_net_usd": -32.68, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 428}
{"ts": "2026-08-31T17:38:35.265652+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV of 11.25% trades at an elevated IV/RV ratio of 1.08 over RV20 of 10.40% while 5-day performance remains positive at +0.29%, favoring selling premium below the market on the 1-day pullback.", "invalidation": "A continued decline in SPY spot from 765.69 that turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"720.0": 0.3194, "740.0": 0.2037, "751.0": 0.1523, "733.0": 0.2446, "741.0": 0.2021, "695.0": 0.4572, "736.0": 0.2316, "705.0": 0.4159, "728.0": 0.2782, "690.0": 0.4882, "731.0": 0.2581, "745.0": 0.1775, "726.0": 0.2915, "753.0": 0.1453, "724.0": 0.2936, "752.0": 0.1493, "759.0": 0.1261, "754.0": 0.1418, "765.0": 0.1109, "756.0": 0.1351, "761.0": 0.1205, "764.0": 0.1132, "710.0": 0.3837, "749.0": 0.1597, "743.0": 0.1878, "721.0": 0.3129, "760.0": 0.1231, "723.0": 0.3, "730.0": 0.2648, "685.0": 0.5192, "719.0": 0.3258, "757.0": 0.1323, "758.0": 0.1288, "762.0": 0.1182, "750.0": 0.1564, "722.0": 0.3065, "769.0": 0.1047, "763.0": 0.1156, "727.0": 0.2848, "718.0": 0.3323, "700.0": 0.4263, "768.0": 0.1047, "739.0": 0.2107, "732.0": 0.2514, "742.0": 0.195, "744.0": 0.1849, "767.0": 0.1067, "715.0": 0.3516, "735.0": 0.2312, "746.0": 0.1739, "738.0": 0.2177, "748.0": 0.1648, "747.0": 0.1696, "734.0": 0.2379, "737.0": 0.2246, "729.0": 0.2715, "725.0": 0.2982, "755.0": 0.1385, "766.0": 0.1086}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.2006, "long_delta": 0.0822, "short_iv": 0.1231, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.81976, "long_quote_age": 1.149967, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.53 (gross $-33.53 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:38:46.899241+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.15, "spread_width": 3, "max_loss_usd": 350, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.08 alongside a positive 5D return of +0.29%, offering favorable premium to sell downside risk across a longer DTE window.", "invalidation": "A continued decline extending the 1D drop of -0.48% that breaches the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"703.0": 0.3309, "749.0": 0.1501, "745.0": 0.1608, "728.0": 0.2208, "747.0": 0.1549, "714.0": 0.2829, "723.0": 0.2425, "736.0": 0.1899, "731.0": 0.2085, "741.0": 0.1735, "753.0": 0.14, "758.0": 0.1287, "711.0": 0.2918, "713.0": 0.2878, "740.0": 0.1758, "750.0": 0.1473, "700.0": 0.3378, "732.0": 0.2063, "730.0": 0.2138, "701.0": 0.333, "717.0": 0.268, "727.0": 0.226, "748.0": 0.1523, "709.0": 0.3016, "706.0": 0.3162, "718.0": 0.263, "720.0": 0.2577, "704.0": 0.326, "719.0": 0.258, "697.0": 0.3521, "737.0": 0.1867, "695.0": 0.3617, "693.0": 0.3713, "705.0": 0.3211, "760.0": 0.1244, "726.0": 0.2311, "761.0": 0.1225, "691.0": 0.3709, "702.0": 0.3282, "742.0": 0.1693, "721.0": 0.2526, "734.0": 0.1983, "690.0": 0.3755, "755.0": 0.1349, "768.0": 0.1088, "715.0": 0.2779, "764.0": 0.1166, "752.0": 0.1424, "722.0": 0.2476, "762.0": 0.1205, "698.0": 0.3474, "766.0": 0.113, "733.0": 0.2009, "729.0": 0.219, "754.0": 0.1375, "763.0": 0.1184, "696.0": 0.3569, "716.0": 0.2729, "708.0": 0.3065, "746.0": 0.158, "767.0": 0.1114, "694.0": 0.3665, "751.0": 0.1448, "738.0": 0.1833, "756.0": 0.1328, "724.0": 0.2374, "743.0": 0.1664, "699.0": 0.3426, "765.0": 0.1147, "769.0": 0.1075, "692.0": 0.3761, "725.0": 0.2363, "707.0": 0.3114, "757.0": 0.1307, "735.0": 0.1954, "759.0": 0.1265, "712.0": 0.2928, "710.0": 0.2967, "739.0": 0.1796, "744.0": 0.1631}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 73, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00755000", "long_symbol": "SPY260904P00752000", "short_strike": 755.0, "long_strike": 752.0, "width": 3.0, "credit": 0.27, "short_delta": 0.1528, "long_delta": 0.1078, "short_iv": 0.1349, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.668947, "long_quote_age": 0.508911, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 73, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 273.0, "total_risk": 19929.0, "buying_power_used_pct": 0.9964}, "spot": 765.63}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.95 (gross $-17.95 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 73 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:40:07.361077+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day performance of +0.29% alongside an elevated short-term implied volatility premium with an IV/RV ratio of 1.08 following a 1-day decline of -0.48%.", "invalidation": "SPY spot continues to decline below the 765.69 level as the 1-day downward move accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"748.0": 0.1664, "752.0": 0.1493, "750.0": 0.1581, "740.0": 0.2051, "766.0": 0.1084, "700.0": 0.4275, "695.0": 0.4584, "759.0": 0.1258, "730.0": 0.2661, "685.0": 0.5203, "755.0": 0.1381, "739.0": 0.2121, "715.0": 0.3528, "720.0": 0.3207, "718.0": 0.3335, "749.0": 0.1613, "754.0": 0.1424, "731.0": 0.2594, "726.0": 0.2928, "738.0": 0.2191, "768.0": 0.1046, "744.0": 0.1864, "757.0": 0.1317, "729.0": 0.2728, "745.0": 0.179, "736.0": 0.233, "724.0": 0.2949, "756.0": 0.1351, "723.0": 0.3013, "733.0": 0.246, "764.0": 0.1129, "727.0": 0.2862, "741.0": 0.2036, "765.0": 0.1105, "747.0": 0.1712, "743.0": 0.1892, "742.0": 0.1964, "746.0": 0.1754, "762.0": 0.1181, "705.0": 0.4171, "719.0": 0.3271, "734.0": 0.2393, "760.0": 0.1231, "732.0": 0.2527, "735.0": 0.2325, "753.0": 0.1456, "690.0": 0.4893, "763.0": 0.1153, "751.0": 0.1541, "761.0": 0.1205, "758.0": 0.1287, "722.0": 0.3078, "767.0": 0.1067, "737.0": 0.226, "769.0": 0.1072, "721.0": 0.3142, "725.0": 0.2995, "728.0": 0.2795, "710.0": 0.385}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1924, "long_delta": 0.0776, "short_iv": 0.1231, "short_rel_spread": 0.01342281879194632, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.438769, "long_quote_age": 0.46715, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 765.865}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.31 (gross $-32.31 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:40:22.626555+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an IV/RV of 1.08 indicating an elevated volatility premium suitable for selling premium following a 1D pullback of -0.48% amid a positive 5D return of +0.29%.", "invalidation": "Continued downward price movement in SPY that pushes the 5D return into negative territory would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"762.0": 0.1175, "747.0": 0.159, "750.0": 0.148, "767.0": 0.1084, "726.0": 0.2531, "757.0": 0.1294, "739.0": 0.1898, "737.0": 0.1983, "745.0": 0.1649, "710.0": 0.3264, "751.0": 0.1454, "766.0": 0.1093, "734.0": 0.212, "695.0": 0.3936, "719.0": 0.2858, "769.0": 0.1049, "721.0": 0.2747, "738.0": 0.1924, "718.0": 0.2914, "722.0": 0.2692, "753.0": 0.14, "732.0": 0.2237, "768.0": 0.1067, "743.0": 0.1733, "760.0": 0.122, "700.0": 0.3673, "727.0": 0.2474, "742.0": 0.1771, "690.0": 0.42, "725.0": 0.2588, "723.0": 0.2636, "724.0": 0.258, "748.0": 0.1553, "735.0": 0.2062, "749.0": 0.1512, "733.0": 0.2179, "759.0": 0.1245, "720.0": 0.2803, "685.0": 0.4463, "731.0": 0.2246, "758.0": 0.1267, "744.0": 0.1693, "730.0": 0.2303, "752.0": 0.1431, "764.0": 0.1134, "715.0": 0.308, "755.0": 0.1344, "728.0": 0.2417, "746.0": 0.1622, "729.0": 0.236, "705.0": 0.3534, "763.0": 0.1154, "765.0": 0.1113, "740.0": 0.1868, "754.0": 0.137, "736.0": 0.2043, "756.0": 0.1316, "761.0": 0.1198, "741.0": 0.1806}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2024, "long_delta": 0.0986, "short_iv": 0.1245, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.519574, "long_quote_age": 0.809487, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.855}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.91 (gross $-32.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:41:47.971151+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive 5-day performance of +1.22% despite a minor 1-day dip of -0.21%, supporting a bullish put credit spread.", "invalidation": "Continued downward movement that reverses the positive 5-day return of +1.22%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1875, "smile": {"713.0": 0.1568, "708.0": 0.1701, "706.0": 0.1758, "640.0": 0.5202, "707.0": 0.1729, "676.0": 0.3079, "689.0": 0.237, "702.0": 0.1874, "655.0": 0.442, "695.0": 0.2131, "714.0": 0.1544, "672.0": 0.3366, "688.0": 0.2449, "685.0": 0.2574, "645.0": 0.5003, "669.0": 0.352, "711.0": 0.1619, "717.0": 0.1493, "718.0": 0.1475, "694.0": 0.2167, "701.0": 0.1906, "705.0": 0.1789, "709.0": 0.1673, "699.0": 0.1977, "716.0": 0.1505, "712.0": 0.1592, "690.0": 0.2333, "671.0": 0.3438, "692.0": 0.2244, "677.0": 0.3055, "710.0": 0.1645, "691.0": 0.2291, "696.0": 0.2089, "698.0": 0.2005, "703.0": 0.1853, "681.0": 0.2804, "686.0": 0.2555, "665.0": 0.3728, "668.0": 0.352, "693.0": 0.2193, "674.0": 0.3223, "684.0": 0.265, "670.0": 0.3449, "680.0": 0.2878, "675.0": 0.3151, "700.0": 0.1939, "682.0": 0.2767, "715.0": 0.1524, "673.0": 0.3294, "660.0": 0.4074, "687.0": 0.2478, "683.0": 0.2726, "679.0": 0.2952, "650.0": 0.4662, "697.0": 0.204, "704.0": 0.1818, "678.0": 0.2983}, "vol_profile": {"ewma": 0.1875, "windows": {"5d": 0.1187, "10d": 0.1395, "20d": 0.1731, "40d": 0.2082, "60d": 0.2624}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.000516}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260902P00708000", "long_symbol": "QQQ260902P00703000", "short_strike": 708.0, "long_strike": 703.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2113, "long_delta": 0.105, "short_iv": 0.1701, "short_rel_spread": 0.00921658986175116, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.454597, "long_quote_age": 0.542601, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 441.0, "total_risk": 19845.0, "buying_power_used_pct": 0.9922}, "spot": 714.97}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.38 (gross $-61.38 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260902P00708000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $441/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,845.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-62.38 (gross $-61.38 - friction $1.00) > $0.00"}], "economics": {"credit": 0.59, "width": 5.0, "short_delta": 0.2113, "long_delta": 0.105, "max_profit_usd": 59.0, "max_loss_usd": 441.0, "breakeven_wr": 0.882, "implied_wr": 0.7887, "edge_pp": -9.33, "ev_implied_usd": -20.08, "realized_vol": 0.1875, "atm_iv": 0.1524, "vrp_ratio": 1.2303, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -66.51, "ev_at_half_drift_usd": -63.93, "ev_gross_usd": -61.38, "expected_loss_real_usd": 120.38, "friction_usd": 1.0, "ev_net_usd": -62.38, "total_risk_usd": 19845.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 426}
{"ts": "2026-08-31T17:42:00.377600+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV of 1.05 alongside a positive 5-day return of +0.33%, favoring put credit spreads to capture rich implied volatility.", "invalidation": "A continuation of the negative 1-day return (-0.43%) that drives spot price below the short strike."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"745.0": 0.1658, "755.0": 0.1344, "734.0": 0.2128, "767.0": 0.1072, "726.0": 0.2538, "768.0": 0.1062, "695.0": 0.3943, "700.0": 0.368, "763.0": 0.1152, "740.0": 0.1845, "727.0": 0.2481, "737.0": 0.1991, "721.0": 0.2754, "705.0": 0.354, "750.0": 0.149, "764.0": 0.1131, "733.0": 0.2186, "744.0": 0.1701, "720.0": 0.281, "754.0": 0.1373, "760.0": 0.122, "748.0": 0.1547, "769.0": 0.1042, "718.0": 0.2921, "731.0": 0.2253, "751.0": 0.1452, "759.0": 0.1243, "762.0": 0.1176, "757.0": 0.1291, "741.0": 0.1814, "749.0": 0.1521, "735.0": 0.2069, "761.0": 0.1196, "724.0": 0.2587, "738.0": 0.1931, "690.0": 0.4206, "725.0": 0.2595, "715.0": 0.3087, "722.0": 0.2699, "758.0": 0.1269, "742.0": 0.1779, "732.0": 0.2245, "710.0": 0.327, "728.0": 0.2424, "729.0": 0.2367, "723.0": 0.2643, "753.0": 0.1401, "743.0": 0.1742, "736.0": 0.2051, "766.0": 0.109, "756.0": 0.1317, "752.0": 0.1431, "719.0": 0.2865, "765.0": 0.1109, "730.0": 0.231, "746.0": 0.1612, "739.0": 0.1906, "747.0": 0.1582}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1978, "long_delta": 0.1284, "short_iv": 0.1243, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.456825, "long_quote_age": 0.686879, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.27 (gross $-20.77 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $264/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-22.27 (gross $-20.77 - friction $1.50) > $0.00"}], "economics": {"credit": 0.36, "width": 3.0, "short_delta": 0.1978, "long_delta": 0.1284, "max_profit_usd": 36.0, "max_loss_usd": 264.0, "breakeven_wr": 0.88, "implied_wr": 0.8022, "edge_pp": -7.78, "ev_implied_usd": -12.93, "realized_vol": 0.1064, "atm_iv": 0.109, "vrp_ratio": 0.9761, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -26.61, "ev_at_half_drift_usd": -23.64, "ev_gross_usd": -20.77, "expected_loss_real_usd": 56.77, "friction_usd": 1.5, "ev_net_usd": -22.27, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 458}
{"ts": "2026-08-31T17:43:19.156554+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day performance of +0.33% with an IV/RV ratio of 1.05, offering favorable premium collection via short puts after a modest -0.43% 1-day pullback.", "invalidation": "SPY price drops sharply below the short strike as 1-day downward momentum accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"769.0": 0.1031, "740.0": 0.2064, "726.0": 0.294, "721.0": 0.3153, "756.0": 0.1358, "732.0": 0.2539, "719.0": 0.3282, "761.0": 0.1212, "755.0": 0.1386, "737.0": 0.2272, "764.0": 0.1133, "730.0": 0.2673, "768.0": 0.1051, "753.0": 0.1456, "690.0": 0.4903, "744.0": 0.1877, "685.0": 0.5213, "767.0": 0.1072, "739.0": 0.2133, "715.0": 0.3539, "758.0": 0.1299, "760.0": 0.1241, "710.0": 0.3861, "731.0": 0.2606, "765.0": 0.1109, "718.0": 0.3346, "743.0": 0.1905, "747.0": 0.1692, "735.0": 0.2337, "700.0": 0.4285, "757.0": 0.1327, "759.0": 0.1272, "722.0": 0.3089, "742.0": 0.1977, "746.0": 0.1767, "750.0": 0.1572, "762.0": 0.1186, "745.0": 0.1804, "734.0": 0.2404, "752.0": 0.1491, "754.0": 0.1427, "736.0": 0.2342, "720.0": 0.3218, "763.0": 0.116, "749.0": 0.1627, "741.0": 0.2048, "729.0": 0.274, "727.0": 0.2873, "724.0": 0.296, "723.0": 0.3024, "728.0": 0.2806, "766.0": 0.1086, "738.0": 0.2203, "751.0": 0.1535, "748.0": 0.1678, "695.0": 0.4594, "705.0": 0.4182, "725.0": 0.3007, "733.0": 0.2472}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1872, "long_delta": 0.075, "short_iv": 0.1241, "short_rel_spread": 0.013793103448275874, "long_rel_spread": 0.03773584905660381, "short_quote_age": 1.098589, "long_quote_age": 1.203367, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 766.045}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.57 (gross $-31.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,976.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.57 (gross $-31.57 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.1872, "long_delta": 0.075, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.8128, "edge_pp": -9.52, "ev_implied_usd": -19.55, "realized_vol": 0.1064, "atm_iv": 0.1086, "vrp_ratio": 0.9797, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.33, "ev_at_half_drift_usd": -34.9, "ev_gross_usd": -31.57, "expected_loss_real_usd": 77.57, "friction_usd": 1.0, "ev_net_usd": -32.57, "total_risk_usd": 19976.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 476}
{"ts": "2026-08-31T17:43:33.163928+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility is elevated relative to realized volatility with IV/RV at 1.05 amidst a positive 5D return of +0.33%.", "invalidation": "SPY spot drops below 766.01 wiping out recent 5D gains."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"750.0": 0.1478, "767.0": 0.1115, "718.0": 0.265, "722.0": 0.2496, "710.0": 0.2987, "751.0": 0.1448, "725.0": 0.2384, "754.0": 0.138, "698.0": 0.3492, "703.0": 0.3328, "726.0": 0.2332, "755.0": 0.1357, "709.0": 0.3036, "721.0": 0.2547, "695.0": 0.3636, "706.0": 0.3182, "736.0": 0.1922, "737.0": 0.189, "749.0": 0.1503, "693.0": 0.3732, "691.0": 0.3727, "760.0": 0.1247, "723.0": 0.2446, "740.0": 0.1782, "717.0": 0.27, "705.0": 0.3231, "763.0": 0.1189, "758.0": 0.129, "744.0": 0.1643, "712.0": 0.2889, "741.0": 0.1743, "759.0": 0.1268, "701.0": 0.3349, "696.0": 0.3588, "765.0": 0.115, "697.0": 0.354, "739.0": 0.182, "766.0": 0.1133, "707.0": 0.3133, "764.0": 0.1169, "690.0": 0.3774, "711.0": 0.2938, "769.0": 0.1081, "768.0": 0.1105, "694.0": 0.3684, "733.0": 0.2031, "702.0": 0.3301, "746.0": 0.1584, "728.0": 0.2229, "692.0": 0.378, "714.0": 0.2849, "713.0": 0.2898, "747.0": 0.1555, "716.0": 0.2749, "727.0": 0.2281, "762.0": 0.1208, "761.0": 0.1228, "708.0": 0.3084, "753.0": 0.1401, "720.0": 0.255, "730.0": 0.2159, "732.0": 0.2085, "729.0": 0.2178, "745.0": 0.1622, "756.0": 0.1332, "748.0": 0.1531, "704.0": 0.3279, "734.0": 0.2005, "743.0": 0.1674, "685.0": 0.4009, "719.0": 0.26, "731.0": 0.2107, "700.0": 0.3397, "699.0": 0.3444, "752.0": 0.1428, "724.0": 0.2395, "735.0": 0.1951, "742.0": 0.1718, "715.0": 0.2799, "738.0": 0.1856, "757.0": 0.1312}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.66, "short_delta": 0.2315, "long_delta": 0.1285, "short_iv": 0.1268, "short_rel_spread": 0.014492753623188259, "long_rel_spread": 0.013986013986014, "short_quote_age": 0.538292, "long_quote_age": 1.002271, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 434.0, "total_risk": 19964.0, "buying_power_used_pct": 0.9982}, "spot": 766.075}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.56 (gross $-30.06 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:44:52.471892+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day performance of +0.36% alongside an IV/RV of 1.05, offering favorable premium for writing short-dated put spreads following a mild 1-day dip of -0.41%.", "invalidation": "A continued downward drop in SPY well below the current spot level of 766.22."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"728.0": 0.2818, "764.0": 0.1137, "748.0": 0.1662, "738.0": 0.2215, "715.0": 0.355, "747.0": 0.1705, "741.0": 0.2061, "763.0": 0.1162, "734.0": 0.2416, "761.0": 0.1217, "732.0": 0.255, "767.0": 0.1071, "753.0": 0.1455, "726.0": 0.2951, "724.0": 0.297, "746.0": 0.178, "719.0": 0.3293, "730.0": 0.2684, "770.0": 0.1054, "765.0": 0.1115, "722.0": 0.3099, "749.0": 0.1614, "731.0": 0.2617, "718.0": 0.3357, "742.0": 0.1989, "752.0": 0.1505, "723.0": 0.3035, "757.0": 0.1335, "720.0": 0.3228, "766.0": 0.109, "685.0": 0.5223, "729.0": 0.2751, "768.0": 0.1054, "750.0": 0.1586, "762.0": 0.1189, "769.0": 0.1037, "736.0": 0.2353, "710.0": 0.3871, "721.0": 0.3164, "725.0": 0.3018, "760.0": 0.1243, "690.0": 0.4913, "743.0": 0.1917, "737.0": 0.2284, "759.0": 0.1269, "733.0": 0.2483, "745.0": 0.1816, "756.0": 0.1365, "758.0": 0.1301, "755.0": 0.139, "727.0": 0.2884, "735.0": 0.2348, "705.0": 0.4192, "754.0": 0.1428, "695.0": 0.4604, "739.0": 0.2145, "744.0": 0.189, "740.0": 0.2076, "700.0": 0.4295, "751.0": 0.1528}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2161, "long_delta": 0.0878, "short_iv": 0.1217, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.672975, "long_quote_age": 0.677162, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.2}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.85 (gross $-32.85 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:45:03.370328+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum of +0.36% with an IV/RV ratio of 1.05 offering favorable premium collection over a longer 4-7 DTE window.", "invalidation": "SPY spot price drops significantly below the 766.22 level with accelerating negative 1-day momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"727.0": 0.229, "758.0": 0.1293, "712.0": 0.2897, "703.0": 0.3336, "749.0": 0.1505, "769.0": 0.1081, "728.0": 0.2238, "762.0": 0.1211, "746.0": 0.1595, "752.0": 0.1434, "763.0": 0.1191, "742.0": 0.1711, "739.0": 0.183, "744.0": 0.1653, "717.0": 0.2708, "721.0": 0.2555, "719.0": 0.2608, "761.0": 0.1231, "745.0": 0.162, "716.0": 0.2758, "731.0": 0.2116, "718.0": 0.2658, "767.0": 0.1116, "697.0": 0.3548, "715.0": 0.2807, "732.0": 0.2094, "750.0": 0.1482, "743.0": 0.1684, "753.0": 0.1407, "705.0": 0.3239, "748.0": 0.1533, "706.0": 0.319, "708.0": 0.3092, "694.0": 0.3692, "730.0": 0.2168, "725.0": 0.2353, "695.0": 0.3644, "685.0": 0.4016, "693.0": 0.374, "723.0": 0.2454, "737.0": 0.1899, "741.0": 0.1753, "710.0": 0.2995, "714.0": 0.2857, "765.0": 0.1151, "724.0": 0.2404, "751.0": 0.1453, "699.0": 0.3452, "729.0": 0.2186, "734.0": 0.2014, "691.0": 0.3734, "701.0": 0.3357, "735.0": 0.196, "696.0": 0.3596, "757.0": 0.1316, "759.0": 0.1273, "755.0": 0.136, "738.0": 0.1844, "692.0": 0.3788, "722.0": 0.2505, "766.0": 0.1133, "768.0": 0.1107, "764.0": 0.1171, "756.0": 0.1337, "707.0": 0.3141, "700.0": 0.3404, "760.0": 0.1251, "720.0": 0.2559, "702.0": 0.3309, "698.0": 0.35, "770.0": 0.1074, "704.0": 0.3287, "709.0": 0.3044, "711.0": 0.2946, "747.0": 0.1566, "713.0": 0.2907, "754.0": 0.1381, "736.0": 0.1931, "740.0": 0.1792, "690.0": 0.3781, "733.0": 0.204, "726.0": 0.2341}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2019, "long_delta": 0.1117, "short_iv": 0.1293, "short_rel_spread": 0.0169491525423729, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.75967, "long_quote_age": 0.4768, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 766.265}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.83 (gross $-29.33 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:46:22.451374+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.36% with an IV/RV ratio of 1.05, presenting an opportunity to sell rich short-term put premium.", "invalidation": "A continued sharp downward extension beyond the 1-day -0.40% dip breaching short strike levels."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"740.0": 0.2076, "724.0": 0.2971, "725.0": 0.3018, "700.0": 0.4295, "731.0": 0.2617, "754.0": 0.1429, "710.0": 0.3871, "747.0": 0.1705, "735.0": 0.2349, "764.0": 0.1138, "742.0": 0.1989, "728.0": 0.2818, "750.0": 0.1586, "748.0": 0.1662, "730.0": 0.2684, "718.0": 0.3357, "739.0": 0.2146, "761.0": 0.1218, "755.0": 0.139, "695.0": 0.4604, "690.0": 0.4913, "759.0": 0.1274, "766.0": 0.1089, "722.0": 0.31, "723.0": 0.3035, "744.0": 0.189, "729.0": 0.2751, "757.0": 0.1336, "715.0": 0.355, "749.0": 0.1614, "756.0": 0.1365, "767.0": 0.1067, "746.0": 0.1781, "762.0": 0.119, "737.0": 0.2285, "741.0": 0.2061, "719.0": 0.3293, "760.0": 0.1243, "763.0": 0.1163, "770.0": 0.103, "726.0": 0.2951, "736.0": 0.2354, "732.0": 0.255, "751.0": 0.1528, "769.0": 0.1034, "743.0": 0.1918, "765.0": 0.1112, "758.0": 0.1302, "745.0": 0.1817, "753.0": 0.1455, "738.0": 0.2215, "685.0": 0.5223, "720.0": 0.3228, "733.0": 0.2483, "705.0": 0.4193, "752.0": 0.1506, "727.0": 0.2885, "734.0": 0.2416, "721.0": 0.3164, "768.0": 0.1049}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.54, "short_delta": 0.216, "long_delta": 0.0878, "short_iv": 0.1218, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.571341, "long_quote_age": 0.756885, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.2}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.10 (gross $-33.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.10 (gross $-33.10 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.216, "long_delta": 0.0878, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.784, "edge_pp": -10.8, "ev_implied_usd": -21.95, "realized_vol": 0.1064, "atm_iv": 0.1089, "vrp_ratio": 0.977, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.53, "ev_at_half_drift_usd": -36.77, "ev_gross_usd": -33.1, "expected_loss_real_usd": 87.1, "friction_usd": 1.0, "ev_net_usd": -34.1, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 455}
{"ts": "2026-08-31T17:46:35.396161+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY demonstrates positive 5-day momentum of +0.36% with an IV/RV ratio of 1.05, supporting put credit spreads across a longer 4-7 DTE window.", "invalidation": "SPY 5-day return turns negative or downward momentum sharply accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"714.0": 0.2856, "755.0": 0.1364, "764.0": 0.1172, "712.0": 0.2896, "727.0": 0.2288, "742.0": 0.171, "695.0": 0.3643, "721.0": 0.2554, "698.0": 0.3499, "707.0": 0.314, "744.0": 0.1652, "769.0": 0.1087, "709.0": 0.3042, "706.0": 0.3189, "702.0": 0.3307, "745.0": 0.1618, "705.0": 0.3237, "765.0": 0.1154, "741.0": 0.1751, "740.0": 0.179, "694.0": 0.3691, "732.0": 0.2092, "770.0": 0.1076, "704.0": 0.3286, "758.0": 0.1295, "747.0": 0.1564, "713.0": 0.2905, "756.0": 0.134, "717.0": 0.2707, "720.0": 0.2557, "753.0": 0.1409, "723.0": 0.2453, "748.0": 0.1541, "763.0": 0.1194, "731.0": 0.2114, "762.0": 0.1211, "746.0": 0.1593, "725.0": 0.2351, "733.0": 0.2039, "751.0": 0.1459, "697.0": 0.3547, "736.0": 0.193, "730.0": 0.2167, "722.0": 0.2503, "715.0": 0.2806, "703.0": 0.3335, "752.0": 0.1431, "737.0": 0.1875, "766.0": 0.1135, "760.0": 0.1254, "718.0": 0.2657, "761.0": 0.1233, "690.0": 0.378, "719.0": 0.2607, "738.0": 0.1843, "768.0": 0.1094, "735.0": 0.1959, "749.0": 0.1513, "699.0": 0.3451, "759.0": 0.1274, "710.0": 0.2993, "739.0": 0.1828, "734.0": 0.1986, "691.0": 0.3733, "729.0": 0.2185, "757.0": 0.1318, "724.0": 0.2402, "728.0": 0.2237, "700.0": 0.3403, "708.0": 0.3091, "696.0": 0.3595, "693.0": 0.3738, "767.0": 0.1119, "692.0": 0.3786, "716.0": 0.2756, "701.0": 0.3355, "711.0": 0.2945, "754.0": 0.1385, "726.0": 0.234, "743.0": 0.1683, "750.0": 0.148}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2031, "long_delta": 0.1429, "short_iv": 0.1295, "short_rel_spread": 0.016806722689075647, "long_rel_spread": 0.012422360248447215, "short_quote_age": 0.483038, "long_quote_age": 0.474373, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 766.2}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.15 (gross $-18.65 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:48:05.055026+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum of +0.37% with an IV/RV ratio of 1.06, offering favorable premium to sell put spreads following a mild 1-day pullback of -0.39%.", "invalidation": "SPY spot price accelerating downward below the short put strike level within the expiration window."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"726.0": 0.296, "744.0": 0.19, "759.0": 0.1278, "723.0": 0.3044, "755.0": 0.1403, "740.0": 0.2085, "751.0": 0.1539, "758.0": 0.1308, "724.0": 0.2979, "730.0": 0.2693, "754.0": 0.1441, "737.0": 0.2294, "734.0": 0.2425, "739.0": 0.2155, "770.0": 0.1033, "731.0": 0.2626, "732.0": 0.2559, "752.0": 0.1498, "685.0": 0.5231, "695.0": 0.4612, "733.0": 0.2492, "727.0": 0.2893, "766.0": 0.1087, "710.0": 0.388, "715.0": 0.3558, "767.0": 0.1065, "743.0": 0.1927, "761.0": 0.1218, "747.0": 0.1715, "749.0": 0.1625, "736.0": 0.2363, "728.0": 0.2827, "757.0": 0.1331, "690.0": 0.4921, "741.0": 0.207, "753.0": 0.1467, "722.0": 0.3108, "760.0": 0.1247, "725.0": 0.3027, "768.0": 0.1046, "762.0": 0.119, "769.0": 0.1026, "705.0": 0.4201, "729.0": 0.276, "735.0": 0.2358, "764.0": 0.1137, "738.0": 0.2224, "742.0": 0.1999, "746.0": 0.1791, "745.0": 0.1827, "720.0": 0.3237, "719.0": 0.3301, "763.0": 0.1164, "718.0": 0.3366, "748.0": 0.1672, "700.0": 0.4303, "765.0": 0.1111, "750.0": 0.1597, "721.0": 0.3172, "756.0": 0.1367}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2101, "long_delta": 0.0853, "short_iv": 0.1218, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.445308, "long_quote_age": 0.405941, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.93 (gross $-32.93 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:48:22.274338+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY exhibits implied volatility trading at a premium to realized volatility with an IV/RV ratio of 1.06 and an upward 5-day trend of +0.37%, providing favorable conditions for selling put premium.", "invalidation": "SPY spot price extends its 1-day decline of -0.39% and turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"718.0": 0.2661, "702.0": 0.3311, "685.0": 0.4018, "712.0": 0.2899, "759.0": 0.1273, "740.0": 0.1795, "736.0": 0.1934, "703.0": 0.3338, "761.0": 0.1232, "717.0": 0.271, "728.0": 0.224, "762.0": 0.1211, "734.0": 0.199, "708.0": 0.3095, "768.0": 0.1097, "743.0": 0.1687, "715.0": 0.281, "751.0": 0.1456, "731.0": 0.2118, "737.0": 0.1879, "693.0": 0.3742, "694.0": 0.3694, "741.0": 0.1755, "691.0": 0.3736, "729.0": 0.2189, "692.0": 0.379, "750.0": 0.1485, "764.0": 0.1172, "757.0": 0.1318, "749.0": 0.1509, "746.0": 0.1598, "726.0": 0.2344, "748.0": 0.1536, "723.0": 0.2457, "744.0": 0.1656, "753.0": 0.1411, "770.0": 0.1072, "769.0": 0.108, "698.0": 0.3502, "701.0": 0.3359, "735.0": 0.1963, "696.0": 0.3598, "763.0": 0.1192, "695.0": 0.3646, "714.0": 0.2859, "754.0": 0.1385, "724.0": 0.2406, "720.0": 0.2561, "721.0": 0.2558, "739.0": 0.1832, "706.0": 0.3192, "697.0": 0.355, "710.0": 0.2997, "738.0": 0.1847, "707.0": 0.3143, "722.0": 0.2507, "733.0": 0.2043, "760.0": 0.1252, "690.0": 0.3783, "725.0": 0.2355, "704.0": 0.329, "699.0": 0.3454, "752.0": 0.143, "755.0": 0.1361, "716.0": 0.276, "713.0": 0.2909, "765.0": 0.1152, "709.0": 0.3046, "732.0": 0.2096, "730.0": 0.2171, "705.0": 0.3241, "719.0": 0.2611, "766.0": 0.1135, "745.0": 0.1623, "756.0": 0.1341, "767.0": 0.1118, "727.0": 0.2292, "711.0": 0.2948, "742.0": 0.1714, "758.0": 0.1295, "747.0": 0.1569, "700.0": 0.3407}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.56, "short_delta": 0.201, "long_delta": 0.1115, "short_iv": 0.1295, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.016260162601626032, "short_quote_age": 1.4548, "long_quote_age": 1.124387, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 766.29}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.11 (gross $-29.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:49:41.388637+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.38% with IV/RV slightly elevated at 1.06, providing an opportunity to sell downside premium following a mild 1D pullback of -0.39%.", "invalidation": "SPY continues declining past its current 1D drop of -0.39% with accelerating downward price action."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"749.0": 0.1623, "685.0": 0.523, "756.0": 0.1366, "751.0": 0.1538, "759.0": 0.1269, "768.0": 0.1047, "767.0": 0.1064, "730.0": 0.2692, "735.0": 0.2357, "733.0": 0.2491, "753.0": 0.1466, "724.0": 0.2978, "727.0": 0.2892, "723.0": 0.3043, "740.0": 0.2084, "755.0": 0.1402, "720.0": 0.3236, "736.0": 0.2362, "741.0": 0.2069, "715.0": 0.3558, "700.0": 0.4302, "770.0": 0.1001, "744.0": 0.1899, "721.0": 0.3172, "766.0": 0.1086, "748.0": 0.1671, "718.0": 0.3365, "745.0": 0.1825, "754.0": 0.1425, "743.0": 0.1926, "731.0": 0.2625, "750.0": 0.1571, "769.0": 0.1029, "719.0": 0.33, "747.0": 0.1714, "690.0": 0.492, "695.0": 0.4611, "764.0": 0.1135, "738.0": 0.2223, "760.0": 0.1245, "722.0": 0.3107, "757.0": 0.1329, "758.0": 0.1307, "765.0": 0.111, "726.0": 0.2959, "710.0": 0.3879, "763.0": 0.1161, "761.0": 0.1216, "728.0": 0.2826, "734.0": 0.2424, "729.0": 0.2759, "746.0": 0.179, "732.0": 0.2558, "752.0": 0.1497, "737.0": 0.2293, "762.0": 0.1185, "739.0": 0.2154, "742.0": 0.1998, "705.0": 0.42, "725.0": 0.3026}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2104, "long_delta": 0.0854, "short_iv": 0.1216, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.525794, "long_quote_age": 0.512049, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.33}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.41 (gross $-33.41 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:49:55.215298+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day momentum at +0.38% with ATM IV exceeding 20-day realized volatility at an IV/RV ratio of 1.06, providing favorable conditions for harvesting premium via put credit spreads.", "invalidation": "SPY spot price drops significantly below the 766.36 level or 5-day performance turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"704.0": 0.3291, "692.0": 0.3791, "765.0": 0.115, "697.0": 0.3551, "769.0": 0.1082, "761.0": 0.123, "729.0": 0.219, "731.0": 0.212, "750.0": 0.1487, "726.0": 0.2345, "744.0": 0.1658, "696.0": 0.3599, "685.0": 0.402, "749.0": 0.1511, "768.0": 0.1089, "709.0": 0.3047, "725.0": 0.2357, "711.0": 0.295, "707.0": 0.3145, "715.0": 0.2811, "695.0": 0.3647, "701.0": 0.336, "756.0": 0.1338, "770.0": 0.107, "754.0": 0.1381, "759.0": 0.1272, "733.0": 0.2044, "706.0": 0.3193, "714.0": 0.2861, "751.0": 0.1459, "705.0": 0.3242, "713.0": 0.291, "727.0": 0.2294, "719.0": 0.2612, "703.0": 0.334, "734.0": 0.1991, "722.0": 0.2509, "763.0": 0.1188, "717.0": 0.2712, "723.0": 0.2458, "743.0": 0.1689, "730.0": 0.2172, "721.0": 0.2559, "737.0": 0.1881, "700.0": 0.3408, "746.0": 0.1588, "698.0": 0.3504, "766.0": 0.1133, "760.0": 0.1251, "758.0": 0.1294, "736.0": 0.1935, "720.0": 0.2562, "762.0": 0.1209, "748.0": 0.1538, "728.0": 0.2242, "718.0": 0.2662, "739.0": 0.1834, "691.0": 0.3738, "693.0": 0.3743, "724.0": 0.2407, "757.0": 0.1316, "699.0": 0.3456, "735.0": 0.1965, "710.0": 0.2998, "752.0": 0.1432, "690.0": 0.3785, "741.0": 0.1757, "767.0": 0.1115, "755.0": 0.1361, "708.0": 0.3096, "745.0": 0.1624, "753.0": 0.1407, "732.0": 0.2098, "712.0": 0.2901, "764.0": 0.1169, "740.0": 0.1796, "694.0": 0.3695, "747.0": 0.156, "742.0": 0.1716, "738.0": 0.1848, "702.0": 0.3312, "716.0": 0.2761}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.56, "short_delta": 0.1998, "long_delta": 0.1103, "short_iv": 0.1294, "short_rel_spread": 0.00858369098712447, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.586266, "long_quote_age": 0.52132, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 766.33}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.71 (gross $-28.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:51:15.377803+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits an IV/RV premium of 1.06 with positive 5-day performance of +0.41%, favoring selling short-term put premium on the minor 1-day dip of -0.36%.", "invalidation": "A continued downward move in SPY spot below 766.60 that reverses the positive 5-day return."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"730.0": 0.2714, "767.0": 0.1071, "724.0": 0.2999, "748.0": 0.1697, "758.0": 0.1307, "763.0": 0.1171, "733.0": 0.2513, "753.0": 0.1477, "761.0": 0.1221, "756.0": 0.1375, "769.0": 0.1044, "768.0": 0.1062, "766.0": 0.1093, "764.0": 0.1142, "762.0": 0.1198, "695.0": 0.463, "719.0": 0.3321, "720.0": 0.3256, "721.0": 0.3192, "718.0": 0.3385, "754.0": 0.1439, "737.0": 0.2315, "705.0": 0.422, "742.0": 0.2021, "744.0": 0.1878, "743.0": 0.195, "760.0": 0.125, "750.0": 0.1598, "728.0": 0.2847, "732.0": 0.258, "723.0": 0.3063, "729.0": 0.278, "757.0": 0.1343, "759.0": 0.1283, "735.0": 0.2378, "736.0": 0.2384, "734.0": 0.2446, "752.0": 0.1525, "747.0": 0.1739, "700.0": 0.4321, "741.0": 0.2037, "751.0": 0.1565, "770.0": 0.1049, "738.0": 0.2246, "739.0": 0.2177, "690.0": 0.4939, "715.0": 0.3578, "731.0": 0.2647, "755.0": 0.1407, "749.0": 0.1649, "722.0": 0.3128, "710.0": 0.3899, "726.0": 0.298, "745.0": 0.185, "746.0": 0.1776, "740.0": 0.2107, "765.0": 0.1119, "727.0": 0.2914, "725.0": 0.3047}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1975, "long_delta": 0.0802, "short_iv": 0.1221, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.433412, "long_quote_age": 0.484787, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.6800000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.79 (gross $-34.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-35.79 (gross $-34.79 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1975, "long_delta": 0.0802, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8025, "edge_pp": -10.15, "ev_implied_usd": -21.43, "realized_vol": 0.1064, "atm_iv": 0.1071, "vrp_ratio": 0.9935, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.83, "ev_at_half_drift_usd": -38.26, "ev_gross_usd": -34.79, "expected_loss_real_usd": 82.79, "friction_usd": 1.0, "ev_net_usd": -35.79, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 466}
{"ts": "2026-08-31T17:51:28.829333+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum of +0.41% with an IV/RV ratio of 1.06, providing an implied volatility premium edge to collect premium via put credit spreads.", "invalidation": "A reversal in SPY spot price breaching the short put strike as 1-day weakness accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"716.0": 0.2777, "733.0": 0.2062, "740.0": 0.1796, "742.0": 0.1735, "702.0": 0.3327, "739.0": 0.1832, "714.0": 0.2876, "736.0": 0.1928, "708.0": 0.3111, "731.0": 0.2137, "749.0": 0.1523, "760.0": 0.126, "705.0": 0.3257, "738.0": 0.1866, "713.0": 0.2926, "697.0": 0.3566, "715.0": 0.2827, "734.0": 0.2008, "712.0": 0.2916, "728.0": 0.2258, "754.0": 0.1395, "720.0": 0.2578, "726.0": 0.2361, "719.0": 0.2628, "768.0": 0.1108, "763.0": 0.1199, "690.0": 0.3799, "765.0": 0.1162, "718.0": 0.2678, "709.0": 0.3062, "758.0": 0.1301, "744.0": 0.1664, "766.0": 0.1143, "725.0": 0.2373, "755.0": 0.1371, "721.0": 0.2575, "717.0": 0.2727, "750.0": 0.1493, "747.0": 0.1581, "741.0": 0.1758, "694.0": 0.371, "757.0": 0.1325, "759.0": 0.128, "704.0": 0.3306, "701.0": 0.3375, "710.0": 0.3014, "743.0": 0.1693, "745.0": 0.1631, "695.0": 0.3662, "756.0": 0.1345, "727.0": 0.231, "685.0": 0.4034, "762.0": 0.122, "724.0": 0.2423, "693.0": 0.3758, "751.0": 0.1466, "748.0": 0.1549, "723.0": 0.2474, "706.0": 0.3209, "735.0": 0.1982, "753.0": 0.1418, "722.0": 0.2525, "737.0": 0.1898, "711.0": 0.2965, "770.0": 0.1081, "696.0": 0.3614, "700.0": 0.3423, "691.0": 0.3752, "699.0": 0.347, "746.0": 0.1608, "703.0": 0.3355, "767.0": 0.1127, "692.0": 0.3806, "730.0": 0.2189, "707.0": 0.316, "761.0": 0.1239, "729.0": 0.2207, "732.0": 0.2084, "769.0": 0.1096, "752.0": 0.1441, "698.0": 0.3518, "764.0": 0.1181}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1922, "long_delta": 0.1065, "short_iv": 0.1301, "short_rel_spread": 0.008968609865470859, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.429941, "long_quote_age": 0.863277, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.665}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.83 (gross $-29.83 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:52:48.363110+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5-day momentum at +0.43% with ATM IV (10.99%) elevated above 20-day realized volatility (10.40%) at an IV/RV of 1.06, creating an attractive backdrop to sell put premium.", "invalidation": "A continuation of the 1-day decline (-0.34%) that pushes spot prices downward past the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"731.0": 0.2647, "763.0": 0.1167, "758.0": 0.1308, "749.0": 0.165, "743.0": 0.195, "755.0": 0.1408, "762.0": 0.1194, "748.0": 0.1697, "757.0": 0.1344, "737.0": 0.2316, "705.0": 0.422, "745.0": 0.185, "753.0": 0.1478, "718.0": 0.3386, "761.0": 0.1223, "732.0": 0.258, "759.0": 0.1284, "733.0": 0.2513, "741.0": 0.2038, "747.0": 0.174, "742.0": 0.2022, "721.0": 0.3193, "756.0": 0.1376, "744.0": 0.1879, "767.0": 0.1069, "727.0": 0.2914, "726.0": 0.2981, "766.0": 0.1093, "734.0": 0.2446, "715.0": 0.3578, "739.0": 0.2177, "768.0": 0.1047, "710.0": 0.3899, "729.0": 0.2781, "750.0": 0.1598, "728.0": 0.2848, "724.0": 0.2999, "735.0": 0.2379, "736.0": 0.2385, "764.0": 0.1144, "765.0": 0.1116, "723.0": 0.3064, "770.0": 0.1012, "720.0": 0.3257, "690.0": 0.494, "719.0": 0.3321, "752.0": 0.1526, "722.0": 0.3128, "740.0": 0.2108, "751.0": 0.1566, "695.0": 0.463, "769.0": 0.1028, "700.0": 0.4322, "738.0": 0.2247, "725.0": 0.3048, "754.0": 0.144, "746.0": 0.1777, "730.0": 0.2714, "760.0": 0.1252}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1974, "long_delta": 0.0801, "short_iv": 0.1223, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.870975, "long_quote_age": 1.730133, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.85 (gross $-34.85 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:53:05.714686+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.43% with implied volatility trading at an IV/RV premium of 1.06.", "invalidation": "Continued negative price action below the current 766.72 spot level breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"693.0": 0.3758, "755.0": 0.1371, "730.0": 0.2189, "754.0": 0.1395, "727.0": 0.231, "752.0": 0.1441, "744.0": 0.1664, "699.0": 0.347, "698.0": 0.3518, "697.0": 0.3566, "739.0": 0.1832, "762.0": 0.1218, "709.0": 0.3062, "763.0": 0.1199, "729.0": 0.2207, "764.0": 0.1179, "690.0": 0.3799, "724.0": 0.2423, "742.0": 0.1735, "717.0": 0.2727, "760.0": 0.126, "711.0": 0.2965, "712.0": 0.2916, "732.0": 0.2084, "718.0": 0.2678, "694.0": 0.371, "758.0": 0.1301, "692.0": 0.3806, "703.0": 0.3355, "696.0": 0.3614, "761.0": 0.1239, "721.0": 0.2575, "731.0": 0.2137, "725.0": 0.2373, "735.0": 0.1982, "685.0": 0.4034, "708.0": 0.3111, "737.0": 0.1898, "710.0": 0.3014, "766.0": 0.1141, "767.0": 0.1125, "691.0": 0.3752, "768.0": 0.1108, "765.0": 0.116, "750.0": 0.1493, "756.0": 0.1348, "740.0": 0.1796, "757.0": 0.1325, "702.0": 0.3327, "747.0": 0.1581, "759.0": 0.128, "748.0": 0.1549, "700.0": 0.3423, "743.0": 0.1693, "753.0": 0.1418, "716.0": 0.2777, "701.0": 0.3375, "769.0": 0.109, "719.0": 0.2628, "746.0": 0.1608, "720.0": 0.2578, "704.0": 0.3306, "741.0": 0.1758, "726.0": 0.2361, "749.0": 0.1523, "714.0": 0.2876, "745.0": 0.1631, "738.0": 0.1866, "723.0": 0.2474, "722.0": 0.2525, "705.0": 0.3257, "728.0": 0.2258, "751.0": 0.1466, "715.0": 0.2827, "706.0": 0.3209, "733.0": 0.2062, "713.0": 0.2926, "707.0": 0.316, "695.0": 0.3662, "736.0": 0.1928, "734.0": 0.2008, "770.0": 0.1081}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00760000", "long_symbol": "SPY260904P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.7, "short_delta": 0.2426, "long_delta": 0.135, "short_iv": 0.126, "short_rel_spread": 0.013698630136986314, "long_rel_spread": 0.013245033112582794, "short_quote_age": 0.483255, "long_quote_age": 1.620066, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 430.0, "total_risk": 19780.0, "buying_power_used_pct": 0.989}, "spot": 766.655}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.57 (gross $-31.07 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:54:31.595609+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.43% alongside an elevated IV/RV ratio of 1.05, supporting short put premium collection after a modest 1D dip of -0.34%.", "invalidation": "Further downward movement in SPY that breaches the short strike and extends beyond the 1D decline."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"719.0": 0.3322, "768.0": 0.1053, "710.0": 0.39, "764.0": 0.1141, "747.0": 0.1741, "763.0": 0.1169, "726.0": 0.2982, "756.0": 0.1378, "744.0": 0.188, "758.0": 0.1319, "738.0": 0.2248, "690.0": 0.494, "715.0": 0.3579, "733.0": 0.2514, "761.0": 0.1225, "762.0": 0.1196, "737.0": 0.2317, "754.0": 0.1442, "724.0": 0.3, "728.0": 0.2849, "769.0": 0.1032, "735.0": 0.238, "745.0": 0.1851, "727.0": 0.2915, "732.0": 0.2581, "753.0": 0.1479, "734.0": 0.2447, "757.0": 0.1345, "742.0": 0.2023, "729.0": 0.2782, "731.0": 0.2648, "755.0": 0.1409, "748.0": 0.1699, "752.0": 0.1527, "770.0": 0.1025, "721.0": 0.3194, "740.0": 0.2109, "705.0": 0.4221, "759.0": 0.1286, "695.0": 0.4631, "766.0": 0.1093, "725.0": 0.3049, "722.0": 0.3129, "741.0": 0.2039, "767.0": 0.107, "765.0": 0.1119, "751.0": 0.1567, "720.0": 0.3258, "750.0": 0.16, "739.0": 0.2178, "736.0": 0.2386, "718.0": 0.3386, "730.0": 0.2715, "700.0": 0.4323, "743.0": 0.1951, "760.0": 0.1253, "749.0": 0.1651, "723.0": 0.3065, "746.0": 0.1778}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1971, "long_delta": 0.0801, "short_iv": 0.1225, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.446678, "long_quote_age": 0.492856, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.71}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.91 (gross $-34.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-35.91 (gross $-34.91 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1971, "long_delta": 0.0801, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8029, "edge_pp": -10.11, "ev_implied_usd": -21.3, "realized_vol": 0.1064, "atm_iv": 0.107, "vrp_ratio": 0.9944, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.93, "ev_at_half_drift_usd": -38.38, "ev_gross_usd": -34.91, "expected_loss_real_usd": 82.91, "friction_usd": 1.0, "ev_net_usd": -35.91, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 479}
{"ts": "2026-08-31T17:54:44.437158+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits an elevated IV/RV ratio of 1.05 with positive 5D momentum of +0.43%, supporting put premium selling across a multi-day horizon.", "invalidation": "SPY spot breaks downward toward the short strike as short-term momentum deteriorates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"742.0": 0.1794, "740.0": 0.1886, "735.0": 0.2109, "690.0": 0.4239, "755.0": 0.1372, "768.0": 0.1076, "761.0": 0.1217, "733.0": 0.2225, "718.0": 0.2957, "757.0": 0.132, "743.0": 0.1759, "730.0": 0.2348, "719.0": 0.2902, "765.0": 0.1129, "764.0": 0.115, "752.0": 0.1452, "732.0": 0.2283, "751.0": 0.1479, "767.0": 0.1089, "746.0": 0.1657, "720.0": 0.2846, "710.0": 0.3305, "741.0": 0.1856, "734.0": 0.2167, "759.0": 0.1266, "727.0": 0.2519, "728.0": 0.2462, "770.0": 0.1049, "724.0": 0.2624, "739.0": 0.1912, "731.0": 0.2291, "769.0": 0.1058, "756.0": 0.134, "722.0": 0.2735, "715.0": 0.3123, "745.0": 0.168, "763.0": 0.1172, "750.0": 0.1513, "753.0": 0.1427, "738.0": 0.1972, "695.0": 0.3976, "700.0": 0.3713, "725.0": 0.2569, "736.0": 0.205, "723.0": 0.268, "766.0": 0.1112, "705.0": 0.3575, "754.0": 0.1395, "729.0": 0.2405, "737.0": 0.2031, "758.0": 0.1292, "747.0": 0.161, "721.0": 0.2791, "749.0": 0.154, "748.0": 0.1577, "760.0": 0.1242, "726.0": 0.2576, "744.0": 0.1721, "762.0": 0.1193}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2074, "long_delta": 0.136, "short_iv": 0.1242, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.71266, "long_quote_age": 1.284988, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 766.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.46 (gross $-21.46 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $262/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,912.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-22.46 (gross $-21.46 - friction $1.00) > $0.00"}], "economics": {"credit": 0.38, "width": 3.0, "short_delta": 0.2074, "long_delta": 0.136, "max_profit_usd": 38.0, "max_loss_usd": 262.0, "breakeven_wr": 0.8733, "implied_wr": 0.7926, "edge_pp": -8.07, "ev_implied_usd": -13.51, "realized_vol": 0.1064, "atm_iv": 0.1089, "vrp_ratio": 0.977, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -27.46, "ev_at_half_drift_usd": -24.42, "ev_gross_usd": -21.46, "expected_loss_real_usd": 59.46, "friction_usd": 1.0, "ev_net_usd": -22.46, "total_risk_usd": 19912.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 446}
{"ts": "2026-08-31T17:56:06.583210+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY displays positive 5-day momentum of +0.43% alongside elevated implied volatility relative to realized volatility (IV/RV 1.05), providing favorable conditions for selling put premium.", "invalidation": "SPY spot price drops sharply below 766.72 and breaks the positive 5-day momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"740.0": 0.2105, "729.0": 0.2779, "724.0": 0.2997, "768.0": 0.1052, "743.0": 0.1948, "759.0": 0.1288, "732.0": 0.2578, "721.0": 0.319, "722.0": 0.3126, "762.0": 0.12, "764.0": 0.1147, "761.0": 0.1224, "725.0": 0.3045, "763.0": 0.1171, "737.0": 0.2313, "765.0": 0.1123, "753.0": 0.1475, "769.0": 0.1039, "733.0": 0.2511, "736.0": 0.2382, "700.0": 0.432, "695.0": 0.4628, "770.0": 0.1016, "718.0": 0.3383, "755.0": 0.1404, "750.0": 0.1595, "749.0": 0.1647, "757.0": 0.134, "734.0": 0.2444, "710.0": 0.3897, "730.0": 0.2712, "728.0": 0.2845, "747.0": 0.1737, "741.0": 0.2035, "744.0": 0.1876, "727.0": 0.2912, "705.0": 0.4218, "758.0": 0.1313, "720.0": 0.3255, "745.0": 0.1848, "731.0": 0.2645, "719.0": 0.3319, "754.0": 0.1437, "746.0": 0.1774, "715.0": 0.3576, "690.0": 0.4937, "767.0": 0.1073, "739.0": 0.2175, "738.0": 0.2244, "742.0": 0.2019, "751.0": 0.1563, "766.0": 0.1096, "760.0": 0.1254, "752.0": 0.1522, "723.0": 0.3061, "756.0": 0.1373, "726.0": 0.2979, "748.0": 0.1694, "735.0": 0.2377}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00758000", "short_strike": 761.0, "long_strike": 758.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1992, "long_delta": 0.1162, "short_iv": 0.1224, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.623341, "long_quote_age": 0.630115, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 265.0, "total_risk": 19875.0, "buying_power_used_pct": 0.9938}, "spot": 766.69}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.34 (gross $-21.34 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:56:20.054184+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an elevated IV/RV ratio of 1.05 and a positive 5D return of +0.43%, supporting premium harvesting via put credit spreads over a slightly longer expiration horizon.", "invalidation": "SPY daily losses accelerate beyond the current 1D decline of -0.34%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"748.0": 0.155, "736.0": 0.1929, "722.0": 0.2526, "706.0": 0.3209, "732.0": 0.2085, "755.0": 0.1372, "754.0": 0.1396, "767.0": 0.1128, "764.0": 0.1182, "752.0": 0.1443, "704.0": 0.3307, "702.0": 0.3328, "716.0": 0.2778, "729.0": 0.2208, "743.0": 0.1694, "710.0": 0.3014, "725.0": 0.2374, "753.0": 0.1419, "750.0": 0.1494, "737.0": 0.1899, "734.0": 0.2009, "762.0": 0.122, "717.0": 0.2728, "742.0": 0.1736, "765.0": 0.1163, "705.0": 0.3258, "770.0": 0.1077, "763.0": 0.1202, "728.0": 0.2259, "693.0": 0.3759, "692.0": 0.3807, "740.0": 0.1797, "727.0": 0.2311, "697.0": 0.3567, "712.0": 0.2917, "721.0": 0.2576, "711.0": 0.2966, "719.0": 0.2629, "713.0": 0.2927, "749.0": 0.1524, "735.0": 0.1983, "760.0": 0.1262, "759.0": 0.1284, "694.0": 0.3711, "700.0": 0.3423, "691.0": 0.3753, "768.0": 0.1111, "726.0": 0.2362, "709.0": 0.3063, "707.0": 0.3161, "745.0": 0.1632, "695.0": 0.3663, "714.0": 0.2877, "751.0": 0.1467, "696.0": 0.3615, "699.0": 0.3471, "739.0": 0.1833, "730.0": 0.219, "731.0": 0.2138, "741.0": 0.1759, "720.0": 0.2579, "761.0": 0.1241, "756.0": 0.1349, "758.0": 0.1305, "769.0": 0.1095, "715.0": 0.2828, "698.0": 0.3519, "723.0": 0.2475, "718.0": 0.2679, "747.0": 0.1582, "766.0": 0.1144, "757.0": 0.1327, "746.0": 0.1609, "701.0": 0.3376, "733.0": 0.2063, "724.0": 0.2424, "690.0": 0.38, "744.0": 0.1665, "738.0": 0.1867, "708.0": 0.3112, "703.0": 0.3356}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.61, "short_delta": 0.2162, "long_delta": 0.1199, "short_iv": 0.1284, "short_rel_spread": 0.015625000000000014, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.415384, "long_quote_age": 0.671945, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 439.0, "total_risk": 19755.0, "buying_power_used_pct": 0.9878}, "spot": 766.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.73 (gross $-30.23 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:57:40.452435+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return (+0.40%) with short-term implied volatility trading at a premium to realized volatility (IV/RV 1.05), favoring put credit spread premium collection.", "invalidation": "A continued downward move in SPY spot price breaching the short strike delta threshold."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"764.0": 0.1143, "766.0": 0.1093, "759.0": 0.1275, "729.0": 0.2767, "735.0": 0.2364, "736.0": 0.237, "753.0": 0.1476, "690.0": 0.4927, "749.0": 0.1633, "755.0": 0.14, "765.0": 0.1116, "763.0": 0.1169, "733.0": 0.2499, "740.0": 0.2092, "748.0": 0.168, "730.0": 0.27, "742.0": 0.2006, "726.0": 0.2967, "718.0": 0.3372, "727.0": 0.29, "757.0": 0.1331, "734.0": 0.2432, "685.0": 0.5237, "741.0": 0.2022, "739.0": 0.2162, "754.0": 0.1435, "725.0": 0.3033, "751.0": 0.1548, "695.0": 0.4618, "769.0": 0.1028, "760.0": 0.1246, "728.0": 0.2833, "700.0": 0.4309, "743.0": 0.1935, "731.0": 0.2633, "756.0": 0.1366, "705.0": 0.4207, "767.0": 0.1072, "770.0": 0.0997, "762.0": 0.1196, "744.0": 0.1863, "738.0": 0.2231, "745.0": 0.1834, "737.0": 0.2301, "723.0": 0.305, "720.0": 0.3243, "750.0": 0.1581, "721.0": 0.3179, "722.0": 0.3114, "732.0": 0.2566, "719.0": 0.3308, "768.0": 0.1048, "724.0": 0.2986, "710.0": 0.3886, "752.0": 0.1507, "758.0": 0.1302, "715.0": 0.3565, "747.0": 0.1723, "746.0": 0.176, "761.0": 0.1225}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2071, "long_delta": 0.083, "short_iv": 0.1225, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.840685, "long_quote_age": 1.358459, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.485}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.55 (gross $-30.55 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:57:53.451974+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits positive 5-day momentum at +0.40% and an IV/RV ratio of 1.05 (ATM IV 10.89% vs RV20 10.40%), supporting premium selling via put credit spreads.", "invalidation": "A continued decline pushing 5-day returns negative alongside spot falling significantly below 766.50."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"749.0": 0.1516, "701.0": 0.3364, "711.0": 0.2954, "690.0": 0.3788, "731.0": 0.2124, "709.0": 0.3051, "706.0": 0.3197, "751.0": 0.1465, "716.0": 0.2765, "691.0": 0.3741, "748.0": 0.1543, "723.0": 0.2462, "769.0": 0.1095, "721.0": 0.2563, "700.0": 0.3412, "763.0": 0.1201, "734.0": 0.1996, "756.0": 0.1351, "767.0": 0.1129, "692.0": 0.3795, "702.0": 0.3316, "730.0": 0.2177, "768.0": 0.1113, "735.0": 0.1969, "733.0": 0.2049, "707.0": 0.3149, "753.0": 0.142, "760.0": 0.1262, "764.0": 0.1184, "742.0": 0.1721, "729.0": 0.2195, "695.0": 0.3651, "705.0": 0.3246, "739.0": 0.1819, "698.0": 0.3507, "745.0": 0.163, "714.0": 0.2865, "713.0": 0.2914, "762.0": 0.1223, "693.0": 0.3747, "699.0": 0.346, "725.0": 0.2361, "750.0": 0.1493, "717.0": 0.2716, "726.0": 0.2349, "752.0": 0.1446, "724.0": 0.2412, "743.0": 0.1694, "696.0": 0.3603, "765.0": 0.1165, "708.0": 0.31, "758.0": 0.1306, "747.0": 0.1565, "712.0": 0.2905, "697.0": 0.3555, "727.0": 0.2298, "728.0": 0.2246, "741.0": 0.1762, "744.0": 0.1663, "755.0": 0.1374, "720.0": 0.2567, "718.0": 0.2666, "710.0": 0.3002, "694.0": 0.3699, "704.0": 0.3295, "732.0": 0.2102, "761.0": 0.1241, "766.0": 0.1146, "737.0": 0.1885, "703.0": 0.3344, "746.0": 0.1605, "736.0": 0.194, "722.0": 0.2513, "715.0": 0.2815, "759.0": 0.1284, "770.0": 0.108, "738.0": 0.1853, "757.0": 0.1326, "740.0": 0.1782, "754.0": 0.1394, "719.0": 0.2616}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.38, "short_delta": 0.1997, "long_delta": 0.1405, "short_iv": 0.1306, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.012578616352201269, "short_quote_age": 0.522197, "long_quote_age": 0.786705, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 766.455}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-17.78 (gross $-16.78 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:59:11.408625+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum at +0.39% alongside an elevated IV/RV ratio of 1.05, favoring short put spread premium collection following a modest 1-day dip.", "invalidation": "A continued downward move extending beyond the 1-day decline of -0.38% that breaches the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"740.0": 0.2093, "749.0": 0.1633, "700.0": 0.431, "730.0": 0.27, "760.0": 0.1253, "764.0": 0.1147, "756.0": 0.1367, "729.0": 0.2767, "685.0": 0.5237, "752.0": 0.1507, "758.0": 0.1312, "735.0": 0.2365, "768.0": 0.1052, "727.0": 0.2901, "754.0": 0.1436, "722.0": 0.3115, "725.0": 0.3034, "737.0": 0.2301, "759.0": 0.1283, "761.0": 0.1226, "755.0": 0.1401, "747.0": 0.1724, "744.0": 0.1863, "738.0": 0.2232, "695.0": 0.4618, "733.0": 0.2499, "741.0": 0.2023, "724.0": 0.2986, "719.0": 0.3308, "750.0": 0.1581, "710.0": 0.3886, "715.0": 0.3565, "748.0": 0.1681, "745.0": 0.1835, "766.0": 0.11, "742.0": 0.2007, "765.0": 0.1122, "769.0": 0.1038, "757.0": 0.1342, "734.0": 0.2432, "726.0": 0.2967, "739.0": 0.2163, "690.0": 0.4927, "763.0": 0.1171, "743.0": 0.1935, "770.0": 0.1035, "728.0": 0.2834, "751.0": 0.1549, "721.0": 0.3179, "762.0": 0.1198, "705.0": 0.4208, "767.0": 0.1078, "753.0": 0.1477, "718.0": 0.3372, "732.0": 0.2566, "746.0": 0.1761, "736.0": 0.2371, "731.0": 0.2633, "720.0": 0.3244, "723.0": 0.3051}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.207, "long_delta": 0.083, "short_iv": 0.1226, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.554528, "long_quote_age": 0.641032, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.465}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.76 (gross $-30.76 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T17:59:23.302862+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows an elevated IV/RV ratio of 1.05 alongside a positive 5-day return of +0.39%, favoring put credit collection across a longer expiration window.", "invalidation": "Acceleration of the 1-day decline past -0.38% driving spot below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"757.0": 0.1328, "752.0": 0.1445, "702.0": 0.332, "768.0": 0.1115, "756.0": 0.1348, "736.0": 0.1945, "728.0": 0.2251, "701.0": 0.3368, "742.0": 0.1726, "707.0": 0.3153, "710.0": 0.3006, "767.0": 0.1131, "732.0": 0.2107, "754.0": 0.1395, "724.0": 0.2416, "708.0": 0.3104, "705.0": 0.325, "685.0": 0.4027, "729.0": 0.2199, "741.0": 0.1767, "747.0": 0.1582, "738.0": 0.1858, "734.0": 0.2028, "727.0": 0.2302, "763.0": 0.1203, "693.0": 0.3751, "712.0": 0.2909, "709.0": 0.3055, "704.0": 0.3299, "740.0": 0.1806, "733.0": 0.2054, "758.0": 0.1305, "714.0": 0.2869, "726.0": 0.2354, "703.0": 0.3348, "730.0": 0.2181, "751.0": 0.1471, "720.0": 0.2571, "718.0": 0.267, "699.0": 0.3463, "715.0": 0.2819, "696.0": 0.3607, "735.0": 0.1974, "717.0": 0.272, "765.0": 0.1166, "713.0": 0.2919, "749.0": 0.1522, "722.0": 0.2517, "698.0": 0.3511, "753.0": 0.142, "743.0": 0.1699, "711.0": 0.2958, "731.0": 0.2129, "759.0": 0.1284, "719.0": 0.2621, "745.0": 0.1635, "697.0": 0.3559, "766.0": 0.1151, "716.0": 0.277, "725.0": 0.2365, "739.0": 0.1824, "760.0": 0.1267, "764.0": 0.1184, "770.0": 0.1086, "691.0": 0.3745, "746.0": 0.1611, "769.0": 0.1093, "737.0": 0.1913, "721.0": 0.2568, "723.0": 0.2467, "761.0": 0.1243, "755.0": 0.1372, "700.0": 0.3416, "690.0": 0.3792, "694.0": 0.3703, "695.0": 0.3655, "706.0": 0.3201, "762.0": 0.1222, "744.0": 0.1669, "748.0": 0.1549, "750.0": 0.1499, "692.0": 0.3799}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1971, "long_delta": 0.1094, "short_iv": 0.1305, "short_rel_spread": 0.008658008658008667, "long_rel_spread": 0.016528925619834725, "short_quote_age": 1.090534, "long_quote_age": 1.573003, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.49}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.21 (gross $-27.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:00:45.499192+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum at +0.36% with ATM IV trading at a premium to 20-day realized volatility with IV/RV at 1.06 despite a mild 1-day pullback of -0.41%.", "invalidation": "SPY spot price falls significantly below the short strike during the 2-5 DTE window."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"723.0": 0.304, "741.0": 0.2011, "715.0": 0.3555, "765.0": 0.1112, "749.0": 0.162, "730.0": 0.2689, "718.0": 0.3362, "732.0": 0.2555, "740.0": 0.2081, "762.0": 0.1189, "766.0": 0.1089, "763.0": 0.1161, "758.0": 0.1301, "724.0": 0.2975, "744.0": 0.1851, "735.0": 0.2353, "719.0": 0.3297, "705.0": 0.4197, "742.0": 0.1994, "710.0": 0.3876, "733.0": 0.2488, "731.0": 0.2622, "727.0": 0.2889, "746.0": 0.1748, "734.0": 0.2421, "769.0": 0.1034, "748.0": 0.1668, "761.0": 0.1215, "754.0": 0.1435, "736.0": 0.2359, "729.0": 0.2756, "760.0": 0.1246, "767.0": 0.1065, "755.0": 0.1397, "695.0": 0.4608, "721.0": 0.3169, "690.0": 0.4917, "750.0": 0.1592, "720.0": 0.3233, "685.0": 0.5228, "757.0": 0.1334, "759.0": 0.1271, "745.0": 0.1822, "752.0": 0.1512, "743.0": 0.1923, "756.0": 0.1361, "728.0": 0.2823, "764.0": 0.1136, "737.0": 0.2289, "725.0": 0.3023, "753.0": 0.1461, "751.0": 0.1534, "768.0": 0.1049, "739.0": 0.2151, "747.0": 0.1711, "770.0": 0.1027, "722.0": 0.3104, "726.0": 0.2956, "700.0": 0.4299, "738.0": 0.222}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2124, "long_delta": 0.0857, "short_iv": 0.1215, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.426789, "long_quote_age": 1.593983, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.295}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.58 (gross $-32.58 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:01:00.077546+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.06 and positive 5-day momentum of +0.36%, favoring short put premium harvesting across a 4-7 DTE window.", "invalidation": "SPY spot price accelerating downward below 766.18 with expanding realized volatility exceeding 10.40%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"749.0": 0.1519, "712.0": 0.29, "743.0": 0.1688, "707.0": 0.3144, "723.0": 0.2458, "730.0": 0.2172, "741.0": 0.1756, "710.0": 0.2998, "757.0": 0.1322, "716.0": 0.2761, "698.0": 0.3503, "751.0": 0.1466, "732.0": 0.2097, "733.0": 0.2044, "726.0": 0.2345, "685.0": 0.4019, "759.0": 0.1279, "714.0": 0.286, "705.0": 0.3242, "722.0": 0.2508, "709.0": 0.3047, "737.0": 0.1903, "695.0": 0.3647, "742.0": 0.1732, "750.0": 0.1487, "708.0": 0.3095, "702.0": 0.3312, "760.0": 0.1258, "753.0": 0.1413, "763.0": 0.1199, "765.0": 0.1161, "694.0": 0.3695, "740.0": 0.1796, "731.0": 0.2119, "728.0": 0.2241, "701.0": 0.336, "692.0": 0.3791, "756.0": 0.1343, "721.0": 0.2559, "697.0": 0.3551, "739.0": 0.1834, "718.0": 0.2661, "719.0": 0.2612, "713.0": 0.291, "752.0": 0.1439, "764.0": 0.118, "693.0": 0.3743, "724.0": 0.2407, "744.0": 0.1658, "720.0": 0.2609, "758.0": 0.1302, "696.0": 0.3599, "768.0": 0.111, "762.0": 0.1217, "699.0": 0.3455, "706.0": 0.3193, "747.0": 0.157, "729.0": 0.2224, "734.0": 0.2018, "755.0": 0.1366, "715.0": 0.2811, "690.0": 0.3784, "766.0": 0.1144, "745.0": 0.1637, "711.0": 0.2949, "691.0": 0.3737, "748.0": 0.1547, "738.0": 0.1869, "761.0": 0.1238, "736.0": 0.1935, "717.0": 0.2711, "770.0": 0.108, "725.0": 0.2396, "703.0": 0.3339, "746.0": 0.1599, "704.0": 0.3291, "754.0": 0.1393, "700.0": 0.3407, "769.0": 0.1082, "727.0": 0.2293, "735.0": 0.1964, "767.0": 0.1126}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2015, "long_delta": 0.1114, "short_iv": 0.1302, "short_rel_spread": 0.008438818565400852, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.756009, "long_quote_age": 1.988966, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.31}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.37 (gross $-27.37 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:02:18.662357+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.39% with ATM IV exceeding RV20 at an IV/RV ratio of 1.06, supporting premium capture via downside spreads.", "invalidation": "SPY spot drops significantly below 766.44, extending past the 1-day decline of -0.38% toward the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"715.0": 0.3563, "733.0": 0.2497, "743.0": 0.1932, "734.0": 0.243, "724.0": 0.2984, "737.0": 0.2299, "769.0": 0.1038, "758.0": 0.1308, "695.0": 0.4616, "770.0": 0.1022, "742.0": 0.2004, "736.0": 0.2368, "768.0": 0.1053, "685.0": 0.5235, "721.0": 0.3177, "728.0": 0.2831, "764.0": 0.1143, "735.0": 0.2362, "730.0": 0.2698, "719.0": 0.3306, "738.0": 0.2229, "722.0": 0.3113, "700.0": 0.4307, "720.0": 0.3241, "761.0": 0.1221, "766.0": 0.1096, "739.0": 0.216, "754.0": 0.1433, "762.0": 0.1192, "756.0": 0.1363, "746.0": 0.1758, "767.0": 0.1076, "731.0": 0.2631, "718.0": 0.337, "732.0": 0.2564, "744.0": 0.186, "705.0": 0.4205, "727.0": 0.2898, "765.0": 0.112, "748.0": 0.1678, "690.0": 0.4925, "723.0": 0.3048, "751.0": 0.1545, "752.0": 0.1504, "760.0": 0.1249, "740.0": 0.209, "725.0": 0.3031, "763.0": 0.1167, "749.0": 0.163, "750.0": 0.1578, "741.0": 0.202, "710.0": 0.3884, "757.0": 0.1338, "759.0": 0.1279, "729.0": 0.2765, "726.0": 0.2965, "753.0": 0.1473, "747.0": 0.1721, "755.0": 0.1397, "745.0": 0.1832}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2076, "long_delta": 0.0832, "short_iv": 0.1221, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.457371, "long_quote_age": 0.529377, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.4300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.32 (gross $-31.32 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:02:32.339120+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV sits at an elevated 1.06 against positive 5-day momentum of +0.39%, favoring longer DTE put credit collection.", "invalidation": "SPY spot breaks significantly downward continuing the 1-day decline of -0.38%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"725.0": 0.2402, "737.0": 0.1909, "704.0": 0.3296, "770.0": 0.1082, "730.0": 0.2178, "746.0": 0.1606, "692.0": 0.3695, "748.0": 0.1545, "693.0": 0.3748, "745.0": 0.1631, "756.0": 0.1347, "691.0": 0.3742, "696.0": 0.3604, "697.0": 0.3556, "758.0": 0.1301, "718.0": 0.2667, "732.0": 0.2103, "703.0": 0.3345, "744.0": 0.1665, "743.0": 0.1695, "714.0": 0.2866, "760.0": 0.126, "731.0": 0.2125, "712.0": 0.2906, "761.0": 0.1239, "716.0": 0.2766, "685.0": 0.4024, "717.0": 0.2717, "739.0": 0.184, "754.0": 0.139, "709.0": 0.3052, "753.0": 0.1415, "728.0": 0.2247, "722.0": 0.2514, "757.0": 0.1322, "694.0": 0.37, "738.0": 0.1876, "749.0": 0.1518, "750.0": 0.1495, "735.0": 0.197, "711.0": 0.2955, "713.0": 0.2915, "706.0": 0.3198, "752.0": 0.144, "740.0": 0.1802, "720.0": 0.2615, "763.0": 0.12, "767.0": 0.1128, "723.0": 0.2463, "736.0": 0.1941, "698.0": 0.3508, "710.0": 0.3003, "747.0": 0.1577, "695.0": 0.3652, "768.0": 0.1112, "769.0": 0.1099, "759.0": 0.128, "702.0": 0.3317, "721.0": 0.2564, "765.0": 0.1163, "708.0": 0.3101, "724.0": 0.2413, "690.0": 0.3789, "764.0": 0.118, "766.0": 0.1146, "719.0": 0.2617, "751.0": 0.1466, "701.0": 0.3365, "727.0": 0.2299, "742.0": 0.1722, "699.0": 0.346, "729.0": 0.223, "726.0": 0.235, "755.0": 0.137, "762.0": 0.122, "734.0": 0.2024, "715.0": 0.2816, "707.0": 0.315, "705.0": 0.3247, "741.0": 0.1763, "733.0": 0.205, "700.0": 0.3413}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1982, "long_delta": 0.1097, "short_iv": 0.1301, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.605087, "long_quote_age": 0.597919, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.415}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.67 (gross $-28.17 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:03:50.989344+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day trend of +0.41% with IV/RV at 1.06, offering elevated implied volatility to sell put credit spreads.", "invalidation": "A continuation of the 1-day decline of -0.36% breaching the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"739.0": 0.2172, "726.0": 0.2976, "725.0": 0.3043, "737.0": 0.2311, "740.0": 0.2102, "748.0": 0.1691, "720.0": 0.3252, "770.0": 0.1057, "766.0": 0.1101, "749.0": 0.1644, "710.0": 0.3895, "715.0": 0.3574, "755.0": 0.1414, "759.0": 0.1283, "746.0": 0.1771, "741.0": 0.2033, "723.0": 0.3059, "729.0": 0.2776, "736.0": 0.238, "690.0": 0.4935, "763.0": 0.1171, "743.0": 0.1945, "752.0": 0.1519, "751.0": 0.156, "700.0": 0.4317, "705.0": 0.4216, "769.0": 0.1046, "747.0": 0.1734, "738.0": 0.2241, "753.0": 0.1489, "733.0": 0.2508, "735.0": 0.2374, "727.0": 0.2909, "695.0": 0.4626, "754.0": 0.1449, "721.0": 0.3188, "761.0": 0.1225, "750.0": 0.1592, "756.0": 0.138, "762.0": 0.12, "764.0": 0.1148, "767.0": 0.108, "732.0": 0.2575, "719.0": 0.3316, "730.0": 0.2709, "745.0": 0.1845, "724.0": 0.2995, "685.0": 0.5245, "757.0": 0.1346, "728.0": 0.2843, "722.0": 0.3123, "768.0": 0.1062, "765.0": 0.1122, "758.0": 0.1309, "718.0": 0.3381, "742.0": 0.2017, "734.0": 0.2441, "760.0": 0.1256, "731.0": 0.2642, "744.0": 0.1873}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.49, "short_delta": 0.2011, "long_delta": 0.0823, "short_iv": 0.1225, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.56707, "long_quote_age": 0.635266, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.61}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.06 (gross $-34.06 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-35.06 (gross $-34.06 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.2011, "long_delta": 0.0823, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.7989, "edge_pp": -10.31, "ev_implied_usd": -21.85, "realized_vol": 0.1064, "atm_iv": 0.108, "vrp_ratio": 0.9852, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.16, "ev_at_half_drift_usd": -37.56, "ev_gross_usd": -34.06, "expected_loss_real_usd": 83.06, "friction_usd": 1.0, "ev_net_usd": -35.06, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 425}
{"ts": "2026-08-31T18:04:07.950873+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.25, "spread_width": 3, "max_loss_usd": 350, "thesis": "SPY displays an elevated IV/RV ratio of 1.06 and positive 5-day momentum of +0.41%, favoring short put premium selling across the 3 to 6 DTE window.", "invalidation": "SPY spot breaks down below the short put strike as 1-day downward momentum (-0.36%) accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"733.0": 0.2217, "768.0": 0.1076, "770.0": 0.1041, "745.0": 0.1693, "710.0": 0.3298, "763.0": 0.1174, "756.0": 0.1342, "732.0": 0.2275, "758.0": 0.1293, "705.0": 0.3568, "730.0": 0.234, "718.0": 0.295, "742.0": 0.1813, "735.0": 0.21, "764.0": 0.1153, "739.0": 0.1938, "690.0": 0.4232, "749.0": 0.1545, "755.0": 0.1368, "750.0": 0.1503, "759.0": 0.1262, "738.0": 0.1963, "722.0": 0.2728, "724.0": 0.2682, "753.0": 0.1416, "731.0": 0.2283, "769.0": 0.1056, "734.0": 0.2159, "744.0": 0.1712, "761.0": 0.1219, "737.0": 0.2023, "728.0": 0.2454, "748.0": 0.1568, "721.0": 0.2783, "726.0": 0.2568, "727.0": 0.2511, "746.0": 0.1648, "740.0": 0.1878, "751.0": 0.1481, "695.0": 0.3969, "741.0": 0.1847, "700.0": 0.3706, "757.0": 0.1313, "743.0": 0.175, "736.0": 0.2083, "766.0": 0.1115, "720.0": 0.2839, "725.0": 0.2625, "715.0": 0.3116, "765.0": 0.1135, "729.0": 0.2397, "760.0": 0.1241, "767.0": 0.1097, "723.0": 0.2672, "719.0": 0.2894, "762.0": 0.1197, "752.0": 0.1452, "754.0": 0.1392, "747.0": 0.1619}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 78, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00761000", "long_symbol": "SPY260903P00758000", "short_strike": 761.0, "long_strike": 758.0, "width": 3.0, "credit": 0.46, "short_delta": 0.2439, "long_delta": 0.1607, "short_iv": 0.1219, "short_rel_spread": 0.016260162601626032, "long_rel_spread": 0.013071895424836612, "short_quote_age": 0.511755, "long_quote_age": 0.42938, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 78, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 254.0, "total_risk": 19812.0, "buying_power_used_pct": 0.9906}, "spot": 766.61}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.17 (gross $-20.67 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 78 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $254/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,812.00 (78 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-22.17 (gross $-20.67 - friction $1.50) > $0.00"}], "economics": {"credit": 0.46, "width": 3.0, "short_delta": 0.2439, "long_delta": 0.1607, "max_profit_usd": 46.0, "max_loss_usd": 254.0, "breakeven_wr": 0.8467, "implied_wr": 0.7561, "edge_pp": -9.06, "ev_implied_usd": -14.69, "realized_vol": 0.1064, "atm_iv": 0.1097, "vrp_ratio": 0.9699, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -27.25, "ev_at_half_drift_usd": -23.91, "ev_gross_usd": -20.67, "expected_loss_real_usd": 66.67, "friction_usd": 1.5, "ev_net_usd": -22.17, "total_risk_usd": 19812.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 477}
{"ts": "2026-08-31T18:05:25.500429+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum (+0.40%) alongside an elevated IV/RV ratio of 1.06, providing an attractive premium-selling environment on a mild 1-day pullback.", "invalidation": "Further downward spot movement accelerating past the 1-day decline of -0.37% that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"705.0": 0.421, "754.0": 0.144, "757.0": 0.1346, "729.0": 0.277, "769.0": 0.1042, "725.0": 0.3036, "735.0": 0.2368, "720.0": 0.3246, "737.0": 0.2304, "761.0": 0.1231, "695.0": 0.462, "766.0": 0.1103, "770.0": 0.1024, "739.0": 0.2165, "733.0": 0.2502, "753.0": 0.148, "742.0": 0.201, "748.0": 0.1684, "746.0": 0.1764, "767.0": 0.1081, "721.0": 0.3182, "745.0": 0.1838, "722.0": 0.3117, "685.0": 0.524, "730.0": 0.2703, "710.0": 0.3889, "690.0": 0.493, "732.0": 0.2569, "743.0": 0.1938, "740.0": 0.2096, "715.0": 0.3568, "752.0": 0.1511, "760.0": 0.1258, "762.0": 0.1203, "738.0": 0.2235, "750.0": 0.1585, "764.0": 0.1148, "763.0": 0.1177, "719.0": 0.331, "744.0": 0.1866, "718.0": 0.3375, "758.0": 0.1316, "734.0": 0.2435, "726.0": 0.297, "736.0": 0.2373, "749.0": 0.1636, "756.0": 0.1371, "723.0": 0.3053, "728.0": 0.2836, "765.0": 0.1125, "724.0": 0.2989, "700.0": 0.4312, "759.0": 0.1288, "741.0": 0.2026, "768.0": 0.1056, "731.0": 0.2636, "751.0": 0.1552, "727.0": 0.2903, "747.0": 0.1727, "755.0": 0.1405}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2063, "long_delta": 0.0828, "short_iv": 0.1231, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.434925, "long_quote_age": 2.138706, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.52}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.47 (gross $-32.47 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:05:37.559446+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility trades at an elevated IV/RV ratio of 1.06 alongside positive 5-day performance of +0.40%, favoring a short put spread across a longer 4-7 DTE window.", "invalidation": "SPY 5-day return drops negative or IV/RV compresses below 1.00."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"714.0": 0.2872, "705.0": 0.3253, "715.0": 0.2822, "722.0": 0.252, "739.0": 0.1827, "752.0": 0.1449, "695.0": 0.3658, "721.0": 0.257, "730.0": 0.2184, "765.0": 0.1172, "741.0": 0.177, "704.0": 0.3302, "694.0": 0.3706, "697.0": 0.3562, "728.0": 0.2254, "691.0": 0.3748, "727.0": 0.2305, "717.0": 0.2723, "720.0": 0.2621, "708.0": 0.3107, "754.0": 0.1406, "709.0": 0.3058, "767.0": 0.1139, "707.0": 0.3155, "733.0": 0.2057, "749.0": 0.1526, "698.0": 0.3514, "745.0": 0.1639, "731.0": 0.2132, "703.0": 0.335, "711.0": 0.296, "693.0": 0.3753, "743.0": 0.1703, "748.0": 0.1553, "713.0": 0.2921, "742.0": 0.1729, "770.0": 0.1092, "699.0": 0.3466, "757.0": 0.1333, "690.0": 0.3795, "729.0": 0.2236, "760.0": 0.1269, "719.0": 0.2623, "744.0": 0.1672, "712.0": 0.2912, "735.0": 0.1977, "768.0": 0.1122, "723.0": 0.2469, "736.0": 0.1948, "751.0": 0.1475, "718.0": 0.2673, "716.0": 0.2772, "753.0": 0.1424, "759.0": 0.1292, "746.0": 0.1614, "762.0": 0.1229, "701.0": 0.337, "732.0": 0.211, "738.0": 0.1861, "740.0": 0.181, "755.0": 0.138, "756.0": 0.1358, "685.0": 0.403, "734.0": 0.2031, "761.0": 0.1249, "763.0": 0.121, "725.0": 0.2408, "706.0": 0.3204, "750.0": 0.1503, "700.0": 0.3418, "764.0": 0.1191, "702.0": 0.3323, "737.0": 0.1916, "726.0": 0.2357, "710.0": 0.3009, "724.0": 0.2419, "766.0": 0.1155, "696.0": 0.361, "769.0": 0.1117, "747.0": 0.1585, "692.0": 0.3701, "758.0": 0.1313}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1969, "long_delta": 0.1091, "short_iv": 0.1313, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.571667, "long_quote_age": 0.571306, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.52}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.39 (gross $-28.89 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:07:04.203950+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.42% with 3-day ATM IV at 10.96% trading above 20-day realized volatility (IV/RV of 1.05), favoring short-dated put premium collection.", "invalidation": "Acceleration of the 1D decline (-0.35%) that breaches the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"748.0": 0.1695, "749.0": 0.1648, "741.0": 0.2036, "685.0": 0.5248, "743.0": 0.1948, "746.0": 0.1775, "739.0": 0.2175, "718.0": 0.3384, "722.0": 0.3126, "755.0": 0.1418, "740.0": 0.2106, "690.0": 0.4938, "715.0": 0.3577, "734.0": 0.2444, "737.0": 0.2314, "767.0": 0.1089, "726.0": 0.2979, "769.0": 0.1047, "753.0": 0.1493, "766.0": 0.1109, "729.0": 0.2779, "762.0": 0.1207, "752.0": 0.1523, "728.0": 0.2846, "768.0": 0.1066, "742.0": 0.202, "747.0": 0.1738, "761.0": 0.1238, "760.0": 0.1262, "763.0": 0.1181, "710.0": 0.3898, "764.0": 0.1158, "757.0": 0.1351, "754.0": 0.1453, "719.0": 0.3319, "720.0": 0.3255, "770.0": 0.104, "735.0": 0.2377, "736.0": 0.2383, "745.0": 0.1848, "744.0": 0.1876, "732.0": 0.2579, "731.0": 0.2645, "721.0": 0.3191, "759.0": 0.1289, "727.0": 0.2913, "705.0": 0.4219, "756.0": 0.1385, "730.0": 0.2712, "750.0": 0.1596, "758.0": 0.1323, "751.0": 0.1564, "725.0": 0.3046, "733.0": 0.2512, "765.0": 0.1134, "724.0": 0.2998, "700.0": 0.432, "738.0": 0.2245, "723.0": 0.3062, "695.0": 0.4629}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.5, "short_delta": 0.2015, "long_delta": 0.0821, "short_iv": 0.1238, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.0338983050847458, "short_quote_age": 1.049587, "long_quote_age": 1.088269, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.665}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.02 (gross $-32.02 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:07:17.790380+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY shows positive 5D performance of +0.42% and an elevated IV/RV ratio of 1.05, offering option premium over 20-day realized volatility.", "invalidation": "SPY spot breaks below the short strike as 1D negative momentum of -0.35% accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"719.0": 0.2896, "695.0": 0.3971, "731.0": 0.2286, "755.0": 0.1371, "723.0": 0.2675, "767.0": 0.1103, "739.0": 0.1941, "736.0": 0.2085, "756.0": 0.1353, "766.0": 0.1119, "769.0": 0.1067, "732.0": 0.2278, "734.0": 0.2161, "754.0": 0.1404, "765.0": 0.1138, "741.0": 0.185, "720.0": 0.2841, "763.0": 0.118, "750.0": 0.1519, "743.0": 0.1753, "690.0": 0.4234, "762.0": 0.1203, "758.0": 0.1298, "700.0": 0.3709, "722.0": 0.273, "715.0": 0.3118, "770.0": 0.1051, "764.0": 0.1159, "724.0": 0.2684, "705.0": 0.357, "751.0": 0.1484, "761.0": 0.1227, "759.0": 0.1272, "744.0": 0.1715, "733.0": 0.222, "725.0": 0.2627, "721.0": 0.2786, "735.0": 0.2103, "752.0": 0.1455, "726.0": 0.257, "760.0": 0.1251, "737.0": 0.2026, "747.0": 0.1622, "730.0": 0.2343, "740.0": 0.188, "742.0": 0.1816, "753.0": 0.1429, "728.0": 0.2457, "748.0": 0.1587, "710.0": 0.33, "757.0": 0.1324, "746.0": 0.1651, "745.0": 0.1696, "727.0": 0.2514, "738.0": 0.1966, "749.0": 0.1549, "768.0": 0.1081, "729.0": 0.24, "718.0": 0.2952}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2125, "long_delta": 0.1392, "short_iv": 0.1251, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.613308, "long_quote_age": 0.465048, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 260.0, "total_risk": 19760.0, "buying_power_used_pct": 0.988}, "spot": 766.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.41 (gross $-19.41 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $260/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,760.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.41 (gross $-19.41 - friction $1.00) > $0.00"}], "economics": {"credit": 0.4, "width": 3.0, "short_delta": 0.2125, "long_delta": 0.1392, "max_profit_usd": 40.0, "max_loss_usd": 260.0, "breakeven_wr": 0.8667, "implied_wr": 0.7875, "edge_pp": -7.92, "ev_implied_usd": -12.75, "realized_vol": 0.1064, "atm_iv": 0.1103, "vrp_ratio": 0.9646, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.45, "ev_at_half_drift_usd": -22.39, "ev_gross_usd": -19.41, "expected_loss_real_usd": 59.41, "friction_usd": 1.0, "ev_net_usd": -20.41, "total_risk_usd": 19760.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 443}
{"ts": "2026-08-31T18:08:37.286433+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "With SPY sustaining a positive 5-day return of +0.41% alongside an elevated IV/RV of 1.05, short-dated put credit spreads offer favorable premium collection against realized volatility.", "invalidation": "A continued downward move beyond the 1-day decline of -0.36% that drives realized volatility above implied volatility."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"759.0": 0.129, "690.0": 0.4935, "732.0": 0.2575, "705.0": 0.4215, "695.0": 0.4625, "750.0": 0.1592, "735.0": 0.2373, "754.0": 0.1448, "685.0": 0.5245, "736.0": 0.2379, "731.0": 0.2642, "751.0": 0.1559, "764.0": 0.1153, "727.0": 0.2909, "710.0": 0.3894, "744.0": 0.1872, "722.0": 0.3123, "734.0": 0.2441, "763.0": 0.118, "740.0": 0.2102, "765.0": 0.1128, "719.0": 0.3316, "730.0": 0.2709, "748.0": 0.1691, "725.0": 0.3042, "738.0": 0.2241, "769.0": 0.1041, "721.0": 0.3187, "726.0": 0.2975, "746.0": 0.177, "733.0": 0.2508, "756.0": 0.1379, "747.0": 0.1733, "720.0": 0.3252, "700.0": 0.4317, "767.0": 0.1082, "739.0": 0.2171, "715.0": 0.3573, "755.0": 0.1413, "745.0": 0.1844, "743.0": 0.1944, "758.0": 0.1326, "766.0": 0.1104, "749.0": 0.1643, "718.0": 0.338, "737.0": 0.231, "761.0": 0.123, "757.0": 0.1355, "742.0": 0.2016, "723.0": 0.3058, "768.0": 0.1062, "729.0": 0.2775, "724.0": 0.2994, "770.0": 0.1031, "762.0": 0.1204, "728.0": 0.2842, "741.0": 0.2032, "753.0": 0.1488, "752.0": 0.1518, "760.0": 0.1262}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.5, "short_delta": 0.2024, "long_delta": 0.0824, "short_iv": 0.123, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.86164, "long_quote_age": 2.159506, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.62}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.45 (gross $-33.45 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:08:49.622316+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.05 indicating rich implied volatility alongside a positive 5D return of +0.41%.", "invalidation": "SPY spot price drops sharply below the short put strike if 1D downward movement of -0.36% accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"723.0": 0.2674, "738.0": 0.1965, "753.0": 0.1428, "761.0": 0.1227, "755.0": 0.1378, "742.0": 0.1815, "715.0": 0.3117, "722.0": 0.2729, "750.0": 0.1518, "721.0": 0.2785, "740.0": 0.1879, "736.0": 0.2084, "733.0": 0.2219, "741.0": 0.1849, "748.0": 0.1586, "737.0": 0.2025, "751.0": 0.1483, "735.0": 0.2102, "732.0": 0.2277, "764.0": 0.116, "744.0": 0.1714, "763.0": 0.1181, "719.0": 0.2895, "710.0": 0.3299, "730.0": 0.2342, "727.0": 0.2513, "695.0": 0.397, "726.0": 0.2569, "765.0": 0.1139, "724.0": 0.2683, "762.0": 0.1202, "759.0": 0.1276, "700.0": 0.3708, "766.0": 0.1119, "770.0": 0.1054, "743.0": 0.1752, "747.0": 0.162, "705.0": 0.3569, "739.0": 0.194, "757.0": 0.1322, "746.0": 0.1649, "690.0": 0.4233, "758.0": 0.1296, "749.0": 0.1547, "731.0": 0.2285, "767.0": 0.1101, "685.0": 0.4497, "734.0": 0.216, "768.0": 0.1084, "729.0": 0.2399, "752.0": 0.1454, "718.0": 0.2951, "754.0": 0.1403, "745.0": 0.1695, "756.0": 0.1351, "760.0": 0.1249, "728.0": 0.2456, "720.0": 0.284, "769.0": 0.107, "725.0": 0.2626}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2128, "long_delta": 0.1053, "short_iv": 0.1249, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.455471, "long_quote_age": 0.653232, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.61}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.71 (gross $-32.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.71 (gross $-32.71 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.2128, "long_delta": 0.1053, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.7872, "edge_pp": -9.88, "ev_implied_usd": -22.52, "realized_vol": 0.1064, "atm_iv": 0.1101, "vrp_ratio": 0.9664, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.98, "ev_at_half_drift_usd": -37.27, "ev_gross_usd": -32.71, "expected_loss_real_usd": 89.71, "friction_usd": 1.0, "ev_net_usd": -33.71, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 435}
{"ts": "2026-08-31T18:10:11.056175+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.42% with an IV/RV ratio of 1.05, offering favorable conditions for short-dated put premium selling.", "invalidation": "A further downward move erasing the +0.42% 5-day gain would invalidate the bullish momentum thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"690.0": 0.4935, "746.0": 0.177, "725.0": 0.3042, "770.0": 0.1023, "685.0": 0.5245, "769.0": 0.1043, "710.0": 0.3894, "729.0": 0.2775, "733.0": 0.2508, "726.0": 0.2975, "762.0": 0.1204, "743.0": 0.1944, "768.0": 0.106, "740.0": 0.2102, "732.0": 0.2575, "750.0": 0.1592, "741.0": 0.2032, "765.0": 0.1128, "739.0": 0.2171, "764.0": 0.1153, "731.0": 0.2642, "722.0": 0.3123, "760.0": 0.1262, "738.0": 0.2241, "744.0": 0.1872, "719.0": 0.3316, "745.0": 0.1844, "718.0": 0.338, "721.0": 0.3187, "763.0": 0.118, "737.0": 0.231, "695.0": 0.4625, "700.0": 0.4317, "766.0": 0.1106, "747.0": 0.1733, "749.0": 0.1643, "724.0": 0.2994, "728.0": 0.2842, "754.0": 0.1448, "758.0": 0.1317, "752.0": 0.1518, "759.0": 0.129, "720.0": 0.3252, "735.0": 0.2373, "755.0": 0.1413, "736.0": 0.2379, "715.0": 0.3573, "730.0": 0.2709, "753.0": 0.1488, "742.0": 0.2016, "705.0": 0.4215, "723.0": 0.3058, "767.0": 0.1084, "756.0": 0.1379, "727.0": 0.2909, "751.0": 0.1559, "748.0": 0.1691, "734.0": 0.2441, "757.0": 0.1345, "761.0": 0.123}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.5, "short_delta": 0.2024, "long_delta": 0.0824, "short_iv": 0.123, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.917035, "long_quote_age": 0.91004, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.62}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.89 (gross $-32.89 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.89 (gross $-32.89 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.2024, "long_delta": 0.0824, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.7976, "edge_pp": -10.24, "ev_implied_usd": -21.2, "realized_vol": 0.1064, "atm_iv": 0.1084, "vrp_ratio": 0.9815, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.98, "ev_at_half_drift_usd": -36.39, "ev_gross_usd": -32.89, "expected_loss_real_usd": 82.89, "friction_usd": 1.0, "ev_net_usd": -33.89, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 463}
{"ts": "2026-08-31T18:10:22.338810+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an elevated IV/RV ratio of 1.05 alongside positive 5-day performance of +0.42%, supporting positive-expectation premium selling across a 4 to 7 DTE window.", "invalidation": "SPY breaks sharply below the short put strike reversing its 5-day upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"765.0": 0.1171, "748.0": 0.1555, "715.0": 0.2824, "767.0": 0.1138, "759.0": 0.129, "705.0": 0.3255, "726.0": 0.2359, "719.0": 0.2625, "706.0": 0.3206, "698.0": 0.3516, "757.0": 0.1332, "723.0": 0.2471, "746.0": 0.1617, "711.0": 0.2962, "702.0": 0.3324, "751.0": 0.1478, "730.0": 0.2186, "763.0": 0.1209, "727.0": 0.2307, "690.0": 0.3796, "718.0": 0.2675, "742.0": 0.1732, "685.0": 0.4031, "745.0": 0.1641, "756.0": 0.1356, "725.0": 0.237, "707.0": 0.3157, "700.0": 0.342, "766.0": 0.1155, "693.0": 0.3755, "717.0": 0.2725, "699.0": 0.3468, "710.0": 0.3011, "716.0": 0.2774, "704.0": 0.3303, "697.0": 0.3564, "770.0": 0.1084, "753.0": 0.1427, "712.0": 0.2913, "728.0": 0.2256, "750.0": 0.1506, "713.0": 0.2923, "760.0": 0.1269, "731.0": 0.2134, "709.0": 0.306, "732.0": 0.2112, "758.0": 0.1312, "733.0": 0.2059, "736.0": 0.195, "762.0": 0.1228, "747.0": 0.1588, "768.0": 0.1121, "695.0": 0.3659, "708.0": 0.3108, "721.0": 0.2572, "735.0": 0.1979, "739.0": 0.1829, "729.0": 0.2238, "740.0": 0.1812, "734.0": 0.2033, "720.0": 0.2623, "694.0": 0.3707, "703.0": 0.3352, "714.0": 0.2873, "701.0": 0.3372, "764.0": 0.119, "696.0": 0.3611, "738.0": 0.1863, "752.0": 0.1452, "761.0": 0.1248, "755.0": 0.1377, "741.0": 0.1773, "737.0": 0.1918, "724.0": 0.2421, "754.0": 0.1403, "769.0": 0.1098, "743.0": 0.1705, "749.0": 0.1529, "691.0": 0.3749, "744.0": 0.1674, "692.0": 0.3702, "722.0": 0.2522}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1956, "long_delta": 0.1089, "short_iv": 0.1312, "short_rel_spread": 0.017391304347826105, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.660392, "long_quote_age": 0.737591, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.62}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.35 (gross $-28.85 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:11:45.624208+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum of +0.40% and an IV/RV ratio of 1.05, offering favorable implied volatility premium to harvest on short-term downside options.", "invalidation": "SPY spot declines further from 766.51, extending the negative 1-day return of -0.37%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"715.0": 0.3569, "745.0": 0.184, "754.0": 0.1457, "729.0": 0.2772, "747.0": 0.1729, "759.0": 0.1291, "727.0": 0.2905, "767.0": 0.1088, "770.0": 0.1048, "710.0": 0.3891, "756.0": 0.1385, "733.0": 0.2504, "732.0": 0.2571, "705.0": 0.4212, "721.0": 0.3184, "755.0": 0.142, "723.0": 0.3055, "764.0": 0.1153, "763.0": 0.1176, "726.0": 0.2972, "748.0": 0.1686, "731.0": 0.2638, "718.0": 0.3377, "742.0": 0.2012, "739.0": 0.2167, "722.0": 0.3119, "700.0": 0.4313, "725.0": 0.3038, "730.0": 0.2705, "695.0": 0.4622, "766.0": 0.1105, "740.0": 0.2098, "720.0": 0.3248, "769.0": 0.1048, "736.0": 0.2375, "751.0": 0.1554, "724.0": 0.299, "690.0": 0.4931, "735.0": 0.2369, "685.0": 0.5241, "734.0": 0.2437, "743.0": 0.194, "738.0": 0.2237, "753.0": 0.1483, "741.0": 0.2028, "749.0": 0.1639, "719.0": 0.3312, "752.0": 0.1513, "750.0": 0.1587, "768.0": 0.1069, "746.0": 0.1766, "762.0": 0.1202, "758.0": 0.1319, "761.0": 0.1235, "744.0": 0.1868, "765.0": 0.1131, "757.0": 0.1349, "737.0": 0.2306, "760.0": 0.1262, "728.0": 0.2838}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2058, "long_delta": 0.0844, "short_iv": 0.1235, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.44607, "long_quote_age": 1.024167, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.545}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.74 (gross $-32.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:12:01.320685+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day trend of +0.40% with an IV/RV ratio of 1.05 offering an attractive premium selling environment at slightly longer DTE.", "invalidation": "SPY spot breaks significantly below 766.51 turning the 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"700.0": 0.342, "690.0": 0.3796, "733.0": 0.2058, "740.0": 0.1811, "761.0": 0.1249, "720.0": 0.2622, "712.0": 0.2913, "746.0": 0.1616, "715.0": 0.2823, "753.0": 0.1426, "722.0": 0.2521, "762.0": 0.1228, "723.0": 0.2471, "730.0": 0.2186, "764.0": 0.119, "713.0": 0.2923, "749.0": 0.1528, "718.0": 0.2674, "757.0": 0.1336, "691.0": 0.3749, "754.0": 0.1402, "751.0": 0.1477, "731.0": 0.2133, "696.0": 0.3611, "741.0": 0.1772, "759.0": 0.1291, "729.0": 0.2238, "716.0": 0.2774, "694.0": 0.3707, "744.0": 0.1674, "704.0": 0.3303, "760.0": 0.127, "750.0": 0.1505, "742.0": 0.1731, "719.0": 0.2625, "739.0": 0.1828, "728.0": 0.2255, "717.0": 0.2724, "710.0": 0.301, "708.0": 0.3108, "768.0": 0.1122, "763.0": 0.121, "765.0": 0.1173, "695.0": 0.3659, "709.0": 0.3059, "721.0": 0.2572, "726.0": 0.2358, "737.0": 0.1918, "734.0": 0.2032, "725.0": 0.2369, "756.0": 0.1355, "698.0": 0.3515, "707.0": 0.3157, "692.0": 0.3702, "693.0": 0.3755, "745.0": 0.164, "752.0": 0.1451, "747.0": 0.1587, "735.0": 0.1978, "738.0": 0.1863, "766.0": 0.1155, "758.0": 0.1313, "685.0": 0.4031, "697.0": 0.3563, "770.0": 0.1096, "767.0": 0.1139, "727.0": 0.2307, "703.0": 0.3352, "736.0": 0.1949, "705.0": 0.3254, "706.0": 0.3205, "769.0": 0.1109, "714.0": 0.2873, "701.0": 0.3372, "699.0": 0.3467, "711.0": 0.2962, "743.0": 0.1704, "748.0": 0.1555, "755.0": 0.1379, "724.0": 0.242, "702.0": 0.3324, "732.0": 0.2111}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1961, "long_delta": 0.109, "short_iv": 0.1313, "short_rel_spread": 0.008658008658008667, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.545559, "long_quote_age": 0.465917, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.565}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.37 (gross $-28.37 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:13:27.423138+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day gain of +0.40% alongside an elevated IV/RV ratio of 1.05, providing favorable premium to sell downside protection.", "invalidation": "SPY spot drops significantly below the current 766.51 level, accelerating the 1-day decline of -0.37%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"734.0": 0.2437, "715.0": 0.357, "770.0": 0.1049, "726.0": 0.2972, "748.0": 0.1687, "763.0": 0.1177, "758.0": 0.132, "747.0": 0.173, "737.0": 0.2307, "738.0": 0.2237, "743.0": 0.1941, "765.0": 0.1128, "744.0": 0.1869, "761.0": 0.123, "764.0": 0.115, "727.0": 0.2906, "695.0": 0.4623, "721.0": 0.3184, "720.0": 0.3249, "730.0": 0.2705, "754.0": 0.1443, "740.0": 0.2098, "729.0": 0.2772, "746.0": 0.1767, "752.0": 0.1514, "736.0": 0.2376, "741.0": 0.2029, "724.0": 0.2991, "735.0": 0.237, "762.0": 0.1203, "700.0": 0.4314, "756.0": 0.1386, "753.0": 0.1484, "750.0": 0.1588, "705.0": 0.4212, "728.0": 0.2839, "749.0": 0.1639, "760.0": 0.1263, "768.0": 0.1067, "767.0": 0.1084, "751.0": 0.1555, "723.0": 0.3055, "739.0": 0.2168, "759.0": 0.1292, "710.0": 0.3891, "719.0": 0.3313, "757.0": 0.135, "769.0": 0.1049, "690.0": 0.4932, "732.0": 0.2572, "725.0": 0.3039, "731.0": 0.2639, "722.0": 0.312, "745.0": 0.184, "685.0": 0.5242, "733.0": 0.2505, "718.0": 0.3377, "755.0": 0.1421, "766.0": 0.1105, "742.0": 0.2012}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.5, "short_delta": 0.2044, "long_delta": 0.0843, "short_iv": 0.123, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.524913, "long_quote_age": 0.730722, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.56}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.00 (gross $-34.00 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-35.00 (gross $-34.00 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.2044, "long_delta": 0.0843, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.7956, "edge_pp": -10.44, "ev_implied_usd": -22.18, "realized_vol": 0.1064, "atm_iv": 0.1084, "vrp_ratio": 0.9815, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.14, "ev_at_half_drift_usd": -37.53, "ev_gross_usd": -34.0, "expected_loss_real_usd": 84.0, "friction_usd": 1.0, "ev_net_usd": -35.0, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 468}
{"ts": "2026-08-31T18:13:38.576720+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum at +0.40% and IV/RV premium of 1.05, offering favorable conditions to collect premium on multi-day put credit spreads.", "invalidation": "A continuation of the 1-day decline (-0.37%) pushing SPY significantly below current spot of 766.51 would invalidate the trade."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"758.0": 0.131, "733.0": 0.2058, "764.0": 0.1189, "734.0": 0.2032, "755.0": 0.1376, "770.0": 0.1085, "711.0": 0.2961, "768.0": 0.112, "707.0": 0.3156, "741.0": 0.1772, "743.0": 0.1704, "710.0": 0.301, "702.0": 0.3324, "726.0": 0.2358, "729.0": 0.2238, "766.0": 0.1153, "752.0": 0.1451, "703.0": 0.3351, "701.0": 0.3371, "694.0": 0.3707, "713.0": 0.2922, "738.0": 0.1862, "757.0": 0.1331, "750.0": 0.1496, "736.0": 0.1949, "739.0": 0.1828, "753.0": 0.1426, "700.0": 0.3419, "749.0": 0.1528, "761.0": 0.1246, "715.0": 0.2823, "747.0": 0.1587, "708.0": 0.3108, "727.0": 0.2306, "697.0": 0.3563, "691.0": 0.3749, "704.0": 0.3303, "731.0": 0.2133, "746.0": 0.1616, "745.0": 0.164, "692.0": 0.3702, "732.0": 0.2111, "705.0": 0.3254, "728.0": 0.2255, "706.0": 0.3205, "725.0": 0.2369, "717.0": 0.2724, "760.0": 0.1267, "737.0": 0.1918, "720.0": 0.2622, "716.0": 0.2774, "714.0": 0.2873, "767.0": 0.1135, "696.0": 0.3611, "765.0": 0.1169, "723.0": 0.2471, "754.0": 0.1401, "719.0": 0.2624, "769.0": 0.1101, "724.0": 0.242, "693.0": 0.3755, "748.0": 0.1554, "756.0": 0.1355, "718.0": 0.2674, "721.0": 0.2572, "742.0": 0.1731, "730.0": 0.2185, "685.0": 0.4031, "695.0": 0.3659, "740.0": 0.1811, "744.0": 0.1674, "763.0": 0.1208, "712.0": 0.2913, "690.0": 0.3796, "762.0": 0.1228, "699.0": 0.3467, "735.0": 0.1978, "759.0": 0.1288, "698.0": 0.3515, "722.0": 0.2521, "751.0": 0.1477, "709.0": 0.3059}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1958, "long_delta": 0.109, "short_iv": 0.131, "short_rel_spread": 0.017391304347826105, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.996637, "long_quote_age": 0.480498, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.61}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.65 (gross $-29.15 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:14:58.481314+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum at +0.42% with an IV/RV ratio of 1.05, favoring short-dated premium selling below spot.", "invalidation": "SPY spot price accelerates downward below 766.69 while 1-day losses continue to deepen."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"758.0": 0.1319, "740.0": 0.2109, "767.0": 0.1087, "755.0": 0.1423, "766.0": 0.1106, "700.0": 0.4323, "749.0": 0.1652, "745.0": 0.1852, "733.0": 0.2515, "715.0": 0.358, "736.0": 0.2386, "710.0": 0.3901, "728.0": 0.2849, "722.0": 0.3129, "741.0": 0.2039, "753.0": 0.1497, "744.0": 0.188, "718.0": 0.3387, "738.0": 0.2248, "751.0": 0.1568, "690.0": 0.4941, "747.0": 0.1741, "735.0": 0.238, "768.0": 0.1068, "762.0": 0.1205, "695.0": 0.4631, "705.0": 0.4222, "720.0": 0.3258, "763.0": 0.1178, "742.0": 0.2023, "770.0": 0.1035, "724.0": 0.3001, "754.0": 0.1457, "721.0": 0.3194, "727.0": 0.2916, "750.0": 0.16, "752.0": 0.1527, "756.0": 0.139, "730.0": 0.2716, "732.0": 0.2582, "734.0": 0.2448, "719.0": 0.3322, "748.0": 0.1699, "726.0": 0.2982, "769.0": 0.105, "731.0": 0.2649, "764.0": 0.1152, "725.0": 0.3049, "746.0": 0.1778, "739.0": 0.2179, "760.0": 0.1261, "765.0": 0.1129, "729.0": 0.2782, "737.0": 0.2317, "759.0": 0.1295, "761.0": 0.1231, "757.0": 0.1356, "743.0": 0.1952, "723.0": 0.3065}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1983, "long_delta": 0.0818, "short_iv": 0.1231, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.653436, "long_quote_age": 0.914666, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.71}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.70 (gross $-33.70 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.70 (gross $-33.70 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1983, "long_delta": 0.0818, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8017, "edge_pp": -10.23, "ev_implied_usd": -22.03, "realized_vol": 0.1064, "atm_iv": 0.1087, "vrp_ratio": 0.9788, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.72, "ev_at_half_drift_usd": -37.16, "ev_gross_usd": -33.7, "expected_loss_real_usd": 81.7, "friction_usd": 1.0, "ev_net_usd": -34.7, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 432}
{"ts": "2026-08-31T18:15:12.334486+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV of 1.05 with ATM IV of 10.97% exceeding RV20 of 10.40% alongside a positive 5D return of +0.42%, supporting put credit collection over a 4 to 7 DTE window.", "invalidation": "SPY 1D momentum of -0.35% accelerates further downward below recent price action."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"742.0": 0.1737, "725.0": 0.2375, "739.0": 0.1834, "741.0": 0.1778, "736.0": 0.1955, "691.0": 0.3754, "706.0": 0.321, "721.0": 0.2577, "696.0": 0.3616, "695.0": 0.3664, "735.0": 0.1984, "766.0": 0.1153, "713.0": 0.2928, "697.0": 0.3568, "751.0": 0.1477, "699.0": 0.3472, "707.0": 0.3162, "749.0": 0.1526, "770.0": 0.1086, "694.0": 0.3712, "717.0": 0.2729, "698.0": 0.352, "719.0": 0.263, "720.0": 0.2628, "716.0": 0.2779, "756.0": 0.1354, "745.0": 0.1647, "705.0": 0.3259, "747.0": 0.1583, "732.0": 0.2086, "711.0": 0.2967, "704.0": 0.3308, "763.0": 0.1206, "729.0": 0.2243, "754.0": 0.1398, "757.0": 0.1331, "748.0": 0.1551, "734.0": 0.201, "740.0": 0.1798, "693.0": 0.3759, "708.0": 0.3113, "710.0": 0.3015, "702.0": 0.3329, "762.0": 0.1226, "769.0": 0.1102, "723.0": 0.2476, "760.0": 0.1266, "715.0": 0.2828, "727.0": 0.2312, "701.0": 0.3376, "690.0": 0.38, "728.0": 0.226, "761.0": 0.1247, "765.0": 0.1169, "755.0": 0.1374, "764.0": 0.1187, "738.0": 0.1868, "722.0": 0.2527, "718.0": 0.2679, "737.0": 0.19, "712.0": 0.2918, "733.0": 0.2064, "744.0": 0.168, "759.0": 0.1288, "768.0": 0.1121, "750.0": 0.1495, "709.0": 0.3064, "724.0": 0.2425, "703.0": 0.3356, "746.0": 0.1611, "714.0": 0.2878, "752.0": 0.1452, "731.0": 0.2139, "692.0": 0.3707, "730.0": 0.2191, "726.0": 0.2363, "767.0": 0.1134, "753.0": 0.1421, "758.0": 0.1309, "700.0": 0.3424, "743.0": 0.1711}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1926, "long_delta": 0.1063, "short_iv": 0.1309, "short_rel_spread": 0.0088888888888887, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.58904, "long_quote_age": 2.030925, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.71}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.10 (gross $-28.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:16:33.647108+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5-day momentum of +0.41% while ATM IV trades at a premium over 20-day realized volatility with an IV/RV of 1.05.", "invalidation": "SPY spot price breaks downward below the short strike as the 1-day decline of -0.36% accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"732.0": 0.2285, "738.0": 0.1973, "730.0": 0.235, "770.0": 0.1057, "733.0": 0.2227, "756.0": 0.135, "753.0": 0.1429, "748.0": 0.1579, "734.0": 0.2169, "726.0": 0.2577, "758.0": 0.1298, "750.0": 0.1515, "722.0": 0.2737, "759.0": 0.1274, "700.0": 0.3715, "737.0": 0.2033, "743.0": 0.1761, "757.0": 0.1322, "763.0": 0.118, "752.0": 0.1454, "764.0": 0.1158, "729.0": 0.2407, "760.0": 0.125, "742.0": 0.1796, "768.0": 0.1086, "762.0": 0.1201, "695.0": 0.3977, "741.0": 0.1858, "739.0": 0.1949, "744.0": 0.1723, "755.0": 0.1374, "718.0": 0.2959, "727.0": 0.2521, "749.0": 0.1542, "767.0": 0.1101, "735.0": 0.211, "766.0": 0.1118, "719.0": 0.2903, "725.0": 0.2634, "723.0": 0.2681, "736.0": 0.2052, "721.0": 0.2792, "690.0": 0.424, "728.0": 0.2464, "754.0": 0.1397, "720.0": 0.2848, "747.0": 0.1612, "769.0": 0.1076, "765.0": 0.1139, "731.0": 0.2293, "705.0": 0.3577, "745.0": 0.1682, "710.0": 0.3307, "761.0": 0.1225, "746.0": 0.1659, "715.0": 0.3125, "724.0": 0.2626, "740.0": 0.1888, "751.0": 0.1481}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2079, "long_delta": 0.1019, "short_iv": 0.125, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.396884, "long_quote_age": 0.582525, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 766.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.71 (gross $-31.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.71 (gross $-31.71 - friction $1.00) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2079, "long_delta": 0.1019, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7921, "edge_pp": -9.59, "ev_implied_usd": -21.45, "realized_vol": 0.1064, "atm_iv": 0.1101, "vrp_ratio": 0.9664, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.86, "ev_at_half_drift_usd": -36.21, "ev_gross_usd": -31.71, "expected_loss_real_usd": 87.71, "friction_usd": 1.0, "ev_net_usd": -32.71, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 451}
{"ts": "2026-08-31T18:16:46.830967+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.41% alongside an IV/RV ratio of 1.05, providing favorable option premium selling conditions over a 4 to 7 DTE horizon.", "invalidation": "SPY spot price declines sharply below the short put strike if the 1D pullback of -0.36% accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"763.0": 0.1208, "760.0": 0.1269, "748.0": 0.1556, "732.0": 0.209, "723.0": 0.2479, "770.0": 0.1093, "729.0": 0.2212, "747.0": 0.1587, "766.0": 0.1154, "758.0": 0.1311, "712.0": 0.2921, "711.0": 0.297, "734.0": 0.2014, "735.0": 0.1988, "731.0": 0.2142, "765.0": 0.1171, "714.0": 0.2881, "696.0": 0.3619, "725.0": 0.2378, "749.0": 0.153, "743.0": 0.1699, "750.0": 0.15, "761.0": 0.1248, "753.0": 0.1426, "728.0": 0.2264, "719.0": 0.2633, "757.0": 0.1332, "716.0": 0.2782, "705.0": 0.3262, "691.0": 0.3756, "707.0": 0.3165, "698.0": 0.3523, "727.0": 0.2315, "768.0": 0.1122, "759.0": 0.129, "744.0": 0.167, "697.0": 0.3571, "754.0": 0.1403, "700.0": 0.3427, "706.0": 0.3213, "715.0": 0.2832, "746.0": 0.1615, "722.0": 0.253, "703.0": 0.336, "752.0": 0.1449, "720.0": 0.2631, "718.0": 0.2683, "755.0": 0.1379, "739.0": 0.1838, "704.0": 0.3311, "699.0": 0.3475, "713.0": 0.2931, "710.0": 0.3018, "769.0": 0.111, "721.0": 0.258, "717.0": 0.2732, "694.0": 0.3715, "690.0": 0.3803, "730.0": 0.2195, "767.0": 0.1137, "737.0": 0.1904, "740.0": 0.1802, "733.0": 0.2067, "756.0": 0.1354, "701.0": 0.3379, "724.0": 0.2429, "762.0": 0.1228, "709.0": 0.3067, "736.0": 0.1934, "708.0": 0.3116, "692.0": 0.371, "745.0": 0.1638, "741.0": 0.1764, "738.0": 0.1872, "726.0": 0.2367, "764.0": 0.1189, "695.0": 0.3667, "742.0": 0.1741, "693.0": 0.3762, "702.0": 0.3332, "751.0": 0.1473}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.53, "short_delta": 0.191, "long_delta": 0.106, "short_iv": 0.1311, "short_rel_spread": 0.008968609865470859, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.636643, "long_quote_age": 0.64501, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.765}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.49 (gross $-28.49 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:18:06.215010+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.41% with an IV/RV ratio of 1.05, offering favorable conditions to collect option premium on a minor 1-day dip of -0.35%.", "invalidation": "A continued downward move in SPY spot below 766.63 breaking the positive 5-day trend."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"744.0": 0.1716, "748.0": 0.1589, "722.0": 0.2731, "726.0": 0.2572, "734.0": 0.2163, "754.0": 0.1406, "728.0": 0.2458, "721.0": 0.2787, "710.0": 0.3301, "736.0": 0.2046, "720.0": 0.2842, "766.0": 0.1122, "763.0": 0.1184, "750.0": 0.1521, "756.0": 0.1355, "767.0": 0.1103, "735.0": 0.2104, "757.0": 0.1329, "739.0": 0.1942, "724.0": 0.262, "746.0": 0.1652, "742.0": 0.1789, "738.0": 0.1967, "751.0": 0.1498, "700.0": 0.371, "743.0": 0.1754, "690.0": 0.4235, "719.0": 0.2897, "715.0": 0.3119, "718.0": 0.2953, "741.0": 0.1851, "705.0": 0.3571, "749.0": 0.155, "732.0": 0.2279, "758.0": 0.1303, "695.0": 0.3972, "740.0": 0.1881, "747.0": 0.1623, "769.0": 0.1075, "752.0": 0.1468, "733.0": 0.2221, "765.0": 0.1141, "737.0": 0.2027, "770.0": 0.1064, "727.0": 0.2515, "760.0": 0.1253, "755.0": 0.1381, "725.0": 0.2628, "768.0": 0.1091, "753.0": 0.144, "759.0": 0.1277, "685.0": 0.4499, "764.0": 0.1162, "729.0": 0.2401, "723.0": 0.2676, "745.0": 0.1697, "761.0": 0.1229, "731.0": 0.2287, "730.0": 0.2344, "762.0": 0.1205}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2122, "long_delta": 0.1051, "short_iv": 0.1253, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.593478, "long_quote_age": 1.269162, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.65}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.41 (gross $-32.41 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:18:19.282581+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day performance of +0.41% with an IV/RV ratio of 1.05, providing favorable premium to sell put spreads across a 3 to 7 DTE window.", "invalidation": "SPY spot price drops sharply below 766.63, extending the 1-day decline of -0.35%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"729.0": 0.2401, "710.0": 0.3301, "725.0": 0.2628, "762.0": 0.1205, "769.0": 0.107, "718.0": 0.2953, "724.0": 0.262, "737.0": 0.2027, "763.0": 0.1182, "743.0": 0.1754, "749.0": 0.155, "758.0": 0.1303, "757.0": 0.1326, "760.0": 0.1253, "695.0": 0.3972, "761.0": 0.1229, "726.0": 0.2572, "736.0": 0.2046, "722.0": 0.2731, "705.0": 0.3571, "735.0": 0.2104, "732.0": 0.2279, "720.0": 0.2842, "764.0": 0.116, "685.0": 0.4499, "766.0": 0.1122, "753.0": 0.144, "765.0": 0.1141, "700.0": 0.371, "756.0": 0.1355, "733.0": 0.2221, "727.0": 0.2515, "730.0": 0.2344, "752.0": 0.1468, "755.0": 0.1381, "740.0": 0.1881, "715.0": 0.3119, "754.0": 0.1406, "719.0": 0.2897, "748.0": 0.1589, "770.0": 0.1058, "728.0": 0.2458, "759.0": 0.1277, "738.0": 0.1967, "767.0": 0.1103, "742.0": 0.1789, "745.0": 0.1697, "690.0": 0.4235, "768.0": 0.1089, "723.0": 0.2676, "747.0": 0.1623, "734.0": 0.2163, "750.0": 0.1521, "741.0": 0.1851, "721.0": 0.2787, "751.0": 0.1498, "731.0": 0.2287, "746.0": 0.1652, "744.0": 0.1716, "739.0": 0.1942}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2122, "long_delta": 0.1051, "short_iv": 0.1253, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.490703, "long_quote_age": 0.591571, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.65}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.36 (gross $-32.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $443/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,935.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.36 (gross $-32.36 - friction $1.00) > $0.00"}], "economics": {"credit": 0.57, "width": 5.0, "short_delta": 0.2122, "long_delta": 0.1051, "max_profit_usd": 57.0, "max_loss_usd": 443.0, "breakeven_wr": 0.886, "implied_wr": 0.7878, "edge_pp": -9.82, "ev_implied_usd": -22.33, "realized_vol": 0.1064, "atm_iv": 0.1103, "vrp_ratio": 0.9646, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.6, "ev_at_half_drift_usd": -36.91, "ev_gross_usd": -32.36, "expected_loss_real_usd": 89.36, "friction_usd": 1.0, "ev_net_usd": -33.36, "total_risk_usd": 19935.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 456}
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{"ts": "2026-08-31T18:19:55.610948+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day momentum at +0.42% and an elevated IV/RV ratio of 1.05, offering favorable premium collection on short put spreads across intermediate weekly expiries.", "invalidation": "SPY spot price drops significantly below 766.65, accelerating the 1-day decline of -0.35%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"716.0": 0.2777, "739.0": 0.1833, "754.0": 0.1402, "733.0": 0.2062, "711.0": 0.2965, "755.0": 0.1377, "691.0": 0.3752, "708.0": 0.3112, "763.0": 0.1206, "764.0": 0.1187, "746.0": 0.1609, "713.0": 0.2926, "718.0": 0.2678, "750.0": 0.1502, "730.0": 0.219, "729.0": 0.2207, "690.0": 0.3799, "697.0": 0.3567, "765.0": 0.1168, "721.0": 0.2576, "759.0": 0.1288, "732.0": 0.2085, "722.0": 0.2525, "740.0": 0.1796, "766.0": 0.1149, "723.0": 0.2475, "696.0": 0.3614, "693.0": 0.3758, "736.0": 0.1929, "685.0": 0.4034, "703.0": 0.3355, "767.0": 0.1133, "744.0": 0.1679, "712.0": 0.2916, "710.0": 0.3014, "724.0": 0.2424, "770.0": 0.1092, "715.0": 0.2827, "761.0": 0.1245, "752.0": 0.1449, "705.0": 0.3258, "702.0": 0.3327, "762.0": 0.1225, "760.0": 0.1267, "738.0": 0.1867, "695.0": 0.3662, "725.0": 0.2373, "751.0": 0.1475, "701.0": 0.3375, "768.0": 0.1116, "728.0": 0.2259, "734.0": 0.2009, "704.0": 0.3306, "756.0": 0.1356, "714.0": 0.2877, "709.0": 0.3063, "749.0": 0.1524, "735.0": 0.1983, "726.0": 0.2362, "699.0": 0.3471, "731.0": 0.2137, "742.0": 0.1736, "769.0": 0.1109, "727.0": 0.231, "720.0": 0.2626, "717.0": 0.2728, "719.0": 0.2628, "700.0": 0.3423, "707.0": 0.316, "737.0": 0.1899, "741.0": 0.1776, "692.0": 0.3705, "743.0": 0.1709, "694.0": 0.371, "698.0": 0.3519, "745.0": 0.1645, "753.0": 0.1425, "757.0": 0.1333, "748.0": 0.156, "747.0": 0.1581, "758.0": 0.1311, "706.0": 0.3209}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.61, "short_delta": 0.217, "long_delta": 0.121, "short_iv": 0.1288, "short_rel_spread": 0.015503875968992262, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.481443, "long_quote_age": 0.453853, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 439.0, "total_risk": 19755.0, "buying_power_used_pct": 0.9878}, "spot": 766.66}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.99 (gross $-30.49 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:21:16.715857+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum of +0.43% alongside an elevated IV/RV ratio of 1.05, creating favorable conditions for selling put premium.", "invalidation": "SPY spot price drops sharply below 766.73, invalidating the positive 5-day return trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"730.0": 0.2714, "770.0": 0.102, "731.0": 0.2647, "745.0": 0.185, "763.0": 0.1177, "695.0": 0.463, "743.0": 0.195, "755.0": 0.1421, "767.0": 0.1084, "748.0": 0.1697, "719.0": 0.3321, "734.0": 0.2446, "759.0": 0.1292, "728.0": 0.2848, "758.0": 0.1326, "710.0": 0.3899, "732.0": 0.258, "765.0": 0.1127, "749.0": 0.165, "737.0": 0.2316, "720.0": 0.3257, "725.0": 0.3048, "735.0": 0.2379, "690.0": 0.4939, "750.0": 0.1598, "753.0": 0.1478, "729.0": 0.2781, "722.0": 0.3128, "757.0": 0.1354, "756.0": 0.1388, "700.0": 0.4322, "726.0": 0.2981, "761.0": 0.1235, "762.0": 0.1205, "752.0": 0.1525, "746.0": 0.1777, "733.0": 0.2513, "736.0": 0.2385, "721.0": 0.3193, "760.0": 0.1266, "747.0": 0.174, "764.0": 0.1153, "705.0": 0.422, "741.0": 0.2038, "715.0": 0.3578, "739.0": 0.2177, "744.0": 0.1879, "754.0": 0.1456, "766.0": 0.1104, "740.0": 0.2108, "718.0": 0.3386, "769.0": 0.1046, "751.0": 0.1566, "768.0": 0.1065, "723.0": 0.3064, "738.0": 0.2247, "727.0": 0.2914, "742.0": 0.2022, "724.0": 0.2999}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1998, "long_delta": 0.0819, "short_iv": 0.1235, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.572903, "long_quote_age": 0.606542, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.695}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.39 (gross $-33.39 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.39 (gross $-33.39 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1998, "long_delta": 0.0819, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8002, "edge_pp": -10.18, "ev_implied_usd": -21.43, "realized_vol": 0.1064, "atm_iv": 0.1084, "vrp_ratio": 0.9815, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.42, "ev_at_half_drift_usd": -36.86, "ev_gross_usd": -33.39, "expected_loss_real_usd": 82.39, "friction_usd": 1.0, "ev_net_usd": -34.39, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 453}
{"ts": "2026-08-31T18:21:27.725817+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "SPY retains positive 5D momentum at +0.43% with ATM IV trading at a premium over 20-day realized volatility at IV/RV 1.05, providing favorable premium capture on put spreads.", "invalidation": "SPY spot breaks significantly below the current 766.73 level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"744.0": 0.1876, "734.0": 0.2444, "729.0": 0.2779, "705.0": 0.4218, "747.0": 0.1737, "742.0": 0.2019, "738.0": 0.2244, "755.0": 0.1417, "731.0": 0.2645, "723.0": 0.3061, "763.0": 0.1177, "736.0": 0.2382, "754.0": 0.1452, "769.0": 0.1042, "767.0": 0.1082, "732.0": 0.2578, "720.0": 0.3255, "726.0": 0.2979, "746.0": 0.1774, "733.0": 0.2511, "737.0": 0.2313, "718.0": 0.3383, "758.0": 0.1322, "749.0": 0.1647, "757.0": 0.135, "756.0": 0.1384, "719.0": 0.3319, "715.0": 0.3576, "735.0": 0.2377, "725.0": 0.3045, "768.0": 0.1057, "753.0": 0.1475, "741.0": 0.2035, "740.0": 0.2105, "710.0": 0.3897, "730.0": 0.2712, "761.0": 0.123, "700.0": 0.432, "722.0": 0.3126, "690.0": 0.4937, "748.0": 0.1694, "739.0": 0.2175, "770.0": 0.1008, "728.0": 0.2845, "764.0": 0.1152, "762.0": 0.1205, "750.0": 0.1595, "765.0": 0.1125, "724.0": 0.2997, "743.0": 0.1948, "727.0": 0.2912, "721.0": 0.319, "759.0": 0.1288, "745.0": 0.1848, "760.0": 0.1261, "766.0": 0.1103, "752.0": 0.1522, "695.0": 0.4628, "751.0": 0.1563}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00758000", "short_strike": 761.0, "long_strike": 758.0, "width": 3.0, "credit": 0.35, "short_delta": 0.2004, "long_delta": 0.1178, "short_iv": 0.123, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.827931, "long_quote_age": 0.839801, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 265.0, "total_risk": 19875.0, "buying_power_used_pct": 0.9938}, "spot": 766.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.06 (gross $-21.06 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $265/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,875.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-22.06 (gross $-21.06 - friction $1.00) > $0.00"}], "economics": {"credit": 0.35, "width": 3.0, "short_delta": 0.2004, "long_delta": 0.1178, "max_profit_usd": 35.0, "max_loss_usd": 265.0, "breakeven_wr": 0.8833, "implied_wr": 0.7996, "edge_pp": -8.37, "ev_implied_usd": -12.73, "realized_vol": 0.1064, "atm_iv": 0.1082, "vrp_ratio": 0.9834, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.75, "ev_at_half_drift_usd": -23.38, "ev_gross_usd": -21.06, "expected_loss_real_usd": 56.06, "friction_usd": 1.0, "ev_net_usd": -22.06, "total_risk_usd": 19875.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 456}
{"ts": "2026-08-31T18:22:48.065146+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum of +0.41% alongside an elevated IV/RV ratio of 1.05, favoring premium selling on the put side.", "invalidation": "SPY spot price drops sharply below 766.60 turning multi-day returns negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"728.0": 0.2836, "739.0": 0.2165, "755.0": 0.1405, "726.0": 0.297, "752.0": 0.1511, "761.0": 0.1225, "729.0": 0.277, "721.0": 0.3182, "705.0": 0.421, "735.0": 0.2368, "753.0": 0.148, "732.0": 0.2569, "765.0": 0.1116, "746.0": 0.1764, "740.0": 0.2096, "751.0": 0.1552, "756.0": 0.1371, "737.0": 0.2304, "762.0": 0.1198, "730.0": 0.2703, "734.0": 0.2435, "749.0": 0.1636, "695.0": 0.462, "731.0": 0.2636, "759.0": 0.128, "718.0": 0.3375, "758.0": 0.1307, "767.0": 0.1072, "710.0": 0.3889, "764.0": 0.1144, "736.0": 0.2373, "750.0": 0.1585, "744.0": 0.1866, "685.0": 0.524, "725.0": 0.3036, "770.0": 0.0995, "715.0": 0.3568, "727.0": 0.2903, "690.0": 0.493, "760.0": 0.1251, "719.0": 0.3311, "766.0": 0.1095, "763.0": 0.1166, "769.0": 0.103, "722.0": 0.3117, "742.0": 0.201, "743.0": 0.1938, "747.0": 0.1727, "745.0": 0.1838, "700.0": 0.4312, "768.0": 0.1052, "748.0": 0.1684, "757.0": 0.1346, "723.0": 0.3053, "720.0": 0.3246, "741.0": 0.2026, "754.0": 0.144, "738.0": 0.2235, "733.0": 0.2502, "724.0": 0.2989}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2051, "long_delta": 0.0828, "short_iv": 0.1225, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.479718, "long_quote_age": 0.477015, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.54}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.68 (gross $-33.68 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.68 (gross $-33.68 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2051, "long_delta": 0.0828, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7949, "edge_pp": -10.31, "ev_implied_usd": -20.97, "realized_vol": 0.1064, "atm_iv": 0.1072, "vrp_ratio": 0.9925, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.83, "ev_at_half_drift_usd": -37.21, "ev_gross_usd": -33.68, "expected_loss_real_usd": 84.68, "friction_usd": 1.0, "ev_net_usd": -34.68, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 430}
{"ts": "2026-08-31T18:22:58.842418+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows elevated implied volatility relative to realized volatility with an IV/RV of 1.05 and positive 5-day return of +0.41%, supporting a put credit spread.", "invalidation": "SPY breaks downward reversing its positive 5-day momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"739.0": 0.1825, "763.0": 0.1201, "741.0": 0.1751, "717.0": 0.2721, "762.0": 0.1222, "691.0": 0.3746, "738.0": 0.1859, "707.0": 0.3154, "750.0": 0.1493, "700.0": 0.3417, "712.0": 0.291, "719.0": 0.2622, "711.0": 0.2959, "752.0": 0.144, "709.0": 0.3057, "756.0": 0.1348, "754.0": 0.1391, "727.0": 0.2304, "720.0": 0.2572, "715.0": 0.2821, "702.0": 0.3321, "685.0": 0.4028, "725.0": 0.2367, "743.0": 0.1701, "714.0": 0.287, "764.0": 0.1183, "690.0": 0.3793, "716.0": 0.2771, "721.0": 0.2569, "694.0": 0.3704, "740.0": 0.1789, "765.0": 0.1164, "753.0": 0.1415, "768.0": 0.1112, "718.0": 0.2672, "705.0": 0.3252, "692.0": 0.37, "732.0": 0.2078, "742.0": 0.1728, "744.0": 0.167, "724.0": 0.2417, "729.0": 0.2201, "749.0": 0.1524, "751.0": 0.1465, "748.0": 0.1551, "736.0": 0.1921, "710.0": 0.3008, "747.0": 0.1573, "708.0": 0.3105, "699.0": 0.3465, "770.0": 0.1087, "722.0": 0.2519, "759.0": 0.1283, "695.0": 0.3656, "760.0": 0.1262, "731.0": 0.213, "755.0": 0.1372, "704.0": 0.33, "701.0": 0.3369, "737.0": 0.1892, "696.0": 0.3608, "767.0": 0.113, "769.0": 0.1094, "758.0": 0.1303, "757.0": 0.1326, "766.0": 0.1145, "746.0": 0.16, "698.0": 0.3513, "761.0": 0.124, "730.0": 0.2183, "693.0": 0.3752, "728.0": 0.2252, "733.0": 0.2055, "726.0": 0.2355, "703.0": 0.3349, "706.0": 0.3203, "723.0": 0.2468, "745.0": 0.1637, "713.0": 0.292, "697.0": 0.3561, "734.0": 0.2002, "735.0": 0.1975}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.196, "long_delta": 0.1082, "short_iv": 0.1303, "short_rel_spread": 0.00873362445414848, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.617353, "long_quote_age": 1.237981, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.51}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.08 (gross $-29.08 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:24:20.042880+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains an IV/RV ratio of 1.05 alongside a positive 5-day return of +0.42%, offering favorable premium to sell downside risk.", "invalidation": "SPY spot price accelerates downward and breaches the short strike level before expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"731.0": 0.2648, "736.0": 0.2386, "735.0": 0.238, "761.0": 0.1224, "758.0": 0.1309, "742.0": 0.2023, "705.0": 0.4221, "700.0": 0.4322, "719.0": 0.3322, "752.0": 0.1526, "763.0": 0.1168, "740.0": 0.2108, "746.0": 0.1777, "690.0": 0.494, "728.0": 0.2848, "715.0": 0.3579, "759.0": 0.1277, "768.0": 0.1056, "769.0": 0.1038, "727.0": 0.2915, "734.0": 0.2447, "751.0": 0.1567, "753.0": 0.1479, "724.0": 0.3, "743.0": 0.1951, "737.0": 0.2317, "765.0": 0.1118, "723.0": 0.3064, "695.0": 0.4631, "762.0": 0.1195, "739.0": 0.2178, "722.0": 0.3129, "725.0": 0.3048, "757.0": 0.1345, "764.0": 0.1143, "733.0": 0.2514, "747.0": 0.1741, "770.0": 0.1044, "744.0": 0.1879, "732.0": 0.2581, "754.0": 0.1441, "718.0": 0.3386, "729.0": 0.2782, "738.0": 0.2247, "756.0": 0.1377, "766.0": 0.1095, "767.0": 0.1073, "720.0": 0.3258, "730.0": 0.2715, "760.0": 0.1253, "755.0": 0.1409, "745.0": 0.1851, "721.0": 0.3193, "750.0": 0.1599, "748.0": 0.1698, "710.0": 0.39, "726.0": 0.2982, "741.0": 0.2039, "749.0": 0.1651}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1972, "long_delta": 0.0801, "short_iv": 0.1224, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.915575, "long_quote_age": 1.540564, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.71}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.20 (gross $-34.20 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 2s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-35.20 (gross $-34.20 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1972, "long_delta": 0.0801, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8028, "edge_pp": -10.12, "ev_implied_usd": -21.32, "realized_vol": 0.1064, "atm_iv": 0.1073, "vrp_ratio": 0.9916, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.22, "ev_at_half_drift_usd": -37.67, "ev_gross_usd": -34.2, "expected_loss_real_usd": 82.2, "friction_usd": 1.0, "ev_net_usd": -35.2, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 442}
{"ts": "2026-08-31T18:24:32.851519+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 350, "thesis": "SPY retains positive 5-day momentum of +0.42% with IV trading above realized volatility at an IV/RV of 1.05, making a multi-day put credit spread viable to capture premium.", "invalidation": "Continuation of the 1-day decline of -0.35% breaching the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"720.0": 0.2579, "744.0": 0.1665, "760.0": 0.1258, "709.0": 0.3063, "703.0": 0.3356, "752.0": 0.1443, "748.0": 0.154, "715.0": 0.2828, "761.0": 0.1239, "706.0": 0.3209, "714.0": 0.2877, "718.0": 0.2679, "762.0": 0.1219, "700.0": 0.3423, "734.0": 0.2009, "694.0": 0.3711, "768.0": 0.1109, "728.0": 0.2259, "731.0": 0.2138, "704.0": 0.3307, "699.0": 0.3471, "707.0": 0.3161, "767.0": 0.1125, "735.0": 0.1983, "711.0": 0.2966, "740.0": 0.1797, "727.0": 0.2311, "755.0": 0.1366, "769.0": 0.1095, "757.0": 0.1324, "756.0": 0.1347, "737.0": 0.1899, "736.0": 0.1929, "739.0": 0.1833, "738.0": 0.1867, "723.0": 0.2475, "705.0": 0.3258, "697.0": 0.3567, "732.0": 0.2085, "721.0": 0.2529, "754.0": 0.139, "719.0": 0.2629, "695.0": 0.3663, "725.0": 0.2374, "759.0": 0.128, "753.0": 0.1413, "693.0": 0.3759, "765.0": 0.116, "698.0": 0.3519, "690.0": 0.38, "716.0": 0.2778, "733.0": 0.2063, "730.0": 0.219, "766.0": 0.1141, "722.0": 0.2526, "758.0": 0.1301, "702.0": 0.3328, "724.0": 0.2424, "742.0": 0.1719, "710.0": 0.3014, "708.0": 0.3112, "743.0": 0.1694, "712.0": 0.2917, "745.0": 0.1632, "741.0": 0.1759, "717.0": 0.2728, "747.0": 0.157, "746.0": 0.1597, "696.0": 0.3615, "729.0": 0.2208, "701.0": 0.3376, "692.0": 0.3706, "726.0": 0.2362, "713.0": 0.2868, "751.0": 0.1467, "770.0": 0.1077, "750.0": 0.1494, "764.0": 0.1178, "763.0": 0.1198, "749.0": 0.1515, "691.0": 0.3753}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00754000", "short_strike": 758.0, "long_strike": 754.0, "width": 4.0, "credit": 0.46, "short_delta": 0.1915, "long_delta": 0.1188, "short_iv": 0.1301, "short_rel_spread": 0.018018018018018032, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.506912, "long_quote_age": 0.429704, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 354.0, "total_risk": 19824.0, "buying_power_used_pct": 0.9912}, "spot": 766.69}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-24.67 (gross $-23.17 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:26:00.525090+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.39% and an IV/RV ratio of 1.06, supporting premium collection via short-dated put credit spreads.", "invalidation": "SPY downward momentum accelerates past the 1-day decline of -0.37% with realized volatility expanding above the 11.02% ATM IV."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"690.0": 0.4927, "752.0": 0.1507, "731.0": 0.2633, "761.0": 0.1219, "748.0": 0.168, "730.0": 0.27, "738.0": 0.2231, "725.0": 0.3033, "739.0": 0.2162, "732.0": 0.2566, "705.0": 0.4207, "768.0": 0.1052, "741.0": 0.2022, "753.0": 0.1476, "721.0": 0.3179, "729.0": 0.2767, "728.0": 0.2833, "759.0": 0.1275, "744.0": 0.1863, "737.0": 0.2301, "736.0": 0.237, "746.0": 0.176, "723.0": 0.305, "695.0": 0.4618, "715.0": 0.3565, "710.0": 0.3886, "740.0": 0.2092, "726.0": 0.2967, "718.0": 0.3372, "754.0": 0.1435, "745.0": 0.1834, "764.0": 0.114, "734.0": 0.2432, "756.0": 0.1377, "750.0": 0.1581, "735.0": 0.2364, "722.0": 0.3114, "762.0": 0.1191, "767.0": 0.1072, "747.0": 0.1723, "724.0": 0.2985, "769.0": 0.1033, "751.0": 0.1548, "765.0": 0.1116, "719.0": 0.3308, "770.0": 0.0992, "685.0": 0.5237, "760.0": 0.1245, "749.0": 0.1633, "766.0": 0.1093, "742.0": 0.2006, "727.0": 0.29, "743.0": 0.1935, "720.0": 0.3243, "758.0": 0.1311, "755.0": 0.14, "763.0": 0.1164, "700.0": 0.4309, "733.0": 0.2499, "757.0": 0.1341}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.5, "short_delta": 0.206, "long_delta": 0.0848, "short_iv": 0.1219, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.518041, "long_quote_age": 0.551428, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.465}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.20 (gross $-33.20 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:26:18.395576+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV premium of 1.06 with positive 5-day momentum of +0.39%, favoring premium harvesting via put credit spreads over an expanded DTE window.", "invalidation": "SPY spot price accelerating downward beyond the 1-day decline of -0.37%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"751.0": 0.148, "764.0": 0.1144, "740.0": 0.1867, "729.0": 0.2387, "752.0": 0.1449, "735.0": 0.209, "762.0": 0.1188, "700.0": 0.3698, "695.0": 0.396, "722.0": 0.2718, "765.0": 0.1124, "768.0": 0.1068, "747.0": 0.1606, "746.0": 0.1636, "763.0": 0.1164, "738.0": 0.1953, "742.0": 0.1802, "750.0": 0.1503, "760.0": 0.1236, "732.0": 0.2265, "761.0": 0.121, "726.0": 0.2558, "727.0": 0.2501, "755.0": 0.136, "720.0": 0.2829, "769.0": 0.1055, "715.0": 0.3106, "759.0": 0.126, "733.0": 0.2207, "756.0": 0.1336, "754.0": 0.1386, "710.0": 0.3289, "766.0": 0.1104, "739.0": 0.1928, "743.0": 0.1739, "749.0": 0.1533, "767.0": 0.1084, "690.0": 0.4223, "685.0": 0.4487, "757.0": 0.1309, "745.0": 0.1681, "758.0": 0.1288, "719.0": 0.2885, "718.0": 0.294, "728.0": 0.2444, "748.0": 0.1572, "724.0": 0.2607, "725.0": 0.2615, "723.0": 0.2663, "737.0": 0.2013, "736.0": 0.2072, "741.0": 0.1836, "753.0": 0.1421, "731.0": 0.2273, "744.0": 0.1724, "721.0": 0.2774, "730.0": 0.233, "770.0": 0.1043, "734.0": 0.2149, "705.0": 0.3559}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1891, "long_delta": 0.0921, "short_iv": 0.126, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.024096385542168697, "short_quote_age": 1.274929, "long_quote_age": 0.447612, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.96 (gross $-30.96 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.96 (gross $-30.96 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1891, "long_delta": 0.0921, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8109, "edge_pp": -8.91, "ev_implied_usd": -20.3, "realized_vol": 0.1064, "atm_iv": 0.1104, "vrp_ratio": 0.9638, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.61, "ev_at_half_drift_usd": -35.21, "ev_gross_usd": -30.96, "expected_loss_real_usd": 80.96, "friction_usd": 1.0, "ev_net_usd": -31.96, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 450}
{"ts": "2026-08-31T18:27:36.626269+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.39% with an IV/RV premium of 1.06, providing favorable conditions to harvest premium via short-dated put credit spreads.", "invalidation": "A continued decline extending beyond the 1-day drop of -0.38% that pushes SPY spot significantly lower."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"764.0": 0.1137, "758.0": 0.13, "768.0": 0.1047, "755.0": 0.1398, "732.0": 0.2565, "685.0": 0.5236, "754.0": 0.1434, "759.0": 0.1272, "723.0": 0.3049, "700.0": 0.4308, "745.0": 0.1833, "726.0": 0.2965, "734.0": 0.243, "739.0": 0.2161, "761.0": 0.1216, "748.0": 0.1679, "753.0": 0.1474, "724.0": 0.2984, "695.0": 0.4616, "752.0": 0.1505, "740.0": 0.2091, "741.0": 0.2021, "738.0": 0.223, "733.0": 0.2497, "715.0": 0.3563, "770.0": 0.1047, "729.0": 0.2765, "760.0": 0.1243, "722.0": 0.3113, "736.0": 0.2369, "746.0": 0.1759, "765.0": 0.1112, "690.0": 0.4926, "743.0": 0.1933, "744.0": 0.1861, "749.0": 0.1631, "762.0": 0.1188, "757.0": 0.1339, "742.0": 0.2005, "721.0": 0.3178, "737.0": 0.2299, "718.0": 0.3371, "720.0": 0.3242, "763.0": 0.1161, "756.0": 0.1364, "705.0": 0.4206, "730.0": 0.2698, "731.0": 0.2632, "735.0": 0.2363, "750.0": 0.1579, "710.0": 0.3885, "747.0": 0.1722, "727.0": 0.2899, "728.0": 0.2832, "719.0": 0.3306, "769.0": 0.1029, "751.0": 0.1546, "766.0": 0.1089, "725.0": 0.3032, "767.0": 0.1067}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2063, "long_delta": 0.0831, "short_iv": 0.1216, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.409108, "long_quote_age": 0.415207, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.4300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.67 (gross $-32.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:27:52.985002+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY presents elevated implied volatility relative to realized volatility with IV/RV at 1.06 alongside a positive 5D trend of +0.39%.", "invalidation": "SPY spot drops significantly below current levels accelerating the 1D decline of -0.38%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"761.0": 0.1228, "706.0": 0.3197, "707.0": 0.3148, "745.0": 0.1615, "719.0": 0.2615, "758.0": 0.1291, "694.0": 0.3698, "757.0": 0.1314, "751.0": 0.1455, "752.0": 0.143, "750.0": 0.1483, "728.0": 0.2245, "718.0": 0.2665, "748.0": 0.1532, "735.0": 0.1968, "749.0": 0.1506, "739.0": 0.1818, "763.0": 0.1188, "722.0": 0.2512, "765.0": 0.1151, "740.0": 0.1781, "712.0": 0.2904, "759.0": 0.127, "764.0": 0.1168, "756.0": 0.1334, "733.0": 0.2048, "770.0": 0.1074, "732.0": 0.2071, "729.0": 0.2194, "697.0": 0.3554, "720.0": 0.2566, "710.0": 0.3001, "754.0": 0.1381, "703.0": 0.3343, "690.0": 0.3787, "724.0": 0.2411, "709.0": 0.305, "693.0": 0.3746, "741.0": 0.1743, "725.0": 0.236, "731.0": 0.2123, "715.0": 0.2814, "713.0": 0.2855, "696.0": 0.3602, "717.0": 0.2715, "734.0": 0.1995, "704.0": 0.3294, "721.0": 0.2516, "736.0": 0.1914, "762.0": 0.1208, "698.0": 0.3507, "766.0": 0.1134, "753.0": 0.1405, "714.0": 0.2864, "744.0": 0.1648, "742.0": 0.172, "767.0": 0.1117, "699.0": 0.3459, "702.0": 0.3315, "701.0": 0.3363, "727.0": 0.2297, "746.0": 0.1592, "711.0": 0.2953, "730.0": 0.2176, "768.0": 0.1102, "738.0": 0.1852, "695.0": 0.365, "769.0": 0.1083, "747.0": 0.1564, "716.0": 0.2765, "705.0": 0.3245, "692.0": 0.3694, "685.0": 0.4022, "723.0": 0.2461, "691.0": 0.3741, "737.0": 0.1884, "743.0": 0.1677, "700.0": 0.3411, "708.0": 0.3099, "755.0": 0.1355, "760.0": 0.1248, "726.0": 0.2309}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1975, "long_delta": 0.1089, "short_iv": 0.1291, "short_rel_spread": 0.00873362445414848, "long_rel_spread": 0.016806722689075647, "short_quote_age": 1.364012, "long_quote_age": 0.596452, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.62 (gross $-28.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:29:13.900157+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.39% with ATM IV exceeding realized volatility at an IV/RV ratio of 1.06, providing attractive premium for a put credit spread.", "invalidation": "SPY spot price accelerating downward below the 1-day decline of -0.38% toward the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"734.0": 0.2428, "756.0": 0.1361, "730.0": 0.2697, "685.0": 0.5234, "768.0": 0.1045, "729.0": 0.2763, "757.0": 0.1336, "732.0": 0.2563, "727.0": 0.2897, "723.0": 0.3047, "690.0": 0.4924, "755.0": 0.1395, "724.0": 0.2982, "740.0": 0.2089, "767.0": 0.1069, "741.0": 0.2019, "719.0": 0.3305, "739.0": 0.2159, "762.0": 0.1189, "753.0": 0.1472, "758.0": 0.1306, "718.0": 0.3369, "770.0": 0.1017, "761.0": 0.1218, "759.0": 0.1269, "760.0": 0.1246, "745.0": 0.183, "766.0": 0.109, "746.0": 0.1757, "748.0": 0.1677, "726.0": 0.2964, "710.0": 0.3883, "754.0": 0.1431, "763.0": 0.1162, "737.0": 0.2297, "736.0": 0.2367, "715.0": 0.3562, "742.0": 0.2003, "747.0": 0.1719, "765.0": 0.1112, "744.0": 0.1859, "749.0": 0.1629, "751.0": 0.1544, "720.0": 0.324, "738.0": 0.2228, "728.0": 0.283, "695.0": 0.4615, "722.0": 0.3111, "725.0": 0.303, "700.0": 0.4306, "750.0": 0.1577, "735.0": 0.2361, "764.0": 0.1137, "705.0": 0.4204, "752.0": 0.1502, "743.0": 0.1931, "721.0": 0.3176, "733.0": 0.2496, "769.0": 0.1034, "731.0": 0.263}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.208, "long_delta": 0.0833, "short_iv": 0.1218, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.575796, "long_quote_age": 0.904262, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.4300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.61 (gross $-31.61 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:29:28.845052+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY IV/RV of 1.06 indicates implied volatility is elevated relative to 20-day realized volatility while 5-day return remains positive at +0.39%, supporting put credit spread premium selling.", "invalidation": "SPY spot falls below the short strike if the 1-day decline of -0.38% accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"733.0": 0.2204, "749.0": 0.1529, "726.0": 0.2556, "770.0": 0.1036, "729.0": 0.2385, "736.0": 0.2069, "748.0": 0.1568, "738.0": 0.195, "763.0": 0.1159, "727.0": 0.2499, "730.0": 0.2328, "734.0": 0.2146, "721.0": 0.2771, "725.0": 0.2612, "756.0": 0.1329, "723.0": 0.266, "722.0": 0.2716, "739.0": 0.1925, "768.0": 0.106, "769.0": 0.1045, "737.0": 0.201, "744.0": 0.1698, "718.0": 0.2937, "745.0": 0.1678, "720.0": 0.2827, "705.0": 0.3556, "759.0": 0.1255, "732.0": 0.2263, "760.0": 0.1231, "757.0": 0.1305, "767.0": 0.108, "700.0": 0.3695, "695.0": 0.3958, "751.0": 0.1464, "752.0": 0.1434, "746.0": 0.1633, "735.0": 0.2087, "719.0": 0.2882, "764.0": 0.1139, "690.0": 0.4221, "731.0": 0.2271, "750.0": 0.15, "741.0": 0.1833, "747.0": 0.1603, "740.0": 0.1864, "753.0": 0.1408, "765.0": 0.1118, "742.0": 0.1799, "710.0": 0.3286, "724.0": 0.2604, "754.0": 0.1382, "762.0": 0.1182, "743.0": 0.1736, "758.0": 0.1277, "728.0": 0.2442, "755.0": 0.1356, "761.0": 0.1207, "715.0": 0.3104, "766.0": 0.1099}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1897, "long_delta": 0.1231, "short_iv": 0.1255, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.017699115044247607, "short_quote_age": 2.35595, "long_quote_age": 1.556294, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 265.0, "total_risk": 19875.0, "buying_power_used_pct": 0.9938}, "spot": 766.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.13 (gross $-19.13 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:30:46.219563+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day performance of +0.37% with 3-day ATM IV at 11.02% exceeding its 20-day realized volatility at an IV/RV ratio of 1.06.", "invalidation": "SPY spot price declines significantly below recent levels as short-term downward momentum accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"761.0": 0.1213, "767.0": 0.1065, "723.0": 0.3046, "733.0": 0.2495, "763.0": 0.1159, "746.0": 0.1756, "743.0": 0.193, "736.0": 0.2366, "760.0": 0.1245, "727.0": 0.2896, "765.0": 0.1109, "758.0": 0.1304, "724.0": 0.2982, "742.0": 0.2002, "739.0": 0.2158, "695.0": 0.4614, "752.0": 0.1501, "741.0": 0.2018, "740.0": 0.2088, "766.0": 0.1084, "690.0": 0.4923, "768.0": 0.1048, "685.0": 0.5233, "720.0": 0.3239, "749.0": 0.1628, "732.0": 0.2562, "705.0": 0.4203, "731.0": 0.2629, "734.0": 0.2427, "721.0": 0.3175, "728.0": 0.2829, "726.0": 0.2963, "738.0": 0.2227, "722.0": 0.311, "735.0": 0.236, "748.0": 0.1675, "745.0": 0.1829, "751.0": 0.1543, "769.0": 0.1029, "747.0": 0.1718, "718.0": 0.3368, "759.0": 0.1275, "757.0": 0.1335, "715.0": 0.3561, "750.0": 0.1576, "710.0": 0.3882, "729.0": 0.2762, "770.0": 0.1043, "719.0": 0.3304, "700.0": 0.4305, "730.0": 0.2696, "754.0": 0.143, "762.0": 0.1187, "725.0": 0.3029, "755.0": 0.1394, "764.0": 0.1134, "744.0": 0.1858, "753.0": 0.147, "737.0": 0.2296, "756.0": 0.1371}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2077, "long_delta": 0.0851, "short_iv": 0.1213, "short_rel_spread": 0.024691358024691242, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.430205, "long_quote_age": 0.544506, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.37}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.73 (gross $-34.23 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:30:58.967881+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5D momentum at +0.37% and an elevated IV/RV ratio of 1.06, providing favorable premium to sell downside put credit spreads.", "invalidation": "SPY spot price drops sharply below 766.33 as the 1D decline of -0.39% accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"722.0": 0.2513, "734.0": 0.1996, "711.0": 0.2954, "761.0": 0.1229, "685.0": 0.4024, "701.0": 0.3364, "714.0": 0.2865, "741.0": 0.1745, "710.0": 0.3003, "700.0": 0.3412, "748.0": 0.1534, "739.0": 0.1819, "716.0": 0.2766, "703.0": 0.3344, "742.0": 0.1722, "731.0": 0.2125, "720.0": 0.2567, "747.0": 0.1566, "754.0": 0.1383, "690.0": 0.3789, "706.0": 0.3198, "770.0": 0.1075, "735.0": 0.197, "694.0": 0.37, "755.0": 0.1358, "719.0": 0.2617, "740.0": 0.1783, "727.0": 0.2298, "767.0": 0.1118, "752.0": 0.1432, "745.0": 0.163, "695.0": 0.3652, "697.0": 0.3556, "723.0": 0.2463, "757.0": 0.1317, "704.0": 0.3295, "763.0": 0.119, "766.0": 0.1135, "718.0": 0.2667, "696.0": 0.3604, "738.0": 0.1854, "698.0": 0.3508, "749.0": 0.1508, "699.0": 0.346, "709.0": 0.3052, "765.0": 0.1152, "702.0": 0.3316, "758.0": 0.1294, "744.0": 0.165, "717.0": 0.2716, "756.0": 0.1336, "705.0": 0.3247, "733.0": 0.205, "707.0": 0.3149, "728.0": 0.2247, "769.0": 0.1092, "762.0": 0.1208, "768.0": 0.1102, "760.0": 0.1251, "764.0": 0.1171, "713.0": 0.2856, "759.0": 0.1271, "692.0": 0.3695, "724.0": 0.2412, "715.0": 0.2816, "712.0": 0.2905, "693.0": 0.3747, "753.0": 0.1407, "746.0": 0.1594, "751.0": 0.1457, "737.0": 0.1886, "743.0": 0.1695, "725.0": 0.2361, "708.0": 0.31, "721.0": 0.2517, "736.0": 0.1916, "732.0": 0.2072, "729.0": 0.2195, "691.0": 0.3742, "730.0": 0.2177, "750.0": 0.1485, "726.0": 0.2311}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1972, "long_delta": 0.1087, "short_iv": 0.1294, "short_rel_spread": 0.00873362445414848, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.81216, "long_quote_age": 0.516687, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.405}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.69 (gross $-28.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:32:24.439024+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.36% with ATM IV trading at a premium to 20-day realized volatility (IV/RV of 1.06), supporting a short-dated put credit spread.", "invalidation": "SPY declining significantly below the spot level of 766.25 and reversing the positive 5-day return would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"744.0": 0.1847, "685.0": 0.5225, "765.0": 0.1107, "766.0": 0.1083, "763.0": 0.1156, "715.0": 0.3552, "746.0": 0.1744, "760.0": 0.124, "730.0": 0.2686, "695.0": 0.4605, "756.0": 0.1356, "743.0": 0.1919, "733.0": 0.2485, "726.0": 0.2953, "723.0": 0.3037, "718.0": 0.3359, "761.0": 0.1212, "748.0": 0.1664, "738.0": 0.2217, "739.0": 0.2147, "724.0": 0.2972, "753.0": 0.1457, "745.0": 0.1818, "767.0": 0.1062, "700.0": 0.4297, "762.0": 0.1182, "752.0": 0.1488, "768.0": 0.1042, "749.0": 0.1616, "734.0": 0.2418, "750.0": 0.1564, "759.0": 0.1273, "725.0": 0.3019, "735.0": 0.235, "728.0": 0.2819, "754.0": 0.1431, "740.0": 0.2078, "732.0": 0.2552, "710.0": 0.3873, "727.0": 0.2886, "757.0": 0.1329, "741.0": 0.2008, "758.0": 0.1296, "720.0": 0.323, "722.0": 0.3101, "721.0": 0.3166, "764.0": 0.1132, "719.0": 0.3294, "770.0": 0.0986, "731.0": 0.2619, "755.0": 0.1393, "705.0": 0.4194, "737.0": 0.2286, "742.0": 0.1991, "736.0": 0.2355, "729.0": 0.2753, "751.0": 0.153, "690.0": 0.4915, "747.0": 0.1707, "769.0": 0.1025}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2139, "long_delta": 0.0859, "short_iv": 0.1212, "short_rel_spread": 0.023809523809523832, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.510305, "long_quote_age": 0.527781, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.27}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.77 (gross $-33.27 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:32:40.594848+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays an elevated IV/RV ratio of 1.06 alongside a positive 5D return of +0.36%, offering favorable premium capture in multi-day credit spreads.", "invalidation": "SPY spot drops sharply reversing the positive 5D trend of +0.36%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"713.0": 0.2848, "769.0": 0.1082, "707.0": 0.3141, "750.0": 0.1481, "704.0": 0.3287, "716.0": 0.2757, "685.0": 0.4016, "735.0": 0.196, "691.0": 0.3734, "690.0": 0.3781, "746.0": 0.1582, "714.0": 0.2857, "733.0": 0.204, "693.0": 0.3739, "739.0": 0.1809, "765.0": 0.115, "709.0": 0.3043, "752.0": 0.1426, "764.0": 0.1168, "708.0": 0.3092, "719.0": 0.2608, "702.0": 0.3308, "710.0": 0.2994, "692.0": 0.3687, "747.0": 0.1554, "758.0": 0.129, "766.0": 0.1132, "741.0": 0.1734, "703.0": 0.3336, "763.0": 0.119, "770.0": 0.1071, "748.0": 0.1532, "723.0": 0.2454, "768.0": 0.11, "727.0": 0.2289, "696.0": 0.3596, "715.0": 0.2807, "705.0": 0.3238, "726.0": 0.2302, "742.0": 0.1711, "722.0": 0.2504, "697.0": 0.3548, "745.0": 0.1619, "720.0": 0.2558, "756.0": 0.1336, "761.0": 0.1228, "732.0": 0.2063, "749.0": 0.1505, "700.0": 0.3404, "717.0": 0.2708, "753.0": 0.14, "728.0": 0.2238, "762.0": 0.1208, "711.0": 0.2946, "751.0": 0.1452, "730.0": 0.2168, "698.0": 0.35, "736.0": 0.1906, "724.0": 0.2403, "759.0": 0.127, "701.0": 0.3356, "699.0": 0.3452, "744.0": 0.1653, "734.0": 0.1987, "725.0": 0.2352, "706.0": 0.3189, "754.0": 0.1381, "755.0": 0.1357, "767.0": 0.1116, "694.0": 0.3691, "738.0": 0.1844, "743.0": 0.1684, "731.0": 0.2115, "740.0": 0.1773, "695.0": 0.3643, "757.0": 0.131, "729.0": 0.2186, "760.0": 0.1248, "712.0": 0.2897, "737.0": 0.1876, "718.0": 0.2658, "721.0": 0.2508}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2016, "long_delta": 0.1107, "short_iv": 0.129, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.527008, "long_quote_age": 0.517286, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.255}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.27 (gross $-28.27 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:33:56.707367+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5-day momentum of +0.36% and an IV/RV premium of 1.06 with ATM IV at 11.00%, making short put credit spreads favorable.", "invalidation": "SPY spot price accelerating downward beyond the current 1-day -0.40% decline."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"764.0": 0.1135, "705.0": 0.419, "752.0": 0.1483, "766.0": 0.1086, "750.0": 0.1558, "720.0": 0.3226, "685.0": 0.5221, "742.0": 0.1986, "715.0": 0.3547, "759.0": 0.1272, "710.0": 0.3869, "748.0": 0.1659, "749.0": 0.161, "763.0": 0.1161, "728.0": 0.2815, "760.0": 0.1238, "743.0": 0.1914, "753.0": 0.1451, "765.0": 0.111, "700.0": 0.4293, "730.0": 0.2681, "690.0": 0.4911, "762.0": 0.1184, "761.0": 0.1212, "732.0": 0.2547, "735.0": 0.2346, "737.0": 0.2282, "754.0": 0.1425, "768.0": 0.1043, "755.0": 0.1386, "744.0": 0.1842, "757.0": 0.1331, "758.0": 0.1297, "745.0": 0.1813, "747.0": 0.1702, "721.0": 0.3161, "734.0": 0.2413, "725.0": 0.3015, "724.0": 0.2968, "718.0": 0.3354, "723.0": 0.3032, "729.0": 0.2748, "695.0": 0.4601, "741.0": 0.2003, "739.0": 0.2143, "746.0": 0.1739, "719.0": 0.329, "731.0": 0.2614, "738.0": 0.2212, "727.0": 0.2882, "726.0": 0.2948, "722.0": 0.3097, "770.0": 0.0966, "767.0": 0.1068, "733.0": 0.248, "769.0": 0.1027, "751.0": 0.1524, "736.0": 0.2351, "740.0": 0.2073, "756.0": 0.1361}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2168, "long_delta": 0.0881, "short_iv": 0.1212, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.621952, "long_quote_age": 0.619448, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.21}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.87 (gross $-32.87 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.87 (gross $-32.87 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2168, "long_delta": 0.0881, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7832, "edge_pp": -10.88, "ev_implied_usd": -22.22, "realized_vol": 0.1064, "atm_iv": 0.1086, "vrp_ratio": 0.9797, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.3, "ev_at_half_drift_usd": -36.54, "ev_gross_usd": -32.87, "expected_loss_real_usd": 86.87, "friction_usd": 1.0, "ev_net_usd": -33.87, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 438}
{"ts": "2026-08-31T18:34:07.744904+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY shows positive 5-day momentum (+0.36%) and elevated IV/RV at 1.06, providing attractive premium to sell downside put spreads.", "invalidation": "SPY spot drops significantly below 766.25 as 1-day decline accelerates past -0.40%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"765.0": 0.1121, "750.0": 0.1503, "768.0": 0.1067, "743.0": 0.1753, "726.0": 0.2548, "732.0": 0.2255, "728.0": 0.2434, "690.0": 0.4214, "731.0": 0.2263, "729.0": 0.2377, "762.0": 0.1185, "715.0": 0.3096, "741.0": 0.1825, "748.0": 0.1559, "722.0": 0.2708, "759.0": 0.1256, "718.0": 0.293, "723.0": 0.2652, "721.0": 0.2764, "739.0": 0.1916, "746.0": 0.1643, "753.0": 0.1415, "737.0": 0.2001, "742.0": 0.179, "761.0": 0.1206, "705.0": 0.3549, "744.0": 0.1712, "710.0": 0.3279, "740.0": 0.1855, "754.0": 0.1387, "719.0": 0.2875, "720.0": 0.2819, "770.0": 0.1036, "695.0": 0.3951, "730.0": 0.232, "758.0": 0.128, "751.0": 0.1465, "727.0": 0.2491, "763.0": 0.1162, "757.0": 0.1304, "745.0": 0.1669, "766.0": 0.1102, "734.0": 0.2138, "760.0": 0.123, "755.0": 0.1359, "747.0": 0.1594, "752.0": 0.1445, "735.0": 0.2079, "769.0": 0.1052, "725.0": 0.2605, "733.0": 0.2196, "756.0": 0.133, "738.0": 0.1942, "736.0": 0.2061, "767.0": 0.1083, "764.0": 0.114, "749.0": 0.1534, "700.0": 0.3688, "724.0": 0.2597}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1945, "long_delta": 0.1265, "short_iv": 0.1256, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.620413, "long_quote_age": 0.945138, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.28 (gross $-19.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $264/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.28 (gross $-19.28 - friction $1.00) > $0.00"}], "economics": {"credit": 0.36, "width": 3.0, "short_delta": 0.1945, "long_delta": 0.1265, "max_profit_usd": 36.0, "max_loss_usd": 264.0, "breakeven_wr": 0.88, "implied_wr": 0.8055, "edge_pp": -7.45, "ev_implied_usd": -12.15, "realized_vol": 0.1064, "atm_iv": 0.1102, "vrp_ratio": 0.9655, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.04, "ev_at_half_drift_usd": -22.12, "ev_gross_usd": -19.28, "expected_loss_real_usd": 55.28, "friction_usd": 1.0, "ev_net_usd": -20.28, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 433}
{"ts": "2026-08-31T18:35:27.924535+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.34% with an IV/RV ratio of 1.06 offering favorable premium selling conditions on the put side.", "invalidation": "SPY spot price drops sharply below recent levels extending the 1-day decline of -0.42%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"757.0": 0.1328, "743.0": 0.1899, "762.0": 0.1179, "758.0": 0.129, "731.0": 0.26, "700.0": 0.428, "765.0": 0.1102, "737.0": 0.2267, "756.0": 0.135, "767.0": 0.1058, "705.0": 0.4177, "745.0": 0.1798, "759.0": 0.1262, "761.0": 0.1207, "749.0": 0.1594, "753.0": 0.1449, "752.0": 0.1484, "726.0": 0.2935, "690.0": 0.4899, "764.0": 0.1126, "723.0": 0.3019, "725.0": 0.3001, "715.0": 0.3534, "729.0": 0.2734, "695.0": 0.4589, "739.0": 0.2128, "710.0": 0.3856, "748.0": 0.1642, "746.0": 0.1724, "724.0": 0.2955, "755.0": 0.1391, "769.0": 0.1017, "763.0": 0.1152, "718.0": 0.3341, "738.0": 0.2197, "728.0": 0.2801, "722.0": 0.3084, "719.0": 0.3277, "766.0": 0.1079, "760.0": 0.1231, "685.0": 0.5209, "733.0": 0.2466, "727.0": 0.2868, "732.0": 0.2533, "742.0": 0.1971, "751.0": 0.1528, "734.0": 0.2399, "741.0": 0.1988, "750.0": 0.1566, "747.0": 0.1686, "744.0": 0.1827, "736.0": 0.2336, "754.0": 0.1419, "730.0": 0.2667, "735.0": 0.2332, "720.0": 0.3213, "721.0": 0.3148, "768.0": 0.1034, "740.0": 0.2058}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1884, "long_delta": 0.0772, "short_iv": 0.1231, "short_rel_spread": 0.013793103448275874, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.52123, "long_quote_age": 0.497865, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 455.0, "total_risk": 19565.0, "buying_power_used_pct": 0.9782}, "spot": 765.985}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.62 (gross $-33.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $455/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,565.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.62 (gross $-33.62 - friction $1.00) > $0.00"}], "economics": {"credit": 0.45, "width": 5.0, "short_delta": 0.1884, "long_delta": 0.0772, "max_profit_usd": 45.0, "max_loss_usd": 455.0, "breakeven_wr": 0.91, "implied_wr": 0.8116, "edge_pp": -9.84, "ev_implied_usd": -21.4, "realized_vol": 0.1064, "atm_iv": 0.1079, "vrp_ratio": 0.9861, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.43, "ev_at_half_drift_usd": -36.98, "ev_gross_usd": -33.62, "expected_loss_real_usd": 78.62, "friction_usd": 1.0, "ev_net_usd": -34.62, "total_risk_usd": 19565.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 446}
{"ts": "2026-08-31T18:35:41.230433+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5D performance of +0.34% and an elevated IV/RV ratio of 1.06, providing favorable premium for selling downside risk.", "invalidation": "SPY spot price drops sharply below the 1D performance trend of -0.42%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"743.0": 0.1738, "724.0": 0.2584, "737.0": 0.1987, "720.0": 0.2806, "748.0": 0.1558, "726.0": 0.2535, "745.0": 0.1654, "768.0": 0.1059, "719.0": 0.2862, "730.0": 0.2307, "764.0": 0.1136, "755.0": 0.1346, "747.0": 0.1577, "751.0": 0.1459, "761.0": 0.1202, "731.0": 0.2249, "749.0": 0.1517, "736.0": 0.2047, "722.0": 0.2695, "753.0": 0.1405, "735.0": 0.2066, "750.0": 0.1498, "758.0": 0.1274, "752.0": 0.1436, "744.0": 0.1697, "734.0": 0.2124, "718.0": 0.2917, "769.0": 0.1043, "739.0": 0.1902, "741.0": 0.181, "762.0": 0.118, "733.0": 0.2183, "740.0": 0.1841, "756.0": 0.1322, "765.0": 0.1117, "746.0": 0.1627, "723.0": 0.264, "759.0": 0.1252, "728.0": 0.2421, "715.0": 0.3084, "763.0": 0.1157, "700.0": 0.3677, "721.0": 0.2751, "742.0": 0.1776, "695.0": 0.394, "738.0": 0.1928, "760.0": 0.1227, "767.0": 0.1081, "705.0": 0.3537, "757.0": 0.13, "710.0": 0.3267, "685.0": 0.4467, "729.0": 0.2364, "727.0": 0.2478, "690.0": 0.4203, "766.0": 0.1099, "725.0": 0.2592, "754.0": 0.1376, "732.0": 0.2241}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2015, "long_delta": 0.0982, "short_iv": 0.1252, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.508707, "long_quote_age": 0.651045, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.985}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.20 (gross $-31.20 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.20 (gross $-31.20 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2015, "long_delta": 0.0982, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7985, "edge_pp": -9.35, "ev_implied_usd": -20.92, "realized_vol": 0.1064, "atm_iv": 0.1099, "vrp_ratio": 0.9682, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.17, "ev_at_half_drift_usd": -35.61, "ev_gross_usd": -31.2, "expected_loss_real_usd": 85.2, "friction_usd": 1.0, "ev_net_usd": -32.2, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 441}
{"ts": "2026-08-31T18:37:00.616333+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.29% with an IV/RV ratio of 1.06, providing favorable conditions for selling put credit spreads.", "invalidation": "A deeper price decline accelerating past the recent 1-day drop of -0.48% that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.294, "756.0": 0.1357, "751.0": 0.1529, "768.0": 0.105, "763.0": 0.1157, "755.0": 0.1391, "733.0": 0.2451, "725.0": 0.2986, "739.0": 0.2111, "752.0": 0.1481, "758.0": 0.1296, "736.0": 0.232, "744.0": 0.181, "719.0": 0.3262, "745.0": 0.178, "749.0": 0.1602, "764.0": 0.1132, "738.0": 0.2181, "742.0": 0.1954, "766.0": 0.1085, "750.0": 0.1569, "710.0": 0.3841, "760.0": 0.1239, "718.0": 0.3327, "721.0": 0.3133, "767.0": 0.1068, "729.0": 0.2719, "741.0": 0.1972, "726.0": 0.2919, "761.0": 0.1209, "727.0": 0.2853, "685.0": 0.5195, "735.0": 0.2316, "723.0": 0.3004, "734.0": 0.2383, "757.0": 0.1321, "731.0": 0.2585, "765.0": 0.1106, "748.0": 0.1653, "743.0": 0.1882, "769.0": 0.1006, "720.0": 0.3198, "730.0": 0.2652, "700.0": 0.4267, "737.0": 0.2251, "754.0": 0.1424, "747.0": 0.1701, "695.0": 0.4576, "715.0": 0.352, "746.0": 0.1743, "759.0": 0.1266, "705.0": 0.4163, "732.0": 0.2518, "722.0": 0.3069, "762.0": 0.1181, "728.0": 0.2786, "690.0": 0.4885, "753.0": 0.1459, "740.0": 0.2042}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1995, "long_delta": 0.0818, "short_iv": 0.1239, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.497492, "long_quote_age": 0.759209, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.67}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.58 (gross $-33.58 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.58 (gross $-33.58 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1995, "long_delta": 0.0818, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8005, "edge_pp": -10.15, "ev_implied_usd": -21.32, "realized_vol": 0.1064, "atm_iv": 0.1085, "vrp_ratio": 0.9806, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.63, "ev_at_half_drift_usd": -37.06, "ev_gross_usd": -33.58, "expected_loss_real_usd": 82.58, "friction_usd": 1.0, "ev_net_usd": -34.58, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 468}
{"ts": "2026-08-31T18:37:14.672087+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY options carry elevated implied volatility relative to realized volatility with an IV/RV of 1.06, offering favorable premium to capture given the positive 5-day trend of +0.29%.", "invalidation": "SPY spot drops materially below 765.66 as the 1-day decline of -0.48% accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"723.0": 0.2428, "752.0": 0.1421, "768.0": 0.1087, "712.0": 0.2872, "729.0": 0.2159, "747.0": 0.1552, "696.0": 0.3572, "750.0": 0.1469, "702.0": 0.3284, "728.0": 0.2211, "766.0": 0.113, "759.0": 0.1264, "701.0": 0.3332, "695.0": 0.362, "741.0": 0.1721, "717.0": 0.2682, "699.0": 0.3428, "725.0": 0.2326, "706.0": 0.3165, "727.0": 0.2262, "693.0": 0.3716, "743.0": 0.1667, "732.0": 0.2036, "704.0": 0.3189, "748.0": 0.1517, "734.0": 0.1959, "720.0": 0.2533, "690.0": 0.3758, "710.0": 0.297, "713.0": 0.2823, "764.0": 0.1166, "755.0": 0.1348, "685.0": 0.3993, "758.0": 0.1286, "746.0": 0.1572, "756.0": 0.1326, "735.0": 0.1932, "714.0": 0.2774, "736.0": 0.1902, "740.0": 0.1761, "751.0": 0.1445, "718.0": 0.2632, "721.0": 0.2483, "731.0": 0.2088, "700.0": 0.338, "733.0": 0.2012, "726.0": 0.2275, "724.0": 0.2377, "708.0": 0.3067, "765.0": 0.1149, "697.0": 0.3524, "744.0": 0.1634, "691.0": 0.3711, "760.0": 0.1244, "737.0": 0.187, "692.0": 0.3664, "698.0": 0.3476, "739.0": 0.1799, "719.0": 0.2583, "763.0": 0.1185, "722.0": 0.2478, "694.0": 0.3668, "709.0": 0.3019, "757.0": 0.1307, "730.0": 0.2141, "715.0": 0.2782, "707.0": 0.3116, "703.0": 0.3236, "754.0": 0.1374, "762.0": 0.1205, "767.0": 0.1114, "745.0": 0.1599, "711.0": 0.2921, "716.0": 0.2732, "705.0": 0.3214, "753.0": 0.1398, "749.0": 0.1496, "742.0": 0.1696, "738.0": 0.1814, "761.0": 0.1224, "769.0": 0.108}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.7, "short_delta": 0.2423, "long_delta": 0.1349, "short_iv": 0.1264, "short_rel_spread": 0.013698630136986314, "long_rel_spread": 0.013245033112582794, "short_quote_age": 0.46425, "long_quote_age": 0.451535, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 430.0, "total_risk": 19780.0, "buying_power_used_pct": 0.989}, "spot": 765.67}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.02 (gross $-30.52 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:38:55.701750+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.07 alongside a positive 5D return of +0.26%, making short put spreads attractive for capturing implied volatility over realized volatility.", "invalidation": "A continuation of the 1D decline of -0.51% accelerating downward through the spread strikes."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"742.0": 0.1692, "731.0": 0.2071, "735.0": 0.1914, "706.0": 0.3149, "751.0": 0.1442, "761.0": 0.1223, "768.0": 0.1092, "707.0": 0.3101, "691.0": 0.3696, "729.0": 0.2142, "709.0": 0.3003, "711.0": 0.2905, "694.0": 0.3653, "721.0": 0.2467, "753.0": 0.139, "720.0": 0.2516, "712.0": 0.2856, "703.0": 0.3221, "700.0": 0.3365, "757.0": 0.1305, "702.0": 0.3269, "765.0": 0.1147, "736.0": 0.1884, "696.0": 0.3557, "755.0": 0.1346, "734.0": 0.1941, "743.0": 0.1661, "704.0": 0.3173, "692.0": 0.3649, "695.0": 0.3605, "722.0": 0.2417, "760.0": 0.1244, "719.0": 0.2566, "747.0": 0.154, "715.0": 0.2766, "685.0": 0.3978, "762.0": 0.1203, "763.0": 0.1184, "741.0": 0.1719, "764.0": 0.1165, "698.0": 0.3461, "744.0": 0.1627, "737.0": 0.1851, "767.0": 0.1113, "726.0": 0.2259, "758.0": 0.1283, "697.0": 0.3509, "717.0": 0.2666, "723.0": 0.2411, "716.0": 0.2716, "759.0": 0.1263, "714.0": 0.2758, "727.0": 0.2245, "725.0": 0.2309, "745.0": 0.1602, "701.0": 0.3317, "752.0": 0.1416, "690.0": 0.3743, "756.0": 0.1325, "730.0": 0.2123, "693.0": 0.3701, "749.0": 0.149, "713.0": 0.2807, "710.0": 0.2954, "766.0": 0.1131, "740.0": 0.1742, "769.0": 0.1082, "699.0": 0.3413, "718.0": 0.2616, "754.0": 0.1369, "728.0": 0.2194, "733.0": 0.1994, "738.0": 0.1817, "708.0": 0.3052, "732.0": 0.2018, "750.0": 0.1469, "724.0": 0.236, "705.0": 0.3198, "746.0": 0.1573, "748.0": 0.1513, "739.0": 0.178}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2013, "long_delta": 0.1113, "short_iv": 0.1305, "short_rel_spread": 0.008438818565400852, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.767697, "long_quote_age": 0.769079, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.315}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.01 (gross $-27.01 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:40:14.873634+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY ATM IV exceeds historical volatility with an IV/RV of 1.07 while 5-day return remains positive at +0.26%.", "invalidation": "SPY 1-day decline accelerates and pushes spot price below the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"695.0": 0.4558, "736.0": 0.2298, "731.0": 0.2564, "729.0": 0.2698, "760.0": 0.1235, "746.0": 0.172, "685.0": 0.5178, "750.0": 0.1543, "757.0": 0.1321, "741.0": 0.195, "765.0": 0.1109, "767.0": 0.107, "747.0": 0.1677, "753.0": 0.1445, "756.0": 0.1354, "758.0": 0.129, "752.0": 0.1471, "723.0": 0.2985, "754.0": 0.1408, "745.0": 0.1757, "762.0": 0.1182, "718.0": 0.3307, "737.0": 0.2229, "766.0": 0.1086, "735.0": 0.2295, "725.0": 0.2966, "720.0": 0.3178, "763.0": 0.1157, "730.0": 0.2631, "710.0": 0.3822, "734.0": 0.2362, "769.0": 0.0946, "744.0": 0.1831, "739.0": 0.209, "764.0": 0.1133, "700.0": 0.4249, "690.0": 0.4867, "719.0": 0.3243, "759.0": 0.1265, "733.0": 0.243, "728.0": 0.2765, "751.0": 0.1502, "740.0": 0.202, "727.0": 0.2832, "722.0": 0.3049, "742.0": 0.1932, "721.0": 0.3114, "749.0": 0.1576, "732.0": 0.2497, "748.0": 0.1629, "743.0": 0.1859, "726.0": 0.2899, "768.0": 0.1048, "715.0": 0.35, "755.0": 0.1383, "761.0": 0.1209, "724.0": 0.292, "738.0": 0.2159, "705.0": 0.4144}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.212, "long_delta": 0.0869, "short_iv": 0.1235, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.414761, "long_quote_age": 0.434432, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.61 (gross $-30.61 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.61 (gross $-30.61 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.212, "long_delta": 0.0869, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.788, "edge_pp": -10.6, "ev_implied_usd": -21.72, "realized_vol": 0.1064, "atm_iv": 0.1109, "vrp_ratio": 0.9594, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.88, "ev_at_half_drift_usd": -34.2, "ev_gross_usd": -30.61, "expected_loss_real_usd": 83.61, "friction_usd": 1.0, "ev_net_usd": -31.61, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 409}
{"ts": "2026-08-31T18:40:27.012854+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.07 provides an elevated implied volatility premium over realized volatility to sell put spreads following positive 5-day performance of +0.26%.", "invalidation": "SPY spot declines sharply below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.2924, "719.0": 0.3247, "700.0": 0.4252, "728.0": 0.2769, "745.0": 0.1761, "761.0": 0.1207, "758.0": 0.129, "751.0": 0.1507, "744.0": 0.1835, "764.0": 0.1131, "695.0": 0.4561, "735.0": 0.2299, "720.0": 0.3182, "710.0": 0.3826, "685.0": 0.5181, "739.0": 0.2094, "762.0": 0.1179, "750.0": 0.1549, "768.0": 0.1049, "718.0": 0.3311, "746.0": 0.1724, "760.0": 0.1234, "723.0": 0.2989, "721.0": 0.3118, "763.0": 0.1154, "755.0": 0.1378, "732.0": 0.2501, "738.0": 0.2164, "757.0": 0.132, "769.0": 0.0971, "727.0": 0.2836, "753.0": 0.1451, "756.0": 0.1351, "722.0": 0.3053, "742.0": 0.1936, "736.0": 0.2303, "733.0": 0.2434, "731.0": 0.2568, "737.0": 0.2233, "690.0": 0.4871, "734.0": 0.2367, "748.0": 0.1634, "743.0": 0.1864, "766.0": 0.1083, "740.0": 0.2024, "726.0": 0.2903, "765.0": 0.1105, "754.0": 0.1414, "715.0": 0.3504, "752.0": 0.1477, "729.0": 0.2702, "749.0": 0.1582, "730.0": 0.2635, "767.0": 0.1063, "725.0": 0.297, "759.0": 0.1259, "705.0": 0.4147, "747.0": 0.1681, "741.0": 0.1954}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2091, "long_delta": 0.0849, "short_iv": 0.1234, "short_rel_spread": 0.024096385542168697, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.788349, "long_quote_age": 0.776907, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.44}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.65 (gross $-31.15 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.65 (gross $-31.15 - friction $1.50) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2091, "long_delta": 0.0849, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7909, "edge_pp": -10.51, "ev_implied_usd": -21.5, "realized_vol": 0.1064, "atm_iv": 0.1105, "vrp_ratio": 0.9629, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.39, "ev_at_half_drift_usd": -34.72, "ev_gross_usd": -31.15, "expected_loss_real_usd": 83.15, "friction_usd": 1.5, "ev_net_usd": -32.65, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 456}
{"ts": "2026-08-31T18:41:46.830399+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY holds positive 5-day performance (+0.26%) while ATM implied volatility trades at a premium over 20-day realized volatility (IV/RV 1.07), favoring downside credit spread premium selling.", "invalidation": "Continued downward price movement extending the 1-day decline of -0.50%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"718.0": 0.3305, "726.0": 0.2896, "749.0": 0.1573, "685.0": 0.5175, "733.0": 0.2427, "765.0": 0.1106, "740.0": 0.2017, "757.0": 0.1317, "695.0": 0.4555, "768.0": 0.1042, "763.0": 0.1153, "766.0": 0.1081, "746.0": 0.1717, "764.0": 0.113, "734.0": 0.236, "710.0": 0.382, "758.0": 0.1293, "761.0": 0.1206, "690.0": 0.4865, "738.0": 0.2157, "724.0": 0.2918, "705.0": 0.4141, "755.0": 0.1379, "700.0": 0.4246, "753.0": 0.1442, "741.0": 0.1947, "750.0": 0.154, "745.0": 0.1754, "722.0": 0.3047, "729.0": 0.2696, "736.0": 0.2296, "767.0": 0.106, "760.0": 0.1235, "743.0": 0.1857, "735.0": 0.2292, "732.0": 0.2494, "731.0": 0.2562, "751.0": 0.1518, "748.0": 0.1626, "723.0": 0.2982, "730.0": 0.2629, "728.0": 0.2763, "727.0": 0.283, "720.0": 0.3176, "742.0": 0.1929, "752.0": 0.1484, "756.0": 0.135, "721.0": 0.3111, "744.0": 0.1828, "725.0": 0.2963, "715.0": 0.3498, "737.0": 0.2226, "769.0": 0.1, "739.0": 0.2087, "747.0": 0.1674, "719.0": 0.324, "754.0": 0.1417, "762.0": 0.1178, "759.0": 0.126}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2138, "long_delta": 0.0872, "short_iv": 0.1235, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.515392, "long_quote_age": 0.533733, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.35}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.38 (gross $-30.38 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.38 (gross $-30.38 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2138, "long_delta": 0.0872, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7862, "edge_pp": -10.58, "ev_implied_usd": -21.25, "realized_vol": 0.1064, "atm_iv": 0.1106, "vrp_ratio": 0.962, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.68, "ev_at_half_drift_usd": -33.98, "ev_gross_usd": -30.38, "expected_loss_real_usd": 84.38, "friction_usd": 1.0, "ev_net_usd": -31.38, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 482}
{"ts": "2026-08-31T18:41:58.210461+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY presents an elevated IV/RV ratio of 1.07 alongside a positive 5-day return of +0.26%, providing favorable conditions for selling put premium following a minor 1-day decline of -0.50%.", "invalidation": "A continuation of the 1-day -0.50% pullback that turns the positive 5-day return of +0.26% negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"753.0": 0.1395, "705.0": 0.3503, "730.0": 0.2269, "767.0": 0.1073, "737.0": 0.1948, "739.0": 0.1862, "747.0": 0.1581, "758.0": 0.1275, "721.0": 0.2715, "722.0": 0.2659, "766.0": 0.1103, "762.0": 0.1182, "734.0": 0.2086, "736.0": 0.2008, "755.0": 0.1351, "726.0": 0.2498, "746.0": 0.16, "745.0": 0.1649, "735.0": 0.2027, "769.0": 0.1045, "700.0": 0.3644, "748.0": 0.154, "743.0": 0.1719, "685.0": 0.4434, "752.0": 0.1422, "690.0": 0.417, "764.0": 0.114, "728.0": 0.2384, "715.0": 0.2962, "750.0": 0.1484, "763.0": 0.116, "719.0": 0.2826, "751.0": 0.1451, "731.0": 0.2212, "729.0": 0.2327, "695.0": 0.3907, "732.0": 0.2203, "756.0": 0.1325, "757.0": 0.13, "740.0": 0.1831, "733.0": 0.2144, "761.0": 0.1205, "742.0": 0.1759, "724.0": 0.2548, "765.0": 0.1121, "749.0": 0.1509, "768.0": 0.1061, "759.0": 0.1251, "760.0": 0.1228, "720.0": 0.2771, "710.0": 0.3233, "741.0": 0.1797, "725.0": 0.2492, "738.0": 0.1888, "744.0": 0.1675, "723.0": 0.2604, "718.0": 0.2882, "754.0": 0.1374, "727.0": 0.2441}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1956, "long_delta": 0.0954, "short_iv": 0.1275, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.613124, "long_quote_age": 0.627022, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.275}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.60 (gross $-28.60 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:43:19.051464+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains an overall positive 5-day return of +0.24% with an IV/RV ratio of 1.07, offering favorable conditions for short put credit premium collection.", "invalidation": "Continuation of downward momentum following the 1-day -0.52% drop that breaches the short strike would invalidate the trade."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"762.0": 0.1186, "768.0": 0.1047, "720.0": 0.3167, "743.0": 0.1846, "724.0": 0.2908, "763.0": 0.1159, "734.0": 0.235, "752.0": 0.1471, "754.0": 0.1415, "726.0": 0.2887, "721.0": 0.3102, "767.0": 0.1062, "719.0": 0.3231, "690.0": 0.4857, "722.0": 0.3038, "705.0": 0.4133, "700.0": 0.4238, "766.0": 0.1089, "751.0": 0.1506, "759.0": 0.1268, "749.0": 0.1587, "736.0": 0.2286, "725.0": 0.2954, "744.0": 0.1817, "737.0": 0.2216, "727.0": 0.282, "757.0": 0.1326, "723.0": 0.2973, "695.0": 0.4547, "764.0": 0.1134, "758.0": 0.1291, "742.0": 0.1918, "738.0": 0.2147, "729.0": 0.2686, "728.0": 0.2753, "761.0": 0.121, "750.0": 0.155, "731.0": 0.2552, "710.0": 0.3811, "735.0": 0.2283, "732.0": 0.2485, "715.0": 0.3489, "755.0": 0.1386, "739.0": 0.2077, "741.0": 0.1937, "733.0": 0.2418, "747.0": 0.1662, "746.0": 0.1706, "753.0": 0.1443, "765.0": 0.1112, "718.0": 0.3296, "740.0": 0.2007, "730.0": 0.2619, "748.0": 0.1614, "760.0": 0.124, "685.0": 0.5167, "745.0": 0.1743, "769.0": 0.0978, "756.0": 0.1354}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1861, "long_delta": 0.0761, "short_iv": 0.1268, "short_rel_spread": 0.01360544217687076, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.404182, "long_quote_age": 0.404568, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.76 (gross $-28.76 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:43:32.065432+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits a positive 5-day return (+0.24%) with elevated implied volatility over historical realized volatility (IV/RV 1.07), making put credit selling attractive over an expanded 4 to 7 DTE window.", "invalidation": "SPY spot falls sharply from 765.32, invalidating the positive 5-day trajectory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"701.0": 0.3308, "765.0": 0.1151, "752.0": 0.142, "696.0": 0.3548, "746.0": 0.1571, "726.0": 0.2287, "732.0": 0.2037, "734.0": 0.1957, "723.0": 0.2401, "742.0": 0.168, "711.0": 0.2896, "759.0": 0.1264, "708.0": 0.3043, "728.0": 0.2184, "722.0": 0.2452, "739.0": 0.1788, "730.0": 0.2113, "740.0": 0.1748, "718.0": 0.2607, "691.0": 0.3688, "769.0": 0.1079, "721.0": 0.2457, "695.0": 0.3596, "753.0": 0.1392, "717.0": 0.2656, "727.0": 0.2235, "760.0": 0.1244, "706.0": 0.314, "748.0": 0.1518, "709.0": 0.2994, "767.0": 0.1118, "710.0": 0.2945, "715.0": 0.27, "705.0": 0.3189, "749.0": 0.1493, "719.0": 0.2557, "724.0": 0.235, "700.0": 0.3356, "697.0": 0.35, "743.0": 0.1663, "750.0": 0.1466, "763.0": 0.1185, "757.0": 0.1304, "702.0": 0.326, "716.0": 0.2706, "762.0": 0.1205, "704.0": 0.3164, "733.0": 0.1984, "747.0": 0.1547, "694.0": 0.3644, "698.0": 0.3452, "725.0": 0.23, "768.0": 0.1095, "745.0": 0.1602, "756.0": 0.1327, "699.0": 0.3404, "754.0": 0.1372, "693.0": 0.3692, "707.0": 0.3091, "736.0": 0.1873, "713.0": 0.2798, "755.0": 0.135, "729.0": 0.2132, "720.0": 0.2507, "764.0": 0.1169, "758.0": 0.1286, "741.0": 0.1724, "766.0": 0.1132, "712.0": 0.2847, "744.0": 0.1628, "692.0": 0.3641, "703.0": 0.3212, "731.0": 0.206, "761.0": 0.1224, "685.0": 0.397, "714.0": 0.2749, "751.0": 0.1441, "735.0": 0.1928, "690.0": 0.3735, "737.0": 0.184, "738.0": 0.1806}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.68, "short_delta": 0.2323, "long_delta": 0.1292, "short_iv": 0.1286, "short_rel_spread": 0.007117437722419936, "long_rel_spread": 0.013793103448275874, "short_quote_age": 0.454563, "long_quote_age": 0.454495, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 432.0, "total_risk": 19872.0, "buying_power_used_pct": 0.9936}, "spot": 765.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-26.94 (gross $-25.94 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:44:55.764558+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY IV/RV is elevated at 1.08 with a positive 5-day return of +0.25%, offering favorable premium to sell put spreads after a 1-day pullback of -0.52%.", "invalidation": "SPY spot breaks significantly below the current 765.37 level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"736.0": 0.2296, "685.0": 0.5176, "690.0": 0.4866, "758.0": 0.1287, "720.0": 0.3176, "710.0": 0.382, "726.0": 0.2897, "739.0": 0.2088, "744.0": 0.1829, "741.0": 0.2001, "715.0": 0.3499, "755.0": 0.138, "760.0": 0.1237, "742.0": 0.1929, "730.0": 0.2629, "768.0": 0.1045, "749.0": 0.1599, "727.0": 0.283, "719.0": 0.3241, "737.0": 0.2227, "729.0": 0.2696, "722.0": 0.3047, "753.0": 0.1442, "750.0": 0.1563, "731.0": 0.2562, "745.0": 0.1793, "767.0": 0.106, "759.0": 0.1261, "705.0": 0.4142, "721.0": 0.3112, "747.0": 0.1674, "752.0": 0.1485, "695.0": 0.4556, "732.0": 0.2495, "754.0": 0.1417, "724.0": 0.2918, "756.0": 0.1351, "748.0": 0.1626, "761.0": 0.121, "718.0": 0.3305, "769.0": 0.1025, "740.0": 0.2018, "746.0": 0.1717, "751.0": 0.1519, "728.0": 0.2763, "757.0": 0.1318, "765.0": 0.1108, "743.0": 0.1857, "723.0": 0.2983, "764.0": 0.1129, "733.0": 0.2428, "762.0": 0.118, "735.0": 0.2293, "700.0": 0.4247, "725.0": 0.2964, "766.0": 0.1083, "734.0": 0.236, "763.0": 0.1157, "738.0": 0.2157}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2136, "long_delta": 0.0871, "short_iv": 0.1237, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.688041, "long_quote_age": 2.06446, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.365}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.91 (gross $-29.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 2s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.91 (gross $-29.91 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2136, "long_delta": 0.0871, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7864, "edge_pp": -10.56, "ev_implied_usd": -21.18, "realized_vol": 0.1064, "atm_iv": 0.1108, "vrp_ratio": 0.9603, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.21, "ev_at_half_drift_usd": -33.51, "ev_gross_usd": -29.91, "expected_loss_real_usd": 83.91, "friction_usd": 1.0, "ev_net_usd": -30.91, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 432}
{"ts": "2026-08-31T18:45:09.784242+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY shows rich implied volatility with IV/RV of 1.08 alongside a positive 5-day return of +0.25%, supporting short put spread premium collection across a 3 to 6 DTE window.", "invalidation": "A continued decline in SPY spot below the short strike level invalidates this thesis."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"758.0": 0.1269, "750.0": 0.1485, "695.0": 0.3908, "757.0": 0.1296, "753.0": 0.1396, "767.0": 0.1072, "736.0": 0.2009, "752.0": 0.1424, "764.0": 0.1136, "759.0": 0.1246, "755.0": 0.1346, "724.0": 0.2549, "743.0": 0.172, "710.0": 0.3234, "737.0": 0.1949, "728.0": 0.2385, "732.0": 0.2204, "705.0": 0.3504, "748.0": 0.1542, "760.0": 0.1222, "729.0": 0.2328, "766.0": 0.1095, "727.0": 0.2442, "751.0": 0.1453, "723.0": 0.2605, "769.0": 0.1043, "719.0": 0.2827, "721.0": 0.2716, "754.0": 0.1368, "747.0": 0.1566, "722.0": 0.266, "761.0": 0.1199, "744.0": 0.1677, "741.0": 0.1798, "738.0": 0.1924, "720.0": 0.2772, "715.0": 0.2963, "742.0": 0.176, "746.0": 0.1601, "718.0": 0.2883, "745.0": 0.165, "763.0": 0.1155, "726.0": 0.2499, "733.0": 0.2145, "735.0": 0.2028, "749.0": 0.1511, "730.0": 0.227, "762.0": 0.1177, "734.0": 0.2087, "739.0": 0.1863, "765.0": 0.1114, "740.0": 0.1832, "768.0": 0.1056, "700.0": 0.3645, "725.0": 0.2493, "690.0": 0.4171, "756.0": 0.132, "731.0": 0.2213}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1939, "long_delta": 0.1272, "short_iv": 0.1269, "short_rel_spread": 0.02105263157894739, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.476335, "long_quote_age": 0.472148, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 265.0, "total_risk": 19875.0, "buying_power_used_pct": 0.9938}, "spot": 765.325}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.86 (gross $-19.36 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $265/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,875.00 (75 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.86 (gross $-19.36 - friction $1.50) > $0.00"}], "economics": {"credit": 0.35, "width": 3.0, "short_delta": 0.1939, "long_delta": 0.1272, "max_profit_usd": 35.0, "max_loss_usd": 265.0, "breakeven_wr": 0.8833, "implied_wr": 0.8061, "edge_pp": -7.72, "ev_implied_usd": -13.17, "realized_vol": 0.1064, "atm_iv": 0.1114, "vrp_ratio": 0.9551, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.05, "ev_at_half_drift_usd": -22.16, "ev_gross_usd": -19.36, "expected_loss_real_usd": 54.36, "friction_usd": 1.5, "ev_net_usd": -20.86, "total_risk_usd": 19875.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 478}
{"ts": "2026-08-31T18:46:29.842742+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows implied volatility trading at a premium to realized volatility with an IV/RV of 1.08 while maintaining a positive 5-day return of +0.23%.", "invalidation": "SPY spot price drops sharply below recent trading levels, exacerbating the 1D decline of -0.53%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"742.0": 0.1922, "734.0": 0.2353, "756.0": 0.135, "752.0": 0.1476, "730.0": 0.2622, "732.0": 0.2488, "753.0": 0.1447, "729.0": 0.2689, "695.0": 0.455, "748.0": 0.1618, "767.0": 0.1073, "759.0": 0.1268, "736.0": 0.2289, "754.0": 0.142, "765.0": 0.1111, "750.0": 0.1554, "766.0": 0.109, "710.0": 0.3814, "720.0": 0.317, "738.0": 0.215, "739.0": 0.208, "727.0": 0.2823, "755.0": 0.138, "747.0": 0.1666, "744.0": 0.1821, "735.0": 0.2286, "743.0": 0.185, "745.0": 0.1785, "685.0": 0.517, "763.0": 0.116, "749.0": 0.1591, "737.0": 0.222, "769.0": 0.1009, "700.0": 0.4241, "725.0": 0.2957, "724.0": 0.2912, "731.0": 0.2555, "719.0": 0.3234, "722.0": 0.3041, "768.0": 0.1051, "721.0": 0.3105, "740.0": 0.201, "723.0": 0.2976, "761.0": 0.1211, "751.0": 0.151, "690.0": 0.4859, "741.0": 0.1994, "746.0": 0.1709, "715.0": 0.3492, "728.0": 0.2756, "718.0": 0.3299, "705.0": 0.4135, "733.0": 0.2421, "757.0": 0.1323, "762.0": 0.1183, "758.0": 0.1289, "726.0": 0.289, "760.0": 0.124, "764.0": 0.1134}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1842, "long_delta": 0.0759, "short_iv": 0.1268, "short_rel_spread": 0.013793103448275874, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.418663, "long_quote_age": 0.469047, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 455.0, "total_risk": 19565.0, "buying_power_used_pct": 0.9782}, "spot": 765.225}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.38 (gross $-29.38 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $455/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,565.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.38 (gross $-29.38 - friction $1.00) > $0.00"}], "economics": {"credit": 0.45, "width": 5.0, "short_delta": 0.1842, "long_delta": 0.0759, "max_profit_usd": 45.0, "max_loss_usd": 455.0, "breakeven_wr": 0.91, "implied_wr": 0.8158, "edge_pp": -9.42, "ev_implied_usd": -20.02, "realized_vol": 0.1064, "atm_iv": 0.1111, "vrp_ratio": 0.9577, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.0, "ev_at_half_drift_usd": -32.64, "ev_gross_usd": -29.38, "expected_loss_real_usd": 74.38, "friction_usd": 1.0, "ev_net_usd": -30.38, "total_risk_usd": 19565.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 464}
{"ts": "2026-08-31T18:46:41.161156+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.23% and an IV/RV ratio of 1.08, making put credit spreads favorable across a 4 to 7 DTE window.", "invalidation": "SPY drops further below its spot price of 765.25 and 5-day return turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"766.0": 0.1138, "693.0": 0.3698, "740.0": 0.1756, "731.0": 0.2067, "694.0": 0.365, "768.0": 0.1103, "721.0": 0.2463, "711.0": 0.2902, "730.0": 0.212, "765.0": 0.1155, "691.0": 0.3693, "733.0": 0.1991, "758.0": 0.1289, "700.0": 0.3362, "756.0": 0.1329, "701.0": 0.3314, "738.0": 0.1813, "745.0": 0.1598, "725.0": 0.2306, "769.0": 0.109, "744.0": 0.1636, "718.0": 0.2613, "741.0": 0.1715, "749.0": 0.1494, "761.0": 0.1229, "736.0": 0.188, "713.0": 0.2804, "716.0": 0.2713, "762.0": 0.1208, "685.0": 0.3975, "750.0": 0.1472, "732.0": 0.2044, "699.0": 0.341, "724.0": 0.2357, "735.0": 0.191, "763.0": 0.1191, "753.0": 0.1397, "697.0": 0.3506, "715.0": 0.2762, "727.0": 0.2242, "708.0": 0.3049, "757.0": 0.1308, "722.0": 0.2458, "690.0": 0.374, "726.0": 0.2294, "714.0": 0.2755, "705.0": 0.3195, "728.0": 0.219, "720.0": 0.2513, "710.0": 0.2951, "704.0": 0.317, "698.0": 0.3458, "702.0": 0.3266, "717.0": 0.2663, "723.0": 0.2408, "707.0": 0.3097, "752.0": 0.1417, "755.0": 0.1351, "703.0": 0.3218, "706.0": 0.3146, "737.0": 0.1848, "734.0": 0.1964, "712.0": 0.2853, "747.0": 0.1546, "754.0": 0.1375, "751.0": 0.1444, "695.0": 0.3602, "760.0": 0.1249, "767.0": 0.1121, "764.0": 0.1171, "748.0": 0.1518, "696.0": 0.3554, "743.0": 0.1657, "739.0": 0.1777, "709.0": 0.3, "729.0": 0.2139, "759.0": 0.1268, "719.0": 0.2563, "746.0": 0.1569, "692.0": 0.3646, "742.0": 0.1688}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2037, "long_delta": 0.1127, "short_iv": 0.1308, "short_rel_spread": 0.008298755186721999, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.438813, "long_quote_age": 0.439528, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.27}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.06 (gross $-26.06 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:48:00.702692+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays positive 5-day momentum at +0.23% alongside an elevated IV/RV ratio of 1.08, providing favorable premium for selling short-dated downside risk.", "invalidation": "SPY extends its 1-day decline of -0.53% with sustained downward price action breaking below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"715.0": 0.3492, "768.0": 0.1051, "732.0": 0.2488, "721.0": 0.3105, "727.0": 0.2823, "729.0": 0.2689, "731.0": 0.2555, "749.0": 0.1591, "751.0": 0.151, "724.0": 0.2912, "700.0": 0.4241, "685.0": 0.517, "736.0": 0.2289, "760.0": 0.1234, "719.0": 0.3234, "718.0": 0.3299, "750.0": 0.1554, "734.0": 0.2353, "757.0": 0.1323, "735.0": 0.2286, "767.0": 0.1069, "730.0": 0.2622, "746.0": 0.1709, "739.0": 0.208, "726.0": 0.289, "754.0": 0.1407, "720.0": 0.317, "763.0": 0.1158, "743.0": 0.185, "742.0": 0.1922, "738.0": 0.215, "761.0": 0.1211, "755.0": 0.138, "753.0": 0.1447, "695.0": 0.455, "690.0": 0.4859, "710.0": 0.3814, "747.0": 0.1666, "764.0": 0.1134, "762.0": 0.1183, "759.0": 0.1261, "766.0": 0.1086, "756.0": 0.135, "705.0": 0.4135, "722.0": 0.3041, "741.0": 0.1994, "758.0": 0.1289, "723.0": 0.2976, "728.0": 0.2756, "752.0": 0.1476, "725.0": 0.2957, "769.0": 0.1009, "740.0": 0.201, "737.0": 0.222, "745.0": 0.1785, "765.0": 0.1109, "733.0": 0.2421, "748.0": 0.1618, "744.0": 0.1821}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00759000", "long_symbol": "SPY260902P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1829, "long_delta": 0.0741, "short_iv": 0.1261, "short_rel_spread": 0.013986013986014, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.637863, "long_quote_age": 0.637202, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 455.0, "total_risk": 19565.0, "buying_power_used_pct": 0.9782}, "spot": 765.255}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.03 (gross $-29.03 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $455/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,565.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.03 (gross $-29.03 - friction $1.00) > $0.00"}], "economics": {"credit": 0.45, "width": 5.0, "short_delta": 0.1829, "long_delta": 0.0741, "max_profit_usd": 45.0, "max_loss_usd": 455.0, "breakeven_wr": 0.91, "implied_wr": 0.8171, "edge_pp": -9.29, "ev_implied_usd": -19.25, "realized_vol": 0.1064, "atm_iv": 0.1109, "vrp_ratio": 0.9594, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -35.62, "ev_at_half_drift_usd": -32.28, "ev_gross_usd": -29.03, "expected_loss_real_usd": 74.03, "friction_usd": 1.0, "ev_net_usd": -30.03, "total_risk_usd": 19565.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 486}
{"ts": "2026-08-31T18:48:17.448833+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV ratio of 1.08 provides rich option premium to harvest against a positive 5-day return of +0.23%.", "invalidation": "SPY spot price drops substantially as the 1-day decline of -0.53% accelerates."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"726.0": 0.2496, "753.0": 0.14, "755.0": 0.1348, "724.0": 0.2546, "768.0": 0.1067, "746.0": 0.1615, "721.0": 0.2713, "767.0": 0.1085, "723.0": 0.2602, "739.0": 0.1859, "750.0": 0.1481, "740.0": 0.1829, "710.0": 0.3231, "705.0": 0.3501, "728.0": 0.2381, "718.0": 0.288, "731.0": 0.221, "730.0": 0.2267, "747.0": 0.1578, "732.0": 0.22, "690.0": 0.4169, "762.0": 0.1187, "748.0": 0.1538, "700.0": 0.3642, "752.0": 0.1429, "727.0": 0.2439, "758.0": 0.1276, "725.0": 0.249, "756.0": 0.1327, "765.0": 0.1124, "720.0": 0.2769, "749.0": 0.1519, "760.0": 0.123, "766.0": 0.1104, "769.0": 0.105, "715.0": 0.296, "754.0": 0.1371, "735.0": 0.2025, "737.0": 0.1946, "757.0": 0.1302, "722.0": 0.2657, "764.0": 0.1143, "761.0": 0.1209, "759.0": 0.1254, "742.0": 0.1757, "741.0": 0.1794, "745.0": 0.1647, "729.0": 0.2324, "733.0": 0.2142, "751.0": 0.1459, "695.0": 0.3905, "738.0": 0.192, "744.0": 0.1673, "763.0": 0.1164, "736.0": 0.2006, "734.0": 0.2083, "719.0": 0.2824, "743.0": 0.1716, "685.0": 0.4433}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00758000", "long_symbol": "SPY260903P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1971, "long_delta": 0.0969, "short_iv": 0.1276, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.02247191011235957, "short_quote_age": 1.026195, "long_quote_age": 3.489753, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.245}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.65 (gross $-28.65 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00758000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 3s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.65 (gross $-28.65 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.1971, "long_delta": 0.0969, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.8029, "edge_pp": -9.11, "ev_implied_usd": -20.5, "realized_vol": 0.1064, "atm_iv": 0.1124, "vrp_ratio": 0.9466, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.41, "ev_at_half_drift_usd": -32.96, "ev_gross_usd": -28.65, "expected_loss_real_usd": 81.65, "friction_usd": 1.0, "ev_net_usd": -29.65, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 417}
{"ts": "2026-08-31T18:49:39.165787+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY short-term implied volatility trades at a premium to realized volatility with an IV/RV of 1.08 while 5-day returns remain positive at +0.25%.", "invalidation": "SPY spot falls further below 765.38 and pushes the 5-day return into negative territory."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"735.0": 0.2295, "736.0": 0.2298, "719.0": 0.3242, "730.0": 0.2631, "724.0": 0.292, "734.0": 0.2362, "721.0": 0.3113, "757.0": 0.1321, "700.0": 0.4248, "751.0": 0.1521, "737.0": 0.2229, "767.0": 0.1074, "741.0": 0.2003, "727.0": 0.2832, "756.0": 0.1354, "769.0": 0.106, "723.0": 0.2984, "720.0": 0.3178, "766.0": 0.1089, "746.0": 0.1719, "739.0": 0.2089, "765.0": 0.1113, "744.0": 0.183, "750.0": 0.1565, "761.0": 0.1214, "725.0": 0.2965, "755.0": 0.1382, "760.0": 0.124, "754.0": 0.142, "705.0": 0.4143, "710.0": 0.3822, "759.0": 0.1264, "715.0": 0.35, "745.0": 0.1795, "733.0": 0.2429, "753.0": 0.1445, "695.0": 0.4557, "762.0": 0.1183, "768.0": 0.1056, "685.0": 0.5177, "732.0": 0.2497, "726.0": 0.2899, "763.0": 0.1161, "748.0": 0.1628, "722.0": 0.3049, "718.0": 0.3307, "740.0": 0.2019, "743.0": 0.1859, "764.0": 0.1134, "731.0": 0.2564, "747.0": 0.1676, "742.0": 0.1931, "758.0": 0.1297, "690.0": 0.4867, "749.0": 0.1601, "728.0": 0.2765, "729.0": 0.2698, "738.0": 0.2159, "752.0": 0.1487}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2132, "long_delta": 0.087, "short_iv": 0.124, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.463955, "long_quote_age": 0.454978, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.38}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.55 (gross $-29.55 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,624.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-30.55 (gross $-29.55 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2132, "long_delta": 0.087, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7868, "edge_pp": -10.52, "ev_implied_usd": -21.05, "realized_vol": 0.1064, "atm_iv": 0.1113, "vrp_ratio": 0.956, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -36.83, "ev_at_half_drift_usd": -33.14, "ev_gross_usd": -29.55, "expected_loss_real_usd": 83.55, "friction_usd": 1.0, "ev_net_usd": -30.55, "total_risk_usd": 19624.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 466}
{"ts": "2026-08-31T18:49:53.171634+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum (+0.25%) with an IV/RV ratio of 1.08, providing an implied volatility premium favorable for selling put credit spreads across 4-7 DTE.", "invalidation": "SPY downward price action expands past the -0.52% 1-day decline to reverse the +0.25% 5-day gain."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"758.0": 0.1289, "725.0": 0.2314, "751.0": 0.1448, "707.0": 0.3105, "760.0": 0.1249, "690.0": 0.3747, "769.0": 0.1095, "701.0": 0.3321, "731.0": 0.2075, "763.0": 0.1192, "764.0": 0.1174, "749.0": 0.1496, "730.0": 0.2128, "732.0": 0.2052, "692.0": 0.3653, "766.0": 0.1139, "720.0": 0.2521, "742.0": 0.1697, "752.0": 0.1422, "726.0": 0.2263, "698.0": 0.3465, "715.0": 0.277, "762.0": 0.121, "714.0": 0.2763, "736.0": 0.1888, "740.0": 0.1747, "734.0": 0.1972, "722.0": 0.2466, "702.0": 0.3273, "738.0": 0.1822, "711.0": 0.2909, "694.0": 0.3657, "713.0": 0.2811, "695.0": 0.3609, "723.0": 0.2415, "705.0": 0.3202, "716.0": 0.272, "691.0": 0.37, "746.0": 0.1579, "696.0": 0.3561, "767.0": 0.1123, "704.0": 0.3177, "737.0": 0.1856, "748.0": 0.1519, "754.0": 0.1376, "693.0": 0.3705, "768.0": 0.1114, "697.0": 0.3513, "744.0": 0.1632, "750.0": 0.1467, "756.0": 0.1333, "733.0": 0.1999, "718.0": 0.262, "699.0": 0.3417, "724.0": 0.2365, "710.0": 0.2958, "700.0": 0.3369, "685.0": 0.3982, "745.0": 0.1608, "759.0": 0.127, "743.0": 0.1666, "703.0": 0.3225, "753.0": 0.1397, "712.0": 0.286, "721.0": 0.2471, "706.0": 0.3153, "739.0": 0.1785, "757.0": 0.1311, "728.0": 0.2198, "755.0": 0.1353, "765.0": 0.1155, "741.0": 0.1724, "709.0": 0.3007, "747.0": 0.1546, "761.0": 0.1231, "727.0": 0.225, "717.0": 0.267, "708.0": 0.3056, "719.0": 0.257, "729.0": 0.2146, "735.0": 0.1918}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.56, "short_delta": 0.1999, "long_delta": 0.1109, "short_iv": 0.1311, "short_rel_spread": 0.0169491525423729, "long_rel_spread": 0.016260162601626032, "short_quote_age": 2.742882, "long_quote_age": 0.977518, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 765.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-28.42 (gross $-26.92 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:51:20.044583+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5D momentum at +0.24% while IV/RV sits at an elevated 1.08, offering attractive premium to sell downside protection.", "invalidation": "SPY spot price drops sharply below 765.32, reversing the positive 5D trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"722.0": 0.3049, "764.0": 0.1133, "766.0": 0.1088, "731.0": 0.2564, "737.0": 0.2228, "724.0": 0.2919, "743.0": 0.1859, "734.0": 0.2362, "690.0": 0.4867, "746.0": 0.1719, "700.0": 0.4248, "748.0": 0.1628, "742.0": 0.1931, "745.0": 0.1794, "767.0": 0.1072, "750.0": 0.1564, "733.0": 0.2429, "761.0": 0.1208, "728.0": 0.2765, "749.0": 0.1601, "741.0": 0.2003, "756.0": 0.1353, "754.0": 0.1419, "747.0": 0.1676, "725.0": 0.2965, "757.0": 0.132, "744.0": 0.183, "768.0": 0.1052, "755.0": 0.1382, "762.0": 0.1183, "752.0": 0.1487, "763.0": 0.1156, "705.0": 0.4143, "726.0": 0.2898, "685.0": 0.5177, "735.0": 0.2294, "723.0": 0.2984, "759.0": 0.1264, "765.0": 0.111, "753.0": 0.1444, "751.0": 0.1521, "739.0": 0.2089, "740.0": 0.2019, "730.0": 0.2631, "695.0": 0.4557, "736.0": 0.2298, "769.0": 0.1059, "719.0": 0.3242, "732.0": 0.2496, "729.0": 0.2698, "715.0": 0.35, "758.0": 0.1289, "718.0": 0.3307, "720.0": 0.3178, "721.0": 0.3113, "738.0": 0.2159, "760.0": 0.1233, "710.0": 0.3821, "727.0": 0.2831}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2121, "long_delta": 0.087, "short_iv": 0.1233, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.431177, "long_quote_age": 1.036313, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.39}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.47 (gross $-30.47 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.47 (gross $-30.47 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2121, "long_delta": 0.087, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7879, "edge_pp": -10.61, "ev_implied_usd": -21.77, "realized_vol": 0.1064, "atm_iv": 0.111, "vrp_ratio": 0.9586, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.75, "ev_at_half_drift_usd": -34.07, "ev_gross_usd": -30.47, "expected_loss_real_usd": 83.47, "friction_usd": 1.0, "ev_net_usd": -31.47, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 433}
{"ts": "2026-08-31T18:51:31.828777+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.08 with a positive 5D return of +0.24%, providing an implied volatility premium to harvest via credit spreads.", "invalidation": "SPY downward momentum accelerates past the -0.52% 1D change to breach the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"716.0": 0.2717, "727.0": 0.2247, "685.0": 0.398, "692.0": 0.365, "726.0": 0.226, "710.0": 0.2955, "742.0": 0.1693, "705.0": 0.32, "754.0": 0.1372, "733.0": 0.1996, "730.0": 0.2125, "722.0": 0.2463, "711.0": 0.2906, "748.0": 0.1515, "698.0": 0.3462, "723.0": 0.2412, "708.0": 0.3053, "769.0": 0.1085, "725.0": 0.2311, "719.0": 0.2568, "709.0": 0.3004, "712.0": 0.2858, "760.0": 0.1247, "765.0": 0.1153, "715.0": 0.2767, "713.0": 0.2809, "764.0": 0.1169, "763.0": 0.1189, "739.0": 0.1782, "728.0": 0.2195, "701.0": 0.3318, "706.0": 0.3151, "700.0": 0.3366, "740.0": 0.1762, "744.0": 0.1629, "768.0": 0.1108, "752.0": 0.1418, "767.0": 0.1117, "731.0": 0.2072, "697.0": 0.351, "758.0": 0.1288, "694.0": 0.3654, "699.0": 0.3414, "734.0": 0.1969, "736.0": 0.1885, "738.0": 0.1818, "702.0": 0.327, "717.0": 0.2667, "707.0": 0.3102, "757.0": 0.1308, "747.0": 0.1542, "756.0": 0.1328, "695.0": 0.3606, "761.0": 0.1224, "721.0": 0.2468, "703.0": 0.3223, "714.0": 0.276, "737.0": 0.1853, "745.0": 0.1604, "741.0": 0.172, "735.0": 0.1915, "753.0": 0.1398, "690.0": 0.3744, "718.0": 0.2618, "755.0": 0.1349, "746.0": 0.1575, "704.0": 0.3175, "696.0": 0.3558, "751.0": 0.1444, "759.0": 0.1268, "732.0": 0.202, "729.0": 0.2143, "693.0": 0.3702, "724.0": 0.2362, "691.0": 0.3697, "743.0": 0.1663, "762.0": 0.1208, "720.0": 0.2518, "749.0": 0.1492, "766.0": 0.1134, "750.0": 0.1463}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.57, "short_delta": 0.201, "long_delta": 0.1111, "short_iv": 0.1308, "short_rel_spread": 0.008438818565400852, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.933525, "long_quote_age": 1.149752, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 765.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-27.11 (gross $-26.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:52:50.946115+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.27% alongside an IV/RV ratio of 1.08, providing favorable premium for put credit spreads.", "invalidation": "SPY spot price breaks below the short strike level as recent 1D downward momentum continues."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"719.0": 0.3248, "755.0": 0.1379, "757.0": 0.1313, "746.0": 0.1725, "761.0": 0.1203, "725.0": 0.2971, "695.0": 0.4562, "767.0": 0.1065, "752.0": 0.1478, "744.0": 0.1836, "758.0": 0.1284, "715.0": 0.3505, "748.0": 0.1635, "718.0": 0.3312, "739.0": 0.2095, "732.0": 0.2502, "735.0": 0.23, "690.0": 0.4872, "685.0": 0.5182, "733.0": 0.2435, "754.0": 0.1402, "765.0": 0.1104, "747.0": 0.1683, "745.0": 0.1763, "730.0": 0.2636, "759.0": 0.1254, "722.0": 0.3054, "760.0": 0.1233, "751.0": 0.1509, "764.0": 0.1127, "734.0": 0.2367, "737.0": 0.2234, "728.0": 0.277, "736.0": 0.2304, "738.0": 0.2165, "769.0": 0.1063, "741.0": 0.2009, "729.0": 0.2703, "740.0": 0.2025, "766.0": 0.1082, "723.0": 0.2989, "768.0": 0.1044, "727.0": 0.2837, "743.0": 0.1865, "726.0": 0.2904, "763.0": 0.1156, "705.0": 0.4148, "742.0": 0.1937, "756.0": 0.1343, "753.0": 0.1437, "721.0": 0.3119, "700.0": 0.4253, "720.0": 0.3183, "731.0": 0.2569, "724.0": 0.2925, "762.0": 0.1181, "749.0": 0.1583, "750.0": 0.155, "710.0": 0.3827}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2083, "long_delta": 0.0848, "short_iv": 0.1233, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.497959, "long_quote_age": 0.620732, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 765.49}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.06 (gross $-30.06 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,712.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-31.06 (gross $-30.06 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2083, "long_delta": 0.0848, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7917, "edge_pp": -10.43, "ev_implied_usd": -21.27, "realized_vol": 0.1064, "atm_iv": 0.1104, "vrp_ratio": 0.9638, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -37.26, "ev_at_half_drift_usd": -33.61, "ev_gross_usd": -30.06, "expected_loss_real_usd": 82.06, "friction_usd": 1.0, "ev_net_usd": -31.06, "total_risk_usd": 19712.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 443}
{"ts": "2026-08-31T18:53:03.711274+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.08 alongside a positive 5D return of +0.27%, providing favorable implied volatility premium to harvest via put credit spreads across a longer weekly window.", "invalidation": "SPY continues its 1D decline of -0.49% and pushes 5D performance negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"733.0": 0.2002, "765.0": 0.115, "723.0": 0.2419, "709.0": 0.301, "714.0": 0.2766, "696.0": 0.3564, "751.0": 0.1439, "745.0": 0.16, "695.0": 0.3612, "691.0": 0.3703, "749.0": 0.1492, "748.0": 0.1514, "767.0": 0.1116, "753.0": 0.1396, "769.0": 0.1086, "757.0": 0.1306, "702.0": 0.3276, "746.0": 0.1572, "755.0": 0.1349, "721.0": 0.2474, "713.0": 0.2815, "719.0": 0.2574, "742.0": 0.1685, "697.0": 0.3516, "763.0": 0.1186, "698.0": 0.3468, "764.0": 0.1168, "741.0": 0.1711, "761.0": 0.1224, "734.0": 0.1949, "704.0": 0.318, "744.0": 0.1623, "706.0": 0.3157, "737.0": 0.186, "738.0": 0.1825, "708.0": 0.3059, "728.0": 0.2202, "711.0": 0.2912, "727.0": 0.2253, "720.0": 0.2524, "726.0": 0.2266, "747.0": 0.155, "692.0": 0.3656, "716.0": 0.2668, "754.0": 0.137, "759.0": 0.1265, "766.0": 0.1133, "715.0": 0.2717, "756.0": 0.1329, "693.0": 0.3609, "730.0": 0.2131, "685.0": 0.3985, "705.0": 0.3132, "724.0": 0.2368, "725.0": 0.2317, "758.0": 0.1287, "718.0": 0.2624, "762.0": 0.1205, "717.0": 0.2673, "735.0": 0.1922, "699.0": 0.342, "736.0": 0.1892, "712.0": 0.2863, "690.0": 0.375, "731.0": 0.2079, "740.0": 0.1751, "739.0": 0.1789, "700.0": 0.3372, "752.0": 0.1421, "722.0": 0.2469, "701.0": 0.3324, "750.0": 0.1464, "703.0": 0.3228, "710.0": 0.2961, "732.0": 0.2026, "729.0": 0.215, "707.0": 0.3108, "768.0": 0.1094, "694.0": 0.366, "760.0": 0.1245, "743.0": 0.1656}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1972, "long_delta": 0.1095, "short_iv": 0.1306, "short_rel_spread": 0.008658008658008667, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.588538, "long_quote_age": 0.551997, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.505}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.87 (gross $-28.87 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:54:22.363018+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5-day performance (+0.29%) with elevated 3-day implied volatility relative to 20-day realized volatility (IV/RV 1.08), offering attractive premium to sell downside puts following a minor 1-day pullback.", "invalidation": "Continued downward price movement extending the 1-day decline (-0.48%) that causes 20-day realized volatility to outpace implied volatility."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"731.0": 0.2582, "723.0": 0.3002, "745.0": 0.1777, "710.0": 0.3839, "750.0": 0.1543, "755.0": 0.1375, "751.0": 0.1505, "690.0": 0.4883, "732.0": 0.2515, "753.0": 0.144, "757.0": 0.1316, "760.0": 0.1227, "767.0": 0.1056, "718.0": 0.3324, "734.0": 0.238, "744.0": 0.1851, "748.0": 0.165, "735.0": 0.2313, "685.0": 0.5193, "736.0": 0.2317, "715.0": 0.3517, "768.0": 0.1044, "769.0": 0.1107, "754.0": 0.1407, "729.0": 0.2716, "743.0": 0.1879, "764.0": 0.1128, "724.0": 0.2937, "738.0": 0.2178, "741.0": 0.1969, "727.0": 0.285, "759.0": 0.1257, "740.0": 0.2039, "752.0": 0.1477, "730.0": 0.2649, "719.0": 0.326, "762.0": 0.118, "733.0": 0.2448, "722.0": 0.3066, "705.0": 0.416, "749.0": 0.1598, "747.0": 0.1697, "742.0": 0.1951, "695.0": 0.4573, "761.0": 0.1202, "746.0": 0.174, "766.0": 0.1083, "728.0": 0.2783, "737.0": 0.2248, "721.0": 0.3131, "763.0": 0.1152, "726.0": 0.2916, "739.0": 0.2108, "765.0": 0.1104, "700.0": 0.4264, "725.0": 0.2983, "758.0": 0.1283, "720.0": 0.3195, "756.0": 0.1343}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1991, "long_delta": 0.0803, "short_iv": 0.1227, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.427907, "long_quote_age": 0.550978, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.665}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.87 (gross $-32.87 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:54:35.427050+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits an IV/RV ratio of 1.08 with positive 5-day momentum of +0.29%, favoring premium selling via downside put spreads across the 4-7 DTE window.", "invalidation": "SPY spot price breaks significantly below 765.68 on continued 1-day downward momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"721.0": 0.248, "718.0": 0.263, "717.0": 0.2679, "765.0": 0.115, "719.0": 0.258, "696.0": 0.3569, "720.0": 0.253, "709.0": 0.3016, "693.0": 0.3614, "731.0": 0.2085, "760.0": 0.1244, "732.0": 0.2033, "730.0": 0.2138, "690.0": 0.3755, "710.0": 0.2967, "692.0": 0.3661, "703.0": 0.3234, "722.0": 0.243, "725.0": 0.2323, "728.0": 0.2208, "745.0": 0.1595, "707.0": 0.3113, "740.0": 0.1758, "764.0": 0.1166, "750.0": 0.1465, "724.0": 0.2374, "702.0": 0.3282, "751.0": 0.144, "762.0": 0.1205, "757.0": 0.1306, "747.0": 0.1538, "768.0": 0.1088, "735.0": 0.1929, "699.0": 0.3425, "713.0": 0.282, "738.0": 0.1811, "704.0": 0.3186, "736.0": 0.1874, "701.0": 0.333, "700.0": 0.3378, "752.0": 0.1417, "695.0": 0.3617, "766.0": 0.1133, "743.0": 0.1649, "726.0": 0.2272, "756.0": 0.1326, "715.0": 0.2723, "727.0": 0.2221, "697.0": 0.3521, "741.0": 0.1718, "714.0": 0.2772, "742.0": 0.1693, "769.0": 0.1077, "712.0": 0.2869, "767.0": 0.1115, "691.0": 0.3708, "758.0": 0.1285, "734.0": 0.1956, "708.0": 0.3065, "716.0": 0.2674, "748.0": 0.1513, "739.0": 0.1776, "733.0": 0.2009, "706.0": 0.309, "755.0": 0.1349, "759.0": 0.1264, "737.0": 0.1844, "698.0": 0.3473, "746.0": 0.1569, "711.0": 0.2918, "763.0": 0.1185, "723.0": 0.238, "729.0": 0.2156, "694.0": 0.3665, "749.0": 0.1492, "705.0": 0.3138, "761.0": 0.1224, "744.0": 0.1631, "754.0": 0.1369, "753.0": 0.1393}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00754000", "short_strike": 757.0, "long_strike": 754.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1938, "long_delta": 0.1353, "short_iv": 0.1306, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.013245033112582794, "short_quote_age": 0.794886, "long_quote_age": 0.414036, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 263.0, "total_risk": 19988.0, "buying_power_used_pct": 0.9994}, "spot": 765.67}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.54 (gross $-17.04 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:56:07.253461+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum of +0.28% and an IV/RV ratio of 1.08 with ATM IV at 11.25%, supporting put premium collection.", "invalidation": "Further downward movement extending beyond the recent 1-day drop of -0.48%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"765.0": 0.1119, "764.0": 0.1138, "757.0": 0.1294, "766.0": 0.1101, "746.0": 0.1601, "737.0": 0.1965, "735.0": 0.2044, "733.0": 0.2161, "753.0": 0.1393, "747.0": 0.1569, "730.0": 0.2286, "726.0": 0.2452, "695.0": 0.3921, "769.0": 0.105, "705.0": 0.3518, "750.0": 0.147, "742.0": 0.1752, "759.0": 0.1246, "719.0": 0.2842, "761.0": 0.1201, "760.0": 0.1224, "762.0": 0.1179, "751.0": 0.1453, "744.0": 0.1672, "722.0": 0.2675, "700.0": 0.3658, "729.0": 0.2343, "754.0": 0.1368, "767.0": 0.1074, "721.0": 0.2731, "752.0": 0.1417, "731.0": 0.2228, "740.0": 0.1818, "768.0": 0.106, "739.0": 0.1879, "758.0": 0.1268, "690.0": 0.4184, "715.0": 0.2977, "755.0": 0.1342, "745.0": 0.1629, "725.0": 0.2508, "738.0": 0.1905, "723.0": 0.2619, "718.0": 0.2897, "763.0": 0.1158, "727.0": 0.2396, "720.0": 0.2786, "732.0": 0.2171, "741.0": 0.1787, "748.0": 0.1531, "734.0": 0.2102, "724.0": 0.2564, "728.0": 0.24, "743.0": 0.1714, "710.0": 0.3248, "756.0": 0.132, "736.0": 0.1985, "749.0": 0.1504}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2134, "long_delta": 0.1396, "short_iv": 0.1246, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.419864, "long_quote_age": 0.427151, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 260.0, "total_risk": 19760.0, "buying_power_used_pct": 0.988}, "spot": 765.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.71 (gross $-19.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $260/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,760.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.71 (gross $-19.71 - friction $1.00) > $0.00"}], "economics": {"credit": 0.4, "width": 3.0, "short_delta": 0.2134, "long_delta": 0.1396, "max_profit_usd": 40.0, "max_loss_usd": 260.0, "breakeven_wr": 0.8667, "implied_wr": 0.7866, "edge_pp": -8.01, "ev_implied_usd": -12.95, "realized_vol": 0.1064, "atm_iv": 0.1101, "vrp_ratio": 0.9664, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.77, "ev_at_half_drift_usd": -22.7, "ev_gross_usd": -19.71, "expected_loss_real_usd": 59.71, "friction_usd": 1.0, "ev_net_usd": -20.71, "total_risk_usd": 19760.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 427}
{"ts": "2026-08-31T18:57:31.759166+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.30% with IV/RV slightly elevated at 1.06, providing an opportunity to sell short-dated downside premium.", "invalidation": "SPY extending its 1-day decline of -0.47% to completely erase the 5-day positive return."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"718.0": 0.3331, "751.0": 0.1514, "715.0": 0.3524, "745.0": 0.1785, "766.0": 0.1088, "738.0": 0.2185, "719.0": 0.3266, "763.0": 0.1155, "746.0": 0.1748, "731.0": 0.2589, "753.0": 0.1433, "757.0": 0.1318, "726.0": 0.2923, "762.0": 0.118, "756.0": 0.1343, "749.0": 0.158, "769.0": 0.1057, "752.0": 0.1468, "700.0": 0.427, "710.0": 0.3845, "754.0": 0.1403, "734.0": 0.2387, "758.0": 0.1287, "722.0": 0.3073, "750.0": 0.1551, "760.0": 0.1231, "690.0": 0.4889, "764.0": 0.1131, "744.0": 0.1814, "730.0": 0.2656, "723.0": 0.3008, "742.0": 0.1959, "755.0": 0.1374, "733.0": 0.2455, "736.0": 0.2324, "747.0": 0.1672, "739.0": 0.2116, "768.0": 0.1046, "741.0": 0.1976, "695.0": 0.4579, "685.0": 0.5199, "759.0": 0.1263, "729.0": 0.2723, "767.0": 0.1064, "705.0": 0.4167, "728.0": 0.279, "740.0": 0.2046, "732.0": 0.2522, "727.0": 0.2857, "765.0": 0.1108, "737.0": 0.2255, "721.0": 0.3137, "725.0": 0.299, "761.0": 0.1206, "748.0": 0.1629, "743.0": 0.1887, "720.0": 0.3202, "724.0": 0.2944, "735.0": 0.232}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1955, "long_delta": 0.078, "short_iv": 0.1231, "short_rel_spread": 0.026315789473684233, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.835204, "long_quote_age": 0.887676, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 765.78}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.46 (gross $-31.96 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.46 (gross $-31.96 - friction $1.50) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1955, "long_delta": 0.078, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8045, "edge_pp": -9.95, "ev_implied_usd": -20.38, "realized_vol": 0.1064, "atm_iv": 0.1088, "vrp_ratio": 0.9779, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.92, "ev_at_half_drift_usd": -35.39, "ev_gross_usd": -31.96, "expected_loss_real_usd": 79.96, "friction_usd": 1.5, "ev_net_usd": -33.46, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 457}
{"ts": "2026-08-31T18:57:43.677343+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY IV/RV of 1.06 offers rich option premium relative to 10.40% 20-day realized volatility while holding a 5-day gain of +0.30%.", "invalidation": "SPY downward momentum expands beyond the 1-day -0.47% drop and breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"720.0": 0.2534, "750.0": 0.1462, "698.0": 0.3477, "695.0": 0.3621, "710.0": 0.2971, "702.0": 0.3285, "741.0": 0.1705, "768.0": 0.1086, "755.0": 0.135, "692.0": 0.3665, "769.0": 0.1078, "699.0": 0.3429, "708.0": 0.3068, "712.0": 0.2873, "735.0": 0.1933, "696.0": 0.3573, "715.0": 0.2726, "765.0": 0.1148, "705.0": 0.3142, "734.0": 0.196, "736.0": 0.1879, "726.0": 0.2276, "745.0": 0.16, "738.0": 0.1815, "707.0": 0.3117, "728.0": 0.2212, "723.0": 0.2384, "753.0": 0.1393, "725.0": 0.2327, "758.0": 0.1286, "764.0": 0.1167, "694.0": 0.3571, "713.0": 0.2824, "748.0": 0.1518, "691.0": 0.3712, "685.0": 0.3994, "711.0": 0.2922, "767.0": 0.1114, "717.0": 0.2628, "721.0": 0.2484, "704.0": 0.3189, "763.0": 0.1185, "762.0": 0.1204, "730.0": 0.2142, "746.0": 0.1562, "749.0": 0.1488, "759.0": 0.1264, "714.0": 0.2775, "719.0": 0.2583, "718.0": 0.2633, "724.0": 0.2334, "743.0": 0.1653, "731.0": 0.2089, "752.0": 0.1416, "700.0": 0.3381, "729.0": 0.216, "690.0": 0.3759, "701.0": 0.3333, "737.0": 0.1848, "754.0": 0.137, "747.0": 0.1543, "740.0": 0.1744, "733.0": 0.1984, "693.0": 0.3618, "760.0": 0.1244, "744.0": 0.1622, "732.0": 0.2037, "703.0": 0.3237, "756.0": 0.1327, "727.0": 0.2225, "742.0": 0.1681, "722.0": 0.2434, "757.0": 0.1306, "709.0": 0.3019, "716.0": 0.2677, "739.0": 0.1781, "761.0": 0.1226, "697.0": 0.3525, "751.0": 0.1439, "766.0": 0.113, "706.0": 0.3094}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1918, "long_delta": 0.1052, "short_iv": 0.1306, "short_rel_spread": 0.008968609865470859, "long_rel_spread": 0.017391304347826105, "short_quote_age": 1.585327, "long_quote_age": 1.485653, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 765.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.11 (gross $-28.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T18:59:05.533444+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day momentum at +0.29% with elevated 3-day IV relative to 20-day realized volatility (IV/RV of 1.06), offering attractive premium for selling downside puts.", "invalidation": "Continuation of the 1-day decline of -0.47% that breaks below the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"763.0": 0.1153, "751.0": 0.1514, "767.0": 0.1062, "739.0": 0.2116, "742.0": 0.1959, "725.0": 0.299, "726.0": 0.2923, "685.0": 0.5199, "734.0": 0.2387, "700.0": 0.427, "762.0": 0.118, "755.0": 0.1374, "747.0": 0.1672, "744.0": 0.1814, "761.0": 0.1206, "757.0": 0.1318, "733.0": 0.2455, "729.0": 0.2723, "719.0": 0.3266, "690.0": 0.4889, "766.0": 0.1084, "730.0": 0.2656, "718.0": 0.3331, "710.0": 0.3845, "745.0": 0.1785, "768.0": 0.1042, "759.0": 0.1263, "764.0": 0.1131, "746.0": 0.1748, "741.0": 0.1976, "736.0": 0.2324, "760.0": 0.1234, "765.0": 0.1108, "731.0": 0.2589, "721.0": 0.3137, "749.0": 0.158, "769.0": 0.1057, "722.0": 0.3073, "724.0": 0.2944, "735.0": 0.232, "740.0": 0.2046, "705.0": 0.4167, "737.0": 0.2255, "738.0": 0.2185, "753.0": 0.1449, "752.0": 0.1487, "743.0": 0.1887, "727.0": 0.2857, "756.0": 0.1343, "723.0": 0.3008, "715.0": 0.3524, "750.0": 0.1551, "732.0": 0.2522, "728.0": 0.279, "695.0": 0.4579, "758.0": 0.1287, "748.0": 0.1629, "720.0": 0.3202, "754.0": 0.1417}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1961, "long_delta": 0.078, "short_iv": 0.1234, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.987533, "long_quote_age": 0.438677, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 765.78}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.43 (gross $-31.43 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.43 (gross $-31.43 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1961, "long_delta": 0.078, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8039, "edge_pp": -9.81, "ev_implied_usd": -19.53, "realized_vol": 0.1064, "atm_iv": 0.1084, "vrp_ratio": 0.9815, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.39, "ev_at_half_drift_usd": -34.86, "ev_gross_usd": -31.43, "expected_loss_real_usd": 80.43, "friction_usd": 1.0, "ev_net_usd": -32.43, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 481}
{"ts": "2026-08-31T18:59:18.163664+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.29% alongside an elevated IV/RV ratio of 1.06, providing favorable premium collection on a put credit spread across a 3 to 6 DTE window.", "invalidation": "SPY spot price declines significantly below 765.72 and extends its 1-day decline beyond -0.47%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"731.0": 0.2243, "764.0": 0.1137, "753.0": 0.1396, "767.0": 0.1077, "758.0": 0.127, "732.0": 0.2186, "705.0": 0.3531, "743.0": 0.1705, "725.0": 0.2522, "745.0": 0.1646, "766.0": 0.1099, "759.0": 0.1247, "726.0": 0.2466, "718.0": 0.2828, "721.0": 0.2745, "755.0": 0.1343, "752.0": 0.1417, "695.0": 0.3934, "734.0": 0.2117, "733.0": 0.2128, "760.0": 0.1224, "765.0": 0.1118, "761.0": 0.1201, "739.0": 0.1861, "719.0": 0.2856, "740.0": 0.1834, "751.0": 0.145, "722.0": 0.2689, "735.0": 0.2059, "768.0": 0.1058, "720.0": 0.28, "729.0": 0.2357, "746.0": 0.16, "763.0": 0.1159, "727.0": 0.2411, "738.0": 0.1921, "742.0": 0.1741, "748.0": 0.1534, "754.0": 0.1366, "730.0": 0.23, "749.0": 0.1509, "724.0": 0.2578, "723.0": 0.2633, "757.0": 0.1295, "710.0": 0.3261, "728.0": 0.2414, "715.0": 0.2991, "690.0": 0.4197, "762.0": 0.1179, "741.0": 0.1803, "769.0": 0.1044, "750.0": 0.1489, "756.0": 0.1318, "736.0": 0.2, "747.0": 0.1569, "700.0": 0.3671, "744.0": 0.1666, "737.0": 0.1981}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2045, "long_delta": 0.1328, "short_iv": 0.1247, "short_rel_spread": 0.020000000000000018, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.477227, "long_quote_age": 1.230754, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 261.0, "total_risk": 19836.0, "buying_power_used_pct": 0.9918}, "spot": 765.88}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.95 (gross $-18.45 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $261/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,836.00 (76 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-19.95 (gross $-18.45 - friction $1.50) > $0.00"}], "economics": {"credit": 0.39, "width": 3.0, "short_delta": 0.2045, "long_delta": 0.1328, "max_profit_usd": 39.0, "max_loss_usd": 261.0, "breakeven_wr": 0.87, "implied_wr": 0.7955, "edge_pp": -7.45, "ev_implied_usd": -11.59, "realized_vol": 0.1064, "atm_iv": 0.1099, "vrp_ratio": 0.9682, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -24.37, "ev_at_half_drift_usd": -21.36, "ev_gross_usd": -18.45, "expected_loss_real_usd": 57.45, "friction_usd": 1.5, "ev_net_usd": -19.95, "total_risk_usd": 19836.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 508}
{"ts": "2026-08-31T19:00:37.611688+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5D return of +0.33% with an IV/RV ratio of 1.06, providing an attractive implied volatility premium to sell downside put spreads.", "invalidation": "SPY spot price declines further below 765.96 as negative 1D price action accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"764.0": 0.1122, "762.0": 0.1173, "721.0": 0.3148, "749.0": 0.1593, "741.0": 0.1987, "733.0": 0.2466, "744.0": 0.1826, "759.0": 0.1253, "757.0": 0.1308, "767.0": 0.1056, "738.0": 0.2197, "752.0": 0.1464, "736.0": 0.2263, "750.0": 0.154, "769.0": 0.1018, "685.0": 0.5208, "700.0": 0.428, "725.0": 0.3001, "719.0": 0.3276, "723.0": 0.3019, "760.0": 0.1223, "761.0": 0.1199, "755.0": 0.1377, "763.0": 0.1145, "690.0": 0.4898, "731.0": 0.26, "766.0": 0.1072, "730.0": 0.2667, "724.0": 0.2954, "758.0": 0.1281, "715.0": 0.3534, "747.0": 0.1685, "739.0": 0.2127, "720.0": 0.3212, "727.0": 0.2867, "754.0": 0.1404, "768.0": 0.1036, "756.0": 0.1338, "710.0": 0.3855, "726.0": 0.2934, "722.0": 0.3083, "695.0": 0.4589, "737.0": 0.2266, "734.0": 0.2398, "743.0": 0.1898, "732.0": 0.2533, "751.0": 0.1506, "735.0": 0.2331, "729.0": 0.2734, "742.0": 0.1917, "746.0": 0.1723, "765.0": 0.1096, "728.0": 0.2801, "748.0": 0.1641, "718.0": 0.3341, "705.0": 0.4177, "753.0": 0.1431, "745.0": 0.1797, "740.0": 0.2057}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1873, "long_delta": 0.0754, "short_iv": 0.1223, "short_rel_spread": 0.013986013986014, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.404076, "long_quote_age": 1.251744, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 455.0, "total_risk": 19565.0, "buying_power_used_pct": 0.9782}, "spot": 765.935}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.97 (gross $-33.97 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $455/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,565.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.97 (gross $-33.97 - friction $1.00) > $0.00"}], "economics": {"credit": 0.45, "width": 5.0, "short_delta": 0.1873, "long_delta": 0.0754, "max_profit_usd": 45.0, "max_loss_usd": 455.0, "breakeven_wr": 0.91, "implied_wr": 0.8127, "edge_pp": -9.73, "ev_implied_usd": -20.67, "realized_vol": 0.1064, "atm_iv": 0.1072, "vrp_ratio": 0.9925, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.81, "ev_at_half_drift_usd": -37.34, "ev_gross_usd": -33.97, "expected_loss_real_usd": 78.97, "friction_usd": 1.0, "ev_net_usd": -34.97, "total_risk_usd": 19565.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 460}
{"ts": "2026-08-31T19:00:51.487298+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5D momentum of +0.33% and an IV/RV premium of 1.06, providing favorable credit collection on put spreads over a longer 4-7 DTE window.", "invalidation": "A continued decline below recent levels with 1D momentum worsening beyond -0.44%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"710.0": 0.2983, "762.0": 0.1199, "735.0": 0.192, "749.0": 0.1488, "721.0": 0.2497, "767.0": 0.1109, "750.0": 0.1464, "706.0": 0.3106, "719.0": 0.2596, "725.0": 0.234, "700.0": 0.3393, "711.0": 0.2934, "729.0": 0.2173, "709.0": 0.2962, "740.0": 0.1759, "755.0": 0.1345, "705.0": 0.3154, "766.0": 0.1126, "752.0": 0.1415, "758.0": 0.128, "694.0": 0.3582, "731.0": 0.2103, "744.0": 0.1624, "734.0": 0.1974, "696.0": 0.3489, "717.0": 0.2641, "708.0": 0.301, "730.0": 0.2122, "741.0": 0.172, "715.0": 0.2739, "754.0": 0.1367, "728.0": 0.2188, "692.0": 0.3676, "765.0": 0.1143, "723.0": 0.2397, "713.0": 0.2836, "707.0": 0.3058, "756.0": 0.1323, "748.0": 0.1516, "695.0": 0.3536, "720.0": 0.2546, "697.0": 0.3442, "698.0": 0.3395, "743.0": 0.1654, "724.0": 0.2347, "769.0": 0.1077, "768.0": 0.1094, "718.0": 0.2646, "739.0": 0.1774, "760.0": 0.124, "764.0": 0.1161, "712.0": 0.2885, "732.0": 0.205, "753.0": 0.1388, "757.0": 0.1303, "747.0": 0.1538, "759.0": 0.1262, "716.0": 0.269, "690.0": 0.377, "693.0": 0.3629, "704.0": 0.3201, "691.0": 0.3723, "751.0": 0.1435, "702.0": 0.3297, "722.0": 0.2447, "701.0": 0.3345, "737.0": 0.1838, "703.0": 0.3249, "763.0": 0.1179, "745.0": 0.1591, "733.0": 0.1998, "714.0": 0.2788, "746.0": 0.1567, "761.0": 0.1221, "742.0": 0.168, "736.0": 0.1893, "738.0": 0.1808, "727.0": 0.2239, "726.0": 0.2289, "685.0": 0.4005, "699.0": 0.3441}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2069, "long_delta": 0.1131, "short_iv": 0.128, "short_rel_spread": 0.008298755186721999, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.556896, "long_quote_age": 0.641248, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 441.0, "total_risk": 19845.0, "buying_power_used_pct": 0.9922}, "spot": 765.985}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.71 (gross $-28.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:02:45.037473+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "SPY maintains a positive 5-day return of +0.31% while 3-day ATM IV (10.97%) trades above 20-day realized volatility (10.40%) at an IV/RV ratio of 1.06.", "invalidation": "Further downward momentum expanding beyond the 1-day -0.46% drop that breaches the short strike delta."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"730.0": 0.2666, "723.0": 0.3018, "725.0": 0.3, "738.0": 0.2196, "719.0": 0.3276, "735.0": 0.2331, "700.0": 0.428, "695.0": 0.4588, "741.0": 0.1987, "769.0": 0.1032, "726.0": 0.2934, "720.0": 0.3212, "766.0": 0.1071, "754.0": 0.1404, "705.0": 0.4176, "739.0": 0.2127, "737.0": 0.2266, "743.0": 0.1898, "752.0": 0.1482, "768.0": 0.1039, "722.0": 0.3083, "727.0": 0.2867, "753.0": 0.1431, "751.0": 0.1506, "764.0": 0.1121, "763.0": 0.1144, "747.0": 0.1685, "734.0": 0.2398, "760.0": 0.1222, "736.0": 0.2263, "728.0": 0.28, "762.0": 0.1172, "757.0": 0.1307, "690.0": 0.4898, "761.0": 0.1199, "750.0": 0.154, "731.0": 0.2599, "710.0": 0.3855, "721.0": 0.3147, "724.0": 0.2954, "718.0": 0.334, "758.0": 0.128, "748.0": 0.1641, "765.0": 0.1097, "740.0": 0.2057, "749.0": 0.1592, "745.0": 0.1797, "767.0": 0.1057, "733.0": 0.2465, "732.0": 0.2532, "755.0": 0.1377, "742.0": 0.1917, "715.0": 0.3533, "744.0": 0.1826, "746.0": 0.1723, "729.0": 0.2733, "759.0": 0.1253, "756.0": 0.1338}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 74, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1874, "long_delta": 0.1076, "short_iv": 0.1222, "short_rel_spread": 0.013986013986014, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.899636, "long_quote_age": 0.546354, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 74, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 267.0, "total_risk": 19758.0, "buying_power_used_pct": 0.9879}, "spot": 765.935}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-21.87 (gross $-20.87 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 74 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $267/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,758.00 (74 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-21.87 (gross $-20.87 - friction $1.00) > $0.00"}], "economics": {"credit": 0.33, "width": 3.0, "short_delta": 0.1874, "long_delta": 0.1076, "max_profit_usd": 33.0, "max_loss_usd": 267.0, "breakeven_wr": 0.89, "implied_wr": 0.8126, "edge_pp": -7.74, "ev_implied_usd": -11.25, "realized_vol": 0.1064, "atm_iv": 0.1071, "vrp_ratio": 0.9935, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -25.44, "ev_at_half_drift_usd": -23.13, "ev_gross_usd": -20.87, "expected_loss_real_usd": 53.87, "friction_usd": 1.0, "ev_net_usd": -21.87, "total_risk_usd": 19758.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 474}
{"ts": "2026-08-31T19:03:01.043613+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY implied volatility exceeds realized volatility with an IV/RV of 1.06 alongside a positive 5-day return of +0.31%, offering favorable premium to sell via put credit spreads.", "invalidation": "SPY continues its 1-day decline of -0.46% and drives realized volatility significantly above 10.40%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"708.0": 0.3008, "741.0": 0.1718, "743.0": 0.1652, "727.0": 0.2237, "692.0": 0.3675, "732.0": 0.2048, "694.0": 0.3581, "728.0": 0.2186, "705.0": 0.3152, "722.0": 0.2445, "712.0": 0.2884, "737.0": 0.1861, "752.0": 0.1412, "763.0": 0.118, "698.0": 0.3487, "755.0": 0.1345, "701.0": 0.3344, "685.0": 0.4004, "746.0": 0.1565, "720.0": 0.2545, "751.0": 0.144, "739.0": 0.1793, "721.0": 0.2495, "767.0": 0.1109, "769.0": 0.1075, "716.0": 0.2688, "700.0": 0.3391, "747.0": 0.1536, "704.0": 0.32, "691.0": 0.3722, "706.0": 0.3104, "734.0": 0.1972, "690.0": 0.3769, "703.0": 0.3248, "758.0": 0.1279, "757.0": 0.1302, "762.0": 0.1198, "719.0": 0.2595, "750.0": 0.1462, "707.0": 0.3056, "733.0": 0.1996, "766.0": 0.1126, "761.0": 0.1219, "693.0": 0.3628, "735.0": 0.1918, "714.0": 0.2786, "730.0": 0.212, "745.0": 0.1602, "699.0": 0.3439, "765.0": 0.1143, "748.0": 0.1514, "717.0": 0.2639, "723.0": 0.2395, "710.0": 0.2981, "711.0": 0.2933, "738.0": 0.1806, "744.0": 0.1622, "759.0": 0.1259, "764.0": 0.116, "725.0": 0.2339, "729.0": 0.2172, "736.0": 0.1891, "742.0": 0.1695, "709.0": 0.303, "749.0": 0.1486, "724.0": 0.2345, "760.0": 0.1238, "696.0": 0.3487, "756.0": 0.1323, "740.0": 0.1757, "754.0": 0.1365, "702.0": 0.3296, "715.0": 0.2737, "731.0": 0.2101, "726.0": 0.2288, "753.0": 0.1392, "713.0": 0.2835, "695.0": 0.3534, "768.0": 0.1087, "718.0": 0.2644, "697.0": 0.344}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2077, "long_delta": 0.1143, "short_iv": 0.1279, "short_rel_spread": 0.016528925619834725, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.440116, "long_quote_age": 0.483035, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 765.95}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.56 (gross $-30.06 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:04:29.085000+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains an overall positive 5-day return of +0.31% with an IV/RV ratio of 1.05, offering attractive option premium after a mild 1-day pullback of -0.45%.", "invalidation": "A continued downward move in SPY breaching below the short strike level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"718.0": 0.3332, "743.0": 0.1889, "725.0": 0.2992, "746.0": 0.1713, "715.0": 0.3525, "730.0": 0.2658, "762.0": 0.1168, "742.0": 0.1908, "734.0": 0.2389, "735.0": 0.2322, "741.0": 0.1978, "737.0": 0.2257, "751.0": 0.1495, "740.0": 0.2048, "750.0": 0.1529, "769.0": 0.0982, "765.0": 0.1091, "732.0": 0.2524, "748.0": 0.1631, "747.0": 0.1675, "705.0": 0.4168, "727.0": 0.2859, "739.0": 0.2118, "752.0": 0.1452, "723.0": 0.301, "755.0": 0.1364, "721.0": 0.3139, "767.0": 0.1047, "726.0": 0.2925, "744.0": 0.1817, "695.0": 0.4581, "724.0": 0.2946, "685.0": 0.5201, "719.0": 0.3268, "710.0": 0.3847, "738.0": 0.2187, "733.0": 0.2457, "761.0": 0.1193, "756.0": 0.1335, "754.0": 0.1391, "736.0": 0.2254, "720.0": 0.3204, "731.0": 0.2591, "759.0": 0.1252, "763.0": 0.1143, "758.0": 0.1274, "766.0": 0.107, "745.0": 0.1787, "749.0": 0.1582, "729.0": 0.2725, "757.0": 0.1303, "764.0": 0.1116, "760.0": 0.1219, "728.0": 0.2792, "768.0": 0.1034, "690.0": 0.489, "722.0": 0.3075, "700.0": 0.4272, "753.0": 0.1419}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.47, "short_delta": 0.192, "long_delta": 0.076, "short_iv": 0.1219, "short_rel_spread": 0.01360544217687076, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.464249, "long_quote_age": 0.444843, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 765.8}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.60 (gross $-33.60 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $453/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,932.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.60 (gross $-33.60 - friction $1.00) > $0.00"}], "economics": {"credit": 0.47, "width": 5.0, "short_delta": 0.192, "long_delta": 0.076, "max_profit_usd": 47.0, "max_loss_usd": 453.0, "breakeven_wr": 0.906, "implied_wr": 0.808, "edge_pp": -9.8, "ev_implied_usd": -20.0, "realized_vol": 0.1064, "atm_iv": 0.107, "vrp_ratio": 0.9944, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.55, "ev_at_half_drift_usd": -37.03, "ev_gross_usd": -33.6, "expected_loss_real_usd": 80.6, "friction_usd": 1.0, "ev_net_usd": -34.6, "total_risk_usd": 19932.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 452}
{"ts": "2026-08-31T19:04:43.828219+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.31% with ATM IV exceeding 20-day realized volatility at an IV/RV ratio of 1.05, providing favorable premium for put credit spreads across a 3 to 6 day horizon.", "invalidation": "SPY spot breaks downward well below 765.86 with expanding realized volatility."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"741.0": 0.1772, "727.0": 0.241, "726.0": 0.2466, "690.0": 0.4197, "750.0": 0.1476, "755.0": 0.1335, "730.0": 0.23, "721.0": 0.2744, "735.0": 0.2058, "761.0": 0.1195, "749.0": 0.1508, "753.0": 0.1386, "705.0": 0.3531, "715.0": 0.299, "764.0": 0.1132, "766.0": 0.1094, "768.0": 0.1056, "722.0": 0.2689, "736.0": 0.2, "725.0": 0.2522, "734.0": 0.2117, "762.0": 0.1174, "700.0": 0.3671, "731.0": 0.2242, "733.0": 0.2128, "739.0": 0.186, "728.0": 0.2354, "723.0": 0.2633, "729.0": 0.2357, "754.0": 0.1365, "695.0": 0.3933, "759.0": 0.1243, "738.0": 0.192, "744.0": 0.1666, "763.0": 0.1153, "685.0": 0.4251, "742.0": 0.174, "757.0": 0.1288, "719.0": 0.2855, "743.0": 0.1704, "747.0": 0.1569, "765.0": 0.1113, "732.0": 0.2185, "737.0": 0.1941, "758.0": 0.1266, "718.0": 0.2828, "760.0": 0.1218, "748.0": 0.1533, "710.0": 0.3261, "767.0": 0.1077, "720.0": 0.28, "752.0": 0.1416, "769.0": 0.1043, "745.0": 0.1645, "746.0": 0.1599, "724.0": 0.2577, "756.0": 0.131, "740.0": 0.1833, "751.0": 0.145}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2042, "long_delta": 0.0989, "short_iv": 0.1243, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.426437, "long_quote_age": 0.707036, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 765.855}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.32 (gross $-31.32 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:06:04.298253+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.31% with ATM IV at 10.93% trading above RV20 of 10.40% (IV/RV 1.05), providing favorable conditions for selling put premium.", "invalidation": "SPY spot drops below the short strike as negative 1-day momentum accelerates beyond -0.46%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"746.0": 0.1709, "767.0": 0.1039, "739.0": 0.2114, "754.0": 0.1387, "740.0": 0.2045, "760.0": 0.1213, "757.0": 0.1298, "750.0": 0.1525, "725.0": 0.2989, "764.0": 0.1114, "748.0": 0.1627, "753.0": 0.1431, "769.0": 0.0992, "737.0": 0.2254, "690.0": 0.4888, "729.0": 0.2722, "685.0": 0.5198, "768.0": 0.1024, "722.0": 0.3072, "745.0": 0.1783, "742.0": 0.1904, "724.0": 0.2942, "738.0": 0.2184, "758.0": 0.1268, "731.0": 0.2588, "728.0": 0.2789, "733.0": 0.2453, "705.0": 0.4165, "741.0": 0.1975, "730.0": 0.2655, "756.0": 0.133, "743.0": 0.1885, "726.0": 0.2922, "762.0": 0.1161, "759.0": 0.1239, "747.0": 0.1671, "718.0": 0.3329, "755.0": 0.136, "715.0": 0.3522, "763.0": 0.1138, "723.0": 0.3007, "732.0": 0.2521, "752.0": 0.1467, "721.0": 0.3136, "695.0": 0.4578, "700.0": 0.4269, "719.0": 0.3265, "736.0": 0.2251, "720.0": 0.3201, "710.0": 0.3844, "744.0": 0.1813, "734.0": 0.2386, "727.0": 0.2855, "761.0": 0.1192, "735.0": 0.2319, "765.0": 0.109, "749.0": 0.1578, "766.0": 0.1066, "751.0": 0.1491}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1927, "long_delta": 0.0762, "short_iv": 0.1213, "short_rel_spread": 0.01360544217687076, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.684229, "long_quote_age": 0.549572, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 453.0, "total_risk": 19932.0, "buying_power_used_pct": 0.9966}, "spot": 765.795}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.48 (gross $-33.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:06:16.146222+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows elevated IV relative to realized volatility with an IV/RV ratio of 1.05 and positive 5-day momentum of +0.31%, favoring put premium selling after a mild 1-day dip of -0.46%.", "invalidation": "A continued decline in SPY that pushes spot price below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"746.0": 0.1562, "692.0": 0.3665, "711.0": 0.2922, "724.0": 0.2378, "740.0": 0.1744, "727.0": 0.2226, "748.0": 0.1509, "695.0": 0.3524, "750.0": 0.1454, "752.0": 0.1409, "759.0": 0.1256, "743.0": 0.1654, "710.0": 0.2971, "725.0": 0.2327, "721.0": 0.2484, "764.0": 0.1158, "719.0": 0.2584, "706.0": 0.3094, "735.0": 0.1907, "756.0": 0.1318, "737.0": 0.1848, "699.0": 0.3429, "717.0": 0.2629, "722.0": 0.2434, "768.0": 0.108, "758.0": 0.1277, "703.0": 0.3238, "755.0": 0.134, "700.0": 0.3381, "698.0": 0.3477, "731.0": 0.2089, "713.0": 0.2824, "726.0": 0.2276, "762.0": 0.1196, "716.0": 0.2678, "732.0": 0.2037, "733.0": 0.1984, "715.0": 0.2727, "685.0": 0.3994, "701.0": 0.3333, "730.0": 0.2109, "757.0": 0.1298, "697.0": 0.3525, "696.0": 0.3477, "765.0": 0.1141, "754.0": 0.1364, "720.0": 0.2534, "705.0": 0.3142, "723.0": 0.2384, "702.0": 0.3285, "769.0": 0.1071, "766.0": 0.1126, "729.0": 0.216, "704.0": 0.319, "742.0": 0.1681, "736.0": 0.1879, "760.0": 0.1236, "739.0": 0.1781, "707.0": 0.3046, "734.0": 0.196, "728.0": 0.2212, "747.0": 0.1532, "745.0": 0.1588, "767.0": 0.1107, "761.0": 0.1216, "712.0": 0.2873, "691.0": 0.3712, "763.0": 0.1178, "709.0": 0.302, "751.0": 0.1431, "708.0": 0.2998, "693.0": 0.3618, "749.0": 0.148, "690.0": 0.3759, "744.0": 0.1622, "741.0": 0.1705, "694.0": 0.3571, "714.0": 0.2775, "753.0": 0.1387, "738.0": 0.1816, "718.0": 0.2634}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00757000", "long_symbol": "SPY260904P00752000", "short_strike": 757.0, "long_strike": 752.0, "width": 5.0, "credit": 0.53, "short_delta": 0.19, "long_delta": 0.1041, "short_iv": 0.1298, "short_rel_spread": 0.009132420091324207, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.576091, "long_quote_age": 0.896749, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 765.705}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.80 (gross $-28.80 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260904P00757000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-29.80 (gross $-28.80 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.19, "long_delta": 0.1041, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.81, "edge_pp": -8.4, "ev_implied_usd": -20.52, "realized_vol": 0.1064, "atm_iv": 0.1126, "vrp_ratio": 0.9449, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.89, "ev_at_half_drift_usd": -33.75, "ev_gross_usd": -28.8, "expected_loss_real_usd": 81.8, "friction_usd": 1.0, "ev_net_usd": -29.8, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 493}
{"ts": "2026-08-31T19:07:34.910680+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.31% with ATM IV priced at a premium over 20-day realized volatility (IV/RV 1.05), providing favorable conditions to sell put premium.", "invalidation": "Acceleration of the 1-day decline (-0.46%) driving spot price below the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"730.0": 0.2657, "732.0": 0.2523, "759.0": 0.1236, "741.0": 0.1977, "705.0": 0.4168, "724.0": 0.2945, "731.0": 0.259, "752.0": 0.147, "767.0": 0.104, "728.0": 0.2791, "690.0": 0.489, "765.0": 0.1089, "745.0": 0.1786, "751.0": 0.1494, "734.0": 0.2389, "740.0": 0.2047, "756.0": 0.1324, "721.0": 0.3138, "762.0": 0.1162, "710.0": 0.3846, "768.0": 0.1026, "761.0": 0.1185, "758.0": 0.1264, "766.0": 0.1066, "746.0": 0.1712, "753.0": 0.1419, "743.0": 0.1888, "749.0": 0.1581, "720.0": 0.3203, "725.0": 0.2991, "754.0": 0.1391, "760.0": 0.1211, "718.0": 0.3332, "723.0": 0.3009, "700.0": 0.4272, "744.0": 0.1816, "715.0": 0.3525, "757.0": 0.1292, "755.0": 0.1363, "764.0": 0.1112, "769.0": 0.1001, "742.0": 0.1907, "729.0": 0.2724, "722.0": 0.3074, "735.0": 0.2321, "727.0": 0.2858, "748.0": 0.163, "685.0": 0.52, "726.0": 0.2925, "719.0": 0.3267, "739.0": 0.2117, "747.0": 0.1674, "763.0": 0.1136, "738.0": 0.2187, "695.0": 0.458, "750.0": 0.1528, "737.0": 0.2256, "733.0": 0.2456, "736.0": 0.2254}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1909, "long_delta": 0.0761, "short_iv": 0.1211, "short_rel_spread": 0.013793103448275874, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.451294, "long_quote_age": 0.554345, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 765.8199999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.79 (gross $-33.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:07:51.110707+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY options trade at an IV/RV premium of 1.05 with positive 5-day momentum of +0.31%, offering favorable conditions for collecting premium via put credit spreads across a 4-7 DTE window.", "invalidation": "SPY spot price accelerating downward past the 1-day decline of -0.46% alongside deteriorating 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"707.0": 0.3053, "720.0": 0.2541, "737.0": 0.1857, "735.0": 0.1914, "746.0": 0.1572, "724.0": 0.2385, "740.0": 0.1752, "685.0": 0.4, "754.0": 0.1359, "751.0": 0.1435, "725.0": 0.2335, "698.0": 0.3484, "699.0": 0.3436, "757.0": 0.1293, "703.0": 0.3244, "744.0": 0.1631, "696.0": 0.3484, "722.0": 0.2441, "739.0": 0.1789, "704.0": 0.3196, "702.0": 0.3292, "734.0": 0.1968, "716.0": 0.2685, "731.0": 0.2097, "730.0": 0.2116, "766.0": 0.112, "723.0": 0.2391, "719.0": 0.2591, "738.0": 0.1824, "701.0": 0.334, "697.0": 0.3532, "769.0": 0.1076, "711.0": 0.2929, "718.0": 0.2641, "752.0": 0.1407, "733.0": 0.1992, "756.0": 0.1316, "745.0": 0.1597, "749.0": 0.1481, "763.0": 0.1174, "714.0": 0.2782, "693.0": 0.3625, "717.0": 0.2636, "748.0": 0.1508, "742.0": 0.169, "694.0": 0.3578, "721.0": 0.2491, "768.0": 0.1097, "729.0": 0.2168, "736.0": 0.1887, "708.0": 0.3005, "765.0": 0.1137, "764.0": 0.1154, "727.0": 0.2233, "753.0": 0.1386, "691.0": 0.3718, "747.0": 0.1542, "732.0": 0.2044, "741.0": 0.1714, "715.0": 0.2734, "706.0": 0.3101, "758.0": 0.1274, "726.0": 0.2284, "750.0": 0.1456, "692.0": 0.3671, "767.0": 0.1102, "695.0": 0.3531, "759.0": 0.1251, "705.0": 0.3148, "761.0": 0.1213, "713.0": 0.2831, "710.0": 0.2978, "700.0": 0.3388, "712.0": 0.288, "728.0": 0.222, "690.0": 0.3765, "760.0": 0.123, "709.0": 0.3027, "743.0": 0.1662, "755.0": 0.1336, "762.0": 0.1194}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.59, "short_delta": 0.209, "long_delta": 0.1147, "short_iv": 0.1274, "short_rel_spread": 0.008230452674897127, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.66133, "long_quote_age": 0.662478, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 441.0, "total_risk": 19845.0, "buying_power_used_pct": 0.9922}, "spot": 765.85}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.10 (gross $-30.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:09:11.408964+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.32% with an IV/RV ratio of 1.05, offering favorable premium collection via put credit spreads following a minor 1-day decline of -0.44%.", "invalidation": "A continued decline in SPY spot price below the short strike that erases the 5-day gain."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"740.0": 0.2057, "762.0": 0.1156, "759.0": 0.1239, "723.0": 0.3019, "767.0": 0.104, "748.0": 0.1641, "715.0": 0.3534, "744.0": 0.1826, "737.0": 0.2266, "722.0": 0.3083, "719.0": 0.3276, "750.0": 0.154, "749.0": 0.1593, "729.0": 0.2734, "725.0": 0.3001, "736.0": 0.2263, "739.0": 0.2127, "710.0": 0.3855, "747.0": 0.1685, "763.0": 0.1135, "745.0": 0.1797, "726.0": 0.2934, "765.0": 0.1087, "764.0": 0.111, "727.0": 0.2867, "732.0": 0.2533, "761.0": 0.1182, "768.0": 0.1026, "760.0": 0.121, "728.0": 0.2801, "705.0": 0.4177, "751.0": 0.1506, "769.0": 0.1036, "753.0": 0.1431, "766.0": 0.1064, "735.0": 0.2331, "700.0": 0.428, "734.0": 0.2398, "690.0": 0.4898, "758.0": 0.1264, "730.0": 0.2667, "757.0": 0.1298, "685.0": 0.5208, "743.0": 0.1898, "752.0": 0.1464, "718.0": 0.3341, "724.0": 0.2954, "742.0": 0.1917, "738.0": 0.2197, "721.0": 0.3148, "741.0": 0.1987, "720.0": 0.3212, "731.0": 0.26, "733.0": 0.2466, "695.0": 0.4589, "746.0": 0.1723, "756.0": 0.1327, "754.0": 0.1389, "755.0": 0.1365}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.44, "short_delta": 0.1847, "long_delta": 0.0735, "short_iv": 0.121, "short_rel_spread": 0.014388489208633108, "long_rel_spread": 0.03921568627450984, "short_quote_age": 0.39129, "long_quote_age": 0.431391, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 456.0, "total_risk": 19608.0, "buying_power_used_pct": 0.9804}, "spot": 765.975}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.11 (gross $-34.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:09:25.450345+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits an IV/RV ratio of 1.05 and a positive 5-day return of +0.32%, providing favorable premium for selling put spreads across a slightly wider 4-7 DTE window.", "invalidation": "SPY declining further past its 1-day return of -0.44% with IV falling below RV20 of 10.40% would invalidate the trade."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"753.0": 0.1383, "743.0": 0.1655, "701.0": 0.3346, "705.0": 0.3154, "737.0": 0.1839, "760.0": 0.1228, "693.0": 0.363, "718.0": 0.2647, "746.0": 0.1568, "704.0": 0.3202, "766.0": 0.1115, "761.0": 0.1208, "719.0": 0.2597, "696.0": 0.3489, "748.0": 0.1507, "715.0": 0.2739, "722.0": 0.2447, "757.0": 0.129, "741.0": 0.1721, "725.0": 0.2341, "720.0": 0.2547, "735.0": 0.1921, "723.0": 0.2398, "691.0": 0.3724, "708.0": 0.3011, "702.0": 0.3298, "711.0": 0.2935, "713.0": 0.2837, "754.0": 0.1357, "739.0": 0.1775, "759.0": 0.1249, "703.0": 0.325, "716.0": 0.2691, "709.0": 0.3032, "732.0": 0.2051, "724.0": 0.2348, "730.0": 0.2123, "767.0": 0.1099, "745.0": 0.1592, "700.0": 0.3394, "762.0": 0.1189, "726.0": 0.229, "695.0": 0.3536, "710.0": 0.2984, "769.0": 0.1072, "755.0": 0.1335, "692.0": 0.3677, "751.0": 0.1428, "712.0": 0.2886, "752.0": 0.1409, "694.0": 0.3583, "706.0": 0.3106, "742.0": 0.1681, "721.0": 0.2497, "758.0": 0.1269, "717.0": 0.2642, "697.0": 0.3537, "768.0": 0.1094, "747.0": 0.1539, "699.0": 0.3441, "729.0": 0.2174, "744.0": 0.1625, "727.0": 0.2239, "763.0": 0.1169, "764.0": 0.115, "734.0": 0.1975, "731.0": 0.2104, "714.0": 0.2788, "738.0": 0.1808, "756.0": 0.1311, "707.0": 0.3058, "698.0": 0.3489, "728.0": 0.2188, "765.0": 0.1133, "690.0": 0.3771, "736.0": 0.1894, "750.0": 0.1457, "733.0": 0.1998, "740.0": 0.176, "749.0": 0.148}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2044, "long_delta": 0.1424, "short_iv": 0.1269, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.012738853503184724, "short_quote_age": 1.253374, "long_quote_age": 1.598143, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 261.0, "total_risk": 19836.0, "buying_power_used_pct": 0.9918}, "spot": 766.0}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.74 (gross $-18.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:10:52.431117+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.35% with an IV/RV ratio of 1.04, providing suitable premium for defined-risk put selling despite the 1-day dip of -0.42%.", "invalidation": "Further downward movement accelerating past the 1-day decline of -0.42% toward lower spot levels."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"767.0": 0.1035, "741.0": 0.1993, "728.0": 0.2806, "742.0": 0.1923, "754.0": 0.1381, "690.0": 0.4903, "746.0": 0.1729, "715.0": 0.3538, "719.0": 0.3281, "747.0": 0.1691, "734.0": 0.2403, "723.0": 0.3023, "695.0": 0.4593, "730.0": 0.2672, "685.0": 0.5213, "745.0": 0.176, "743.0": 0.1904, "725.0": 0.3006, "758.0": 0.1264, "753.0": 0.1421, "757.0": 0.1297, "700.0": 0.4284, "735.0": 0.2336, "738.0": 0.2202, "729.0": 0.2739, "727.0": 0.2872, "748.0": 0.1647, "733.0": 0.2471, "739.0": 0.2133, "764.0": 0.1105, "720.0": 0.3217, "744.0": 0.1832, "732.0": 0.2538, "718.0": 0.3346, "740.0": 0.2063, "749.0": 0.157, "755.0": 0.1346, "765.0": 0.108, "736.0": 0.2269, "761.0": 0.118, "766.0": 0.1057, "710.0": 0.386, "752.0": 0.145, "769.0": 0.1001, "759.0": 0.1233, "722.0": 0.3088, "762.0": 0.1152, "750.0": 0.1546, "721.0": 0.3152, "756.0": 0.1324, "724.0": 0.2959, "726.0": 0.2939, "737.0": 0.2201, "731.0": 0.2605, "763.0": 0.1128, "760.0": 0.1206, "751.0": 0.149, "705.0": 0.4181, "768.0": 0.1017}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2173, "long_delta": 0.0853, "short_iv": 0.118, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.536576, "long_quote_age": 0.482526, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 446.0, "total_risk": 19624.0, "buying_power_used_pct": 0.9812}, "spot": 766.05}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.25 (gross $-35.25 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:11:07.434841+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum of +0.35% and an elevated IV/RV ratio of 1.04, favoring premium selling via a put credit spread across a 4-7 DTE horizon.", "invalidation": "SPY breaks down with accelerating 1-day losses beyond -0.42% and negative 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"745.0": 0.1594, "754.0": 0.1359, "711.0": 0.2936, "712.0": 0.2888, "740.0": 0.1761, "764.0": 0.1155, "714.0": 0.279, "765.0": 0.1134, "718.0": 0.2648, "731.0": 0.2105, "699.0": 0.3443, "704.0": 0.3204, "705.0": 0.3156, "713.0": 0.2839, "696.0": 0.3491, "690.0": 0.3772, "760.0": 0.1231, "749.0": 0.1482, "736.0": 0.1895, "702.0": 0.3299, "766.0": 0.1117, "700.0": 0.3395, "721.0": 0.2499, "730.0": 0.2124, "685.0": 0.4007, "720.0": 0.2549, "759.0": 0.125, "695.0": 0.3538, "706.0": 0.3108, "697.0": 0.3539, "747.0": 0.1541, "769.0": 0.1067, "732.0": 0.2053, "724.0": 0.2349, "692.0": 0.3678, "737.0": 0.1841, "727.0": 0.2241, "722.0": 0.2449, "728.0": 0.219, "735.0": 0.1923, "710.0": 0.2985, "734.0": 0.1976, "757.0": 0.1293, "691.0": 0.3725, "750.0": 0.1459, "707.0": 0.306, "719.0": 0.2599, "738.0": 0.181, "733.0": 0.2, "768.0": 0.1079, "744.0": 0.1627, "741.0": 0.1723, "693.0": 0.3631, "758.0": 0.1272, "723.0": 0.2399, "762.0": 0.1191, "698.0": 0.3491, "729.0": 0.2176, "753.0": 0.1385, "703.0": 0.3251, "767.0": 0.1101, "761.0": 0.121, "708.0": 0.3012, "694.0": 0.3585, "725.0": 0.2343, "746.0": 0.157, "752.0": 0.1404, "717.0": 0.2643, "756.0": 0.1314, "739.0": 0.1777, "748.0": 0.1509, "742.0": 0.1683, "716.0": 0.2692, "715.0": 0.2741, "726.0": 0.2292, "709.0": 0.3034, "743.0": 0.1657, "763.0": 0.1172, "755.0": 0.1338, "751.0": 0.143, "701.0": 0.3347}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.57, "short_delta": 0.204, "long_delta": 0.1117, "short_iv": 0.1272, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.582745, "long_quote_age": 0.840793, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 766.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.54 (gross $-30.54 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:12:27.720052+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5-day performance (+0.34%) while short-dated implied volatility exceeds realized volatility (IV/RV 1.04 at 10.82% ATM IV), offering favorable premium to sell put spreads on the minor 1-day dip (-0.43%).", "invalidation": "SPY spot price drops sharply below the 766.07 level through the short strike delta threshold."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"759.0": 0.1238, "734.0": 0.2407, "763.0": 0.113, "731.0": 0.2608, "768.0": 0.102, "746.0": 0.1732, "685.0": 0.5215, "721.0": 0.3155, "737.0": 0.2204, "745.0": 0.1763, "749.0": 0.1574, "742.0": 0.1926, "756.0": 0.1329, "736.0": 0.2272, "741.0": 0.1996, "761.0": 0.1181, "735.0": 0.2339, "732.0": 0.2541, "730.0": 0.2675, "743.0": 0.1907, "726.0": 0.2942, "752.0": 0.1454, "767.0": 0.1039, "760.0": 0.1206, "754.0": 0.1386, "758.0": 0.1261, "705.0": 0.4184, "725.0": 0.3009, "723.0": 0.3026, "755.0": 0.1364, "740.0": 0.2066, "747.0": 0.1695, "750.0": 0.155, "722.0": 0.3091, "720.0": 0.322, "751.0": 0.1494, "738.0": 0.2205, "728.0": 0.2809, "764.0": 0.1106, "700.0": 0.4287, "739.0": 0.2136, "762.0": 0.1156, "769.0": 0.1003, "744.0": 0.1835, "757.0": 0.1292, "690.0": 0.4905, "715.0": 0.3541, "718.0": 0.3348, "748.0": 0.1651, "765.0": 0.1082, "729.0": 0.2742, "727.0": 0.2875, "766.0": 0.1061, "719.0": 0.3284, "695.0": 0.4596, "710.0": 0.3863, "724.0": 0.2962, "733.0": 0.2474, "753.0": 0.1425}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2152, "long_delta": 0.0851, "short_iv": 0.1181, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.619759, "long_quote_age": 0.744586, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.0699999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.50 (gross $-35.50 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:12:40.038102+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day momentum at +0.34% with IV/RV at 1.04 providing favorable premium to sell downside puts.", "invalidation": "SPY spot drops significantly below 766.07 accelerating the 1-day decline of -0.43%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"768.0": 0.1047, "725.0": 0.2534, "732.0": 0.2198, "734.0": 0.2083, "737.0": 0.1954, "765.0": 0.1098, "748.0": 0.1533, "731.0": 0.2255, "750.0": 0.1467, "739.0": 0.1874, "730.0": 0.2313, "727.0": 0.2423, "710.0": 0.3273, "764.0": 0.1118, "735.0": 0.2072, "724.0": 0.259, "769.0": 0.103, "766.0": 0.108, "746.0": 0.1595, "751.0": 0.1444, "753.0": 0.1386, "756.0": 0.1304, "749.0": 0.1495, "705.0": 0.3543, "767.0": 0.1063, "762.0": 0.116, "743.0": 0.1719, "718.0": 0.284, "736.0": 0.2013, "740.0": 0.1847, "723.0": 0.2645, "726.0": 0.2478, "741.0": 0.1786, "722.0": 0.2701, "752.0": 0.1413, "728.0": 0.2367, "755.0": 0.1325, "738.0": 0.1934, "763.0": 0.114, "685.0": 0.4261, "761.0": 0.1181, "733.0": 0.2141, "690.0": 0.4208, "758.0": 0.125, "715.0": 0.3002, "719.0": 0.2868, "760.0": 0.1206, "754.0": 0.1351, "745.0": 0.1639, "695.0": 0.3945, "721.0": 0.2757, "744.0": 0.168, "757.0": 0.1276, "720.0": 0.2812, "700.0": 0.3682, "759.0": 0.1227, "742.0": 0.1755, "729.0": 0.2311, "747.0": 0.1567}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1932, "long_delta": 0.0922, "short_iv": 0.1227, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.462833, "long_quote_age": 0.471445, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.0699999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.21 (gross $-33.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.21 (gross $-33.21 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.1932, "long_delta": 0.0922, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.8068, "edge_pp": -9.12, "ev_implied_usd": -20.35, "realized_vol": 0.1064, "atm_iv": 0.108, "vrp_ratio": 0.9852, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -42.12, "ev_at_half_drift_usd": -37.59, "ev_gross_usd": -33.21, "expected_loss_real_usd": 84.21, "friction_usd": 1.0, "ev_net_usd": -34.21, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 432}
{"ts": "2026-08-31T19:13:59.239937+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day momentum at +0.34% and an ATM IV of 10.82% exceeding its 20-day realized volatility of 10.40% (IV/RV 1.04), supporting short put spread premium capture.", "invalidation": "Continuation of the 1-day downward move of -0.43% that breaches the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"725.0": 0.3008, "739.0": 0.2135, "715.0": 0.3541, "758.0": 0.126, "728.0": 0.2808, "700.0": 0.4287, "732.0": 0.254, "754.0": 0.1385, "722.0": 0.309, "747.0": 0.1694, "742.0": 0.1925, "735.0": 0.2339, "733.0": 0.2473, "762.0": 0.1157, "710.0": 0.3862, "736.0": 0.2271, "729.0": 0.2741, "755.0": 0.1363, "760.0": 0.1211, "731.0": 0.2607, "769.0": 0.1005, "756.0": 0.1328, "752.0": 0.1454, "748.0": 0.165, "738.0": 0.2205, "741.0": 0.1996, "765.0": 0.1085, "737.0": 0.2204, "746.0": 0.1732, "705.0": 0.4184, "745.0": 0.1762, "763.0": 0.1134, "749.0": 0.1573, "750.0": 0.1549, "759.0": 0.1237, "766.0": 0.1063, "744.0": 0.1835, "743.0": 0.1907, "757.0": 0.1291, "753.0": 0.1425, "740.0": 0.2065, "734.0": 0.2406, "726.0": 0.2942, "751.0": 0.1493, "724.0": 0.2961, "690.0": 0.4905, "727.0": 0.2875, "718.0": 0.3348, "720.0": 0.3219, "767.0": 0.1036, "685.0": 0.5215, "730.0": 0.2674, "768.0": 0.1017, "695.0": 0.4595, "719.0": 0.3284, "761.0": 0.1179, "723.0": 0.3026, "721.0": 0.3155, "764.0": 0.1107}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2154, "long_delta": 0.0851, "short_iv": 0.1179, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.891141, "long_quote_age": 0.912392, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.0699999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.29 (gross $-35.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:14:10.664365+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day momentum at +0.34% and an IV/RV ratio of 1.04, providing favorable implied volatility pricing to sell put credit spreads across a multi-day horizon.", "invalidation": "SPY breaking downward past the short put strike amidst continued negative daily momentum would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"740.0": 0.1818, "752.0": 0.1408, "734.0": 0.2087, "721.0": 0.276, "700.0": 0.3685, "769.0": 0.1032, "750.0": 0.1471, "760.0": 0.1204, "748.0": 0.1538, "765.0": 0.1098, "759.0": 0.1229, "751.0": 0.1437, "737.0": 0.1958, "733.0": 0.2145, "761.0": 0.118, "685.0": 0.4265, "724.0": 0.2593, "763.0": 0.1138, "715.0": 0.3006, "766.0": 0.1079, "755.0": 0.1331, "753.0": 0.1382, "762.0": 0.1161, "729.0": 0.2315, "736.0": 0.2017, "768.0": 0.105, "727.0": 0.2426, "710.0": 0.3276, "735.0": 0.2076, "741.0": 0.179, "743.0": 0.1723, "757.0": 0.1273, "758.0": 0.1251, "705.0": 0.3546, "745.0": 0.1643, "722.0": 0.2705, "720.0": 0.2816, "732.0": 0.2202, "749.0": 0.15, "744.0": 0.1685, "754.0": 0.1356, "719.0": 0.2871, "726.0": 0.2482, "746.0": 0.1599, "690.0": 0.4211, "731.0": 0.2259, "725.0": 0.2538, "739.0": 0.1878, "730.0": 0.2316, "718.0": 0.2843, "728.0": 0.2371, "767.0": 0.1062, "738.0": 0.1938, "756.0": 0.1303, "723.0": 0.2649, "764.0": 0.1119, "695.0": 0.3948, "747.0": 0.1571, "742.0": 0.1759}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1913, "long_delta": 0.0919, "short_iv": 0.1229, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.401545, "long_quote_age": 0.899398, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.135}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.67 (gross $-33.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:15:31.136426+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.35% with IV/RV at 1.04, providing favorable premium to sell downside puts following a minor 1-day decline of -0.41%.", "invalidation": "SPY spot declining significantly below 766.18 and causing the short put to move deep into the money would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"759.0": 0.1231, "732.0": 0.2545, "710.0": 0.3867, "769.0": 0.1007, "747.0": 0.1663, "766.0": 0.106, "718.0": 0.3353, "762.0": 0.1152, "746.0": 0.1737, "723.0": 0.3031, "730.0": 0.2679, "726.0": 0.2947, "729.0": 0.2746, "720.0": 0.3224, "761.0": 0.1178, "764.0": 0.1106, "738.0": 0.2141, "719.0": 0.3288, "749.0": 0.1579, "739.0": 0.2141, "700.0": 0.4291, "768.0": 0.1023, "757.0": 0.1289, "748.0": 0.1624, "758.0": 0.1259, "737.0": 0.2209, "731.0": 0.2613, "722.0": 0.3095, "753.0": 0.1414, "690.0": 0.4909, "728.0": 0.2813, "760.0": 0.1207, "755.0": 0.1357, "727.0": 0.288, "756.0": 0.1324, "744.0": 0.184, "743.0": 0.1861, "733.0": 0.2478, "734.0": 0.2411, "740.0": 0.2071, "754.0": 0.1392, "725.0": 0.3013, "765.0": 0.1082, "724.0": 0.2966, "767.0": 0.104, "752.0": 0.146, "715.0": 0.3546, "751.0": 0.1499, "741.0": 0.2001, "763.0": 0.1128, "742.0": 0.1931, "735.0": 0.2344, "736.0": 0.2276, "721.0": 0.316, "705.0": 0.4188, "750.0": 0.1529, "685.0": 0.5219, "745.0": 0.1768, "695.0": 0.46}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2116, "long_delta": 0.0829, "short_iv": 0.1178, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.669765, "long_quote_age": 0.633775, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.125}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.50 (gross $-35.50 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:15:43.394894+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day performance of +0.35% and an IV/RV ratio of 1.04, supporting a put credit spread across the 4-7 DTE window.", "invalidation": "SPY declines significantly below 766.18 with deteriorating short-term momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"750.0": 0.1446, "732.0": 0.2024, "715.0": 0.2744, "763.0": 0.117, "717.0": 0.2646, "698.0": 0.3494, "708.0": 0.3015, "720.0": 0.2552, "764.0": 0.1152, "754.0": 0.1355, "707.0": 0.3063, "694.0": 0.3587, "756.0": 0.1309, "705.0": 0.3159, "730.0": 0.2127, "749.0": 0.1477, "716.0": 0.2695, "721.0": 0.2502, "745.0": 0.1584, "738.0": 0.1814, "685.0": 0.401, "719.0": 0.2602, "747.0": 0.1534, "734.0": 0.1951, "727.0": 0.2244, "766.0": 0.1116, "725.0": 0.2346, "706.0": 0.3111, "769.0": 0.1066, "743.0": 0.1644, "692.0": 0.3681, "748.0": 0.1503, "723.0": 0.2402, "736.0": 0.1873, "767.0": 0.1101, "742.0": 0.1686, "711.0": 0.2939, "759.0": 0.1246, "714.0": 0.2793, "760.0": 0.1228, "724.0": 0.2352, "728.0": 0.2193, "751.0": 0.1427, "739.0": 0.1781, "696.0": 0.3494, "757.0": 0.1289, "690.0": 0.3775, "737.0": 0.1844, "726.0": 0.2295, "765.0": 0.1134, "768.0": 0.1081, "704.0": 0.3206, "740.0": 0.1745, "713.0": 0.2842, "703.0": 0.3254, "761.0": 0.1208, "697.0": 0.3542, "693.0": 0.3634, "762.0": 0.1189, "709.0": 0.3037, "712.0": 0.289, "733.0": 0.2003, "722.0": 0.2452, "695.0": 0.354, "699.0": 0.3446, "702.0": 0.3302, "701.0": 0.335, "710.0": 0.2988, "731.0": 0.2076, "729.0": 0.2142, "744.0": 0.1616, "753.0": 0.1377, "700.0": 0.3398, "741.0": 0.1708, "755.0": 0.1332, "758.0": 0.1269, "746.0": 0.1562, "718.0": 0.2651, "691.0": 0.3728, "735.0": 0.1926, "752.0": 0.1401}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 47, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00760000", "long_symbol": "SPY260904P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.76, "short_delta": 0.2553, "long_delta": 0.1398, "short_iv": 0.1228, "short_rel_spread": 0.013157894736842117, "long_rel_spread": 0.013071895424836612, "short_quote_age": 0.627789, "long_quote_age": 0.629481, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 47, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 424.0, "total_risk": 19928.0, "buying_power_used_pct": 0.9964}, "spot": 766.12}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.70 (gross $-29.20 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 47 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:17:09.670828+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5D momentum (+0.35%) with ATM IV of 10.79% trading above RV20 at an IV/RV ratio of 1.04, favoring put credit spread premium collection.", "invalidation": "A continued downward move in SPY spot below 766.15 expanding the 1D decline of -0.42%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"705.0": 0.4188, "765.0": 0.1075, "762.0": 0.1152, "700.0": 0.4291, "710.0": 0.3867, "751.0": 0.1499, "719.0": 0.3288, "758.0": 0.1259, "764.0": 0.1101, "729.0": 0.2746, "732.0": 0.2545, "767.0": 0.1034, "718.0": 0.3353, "723.0": 0.3031, "715.0": 0.3546, "757.0": 0.1289, "770.0": 0.0981, "725.0": 0.3013, "768.0": 0.1014, "735.0": 0.2344, "760.0": 0.1207, "721.0": 0.316, "743.0": 0.1861, "766.0": 0.1053, "736.0": 0.2276, "769.0": 0.0995, "695.0": 0.46, "720.0": 0.3224, "754.0": 0.1392, "745.0": 0.1768, "728.0": 0.2813, "726.0": 0.2947, "756.0": 0.1324, "741.0": 0.2001, "740.0": 0.2071, "749.0": 0.1579, "738.0": 0.2141, "724.0": 0.2966, "733.0": 0.2478, "734.0": 0.2411, "750.0": 0.1529, "685.0": 0.5219, "727.0": 0.288, "763.0": 0.1126, "748.0": 0.1624, "753.0": 0.1431, "759.0": 0.1231, "731.0": 0.2613, "744.0": 0.184, "752.0": 0.146, "730.0": 0.2679, "739.0": 0.2141, "737.0": 0.2209, "722.0": 0.3095, "761.0": 0.1178, "755.0": 0.1357, "690.0": 0.4909, "742.0": 0.1931, "747.0": 0.1663, "746.0": 0.1737}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2116, "long_delta": 0.0829, "short_iv": 0.1178, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.664937, "long_quote_age": 0.674786, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.2}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.17 (gross $-35.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:17:22.573054+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.22, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5D momentum at +0.35% and an IV/RV ratio of 1.04, providing favorable premium for writing short put spreads across a 3 to 6 DTE window.", "invalidation": "SPY drops further below the spot price of 766.15 as the 1D decline of -0.42% continues to accelerate."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"690.0": 0.4213, "728.0": 0.2373, "726.0": 0.2484, "731.0": 0.2261, "767.0": 0.1062, "723.0": 0.2651, "768.0": 0.1049, "746.0": 0.1602, "736.0": 0.2019, "760.0": 0.1208, "752.0": 0.1411, "740.0": 0.182, "756.0": 0.1307, "747.0": 0.1574, "733.0": 0.2147, "737.0": 0.196, "721.0": 0.2762, "750.0": 0.1474, "748.0": 0.1541, "757.0": 0.1277, "700.0": 0.3687, "734.0": 0.2089, "730.0": 0.2319, "743.0": 0.1699, "741.0": 0.1793, "718.0": 0.2845, "724.0": 0.2596, "766.0": 0.1083, "739.0": 0.188, "759.0": 0.123, "763.0": 0.1141, "744.0": 0.1663, "705.0": 0.3548, "742.0": 0.1761, "719.0": 0.2873, "732.0": 0.2204, "738.0": 0.1902, "751.0": 0.144, "764.0": 0.1119, "735.0": 0.2078, "715.0": 0.3008, "745.0": 0.1646, "749.0": 0.1503, "720.0": 0.2818, "710.0": 0.3278, "695.0": 0.395, "727.0": 0.2428, "761.0": 0.1185, "725.0": 0.254, "765.0": 0.1101, "758.0": 0.1255, "755.0": 0.1326, "722.0": 0.2707, "729.0": 0.2317, "754.0": 0.136, "762.0": 0.1161, "770.0": 0.1023, "769.0": 0.1034, "753.0": 0.1385}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 77, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00757000", "short_strike": 760.0, "long_strike": 757.0, "width": 3.0, "credit": 0.42, "short_delta": 0.22, "long_delta": 0.1416, "short_iv": 0.1208, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.478318, "long_quote_age": 0.504826, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 77, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 258.0, "total_risk": 19866.0, "buying_power_used_pct": 0.9933}, "spot": 766.19}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.92 (gross $-19.92 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 77 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $258/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,866.00 (77 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-20.92 (gross $-19.92 - friction $1.00) > $0.00"}], "economics": {"credit": 0.42, "width": 3.0, "short_delta": 0.22, "long_delta": 0.1416, "max_profit_usd": 42.0, "max_loss_usd": 258.0, "breakeven_wr": 0.86, "implied_wr": 0.78, "edge_pp": -8.0, "ev_implied_usd": -12.24, "realized_vol": 0.1064, "atm_iv": 0.1083, "vrp_ratio": 0.9825, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -26.21, "ev_at_half_drift_usd": -23.02, "ev_gross_usd": -19.92, "expected_loss_real_usd": 61.92, "friction_usd": 1.0, "ev_net_usd": -20.92, "total_risk_usd": 19866.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 479}
{"ts": "2026-08-31T19:18:41.876634+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.33% with an IV/RV ratio of 1.04, offering favorable option premium to sell put credit spreads.", "invalidation": "SPY price extends its 1D decline of -0.44% below the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"738.0": 0.2131, "755.0": 0.1356, "728.0": 0.2803, "744.0": 0.1829, "737.0": 0.2199, "740.0": 0.206, "722.0": 0.3086, "750.0": 0.1517, "710.0": 0.3858, "685.0": 0.5211, "730.0": 0.267, "725.0": 0.2892, "768.0": 0.1025, "715.0": 0.3536, "719.0": 0.3279, "695.0": 0.4591, "739.0": 0.213, "700.0": 0.4282, "735.0": 0.2334, "762.0": 0.1163, "724.0": 0.2957, "769.0": 0.1006, "733.0": 0.2468, "745.0": 0.1757, "720.0": 0.3215, "763.0": 0.1137, "760.0": 0.1215, "736.0": 0.2266, "761.0": 0.1188, "743.0": 0.185, "690.0": 0.4901, "756.0": 0.132, "732.0": 0.2536, "746.0": 0.1726, "742.0": 0.192, "752.0": 0.1448, "764.0": 0.1113, "723.0": 0.3021, "741.0": 0.199, "749.0": 0.1567, "731.0": 0.2603, "747.0": 0.1652, "766.0": 0.1067, "718.0": 0.3343, "753.0": 0.1418, "748.0": 0.1612, "705.0": 0.3974, "758.0": 0.1269, "726.0": 0.2937, "729.0": 0.2737, "721.0": 0.315, "759.0": 0.1236, "751.0": 0.1487, "757.0": 0.1293, "734.0": 0.2401, "767.0": 0.1045, "754.0": 0.1393, "765.0": 0.1091, "727.0": 0.287}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1841, "long_delta": 0.0715, "short_iv": 0.1215, "short_rel_spread": 0.014388489208633108, "long_rel_spread": 0.04081632653061228, "short_quote_age": 0.437059, "long_quote_age": 0.499025, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 455.0, "total_risk": 19565.0, "buying_power_used_pct": 0.9782}, "spot": 766.015}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.02 (gross $-32.02 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 4.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $455/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,565.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.02 (gross $-32.02 - friction $1.00) > $0.00"}], "economics": {"credit": 0.45, "width": 5.0, "short_delta": 0.1841, "long_delta": 0.0715, "max_profit_usd": 45.0, "max_loss_usd": 455.0, "breakeven_wr": 0.91, "implied_wr": 0.8159, "edge_pp": -9.41, "ev_implied_usd": -18.9, "realized_vol": 0.1064, "atm_iv": 0.1067, "vrp_ratio": 0.9972, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -38.8, "ev_at_half_drift_usd": -35.36, "ev_gross_usd": -32.02, "expected_loss_real_usd": 77.02, "friction_usd": 1.0, "ev_net_usd": -33.02, "total_risk_usd": 19565.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 422}
{"ts": "2026-08-31T19:18:53.271133+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "SPY displays positive 5-day momentum at +0.33% and ATM IV exceeds realized volatility with an IV/RV ratio of 1.04.", "invalidation": "SPY spot breaks significantly downward continuing the 1-day decline of -0.44%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"755.0": 0.1341, "711.0": 0.2938, "719.0": 0.26, "758.0": 0.1275, "757.0": 0.1296, "721.0": 0.2501, "736.0": 0.1871, "734.0": 0.1949, "741.0": 0.1706, "749.0": 0.1484, "731.0": 0.2074, "701.0": 0.3349, "761.0": 0.1216, "759.0": 0.1256, "698.0": 0.3492, "748.0": 0.1511, "726.0": 0.2293, "717.0": 0.2645, "766.0": 0.1124, "699.0": 0.3444, "702.0": 0.3301, "751.0": 0.1433, "715.0": 0.2743, "754.0": 0.1362, "705.0": 0.3157, "752.0": 0.1406, "763.0": 0.1176, "692.0": 0.368, "694.0": 0.3586, "742.0": 0.1685, "700.0": 0.3397, "733.0": 0.2002, "750.0": 0.1461, "723.0": 0.2401, "740.0": 0.1744, "716.0": 0.2694, "714.0": 0.2791, "724.0": 0.2351, "730.0": 0.2126, "696.0": 0.3492, "735.0": 0.1925, "690.0": 0.3774, "720.0": 0.255, "708.0": 0.3014, "710.0": 0.2987, "756.0": 0.1317, "729.0": 0.2141, "744.0": 0.1614, "718.0": 0.265, "704.0": 0.3205, "706.0": 0.3109, "722.0": 0.2451, "764.0": 0.1159, "765.0": 0.1142, "727.0": 0.2243, "737.0": 0.1843, "709.0": 0.3036, "762.0": 0.1196, "768.0": 0.1095, "725.0": 0.2344, "695.0": 0.3539, "703.0": 0.3253, "760.0": 0.1235, "767.0": 0.1107, "743.0": 0.1659, "745.0": 0.1582, "728.0": 0.2192, "693.0": 0.3633, "713.0": 0.284, "769.0": 0.1079, "707.0": 0.3061, "712.0": 0.2889, "738.0": 0.1812, "697.0": 0.354, "746.0": 0.156, "739.0": 0.1779, "747.0": 0.1544, "691.0": 0.3727, "732.0": 0.2022, "753.0": 0.1388}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2036, "long_delta": 0.142, "short_iv": 0.1275, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.012738853503184724, "short_quote_age": 0.568833, "long_quote_age": 0.536369, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 261.0, "total_risk": 19836.0, "buying_power_used_pct": 0.9918}, "spot": 766.045}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.19 (gross $-18.19 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:20:13.190690+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.34% with an IV/RV ratio of 1.04 indicating favorably priced short-dated premium despite the minor 1-day dip of -0.43%.", "invalidation": "A continued decline in SPY spot price breaching below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"769.0": 0.1008, "731.0": 0.2605, "728.0": 0.2806, "710.0": 0.386, "719.0": 0.3281, "751.0": 0.149, "742.0": 0.1923, "720.0": 0.3217, "726.0": 0.2939, "723.0": 0.3023, "759.0": 0.124, "685.0": 0.5213, "732.0": 0.2538, "734.0": 0.2403, "722.0": 0.3088, "750.0": 0.152, "764.0": 0.1114, "736.0": 0.2269, "766.0": 0.1068, "737.0": 0.2201, "760.0": 0.1213, "761.0": 0.1186, "767.0": 0.1044, "727.0": 0.2872, "752.0": 0.145, "756.0": 0.1324, "738.0": 0.2133, "743.0": 0.1852, "724.0": 0.2959, "730.0": 0.2672, "744.0": 0.1832, "768.0": 0.1024, "754.0": 0.1381, "749.0": 0.157, "748.0": 0.1615, "746.0": 0.1729, "739.0": 0.2133, "725.0": 0.2894, "765.0": 0.1089, "753.0": 0.1421, "695.0": 0.4593, "755.0": 0.1359, "729.0": 0.2739, "735.0": 0.2336, "721.0": 0.3152, "758.0": 0.1264, "763.0": 0.1138, "740.0": 0.2063, "700.0": 0.4284, "747.0": 0.1654, "762.0": 0.1162, "741.0": 0.1993, "718.0": 0.3346, "757.0": 0.1297, "690.0": 0.4903, "705.0": 0.3976, "733.0": 0.2471, "715.0": 0.3538, "745.0": 0.176}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.44, "short_delta": 0.1822, "long_delta": 0.0713, "short_iv": 0.1213, "short_rel_spread": 0.014598540145985252, "long_rel_spread": 0.04081632653061228, "short_quote_age": 0.498322, "long_quote_age": 0.498438, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 456.0, "total_risk": 19608.0, "buying_power_used_pct": 0.9804}, "spot": 766.03}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.84 (gross $-32.84 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 4.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $456/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,608.00 (43 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.84 (gross $-32.84 - friction $1.00) > $0.00"}], "economics": {"credit": 0.44, "width": 5.0, "short_delta": 0.1822, "long_delta": 0.0713, "max_profit_usd": 44.0, "max_loss_usd": 456.0, "breakeven_wr": 0.912, "implied_wr": 0.8178, "edge_pp": -9.42, "ev_implied_usd": -19.38, "realized_vol": 0.1064, "atm_iv": 0.1068, "vrp_ratio": 0.9963, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -39.61, "ev_at_half_drift_usd": -36.18, "ev_gross_usd": -32.84, "expected_loss_real_usd": 76.84, "friction_usd": 1.0, "ev_net_usd": -33.84, "total_risk_usd": 19608.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 490}
{"ts": "2026-08-31T19:20:26.294182+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows positive 5-day performance of +0.34% alongside an IV/RV ratio of 1.04, favoring put credit spread premium collection across a 4 to 7 DTE horizon.", "invalidation": "A continuation of the 1-day decline of -0.43% breaking below recent price performance would invalidate this bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"701.0": 0.3349, "751.0": 0.1434, "730.0": 0.2127, "738.0": 0.1813, "703.0": 0.3254, "721.0": 0.2501, "769.0": 0.1073, "749.0": 0.1485, "718.0": 0.2651, "702.0": 0.3301, "710.0": 0.2987, "692.0": 0.368, "736.0": 0.1872, "734.0": 0.195, "739.0": 0.178, "705.0": 0.3158, "748.0": 0.1512, "696.0": 0.3493, "716.0": 0.2694, "713.0": 0.2841, "693.0": 0.3634, "742.0": 0.1685, "752.0": 0.1408, "691.0": 0.3727, "726.0": 0.2294, "731.0": 0.2075, "741.0": 0.1707, "746.0": 0.1561, "729.0": 0.2141, "723.0": 0.2401, "722.0": 0.2451, "745.0": 0.1583, "763.0": 0.1178, "756.0": 0.1318, "724.0": 0.2351, "743.0": 0.1659, "754.0": 0.1363, "694.0": 0.3587, "757.0": 0.1297, "685.0": 0.4009, "698.0": 0.3493, "733.0": 0.2003, "707.0": 0.3062, "767.0": 0.1106, "708.0": 0.3014, "766.0": 0.1124, "711.0": 0.2939, "768.0": 0.1091, "758.0": 0.1276, "690.0": 0.3774, "727.0": 0.2243, "699.0": 0.3445, "719.0": 0.2601, "747.0": 0.1533, "704.0": 0.3206, "725.0": 0.2345, "760.0": 0.1235, "765.0": 0.1141, "715.0": 0.2743, "762.0": 0.1196, "732.0": 0.2023, "720.0": 0.2551, "697.0": 0.3541, "706.0": 0.311, "695.0": 0.354, "744.0": 0.1615, "712.0": 0.289, "728.0": 0.2192, "735.0": 0.1925, "709.0": 0.3036, "737.0": 0.1844, "761.0": 0.1215, "717.0": 0.2645, "750.0": 0.1454, "753.0": 0.1382, "700.0": 0.3397, "759.0": 0.1255, "714.0": 0.2792, "764.0": 0.1158, "740.0": 0.1745, "755.0": 0.1342}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2034, "long_delta": 0.1104, "short_iv": 0.1276, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.725712, "long_quote_age": 0.717174, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 442.0, "total_risk": 19890.0, "buying_power_used_pct": 0.9945}, "spot": 766.105}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.25 (gross $-28.25 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:21:46.449797+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY retains positive 5-day performance of +0.33% with an IV/RV ratio of 1.04, supporting premium harvesting on short-duration put credit spreads following a minor 1-day dip of -0.43%.", "invalidation": "SPY spot falls substantially below 766.00, reversing the positive 5-day return into negative territory."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"752.0": 0.1451, "729.0": 0.2739, "726.0": 0.294, "718.0": 0.3346, "685.0": 0.5213, "769.0": 0.1007, "723.0": 0.3024, "722.0": 0.3088, "734.0": 0.2404, "762.0": 0.1164, "736.0": 0.2269, "727.0": 0.2873, "760.0": 0.1214, "763.0": 0.1139, "735.0": 0.2337, "761.0": 0.1188, "751.0": 0.1491, "758.0": 0.1265, "715.0": 0.3539, "700.0": 0.4285, "732.0": 0.2538, "764.0": 0.1114, "745.0": 0.176, "765.0": 0.1091, "749.0": 0.1571, "768.0": 0.1024, "725.0": 0.2895, "731.0": 0.2606, "759.0": 0.1241, "695.0": 0.4594, "733.0": 0.2471, "737.0": 0.2202, "740.0": 0.2063, "730.0": 0.2672, "754.0": 0.1382, "746.0": 0.1729, "738.0": 0.2134, "728.0": 0.2806, "757.0": 0.1298, "753.0": 0.1422, "755.0": 0.136, "741.0": 0.1994, "690.0": 0.4903, "750.0": 0.1521, "719.0": 0.3282, "710.0": 0.386, "721.0": 0.3153, "767.0": 0.1045, "720.0": 0.3217, "724.0": 0.2959, "743.0": 0.1853, "705.0": 0.3977, "756.0": 0.1325, "744.0": 0.1833, "742.0": 0.1923, "739.0": 0.2133, "747.0": 0.1655, "748.0": 0.1616, "766.0": 0.107}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00760000", "long_symbol": "SPY260902P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.44, "short_delta": 0.1821, "long_delta": 0.0713, "short_iv": 0.1214, "short_rel_spread": 0.014598540145985252, "long_rel_spread": 0.04081632653061228, "short_quote_age": 0.430367, "long_quote_age": 1.099587, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 456.0, "total_risk": 19608.0, "buying_power_used_pct": 0.9804}, "spot": 766.035}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.64 (gross $-32.64 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:21:58.559570+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day performance (+0.33%) with an IV/RV ratio of 1.04, providing favorable premium to sell put credit spreads following the 1-day decline of -0.43%.", "invalidation": "SPY spot drops significantly below 766.00 accompanied by continuous negative returns."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"715.0": 0.2999, "720.0": 0.2809, "727.0": 0.242, "757.0": 0.128, "763.0": 0.1146, "731.0": 0.2252, "762.0": 0.1167, "749.0": 0.1506, "752.0": 0.1409, "760.0": 0.1212, "732.0": 0.2195, "700.0": 0.3679, "745.0": 0.1635, "735.0": 0.2068, "736.0": 0.201, "733.0": 0.2138, "755.0": 0.1328, "728.0": 0.2364, "718.0": 0.2837, "766.0": 0.1089, "722.0": 0.2698, "748.0": 0.1529, "742.0": 0.1751, "758.0": 0.1256, "746.0": 0.1591, "756.0": 0.1306, "705.0": 0.354, "737.0": 0.1951, "734.0": 0.208, "740.0": 0.181, "695.0": 0.3942, "743.0": 0.1715, "719.0": 0.2783, "741.0": 0.1783, "724.0": 0.2587, "739.0": 0.1871, "730.0": 0.2309, "754.0": 0.1355, "765.0": 0.1109, "751.0": 0.1439, "761.0": 0.1188, "729.0": 0.2308, "726.0": 0.2475, "764.0": 0.1127, "769.0": 0.1038, "759.0": 0.1236, "690.0": 0.4205, "738.0": 0.1892, "725.0": 0.2531, "710.0": 0.327, "723.0": 0.2642, "744.0": 0.1677, "768.0": 0.1053, "750.0": 0.1462, "747.0": 0.1563, "721.0": 0.2753, "685.0": 0.4259, "753.0": 0.1381, "767.0": 0.1073}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00759000", "long_symbol": "SPY260903P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.53, "short_delta": 0.197, "long_delta": 0.0939, "short_iv": 0.1236, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.024096385542168697, "short_quote_age": 1.086144, "long_quote_age": 1.259987, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.0}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-32.44 (gross $-31.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00759000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-32.44 (gross $-31.44 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.197, "long_delta": 0.0939, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.803, "edge_pp": -9.1, "ev_implied_usd": -19.72, "realized_vol": 0.1064, "atm_iv": 0.1089, "vrp_ratio": 0.977, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.41, "ev_at_half_drift_usd": -35.85, "ev_gross_usd": -31.44, "expected_loss_real_usd": 84.44, "friction_usd": 1.0, "ev_net_usd": -32.44, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 478}
{"ts": "2026-08-31T19:23:23.010947+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum at +0.36% with an IV/RV ratio of 1.04 offering sufficient premium to sell downside puts.", "invalidation": "SPY spot price declines sharply below the 766.25 level with expanding daily losses."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"741.0": 0.2015, "763.0": 0.1132, "757.0": 0.13, "734.0": 0.2425, "752.0": 0.1477, "723.0": 0.3043, "690.0": 0.4921, "737.0": 0.2222, "768.0": 0.102, "744.0": 0.1855, "695.0": 0.4611, "770.0": 0.1016, "754.0": 0.1395, "736.0": 0.229, "743.0": 0.1875, "721.0": 0.3172, "732.0": 0.2559, "722.0": 0.3108, "727.0": 0.2893, "750.0": 0.1546, "767.0": 0.1039, "731.0": 0.2626, "685.0": 0.5231, "719.0": 0.3301, "718.0": 0.3365, "726.0": 0.296, "753.0": 0.1431, "700.0": 0.4303, "740.0": 0.2085, "720.0": 0.3237, "705.0": 0.3995, "729.0": 0.276, "724.0": 0.2979, "745.0": 0.1783, "747.0": 0.1678, "762.0": 0.1159, "751.0": 0.1516, "749.0": 0.1595, "739.0": 0.2155, "760.0": 0.1212, "725.0": 0.2914, "764.0": 0.1108, "758.0": 0.1264, "733.0": 0.2492, "746.0": 0.1752, "759.0": 0.1239, "765.0": 0.1082, "735.0": 0.2357, "748.0": 0.1639, "761.0": 0.118, "769.0": 0.1, "730.0": 0.2693, "742.0": 0.1945, "756.0": 0.1332, "766.0": 0.1062, "715.0": 0.3558, "728.0": 0.2826, "755.0": 0.1363, "738.0": 0.2155, "710.0": 0.3879}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.49, "short_delta": 0.2031, "long_delta": 0.08, "short_iv": 0.118, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.407659, "long_quote_age": 0.50004, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.34}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.73 (gross $-35.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-36.73 (gross $-35.73 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.2031, "long_delta": 0.08, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.7969, "edge_pp": -10.51, "ev_implied_usd": -21.78, "realized_vol": 0.1064, "atm_iv": 0.1062, "vrp_ratio": 1.0019, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -43.06, "ev_at_half_drift_usd": -39.35, "ev_gross_usd": -35.73, "expected_loss_real_usd": 84.73, "friction_usd": 1.0, "ev_net_usd": -36.73, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 430}
{"ts": "2026-08-31T19:23:35.393332+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY displays positive 5-day momentum of +0.36% with an IV/RV ratio of 1.04, favoring premium selling via put credit spreads across a 4 to 7 DTE window.", "invalidation": "SPY spot price drops significantly reversing the 5-day positive return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"727.0": 0.2263, "759.0": 0.1254, "756.0": 0.1315, "731.0": 0.2095, "720.0": 0.257, "751.0": 0.143, "742.0": 0.1691, "700.0": 0.3415, "704.0": 0.3224, "763.0": 0.1176, "752.0": 0.1407, "696.0": 0.351, "710.0": 0.3006, "706.0": 0.3128, "730.0": 0.2147, "693.0": 0.3651, "761.0": 0.1214, "692.0": 0.3698, "697.0": 0.3559, "740.0": 0.1746, "745.0": 0.1608, "748.0": 0.1517, "707.0": 0.308, "728.0": 0.2212, "733.0": 0.2023, "716.0": 0.2713, "732.0": 0.2043, "737.0": 0.1865, "760.0": 0.1234, "739.0": 0.178, "770.0": 0.1063, "718.0": 0.2615, "709.0": 0.3055, "738.0": 0.1835, "741.0": 0.173, "735.0": 0.1946, "734.0": 0.1971, "714.0": 0.2811, "723.0": 0.2421, "750.0": 0.1464, "724.0": 0.2371, "753.0": 0.1385, "701.0": 0.3367, "766.0": 0.1122, "769.0": 0.1077, "713.0": 0.286, "765.0": 0.1139, "744.0": 0.1624, "702.0": 0.3319, "703.0": 0.3272, "749.0": 0.1483, "722.0": 0.2471, "757.0": 0.1293, "698.0": 0.3511, "699.0": 0.3463, "747.0": 0.1535, "711.0": 0.2957, "715.0": 0.2762, "762.0": 0.1194, "717.0": 0.2664, "705.0": 0.3176, "691.0": 0.3745, "743.0": 0.1667, "746.0": 0.1573, "758.0": 0.1273, "721.0": 0.2521, "729.0": 0.2161, "768.0": 0.1092, "712.0": 0.2908, "767.0": 0.1105, "690.0": 0.3792, "754.0": 0.1363, "755.0": 0.134, "736.0": 0.1893, "725.0": 0.2365, "764.0": 0.1156, "695.0": 0.3557, "694.0": 0.3604, "726.0": 0.2314, "708.0": 0.3032, "719.0": 0.262}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1915, "long_delta": 0.1331, "short_iv": 0.1273, "short_rel_spread": 0.00921658986175116, "long_rel_spread": 0.013793103448275874, "short_quote_age": 0.561622, "long_quote_age": 0.535321, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.46}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.41 (gross $-18.41 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:24:52.743638+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY holds a positive 5-day return of +0.39% with short-dated implied volatility at 10.86% trading above 20-day realized volatility of 10.40% (IV/RV 1.04).", "invalidation": "SPY continues its 1-day drop of -0.38% with spot falling significantly below 766.43."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"740.0": 0.209, "725.0": 0.2919, "700.0": 0.4307, "738.0": 0.216, "757.0": 0.1297, "768.0": 0.1033, "769.0": 0.1012, "719.0": 0.3306, "743.0": 0.188, "731.0": 0.2631, "726.0": 0.2965, "690.0": 0.4925, "747.0": 0.1684, "758.0": 0.1272, "705.0": 0.3999, "728.0": 0.2831, "710.0": 0.3884, "749.0": 0.1601, "765.0": 0.1092, "754.0": 0.1402, "764.0": 0.1116, "746.0": 0.1758, "732.0": 0.2564, "751.0": 0.1498, "727.0": 0.2898, "744.0": 0.186, "685.0": 0.5235, "734.0": 0.243, "756.0": 0.134, "750.0": 0.1552, "755.0": 0.137, "760.0": 0.1214, "770.0": 0.1022, "759.0": 0.124, "767.0": 0.1049, "737.0": 0.2228, "752.0": 0.1463, "745.0": 0.1788, "723.0": 0.3048, "736.0": 0.2295, "748.0": 0.1645, "742.0": 0.195, "722.0": 0.3113, "718.0": 0.337, "741.0": 0.202, "739.0": 0.216, "762.0": 0.1164, "735.0": 0.2362, "761.0": 0.119, "753.0": 0.1438, "763.0": 0.1139, "730.0": 0.2698, "733.0": 0.2497, "766.0": 0.1069, "729.0": 0.2765, "721.0": 0.3177, "724.0": 0.2984, "720.0": 0.3241, "695.0": 0.4616, "715.0": 0.3563}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.49, "short_delta": 0.2017, "long_delta": 0.0796, "short_iv": 0.119, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.498591, "long_quote_age": 1.445518, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.435}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.88 (gross $-33.88 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.88 (gross $-33.88 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.2017, "long_delta": 0.0796, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.7983, "edge_pp": -10.37, "ev_implied_usd": -21.32, "realized_vol": 0.1064, "atm_iv": 0.1069, "vrp_ratio": 0.9953, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.14, "ev_at_half_drift_usd": -37.46, "ev_gross_usd": -33.88, "expected_loss_real_usd": 82.88, "friction_usd": 1.0, "ev_net_usd": -34.88, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 459}
{"ts": "2026-08-31T19:25:07.172196+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY shows an IV/RV ratio of 1.04 alongside a positive 5-day return of +0.39%, providing favorable conditions to capture premium on longer-dated weekly put spreads.", "invalidation": "SPY downward momentum accelerates significantly beyond its 1-day decline of -0.38%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"707.0": 0.3078, "724.0": 0.2369, "713.0": 0.2857, "736.0": 0.189, "710.0": 0.3004, "744.0": 0.1636, "719.0": 0.2618, "709.0": 0.3052, "728.0": 0.221, "694.0": 0.3602, "756.0": 0.1322, "739.0": 0.1799, "746.0": 0.157, "733.0": 0.2021, "742.0": 0.1688, "718.0": 0.2613, "715.0": 0.276, "703.0": 0.3269, "765.0": 0.1147, "750.0": 0.146, "761.0": 0.122, "716.0": 0.2711, "740.0": 0.1764, "699.0": 0.3461, "691.0": 0.3743, "760.0": 0.1241, "729.0": 0.2159, "722.0": 0.2468, "705.0": 0.3174, "711.0": 0.2955, "768.0": 0.1096, "693.0": 0.3649, "701.0": 0.3365, "690.0": 0.379, "692.0": 0.3696, "741.0": 0.1727, "745.0": 0.1605, "726.0": 0.2312, "749.0": 0.149, "767.0": 0.1112, "766.0": 0.1128, "698.0": 0.3509, "712.0": 0.2906, "758.0": 0.1282, "754.0": 0.1366, "734.0": 0.1968, "770.0": 0.1063, "762.0": 0.12, "700.0": 0.3413, "747.0": 0.1544, "752.0": 0.1411, "769.0": 0.1078, "720.0": 0.2568, "725.0": 0.2362, "706.0": 0.3126, "738.0": 0.1832, "714.0": 0.2809, "764.0": 0.1162, "757.0": 0.1299, "753.0": 0.1389, "755.0": 0.1342, "696.0": 0.3508, "727.0": 0.2261, "731.0": 0.2093, "697.0": 0.3557, "721.0": 0.2518, "737.0": 0.1863, "732.0": 0.2041, "708.0": 0.303, "704.0": 0.3222, "763.0": 0.1182, "748.0": 0.1514, "723.0": 0.2418, "717.0": 0.2662, "695.0": 0.3555, "751.0": 0.1435, "743.0": 0.1664, "730.0": 0.2144, "759.0": 0.126, "735.0": 0.1944, "702.0": 0.3317}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.38, "short_delta": 0.1945, "long_delta": 0.1344, "short_iv": 0.1282, "short_rel_spread": 0.008968609865470859, "long_rel_spread": 0.01360544217687076, "short_quote_age": 1.320562, "long_quote_age": 0.502107, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9956}, "spot": 766.42}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-17.63 (gross $-16.63 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:26:25.954374+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.37% with ATM implied volatility trading at a premium to 20-day realized volatility (IV/RV 1.04), favoring short put premium collection.", "invalidation": "SPY price declines further beyond the recent 1-day drop of -0.40% to breach the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"721.0": 0.317, "732.0": 0.2556, "742.0": 0.1942, "735.0": 0.2355, "705.0": 0.3992, "729.0": 0.2757, "731.0": 0.2623, "720.0": 0.3234, "700.0": 0.4301, "768.0": 0.1018, "743.0": 0.1872, "736.0": 0.2287, "741.0": 0.2012, "760.0": 0.1207, "734.0": 0.2422, "723.0": 0.3041, "727.0": 0.2891, "710.0": 0.3877, "752.0": 0.1453, "695.0": 0.4609, "749.0": 0.1592, "724.0": 0.2976, "690.0": 0.4919, "730.0": 0.269, "759.0": 0.1234, "738.0": 0.2152, "715.0": 0.3556, "750.0": 0.1542, "758.0": 0.1268, "740.0": 0.2082, "753.0": 0.1428, "765.0": 0.1082, "719.0": 0.3299, "745.0": 0.178, "751.0": 0.1489, "722.0": 0.3105, "770.0": 0.0995, "757.0": 0.1296, "725.0": 0.2912, "767.0": 0.1037, "748.0": 0.1636, "754.0": 0.1391, "728.0": 0.2824, "756.0": 0.1328, "739.0": 0.2152, "766.0": 0.106, "761.0": 0.1181, "755.0": 0.1359, "718.0": 0.3363, "764.0": 0.1106, "737.0": 0.222, "769.0": 0.1, "763.0": 0.1131, "726.0": 0.2957, "747.0": 0.1675, "685.0": 0.5229, "744.0": 0.1852, "746.0": 0.1749, "733.0": 0.2489, "762.0": 0.1153}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.5, "short_delta": 0.205, "long_delta": 0.0802, "short_iv": 0.1181, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.542271, "long_quote_age": 0.52744, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.3}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.33 (gross $-35.33 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:26:39.401670+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.37% with IV/RV at 1.04, offering elevated implied volatility over realized volatility to support premium selling across a 4-7 DTE window.", "invalidation": "SPY 5D return turns negative or short-term realized volatility expands above ATM IV of 10.86%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"712.0": 0.2903, "752.0": 0.1414, "761.0": 0.1218, "724.0": 0.2365, "734.0": 0.1965, "706.0": 0.3123, "707.0": 0.3075, "739.0": 0.1795, "713.0": 0.2854, "723.0": 0.2415, "692.0": 0.3693, "699.0": 0.3458, "690.0": 0.3787, "741.0": 0.1723, "765.0": 0.1142, "721.0": 0.2515, "733.0": 0.2017, "700.0": 0.341, "714.0": 0.2805, "725.0": 0.2359, "702.0": 0.3314, "760.0": 0.1238, "732.0": 0.2037, "746.0": 0.1566, "717.0": 0.2659, "698.0": 0.3506, "720.0": 0.2565, "697.0": 0.3554, "701.0": 0.3362, "708.0": 0.3027, "751.0": 0.1438, "758.0": 0.128, "742.0": 0.1684, "753.0": 0.139, "695.0": 0.3552, "737.0": 0.1859, "759.0": 0.1258, "768.0": 0.1092, "754.0": 0.1367, "715.0": 0.2757, "709.0": 0.3049, "744.0": 0.1632, "757.0": 0.1298, "763.0": 0.1179, "764.0": 0.1159, "705.0": 0.3171, "693.0": 0.3646, "735.0": 0.194, "731.0": 0.2089, "767.0": 0.1107, "750.0": 0.1465, "694.0": 0.3599, "730.0": 0.2141, "719.0": 0.2615, "691.0": 0.374, "738.0": 0.1828, "710.0": 0.3001, "756.0": 0.1322, "728.0": 0.2207, "718.0": 0.261, "748.0": 0.152, "722.0": 0.2465, "716.0": 0.2708, "726.0": 0.2308, "770.0": 0.1068, "755.0": 0.1342, "696.0": 0.3505, "685.0": 0.4022, "743.0": 0.166, "762.0": 0.1199, "740.0": 0.176, "766.0": 0.1126, "703.0": 0.3266, "749.0": 0.1485, "736.0": 0.1887, "747.0": 0.154, "745.0": 0.1601, "769.0": 0.1076, "727.0": 0.2257, "704.0": 0.3219, "729.0": 0.2156, "711.0": 0.2952}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1961, "long_delta": 0.1068, "short_iv": 0.128, "short_rel_spread": 0.0088888888888887, "long_rel_spread": 0.017391304347826105, "short_quote_age": 0.549853, "long_quote_age": 0.468749, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.365}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.60 (gross $-28.60 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:27:57.290245+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.40% with ATM IV trading at a premium over 20-day realized volatility at an IV/RV ratio of 1.04.", "invalidation": "SPY spot price drops sharply below the short put strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"765.0": 0.1094, "724.0": 0.2992, "755.0": 0.1369, "729.0": 0.2773, "722.0": 0.3121, "738.0": 0.2169, "742.0": 0.196, "718.0": 0.3378, "725.0": 0.2927, "732.0": 0.2573, "767.0": 0.1047, "766.0": 0.1068, "743.0": 0.1889, "769.0": 0.1006, "747.0": 0.1694, "745.0": 0.1798, "685.0": 0.5243, "728.0": 0.284, "759.0": 0.1238, "761.0": 0.1188, "756.0": 0.1328, "733.0": 0.2505, "741.0": 0.203, "723.0": 0.3056, "705.0": 0.4007, "751.0": 0.1509, "764.0": 0.1114, "739.0": 0.2169, "768.0": 0.1028, "737.0": 0.2236, "730.0": 0.2706, "762.0": 0.1165, "754.0": 0.1397, "758.0": 0.1268, "744.0": 0.187, "749.0": 0.1611, "740.0": 0.2099, "735.0": 0.2371, "763.0": 0.1138, "721.0": 0.3185, "715.0": 0.3571, "734.0": 0.2438, "719.0": 0.3314, "727.0": 0.2907, "690.0": 0.4933, "695.0": 0.4623, "748.0": 0.1655, "746.0": 0.1768, "750.0": 0.1562, "731.0": 0.2639, "757.0": 0.13, "770.0": 0.1018, "720.0": 0.3249, "760.0": 0.1216, "700.0": 0.4315, "736.0": 0.2304, "710.0": 0.3892, "752.0": 0.1474, "726.0": 0.2973, "753.0": 0.1431}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1957, "long_delta": 0.0752, "short_iv": 0.1188, "short_rel_spread": 0.01360544217687076, "long_rel_spread": 0.03921568627450984, "short_quote_age": 0.511759, "long_quote_age": 0.865429, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.22 (gross $-35.22 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-36.22 (gross $-35.22 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1957, "long_delta": 0.0752, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8043, "edge_pp": -9.97, "ev_implied_usd": -19.73, "realized_vol": 0.1064, "atm_iv": 0.1047, "vrp_ratio": 1.0162, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -42.34, "ev_at_half_drift_usd": -38.73, "ev_gross_usd": -35.22, "expected_loss_real_usd": 83.22, "friction_usd": 1.0, "ev_net_usd": -36.22, "total_risk_usd": 19888.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 428}
{"ts": "2026-08-31T19:28:11.186082+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.40% with an IV/RV ratio of 1.04 favoring credit collection over longer near-term expirations.", "invalidation": "SPY spot price drops sharply reversing the positive 5D momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"763.0": 0.1182, "697.0": 0.3567, "721.0": 0.253, "698.0": 0.352, "709.0": 0.3064, "703.0": 0.328, "745.0": 0.1605, "694.0": 0.3612, "696.0": 0.3519, "757.0": 0.1303, "769.0": 0.1079, "732.0": 0.2053, "716.0": 0.2722, "704.0": 0.3232, "722.0": 0.248, "765.0": 0.1146, "740.0": 0.1757, "736.0": 0.1903, "737.0": 0.1876, "714.0": 0.282, "729.0": 0.2171, "749.0": 0.1496, "761.0": 0.1221, "752.0": 0.1413, "742.0": 0.1702, "711.0": 0.2966, "746.0": 0.1572, "764.0": 0.1163, "741.0": 0.1741, "718.0": 0.2624, "770.0": 0.1061, "723.0": 0.243, "699.0": 0.3472, "710.0": 0.3015, "708.0": 0.3041, "756.0": 0.1326, "738.0": 0.1845, "744.0": 0.1635, "700.0": 0.3424, "727.0": 0.2273, "706.0": 0.3137, "743.0": 0.1662, "691.0": 0.3753, "702.0": 0.3328, "693.0": 0.3659, "695.0": 0.3566, "707.0": 0.3089, "715.0": 0.2771, "762.0": 0.12, "731.0": 0.2105, "692.0": 0.3706, "724.0": 0.238, "701.0": 0.3376, "717.0": 0.2673, "733.0": 0.2033, "748.0": 0.1519, "690.0": 0.38, "755.0": 0.1344, "705.0": 0.3185, "768.0": 0.1094, "728.0": 0.2222, "713.0": 0.2869, "767.0": 0.1111, "759.0": 0.1262, "735.0": 0.1957, "758.0": 0.1281, "734.0": 0.1981, "739.0": 0.179, "747.0": 0.1548, "720.0": 0.258, "750.0": 0.1468, "766.0": 0.1128, "730.0": 0.2157, "753.0": 0.1393, "726.0": 0.2323, "751.0": 0.1443, "712.0": 0.2917, "719.0": 0.2629, "725.0": 0.2374, "760.0": 0.1241, "754.0": 0.1365}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.61, "short_delta": 0.2119, "long_delta": 0.1145, "short_iv": 0.1262, "short_rel_spread": 0.008163265306122455, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.638165, "long_quote_age": 0.638125, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 439.0, "total_risk": 19755.0, "buying_power_used_pct": 0.9878}, "spot": 766.69}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-30.73 (gross $-29.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:29:38.198223+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return (+0.41%) and an IV/RV ratio of 1.03, favoring selling short-term put premium into the 1-day pullback (-0.36%).", "invalidation": "SPY spot price drops significantly below 766.60 as negative daily momentum accelerates."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"745.0": 0.1795, "750.0": 0.1559, "730.0": 0.2704, "749.0": 0.1608, "768.0": 0.1029, "765.0": 0.1093, "759.0": 0.125, "747.0": 0.169, "724.0": 0.2989, "727.0": 0.2904, "715.0": 0.3568, "722.0": 0.3118, "710.0": 0.3889, "737.0": 0.2233, "738.0": 0.2166, "761.0": 0.1195, "690.0": 0.493, "705.0": 0.4004, "733.0": 0.2503, "769.0": 0.1011, "743.0": 0.1886, "752.0": 0.147, "764.0": 0.1116, "741.0": 0.2026, "732.0": 0.257, "753.0": 0.1427, "757.0": 0.1306, "742.0": 0.1957, "739.0": 0.2098, "762.0": 0.1165, "735.0": 0.2368, "718.0": 0.3375, "746.0": 0.1722, "723.0": 0.3054, "755.0": 0.1364, "748.0": 0.1652, "726.0": 0.286, "767.0": 0.1046, "756.0": 0.1336, "685.0": 0.524, "728.0": 0.2837, "719.0": 0.3311, "744.0": 0.1867, "770.0": 0.0959, "760.0": 0.1217, "736.0": 0.2301, "740.0": 0.2096, "729.0": 0.277, "721.0": 0.3182, "758.0": 0.1272, "766.0": 0.107, "695.0": 0.4621, "731.0": 0.2637, "734.0": 0.2435, "725.0": 0.2925, "763.0": 0.1142, "700.0": 0.4312, "720.0": 0.3247, "754.0": 0.1393, "751.0": 0.1505}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1989, "long_delta": 0.0773, "short_iv": 0.1195, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.571466, "long_quote_age": 1.010117, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.525}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.63 (gross $-35.63 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,844.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-36.63 (gross $-35.63 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1989, "long_delta": 0.0773, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8011, "edge_pp": -10.09, "ev_implied_usd": -20.05, "realized_vol": 0.1064, "atm_iv": 0.1046, "vrp_ratio": 1.0172, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -42.79, "ev_at_half_drift_usd": -39.16, "ev_gross_usd": -35.63, "expected_loss_real_usd": 84.63, "friction_usd": 1.0, "ev_net_usd": -36.63, "total_risk_usd": 19844.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 456}
{"ts": "2026-08-31T19:29:50.800298+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return of +0.41% with an IV/RV ratio of 1.03 providing favorable premium capture for short put spreads.", "invalidation": "SPY 5D performance drops into negative territory with accelerated daily losses beyond -0.36%."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"719.0": 0.2813, "721.0": 0.2785, "736.0": 0.2043, "725.0": 0.2562, "757.0": 0.1289, "728.0": 0.2395, "732.0": 0.2228, "685.0": 0.4286, "751.0": 0.1458, "715.0": 0.3029, "727.0": 0.2451, "734.0": 0.2113, "768.0": 0.1059, "743.0": 0.1725, "770.0": 0.1026, "766.0": 0.1094, "724.0": 0.2618, "759.0": 0.1243, "762.0": 0.1175, "741.0": 0.1818, "700.0": 0.3708, "731.0": 0.2285, "745.0": 0.165, "690.0": 0.4233, "746.0": 0.1608, "752.0": 0.142, "710.0": 0.3299, "749.0": 0.1516, "720.0": 0.2759, "754.0": 0.1367, "722.0": 0.2729, "769.0": 0.1045, "750.0": 0.1491, "763.0": 0.1155, "730.0": 0.2284, "767.0": 0.1074, "755.0": 0.1337, "733.0": 0.217, "742.0": 0.1757, "747.0": 0.1583, "729.0": 0.2339, "748.0": 0.1552, "756.0": 0.1315, "753.0": 0.1398, "764.0": 0.1133, "705.0": 0.3569, "718.0": 0.2867, "765.0": 0.1113, "760.0": 0.1219, "726.0": 0.2507, "761.0": 0.1197, "723.0": 0.2674, "738.0": 0.1926, "739.0": 0.1905, "695.0": 0.397, "740.0": 0.1845, "744.0": 0.1689, "735.0": 0.2056, "737.0": 0.1985, "758.0": 0.1266}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2072, "long_delta": 0.0986, "short_iv": 0.1219, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.698321, "long_quote_age": 0.904259, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 766.61}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.59 (gross $-33.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.59 (gross $-33.59 - friction $1.00) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2072, "long_delta": 0.0986, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7928, "edge_pp": -9.52, "ev_implied_usd": -20.45, "realized_vol": 0.1064, "atm_iv": 0.1074, "vrp_ratio": 0.9907, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -42.86, "ev_at_half_drift_usd": -38.15, "ev_gross_usd": -33.59, "expected_loss_real_usd": 89.59, "friction_usd": 1.0, "ev_net_usd": -34.59, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 457}
{"ts": "2026-08-31T19:31:08.700626+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.38% while short-term implied volatility trades above 20-day realized volatility with IV/RV at 1.03.", "invalidation": "SPY spot breaks down turning the 5-day return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"725.0": 0.2912, "710.0": 0.3877, "755.0": 0.136, "759.0": 0.1242, "747.0": 0.1675, "744.0": 0.1852, "764.0": 0.1111, "761.0": 0.1187, "757.0": 0.1296, "733.0": 0.2489, "731.0": 0.2623, "719.0": 0.3299, "738.0": 0.2152, "740.0": 0.2082, "762.0": 0.1165, "721.0": 0.317, "724.0": 0.2976, "749.0": 0.1592, "751.0": 0.1489, "754.0": 0.1391, "685.0": 0.5229, "750.0": 0.1543, "768.0": 0.1025, "695.0": 0.4609, "727.0": 0.2891, "735.0": 0.2355, "763.0": 0.1137, "753.0": 0.1428, "700.0": 0.4301, "769.0": 0.1007, "742.0": 0.1942, "705.0": 0.3992, "718.0": 0.3363, "741.0": 0.2012, "732.0": 0.2556, "756.0": 0.1328, "758.0": 0.1269, "726.0": 0.2847, "760.0": 0.1214, "770.0": 0.0993, "728.0": 0.2824, "752.0": 0.1453, "737.0": 0.222, "766.0": 0.1063, "745.0": 0.178, "723.0": 0.3041, "729.0": 0.2757, "734.0": 0.2422, "743.0": 0.1872, "722.0": 0.3105, "730.0": 0.269, "748.0": 0.1636, "690.0": 0.4919, "746.0": 0.1708, "720.0": 0.3234, "739.0": 0.2084, "765.0": 0.1089, "715.0": 0.3556, "736.0": 0.2287, "767.0": 0.1044}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2062, "long_delta": 0.0802, "short_iv": 0.1187, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.621211, "long_quote_age": 0.633134, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.335}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.84 (gross $-33.84 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,756.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.84 (gross $-33.84 - friction $1.00) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2062, "long_delta": 0.0802, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7938, "edge_pp": -10.42, "ev_implied_usd": -20.6, "realized_vol": 0.1064, "atm_iv": 0.1063, "vrp_ratio": 1.0009, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.17, "ev_at_half_drift_usd": -37.46, "ev_gross_usd": -33.84, "expected_loss_real_usd": 84.84, "friction_usd": 1.0, "ev_net_usd": -34.84, "total_risk_usd": 19756.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 419}
{"ts": "2026-08-31T19:31:19.002449+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day momentum (+0.38%) and an IV/RV ratio of 1.03, providing favorable premium collection on short put spreads across intermediate weekly expiries.", "invalidation": "SPY spot breaks downward below short strike support as 1-day negative momentum accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"739.0": 0.1796, "746.0": 0.1566, "720.0": 0.2565, "770.0": 0.1073, "738.0": 0.1829, "744.0": 0.1633, "717.0": 0.2659, "711.0": 0.2952, "735.0": 0.1941, "762.0": 0.1202, "769.0": 0.1073, "705.0": 0.3171, "753.0": 0.1391, "758.0": 0.1283, "749.0": 0.1486, "756.0": 0.1325, "707.0": 0.3075, "694.0": 0.3599, "741.0": 0.1724, "728.0": 0.2207, "761.0": 0.1221, "730.0": 0.2142, "768.0": 0.1095, "745.0": 0.1601, "755.0": 0.1346, "729.0": 0.2156, "713.0": 0.2855, "714.0": 0.2806, "743.0": 0.1661, "740.0": 0.1761, "723.0": 0.2416, "704.0": 0.3219, "721.0": 0.2515, "736.0": 0.1887, "696.0": 0.3506, "716.0": 0.2708, "718.0": 0.261, "737.0": 0.1859, "760.0": 0.1241, "727.0": 0.2258, "732.0": 0.2038, "697.0": 0.3554, "724.0": 0.2366, "725.0": 0.2359, "690.0": 0.3787, "748.0": 0.1521, "699.0": 0.3458, "700.0": 0.341, "742.0": 0.1702, "759.0": 0.1261, "765.0": 0.1148, "706.0": 0.3123, "763.0": 0.1184, "712.0": 0.2903, "751.0": 0.1439, "685.0": 0.4022, "754.0": 0.1367, "733.0": 0.2018, "701.0": 0.3363, "710.0": 0.3001, "692.0": 0.3693, "726.0": 0.2309, "698.0": 0.3506, "709.0": 0.305, "766.0": 0.1129, "752.0": 0.1414, "719.0": 0.2615, "695.0": 0.3553, "722.0": 0.2466, "731.0": 0.209, "767.0": 0.1112, "715.0": 0.2757, "734.0": 0.1965, "764.0": 0.1164, "702.0": 0.3315, "757.0": 0.1304, "750.0": 0.1465, "691.0": 0.374, "708.0": 0.3028, "693.0": 0.3646, "703.0": 0.3267, "747.0": 0.154}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1964, "long_delta": 0.1067, "short_iv": 0.1283, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.017391304347826105, "short_quote_age": 0.423364, "long_quote_age": 0.419739, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 766.425}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-29.44 (gross $-27.94 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:32:36.909665+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day performance (+0.38%) alongside an IV/RV ratio of 1.03, supporting short-dated put credit spread premium collection following a mild 1-day dip (-0.39%).", "invalidation": "Further downward momentum accelerating beyond the 1-day decline of -0.39% that breaches the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"720.0": 0.3232, "722.0": 0.3104, "761.0": 0.1183, "710.0": 0.3875, "729.0": 0.2755, "758.0": 0.1265, "724.0": 0.2975, "753.0": 0.1425, "685.0": 0.5227, "766.0": 0.1061, "725.0": 0.291, "757.0": 0.1293, "719.0": 0.3297, "747.0": 0.1673, "738.0": 0.215, "744.0": 0.185, "715.0": 0.3554, "726.0": 0.2845, "750.0": 0.154, "748.0": 0.1634, "733.0": 0.2487, "765.0": 0.1083, "736.0": 0.2285, "731.0": 0.2621, "705.0": 0.3991, "764.0": 0.1106, "718.0": 0.3361, "741.0": 0.201, "728.0": 0.2822, "768.0": 0.1021, "746.0": 0.1705, "760.0": 0.121, "751.0": 0.1486, "752.0": 0.1451, "737.0": 0.2218, "742.0": 0.194, "700.0": 0.4299, "749.0": 0.159, "734.0": 0.242, "769.0": 0.1002, "735.0": 0.2353, "721.0": 0.3168, "690.0": 0.4917, "739.0": 0.2082, "723.0": 0.3039, "743.0": 0.187, "727.0": 0.2889, "755.0": 0.1357, "759.0": 0.1239, "740.0": 0.208, "756.0": 0.1326, "754.0": 0.1389, "763.0": 0.1132, "732.0": 0.2554, "745.0": 0.1778, "762.0": 0.1155, "767.0": 0.1036, "770.0": 0.0986, "730.0": 0.2688, "695.0": 0.4608}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2067, "long_delta": 0.0803, "short_iv": 0.1183, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.740386, "long_quote_age": 0.794273, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 449.0, "total_risk": 19756.0, "buying_power_used_pct": 0.9878}, "spot": 766.325}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.89 (gross $-33.89 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:32:49.723218+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "SPY shows positive 5D momentum at +0.38% alongside IV/RV at 1.03, providing favorable pricing to sell short-term downside premium.", "invalidation": "SPY spot price drops significantly below the 766.35 level alongside further negative daily performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"733.0": 0.2014, "752.0": 0.1409, "697.0": 0.3551, "695.0": 0.355, "718.0": 0.2607, "742.0": 0.1699, "690.0": 0.3784, "719.0": 0.2612, "710.0": 0.2998, "748.0": 0.1516, "747.0": 0.1548, "756.0": 0.1322, "726.0": 0.2305, "754.0": 0.1362, "711.0": 0.2949, "762.0": 0.1198, "744.0": 0.1629, "698.0": 0.3503, "727.0": 0.2255, "720.0": 0.2562, "721.0": 0.2512, "740.0": 0.1757, "729.0": 0.2153, "745.0": 0.1597, "705.0": 0.3168, "709.0": 0.3047, "696.0": 0.3503, "707.0": 0.3072, "735.0": 0.1937, "712.0": 0.29, "725.0": 0.2356, "700.0": 0.3407, "701.0": 0.336, "768.0": 0.1091, "728.0": 0.2204, "739.0": 0.1792, "717.0": 0.2656, "753.0": 0.1386, "757.0": 0.1298, "732.0": 0.2035, "723.0": 0.2412, "769.0": 0.1079, "770.0": 0.106, "766.0": 0.1125, "715.0": 0.2754, "741.0": 0.172, "694.0": 0.3597, "767.0": 0.1107, "738.0": 0.1825, "724.0": 0.2362, "758.0": 0.1279, "755.0": 0.1343, "734.0": 0.1962, "714.0": 0.2803, "692.0": 0.369, "749.0": 0.1491, "761.0": 0.1218, "713.0": 0.2852, "750.0": 0.1461, "708.0": 0.3025, "699.0": 0.3455, "702.0": 0.3312, "759.0": 0.1256, "765.0": 0.1142, "691.0": 0.3737, "706.0": 0.312, "736.0": 0.1884, "693.0": 0.3643, "743.0": 0.1657, "704.0": 0.3216, "746.0": 0.1575, "764.0": 0.116, "730.0": 0.2138, "737.0": 0.1856, "760.0": 0.1236, "751.0": 0.1434, "703.0": 0.3264, "716.0": 0.2705, "763.0": 0.1179, "731.0": 0.2086, "722.0": 0.2462}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 56, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00754000", "short_strike": 758.0, "long_strike": 754.0, "width": 4.0, "credit": 0.48, "short_delta": 0.1975, "long_delta": 0.1209, "short_iv": 0.1279, "short_rel_spread": 0.008810572687224679, "long_rel_spread": 0.015267175572519097, "short_quote_age": 1.096125, "long_quote_age": 0.654671, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 56, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 352.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.315}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.53 (gross $-22.53 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 56 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:34:09.091246+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5D momentum at +0.37% with ATM IV priced at an IV/RV ratio of 1.03, providing favorable premium for a short-dated put credit spread.", "invalidation": "A continued decline below current spot of 766.27 that turns the 5D return negative."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"747.0": 0.1675, "725.0": 0.2911, "770.0": 0.0999, "767.0": 0.1036, "748.0": 0.1636, "728.0": 0.2823, "755.0": 0.1359, "695.0": 0.4609, "751.0": 0.1488, "718.0": 0.3362, "685.0": 0.5228, "729.0": 0.2756, "736.0": 0.2287, "742.0": 0.1942, "734.0": 0.2421, "765.0": 0.108, "721.0": 0.3169, "752.0": 0.1452, "720.0": 0.3234, "758.0": 0.1258, "759.0": 0.1233, "741.0": 0.2012, "768.0": 0.102, "756.0": 0.1327, "724.0": 0.2976, "764.0": 0.1104, "760.0": 0.1206, "730.0": 0.269, "705.0": 0.3992, "722.0": 0.3105, "690.0": 0.4918, "732.0": 0.2556, "757.0": 0.1295, "710.0": 0.3876, "737.0": 0.2219, "744.0": 0.1851, "715.0": 0.3555, "753.0": 0.1427, "762.0": 0.1152, "743.0": 0.1871, "726.0": 0.2847, "733.0": 0.2489, "740.0": 0.2082, "749.0": 0.1591, "763.0": 0.113, "745.0": 0.1779, "738.0": 0.2151, "769.0": 0.0999, "700.0": 0.43, "727.0": 0.289, "761.0": 0.118, "754.0": 0.139, "766.0": 0.1058, "723.0": 0.304, "750.0": 0.1542, "735.0": 0.2354, "731.0": 0.2623, "746.0": 0.1707, "719.0": 0.3298, "739.0": 0.2084}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.5, "short_delta": 0.2051, "long_delta": 0.0802, "short_iv": 0.118, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.885138, "long_quote_age": 0.618563, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 450.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.28}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.58 (gross $-35.58 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,800.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-36.58 (gross $-35.58 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.2051, "long_delta": 0.0802, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.7949, "edge_pp": -10.51, "ev_implied_usd": -21.32, "realized_vol": 0.1064, "atm_iv": 0.1058, "vrp_ratio": 1.0057, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -42.95, "ev_at_half_drift_usd": -39.22, "ev_gross_usd": -35.58, "expected_loss_real_usd": 85.58, "friction_usd": 1.0, "ev_net_usd": -36.58, "total_risk_usd": 19800.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 457}
{"ts": "2026-08-31T19:34:21.083738+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum at +0.37% with IV/RV at 1.03, supporting put credit spreads across an extended 4-7 DTE window.", "invalidation": "SPY spot price declines below the short put strike or 5-day performance turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"711.0": 0.2947, "737.0": 0.1853, "758.0": 0.1273, "708.0": 0.3022, "699.0": 0.3453, "719.0": 0.2609, "741.0": 0.1717, "755.0": 0.1339, "703.0": 0.3262, "756.0": 0.1315, "763.0": 0.1173, "767.0": 0.1102, "691.0": 0.3735, "717.0": 0.2654, "744.0": 0.1626, "692.0": 0.3688, "690.0": 0.3782, "718.0": 0.2605, "769.0": 0.1059, "739.0": 0.179, "693.0": 0.3641, "698.0": 0.3501, "765.0": 0.1137, "762.0": 0.1192, "759.0": 0.1252, "724.0": 0.236, "734.0": 0.1959, "714.0": 0.28, "735.0": 0.1935, "720.0": 0.256, "753.0": 0.1382, "743.0": 0.1654, "757.0": 0.1294, "702.0": 0.331, "766.0": 0.1118, "695.0": 0.3548, "723.0": 0.241, "745.0": 0.1594, "730.0": 0.2136, "704.0": 0.3214, "725.0": 0.2354, "746.0": 0.1559, "748.0": 0.1513, "697.0": 0.3549, "705.0": 0.3166, "701.0": 0.3357, "736.0": 0.1881, "742.0": 0.1678, "761.0": 0.1213, "709.0": 0.3044, "726.0": 0.2303, "768.0": 0.108, "685.0": 0.4017, "740.0": 0.1754, "751.0": 0.1431, "716.0": 0.2703, "722.0": 0.246, "696.0": 0.3501, "750.0": 0.1457, "732.0": 0.2032, "731.0": 0.2084, "770.0": 0.1048, "764.0": 0.1155, "760.0": 0.1231, "706.0": 0.3118, "728.0": 0.2201, "738.0": 0.1823, "700.0": 0.3405, "713.0": 0.2849, "747.0": 0.1533, "710.0": 0.2996, "721.0": 0.251, "712.0": 0.2898, "727.0": 0.2252, "729.0": 0.215, "754.0": 0.1358, "694.0": 0.3594, "707.0": 0.307, "752.0": 0.1406, "733.0": 0.2012, "749.0": 0.1478, "715.0": 0.2752}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00760000", "long_symbol": "SPY260904P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.73, "short_delta": 0.2503, "long_delta": 0.1376, "short_iv": 0.1231, "short_rel_spread": 0.006734006734006741, "long_rel_spread": 0.013245033112582794, "short_quote_age": 0.587494, "long_quote_age": 0.625133, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 427.0, "total_risk": 19642.0, "buying_power_used_pct": 0.9821}, "spot": 766.3}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.29 (gross $-30.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:35:44.958970+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains positive 5-day momentum of +0.39% with IV/RV at 1.04, providing sufficient implied volatility premium to sell put credit spreads following a minor 1-day decline of -0.38%.", "invalidation": "SPY spot price accelerating downward past the 1-day decline of -0.38% to breach short strike levels."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"727.0": 0.2899, "685.0": 0.5236, "734.0": 0.2431, "759.0": 0.1242, "744.0": 0.1862, "767.0": 0.1043, "756.0": 0.133, "763.0": 0.1137, "731.0": 0.2632, "724.0": 0.2985, "743.0": 0.1882, "728.0": 0.2833, "735.0": 0.2364, "761.0": 0.1186, "769.0": 0.1008, "715.0": 0.3564, "757.0": 0.1299, "745.0": 0.179, "760.0": 0.1216, "705.0": 0.4, "755.0": 0.1358, "768.0": 0.1027, "720.0": 0.3243, "730.0": 0.2699, "762.0": 0.1161, "746.0": 0.1717, "766.0": 0.1065, "719.0": 0.3307, "741.0": 0.2022, "725.0": 0.292, "733.0": 0.2498, "738.0": 0.2161, "729.0": 0.2766, "726.0": 0.2856, "750.0": 0.1553, "754.0": 0.1387, "739.0": 0.2093, "764.0": 0.1115, "749.0": 0.1602, "753.0": 0.1421, "690.0": 0.4926, "740.0": 0.2092, "752.0": 0.1464, "721.0": 0.3178, "737.0": 0.2229, "751.0": 0.15, "710.0": 0.3885, "747.0": 0.1685, "695.0": 0.4617, "736.0": 0.2296, "748.0": 0.1647, "700.0": 0.4308, "758.0": 0.1274, "732.0": 0.2565, "718.0": 0.3371, "770.0": 0.098, "742.0": 0.1952, "723.0": 0.3049, "722.0": 0.3114, "765.0": 0.1087}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.49, "short_delta": 0.2001, "long_delta": 0.0776, "short_iv": 0.1186, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.438936, "long_quote_age": 0.497533, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 451.0, "total_risk": 19844.0, "buying_power_used_pct": 0.9922}, "spot": 766.44}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.29 (gross $-34.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:35:56.419616+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY maintains a positive 5-day return of +0.39% with IV/RV elevated at 1.04, providing favorable premium to sell downside puts across a 3 to 6 DTE horizon.", "invalidation": "SPY spot drops significantly below 766.41, eroding the 5-day gain."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"760.0": 0.1214, "722.0": 0.2723, "761.0": 0.1193, "748.0": 0.1544, "721.0": 0.2778, "720.0": 0.2753, "695.0": 0.3965, "745.0": 0.1642, "705.0": 0.3563, "764.0": 0.1128, "729.0": 0.2333, "768.0": 0.1054, "766.0": 0.1088, "750.0": 0.1482, "723.0": 0.2667, "728.0": 0.2389, "770.0": 0.1022, "685.0": 0.428, "731.0": 0.2278, "735.0": 0.2049, "700.0": 0.3702, "742.0": 0.175, "737.0": 0.1978, "754.0": 0.1367, "758.0": 0.1261, "734.0": 0.2106, "751.0": 0.145, "741.0": 0.1811, "752.0": 0.1423, "763.0": 0.1147, "733.0": 0.2164, "738.0": 0.1919, "730.0": 0.2277, "747.0": 0.1575, "769.0": 0.1038, "727.0": 0.2445, "726.0": 0.25, "690.0": 0.4228, "767.0": 0.107, "749.0": 0.1508, "732.0": 0.2221, "756.0": 0.1312, "757.0": 0.1285, "724.0": 0.2612, "725.0": 0.2556, "746.0": 0.1621, "740.0": 0.1838, "710.0": 0.3293, "765.0": 0.1108, "719.0": 0.2807, "715.0": 0.3023, "744.0": 0.1681, "755.0": 0.1336, "736.0": 0.2037, "753.0": 0.1389, "762.0": 0.1169, "739.0": 0.1898, "759.0": 0.1237, "718.0": 0.2861, "743.0": 0.1717}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2103, "long_delta": 0.1006, "short_iv": 0.1214, "short_rel_spread": 0.01980198019801982, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.413857, "long_quote_age": 0.420088, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 444.0, "total_risk": 19980.0, "buying_power_used_pct": 0.999}, "spot": 766.48}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.74 (gross $-33.24 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,980.00 (45 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.74 (gross $-33.24 - friction $1.50) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2103, "long_delta": 0.1006, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7897, "edge_pp": -9.83, "ev_implied_usd": -21.72, "realized_vol": 0.1064, "atm_iv": 0.1088, "vrp_ratio": 0.9779, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -42.65, "ev_at_half_drift_usd": -37.87, "ev_gross_usd": -33.24, "expected_loss_real_usd": 89.24, "friction_usd": 1.5, "ev_net_usd": -34.74, "total_risk_usd": 19980.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 454}
{"ts": "2026-08-31T19:37:13.839155+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY maintains a positive 5-day return of +0.40% and an IV/RV ratio of 1.04, offering an attractive implied volatility premium over realized volatility to sell downside credit.", "invalidation": "A sharp continuation of the 1-day decline beyond -0.36% driving SPY price significantly lower."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"724.0": 0.2992, "768.0": 0.1022, "730.0": 0.2707, "748.0": 0.1656, "770.0": 0.0986, "719.0": 0.3314, "766.0": 0.1067, "759.0": 0.1239, "767.0": 0.1044, "720.0": 0.325, "745.0": 0.1798, "747.0": 0.1694, "743.0": 0.189, "746.0": 0.1726, "758.0": 0.1268, "750.0": 0.1562, "739.0": 0.2101, "738.0": 0.2169, "728.0": 0.284, "726.0": 0.2863, "735.0": 0.2371, "690.0": 0.4933, "741.0": 0.203, "751.0": 0.1509, "723.0": 0.3057, "761.0": 0.1189, "753.0": 0.1431, "715.0": 0.3571, "737.0": 0.2237, "721.0": 0.3185, "769.0": 0.1008, "732.0": 0.2573, "731.0": 0.264, "765.0": 0.109, "734.0": 0.2439, "762.0": 0.116, "754.0": 0.1398, "729.0": 0.2773, "722.0": 0.3121, "725.0": 0.2928, "752.0": 0.1474, "742.0": 0.196, "695.0": 0.4624, "757.0": 0.13, "710.0": 0.3892, "733.0": 0.2506, "700.0": 0.4315, "763.0": 0.1139, "744.0": 0.187, "727.0": 0.2907, "736.0": 0.2304, "756.0": 0.1329, "764.0": 0.1115, "718.0": 0.3378, "760.0": 0.1216, "755.0": 0.1369, "749.0": 0.1611, "740.0": 0.21, "705.0": 0.4007, "685.0": 0.5243}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1956, "long_delta": 0.0752, "short_iv": 0.1189, "short_rel_spread": 0.01360544217687076, "long_rel_spread": 0.03921568627450984, "short_quote_age": 0.750899, "long_quote_age": 0.505728, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9944}, "spot": 766.59}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-36.39 (gross $-35.39 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:37:25.483698+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits positive 5-day momentum at +0.40% alongside an IV/RV ratio of 1.04, indicating elevated implied volatility relative to realized volatility that supports selling longer DTE put credit spreads.", "invalidation": "SPY spot price falls significantly below 766.55, erasing the positive 5-day gain of +0.40%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"705.0": 0.318, "719.0": 0.2625, "744.0": 0.163, "713.0": 0.2864, "709.0": 0.3059, "710.0": 0.301, "759.0": 0.1261, "699.0": 0.3467, "724.0": 0.2376, "695.0": 0.3561, "730.0": 0.2152, "717.0": 0.2669, "765.0": 0.1144, "694.0": 0.3608, "738.0": 0.184, "740.0": 0.1772, "761.0": 0.122, "722.0": 0.2475, "691.0": 0.3749, "736.0": 0.1898, "764.0": 0.1162, "760.0": 0.124, "700.0": 0.342, "703.0": 0.3276, "739.0": 0.1785, "734.0": 0.1976, "731.0": 0.21, "756.0": 0.1323, "732.0": 0.2048, "720.0": 0.2575, "697.0": 0.3563, "721.0": 0.2525, "718.0": 0.262, "692.0": 0.3702, "712.0": 0.2913, "762.0": 0.12, "701.0": 0.3372, "735.0": 0.1952, "748.0": 0.1523, "728.0": 0.2217, "725.0": 0.2369, "750.0": 0.147, "714.0": 0.2815, "746.0": 0.1579, "698.0": 0.3515, "743.0": 0.1673, "758.0": 0.1281, "711.0": 0.2962, "751.0": 0.1445, "726.0": 0.2319, "752.0": 0.1414, "733.0": 0.2028, "742.0": 0.1697, "745.0": 0.1599, "707.0": 0.3085, "690.0": 0.3796, "754.0": 0.1371, "727.0": 0.2268, "747.0": 0.1553, "766.0": 0.1127, "763.0": 0.1181, "702.0": 0.3324, "696.0": 0.3515, "769.0": 0.1075, "716.0": 0.2718, "757.0": 0.1302, "693.0": 0.3655, "704.0": 0.3228, "768.0": 0.1091, "767.0": 0.1108, "729.0": 0.2166, "706.0": 0.3132, "755.0": 0.1348, "685.0": 0.4031, "715.0": 0.2766, "708.0": 0.3037, "749.0": 0.1489, "753.0": 0.1392, "770.0": 0.1061, "723.0": 0.2425, "741.0": 0.1735, "737.0": 0.187}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1904, "long_delta": 0.1035, "short_iv": 0.1281, "short_rel_spread": 0.00921658986175116, "long_rel_spread": 0.018018018018018032, "short_quote_age": 2.111108, "long_quote_age": 0.534126, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.59}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.57 (gross $-30.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:38:56.965805+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits positive 5-day momentum of +0.42% alongside an IV/RV ratio of 1.04, offering favorable premium collection in a 4-7 DTE window.", "invalidation": "SPY spot breaks down sharply below the short strike level or 5-day return turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"710.0": 0.3012, "729.0": 0.2168, "739.0": 0.1787, "721.0": 0.2527, "726.0": 0.2321, "717.0": 0.2671, "725.0": 0.2371, "741.0": 0.1738, "718.0": 0.2622, "740.0": 0.1774, "738.0": 0.1842, "744.0": 0.1632, "703.0": 0.3278, "715.0": 0.2768, "770.0": 0.106, "760.0": 0.124, "696.0": 0.3516, "732.0": 0.205, "737.0": 0.1872, "753.0": 0.1395, "761.0": 0.1221, "754.0": 0.1367, "766.0": 0.1128, "711.0": 0.2963, "727.0": 0.227, "719.0": 0.2627, "720.0": 0.2577, "759.0": 0.126, "735.0": 0.1954, "700.0": 0.3421, "690.0": 0.3798, "694.0": 0.361, "709.0": 0.3061, "701.0": 0.3373, "749.0": 0.1492, "768.0": 0.1093, "692.0": 0.3704, "758.0": 0.128, "763.0": 0.1182, "769.0": 0.1073, "712.0": 0.2915, "707.0": 0.3086, "695.0": 0.3563, "756.0": 0.1327, "734.0": 0.1978, "730.0": 0.2154, "706.0": 0.3134, "723.0": 0.2427, "705.0": 0.3182, "752.0": 0.1417, "699.0": 0.3469, "697.0": 0.3565, "765.0": 0.1145, "714.0": 0.2817, "731.0": 0.2102, "708.0": 0.3039, "724.0": 0.2377, "742.0": 0.1699, "713.0": 0.2866, "728.0": 0.2219, "733.0": 0.203, "693.0": 0.3657, "748.0": 0.1515, "757.0": 0.1305, "767.0": 0.1109, "764.0": 0.1162, "743.0": 0.1675, "691.0": 0.3751, "722.0": 0.2477, "762.0": 0.1202, "751.0": 0.1439, "704.0": 0.323, "716.0": 0.2719, "746.0": 0.1581, "698.0": 0.3517, "702.0": 0.3326, "745.0": 0.1602, "736.0": 0.19, "750.0": 0.1464, "755.0": 0.1345, "747.0": 0.1544}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1891, "long_delta": 0.1312, "short_iv": 0.128, "short_rel_spread": 0.009302325581395356, "long_rel_spread": 0.013986013986014, "short_quote_age": 1.39144, "long_quote_age": 1.247524, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 264.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-19.67 (gross $-18.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:40:16.526728+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY retains positive 5-day momentum at +0.41% with an elevated 3-day ATM IV relative to 20-day realized volatility (IV/RV of 1.04), favoring short put premium collection following a mild -0.35% 1-day pullback.", "invalidation": "SPY spot price drops significantly below 766.63 alongside further acceleration in 1-day negative returns."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"755.0": 0.1364, "735.0": 0.2378, "690.0": 0.4939, "757.0": 0.13, "749.0": 0.162, "715.0": 0.3578, "767.0": 0.1045, "695.0": 0.463, "743.0": 0.1897, "723.0": 0.3063, "728.0": 0.2847, "720.0": 0.3256, "729.0": 0.278, "700.0": 0.4321, "761.0": 0.1189, "722.0": 0.3128, "741.0": 0.2037, "724.0": 0.2999, "752.0": 0.1483, "732.0": 0.258, "730.0": 0.2714, "742.0": 0.1967, "726.0": 0.287, "763.0": 0.1139, "764.0": 0.1113, "770.0": 0.1009, "745.0": 0.1806, "719.0": 0.3321, "738.0": 0.2176, "737.0": 0.2244, "762.0": 0.1163, "748.0": 0.1664, "751.0": 0.1518, "710.0": 0.3899, "739.0": 0.2108, "756.0": 0.1339, "765.0": 0.1091, "754.0": 0.1407, "731.0": 0.2647, "727.0": 0.2914, "747.0": 0.1702, "766.0": 0.1066, "734.0": 0.2446, "718.0": 0.3385, "733.0": 0.2513, "750.0": 0.1571, "753.0": 0.144, "768.0": 0.1029, "746.0": 0.1733, "758.0": 0.127, "705.0": 0.4013, "769.0": 0.1006, "725.0": 0.2934, "759.0": 0.1243, "740.0": 0.2107, "760.0": 0.1214, "721.0": 0.3192, "744.0": 0.1878, "736.0": 0.2311}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1913, "long_delta": 0.0747, "short_iv": 0.1189, "short_rel_spread": 0.013986013986014, "long_rel_spread": 0.03921568627450984, "short_quote_age": 0.434768, "long_quote_age": 0.925396, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 766.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-37.09 (gross $-36.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:40:28.829796+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits an IV/RV ratio of 1.04 with positive 5D return of +0.41%, providing favorable premium for put credit spreads.", "invalidation": "SPY spot falls substantially below 766.63 if the 1D decline of -0.35% continues to accelerate."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"758.0": 0.1285, "734.0": 0.198, "756.0": 0.1328, "708.0": 0.3041, "701.0": 0.3376, "729.0": 0.2171, "747.0": 0.1547, "707.0": 0.3089, "715.0": 0.2771, "752.0": 0.142, "754.0": 0.1371, "702.0": 0.3328, "761.0": 0.1222, "700.0": 0.3423, "746.0": 0.1584, "704.0": 0.3232, "745.0": 0.1605, "697.0": 0.3567, "721.0": 0.2529, "714.0": 0.2819, "737.0": 0.1875, "739.0": 0.179, "727.0": 0.2272, "738.0": 0.1845, "766.0": 0.1127, "765.0": 0.1145, "732.0": 0.2053, "757.0": 0.1304, "694.0": 0.3612, "735.0": 0.1956, "717.0": 0.2673, "709.0": 0.3063, "693.0": 0.3659, "731.0": 0.2104, "769.0": 0.1082, "703.0": 0.328, "698.0": 0.3519, "696.0": 0.3518, "743.0": 0.1678, "763.0": 0.1183, "723.0": 0.243, "750.0": 0.1467, "742.0": 0.1702, "751.0": 0.1443, "748.0": 0.1518, "711.0": 0.2966, "753.0": 0.1399, "716.0": 0.2722, "767.0": 0.1109, "770.0": 0.1067, "749.0": 0.1495, "728.0": 0.2221, "744.0": 0.1635, "695.0": 0.3565, "710.0": 0.3014, "722.0": 0.248, "713.0": 0.2868, "699.0": 0.3471, "712.0": 0.2917, "740.0": 0.1777, "759.0": 0.1265, "692.0": 0.3706, "691.0": 0.3753, "768.0": 0.1092, "720.0": 0.2579, "725.0": 0.2374, "726.0": 0.2323, "762.0": 0.1204, "690.0": 0.38, "733.0": 0.2033, "741.0": 0.174, "706.0": 0.3136, "724.0": 0.238, "718.0": 0.2624, "705.0": 0.3184, "760.0": 0.1244, "719.0": 0.2629, "730.0": 0.2156, "755.0": 0.1349, "736.0": 0.1903, "764.0": 0.1163}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00753000", "short_strike": 758.0, "long_strike": 753.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1886, "long_delta": 0.1031, "short_iv": 0.1285, "short_rel_spread": 0.009302325581395356, "long_rel_spread": 0.018018018018018032, "short_quote_age": 1.001074, "long_quote_age": 0.425388, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 448.0, "total_risk": 19712.0, "buying_power_used_pct": 0.9856}, "spot": 766.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.76 (gross $-30.76 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:41:52.838779+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day momentum of +0.43% with an IV/RV ratio of 1.03, offering favorable conditions for short-dated put premium selling.", "invalidation": "SPY spot price drops sharply below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"737.0": 0.2246, "718.0": 0.3387, "739.0": 0.211, "721.0": 0.3194, "761.0": 0.1187, "742.0": 0.1969, "747.0": 0.1704, "735.0": 0.238, "769.0": 0.1006, "722.0": 0.3129, "750.0": 0.1573, "768.0": 0.1023, "700.0": 0.4323, "767.0": 0.1042, "743.0": 0.1899, "724.0": 0.3001, "705.0": 0.4015, "759.0": 0.1246, "732.0": 0.2582, "719.0": 0.3322, "766.0": 0.1063, "755.0": 0.1367, "764.0": 0.1113, "723.0": 0.3065, "720.0": 0.3258, "731.0": 0.2649, "751.0": 0.152, "734.0": 0.2448, "760.0": 0.1218, "765.0": 0.1087, "752.0": 0.1485, "728.0": 0.2849, "753.0": 0.1443, "729.0": 0.2782, "730.0": 0.2716, "757.0": 0.1303, "748.0": 0.1666, "710.0": 0.3901, "726.0": 0.2872, "746.0": 0.1736, "758.0": 0.1273, "725.0": 0.2936, "763.0": 0.1138, "762.0": 0.1162, "770.0": 0.1004, "715.0": 0.358, "754.0": 0.141, "736.0": 0.2313, "738.0": 0.2178, "727.0": 0.2916, "740.0": 0.2109, "749.0": 0.159, "690.0": 0.4941, "756.0": 0.1329, "745.0": 0.1808, "695.0": 0.4631, "741.0": 0.2039, "733.0": 0.2515, "744.0": 0.1829}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1896, "long_delta": 0.0727, "short_iv": 0.1187, "short_rel_spread": 0.014184397163120581, "long_rel_spread": 0.04081632653061228, "short_quote_age": 0.742844, "long_quote_age": 0.753998, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 454.0, "total_risk": 19976.0, "buying_power_used_pct": 0.9988}, "spot": 766.725}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-37.02 (gross $-36.02 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 4.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,976.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-37.02 (gross $-36.02 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.1896, "long_delta": 0.0727, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.8104, "edge_pp": -9.76, "ev_implied_usd": -19.57, "realized_vol": 0.1064, "atm_iv": 0.1042, "vrp_ratio": 1.0211, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -43.03, "ev_at_half_drift_usd": -39.48, "ev_gross_usd": -36.02, "expected_loss_real_usd": 82.02, "friction_usd": 1.0, "ev_net_usd": -37.02, "total_risk_usd": 19976.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 440}
{"ts": "2026-08-31T19:42:03.803372+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day return (+0.43%) with IV/RV at 1.03, providing favorable pricing to sell put credit spreads across a slightly longer expiration horizon.", "invalidation": "SPY spot drops sharply continuation past the 1-day return of -0.34%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"751.0": 0.1447, "717.0": 0.2676, "770.0": 0.1068, "696.0": 0.3521, "730.0": 0.2159, "731.0": 0.2107, "707.0": 0.3091, "738.0": 0.1848, "767.0": 0.1113, "765.0": 0.115, "737.0": 0.1878, "701.0": 0.3378, "706.0": 0.3139, "697.0": 0.357, "744.0": 0.1638, "727.0": 0.2275, "768.0": 0.1096, "754.0": 0.1375, "691.0": 0.3755, "736.0": 0.1906, "724.0": 0.2383, "725.0": 0.2377, "699.0": 0.3474, "694.0": 0.3615, "714.0": 0.2822, "755.0": 0.1353, "743.0": 0.1681, "759.0": 0.1266, "704.0": 0.3235, "695.0": 0.3568, "698.0": 0.3522, "732.0": 0.2056, "757.0": 0.1309, "718.0": 0.2627, "708.0": 0.3043, "712.0": 0.292, "721.0": 0.2532, "723.0": 0.2432, "711.0": 0.2968, "740.0": 0.178, "709.0": 0.3066, "705.0": 0.3187, "750.0": 0.1471, "693.0": 0.3661, "752.0": 0.1424, "763.0": 0.1184, "733.0": 0.2036, "719.0": 0.2632, "703.0": 0.3282, "762.0": 0.1205, "716.0": 0.2724, "735.0": 0.1959, "722.0": 0.2482, "692.0": 0.3708, "749.0": 0.1499, "747.0": 0.1551, "715.0": 0.2773, "760.0": 0.1246, "742.0": 0.1705, "766.0": 0.1131, "769.0": 0.1089, "748.0": 0.1522, "764.0": 0.1167, "746.0": 0.1588, "690.0": 0.3802, "739.0": 0.1793, "700.0": 0.3426, "729.0": 0.2173, "720.0": 0.2582, "713.0": 0.2871, "728.0": 0.2224, "753.0": 0.1396, "702.0": 0.333, "741.0": 0.1744, "745.0": 0.1608, "710.0": 0.3017, "756.0": 0.133, "758.0": 0.1285, "761.0": 0.1224, "726.0": 0.2326, "734.0": 0.1983}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.6, "short_delta": 0.2113, "long_delta": 0.1154, "short_iv": 0.1266, "short_rel_spread": 0.008163265306122455, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.647177, "long_quote_age": 0.480005, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 440.0, "total_risk": 19800.0, "buying_power_used_pct": 0.99}, "spot": 766.735}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.58 (gross $-30.58 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:43:26.943818+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits positive 5-day momentum of +0.46% alongside an IV/RV ratio of 1.03, providing favorable conditions to sell put credit spreads.", "invalidation": "A continuation of the 1-day -0.31% decline driving spot price below 767.00."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"767.0": 0.1044, "732.0": 0.2599, "695.0": 0.4646, "765.0": 0.1092, "769.0": 0.1006, "757.0": 0.1307, "726.0": 0.2888, "730.0": 0.2733, "731.0": 0.2666, "770.0": 0.0991, "725.0": 0.2952, "745.0": 0.1827, "752.0": 0.1485, "738.0": 0.2196, "735.0": 0.2398, "760.0": 0.1211, "750.0": 0.1565, "764.0": 0.1115, "727.0": 0.2823, "762.0": 0.1161, "756.0": 0.1341, "719.0": 0.3339, "724.0": 0.3017, "743.0": 0.1917, "715.0": 0.3596, "763.0": 0.1139, "768.0": 0.1026, "747.0": 0.1724, "705.0": 0.403, "754.0": 0.1416, "755.0": 0.1376, "721.0": 0.321, "710.0": 0.3916, "758.0": 0.1271, "748.0": 0.1649, "740.0": 0.2127, "761.0": 0.1186, "728.0": 0.2866, "734.0": 0.2465, "718.0": 0.3403, "753.0": 0.1445, "722.0": 0.3146, "729.0": 0.2799, "690.0": 0.4955, "733.0": 0.2532, "736.0": 0.233, "751.0": 0.1515, "759.0": 0.1241, "744.0": 0.1847, "766.0": 0.1066, "720.0": 0.3274, "749.0": 0.161, "700.0": 0.4338, "723.0": 0.3081, "737.0": 0.2263, "739.0": 0.2128, "746.0": 0.1754, "741.0": 0.2057, "742.0": 0.1988}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00762000", "long_symbol": "SPY260902P00757000", "short_strike": 762.0, "long_strike": 757.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2158, "long_delta": 0.0837, "short_iv": 0.1161, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.616874, "long_quote_age": 0.693937, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.99}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-37.69 (gross $-36.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00762000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,668.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-37.69 (gross $-36.69 - friction $1.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.2158, "long_delta": 0.0837, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.7842, "edge_pp": -10.98, "ev_implied_usd": -21.88, "realized_vol": 0.1064, "atm_iv": 0.1044, "vrp_ratio": 1.0192, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -44.3, "ev_at_half_drift_usd": -40.45, "ev_gross_usd": -36.69, "expected_loss_real_usd": 89.69, "friction_usd": 1.0, "ev_net_usd": -37.69, "total_risk_usd": 19668.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 435}
{"ts": "2026-08-31T19:43:40.067000+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows IV/RV at 1.03 alongside positive 5D performance of +0.46%, providing elevated premium for short put credit spreads.", "invalidation": "SPY 5D return turns negative or IV/RV falls below 1.00."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"762.0": 0.1212, "708.0": 0.3057, "727.0": 0.229, "739.0": 0.181, "744.0": 0.1656, "714.0": 0.2836, "697.0": 0.3583, "693.0": 0.3675, "760.0": 0.1252, "749.0": 0.1509, "770.0": 0.1076, "696.0": 0.3534, "755.0": 0.136, "746.0": 0.1594, "701.0": 0.3392, "736.0": 0.1922, "752.0": 0.1431, "747.0": 0.1558, "715.0": 0.2788, "721.0": 0.2547, "699.0": 0.3488, "738.0": 0.184, "722.0": 0.2497, "719.0": 0.2646, "729.0": 0.2189, "731.0": 0.2123, "710.0": 0.3031, "765.0": 0.1156, "754.0": 0.1386, "750.0": 0.1482, "709.0": 0.308, "695.0": 0.3581, "728.0": 0.224, "723.0": 0.2447, "694.0": 0.3628, "741.0": 0.1761, "759.0": 0.1273, "756.0": 0.1339, "711.0": 0.2983, "724.0": 0.2398, "732.0": 0.2071, "764.0": 0.1173, "707.0": 0.3105, "766.0": 0.1139, "716.0": 0.2739, "700.0": 0.344, "720.0": 0.2597, "767.0": 0.1119, "705.0": 0.3201, "692.0": 0.3722, "691.0": 0.3769, "717.0": 0.269, "735.0": 0.1975, "712.0": 0.2934, "702.0": 0.3344, "743.0": 0.1682, "768.0": 0.1103, "730.0": 0.2175, "745.0": 0.1627, "725.0": 0.2392, "718.0": 0.2641, "733.0": 0.2052, "740.0": 0.1777, "753.0": 0.1405, "769.0": 0.1092, "742.0": 0.1723, "761.0": 0.1231, "748.0": 0.153, "698.0": 0.3535, "726.0": 0.2341, "763.0": 0.1191, "751.0": 0.1459, "758.0": 0.1294, "690.0": 0.3815, "713.0": 0.2885, "703.0": 0.3296, "704.0": 0.3249, "737.0": 0.1895, "734.0": 0.1999, "757.0": 0.1315, "706.0": 0.3153}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00754000", "short_strike": 759.0, "long_strike": 754.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2036, "long_delta": 0.1116, "short_iv": 0.1273, "short_rel_spread": 0.00851063829787235, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.705441, "long_quote_age": 0.707983, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 443.0, "total_risk": 19935.0, "buying_power_used_pct": 0.9968}, "spot": 767.015}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-31.67 (gross $-30.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:44:57.398133+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows positive 5-day momentum at +0.46% with an IV/RV ratio of 1.03 offering fair premium collection on short-dated options.", "invalidation": "SPY spot price drops significantly below 766.99 reversing the positive 5-day trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"755.0": 0.1376, "725.0": 0.2952, "740.0": 0.2127, "761.0": 0.1193, "695.0": 0.4646, "735.0": 0.2398, "752.0": 0.1485, "762.0": 0.1173, "720.0": 0.3274, "749.0": 0.161, "718.0": 0.3403, "750.0": 0.1565, "748.0": 0.1649, "760.0": 0.1219, "730.0": 0.2733, "710.0": 0.3916, "763.0": 0.115, "765.0": 0.1101, "731.0": 0.2666, "764.0": 0.1125, "759.0": 0.125, "715.0": 0.3596, "747.0": 0.1724, "738.0": 0.2196, "700.0": 0.4338, "736.0": 0.233, "744.0": 0.1847, "758.0": 0.1281, "741.0": 0.2057, "732.0": 0.2599, "746.0": 0.1754, "757.0": 0.1307, "724.0": 0.3017, "734.0": 0.2465, "739.0": 0.2128, "766.0": 0.1077, "751.0": 0.1515, "745.0": 0.1827, "769.0": 0.1016, "722.0": 0.3146, "737.0": 0.2263, "754.0": 0.1416, "728.0": 0.2866, "733.0": 0.2532, "770.0": 0.0996, "753.0": 0.1445, "726.0": 0.2888, "742.0": 0.1988, "705.0": 0.403, "729.0": 0.2799, "743.0": 0.1917, "756.0": 0.1341, "767.0": 0.1055, "690.0": 0.4955, "721.0": 0.321, "768.0": 0.1035, "719.0": 0.3339, "723.0": 0.3081, "727.0": 0.2823}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00762000", "long_symbol": "SPY260902P00757000", "short_strike": 762.0, "long_strike": 757.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2181, "long_delta": 0.0837, "short_iv": 0.1173, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.035087719298245446, "short_quote_age": 1.045871, "long_quote_age": 0.747672, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 445.0, "total_risk": 19580.0, "buying_power_used_pct": 0.979}, "spot": 767.015}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.83 (gross $-33.83 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+0.00)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00762000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $445/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,580.00 (44 contracts) <= $20,000.00 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-34.83 (gross $-33.83 - friction $1.00) > $0.00"}], "economics": {"credit": 0.55, "width": 5.0, "short_delta": 0.2181, "long_delta": 0.0837, "max_profit_usd": 55.0, "max_loss_usd": 445.0, "breakeven_wr": 0.89, "implied_wr": 0.7819, "edge_pp": -10.81, "ev_implied_usd": -20.45, "realized_vol": 0.1064, "atm_iv": 0.1055, "vrp_ratio": 1.0085, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.43, "ev_at_half_drift_usd": -37.58, "ev_gross_usd": -33.83, "expected_loss_real_usd": 88.83, "friction_usd": 1.0, "ev_net_usd": -34.83, "total_risk_usd": 19580.0, "risk_cap_usd": 20000.0, "options_buying_power_usd": 100000.0, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 444}
{"ts": "2026-08-31T19:45:08.513896+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day performance of +0.46% and an IV/RV ratio of 1.03, offering an implied volatility premium over realized volatility to harvest via put credit spreads.", "invalidation": "SPY spot price drops significantly below 766.99 reversing the 5-day upward trend."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"739.0": 0.1924, "724.0": 0.2635, "740.0": 0.1864, "731.0": 0.2303, "721.0": 0.2721, "744.0": 0.1709, "762.0": 0.1187, "738.0": 0.1944, "727.0": 0.2468, "742.0": 0.1776, "728.0": 0.2413, "726.0": 0.2524, "756.0": 0.1328, "760.0": 0.1233, "770.0": 0.1039, "754.0": 0.1383, "753.0": 0.1412, "765.0": 0.1124, "757.0": 0.1305, "741.0": 0.1804, "730.0": 0.2301, "720.0": 0.2775, "733.0": 0.2188, "736.0": 0.2062, "723.0": 0.2691, "722.0": 0.2746, "764.0": 0.1143, "746.0": 0.1629, "748.0": 0.1556, "745.0": 0.167, "710.0": 0.3316, "755.0": 0.1356, "743.0": 0.1744, "705.0": 0.3585, "752.0": 0.1432, "767.0": 0.1087, "766.0": 0.1104, "758.0": 0.1278, "695.0": 0.3986, "734.0": 0.2131, "768.0": 0.1069, "725.0": 0.258, "735.0": 0.2074, "761.0": 0.121, "690.0": 0.4249, "769.0": 0.1053, "750.0": 0.1499, "759.0": 0.1253, "700.0": 0.3723, "732.0": 0.2245, "729.0": 0.2357, "715.0": 0.3046, "747.0": 0.1584, "763.0": 0.1166, "751.0": 0.1469, "718.0": 0.2884, "749.0": 0.1523, "719.0": 0.283, "737.0": 0.2003}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1989, "long_delta": 0.0956, "short_iv": 0.1233, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.598577, "long_quote_age": 0.584223, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20000.0, "utilization": 1.0, "usable_buying_power": 20000.0, "max_loss_per_contract": 447.0, "total_risk": 19668.0, "buying_power_used_pct": 0.9834}, "spot": 766.965}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.09 (gross $-32.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$100,000.00, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:48:01.945660+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5-day return of +0.45% alongside an IV/RV ratio of 1.04, providing favorable implied volatility pricing for selling put credit spreads.", "invalidation": "A continuation of the 1-day decline (-0.32%) that reverses the positive 5-day momentum would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"725.0": 0.294, "731.0": 0.2653, "724.0": 0.3005, "741.0": 0.2044, "715.0": 0.3583, "740.0": 0.2047, "729.0": 0.2786, "721.0": 0.3198, "759.0": 0.1261, "695.0": 0.4635, "762.0": 0.1188, "730.0": 0.272, "747.0": 0.1709, "727.0": 0.2811, "728.0": 0.2853, "732.0": 0.2586, "760.0": 0.1233, "710.0": 0.3904, "750.0": 0.1549, "753.0": 0.1448, "743.0": 0.1904, "768.0": 0.1046, "745.0": 0.1812, "756.0": 0.1348, "735.0": 0.2385, "722.0": 0.3133, "738.0": 0.2182, "770.0": 0.0992, "751.0": 0.1525, "755.0": 0.1387, "763.0": 0.1158, "718.0": 0.3391, "700.0": 0.4327, "733.0": 0.2519, "744.0": 0.1833, "752.0": 0.1491, "758.0": 0.1289, "742.0": 0.1974, "736.0": 0.2317, "765.0": 0.111, "705.0": 0.4019, "748.0": 0.1635, "746.0": 0.174, "737.0": 0.225, "764.0": 0.1135, "754.0": 0.1415, "726.0": 0.2876, "761.0": 0.1208, "767.0": 0.1068, "739.0": 0.2115, "734.0": 0.2452, "757.0": 0.132, "749.0": 0.1595, "723.0": 0.3069, "690.0": 0.4944, "766.0": 0.1087, "719.0": 0.3326, "720.0": 0.3262, "769.0": 0.1032}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1911, "long_delta": 0.0743, "short_iv": 0.1208, "short_rel_spread": 0.013793103448275874, "long_rel_spread": 0.03921568627450984, "short_quote_age": 0.427984, "long_quote_age": 0.5952, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 19729.91, "utilization": 1.0, "usable_buying_power": 19729.91, "max_loss_per_contract": 453.0, "total_risk": 19479.0, "buying_power_used_pct": 0.9873}, "spot": 766.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-34.00 (gross $-33.00 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$66,699.55, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:48:16.162435+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY IV/RV stands at 1.04 indicating implied volatility premium over realized volatility alongside positive 5-day momentum of +0.45%.", "invalidation": "SPY drops further following the 1-day decline of -0.32%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"712.0": 0.2919, "768.0": 0.1115, "765.0": 0.1165, "714.0": 0.2821, "715.0": 0.2772, "749.0": 0.1517, "763.0": 0.1203, "697.0": 0.3473, "748.0": 0.1542, "738.0": 0.1847, "755.0": 0.1369, "734.0": 0.1982, "693.0": 0.3661, "716.0": 0.2724, "700.0": 0.3425, "744.0": 0.1652, "719.0": 0.2631, "713.0": 0.287, "702.0": 0.3329, "762.0": 0.1223, "706.0": 0.3138, "692.0": 0.3707, "720.0": 0.2581, "707.0": 0.309, "698.0": 0.3426, "761.0": 0.1245, "721.0": 0.2531, "757.0": 0.1322, "722.0": 0.2481, "746.0": 0.1599, "747.0": 0.1573, "770.0": 0.1084, "703.0": 0.3282, "711.0": 0.2967, "752.0": 0.1438, "710.0": 0.2947, "690.0": 0.3801, "759.0": 0.1281, "767.0": 0.113, "701.0": 0.3377, "728.0": 0.2223, "704.0": 0.3234, "731.0": 0.2106, "736.0": 0.1931, "727.0": 0.2274, "743.0": 0.168, "739.0": 0.1814, "741.0": 0.1742, "695.0": 0.3567, "745.0": 0.1621, "723.0": 0.2432, "766.0": 0.1148, "737.0": 0.1877, "709.0": 0.2995, "694.0": 0.3614, "764.0": 0.1183, "750.0": 0.1488, "732.0": 0.2087, "756.0": 0.1344, "751.0": 0.1462, "699.0": 0.3473, "730.0": 0.2158, "726.0": 0.2325, "729.0": 0.221, "740.0": 0.1779, "717.0": 0.2675, "742.0": 0.1721, "758.0": 0.1302, "724.0": 0.2382, "708.0": 0.3042, "718.0": 0.2626, "733.0": 0.2035, "725.0": 0.2376, "753.0": 0.1416, "754.0": 0.1393, "705.0": 0.3186, "691.0": 0.3754, "696.0": 0.352, "760.0": 0.1264, "769.0": 0.1096, "735.0": 0.1958}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 74, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00758000", "long_symbol": "SPY260904P00755000", "short_strike": 758.0, "long_strike": 755.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1907, "long_delta": 0.1336, "short_iv": 0.1302, "short_rel_spread": 0.009049773755656116, "long_rel_spread": 0.01342281879194632, "short_quote_age": 0.477631, "long_quote_age": 0.532657, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 74, "options_buying_power": 19729.91, "utilization": 1.0, "usable_buying_power": 19729.91, "max_loss_per_contract": 264.0, "total_risk": 19536.0, "buying_power_used_pct": 0.9902}, "spot": 766.72}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-18.79 (gross $-17.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$66,699.55, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 74 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:49:34.281532+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY holds a positive 5-day return of +0.42% with ATM IV slightly exceeding 20-day realized volatility at an IV/RV ratio of 1.04.", "invalidation": "Further downward momentum extending beyond the 1-day decline of -0.35%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"695.0": 0.4626, "726.0": 0.2866, "729.0": 0.2672, "731.0": 0.2542, "744.0": 0.1822, "710.0": 0.3702, "766.0": 0.1079, "763.0": 0.115, "721.0": 0.3188, "770.0": 0.0965, "753.0": 0.1434, "719.0": 0.3316, "769.0": 0.1018, "730.0": 0.2607, "760.0": 0.1228, "759.0": 0.1251, "755.0": 0.1373, "749.0": 0.1583, "748.0": 0.1623, "724.0": 0.2995, "764.0": 0.1126, "757.0": 0.1315, "762.0": 0.1177, "756.0": 0.1345, "752.0": 0.1477, "742.0": 0.1963, "741.0": 0.1968, "727.0": 0.2801, "690.0": 0.4935, "734.0": 0.2441, "732.0": 0.2477, "740.0": 0.2036, "739.0": 0.2104, "745.0": 0.1801, "758.0": 0.1282, "768.0": 0.1037, "718.0": 0.3381, "750.0": 0.1537, "728.0": 0.2736, "738.0": 0.2172, "751.0": 0.1512, "733.0": 0.2508, "743.0": 0.1892, "736.0": 0.2307, "720.0": 0.3252, "705.0": 0.4009, "715.0": 0.3574, "761.0": 0.12, "737.0": 0.2239, "754.0": 0.1401, "735.0": 0.2374, "746.0": 0.1729, "747.0": 0.1697, "725.0": 0.293, "723.0": 0.3059, "700.0": 0.4317, "722.0": 0.3123, "767.0": 0.1055, "765.0": 0.1102}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00761000", "long_symbol": "SPY260902P00756000", "short_strike": 761.0, "long_strike": 756.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1962, "long_delta": 0.0769, "short_iv": 0.12, "short_rel_spread": 0.01342281879194632, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.427456, "long_quote_age": 0.42554, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 19729.91, "utilization": 1.0, "usable_buying_power": 19729.91, "max_loss_per_contract": 452.0, "total_risk": 19436.0, "buying_power_used_pct": 0.9851}, "spot": 766.6800000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-35.11 (gross $-34.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$66,699.55, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-1350.45)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,436.00 (43 contracts) <= $19,729.91 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-35.11 (gross $-34.11 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1962, "long_delta": 0.0769, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8038, "edge_pp": -10.02, "ev_implied_usd": -20.27, "realized_vol": 0.1064, "atm_iv": 0.1055, "vrp_ratio": 1.0085, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.16, "ev_at_half_drift_usd": -37.59, "ev_gross_usd": -34.11, "expected_loss_real_usd": 82.11, "friction_usd": 1.0, "ev_net_usd": -35.11, "total_risk_usd": 19436.0, "risk_cap_usd": 19729.91, "options_buying_power_usd": 66699.55, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 420}
{"ts": "2026-08-31T19:49:49.036370+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY maintains a positive 5D return (+0.42%) with IV/RV trading at an elevated 1.04, offering favorable option premium to sell across the 3 to 7 DTE window.", "invalidation": "SPY continues its 1D decline of -0.35% and drops below the short put strike level."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"725.0": 0.2568, "700.0": 0.3712, "722.0": 0.2734, "738.0": 0.1931, "719.0": 0.2818, "710.0": 0.3304, "690.0": 0.4238, "762.0": 0.1193, "766.0": 0.1105, "768.0": 0.107, "724.0": 0.2623, "743.0": 0.1731, "721.0": 0.271, "752.0": 0.1439, "751.0": 0.1465, "757.0": 0.1308, "740.0": 0.1851, "731.0": 0.229, "764.0": 0.1149, "726.0": 0.2512, "732.0": 0.2233, "736.0": 0.2049, "769.0": 0.1061, "763.0": 0.1169, "765.0": 0.1126, "753.0": 0.141, "735.0": 0.2061, "744.0": 0.1695, "748.0": 0.1559, "729.0": 0.2345, "758.0": 0.1284, "695.0": 0.3975, "705.0": 0.3574, "754.0": 0.1384, "746.0": 0.1635, "741.0": 0.1824, "747.0": 0.1589, "749.0": 0.1523, "767.0": 0.1089, "728.0": 0.2401, "723.0": 0.2679, "761.0": 0.1215, "730.0": 0.2289, "745.0": 0.1656, "718.0": 0.2872, "737.0": 0.199, "770.0": 0.104, "756.0": 0.1334, "734.0": 0.2118, "727.0": 0.2456, "760.0": 0.1237, "720.0": 0.2764, "733.0": 0.2176, "715.0": 0.3034, "759.0": 0.1261, "739.0": 0.1911, "755.0": 0.1354, "742.0": 0.1763, "750.0": 0.1498}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00760000", "long_symbol": "SPY260903P00755000", "short_strike": 760.0, "long_strike": 755.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2072, "long_delta": 0.0995, "short_iv": 0.1237, "short_rel_spread": 0.01980198019801982, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.481628, "long_quote_age": 0.438274, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19729.91, "utilization": 1.0, "usable_buying_power": 19729.91, "max_loss_per_contract": 444.0, "total_risk": 19536.0, "buying_power_used_pct": 0.9902}, "spot": 766.72}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-33.78 (gross $-32.28 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$66,699.55, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-1350.45)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00760000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,536.00 (44 contracts) <= $19,729.91 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-33.78 (gross $-32.28 - friction $1.50) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2072, "long_delta": 0.0995, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7928, "edge_pp": -9.52, "ev_implied_usd": -20.67, "realized_vol": 0.1064, "atm_iv": 0.1089, "vrp_ratio": 0.977, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -41.47, "ev_at_half_drift_usd": -36.8, "ev_gross_usd": -32.28, "expected_loss_real_usd": 88.28, "friction_usd": 1.5, "ev_net_usd": -33.78, "total_risk_usd": 19536.0, "risk_cap_usd": 19729.91, "options_buying_power_usd": 66699.55, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 470}
{"ts": "2026-08-31T19:51:08.086854+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY maintains positive 5-day momentum of +0.48% alongside an IV/RV ratio of 1.04, offering favorable option premium for an out-of-the-money put credit spread.", "invalidation": "SPY spot price accelerating downward well beyond the current 1-day decline of -0.28%."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"720.0": 0.3114, "756.0": 0.1365, "730.0": 0.2637, "761.0": 0.1211, "768.0": 0.1034, "760.0": 0.124, "723.0": 0.2929, "747.0": 0.169, "732.0": 0.2507, "770.0": 0.1, "727.0": 0.2831, "734.0": 0.2377, "743.0": 0.1926, "753.0": 0.1455, "705.0": 0.4037, "751.0": 0.1524, "750.0": 0.1574, "731.0": 0.2572, "757.0": 0.133, "740.0": 0.2068, "728.0": 0.2766, "736.0": 0.2247, "746.0": 0.1763, "739.0": 0.2136, "749.0": 0.1619, "745.0": 0.1785, "715.0": 0.3422, "724.0": 0.3024, "741.0": 0.2, "729.0": 0.2702, "721.0": 0.3053, "748.0": 0.1658, "758.0": 0.1298, "719.0": 0.3176, "718.0": 0.3237, "733.0": 0.2442, "744.0": 0.1855, "752.0": 0.1494, "755.0": 0.1387, "767.0": 0.1055, "765.0": 0.1105, "726.0": 0.2895, "722.0": 0.2991, "695.0": 0.4653, "742.0": 0.1932, "762.0": 0.118, "759.0": 0.1271, "754.0": 0.1426, "710.0": 0.3729, "764.0": 0.1131, "735.0": 0.2312, "769.0": 0.1018, "766.0": 0.108, "737.0": 0.2271, "700.0": 0.4345, "763.0": 0.1156, "738.0": 0.2203, "725.0": 0.296}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00762000", "long_symbol": "SPY260902P00759000", "short_strike": 762.0, "long_strike": 759.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2141, "long_delta": 0.1239, "short_iv": 0.118, "short_rel_spread": 0.024390243902438907, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.627661, "long_quote_age": 0.695143, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20035.91, "utilization": 1.0, "usable_buying_power": 20035.91, "max_loss_per_contract": 262.0, "total_risk": 19912.0, "buying_power_used_pct": 0.9938}, "spot": 767.135}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-23.95 (gross $-22.45 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$66,699.55, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+179.55)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00762000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $262/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,912.00 (76 contracts) <= $20,035.91 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-23.95 (gross $-22.45 - friction $1.50) > $0.00"}], "economics": {"credit": 0.38, "width": 3.0, "short_delta": 0.2141, "long_delta": 0.1239, "max_profit_usd": 38.0, "max_loss_usd": 262.0, "breakeven_wr": 0.8733, "implied_wr": 0.7859, "edge_pp": -8.74, "ev_implied_usd": -12.7, "realized_vol": 0.1064, "atm_iv": 0.1055, "vrp_ratio": 1.0085, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -27.42, "ev_at_half_drift_usd": -24.91, "ev_gross_usd": -22.45, "expected_loss_real_usd": 60.45, "friction_usd": 1.5, "ev_net_usd": -23.95, "total_risk_usd": 19912.0, "risk_cap_usd": 20035.91, "options_buying_power_usd": 66699.55, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 464}
{"ts": "2026-08-31T19:51:19.843969+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY maintains positive 5-day momentum at +0.48% with an IV/RV ratio of 1.04, providing favorable option premium for put credit spreads across a 4 to 7 DTE duration.", "invalidation": "SPY downward momentum accelerates past the 1-day decline of -0.28% and turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1064, "smile": {"720.0": 0.2544, "696.0": 0.3535, "700.0": 0.3441, "764.0": 0.1182, "740.0": 0.1778, "691.0": 0.3769, "690.0": 0.3816, "701.0": 0.3393, "717.0": 0.2691, "760.0": 0.1264, "762.0": 0.1223, "770.0": 0.1082, "754.0": 0.1394, "730.0": 0.2176, "709.0": 0.301, "742.0": 0.1724, "758.0": 0.1303, "705.0": 0.3202, "707.0": 0.3106, "746.0": 0.1608, "743.0": 0.17, "715.0": 0.2789, "739.0": 0.1811, "702.0": 0.3345, "693.0": 0.3676, "757.0": 0.1325, "719.0": 0.2593, "706.0": 0.3154, "728.0": 0.2241, "704.0": 0.3249, "723.0": 0.2448, "710.0": 0.2963, "731.0": 0.2124, "749.0": 0.152, "711.0": 0.2915, "763.0": 0.1204, "736.0": 0.1923, "750.0": 0.1493, "732.0": 0.2072, "721.0": 0.2548, "703.0": 0.3297, "695.0": 0.3582, "761.0": 0.1241, "751.0": 0.1469, "718.0": 0.2642, "733.0": 0.2053, "769.0": 0.1099, "747.0": 0.1571, "712.0": 0.2935, "759.0": 0.1282, "722.0": 0.2498, "708.0": 0.3058, "753.0": 0.142, "692.0": 0.3722, "725.0": 0.2349, "745.0": 0.1628, "724.0": 0.2398, "738.0": 0.1866, "726.0": 0.2299, "698.0": 0.3442, "697.0": 0.3488, "729.0": 0.219, "766.0": 0.1145, "741.0": 0.1762, "699.0": 0.3395, "765.0": 0.1167, "735.0": 0.1976, "752.0": 0.144, "756.0": 0.1349, "713.0": 0.2886, "744.0": 0.1658, "727.0": 0.2291, "767.0": 0.1128, "768.0": 0.1111, "714.0": 0.2837, "734.0": 0.2, "716.0": 0.274, "694.0": 0.3629, "748.0": 0.1543, "755.0": 0.1371, "737.0": 0.1896}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-04", "qty": 76, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260904P00759000", "long_symbol": "SPY260904P00756000", "short_strike": 759.0, "long_strike": 756.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2045, "long_delta": 0.1433, "short_iv": 0.1282, "short_rel_spread": 0.016806722689075647, "long_rel_spread": 0.025000000000000022, "short_quote_age": 0.608288, "long_quote_age": 0.488958, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 76, "options_buying_power": 20035.91, "utilization": 1.0, "usable_buying_power": 20035.91, "max_loss_per_contract": 261.0, "total_risk": 19836.0, "buying_power_used_pct": 0.99}, "spot": 767.0699999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-20.26 (gross $-18.26 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$66,699.55, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 76 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-08-31T19:52:39.171482+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays positive 5-day returns (+0.51%) alongside an IV/RV ratio of 1.04, providing favorable conditions for harvesting premium via short-term put credit spreads.", "invalidation": "SPY spot price falls significantly below the current 767.35 level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1064, "smile": {"761.0": 0.1223, "725.0": 0.2985, "726.0": 0.2921, "749.0": 0.165, "768.0": 0.1051, "769.0": 0.1037, "760.0": 0.1256, "745.0": 0.1814, "721.0": 0.3077, "751.0": 0.1557, "739.0": 0.2163, "710.0": 0.3753, "747.0": 0.172, "741.0": 0.2027, "757.0": 0.1347, "750.0": 0.1606, "766.0": 0.1096, "728.0": 0.2792, "705.0": 0.406, "742.0": 0.1959, "738.0": 0.223, "744.0": 0.1884, "723.0": 0.2954, "720.0": 0.3138, "771.0": 0.1054, "767.0": 0.1071, "737.0": 0.2298, "729.0": 0.2727, "770.0": 0.1015, "740.0": 0.2095, "736.0": 0.2273, "743.0": 0.1954, "764.0": 0.1143, "718.0": 0.3261, "730.0": 0.2663, "731.0": 0.2598, "732.0": 0.2533, "755.0": 0.1408, "753.0": 0.1489, "758.0": 0.1315, "754.0": 0.1444, "715.0": 0.3446, "763.0": 0.1169, "719.0": 0.32, "700.0": 0.4368, "765.0": 0.112, "759.0": 0.128, "735.0": 0.2338, "722.0": 0.3015, "752.0": 0.1528, "724.0": 0.3049, "734.0": 0.2403, "746.0": 0.1792, "756.0": 0.1377, "762.0": 0.1197, "733.0": 0.2468, "748.0": 0.1688, "727.0": 0.2856}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-02", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902P00762000", "long_symbol": "SPY260902P00757000", "short_strike": 762.0, "long_strike": 757.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1996, "long_delta": 0.0791, "short_iv": 0.1197, "short_rel_spread": 0.026315789473684233, "long_rel_spread": 0.03636363636363639, "short_quote_age": 0.610061, "long_quote_age": 0.841957, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 20035.91, "utilization": 1.0, "usable_buying_power": 20035.91, "max_loss_per_contract": 452.0, "total_risk": 19888.0, "buying_power_used_pct": 0.9926}, "spot": 767.5}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-38.73 (gross $-37.23 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$66,699.55, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+179.55)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902P00762000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,888.00 (44 contracts) <= $20,035.91 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-38.73 (gross $-37.23 - friction $1.50) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1996, "long_delta": 0.0791, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8004, "edge_pp": -10.36, "ev_implied_usd": -21.68, "realized_vol": 0.1064, "atm_iv": 0.1051, "vrp_ratio": 1.0124, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -44.42, "ev_at_half_drift_usd": -40.78, "ev_gross_usd": -37.23, "expected_loss_real_usd": 85.23, "friction_usd": 1.5, "ev_net_usd": -38.73, "total_risk_usd": 19888.0, "risk_cap_usd": 20035.91, "options_buying_power_usd": 66699.55, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 466}
{"ts": "2026-08-31T19:52:50.994135+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "SPY IV/RV ratio of 1.04 provides an IV premium over realized volatility while 5-day returns remain positive at +0.51%.", "invalidation": "SPY spot drops significantly below 767.35 turning 5-day performance negative."}, "intent_error": null, "spread": {"dte": 3, "realized_vol": 0.1064, "smile": {"731.0": 0.2275, "765.0": 0.1136, "763.0": 0.1179, "771.0": 0.1023, "715.0": 0.3074, "749.0": 0.1543, "738.0": 0.1976, "725.0": 0.2609, "761.0": 0.1223, "741.0": 0.1836, "726.0": 0.2553, "700.0": 0.375, "727.0": 0.2498, "735.0": 0.2104, "770.0": 0.1037, "719.0": 0.2858, "745.0": 0.168, "758.0": 0.1294, "734.0": 0.2161, "756.0": 0.1343, "743.0": 0.1778, "695.0": 0.4012, "748.0": 0.1574, "736.0": 0.2047, "751.0": 0.1481, "750.0": 0.1523, "720.0": 0.2804, "710.0": 0.3226, "732.0": 0.2276, "718.0": 0.2912, "723.0": 0.2641, "753.0": 0.1421, "724.0": 0.2587, "755.0": 0.1375, "690.0": 0.4073, "705.0": 0.3488, "737.0": 0.2034, "768.0": 0.1078, "767.0": 0.1094, "762.0": 0.1199, "740.0": 0.1896, "746.0": 0.1641, "760.0": 0.1247, "744.0": 0.1716, "747.0": 0.162, "721.0": 0.275, "728.0": 0.2442, "742.0": 0.1809, "739.0": 0.1917, "766.0": 0.1115, "769.0": 0.1053, "752.0": 0.1461, "722.0": 0.2695, "730.0": 0.2331, "733.0": 0.2219, "729.0": 0.2386, "757.0": 0.1318, "764.0": 0.1155, "754.0": 0.1398, "759.0": 0.1269}, "vol_profile": {"ewma": 0.1064, "windows": {"5d": 0.0626, "10d": 0.0783, "20d": 0.104, "40d": 0.115, "60d": 0.1389}, "used": "ewma(lambda=0.94)", "n_returns": 81, "latest_1d_return": -0.002269}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-03", "qty": 77, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903P00761000", "long_symbol": "SPY260903P00758000", "short_strike": 761.0, "long_strike": 758.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2121, "long_delta": 0.1372, "short_iv": 0.1223, "short_rel_spread": 0.019417475728155355, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.795928, "long_quote_age": 0.86372, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 77, "options_buying_power": 20035.91, "utilization": 1.0, "usable_buying_power": 20035.91, "max_loss_per_contract": 260.0, "total_risk": 20020.0, "buying_power_used_pct": 0.9992}, "spot": 767.53}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-22.43 (gross $-20.43 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$66,699.55, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 77 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+179.55)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903P00761000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $260/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $20,020.00 (77 contracts) <= $20,035.91 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-22.43 (gross $-20.43 - friction $2.00) > $0.00"}], "economics": {"credit": 0.4, "width": 3.0, "short_delta": 0.2121, "long_delta": 0.1372, "max_profit_usd": 40.0, "max_loss_usd": 260.0, "breakeven_wr": 0.8667, "implied_wr": 0.7879, "edge_pp": -7.88, "ev_implied_usd": -12.39, "realized_vol": 0.1064, "atm_iv": 0.1078, "vrp_ratio": 0.987, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -26.52, "ev_at_half_drift_usd": -23.43, "ev_gross_usd": -20.43, "expected_loss_real_usd": 60.43, "friction_usd": 2.0, "ev_net_usd": -22.43, "total_risk_usd": 20020.0, "risk_cap_usd": 20035.91, "options_buying_power_usd": 66699.55, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 416}
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{"ts": "2026-09-01T19:05:54.864281+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY shows downward momentum with 1D at -0.78% and 5D at -0.64% alongside an elevated IV/RV ratio of 1.52, favoring a lower-delta call credit spread with larger buffer.", "invalidation": "SPY spot reverses sharply higher past the short call strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"765.0": 0.1268, "770.0": 0.1152, "780.0": 0.132, "775.0": 0.1126, "777.0": 0.1134, "760.0": 0.1411, "764.0": 0.1297, "767.0": 0.122, "759.0": 0.1441, "779.0": 0.1258, "771.0": 0.1132, "773.0": 0.1113, "758.0": 0.1478, "766.0": 0.1244, "762.0": 0.1352, "778.0": 0.1197, "774.0": 0.1131, "781.0": 0.1381, "768.0": 0.1197, "761.0": 0.1383, "763.0": 0.1323, "772.0": 0.112, "769.0": 0.1174, "776.0": 0.1142}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 72, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00771000", "short_strike": 768.0, "long_strike": 771.0, "width": 3.0, "credit": 0.38, "short_delta": 0.1576, "long_delta": 0.0633, "short_iv": 0.1197, "short_rel_spread": 0.018018018018018032, "long_rel_spread": 0.05714285714285704, "short_quote_age": 0.438635, "long_quote_age": 1.37867, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 72, "options_buying_power": 19078.17, "utilization": 1.0, "usable_buying_power": 19078.17, "max_loss_per_contract": 262.0, "total_risk": 18864.0, "buying_power_used_pct": 0.9888}, "spot": 761.025}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.313% >= 4.285%; delta 0.158 <= 0.189; buffer 0.92% >= 1.03%; liquidity 5.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 72 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4356.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $262/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,864.00 (72 contracts) <= $19,078.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.313% >= 4.285%; delta 0.158 <= 0.189; buffer 0.92% >= 1.03%; liquidity 5.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+8.68 (gross $+9.68 - friction $1.00) > $0.00"}], "economics": {"credit": 0.38, "width": 3.0, "short_delta": 0.1576, "long_delta": 0.0633, "max_profit_usd": 38.0, "max_loss_usd": 262.0, "breakeven_wr": 0.8733, "implied_wr": 0.8424, "edge_pp": -3.09, "ev_implied_usd": 4.87, "realized_vol": 0.1051, "atm_iv": 0.1383, "vrp_ratio": 0.7599, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 13.48, "ev_at_half_drift_usd": 11.63, "ev_gross_usd": 9.68, "expected_loss_real_usd": 28.32, "friction_usd": 1.0, "ev_net_usd": 8.68, "total_risk_usd": 18864.0, "risk_cap_usd": 19078.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.03313, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.7732}}, "execution": null, "raw_reply_chars": 481}
{"ts": "2026-09-01T19:07:17.189527+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays negative short-term momentum with 1D -0.78% and 5D -0.63% while ATM IV of 14.19% trades at an elevated 1.52 IV/RV premium over RV20 of 9.36%, favoring selling out-of-the-money call spreads.", "invalidation": "SPY spot price reverses and advances strongly above 761.07."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"775.0": 0.1126, "779.0": 0.1258, "776.0": 0.1142, "780.0": 0.1319, "778.0": 0.1196, "774.0": 0.113, "772.0": 0.1119, "764.0": 0.1293, "758.0": 0.1475, "760.0": 0.1408, "763.0": 0.1322, "777.0": 0.1134, "767.0": 0.1219, "766.0": 0.1242, "781.0": 0.138, "768.0": 0.1196, "771.0": 0.1131, "765.0": 0.1269, "759.0": 0.1442, "769.0": 0.1169, "761.0": 0.138, "773.0": 0.1112, "770.0": 0.1151, "762.0": 0.135}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.65, "short_delta": 0.2003, "long_delta": 0.0446, "short_iv": 0.1219, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.0869565217391304, "short_quote_age": 0.8418, "long_quote_age": 0.973469, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 19096.17, "utilization": 1.0, "usable_buying_power": 19096.17, "max_loss_per_contract": 435.0, "total_risk": 18705.0, "buying_power_used_pct": 0.9795}, "spot": 761.04}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.274% >= 4.285%; delta 0.200 <= 0.189; buffer 0.78% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4266.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $435/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,705.00 (43 contracts) <= $19,096.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.274% >= 4.285%; delta 0.200 <= 0.189; buffer 0.78% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+14.24 (gross $+15.24 - friction $1.00) > $0.00"}], "economics": {"credit": 0.65, "width": 5.0, "short_delta": 0.2003, "long_delta": 0.0446, "max_profit_usd": 65.0, "max_loss_usd": 435.0, "breakeven_wr": 0.87, "implied_wr": 0.7997, "edge_pp": -7.03, "ev_implied_usd": 3.78, "realized_vol": 0.1051, "atm_iv": 0.138, "vrp_ratio": 0.7616, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 21.65, "ev_at_half_drift_usd": 18.53, "ev_gross_usd": 15.24, "expected_loss_real_usd": 49.76, "friction_usd": 1.0, "ev_net_usd": 14.24, "total_risk_usd": 18705.0, "risk_cap_usd": 19096.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.032736, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.764}}, "execution": null, "raw_reply_chars": 495}
{"ts": "2026-09-01T19:07:32.028801+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.18, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY is experiencing negative momentum with 1D down 0.78% and 5D down 0.63% while ATM IV of 14.19% trades at an elevated 1.52 IV/RV ratio.", "invalidation": "A reversal showing SPY spot moving above 761.07 would invalidate the bearish setup."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"764.0": 0.1297, "760.0": 0.1412, "778.0": 0.1202, "768.0": 0.1192, "780.0": 0.1325, "779.0": 0.1264, "769.0": 0.117, "773.0": 0.112, "758.0": 0.1476, "772.0": 0.1127, "763.0": 0.1325, "766.0": 0.1244, "774.0": 0.1138, "762.0": 0.1351, "776.0": 0.1148, "765.0": 0.1268, "781.0": 0.1386, "759.0": 0.1444, "770.0": 0.1155, "771.0": 0.114, "761.0": 0.1382, "767.0": 0.1218, "777.0": 0.114, "775.0": 0.1132}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 75, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00770000", "short_strike": 767.0, "long_strike": 770.0, "width": 3.0, "credit": 0.48, "short_delta": 0.1963, "long_delta": 0.0871, "short_iv": 0.1218, "short_rel_spread": 0.01342281879194632, "long_rel_spread": 0.07692307692307698, "short_quote_age": 0.567988, "long_quote_age": 0.56591, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 75, "options_buying_power": 19096.17, "utilization": 1.0, "usable_buying_power": 19096.17, "max_loss_per_contract": 252.0, "total_risk": 18900.0, "buying_power_used_pct": 0.9897}, "spot": 760.88}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.714% >= 4.285%; delta 0.196 <= 0.189; buffer 0.80% >= 1.03%; liquidity 7.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 75 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4266.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 7.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $252/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,900.00 (75 contracts) <= $19,096.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.714% >= 4.285%; delta 0.196 <= 0.189; buffer 0.80% >= 1.03%; liquidity 7.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+9.36 (gross $+10.86 - friction $1.50) > $0.00"}], "economics": {"credit": 0.48, "width": 3.0, "short_delta": 0.1963, "long_delta": 0.0871, "max_profit_usd": 48.0, "max_loss_usd": 252.0, "breakeven_wr": 0.84, "implied_wr": 0.8037, "edge_pp": -3.63, "ev_implied_usd": 5.49, "realized_vol": 0.1051, "atm_iv": 0.1382, "vrp_ratio": 0.7605, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 15.43, "ev_at_half_drift_usd": 13.2, "ev_gross_usd": 10.86, "expected_loss_real_usd": 37.14, "friction_usd": 1.5, "ev_net_usd": 9.36, "total_risk_usd": 18900.0, "risk_cap_usd": 19096.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.037143, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.8669}}, "execution": null, "raw_reply_chars": 454}
{"ts": "2026-09-01T19:08:53.364307+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays downward momentum with 1D return of -0.78% and 5D return of -0.64% alongside an elevated IV/RV ratio of 1.52, making call premium attractive to sell.", "invalidation": "SPY spot price rebounds sharply above the current spot level of 761.04."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"774.0": 0.1132, "775.0": 0.1127, "765.0": 0.1264, "760.0": 0.1408, "761.0": 0.1377, "762.0": 0.1348, "768.0": 0.119, "767.0": 0.1214, "780.0": 0.132, "770.0": 0.1152, "763.0": 0.132, "766.0": 0.1239, "764.0": 0.1291, "772.0": 0.1121, "778.0": 0.1197, "773.0": 0.1114, "758.0": 0.1468, "759.0": 0.1437, "781.0": 0.1381, "769.0": 0.117, "771.0": 0.1133, "777.0": 0.1135, "779.0": 0.1259, "776.0": 0.1143}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.64, "short_delta": 0.1989, "long_delta": 0.0445, "short_iv": 0.1214, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.0869565217391304, "short_quote_age": 0.573382, "long_quote_age": 0.512825, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 19114.17, "utilization": 1.0, "usable_buying_power": 19114.17, "max_loss_per_contract": 436.0, "total_risk": 18748.0, "buying_power_used_pct": 0.9808}, "spot": 761.025}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.053% >= 4.285%; delta 0.199 <= 0.189; buffer 0.79% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4176.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $436/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,748.00 (43 contracts) <= $19,114.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.053% >= 4.285%; delta 0.199 <= 0.189; buffer 0.79% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+13.31 (gross $+14.31 - friction $1.00) > $0.00"}], "economics": {"credit": 0.64, "width": 5.0, "short_delta": 0.1989, "long_delta": 0.0445, "max_profit_usd": 64.0, "max_loss_usd": 436.0, "breakeven_wr": 0.872, "implied_wr": 0.8011, "edge_pp": -7.09, "ev_implied_usd": 3.15, "realized_vol": 0.1051, "atm_iv": 0.1377, "vrp_ratio": 0.7633, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 20.71, "ev_at_half_drift_usd": 17.59, "ev_gross_usd": 14.31, "expected_loss_real_usd": 49.69, "friction_usd": 1.0, "ev_net_usd": 13.31, "total_risk_usd": 18748.0, "risk_cap_usd": 19114.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.030528, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.7125}}, "execution": null, "raw_reply_chars": 455}
{"ts": "2026-09-01T19:09:06.156433+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY is down -0.78% over 1D and -0.64% over 5D with IV/RV elevated at 1.52, favoring call premium selling with wider strike buffer.", "invalidation": "SPY spot price moves higher and reclaims above 761.04."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"767.0": 0.1212, "764.0": 0.1286, "763.0": 0.1316, "775.0": 0.1122, "773.0": 0.1108, "770.0": 0.1146, "774.0": 0.1126, "760.0": 0.1404, "758.0": 0.1463, "765.0": 0.1263, "772.0": 0.1115, "778.0": 0.1193, "776.0": 0.1138, "759.0": 0.1434, "766.0": 0.1237, "777.0": 0.113, "768.0": 0.1186, "780.0": 0.1316, "761.0": 0.1374, "769.0": 0.1163, "762.0": 0.1345, "771.0": 0.1126, "779.0": 0.1254, "781.0": 0.1377}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00773000", "short_strike": 768.0, "long_strike": 773.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1576, "long_delta": 0.031, "short_iv": 0.1186, "short_rel_spread": 0.03636363636363639, "long_rel_spread": 0.13333333333333325, "short_quote_age": 0.420074, "long_quote_age": 0.435796, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 19114.17, "utilization": 1.0, "usable_buying_power": 19114.17, "max_loss_per_contract": 452.0, "total_risk": 18984.0, "buying_power_used_pct": 0.9932}, "spot": 761.06}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.336% >= 4.285%; delta 0.158 <= 0.189; buffer 0.91% >= 1.03%; liquidity 13.3% <= 13.3%; same pair=True; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4176.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 13.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,984.00 (42 contracts) <= $19,114.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.336% >= 4.285%; delta 0.158 <= 0.189; buffer 0.91% >= 1.03%; liquidity 13.3% <= 13.3%; same pair=True; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+10.56 (gross $+12.06 - friction $1.50) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1576, "long_delta": 0.031, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8424, "edge_pp": -6.16, "ev_implied_usd": 0.85, "realized_vol": 0.1051, "atm_iv": 0.1374, "vrp_ratio": 0.7649, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 17.13, "ev_at_half_drift_usd": 14.67, "ev_gross_usd": 12.06, "expected_loss_real_usd": 35.94, "friction_usd": 1.5, "ev_net_usd": 10.56, "total_risk_usd": 18984.0, "risk_cap_usd": 19114.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.023363, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.5453}}, "execution": null, "raw_reply_chars": 418}
{"ts": "2026-09-01T19:10:27.518167+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows downward momentum with 1D return of -0.76% and 5D return of -0.61% alongside an elevated 3D IV/RV ratio of 1.52, providing favorable premium to sell out-of-the-money call spreads.", "invalidation": "SPY spot price rebounds upward from 761.22 with realized volatility rising above implied levels."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"771.0": 0.1129, "758.0": 0.1467, "774.0": 0.1129, "765.0": 0.126, "763.0": 0.1317, "778.0": 0.1194, "772.0": 0.1117, "776.0": 0.114, "762.0": 0.1344, "777.0": 0.1132, "770.0": 0.1149, "775.0": 0.1124, "769.0": 0.1166, "760.0": 0.1407, "780.0": 0.1318, "773.0": 0.111, "779.0": 0.1256, "781.0": 0.1379, "761.0": 0.1375, "766.0": 0.1233, "764.0": 0.1287, "767.0": 0.1209, "768.0": 0.1186, "759.0": 0.1438}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.64, "short_delta": 0.1995, "long_delta": 0.0446, "short_iv": 0.1209, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.0869565217391304, "short_quote_age": 0.819493, "long_quote_age": 0.822569, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19222.17, "utilization": 1.0, "usable_buying_power": 19222.17, "max_loss_per_contract": 436.0, "total_risk": 19184.0, "buying_power_used_pct": 0.998}, "spot": 761.085}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.906% >= 4.285%; delta 0.200 <= 0.189; buffer 0.78% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3636.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $436/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,184.00 (44 contracts) <= $19,222.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.906% >= 4.285%; delta 0.200 <= 0.189; buffer 0.78% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+12.67 (gross $+13.67 - friction $1.00) > $0.00"}], "economics": {"credit": 0.64, "width": 5.0, "short_delta": 0.1995, "long_delta": 0.0446, "max_profit_usd": 64.0, "max_loss_usd": 436.0, "breakeven_wr": 0.872, "implied_wr": 0.8005, "edge_pp": -7.15, "ev_implied_usd": 2.97, "realized_vol": 0.1051, "atm_iv": 0.1375, "vrp_ratio": 0.7644, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 20.14, "ev_at_half_drift_usd": 16.99, "ev_gross_usd": 13.67, "expected_loss_real_usd": 50.33, "friction_usd": 1.0, "ev_net_usd": 12.67, "total_risk_usd": 19184.0, "risk_cap_usd": 19222.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.02906, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6782}}, "execution": null, "raw_reply_chars": 507}
{"ts": "2026-09-01T19:10:41.849174+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits elevated implied volatility relative to realized volatility with an IV/RV ratio of 1.52 amid 1D (-0.76%) and 5D (-0.61%) declines, providing favorable premium to sell out-of-the-money call spreads.", "invalidation": "SPY spot price rises sharply above the short call strike before expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"774.0": 0.1122, "766.0": 0.1229, "775.0": 0.1118, "772.0": 0.111, "759.0": 0.1426, "758.0": 0.1458, "761.0": 0.1372, "776.0": 0.1134, "780.0": 0.1312, "763.0": 0.1312, "773.0": 0.1103, "767.0": 0.1204, "771.0": 0.1121, "778.0": 0.1189, "762.0": 0.1339, "764.0": 0.1283, "781.0": 0.1373, "779.0": 0.1251, "768.0": 0.1183, "765.0": 0.1254, "770.0": 0.114, "760.0": 0.1402, "769.0": 0.1156, "777.0": 0.1126}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00773000", "short_strike": 768.0, "long_strike": 773.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1591, "long_delta": 0.0311, "short_iv": 0.1183, "short_rel_spread": 0.018018018018018032, "long_rel_spread": 0.13333333333333325, "short_quote_age": 0.417702, "long_quote_age": 0.914907, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 19222.17, "utilization": 1.0, "usable_buying_power": 19222.17, "max_loss_per_contract": 452.0, "total_risk": 18984.0, "buying_power_used_pct": 0.9876}, "spot": 761.12}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.367% >= 4.285%; delta 0.159 <= 0.189; buffer 0.90% >= 1.03%; liquidity 13.3% <= 13.3%; same pair=True; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3636.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 13.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,984.00 (42 contracts) <= $19,222.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.367% >= 4.285%; delta 0.159 <= 0.189; buffer 0.90% >= 1.03%; liquidity 13.3% <= 13.3%; same pair=True; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+10.70 (gross $+11.70 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.1591, "long_delta": 0.0311, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.8409, "edge_pp": -6.31, "ev_implied_usd": 0.45, "realized_vol": 0.1051, "atm_iv": 0.1372, "vrp_ratio": 0.766, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 16.83, "ev_at_half_drift_usd": 14.34, "ev_gross_usd": 11.7, "expected_loss_real_usd": 36.3, "friction_usd": 1.0, "ev_net_usd": 10.7, "total_risk_usd": 18984.0, "risk_cap_usd": 19222.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.023673, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.5525}}, "execution": null, "raw_reply_chars": 519}
{"ts": "2026-09-01T19:12:09.099464+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays negative short-term returns of -0.74% over 1D and -0.59% over 5D while carrying an elevated IV/RV ratio of 1.51, offering favorable premium for out-of-the-money call credit spreads.", "invalidation": "SPY rebounding significantly above the current spot price of 761.39 would invalidate the bearish momentum thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"758.0": 0.1454, "774.0": 0.1113, "764.0": 0.1276, "779.0": 0.1243, "763.0": 0.1306, "771.0": 0.1125, "772.0": 0.1119, "768.0": 0.1173, "780.0": 0.1305, "765.0": 0.1249, "778.0": 0.1182, "769.0": 0.1153, "760.0": 0.1398, "759.0": 0.1424, "767.0": 0.1196, "775.0": 0.111, "770.0": 0.1129, "777.0": 0.1119, "776.0": 0.1126, "766.0": 0.1222, "773.0": 0.1094, "781.0": 0.1366, "761.0": 0.1364, "762.0": 0.1334}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.65, "short_delta": 0.2053, "long_delta": 0.0479, "short_iv": 0.1196, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.401878, "long_quote_age": 1.416615, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 435.0, "total_risk": 19140.0, "buying_power_used_pct": 0.9961}, "spot": 761.25}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.648% >= 4.285%; delta 0.205 <= 0.189; buffer 0.76% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $435/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,140.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.648% >= 4.285%; delta 0.205 <= 0.189; buffer 0.76% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+11.52 (gross $+12.52 - friction $1.00) > $0.00"}], "economics": {"credit": 0.65, "width": 5.0, "short_delta": 0.2053, "long_delta": 0.0479, "max_profit_usd": 65.0, "max_loss_usd": 435.0, "breakeven_wr": 0.87, "implied_wr": 0.7947, "edge_pp": -7.53, "ev_implied_usd": 1.7, "realized_vol": 0.1051, "atm_iv": 0.1364, "vrp_ratio": 0.7705, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 19.22, "ev_at_half_drift_usd": 15.96, "ev_gross_usd": 12.52, "expected_loss_real_usd": 52.48, "friction_usd": 1.0, "ev_net_usd": 11.52, "total_risk_usd": 19140.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.026483, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6181}}, "execution": null, "raw_reply_chars": 529}
{"ts": "2026-09-01T19:12:24.827969+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY is down -0.74% on the day and -0.59% over 5 days, with an elevated IV/RV of 1.51 providing rich option premium against 9.36% realized volatility.", "invalidation": "SPY spot reverses upward above 761.39."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"780.0": 0.1305, "769.0": 0.1153, "777.0": 0.1119, "766.0": 0.1225, "758.0": 0.1447, "781.0": 0.1366, "759.0": 0.1416, "761.0": 0.1362, "762.0": 0.1327, "760.0": 0.1389, "776.0": 0.1126, "773.0": 0.1095, "771.0": 0.1111, "763.0": 0.1307, "775.0": 0.111, "779.0": 0.1244, "765.0": 0.125, "774.0": 0.1114, "770.0": 0.1129, "764.0": 0.1277, "772.0": 0.1101, "778.0": 0.1182, "768.0": 0.1173, "767.0": 0.1197}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 73, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00771000", "short_strike": 768.0, "long_strike": 771.0, "width": 3.0, "credit": 0.39, "short_delta": 0.1613, "long_delta": 0.0643, "short_iv": 0.1173, "short_rel_spread": 0.035714285714285546, "long_rel_spread": 0.05714285714285704, "short_quote_age": 0.652372, "long_quote_age": 0.713781, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 73, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 261.0, "total_risk": 19053.0, "buying_power_used_pct": 0.9916}, "spot": 761.21}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.019% >= 4.285%; delta 0.161 <= 0.189; buffer 0.89% >= 1.03%; liquidity 5.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 73 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $261/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,053.00 (73 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.019% >= 4.285%; delta 0.161 <= 0.189; buffer 0.89% >= 1.03%; liquidity 5.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+7.88 (gross $+9.38 - friction $1.50) > $0.00"}], "economics": {"credit": 0.39, "width": 3.0, "short_delta": 0.1613, "long_delta": 0.0643, "max_profit_usd": 39.0, "max_loss_usd": 261.0, "breakeven_wr": 0.87, "implied_wr": 0.8387, "edge_pp": -3.13, "ev_implied_usd": 5.16, "realized_vol": 0.1051, "atm_iv": 0.1362, "vrp_ratio": 0.7717, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 13.32, "ev_at_half_drift_usd": 11.4, "ev_gross_usd": 9.38, "expected_loss_real_usd": 29.62, "friction_usd": 1.5, "ev_net_usd": 7.88, "total_risk_usd": 19053.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.030192, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.7046}}, "execution": null, "raw_reply_chars": 421}
{"ts": "2026-09-01T19:13:46.420325+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays downward short-term price momentum with 1D -0.75% and 5D -0.60% while IV/RV is elevated at 1.51.", "invalidation": "SPY spot price moves higher and reclaims levels above 761.33."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"764.0": 0.1265, "774.0": 0.1105, "766.0": 0.1213, "779.0": 0.1236, "759.0": 0.1411, "776.0": 0.1118, "775.0": 0.1101, "758.0": 0.1445, "770.0": 0.1128, "765.0": 0.1239, "760.0": 0.1383, "769.0": 0.1141, "777.0": 0.1112, "781.0": 0.1359, "768.0": 0.1163, "763.0": 0.1293, "773.0": 0.1085, "767.0": 0.119, "771.0": 0.1114, "762.0": 0.1322, "780.0": 0.1298, "772.0": 0.109, "778.0": 0.1174, "761.0": 0.1354}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.68, "short_delta": 0.2092, "long_delta": 0.0456, "short_iv": 0.119, "short_rel_spread": 0.025316455696202552, "long_rel_spread": 0.0869565217391304, "short_quote_age": 0.487451, "long_quote_age": 1.383198, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 432.0, "total_risk": 19008.0, "buying_power_used_pct": 0.9893}, "spot": 761.345}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.954% >= 4.285%; delta 0.209 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $432/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,008.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.954% >= 4.285%; delta 0.209 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+12.76 (gross $+14.26 - friction $1.50) > $0.00"}], "economics": {"credit": 0.68, "width": 5.0, "short_delta": 0.2092, "long_delta": 0.0456, "max_profit_usd": 68.0, "max_loss_usd": 432.0, "breakeven_wr": 0.864, "implied_wr": 0.7908, "edge_pp": -7.32, "ev_implied_usd": 4.3, "realized_vol": 0.1051, "atm_iv": 0.1354, "vrp_ratio": 0.7762, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 21.08, "ev_at_half_drift_usd": 17.75, "ev_gross_usd": 14.26, "expected_loss_real_usd": 53.74, "friction_usd": 1.5, "ev_net_usd": 12.76, "total_risk_usd": 19008.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.029537, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6894}}, "execution": null, "raw_reply_chars": 392}
{"ts": "2026-09-01T19:14:00.355483+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY shows continued weakness with 1D return of -0.75% and 5D return of -0.60% alongside an elevated IV/RV ratio of 1.51, favoring selling out-of-the-money call premium.", "invalidation": "SPY spot moves above the current 761.33 level with positive 1D momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"773.0": 0.1089, "762.0": 0.1328, "769.0": 0.1146, "779.0": 0.1239, "767.0": 0.1194, "771.0": 0.1119, "768.0": 0.1169, "764.0": 0.1269, "781.0": 0.1362, "774.0": 0.1108, "772.0": 0.1095, "778.0": 0.1177, "758.0": 0.1449, "775.0": 0.1105, "760.0": 0.1389, "776.0": 0.1122, "759.0": 0.1414, "777.0": 0.1115, "770.0": 0.1133, "761.0": 0.1357, "765.0": 0.1244, "780.0": 0.1301, "766.0": 0.1218, "763.0": 0.1298}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00773000", "short_strike": 768.0, "long_strike": 773.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1629, "long_delta": 0.0314, "short_iv": 0.1169, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.13333333333333325, "short_quote_age": 0.410787, "long_quote_age": 0.470706, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 451.0, "total_risk": 18942.0, "buying_power_used_pct": 0.9858}, "spot": 761.31}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.053% >= 4.285%; delta 0.163 <= 0.189; buffer 0.88% >= 1.03%; liquidity 13.3% <= 13.3%; same pair=True; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 13.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,942.00 (42 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.053% >= 4.285%; delta 0.163 <= 0.189; buffer 0.88% >= 1.03%; liquidity 13.3% <= 13.3%; same pair=True; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+9.26 (gross $+10.26 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1629, "long_delta": 0.0314, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8371, "edge_pp": -6.49, "ev_implied_usd": 0.43, "realized_vol": 0.1051, "atm_iv": 0.1357, "vrp_ratio": 0.7745, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 15.64, "ev_at_half_drift_usd": 13.03, "ev_gross_usd": 10.26, "expected_loss_real_usd": 38.74, "friction_usd": 1.0, "ev_net_usd": 9.26, "total_risk_usd": 18942.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.020532, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.4792}}, "execution": null, "raw_reply_chars": 474}
{"ts": "2026-09-01T19:15:20.291826+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows elevated implied volatility relative to realized volatility with an IV/RV ratio of 1.51 alongside negative 1D (-0.73%) and 5D (-0.58%) returns.", "invalidation": "SPY spot rises above current levels, reversing the negative 1D and 5D returns."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"767.0": 0.1186, "762.0": 0.1318, "769.0": 0.1143, "776.0": 0.1114, "778.0": 0.117, "761.0": 0.1344, "758.0": 0.1437, "770.0": 0.1122, "781.0": 0.1355, "777.0": 0.1108, "773.0": 0.1104, "772.0": 0.1103, "771.0": 0.1108, "774.0": 0.11, "768.0": 0.1159, "780.0": 0.1294, "760.0": 0.1376, "765.0": 0.1234, "759.0": 0.141, "779.0": 0.1232, "763.0": 0.1288, "764.0": 0.126, "775.0": 0.1097, "766.0": 0.1207}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.67, "short_delta": 0.2108, "long_delta": 0.0485, "short_iv": 0.1186, "short_rel_spread": 0.012578616352201269, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.481665, "long_quote_age": 0.50243, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 433.0, "total_risk": 19052.0, "buying_power_used_pct": 0.9916}, "spot": 761.4300000000001}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.400% >= 4.285%; delta 0.211 <= 0.189; buffer 0.73% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $433/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,052.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.400% >= 4.285%; delta 0.211 <= 0.189; buffer 0.73% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+10.39 (gross $+11.39 - friction $1.00) > $0.00"}], "economics": {"credit": 0.67, "width": 5.0, "short_delta": 0.2108, "long_delta": 0.0485, "max_profit_usd": 67.0, "max_loss_usd": 433.0, "breakeven_wr": 0.866, "implied_wr": 0.7892, "edge_pp": -7.68, "ev_implied_usd": 2.18, "realized_vol": 0.1051, "atm_iv": 0.1344, "vrp_ratio": 0.782, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 18.36, "ev_at_half_drift_usd": 14.96, "ev_gross_usd": 11.39, "expected_loss_real_usd": 55.61, "friction_usd": 1.0, "ev_net_usd": 10.39, "total_risk_usd": 19052.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.023995, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.56}}, "execution": null, "raw_reply_chars": 453}
{"ts": "2026-09-01T19:15:29.933122+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.16, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY is down 0.73% over 1D and 0.58% over 5D with an elevated IV/RV ratio of 1.51, offering attractive premium to sell out-of-the-money call spreads during a short-term downtrend.", "invalidation": "SPY spot breaks higher and closes above recent downward drift levels."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"771.0": 0.1101, "779.0": 0.1227, "781.0": 0.135, "762.0": 0.1319, "774.0": 0.1094, "766.0": 0.1207, "760.0": 0.138, "768.0": 0.1161, "769.0": 0.1143, "767.0": 0.1181, "770.0": 0.1124, "761.0": 0.1347, "758.0": 0.1443, "764.0": 0.1262, "775.0": 0.1091, "765.0": 0.1234, "773.0": 0.1098, "780.0": 0.1289, "777.0": 0.1103, "772.0": 0.1097, "776.0": 0.1109, "759.0": 0.1414, "763.0": 0.1289, "778.0": 0.1165}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00773000", "short_strike": 768.0, "long_strike": 773.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1684, "long_delta": 0.0348, "short_iv": 0.1161, "short_rel_spread": 0.01709401709401711, "long_rel_spread": 0.11764705882352937, "short_quote_age": 0.495113, "long_quote_age": 0.499196, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 450.0, "total_risk": 18900.0, "buying_power_used_pct": 0.9836}, "spot": 761.53}, "verdict": {"approved": false, "reason": "reentry_quality: quality 1.184% >= 4.285%; delta 0.168 <= 0.189; buffer 0.85% >= 1.03%; liquidity 11.8% <= 13.3%; same pair=True; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 11.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,900.00 (42 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 1.184% >= 4.285%; delta 0.168 <= 0.189; buffer 0.85% >= 1.03%; liquidity 11.8% <= 13.3%; same pair=True; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+5.33 (gross $+6.33 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1684, "long_delta": 0.0348, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8316, "edge_pp": -6.84, "ev_implied_usd": -0.8, "realized_vol": 0.1051, "atm_iv": 0.1319, "vrp_ratio": 0.7968, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 12.12, "ev_at_half_drift_usd": 9.3, "ev_gross_usd": 6.33, "expected_loss_real_usd": 43.67, "friction_usd": 1.0, "ev_net_usd": 5.33, "total_risk_usd": 18900.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.011844, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.2764}}, "execution": null, "raw_reply_chars": 469}
{"ts": "2026-09-01T19:16:47.306868+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays negative short-term momentum with 1D at -0.73% and 5D at -0.58% alongside an elevated IV/RV ratio of 1.51, offering favorable conditions to sell call premium.", "invalidation": "SPY spot rising back above the 761.46 price level would invalidate the bearish momentum thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"780.0": 0.1294, "777.0": 0.1108, "776.0": 0.1115, "775.0": 0.1098, "781.0": 0.1356, "762.0": 0.1329, "771.0": 0.1109, "779.0": 0.1233, "768.0": 0.1168, "761.0": 0.136, "774.0": 0.1101, "758.0": 0.1443, "765.0": 0.1246, "773.0": 0.1105, "766.0": 0.1217, "769.0": 0.1144, "770.0": 0.1133, "767.0": 0.1193, "764.0": 0.1271, "778.0": 0.1171, "759.0": 0.1413, "760.0": 0.1388, "772.0": 0.1104, "763.0": 0.1302}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.68, "short_delta": 0.2119, "long_delta": 0.0485, "short_iv": 0.1193, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.922122, "long_quote_age": 0.960313, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 432.0, "total_risk": 19008.0, "buying_power_used_pct": 0.9893}, "spot": 761.395}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.935% >= 4.285%; delta 0.212 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $432/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,008.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.935% >= 4.285%; delta 0.212 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+12.68 (gross $+13.68 - friction $1.00) > $0.00"}], "economics": {"credit": 0.68, "width": 5.0, "short_delta": 0.2119, "long_delta": 0.0485, "max_profit_usd": 68.0, "max_loss_usd": 432.0, "breakeven_wr": 0.864, "implied_wr": 0.7881, "edge_pp": -7.59, "ev_implied_usd": 2.9, "realized_vol": 0.1051, "atm_iv": 0.136, "vrp_ratio": 0.7728, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 20.56, "ev_at_half_drift_usd": 17.2, "ev_gross_usd": 13.68, "expected_loss_real_usd": 54.32, "friction_usd": 1.0, "ev_net_usd": 12.68, "total_risk_usd": 19008.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.029352, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.685}}, "execution": null, "raw_reply_chars": 488}
{"ts": "2026-09-01T19:17:02.466993+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY is down 0.73% over 1D and 0.58% over 5D with an elevated IV/RV ratio of 1.51, offering attractive premium to sell out-of-the-money call spreads.", "invalidation": "SPY spot reverses upward above 761.46."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"766.0": 0.1217, "768.0": 0.1174, "769.0": 0.1146, "767.0": 0.1196, "772.0": 0.1106, "765.0": 0.1247, "775.0": 0.1099, "758.0": 0.1452, "764.0": 0.1272, "778.0": 0.1172, "759.0": 0.1421, "776.0": 0.1116, "779.0": 0.1234, "781.0": 0.1357, "760.0": 0.1389, "777.0": 0.111, "770.0": 0.1135, "780.0": 0.1296, "774.0": 0.1102, "762.0": 0.1327, "761.0": 0.1358, "771.0": 0.1111, "773.0": 0.1107, "763.0": 0.1299}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 73, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00771000", "short_strike": 768.0, "long_strike": 771.0, "width": 3.0, "credit": 0.4, "short_delta": 0.1669, "long_delta": 0.0674, "short_iv": 0.1174, "short_rel_spread": 0.01709401709401711, "long_rel_spread": 0.054054054054054106, "short_quote_age": 0.54599, "long_quote_age": 0.532152, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 73, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 260.0, "total_risk": 18980.0, "buying_power_used_pct": 0.9878}, "spot": 761.395}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.915% >= 4.285%; delta 0.167 <= 0.189; buffer 0.87% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 73 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $260/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,980.00 (73 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.915% >= 4.285%; delta 0.167 <= 0.189; buffer 0.87% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+7.58 (gross $+8.58 - friction $1.00) > $0.00"}], "economics": {"credit": 0.4, "width": 3.0, "short_delta": 0.1669, "long_delta": 0.0674, "max_profit_usd": 40.0, "max_loss_usd": 260.0, "breakeven_wr": 0.8667, "implied_wr": 0.8331, "edge_pp": -3.36, "ev_implied_usd": 4.86, "realized_vol": 0.1051, "atm_iv": 0.1358, "vrp_ratio": 0.7739, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 12.69, "ev_at_half_drift_usd": 10.69, "ev_gross_usd": 8.58, "expected_loss_real_usd": 31.42, "friction_usd": 1.0, "ev_net_usd": 7.58, "total_risk_usd": 18980.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.029154, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6804}}, "execution": null, "raw_reply_chars": 420}
{"ts": "2026-09-01T19:18:27.348290+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [1, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays negative short-term momentum with 1D -0.73% and 5D -0.58% while ATM IV exceeds 20-day realized volatility with an IV/RV ratio of 1.51.", "invalidation": "SPY spot price moves upward beyond 761.44 toward the short call strike."}, "intent_error": null, "spread": {"dte": 1, "realized_vol": 0.1051, "smile": {"766.0": 0.1216, "773.0": 0.1298, "761.0": 0.1374, "772.0": 0.1201, "758.0": 0.1482, "762.0": 0.1335, "764.0": 0.1272, "771.0": 0.1206, "768.0": 0.1185, "770.0": 0.1171, "774.0": 0.1306, "759.0": 0.1449, "760.0": 0.1409, "769.0": 0.1184, "765.0": 0.1241, "775.0": 0.1396, "763.0": 0.1301, "776.0": 0.1486, "767.0": 0.1194}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-02", "qty": 41, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260902C00766000", "long_symbol": "SPY260902C00771000", "short_strike": 766.0, "long_strike": 771.0, "width": 5.0, "credit": 0.42, "short_delta": 0.1779, "long_delta": 0.0249, "short_iv": 0.1216, "short_rel_spread": 0.021505376344085923, "long_rel_spread": 0.22222222222222227, "short_quote_age": 0.415756, "long_quote_age": 0.415388, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 41, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 458.0, "total_risk": 18778.0, "buying_power_used_pct": 0.9773}, "spot": 761.455}, "verdict": {"approved": false, "reason": "reentry_quality: quality 1.299% >= 4.285%; delta 0.178 <= 0.189; buffer 0.60% >= 1.03%; liquidity 22.2% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 41 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260902C00766000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 22.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $458/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,778.00 (41 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 1.299% >= 4.285%; delta 0.178 <= 0.189; buffer 0.60% >= 1.03%; liquidity 22.2% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+5.95 (gross $+6.95 - friction $1.00) > $0.00"}], "economics": {"credit": 0.42, "width": 5.0, "short_delta": 0.1779, "long_delta": 0.0249, "max_profit_usd": 42.0, "max_loss_usd": 458.0, "breakeven_wr": 0.916, "implied_wr": 0.8221, "edge_pp": -9.39, "ev_implied_usd": -8.7, "realized_vol": 0.1051, "atm_iv": 0.1374, "vrp_ratio": 0.7649, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 10.34, "ev_at_half_drift_usd": 8.68, "ev_gross_usd": 6.95, "expected_loss_real_usd": 35.05, "friction_usd": 1.0, "ev_net_usd": 5.95, "total_risk_usd": 18778.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.012991, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.3032}}, "execution": null, "raw_reply_chars": 452}
{"ts": "2026-09-01T19:18:43.962383+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.22, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits negative momentum with 1D down 0.73% and 5D down 0.58% alongside elevated IV/RV of 1.51, making call credit spreads attractive.", "invalidation": "SPY spot price moves upward reversing the 1D and 5D negative returns."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"769.0": 0.1155, "779.0": 0.1244, "772.0": 0.112, "771.0": 0.1126, "759.0": 0.1416, "780.0": 0.1306, "767.0": 0.1192, "758.0": 0.1446, "778.0": 0.1182, "781.0": 0.1367, "765.0": 0.1244, "768.0": 0.1171, "766.0": 0.1218, "763.0": 0.13, "761.0": 0.1358, "775.0": 0.111, "770.0": 0.113, "762.0": 0.1327, "774.0": 0.1114, "760.0": 0.1387, "777.0": 0.112, "776.0": 0.1127, "773.0": 0.112, "764.0": 0.1271}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.64, "short_delta": 0.2039, "long_delta": 0.0479, "short_iv": 0.1192, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.416916, "long_quote_age": 0.748878, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 436.0, "total_risk": 19184.0, "buying_power_used_pct": 0.9984}, "spot": 761.28}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.204% >= 4.285%; delta 0.204 <= 0.189; buffer 0.75% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $436/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,184.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.204% >= 4.285%; delta 0.204 <= 0.189; buffer 0.75% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+9.61 (gross $+10.61 - friction $1.00) > $0.00"}], "economics": {"credit": 0.64, "width": 5.0, "short_delta": 0.2039, "long_delta": 0.0479, "max_profit_usd": 64.0, "max_loss_usd": 436.0, "breakeven_wr": 0.872, "implied_wr": 0.7961, "edge_pp": -7.59, "ev_implied_usd": 1.05, "realized_vol": 0.1051, "atm_iv": 0.1358, "vrp_ratio": 0.7739, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 17.38, "ev_at_half_drift_usd": 14.08, "ev_gross_usd": 10.61, "expected_loss_real_usd": 53.39, "friction_usd": 1.0, "ev_net_usd": 9.61, "total_risk_usd": 19184.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.022041, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.5144}}, "execution": null, "raw_reply_chars": 443}
{"ts": "2026-09-01T19:20:03.492046+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits downward momentum with 1D -0.74% and 5D -0.59% while short-term IV is rich relative to realized volatility at an IV/RV ratio of 1.51.", "invalidation": "SPY spot price reverses above 761.37 and breaks out of its negative 5-day return trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"777.0": 0.1113, "764.0": 0.1269, "763.0": 0.1297, "769.0": 0.1143, "759.0": 0.1417, "765.0": 0.1242, "767.0": 0.119, "776.0": 0.1119, "762.0": 0.1326, "772.0": 0.111, "775.0": 0.1103, "779.0": 0.1237, "768.0": 0.1165, "766.0": 0.1213, "780.0": 0.1299, "758.0": 0.1454, "773.0": 0.1111, "774.0": 0.1106, "781.0": 0.136, "760.0": 0.1388, "771.0": 0.1116, "770.0": 0.113, "778.0": 0.1175, "761.0": 0.1354}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.66, "short_delta": 0.2082, "long_delta": 0.0482, "short_iv": 0.119, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.964099, "long_quote_age": 0.676683, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 434.0, "total_risk": 19096.0, "buying_power_used_pct": 0.9938}, "spot": 761.385}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.387% >= 4.285%; delta 0.208 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $434/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,096.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.387% >= 4.285%; delta 0.208 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+10.36 (gross $+11.36 - friction $1.00) > $0.00"}], "economics": {"credit": 0.66, "width": 5.0, "short_delta": 0.2082, "long_delta": 0.0482, "max_profit_usd": 66.0, "max_loss_usd": 434.0, "breakeven_wr": 0.868, "implied_wr": 0.7918, "edge_pp": -7.62, "ev_implied_usd": 1.9, "realized_vol": 0.1051, "atm_iv": 0.1354, "vrp_ratio": 0.7762, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 18.26, "ev_at_half_drift_usd": 14.9, "ev_gross_usd": 11.36, "expected_loss_real_usd": 54.64, "friction_usd": 1.0, "ev_net_usd": 10.36, "total_risk_usd": 19096.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.023871, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.5571}}, "execution": null, "raw_reply_chars": 455}
{"ts": "2026-09-01T19:20:17.111379+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY shows elevated implied volatility with IV/RV at 1.51 alongside negative 1D (-0.74%) and 5D (-0.59%) performance.", "invalidation": "SPY spot advances above the short call strike prior to expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"760.0": 0.1379, "766.0": 0.1211, "763.0": 0.1292, "778.0": 0.1175, "767.0": 0.1187, "781.0": 0.136, "768.0": 0.1162, "779.0": 0.1237, "761.0": 0.135, "762.0": 0.132, "773.0": 0.1111, "770.0": 0.1124, "764.0": 0.1262, "776.0": 0.1119, "774.0": 0.1106, "775.0": 0.1103, "777.0": 0.1113, "758.0": 0.1439, "759.0": 0.141, "769.0": 0.1143, "780.0": 0.1299, "771.0": 0.1116, "765.0": 0.1237, "772.0": 0.111}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00766000", "long_symbol": "SPY260903C00771000", "short_strike": 766.0, "long_strike": 771.0, "width": 5.0, "credit": 0.86, "short_delta": 0.2569, "long_delta": 0.0672, "short_iv": 0.1211, "short_rel_spread": 0.019047619047619063, "long_rel_spread": 0.054054054054054106, "short_quote_age": 0.42592, "long_quote_age": 0.427438, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 414.0, "total_risk": 19044.0, "buying_power_used_pct": 0.9911}, "spot": 761.335}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.046% >= 4.285%; delta 0.257 <= 0.189; buffer 0.61% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00766000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $414/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,044.00 (46 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.046% >= 4.285%; delta 0.257 <= 0.189; buffer 0.61% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+12.61 (gross $+14.11 - friction $1.50) > $0.00"}], "economics": {"credit": 0.86, "width": 5.0, "short_delta": 0.2569, "long_delta": 0.0672, "max_profit_usd": 86.0, "max_loss_usd": 414.0, "breakeven_wr": 0.828, "implied_wr": 0.7431, "edge_pp": -8.49, "ev_implied_usd": 4.97, "realized_vol": 0.1051, "atm_iv": 0.135, "vrp_ratio": 0.7785, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 22.39, "ev_at_half_drift_usd": 18.34, "ev_gross_usd": 14.11, "expected_loss_real_usd": 71.89, "friction_usd": 1.5, "ev_net_usd": 12.61, "total_risk_usd": 19044.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.030459, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.7109}}, "execution": null, "raw_reply_chars": 416}
{"ts": "2026-09-01T19:21:35.826569+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays negative short-term momentum with 1D down 0.77% and 5D down 0.62% while ATM IV trades rich to realized volatility at an IV/RV of 1.51.", "invalidation": "SPY spot price moves higher past 761.15, reversing recent negative 1D and 5D momentum."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"779.0": 0.1248, "771.0": 0.1118, "764.0": 0.1272, "758.0": 0.1446, "765.0": 0.1246, "777.0": 0.1124, "769.0": 0.1152, "776.0": 0.1131, "762.0": 0.1327, "770.0": 0.1136, "774.0": 0.1119, "768.0": 0.1171, "759.0": 0.1413, "767.0": 0.1193, "760.0": 0.1388, "761.0": 0.1359, "766.0": 0.1218, "773.0": 0.11, "763.0": 0.13, "781.0": 0.1371, "775.0": 0.1115, "772.0": 0.1107, "780.0": 0.131, "778.0": 0.1186}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.64, "short_delta": 0.2016, "long_delta": 0.045, "short_iv": 0.1193, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.0869565217391304, "short_quote_age": 0.473527, "long_quote_age": 0.580235, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 436.0, "total_risk": 19184.0, "buying_power_used_pct": 0.9984}, "spot": 761.165}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.642% >= 4.285%; delta 0.202 <= 0.189; buffer 0.77% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $436/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,184.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.642% >= 4.285%; delta 0.202 <= 0.189; buffer 0.77% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+11.52 (gross $+12.52 - friction $1.00) > $0.00"}], "economics": {"credit": 0.64, "width": 5.0, "short_delta": 0.2016, "long_delta": 0.045, "max_profit_usd": 64.0, "max_loss_usd": 436.0, "breakeven_wr": 0.872, "implied_wr": 0.7984, "edge_pp": -7.36, "ev_implied_usd": 2.35, "realized_vol": 0.1051, "atm_iv": 0.1359, "vrp_ratio": 0.7734, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 19.11, "ev_at_half_drift_usd": 15.9, "ev_gross_usd": 12.52, "expected_loss_real_usd": 51.48, "friction_usd": 1.0, "ev_net_usd": 11.52, "total_risk_usd": 19184.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.026422, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6167}}, "execution": null, "raw_reply_chars": 455}
{"ts": "2026-09-01T19:21:46.717154+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows elevated implied volatility with IV/RV at 1.51 amid negative short-term momentum of -0.77% 1D and -0.62% 5D, supporting an OTM call credit spread with wider strike buffer.", "invalidation": "SPY spot price moves upward and surpasses the short call strike before expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"760.0": 0.1388, "777.0": 0.1122, "768.0": 0.1174, "769.0": 0.1149, "762.0": 0.1327, "761.0": 0.1356, "774.0": 0.1117, "780.0": 0.1308, "778.0": 0.1184, "758.0": 0.1448, "766.0": 0.1222, "775.0": 0.1113, "759.0": 0.1418, "781.0": 0.1369, "772.0": 0.1104, "779.0": 0.1246, "767.0": 0.1195, "773.0": 0.1098, "776.0": 0.1129, "763.0": 0.1298, "765.0": 0.1246, "771.0": 0.1115, "770.0": 0.1133, "764.0": 0.1272}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00773000", "short_strike": 768.0, "long_strike": 773.0, "width": 5.0, "credit": 0.48, "short_delta": 0.16, "long_delta": 0.0312, "short_iv": 0.1174, "short_rel_spread": 0.018018018018018032, "long_rel_spread": 0.13333333333333325, "short_quote_age": 0.495622, "long_quote_age": 0.531019, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 452.0, "total_risk": 18984.0, "buying_power_used_pct": 0.988}, "spot": 761.215}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.009% >= 4.285%; delta 0.160 <= 0.189; buffer 0.89% >= 1.03%; liquidity 13.3% <= 13.3%; same pair=True; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 13.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,984.00 (42 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.009% >= 4.285%; delta 0.160 <= 0.189; buffer 0.89% >= 1.03%; liquidity 13.3% <= 13.3%; same pair=True; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+9.08 (gross $+10.08 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.16, "long_delta": 0.0312, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.84, "edge_pp": -6.4, "ev_implied_usd": 0.2, "realized_vol": 0.1051, "atm_iv": 0.1356, "vrp_ratio": 0.7751, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 15.36, "ev_at_half_drift_usd": 12.79, "ev_gross_usd": 10.08, "expected_loss_real_usd": 37.92, "friction_usd": 1.0, "ev_net_usd": 9.08, "total_risk_usd": 18984.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.020088, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.4688}}, "execution": null, "raw_reply_chars": 497}
{"ts": "2026-09-01T19:23:04.753661+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits negative momentum with a 1D return of -0.74% and 5D return of -0.59% alongside elevated ATM IV relative to realized volatility at an IV/RV of 1.51.", "invalidation": "SPY spot rises above 761.38."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"766.0": 0.1215, "776.0": 0.112, "765.0": 0.1241, "774.0": 0.1107, "770.0": 0.1131, "781.0": 0.1361, "778.0": 0.1176, "775.0": 0.1103, "764.0": 0.1268, "763.0": 0.1294, "758.0": 0.1447, "777.0": 0.1114, "761.0": 0.1352, "767.0": 0.1191, "773.0": 0.1112, "779.0": 0.1238, "780.0": 0.1299, "771.0": 0.1117, "762.0": 0.1322, "769.0": 0.1144, "772.0": 0.1111, "760.0": 0.1384, "768.0": 0.1166, "759.0": 0.1417}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.66, "short_delta": 0.208, "long_delta": 0.0482, "short_iv": 0.1191, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.569596, "long_quote_age": 0.569616, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 434.0, "total_risk": 19096.0, "buying_power_used_pct": 0.9938}, "spot": 761.365}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.399% >= 4.285%; delta 0.208 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $434/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,096.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.399% >= 4.285%; delta 0.208 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+10.41 (gross $+11.41 - friction $1.00) > $0.00"}], "economics": {"credit": 0.66, "width": 5.0, "short_delta": 0.208, "long_delta": 0.0482, "max_profit_usd": 66.0, "max_loss_usd": 434.0, "breakeven_wr": 0.868, "implied_wr": 0.792, "edge_pp": -7.6, "ev_implied_usd": 1.95, "realized_vol": 0.1051, "atm_iv": 0.1352, "vrp_ratio": 0.7774, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 18.29, "ev_at_half_drift_usd": 14.93, "ev_gross_usd": 11.41, "expected_loss_real_usd": 54.59, "friction_usd": 1.0, "ev_net_usd": 10.41, "total_risk_usd": 19096.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.023986, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.5598}}, "execution": null, "raw_reply_chars": 410}
{"ts": "2026-09-01T19:23:22.514449+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY exhibits an elevated IV/RV of 1.51 alongside negative 1D (-0.74%) and 5D (-0.59%) returns, providing favorable premium to sell call credit spreads.", "invalidation": "SPY spot price rebounds strongly above the 761.38 level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"769.0": 0.1144, "776.0": 0.112, "779.0": 0.1238, "777.0": 0.1114, "763.0": 0.1294, "766.0": 0.1215, "761.0": 0.1352, "778.0": 0.1176, "767.0": 0.1191, "780.0": 0.1299, "770.0": 0.1131, "765.0": 0.1241, "760.0": 0.1386, "758.0": 0.1447, "774.0": 0.1107, "768.0": 0.1166, "762.0": 0.1324, "759.0": 0.1415, "781.0": 0.1361, "764.0": 0.1268, "775.0": 0.1103, "773.0": 0.1112, "772.0": 0.1111, "771.0": 0.1117}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 46, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00766000", "long_symbol": "SPY260903C00771000", "short_strike": 766.0, "long_strike": 771.0, "width": 5.0, "credit": 0.87, "short_delta": 0.2571, "long_delta": 0.0672, "short_iv": 0.1215, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.054054054054054106, "short_quote_age": 0.565046, "long_quote_age": 0.514173, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 46, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 413.0, "total_risk": 18998.0, "buying_power_used_pct": 0.9887}, "spot": 761.35}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.305% >= 4.285%; delta 0.257 <= 0.189; buffer 0.61% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 46 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00766000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $413/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,998.00 (46 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.305% >= 4.285%; delta 0.257 <= 0.189; buffer 0.61% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+13.65 (gross $+14.65 - friction $1.00) > $0.00"}], "economics": {"credit": 0.87, "width": 5.0, "short_delta": 0.2571, "long_delta": 0.0672, "max_profit_usd": 87.0, "max_loss_usd": 413.0, "breakeven_wr": 0.826, "implied_wr": 0.7429, "edge_pp": -8.31, "ev_implied_usd": 5.93, "realized_vol": 0.1051, "atm_iv": 0.1352, "vrp_ratio": 0.7774, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 22.96, "ev_at_half_drift_usd": 18.89, "ev_gross_usd": 14.65, "expected_loss_real_usd": 72.35, "friction_usd": 1.0, "ev_net_usd": 13.65, "total_risk_usd": 18998.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.033051, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.7714}}, "execution": null, "raw_reply_chars": 441}
{"ts": "2026-09-01T19:24:48.920426+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits negative short-term momentum with 1D return of -0.75% and 5D return of -0.60% while 3D IV trades at an elevated 1.51 ratio relative to RV20.", "invalidation": "SPY reversing higher to trade above the spot price of 761.29."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"771.0": 0.1122, "770.0": 0.1137, "759.0": 0.143, "775.0": 0.1108, "763.0": 0.131, "772.0": 0.1116, "774.0": 0.1111, "767.0": 0.1199, "766.0": 0.1226, "769.0": 0.1155, "776.0": 0.1124, "773.0": 0.1116, "781.0": 0.1364, "777.0": 0.1117, "758.0": 0.1464, "762.0": 0.1337, "779.0": 0.1242, "760.0": 0.1402, "764.0": 0.1281, "768.0": 0.1177, "761.0": 0.1371, "780.0": 0.1303, "765.0": 0.1253, "778.0": 0.118}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.66, "short_delta": 0.207, "long_delta": 0.048, "short_iv": 0.1199, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.08000000000000007, "short_quote_age": 1.164513, "long_quote_age": 1.36598, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 434.0, "total_risk": 19096.0, "buying_power_used_pct": 0.9938}, "spot": 761.295}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.806% >= 4.285%; delta 0.207 <= 0.189; buffer 0.75% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $434/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,096.00 (44 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.806% >= 4.285%; delta 0.207 <= 0.189; buffer 0.75% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+12.18 (gross $+13.18 - friction $1.00) > $0.00"}], "economics": {"credit": 0.66, "width": 5.0, "short_delta": 0.207, "long_delta": 0.048, "max_profit_usd": 66.0, "max_loss_usd": 434.0, "breakeven_wr": 0.868, "implied_wr": 0.793, "edge_pp": -7.5, "ev_implied_usd": 2.25, "realized_vol": 0.1051, "atm_iv": 0.1371, "vrp_ratio": 0.7666, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 19.92, "ev_at_half_drift_usd": 16.63, "ev_gross_usd": 13.18, "expected_loss_real_usd": 52.82, "friction_usd": 1.0, "ev_net_usd": 12.18, "total_risk_usd": 19096.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.028065, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.655}}, "execution": null, "raw_reply_chars": 436}
{"ts": "2026-09-01T19:25:01.137855+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 3, "max_loss_usd": 400, "thesis": "SPY displays downward momentum with 1D return of -0.75% and 5D return of -0.60% while elevated IV relative to realized volatility (IV/RV 1.51) offers attractive premium for call credit spreads.", "invalidation": "SPY spot price moves sharply higher above the short call strike within the trade window."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"774.0": 0.1111, "781.0": 0.1364, "780.0": 0.1303, "762.0": 0.1339, "775.0": 0.1108, "777.0": 0.1117, "764.0": 0.1279, "769.0": 0.1159, "767.0": 0.1199, "760.0": 0.1402, "763.0": 0.1308, "771.0": 0.1122, "770.0": 0.1137, "766.0": 0.1223, "776.0": 0.1124, "778.0": 0.118, "759.0": 0.1435, "765.0": 0.125, "768.0": 0.1174, "779.0": 0.1242, "761.0": 0.1366, "758.0": 0.1467, "772.0": 0.1116, "773.0": 0.1116}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 73, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00771000", "short_strike": 768.0, "long_strike": 771.0, "width": 3.0, "credit": 0.38, "short_delta": 0.1624, "long_delta": 0.0669, "short_iv": 0.1174, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.054054054054054106, "short_quote_age": 1.000294, "long_quote_age": 0.923518, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 73, "options_buying_power": 19214.17, "utilization": 1.0, "usable_buying_power": 19214.17, "max_loss_per_contract": 262.0, "total_risk": 19126.0, "buying_power_used_pct": 0.9954}, "spot": 761.295}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.466% >= 4.285%; delta 0.162 <= 0.189; buffer 0.88% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 73 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3676.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $262/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,126.00 (73 contracts) <= $19,214.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.466% >= 4.285%; delta 0.162 <= 0.189; buffer 0.88% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+6.46 (gross $+7.46 - friction $1.00) > $0.00"}], "economics": {"credit": 0.38, "width": 3.0, "short_delta": 0.1624, "long_delta": 0.0669, "max_profit_usd": 38.0, "max_loss_usd": 262.0, "breakeven_wr": 0.8733, "implied_wr": 0.8376, "edge_pp": -3.57, "ev_implied_usd": 3.61, "realized_vol": 0.1051, "atm_iv": 0.1366, "vrp_ratio": 0.7694, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 11.49, "ev_at_half_drift_usd": 9.53, "ev_gross_usd": 7.46, "expected_loss_real_usd": 30.54, "friction_usd": 1.0, "ev_net_usd": 6.46, "total_risk_usd": 19126.0, "risk_cap_usd": 19214.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.024656, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.5754}}, "execution": null, "raw_reply_chars": 515}
{"ts": "2026-09-01T19:26:18.910163+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits negative short-term returns with 1D down 0.76% and 5D down 0.61% while ATM IV exceeds RV20 with an IV/RV ratio of 1.51, offering attractive premium for upside credit spreads.", "invalidation": "SPY spot price moves upward significantly above 761.22 toward the short strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"763.0": 0.1309, "760.0": 0.1399, "759.0": 0.1432, "761.0": 0.1366, "765.0": 0.1251, "771.0": 0.1126, "762.0": 0.1336, "774.0": 0.1114, "778.0": 0.1182, "772.0": 0.112, "768.0": 0.1178, "775.0": 0.111, "769.0": 0.1155, "767.0": 0.1198, "773.0": 0.112, "777.0": 0.112, "781.0": 0.1367, "770.0": 0.1141, "766.0": 0.1223, "779.0": 0.1244, "758.0": 0.1463, "780.0": 0.1306, "764.0": 0.1281, "776.0": 0.1127}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.65, "short_delta": 0.2051, "long_delta": 0.0479, "short_iv": 0.1198, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.418728, "long_quote_age": 0.418409, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19196.17, "utilization": 1.0, "usable_buying_power": 19196.17, "max_loss_per_contract": 435.0, "total_risk": 19140.0, "buying_power_used_pct": 0.9971}, "spot": 761.24}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.625% >= 4.285%; delta 0.205 <= 0.189; buffer 0.76% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3766.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $435/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,140.00 (44 contracts) <= $19,196.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.625% >= 4.285%; delta 0.205 <= 0.189; buffer 0.76% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+11.42 (gross $+12.42 - friction $1.00) > $0.00"}], "economics": {"credit": 0.65, "width": 5.0, "short_delta": 0.2051, "long_delta": 0.0479, "max_profit_usd": 65.0, "max_loss_usd": 435.0, "breakeven_wr": 0.87, "implied_wr": 0.7949, "edge_pp": -7.51, "ev_implied_usd": 1.75, "realized_vol": 0.1051, "atm_iv": 0.1366, "vrp_ratio": 0.7694, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 19.11, "ev_at_half_drift_usd": 15.85, "ev_gross_usd": 12.42, "expected_loss_real_usd": 52.58, "friction_usd": 1.0, "ev_net_usd": 11.42, "total_risk_usd": 19140.0, "risk_cap_usd": 19196.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.026253, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6127}}, "execution": null, "raw_reply_chars": 488}
{"ts": "2026-09-01T19:26:30.615871+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.16, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays downward momentum with 1D return of -0.76% and 5D return of -0.61% alongside an elevated IV/RV of 1.51, supporting selling call premium.", "invalidation": "SPY spot climbs above 761.22 and reverses recent negative 1D and 5D returns."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"769.0": 0.1153, "768.0": 0.1177, "771.0": 0.1125, "781.0": 0.1366, "779.0": 0.1244, "765.0": 0.1252, "759.0": 0.1429, "767.0": 0.12, "778.0": 0.1182, "764.0": 0.1279, "763.0": 0.1307, "780.0": 0.1305, "758.0": 0.1459, "761.0": 0.1366, "766.0": 0.1227, "770.0": 0.114, "772.0": 0.1119, "776.0": 0.1126, "777.0": 0.1119, "773.0": 0.1119, "762.0": 0.1336, "774.0": 0.1114, "775.0": 0.111, "760.0": 0.1401}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00773000", "short_strike": 768.0, "long_strike": 773.0, "width": 5.0, "credit": 0.48, "short_delta": 0.162, "long_delta": 0.0343, "short_iv": 0.1177, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.11764705882352937, "short_quote_age": 0.433156, "long_quote_age": 0.43331, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 19196.17, "utilization": 1.0, "usable_buying_power": 19196.17, "max_loss_per_contract": 452.0, "total_risk": 18984.0, "buying_power_used_pct": 0.9889}, "spot": 761.245}, "verdict": {"approved": false, "reason": "reentry_quality: quality 1.927% >= 4.285%; delta 0.162 <= 0.189; buffer 0.89% >= 1.03%; liquidity 11.8% <= 13.3%; same pair=True; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-3766.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 11.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $452/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,984.00 (42 contracts) <= $19,196.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 1.927% >= 4.285%; delta 0.162 <= 0.189; buffer 0.89% >= 1.03%; liquidity 11.8% <= 13.3%; same pair=True; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+8.71 (gross $+9.71 - friction $1.00) > $0.00"}], "economics": {"credit": 0.48, "width": 5.0, "short_delta": 0.162, "long_delta": 0.0343, "max_profit_usd": 48.0, "max_loss_usd": 452.0, "breakeven_wr": 0.904, "implied_wr": 0.838, "edge_pp": -6.6, "ev_implied_usd": -1.08, "realized_vol": 0.1051, "atm_iv": 0.1366, "vrp_ratio": 0.7694, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 15.04, "ev_at_half_drift_usd": 12.45, "ev_gross_usd": 9.71, "expected_loss_real_usd": 38.29, "friction_usd": 1.0, "ev_net_usd": 8.71, "total_risk_usd": 18984.0, "risk_cap_usd": 19196.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.01927, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.4497}}, "execution": null, "raw_reply_chars": 459}
{"ts": "2026-09-01T19:27:49.573561+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY is experiencing downward pressure with 1D return of -0.76% and 5D return of -0.61% while IV/RV sits elevated at 1.51.", "invalidation": "SPY rebounds upward and crosses above recent price levels."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"781.0": 0.1367, "764.0": 0.1295, "776.0": 0.1127, "772.0": 0.112, "765.0": 0.1267, "777.0": 0.112, "762.0": 0.1352, "758.0": 0.1477, "771.0": 0.1139, "780.0": 0.1306, "775.0": 0.111, "774.0": 0.1114, "778.0": 0.1182, "763.0": 0.132, "766.0": 0.124, "769.0": 0.1172, "759.0": 0.1446, "767.0": 0.1216, "779.0": 0.1244, "773.0": 0.112, "768.0": 0.1193, "770.0": 0.1151, "760.0": 0.1412, "761.0": 0.1378}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.68, "short_delta": 0.2088, "long_delta": 0.0479, "short_iv": 0.1216, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.44708, "long_quote_age": 4.9337, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19145.17, "utilization": 1.0, "usable_buying_power": 19145.17, "max_loss_per_contract": 432.0, "total_risk": 19008.0, "buying_power_used_pct": 0.9928}, "spot": 761.245}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.255% >= 4.285%; delta 0.209 <= 0.189; buffer 0.76% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4021.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 5s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $432/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $19,008.00 (44 contracts) <= $19,145.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.255% >= 4.285%; delta 0.209 <= 0.189; buffer 0.76% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+14.06 (gross $+15.06 - friction $1.00) > $0.00"}], "economics": {"credit": 0.68, "width": 5.0, "short_delta": 0.2088, "long_delta": 0.0479, "max_profit_usd": 68.0, "max_loss_usd": 432.0, "breakeven_wr": 0.864, "implied_wr": 0.7912, "edge_pp": -7.28, "ev_implied_usd": 3.83, "realized_vol": 0.1051, "atm_iv": 0.1378, "vrp_ratio": 0.7627, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 21.77, "ev_at_half_drift_usd": 18.5, "ev_gross_usd": 15.06, "expected_loss_real_usd": 52.94, "friction_usd": 1.0, "ev_net_usd": 14.06, "total_risk_usd": 19008.0, "risk_cap_usd": 19145.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.032546, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.7596}}, "execution": null, "raw_reply_chars": 401}
{"ts": "2026-09-01T19:28:02.104732+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 5, "max_loss_usd": 450, "thesis": "SPY displays downward momentum with 1D -0.76% and 5D -0.61% alongside elevated IV/RV of 1.51, creating favorable conditions to sell lower-delta call premium with wider buffer.", "invalidation": "SPY reverses upward and breaks above the 761.25 spot level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"767.0": 0.1212, "761.0": 0.1375, "773.0": 0.112, "758.0": 0.1466, "777.0": 0.1121, "776.0": 0.1128, "760.0": 0.141, "775.0": 0.1111, "763.0": 0.1317, "774.0": 0.1115, "766.0": 0.1236, "768.0": 0.1187, "765.0": 0.1263, "779.0": 0.1245, "770.0": 0.1152, "772.0": 0.112, "780.0": 0.1306, "771.0": 0.114, "769.0": 0.1164, "778.0": 0.1183, "781.0": 0.1367, "764.0": 0.1289, "759.0": 0.1433, "762.0": 0.1347}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00773000", "short_strike": 768.0, "long_strike": 773.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1632, "long_delta": 0.0342, "short_iv": 0.1187, "short_rel_spread": 0.017391304347826105, "long_rel_spread": 0.11764705882352937, "short_quote_age": 0.517286, "long_quote_age": 0.526122, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 19145.17, "utilization": 1.0, "usable_buying_power": 19145.17, "max_loss_per_contract": 451.0, "total_risk": 18942.0, "buying_power_used_pct": 0.9894}, "spot": 761.19}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.255% >= 4.285%; delta 0.163 <= 0.189; buffer 0.89% >= 1.03%; liquidity 11.8% <= 13.3%; same pair=True; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4021.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 11.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,942.00 (42 contracts) <= $19,145.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.255% >= 4.285%; delta 0.163 <= 0.189; buffer 0.89% >= 1.03%; liquidity 11.8% <= 13.3%; same pair=True; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+10.17 (gross $+11.17 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1632, "long_delta": 0.0342, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8368, "edge_pp": -6.52, "ev_implied_usd": -0.35, "realized_vol": 0.1051, "atm_iv": 0.1375, "vrp_ratio": 0.7644, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 16.44, "ev_at_half_drift_usd": 13.88, "ev_gross_usd": 11.17, "expected_loss_real_usd": 37.83, "friction_usd": 1.0, "ev_net_usd": 10.17, "total_risk_usd": 18942.0, "risk_cap_usd": 19145.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.02255, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.5263}}, "execution": null, "raw_reply_chars": 468}
{"ts": "2026-09-01T19:29:19.687739+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows negative short-term momentum with 1D down 0.74% and 5D down 0.59% while IV/RV is elevated at 1.51, offering attractive premium to sell upside risk.", "invalidation": "SPY spot price moves sharply above the 761.38 level."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"759.0": 0.1436, "774.0": 0.1101, "781.0": 0.1356, "766.0": 0.1236, "779.0": 0.1233, "775.0": 0.1098, "763.0": 0.132, "762.0": 0.1347, "780.0": 0.1294, "765.0": 0.1263, "778.0": 0.1171, "770.0": 0.1144, "758.0": 0.1465, "769.0": 0.1161, "760.0": 0.1408, "764.0": 0.129, "761.0": 0.1378, "773.0": 0.1105, "777.0": 0.1108, "772.0": 0.1104, "776.0": 0.1115, "771.0": 0.1123, "768.0": 0.1185, "767.0": 0.1205}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 44, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.7, "short_delta": 0.2142, "long_delta": 0.0485, "short_iv": 0.1205, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.430006, "long_quote_age": 0.430393, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 44, "options_buying_power": 19110.17, "utilization": 1.0, "usable_buying_power": 19110.17, "max_loss_per_contract": 430.0, "total_risk": 18920.0, "buying_power_used_pct": 0.99}, "spot": 761.395}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.449% >= 4.285%; delta 0.214 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 44 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4196.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $430/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,920.00 (44 contracts) <= $19,110.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.449% >= 4.285%; delta 0.214 <= 0.189; buffer 0.74% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+14.83 (gross $+15.83 - friction $1.00) > $0.00"}], "economics": {"credit": 0.7, "width": 5.0, "short_delta": 0.2142, "long_delta": 0.0485, "max_profit_usd": 70.0, "max_loss_usd": 430.0, "breakeven_wr": 0.86, "implied_wr": 0.7858, "edge_pp": -7.42, "ev_implied_usd": 4.33, "realized_vol": 0.1051, "atm_iv": 0.1378, "vrp_ratio": 0.7627, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 22.71, "ev_at_half_drift_usd": 19.36, "ev_gross_usd": 15.83, "expected_loss_real_usd": 54.17, "friction_usd": 1.0, "ev_net_usd": 14.83, "total_risk_usd": 18920.0, "risk_cap_usd": 19110.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.034488, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.8049}}, "execution": null, "raw_reply_chars": 431}
{"ts": "2026-09-01T19:29:30.205496+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.16, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY exhibits elevated IV relative to realized volatility with an IV/RV of 1.51 alongside negative 1-day (-0.74%) and 5-day (-0.59%) returns, favoring selling out-of-the-money call premium with conservative delta.", "invalidation": "SPY rebounds and spot price climbs aggressively above 761.38 toward the short call strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"774.0": 0.1109, "766.0": 0.1236, "777.0": 0.1116, "760.0": 0.1409, "768.0": 0.1185, "762.0": 0.1345, "778.0": 0.1178, "763.0": 0.1317, "771.0": 0.1133, "775.0": 0.1106, "769.0": 0.1165, "780.0": 0.1302, "779.0": 0.124, "770.0": 0.1145, "767.0": 0.1208, "761.0": 0.1376, "773.0": 0.1114, "758.0": 0.1466, "776.0": 0.1123, "765.0": 0.1261, "764.0": 0.1288, "781.0": 0.1363, "759.0": 0.1437, "772.0": 0.1114}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00773000", "short_strike": 768.0, "long_strike": 773.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1657, "long_delta": 0.0344, "short_iv": 0.1185, "short_rel_spread": 0.01709401709401711, "long_rel_spread": 0.11764705882352937, "short_quote_age": 0.661534, "long_quote_age": 0.682735, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 19110.17, "utilization": 1.0, "usable_buying_power": 19110.17, "max_loss_per_contract": 450.0, "total_risk": 18900.0, "buying_power_used_pct": 0.989}, "spot": 761.295}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.304% >= 4.285%; delta 0.166 <= 0.189; buffer 0.88% >= 1.03%; liquidity 11.8% <= 13.3%; same pair=True; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4196.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 11.8% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $450/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,900.00 (42 contracts) <= $19,110.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.304% >= 4.285%; delta 0.166 <= 0.189; buffer 0.88% >= 1.03%; liquidity 11.8% <= 13.3%; same pair=True; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+10.37 (gross $+11.37 - friction $1.00) > $0.00"}], "economics": {"credit": 0.5, "width": 5.0, "short_delta": 0.1657, "long_delta": 0.0344, "max_profit_usd": 50.0, "max_loss_usd": 450.0, "breakeven_wr": 0.9, "implied_wr": 0.8343, "edge_pp": -6.57, "ev_implied_usd": -0.02, "realized_vol": 0.1051, "atm_iv": 0.1376, "vrp_ratio": 0.7638, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 16.74, "ev_at_half_drift_usd": 14.13, "ev_gross_usd": 11.37, "expected_loss_real_usd": 38.63, "friction_usd": 1.0, "ev_net_usd": 10.37, "total_risk_usd": 18900.0, "risk_cap_usd": 19110.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.023044, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.5378}}, "execution": null, "raw_reply_chars": 536}
{"ts": "2026-09-01T19:30:56.847813+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows downward momentum with a 1D change of -0.78% and a 5D change of -0.63% alongside an elevated IV/RV ratio of 1.53, favoring call premium selling.", "invalidation": "SPY spot rebounds above 761.06 and tests the short call strike before expiration."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"772.0": 0.1132, "767.0": 0.1211, "777.0": 0.113, "769.0": 0.1171, "763.0": 0.1321, "779.0": 0.1254, "759.0": 0.1443, "771.0": 0.114, "762.0": 0.1347, "776.0": 0.1137, "765.0": 0.1264, "781.0": 0.1376, "758.0": 0.1472, "764.0": 0.1292, "761.0": 0.1379, "760.0": 0.141, "768.0": 0.1188, "770.0": 0.1156, "778.0": 0.1192, "766.0": 0.1239, "775.0": 0.1121, "774.0": 0.1126, "780.0": 0.1315, "773.0": 0.1132}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.64, "short_delta": 0.2014, "long_delta": 0.0474, "short_iv": 0.1211, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.665521, "long_quote_age": 0.485008, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 19095.17, "utilization": 1.0, "usable_buying_power": 19095.17, "max_loss_per_contract": 436.0, "total_risk": 18748.0, "buying_power_used_pct": 0.9818}, "spot": 761.0699999999999}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.897% >= 4.285%; delta 0.201 <= 0.189; buffer 0.78% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4271.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $436/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,748.00 (43 contracts) <= $19,095.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.897% >= 4.285%; delta 0.201 <= 0.189; buffer 0.78% >= 1.03%; liquidity 8.0% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+12.63 (gross $+13.63 - friction $1.00) > $0.00"}], "economics": {"credit": 0.64, "width": 5.0, "short_delta": 0.2014, "long_delta": 0.0474, "max_profit_usd": 64.0, "max_loss_usd": 436.0, "breakeven_wr": 0.872, "implied_wr": 0.7986, "edge_pp": -7.34, "ev_implied_usd": 1.8, "realized_vol": 0.1051, "atm_iv": 0.1379, "vrp_ratio": 0.7621, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 20.1, "ev_at_half_drift_usd": 16.95, "ev_gross_usd": 13.63, "expected_loss_real_usd": 50.37, "friction_usd": 1.0, "ev_net_usd": 12.63, "total_risk_usd": 18748.0, "risk_cap_usd": 19095.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.028968, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6761}}, "execution": null, "raw_reply_chars": 457}
{"ts": "2026-09-01T19:31:11.135422+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.15, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits negative short-term momentum with 1D return of -0.78% and 5D return of -0.63%, while an elevated IV/RV ratio of 1.53 provides favorable premium to sell out-of-the-money call credit spreads with higher safety buffer.", "invalidation": "A sharp upward reversal in SPY spot price above 761.06 invalidates this bearish momentum thesis."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"763.0": 0.1325, "778.0": 0.1193, "769.0": 0.1173, "776.0": 0.1138, "775.0": 0.1122, "762.0": 0.1351, "768.0": 0.1191, "770.0": 0.1158, "772.0": 0.1134, "771.0": 0.1141, "761.0": 0.1381, "781.0": 0.1378, "764.0": 0.1295, "758.0": 0.148, "759.0": 0.1446, "779.0": 0.1255, "765.0": 0.1267, "777.0": 0.1131, "767.0": 0.1213, "780.0": 0.1316, "774.0": 0.1127, "760.0": 0.1415, "773.0": 0.1133, "766.0": 0.1242}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 72, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00768000", "long_symbol": "SPY260903C00771000", "short_strike": 768.0, "long_strike": 771.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1583, "long_delta": 0.0659, "short_iv": 0.1191, "short_rel_spread": 0.018018018018018032, "long_rel_spread": 0.054054054054054106, "short_quote_age": 0.422686, "long_quote_age": 0.595977, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 72, "options_buying_power": 19095.17, "utilization": 1.0, "usable_buying_power": 19095.17, "max_loss_per_contract": 263.0, "total_risk": 18936.0, "buying_power_used_pct": 0.9917}, "spot": 761.105}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.593% >= 4.285%; delta 0.158 <= 0.189; buffer 0.91% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 72 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4271.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00768000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $263/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,936.00 (72 contracts) <= $19,095.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.593% >= 4.285%; delta 0.158 <= 0.189; buffer 0.91% >= 1.03%; liquidity 5.4% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+6.82 (gross $+7.82 - friction $1.00) > $0.00"}], "economics": {"credit": 0.37, "width": 3.0, "short_delta": 0.1583, "long_delta": 0.0659, "max_profit_usd": 37.0, "max_loss_usd": 263.0, "breakeven_wr": 0.8767, "implied_wr": 0.8417, "edge_pp": -3.5, "ev_implied_usd": 3.37, "realized_vol": 0.1051, "atm_iv": 0.1381, "vrp_ratio": 0.761, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 11.7, "ev_at_half_drift_usd": 9.81, "ev_gross_usd": 7.82, "expected_loss_real_usd": 29.18, "friction_usd": 1.0, "ev_net_usd": 6.82, "total_risk_usd": 18936.0, "risk_cap_usd": 19095.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.025932, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6052}}, "execution": null, "raw_reply_chars": 558}
{"ts": "2026-09-01T19:32:28.267378+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY displays negative short-term momentum with 1D return of -0.81% and 5D return of -0.66% alongside an elevated IV/RV ratio of 1.53.", "invalidation": "SPY spot price rises above recent downward trajectory towards the short call strike."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"781.0": 0.1389, "762.0": 0.1354, "771.0": 0.1145, "765.0": 0.1271, "774.0": 0.1141, "758.0": 0.1477, "773.0": 0.1124, "760.0": 0.1413, "763.0": 0.1328, "767.0": 0.1218, "761.0": 0.1382, "759.0": 0.1444, "776.0": 0.1151, "775.0": 0.1136, "764.0": 0.1298, "778.0": 0.1205, "768.0": 0.1198, "770.0": 0.1165, "779.0": 0.1267, "780.0": 0.1328, "766.0": 0.1245, "772.0": 0.1132, "777.0": 0.1143, "769.0": 0.1175}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 43, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00767000", "long_symbol": "SPY260903C00772000", "short_strike": 767.0, "long_strike": 772.0, "width": 5.0, "credit": 0.62, "short_delta": 0.1943, "long_delta": 0.0442, "short_iv": 0.1218, "short_rel_spread": 0.01360544217687076, "long_rel_spread": 0.0869565217391304, "short_quote_age": 0.566414, "long_quote_age": 0.421724, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 43, "options_buying_power": 18988.17, "utilization": 1.0, "usable_buying_power": 18988.17, "max_loss_per_contract": 438.0, "total_risk": 18834.0, "buying_power_used_pct": 0.9919}, "spot": 760.92}, "verdict": {"approved": false, "reason": "reentry_quality: quality 2.820% >= 4.285%; delta 0.194 <= 0.189; buffer 0.80% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 43 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4806.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00767000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $438/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,834.00 (43 contracts) <= $18,988.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 2.820% >= 4.285%; delta 0.194 <= 0.189; buffer 0.80% >= 1.03%; liquidity 8.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+12.35 (gross $+13.35 - friction $1.00) > $0.00"}], "economics": {"credit": 0.62, "width": 5.0, "short_delta": 0.1943, "long_delta": 0.0442, "max_profit_usd": 62.0, "max_loss_usd": 438.0, "breakeven_wr": 0.876, "implied_wr": 0.8057, "edge_pp": -7.03, "ev_implied_usd": 2.37, "realized_vol": 0.1051, "atm_iv": 0.1382, "vrp_ratio": 0.7605, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 19.64, "ev_at_half_drift_usd": 16.58, "ev_gross_usd": 13.35, "expected_loss_real_usd": 48.65, "friction_usd": 1.0, "ev_net_usd": 12.35, "total_risk_usd": 18834.0, "risk_cap_usd": 18988.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.028196, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.6581}}, "execution": null, "raw_reply_chars": 439}
{"ts": "2026-09-01T19:32:41.572246+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY displays downward momentum with 1D at -0.81% and 5D at -0.66% alongside an elevated IV/RV ratio of 1.53, presenting an opportunity to sell overvalued call premium.", "invalidation": "SPY spot price moves upward reversing the negative 1D and 5D trend."}, "intent_error": null, "spread": {"dte": 2, "realized_vol": 0.1051, "smile": {"770.0": 0.1155, "764.0": 0.1298, "769.0": 0.1176, "780.0": 0.1329, "766.0": 0.1241, "778.0": 0.1206, "776.0": 0.1152, "761.0": 0.1382, "775.0": 0.1137, "781.0": 0.139, "765.0": 0.127, "779.0": 0.1268, "763.0": 0.1325, "758.0": 0.1466, "772.0": 0.1133, "759.0": 0.1442, "774.0": 0.1142, "767.0": 0.1216, "773.0": 0.1125, "760.0": 0.1411, "768.0": 0.1195, "777.0": 0.1144, "762.0": 0.1352, "771.0": 0.1145}, "vol_profile": {"ewma": 0.1051, "windows": {"5d": 0.0828, "10d": 0.0786, "20d": 0.0728, "40d": 0.1147, "60d": 0.1287}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": -0.007705}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-03", "qty": 45, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260903C00766000", "long_symbol": "SPY260903C00771000", "short_strike": 766.0, "long_strike": 771.0, "width": 5.0, "credit": 0.81, "short_delta": 0.2403, "long_delta": 0.0627, "short_iv": 0.1241, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.05714285714285704, "short_quote_age": 0.63562, "long_quote_age": 0.755388, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 45, "options_buying_power": 18988.17, "utilization": 1.0, "usable_buying_power": 18988.17, "max_loss_per_contract": 419.0, "total_risk": 18855.0, "buying_power_used_pct": 0.993}, "spot": 760.845}, "verdict": {"approved": false, "reason": "reentry_quality: quality 3.857% >= 4.285%; delta 0.240 <= 0.189; buffer 0.68% >= 1.03%; liquidity 5.7% <= 13.3%; same pair=False; comparable=True", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$49,800.84, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 45 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "1 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $-4806.43)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260903C00766000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $419/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $18,855.00 (45 contracts) <= $18,988.17 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return -0.77% >= -1.00% floor"}, {"name": "reentry_quality", "passed": false, "detail": "quality 3.857% >= 4.285%; delta 0.240 <= 0.189; buffer 0.68% >= 1.03%; liquidity 5.7% <= 13.3%; same pair=False; comparable=True"}, {"name": "economic_ev", "passed": true, "detail": "market-implied EV $+16.16 (gross $+17.16 - friction $1.00) > $0.00"}], "economics": {"credit": 0.81, "width": 5.0, "short_delta": 0.2403, "long_delta": 0.0627, "max_profit_usd": 81.0, "max_loss_usd": 419.0, "breakeven_wr": 0.838, "implied_wr": 0.7597, "edge_pp": -7.83, "ev_implied_usd": 5.25, "realized_vol": 0.1051, "atm_iv": 0.1382, "vrp_ratio": 0.7605, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": 24.75, "ev_at_half_drift_usd": 21.04, "ev_gross_usd": 17.16, "expected_loss_real_usd": 63.84, "friction_usd": 1.0, "ev_net_usd": 16.16, "total_risk_usd": 18855.0, "risk_cap_usd": 18988.17, "options_buying_power_usd": 49800.84, "spread_equity_budget_pct": 0.2, "sizing_mode": "full_buying_power", "quality_per_defined_risk": 0.038568, "reentry_required_quality": 0.042847, "reentry_quality_ratio": 0.9001}}, "execution": null, "raw_reply_chars": 468}
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{"ts": "2026-09-04T13:31:10.533148+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with a 1D return of +0.17% and 5D return of +0.35%, supporting a bullish put credit spread over a 4 to 7 DTE window.", "invalidation": "QQQ spot price declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"650.0": 0.3676, "719.0": 0.1136, "720.0": 0.1129, "649.0": 0.3666, "709.0": 0.1304, "693.0": 0.1783, "652.0": 0.3575, "703.0": 0.144, "708.0": 0.1321, "671.0": 0.2764, "647.0": 0.3766, "669.0": 0.2836, "687.0": 0.2038, "706.0": 0.1361, "712.0": 0.1241, "674.0": 0.2635, "702.0": 0.1464, "704.0": 0.1409, "668.0": 0.2888, "716.0": 0.1175, "654.0": 0.3525, "715.0": 0.1188, "699.0": 0.1553, "685.0": 0.2132, "718.0": 0.1148, "713.0": 0.1225, "717.0": 0.1163, "675.0": 0.2582, "705.0": 0.1382, "665.0": 0.3007, "710.0": 0.1277, "667.0": 0.294, "683.0": 0.2222, "678.0": 0.2448, "700.0": 0.1519, "644.0": 0.3915, "676.0": 0.2529, "655.0": 0.3474, "721.0": 0.1123, "695.0": 0.1688, "688.0": 0.1983, "679.0": 0.2395, "692.0": 0.1815, "690.0": 0.1902, "722.0": 0.1115, "658.0": 0.3322, "697.0": 0.1609, "670.0": 0.2785, "694.0": 0.1724, "691.0": 0.1873, "646.0": 0.3815, "689.0": 0.1943, "663.0": 0.3109, "682.0": 0.2256, "648.0": 0.3716, "711.0": 0.1261, "673.0": 0.2659, "714.0": 0.1204, "696.0": 0.165, "698.0": 0.1583, "661.0": 0.317, "666.0": 0.2992, "677.0": 0.2502, "664.0": 0.3096, "653.0": 0.3525, "672.0": 0.2712, "684.0": 0.2167, "662.0": 0.3161, "651.0": 0.3625, "681.0": 0.231, "645.0": 0.3865, "660.0": 0.3221, "680.0": 0.2341, "659.0": 0.3271, "701.0": 0.1495, "686.0": 0.2076, "657.0": 0.3373, "707.0": 0.1342, "656.0": 0.3424}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 38, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1903, "long_delta": 0.1265, "short_iv": 0.1261, "short_rel_spread": 0.020000000000000018, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.409202, "long_quote_age": 0.408016, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 38, "options_buying_power": 10201.14, "utilization": 1.0, "usable_buying_power": 10201.14, "max_loss_per_contract": 263.0, "total_risk": 9994.0, "buying_power_used_pct": 0.9797}, "spot": 718.69}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-53.15 (gross $-51.15 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 38 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:32:33.090129+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady upward momentum with a 1D return of +0.29% and 5D return of +0.47% at spot 719.76.", "invalidation": "QQQ spot price falls significantly below 719.76, reversing its positive 5-day trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"643.0": 0.3841, "661.0": 0.3247, "703.0": 0.148, "717.0": 0.1195, "662.0": 0.3196, "698.0": 0.1628, "663.0": 0.3145, "664.0": 0.3093, "669.0": 0.2872, "704.0": 0.1452, "715.0": 0.1221, "721.0": 0.1145, "674.0": 0.2643, "644.0": 0.3948, "711.0": 0.1294, "691.0": 0.1885, "685.0": 0.2151, "677.0": 0.2539, "671.0": 0.28, "656.0": 0.3458, "722.0": 0.1137, "697.0": 0.1662, "650.0": 0.3709, "667.0": 0.2976, "700.0": 0.1559, "689.0": 0.1967, "657.0": 0.3407, "712.0": 0.1279, "701.0": 0.1529, "690.0": 0.1942, "646.0": 0.3848, "710.0": 0.1315, "719.0": 0.1167, "720.0": 0.1158, "672.0": 0.2748, "682.0": 0.2315, "716.0": 0.1208, "699.0": 0.1591, "678.0": 0.2486, "696.0": 0.1693, "688.0": 0.2022, "670.0": 0.2853, "668.0": 0.2924, "695.0": 0.1731, "665.0": 0.3042, "718.0": 0.118, "692.0": 0.1857, "702.0": 0.1501, "680.0": 0.2379, "681.0": 0.2348, "707.0": 0.1382, "686.0": 0.2115, "651.0": 0.3659, "684.0": 0.2206, "713.0": 0.1259, "653.0": 0.3559, "649.0": 0.3759, "723.0": 0.1129, "652.0": 0.3609, "676.0": 0.2566, "659.0": 0.3306, "654.0": 0.3559, "648.0": 0.3749, "705.0": 0.1427, "679.0": 0.2432, "687.0": 0.2078, "660.0": 0.3255, "673.0": 0.2696, "706.0": 0.1404, "694.0": 0.1766, "658.0": 0.3356, "693.0": 0.1812, "655.0": 0.3509, "666.0": 0.3028, "645.0": 0.3898, "709.0": 0.1337, "675.0": 0.2619, "708.0": 0.1358, "683.0": 0.2261, "647.0": 0.3799, "714.0": 0.1241}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2011, "long_delta": 0.1032, "short_iv": 0.1279, "short_rel_spread": 0.018348623853211024, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.472452, "long_quote_age": 0.45149, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10295.14, "utilization": 1.0, "usable_buying_power": 10295.14, "max_loss_per_contract": 442.0, "total_risk": 10166.0, "buying_power_used_pct": 0.9875}, "spot": 719.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-82.82 (gross $-81.32 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:32:47.190815+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates positive 1D (+0.29%) and 5D (+0.47%) returns, supporting a short put spread with extended duration to harvest premium against realized volatility.", "invalidation": "QQQ spot falls sharply below 719.76 or momentum shifts negative across short-term horizons."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"723.0": 0.1122, "659.0": 0.3318, "647.0": 0.381, "655.0": 0.3521, "719.0": 0.1165, "669.0": 0.2885, "698.0": 0.1635, "706.0": 0.1407, "699.0": 0.1599, "681.0": 0.2361, "694.0": 0.1781, "645.0": 0.391, "654.0": 0.3571, "720.0": 0.1152, "666.0": 0.304, "664.0": 0.3106, "717.0": 0.1193, "714.0": 0.1242, "656.0": 0.347, "707.0": 0.1387, "690.0": 0.1956, "700.0": 0.1568, "650.0": 0.3721, "718.0": 0.1179, "695.0": 0.1746, "701.0": 0.1546, "721.0": 0.114, "708.0": 0.1362, "670.0": 0.2833, "689.0": 0.1981, "704.0": 0.146, "709.0": 0.134, "680.0": 0.2392, "665.0": 0.3054, "691.0": 0.19, "676.0": 0.2579, "716.0": 0.1207, "673.0": 0.2709, "667.0": 0.2988, "713.0": 0.1261, "710.0": 0.132, "722.0": 0.1132, "652.0": 0.3621, "684.0": 0.222, "648.0": 0.3761, "693.0": 0.1814, "671.0": 0.2813, "657.0": 0.3419, "675.0": 0.2632, "711.0": 0.1297, "646.0": 0.386, "703.0": 0.1486, "679.0": 0.2445, "715.0": 0.1224, "705.0": 0.1427, "702.0": 0.1506, "663.0": 0.3157, "674.0": 0.2656, "697.0": 0.1668, "668.0": 0.2937, "686.0": 0.2129, "712.0": 0.128, "661.0": 0.3217, "672.0": 0.2761, "696.0": 0.1708, "682.0": 0.2329, "653.0": 0.3571, "687.0": 0.2092, "658.0": 0.3369, "678.0": 0.2499, "677.0": 0.2552, "662.0": 0.3208, "649.0": 0.3771, "651.0": 0.3671, "683.0": 0.2274, "688.0": 0.2036, "685.0": 0.2165, "660.0": 0.3267, "692.0": 0.1871}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.38, "short_delta": 0.1937, "long_delta": 0.1298, "short_iv": 0.128, "short_rel_spread": 0.019230769230769246, "long_rel_spread": 0.030303030303030328, "short_quote_age": 0.459711, "long_quote_age": 0.460515, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10295.14, "utilization": 1.0, "usable_buying_power": 10295.14, "max_loss_per_contract": 262.0, "total_risk": 10218.0, "buying_power_used_pct": 0.9925}, "spot": 719.9}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-51.05 (gross $-49.05 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:34:07.869078+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates positive short-term momentum with 1D gains of +0.32% and 5D gains of +0.49% alongside IV/RV at 0.82.", "invalidation": "QQQ spot price declines significantly below current levels, reversing the positive 1D and 5D return profile."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"645.0": 0.3844, "719.0": 0.1143, "648.0": 0.3827, "673.0": 0.2714, "723.0": 0.1109, "650.0": 0.3726, "722.0": 0.1115, "666.0": 0.3046, "664.0": 0.3111, "675.0": 0.2638, "717.0": 0.1172, "654.0": 0.3577, "684.0": 0.2226, "693.0": 0.182, "706.0": 0.139, "643.0": 0.3755, "671.0": 0.2819, "710.0": 0.1298, "720.0": 0.1134, "718.0": 0.1156, "653.0": 0.3576, "707.0": 0.1364, "688.0": 0.2042, "701.0": 0.1525, "682.0": 0.2334, "680.0": 0.2398, "696.0": 0.1715, "683.0": 0.228, "656.0": 0.3475, "692.0": 0.1877, "712.0": 0.1259, "690.0": 0.1963, "670.0": 0.2871, "661.0": 0.3265, "709.0": 0.132, "705.0": 0.1416, "655.0": 0.3526, "665.0": 0.306, "691.0": 0.1906, "699.0": 0.1606, "651.0": 0.3676, "659.0": 0.3367, "711.0": 0.1278, "674.0": 0.2662, "702.0": 0.1501, "721.0": 0.1119, "686.0": 0.2135, "695.0": 0.1752, "672.0": 0.2767, "698.0": 0.1633, "704.0": 0.1447, "685.0": 0.2171, "657.0": 0.3425, "660.0": 0.3316, "663.0": 0.3162, "669.0": 0.2923, "652.0": 0.3626, "679.0": 0.2451, "715.0": 0.1201, "662.0": 0.3213, "713.0": 0.1236, "681.0": 0.2367, "708.0": 0.1347, "668.0": 0.2976, "676.0": 0.2585, "694.0": 0.1787, "716.0": 0.1185, "700.0": 0.1575, "667.0": 0.2994, "647.0": 0.3815, "646.0": 0.3795, "703.0": 0.1471, "697.0": 0.1675, "649.0": 0.3776, "644.0": 0.3893, "714.0": 0.122, "678.0": 0.2505, "658.0": 0.3374, "677.0": 0.2558, "689.0": 0.1987, "687.0": 0.2098}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2123, "long_delta": 0.1088, "short_iv": 0.1236, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.018691588785046745, "short_quote_age": 0.533207, "long_quote_age": 0.445505, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10333.14, "utilization": 1.0, "usable_buying_power": 10333.14, "max_loss_per_contract": 441.0, "total_risk": 10143.0, "buying_power_used_pct": 0.9816}, "spot": 720.005}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-86.96 (gross $-85.46 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+1364.00)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00713000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $441/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,143.00 (23 contracts) <= $10,333.14 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-86.96 (gross $-85.46 - friction $1.50) > $0.00"}], "economics": {"credit": 0.59, "width": 5.0, "short_delta": 0.2123, "long_delta": 0.1088, "max_profit_usd": 59.0, "max_loss_usd": 441.0, "breakeven_wr": 0.882, "implied_wr": 0.7877, "edge_pp": -9.43, "ev_implied_usd": -21.27, "realized_vol": 0.1777, "atm_iv": 0.1134, "vrp_ratio": 1.567, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -94.09, "ev_at_half_drift_usd": -89.75, "ev_gross_usd": -85.46, "expected_loss_real_usd": 144.46, "friction_usd": 1.5, "ev_net_usd": -86.96, "total_risk_usd": 10143.0, "risk_cap_usd": 10333.14, "options_buying_power_usd": 82371.37, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 446}
{"ts": "2026-09-04T13:34:22.918957+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with 1D +0.32% and 5D +0.49% gains, supporting a near-term put credit spread.", "invalidation": "A reversal in QQQ spot price dropping below the short put strike invalidates this bullish thesis."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 441}
{"ts": "2026-09-04T13:35:42.507550+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive upward momentum with a 1D change of +0.38% and a 5D change of +0.55%.", "invalidation": "QQQ spot price falls below the short strike level prior to expiration."}, "intent_error": "chain rejected for 2026-09-08: 2/79 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 382}
{"ts": "2026-09-04T13:35:52.954961+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 1D (+0.38%) and 5D (+0.55%) momentum with IV/RV at 0.82, supporting an out-of-the-money put credit spread targeting 5 to 7 DTE to avoid the distorted 4 DTE chain.", "invalidation": "QQQ spot price falls below recent levels reversing the positive 1D and 5D returns."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"724.0": 0.1201, "646.0": 0.3576, "708.0": 0.1434, "716.0": 0.1292, "710.0": 0.1398, "681.0": 0.2238, "682.0": 0.2204, "687.0": 0.2026, "686.0": 0.2054, "688.0": 0.1974, "722.0": 0.1219, "656.0": 0.3201, "670.0": 0.2684, "649.0": 0.3484, "702.0": 0.1566, "691.0": 0.1877, "700.0": 0.1621, "658.0": 0.3142, "705.0": 0.1497, "677.0": 0.2385, "703.0": 0.1541, "644.0": 0.3667, "683.0": 0.2153, "667.0": 0.2778, "669.0": 0.2708, "654.0": 0.3293, "712.0": 0.1357, "668.0": 0.2731, "671.0": 0.2635, "685.0": 0.208, "674.0": 0.2512, "678.0": 0.2336, "699.0": 0.1642, "720.0": 0.1236, "652.0": 0.3386, "676.0": 0.2434, "650.0": 0.3438, "692.0": 0.1841, "672.0": 0.2587, "647.0": 0.353, "715.0": 0.1309, "661.0": 0.3002, "711.0": 0.1375, "714.0": 0.1325, "719.0": 0.1249, "655.0": 0.3247, "653.0": 0.3339, "696.0": 0.1724, "673.0": 0.2539, "690.0": 0.1911, "679.0": 0.2322, "662.0": 0.2986, "697.0": 0.1692, "684.0": 0.2131, "648.0": 0.3485, "698.0": 0.1669, "694.0": 0.178, "713.0": 0.1341, "665.0": 0.2873, "675.0": 0.2483, "660.0": 0.3049, "707.0": 0.1456, "689.0": 0.1943, "706.0": 0.1477, "701.0": 0.1587, "651.0": 0.3392, "723.0": 0.1209, "666.0": 0.2825, "709.0": 0.1414, "704.0": 0.1518, "693.0": 0.182, "657.0": 0.3189, "663.0": 0.2939, "695.0": 0.1754, "717.0": 0.1278, "645.0": 0.3621, "680.0": 0.2272, "721.0": 0.1226, "718.0": 0.1263, "659.0": 0.3096, "664.0": 0.292}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.59, "short_delta": 0.1983, "long_delta": 0.1153, "short_iv": 0.1375, "short_rel_spread": 0.015503875968992262, "long_rel_spread": 0.014184397163120581, "short_quote_age": 0.448905, "long_quote_age": 0.486333, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10419.14, "utilization": 1.0, "usable_buying_power": 10419.14, "max_loss_per_contract": 441.0, "total_risk": 10143.0, "buying_power_used_pct": 0.9735}, "spot": 720.42}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-76.92 (gross $-75.42 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+2224.00)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260909P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $441/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,143.00 (23 contracts) <= $10,419.14 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-76.92 (gross $-75.42 - friction $1.50) > $0.00"}], "economics": {"credit": 0.59, "width": 5.0, "short_delta": 0.1983, "long_delta": 0.1153, "max_profit_usd": 59.0, "max_loss_usd": 441.0, "breakeven_wr": 0.882, "implied_wr": 0.8017, "edge_pp": -8.03, "ev_implied_usd": -19.4, "realized_vol": 0.1777, "atm_iv": 0.1236, "vrp_ratio": 1.4377, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -84.63, "ev_at_half_drift_usd": -79.99, "ev_gross_usd": -75.42, "expected_loss_real_usd": 134.42, "friction_usd": 1.5, "ev_net_usd": -76.92, "total_risk_usd": 10143.0, "risk_cap_usd": 10419.14, "options_buying_power_usd": 82371.37, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 499}
{"ts": "2026-09-04T13:37:19.748909+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays steady short-term momentum with a +0.33% 1D return and +0.50% 5D gain alongside an IV/RV ratio of 0.79.", "invalidation": "A shift to negative 1D and 5D returns indicating a breakdown in current spot momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"650.0": 0.3742, "645.0": 0.3859, "702.0": 0.1496, "669.0": 0.2907, "667.0": 0.301, "705.0": 0.1411, "704.0": 0.1437, "670.0": 0.2888, "694.0": 0.1794, "700.0": 0.1564, "653.0": 0.3591, "649.0": 0.3792, "719.0": 0.1126, "707.0": 0.1366, "720.0": 0.1118, "655.0": 0.3491, "714.0": 0.1206, "708.0": 0.1337, "710.0": 0.1291, "676.0": 0.2574, "659.0": 0.3339, "674.0": 0.2679, "662.0": 0.323, "682.0": 0.2308, "698.0": 0.1635, "648.0": 0.3781, "652.0": 0.3642, "711.0": 0.127, "681.0": 0.2362, "687.0": 0.208, "721.0": 0.1105, "706.0": 0.1388, "717.0": 0.1156, "665.0": 0.3076, "658.0": 0.3341, "688.0": 0.2061, "699.0": 0.1601, "684.0": 0.2244, "644.0": 0.3908, "657.0": 0.3391, "675.0": 0.2627, "680.0": 0.2415, "715.0": 0.1188, "723.0": 0.1092, "686.0": 0.2134, "679.0": 0.2469, "678.0": 0.2522, "718.0": 0.1142, "722.0": 0.11, "696.0": 0.1713, "693.0": 0.1839, "651.0": 0.3692, "709.0": 0.1315, "661.0": 0.3281, "716.0": 0.1172, "646.0": 0.388, "647.0": 0.3831, "712.0": 0.1248, "668.0": 0.2923, "654.0": 0.3541, "685.0": 0.2189, "672.0": 0.2783, "666.0": 0.3025, "671.0": 0.2836, "701.0": 0.1532, "713.0": 0.1228, "703.0": 0.147, "683.0": 0.2298, "691.0": 0.1925, "660.0": 0.3289, "692.0": 0.1868, "656.0": 0.3441, "689.0": 0.2005, "664.0": 0.3127, "697.0": 0.1675, "695.0": 0.1749, "673.0": 0.2731, "677.0": 0.2522, "663.0": 0.3179, "690.0": 0.195}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2, "long_delta": 0.1008, "short_iv": 0.1228, "short_rel_spread": 0.019230769230769246, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.57349, "long_quote_age": 0.575944, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10411.14, "utilization": 1.0, "usable_buying_power": 10411.14, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9809}, "spot": 720.21}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-88.86 (gross $-87.36 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:37:37.676280+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 4], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive upward momentum with a 1D gain of +0.33% and 5D gain of +0.50% at spot 720.02.", "invalidation": "QQQ spot price declines significantly below recent positive momentum levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"695.0": 0.1747, "691.0": 0.1923, "658.0": 0.334, "697.0": 0.1673, "688.0": 0.2059, "678.0": 0.252, "673.0": 0.273, "715.0": 0.1191, "712.0": 0.1253, "718.0": 0.1142, "711.0": 0.1273, "719.0": 0.1127, "692.0": 0.1867, "702.0": 0.1508, "698.0": 0.1633, "674.0": 0.2677, "668.0": 0.2921, "661.0": 0.328, "652.0": 0.364, "650.0": 0.3741, "680.0": 0.2414, "723.0": 0.1085, "671.0": 0.2834, "654.0": 0.354, "720.0": 0.1115, "664.0": 0.3126, "705.0": 0.1419, "665.0": 0.3075, "716.0": 0.1174, "675.0": 0.2625, "672.0": 0.2782, "669.0": 0.2906, "657.0": 0.339, "646.0": 0.3879, "659.0": 0.3338, "670.0": 0.2887, "682.0": 0.2307, "706.0": 0.139, "685.0": 0.2187, "696.0": 0.1711, "651.0": 0.369, "676.0": 0.2573, "679.0": 0.2467, "681.0": 0.236, "703.0": 0.1468, "709.0": 0.1319, "722.0": 0.1094, "700.0": 0.1563, "689.0": 0.2004, "704.0": 0.1447, "714.0": 0.1212, "648.0": 0.378, "662.0": 0.3228, "708.0": 0.1342, "667.0": 0.3009, "710.0": 0.1295, "649.0": 0.3791, "677.0": 0.252, "653.0": 0.359, "721.0": 0.1101, "694.0": 0.1793, "684.0": 0.2242, "663.0": 0.3177, "686.0": 0.2133, "660.0": 0.3287, "724.0": 0.1085, "713.0": 0.1232, "687.0": 0.2078, "690.0": 0.198, "656.0": 0.344, "655.0": 0.349, "699.0": 0.1599, "666.0": 0.3024, "693.0": 0.1837, "683.0": 0.2296, "717.0": 0.1158, "707.0": 0.1364, "701.0": 0.1531, "647.0": 0.383}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2017, "long_delta": 0.1342, "short_iv": 0.1232, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.476105, "long_quote_age": 0.471384, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10411.14, "utilization": 1.0, "usable_buying_power": 10411.14, "max_loss_per_contract": 261.0, "total_risk": 10179.0, "buying_power_used_pct": 0.9777}, "spot": 720.51}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-51.88 (gross $-50.88 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:38:58.541673+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive short-term momentum with a 1D return of +0.39% and a 5D return of +0.56%.", "invalidation": "QQQ spot price declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"666.0": 0.3028, "655.0": 0.3494, "720.0": 0.1117, "701.0": 0.1537, "717.0": 0.1155, "677.0": 0.2525, "681.0": 0.2365, "650.0": 0.3618, "665.0": 0.3079, "696.0": 0.1717, "675.0": 0.263, "676.0": 0.2578, "712.0": 0.1251, "724.0": 0.1083, "695.0": 0.1753, "716.0": 0.1172, "659.0": 0.3294, "710.0": 0.1297, "692.0": 0.1872, "667.0": 0.2977, "668.0": 0.2926, "715.0": 0.1194, "708.0": 0.1342, "670.0": 0.2823, "687.0": 0.2083, "711.0": 0.127, "669.0": 0.2875, "702.0": 0.1501, "651.0": 0.3569, "647.0": 0.3834, "683.0": 0.2258, "703.0": 0.1474, "690.0": 0.1953, "664.0": 0.3044, "707.0": 0.1363, "699.0": 0.1596, "714.0": 0.1209, "673.0": 0.267, "709.0": 0.1314, "688.0": 0.2047, "662.0": 0.3144, "660.0": 0.3244, "674.0": 0.2682, "704.0": 0.1442, "723.0": 0.1094, "684.0": 0.2205, "653.0": 0.3472, "694.0": 0.1785, "663.0": 0.3094, "649.0": 0.3666, "657.0": 0.3394, "679.0": 0.242, "686.0": 0.2138, "719.0": 0.1129, "713.0": 0.1232, "685.0": 0.2193, "648.0": 0.3784, "646.0": 0.3884, "697.0": 0.1679, "691.0": 0.1929, "705.0": 0.1416, "693.0": 0.1843, "721.0": 0.1107, "658.0": 0.3344, "718.0": 0.1144, "654.0": 0.3544, "678.0": 0.2473, "682.0": 0.2312, "680.0": 0.2419, "661.0": 0.3194, "656.0": 0.3444, "706.0": 0.1393, "700.0": 0.1569, "672.0": 0.2721, "722.0": 0.1099, "698.0": 0.1639, "671.0": 0.2772, "652.0": 0.352, "689.0": 0.2009}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.38, "short_delta": 0.1987, "long_delta": 0.1324, "short_iv": 0.1232, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.406983, "long_quote_age": 0.410774, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10395.14, "utilization": 1.0, "usable_buying_power": 10395.14, "max_loss_per_contract": 262.0, "total_risk": 10218.0, "buying_power_used_pct": 0.983}, "spot": 720.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-52.61 (gross $-51.61 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:39:10.052218+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates upward momentum with 1D performance of +0.39% and 5D of +0.56%, supporting premium collection via a put credit spread across the 4 to 7 DTE window.", "invalidation": "A reversal in QQQ spot price below 720.45 or negative momentum would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"677.0": 0.2508, "699.0": 0.1584, "721.0": 0.1101, "702.0": 0.1492, "669.0": 0.2858, "690.0": 0.1935, "675.0": 0.2613, "720.0": 0.1112, "693.0": 0.1824, "698.0": 0.1618, "712.0": 0.124, "665.0": 0.3063, "683.0": 0.2241, "705.0": 0.1402, "664.0": 0.3028, "651.0": 0.3554, "647.0": 0.3819, "663.0": 0.3078, "671.0": 0.2756, "679.0": 0.2403, "656.0": 0.3429, "686.0": 0.212, "701.0": 0.1515, "684.0": 0.2187, "682.0": 0.2294, "660.0": 0.3228, "694.0": 0.1766, "703.0": 0.1463, "687.0": 0.2065, "688.0": 0.2029, "659.0": 0.3278, "707.0": 0.1354, "716.0": 0.1165, "722.0": 0.109, "709.0": 0.1309, "685.0": 0.2175, "678.0": 0.2456, "668.0": 0.2909, "653.0": 0.3456, "719.0": 0.112, "691.0": 0.191, "652.0": 0.3505, "718.0": 0.1135, "661.0": 0.3178, "648.0": 0.3769, "700.0": 0.1547, "650.0": 0.3603, "649.0": 0.3651, "696.0": 0.1697, "704.0": 0.143, "676.0": 0.2561, "717.0": 0.1149, "681.0": 0.2348, "697.0": 0.1659, "670.0": 0.2807, "657.0": 0.3378, "692.0": 0.1853, "646.0": 0.3868, "695.0": 0.1733, "715.0": 0.1182, "689.0": 0.199, "658.0": 0.3328, "655.0": 0.3479, "680.0": 0.2401, "708.0": 0.133, "666.0": 0.3012, "673.0": 0.2653, "710.0": 0.128, "667.0": 0.2961, "674.0": 0.2665, "714.0": 0.1206, "662.0": 0.3128, "711.0": 0.1268, "706.0": 0.1377, "723.0": 0.1082, "713.0": 0.1227, "654.0": 0.3529, "672.0": 0.2704}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.42, "short_delta": 0.2084, "long_delta": 0.1371, "short_iv": 0.1227, "short_rel_spread": 0.009132420091324207, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.407788, "long_quote_age": 0.400859, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10395.14, "utilization": 1.0, "usable_buying_power": 10395.14, "max_loss_per_contract": 258.0, "total_risk": 10320.0, "buying_power_used_pct": 0.9928}, "spot": 720.22}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-49.54 (gross $-48.54 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:40:32.546657+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays positive momentum with a 1D gain of +0.40% and a 5D gain of +0.57% while ATM IV(4D) sits at 10.76%.", "invalidation": "A reversal in QQQ price momentum resulting in negative 1D returns that challenge the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"695.0": 0.1742, "677.0": 0.2516, "710.0": 0.1287, "688.0": 0.2055, "706.0": 0.1388, "693.0": 0.1833, "678.0": 0.2516, "668.0": 0.2917, "700.0": 0.1565, "649.0": 0.3658, "698.0": 0.1628, "705.0": 0.1413, "713.0": 0.1223, "644.0": 0.3902, "652.0": 0.3578, "709.0": 0.1312, "648.0": 0.3776, "686.0": 0.2128, "702.0": 0.1502, "704.0": 0.1441, "697.0": 0.1668, "683.0": 0.2249, "720.0": 0.1104, "690.0": 0.1943, "665.0": 0.3071, "696.0": 0.1706, "685.0": 0.2183, "717.0": 0.115, "682.0": 0.2302, "692.0": 0.1862, "711.0": 0.1268, "667.0": 0.2968, "663.0": 0.3173, "664.0": 0.3122, "658.0": 0.3336, "661.0": 0.3185, "655.0": 0.3486, "673.0": 0.2725, "707.0": 0.1357, "694.0": 0.1788, "646.0": 0.3875, "691.0": 0.1918, "676.0": 0.2568, "666.0": 0.3019, "669.0": 0.2866, "716.0": 0.1168, "699.0": 0.1603, "718.0": 0.1133, "654.0": 0.3536, "657.0": 0.3386, "662.0": 0.3224, "679.0": 0.2463, "672.0": 0.2778, "645.0": 0.3854, "684.0": 0.2237, "659.0": 0.3286, "680.0": 0.2409, "708.0": 0.1335, "671.0": 0.283, "653.0": 0.3528, "714.0": 0.1205, "660.0": 0.3235, "647.0": 0.3826, "721.0": 0.1096, "675.0": 0.2621, "687.0": 0.2074, "650.0": 0.3609, "701.0": 0.1525, "719.0": 0.1121, "651.0": 0.3627, "681.0": 0.2356, "722.0": 0.1087, "712.0": 0.1245, "689.0": 0.1999, "703.0": 0.1462, "656.0": 0.3436, "674.0": 0.2673, "723.0": 0.1082, "670.0": 0.2814, "715.0": 0.1186}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2028, "long_delta": 0.1027, "short_iv": 0.1223, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.51207, "long_quote_age": 0.509197, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10405.14, "utilization": 1.0, "usable_buying_power": 10405.14, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9814}, "spot": 720.175}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-89.69 (gross $-88.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:40:42.902435+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with 1D (+0.40%) and 5D (+0.57%) gains while ATM IV (10.76%) trades at an IV/RV ratio of 0.79 relative to RV20 (13.54%).", "invalidation": "QQQ spot price falling below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"708.0": 0.1331, "699.0": 0.1588, "666.0": 0.3008, "690.0": 0.193, "713.0": 0.1223, "680.0": 0.2397, "712.0": 0.1242, "695.0": 0.1728, "715.0": 0.1183, "686.0": 0.2115, "681.0": 0.2343, "647.0": 0.3815, "700.0": 0.1558, "648.0": 0.3765, "720.0": 0.1107, "688.0": 0.2041, "676.0": 0.2556, "687.0": 0.2061, "703.0": 0.1458, "673.0": 0.2713, "649.0": 0.3647, "684.0": 0.2225, "707.0": 0.1355, "710.0": 0.1285, "659.0": 0.3274, "674.0": 0.2661, "704.0": 0.1435, "644.0": 0.3892, "652.0": 0.3567, "701.0": 0.1509, "672.0": 0.2766, "702.0": 0.1486, "653.0": 0.3517, "717.0": 0.115, "723.0": 0.1087, "711.0": 0.1263, "665.0": 0.3059, "651.0": 0.3616, "689.0": 0.1986, "719.0": 0.1122, "693.0": 0.1819, "667.0": 0.2956, "696.0": 0.1692, "655.0": 0.3475, "683.0": 0.2236, "669.0": 0.2854, "656.0": 0.3424, "697.0": 0.1654, "646.0": 0.3864, "650.0": 0.3599, "678.0": 0.2504, "677.0": 0.2504, "718.0": 0.1135, "663.0": 0.3161, "692.0": 0.1848, "658.0": 0.3324, "679.0": 0.245, "668.0": 0.2905, "691.0": 0.1905, "685.0": 0.217, "698.0": 0.1613, "714.0": 0.1203, "670.0": 0.2803, "721.0": 0.1099, "716.0": 0.1165, "706.0": 0.1379, "664.0": 0.311, "660.0": 0.3224, "671.0": 0.2818, "654.0": 0.3525, "662.0": 0.3213, "722.0": 0.1091, "645.0": 0.3843, "675.0": 0.2609, "694.0": 0.1774, "661.0": 0.3174, "657.0": 0.3374, "682.0": 0.229, "709.0": 0.1306, "705.0": 0.1405}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2104, "long_delta": 0.1064, "short_iv": 0.1223, "short_rel_spread": 0.009049773755656116, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.497581, "long_quote_age": 0.455333, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10405.14, "utilization": 1.0, "usable_buying_power": 10405.14, "max_loss_per_contract": 441.0, "total_risk": 10143.0, "buying_power_used_pct": 0.9748}, "spot": 720.045}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-87.34 (gross $-86.34 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+2084.00)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00713000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $441/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,143.00 (23 contracts) <= $10,405.14 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-87.34 (gross $-86.34 - friction $1.00) > $0.00"}], "economics": {"credit": 0.59, "width": 5.0, "short_delta": 0.2104, "long_delta": 0.1064, "max_profit_usd": 59.0, "max_loss_usd": 441.0, "breakeven_wr": 0.882, "implied_wr": 0.7896, "edge_pp": -9.24, "ev_implied_usd": -20.2, "realized_vol": 0.1777, "atm_iv": 0.1107, "vrp_ratio": 1.6052, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -94.89, "ev_at_half_drift_usd": -90.58, "ev_gross_usd": -86.34, "expected_loss_real_usd": 145.34, "friction_usd": 1.0, "ev_net_usd": -87.34, "total_risk_usd": 10143.0, "risk_cap_usd": 10405.14, "options_buying_power_usd": 82371.37, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 463}
{"ts": "2026-09-04T13:42:04.935515+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with a 1D return of +0.32% and 5D return of +0.49% while trading at an IV/RV ratio of 0.79.", "invalidation": "QQQ spot declines below 719.98 turning short-term momentum negative."}, "intent_error": "chain rejected for 2026-09-08: 3/80 monotonicity violations (3.8%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 420}
{"ts": "2026-09-04T13:42:19.386394+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.32% and 5D return of +0.49% alongside an IV/RV ratio of 0.79, supporting a put credit spread targeted beyond the 4 DTE expiration.", "invalidation": "QQQ spot price breaks downward below the short put strike."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"650.0": 0.3434, "689.0": 0.1939, "669.0": 0.2679, "694.0": 0.1775, "654.0": 0.3251, "711.0": 0.1365, "722.0": 0.1203, "721.0": 0.1213, "657.0": 0.3151, "705.0": 0.1484, "704.0": 0.1509, "652.0": 0.3342, "670.0": 0.2632, "713.0": 0.1329, "675.0": 0.2479, "714.0": 0.1313, "676.0": 0.243, "656.0": 0.3159, "667.0": 0.2774, "665.0": 0.2812, "666.0": 0.2822, "662.0": 0.2952, "693.0": 0.1815, "646.0": 0.3572, "674.0": 0.2487, "655.0": 0.3205, "683.0": 0.2149, "715.0": 0.1296, "661.0": 0.2999, "712.0": 0.1347, "690.0": 0.1906, "687.0": 0.1998, "716.0": 0.1284, "645.0": 0.3618, "709.0": 0.1402, "718.0": 0.1248, "686.0": 0.205, "720.0": 0.1223, "685.0": 0.2075, "649.0": 0.348, "658.0": 0.3139, "699.0": 0.1636, "682.0": 0.2184, "671.0": 0.2584, "677.0": 0.2381, "679.0": 0.2283, "692.0": 0.1836, "698.0": 0.1664, "691.0": 0.1872, "719.0": 0.1235, "708.0": 0.142, "707.0": 0.1441, "664.0": 0.2859, "663.0": 0.2905, "672.0": 0.2583, "668.0": 0.2727, "723.0": 0.1199, "680.0": 0.2268, "659.0": 0.3092, "647.0": 0.3527, "706.0": 0.1461, "710.0": 0.1384, "660.0": 0.3045, "678.0": 0.2332, "701.0": 0.1581, "651.0": 0.3388, "673.0": 0.2535, "681.0": 0.2218, "697.0": 0.1687, "696.0": 0.1719, "703.0": 0.1531, "717.0": 0.1263, "648.0": 0.3481, "644.0": 0.3663, "702.0": 0.1552, "684.0": 0.2098, "700.0": 0.1606, "688.0": 0.1969, "653.0": 0.3297, "695.0": 0.1749}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.6, "short_delta": 0.1988, "long_delta": 0.1142, "short_iv": 0.1365, "short_rel_spread": 0.023346303501945543, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.462145, "long_quote_age": 0.493588, "friction_usd": 2.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10405.14, "utilization": 1.0, "usable_buying_power": 10405.14, "max_loss_per_contract": 440.0, "total_risk": 10120.0, "buying_power_used_pct": 0.9726}, "spot": 720.165}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-79.05 (gross $-76.55 - friction $2.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+2084.00)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260909P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $440/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,120.00 (23 contracts) <= $10,405.14 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-79.05 (gross $-76.55 - friction $2.50) > $0.00"}], "economics": {"credit": 0.6, "width": 5.0, "short_delta": 0.1988, "long_delta": 0.1142, "max_profit_usd": 60.0, "max_loss_usd": 440.0, "breakeven_wr": 0.88, "implied_wr": 0.8012, "edge_pp": -7.88, "ev_implied_usd": -18.25, "realized_vol": 0.1777, "atm_iv": 0.1223, "vrp_ratio": 1.453, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -85.82, "ev_at_half_drift_usd": -81.15, "ev_gross_usd": -76.55, "expected_loss_real_usd": 136.55, "friction_usd": 2.5, "ev_net_usd": -79.05, "total_risk_usd": 10120.0, "risk_cap_usd": 10405.14, "options_buying_power_usd": 82371.37, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 463}
{"ts": "2026-09-04T13:43:49.646031+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive 1D (+0.35%) and 5D (+0.52%) returns with 4D ATM IV at 10.51% trading at an IV/RV ratio of 0.78.", "invalidation": "QQQ spot price falls sharply below 720.18, erasing recent 5-day gains."}, "intent_error": "chain rejected for 2026-09-08: 2/79 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 420}
{"ts": "2026-09-04T13:44:05.499801+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with 1D return of +0.35% and 5D return of +0.52%, while shifting expiration to 5-7 DTE avoids the non-monotonic 2026-09-08 chain.", "invalidation": "QQQ spot drops significantly below the short strike during the trade duration."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"667.0": 0.2788, "707.0": 0.1448, "693.0": 0.1816, "711.0": 0.1365, "671.0": 0.2599, "675.0": 0.2453, "670.0": 0.2646, "661.0": 0.3013, "649.0": 0.3494, "695.0": 0.1752, "720.0": 0.122, "662.0": 0.2966, "659.0": 0.3106, "674.0": 0.2501, "658.0": 0.3118, "683.0": 0.215, "685.0": 0.2078, "676.0": 0.2405, "666.0": 0.2836, "654.0": 0.3264, "721.0": 0.1206, "719.0": 0.1234, "687.0": 0.2014, "701.0": 0.1583, "690.0": 0.1903, "673.0": 0.255, "656.0": 0.3173, "677.0": 0.2396, "648.0": 0.3495, "718.0": 0.1247, "668.0": 0.2741, "644.0": 0.3677, "664.0": 0.2873, "708.0": 0.1426, "672.0": 0.2575, "703.0": 0.1533, "700.0": 0.161, "696.0": 0.1717, "655.0": 0.3219, "645.0": 0.3631, "698.0": 0.1665, "686.0": 0.204, "714.0": 0.1312, "710.0": 0.1386, "688.0": 0.1974, "647.0": 0.354, "716.0": 0.1278, "697.0": 0.1693, "646.0": 0.3586, "715.0": 0.1296, "689.0": 0.1933, "660.0": 0.3059, "724.0": 0.1179, "705.0": 0.1483, "691.0": 0.187, "679.0": 0.2298, "702.0": 0.156, "651.0": 0.3402, "699.0": 0.1634, "650.0": 0.3448, "682.0": 0.2184, "678.0": 0.2347, "713.0": 0.1327, "681.0": 0.2234, "653.0": 0.331, "663.0": 0.2919, "652.0": 0.3356, "706.0": 0.1469, "692.0": 0.1844, "684.0": 0.2114, "665.0": 0.2855, "680.0": 0.2249, "709.0": 0.1403, "717.0": 0.1263, "704.0": 0.1509, "722.0": 0.1197, "712.0": 0.1346, "657.0": 0.3164, "669.0": 0.2694, "694.0": 0.1777, "723.0": 0.1186}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1909, "long_delta": 0.1103, "short_iv": 0.1365, "short_rel_spread": 0.016393442622950834, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.468234, "long_quote_age": 0.461979, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10405.14, "utilization": 1.0, "usable_buying_power": 10405.14, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9836}, "spot": 720.605}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-81.36 (gross $-79.86 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:45:25.214054+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.33% and a 5D return of +0.50% while IV remains subdued relative to realized volatility with an IV/RV ratio of 0.78.", "invalidation": "A downward price reversal in QQQ spot price breaching the short strike level."}, "intent_error": "chain rejected for 2026-09-08: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 467}
{"ts": "2026-09-04T13:45:40.147483+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with 1D +0.33% and 5D +0.50% while shifting DTE to 5-7 days bypasses the corrupted 4 DTE option chain.", "invalidation": "A decline in QQQ spot price dropping below the short put delta threshold invalidates this bullish stance."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"696.0": 0.1699, "660.0": 0.3005, "688.0": 0.1955, "669.0": 0.2663, "676.0": 0.2387, "647.0": 0.3489, "719.0": 0.1226, "663.0": 0.2923, "716.0": 0.1267, "690.0": 0.1887, "648.0": 0.3488, "699.0": 0.1617, "651.0": 0.335, "680.0": 0.224, "673.0": 0.2514, "678.0": 0.2324, "694.0": 0.1755, "668.0": 0.2686, "681.0": 0.2205, "701.0": 0.1562, "645.0": 0.358, "684.0": 0.2095, "652.0": 0.3304, "672.0": 0.2541, "662.0": 0.2942, "715.0": 0.1284, "691.0": 0.1851, "712.0": 0.1336, "721.0": 0.1202, "659.0": 0.3052, "702.0": 0.1537, "674.0": 0.2465, "720.0": 0.1213, "718.0": 0.1236, "655.0": 0.3204, "722.0": 0.1196, "667.0": 0.2733, "711.0": 0.1354, "686.0": 0.2016, "670.0": 0.2638, "705.0": 0.147, "654.0": 0.325, "650.0": 0.3396, "656.0": 0.3192, "692.0": 0.1813, "689.0": 0.1922, "682.0": 0.2169, "687.0": 0.1987, "646.0": 0.3534, "649.0": 0.3442, "675.0": 0.2436, "709.0": 0.1391, "704.0": 0.1494, "685.0": 0.2056, "677.0": 0.2356, "671.0": 0.2589, "665.0": 0.2828, "706.0": 0.145, "697.0": 0.1664, "698.0": 0.1637, "713.0": 0.1317, "666.0": 0.2781, "707.0": 0.1429, "717.0": 0.1251, "661.0": 0.2959, "700.0": 0.1592, "653.0": 0.3258, "693.0": 0.1789, "723.0": 0.1187, "657.0": 0.3146, "644.0": 0.3626, "703.0": 0.1515, "714.0": 0.1301, "710.0": 0.1372, "708.0": 0.1409, "679.0": 0.2274, "643.0": 0.3671, "683.0": 0.2132, "658.0": 0.3099, "695.0": 0.1725, "664.0": 0.2876}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.59, "short_delta": 0.1982, "long_delta": 0.1144, "short_iv": 0.1372, "short_rel_spread": 0.023346303501945543, "long_rel_spread": 0.04316546762589916, "short_quote_age": 0.452212, "long_quote_age": 0.507508, "friction_usd": 3.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10393.14, "utilization": 1.0, "usable_buying_power": 10393.14, "max_loss_per_contract": 441.0, "total_risk": 10143.0, "buying_power_used_pct": 0.9759}, "spot": 719.465}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-78.37 (gross $-75.37 - friction $3.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:46:58.989614+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.34% and 5D gain of +0.51% supported by an ATM IV of 10.51%.", "invalidation": "QQQ spot price declines below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"647.0": 0.3821, "662.0": 0.313, "664.0": 0.303, "712.0": 0.1219, "691.0": 0.1881, "695.0": 0.1711, "651.0": 0.3556, "689.0": 0.1958, "707.0": 0.1333, "715.0": 0.1153, "720.0": 0.1072, "703.0": 0.1442, "716.0": 0.1136, "711.0": 0.1242, "660.0": 0.323, "661.0": 0.318, "658.0": 0.3331, "709.0": 0.1287, "655.0": 0.3481, "706.0": 0.1362, "659.0": 0.3281, "652.0": 0.3507, "669.0": 0.2861, "704.0": 0.1411, "663.0": 0.308, "671.0": 0.2758, "688.0": 0.2013, "648.0": 0.3702, "717.0": 0.1117, "701.0": 0.1503, "683.0": 0.2243, "675.0": 0.2615, "686.0": 0.2082, "699.0": 0.1579, "690.0": 0.1937, "719.0": 0.1087, "679.0": 0.2406, "681.0": 0.23, "685.0": 0.2136, "684.0": 0.2189, "674.0": 0.2604, "682.0": 0.2297, "676.0": 0.2563, "666.0": 0.3014, "677.0": 0.2511, "672.0": 0.2707, "694.0": 0.1769, "649.0": 0.3653, "678.0": 0.2458, "718.0": 0.11, "713.0": 0.1196, "654.0": 0.341, "653.0": 0.3458, "705.0": 0.1385, "693.0": 0.1799, "667.0": 0.2963, "668.0": 0.2912, "680.0": 0.2353, "700.0": 0.1534, "708.0": 0.1312, "714.0": 0.1174, "665.0": 0.298, "722.0": 0.1051, "698.0": 0.1601, "645.0": 0.3849, "702.0": 0.1468, "650.0": 0.3605, "670.0": 0.2809, "692.0": 0.1856, "710.0": 0.1263, "673.0": 0.2655, "657.0": 0.3381, "687.0": 0.2068, "723.0": 0.1046, "656.0": 0.3431, "696.0": 0.1677, "697.0": 0.164, "644.0": 0.3898, "721.0": 0.106, "646.0": 0.387}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2011, "long_delta": 0.1007, "short_iv": 0.1196, "short_rel_spread": 0.01960784313725492, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.427955, "long_quote_age": 0.473387, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10393.14, "utilization": 1.0, "usable_buying_power": 10393.14, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9848}, "spot": 720.1}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-92.82 (gross $-91.32 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:47:16.231765+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady upward performance with a 1D gain of +0.34% and 5D gain of +0.51%, supporting a short put credit spread.", "invalidation": "QQQ spot price declines significantly, reversing its positive 5-day return of +0.51%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"681.0": 0.23, "659.0": 0.328, "695.0": 0.1711, "652.0": 0.3507, "700.0": 0.1534, "689.0": 0.1958, "674.0": 0.2604, "673.0": 0.2655, "711.0": 0.1236, "662.0": 0.313, "672.0": 0.2706, "697.0": 0.164, "648.0": 0.3771, "710.0": 0.1259, "685.0": 0.2135, "693.0": 0.1799, "686.0": 0.2082, "714.0": 0.1172, "665.0": 0.298, "647.0": 0.3821, "683.0": 0.2243, "669.0": 0.286, "708.0": 0.1304, "687.0": 0.2068, "657.0": 0.338, "654.0": 0.341, "721.0": 0.1056, "723.0": 0.1043, "660.0": 0.323, "717.0": 0.1112, "720.0": 0.1069, "688.0": 0.2013, "645.0": 0.3849, "699.0": 0.1578, "707.0": 0.1332, "650.0": 0.3604, "702.0": 0.1468, "712.0": 0.1214, "706.0": 0.1353, "658.0": 0.333, "698.0": 0.1601, "709.0": 0.1283, "705.0": 0.1385, "716.0": 0.1132, "678.0": 0.2458, "719.0": 0.1081, "646.0": 0.387, "651.0": 0.3556, "715.0": 0.1153, "666.0": 0.3014, "679.0": 0.2405, "722.0": 0.1048, "704.0": 0.141, "682.0": 0.2296, "663.0": 0.308, "655.0": 0.3481, "675.0": 0.2615, "701.0": 0.1503, "644.0": 0.3897, "670.0": 0.2809, "692.0": 0.1855, "661.0": 0.318, "667.0": 0.2963, "649.0": 0.3653, "713.0": 0.1191, "668.0": 0.2912, "694.0": 0.1769, "703.0": 0.1442, "690.0": 0.1937, "680.0": 0.2353, "671.0": 0.2758, "664.0": 0.303, "684.0": 0.2189, "653.0": 0.3458, "677.0": 0.251, "656.0": 0.3431, "676.0": 0.2563, "691.0": 0.1881, "696.0": 0.1677, "718.0": 0.1097}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2002, "long_delta": 0.0994, "short_iv": 0.1191, "short_rel_spread": 0.01980198019801982, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.485965, "long_quote_age": 0.485249, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10393.14, "utilization": 1.0, "usable_buying_power": 10393.14, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9848}, "spot": 720.12}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-92.51 (gross $-91.01 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:48:39.073757+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows steady upward momentum with 1D +0.40% and 5D +0.58% returns while ATM IV at 10.51% trades below RV20 of 13.54%.", "invalidation": "QQQ spot declines sharply, reversing the 5D gain of +0.58%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"649.0": 0.3678, "718.0": 0.1112, "709.0": 0.1299, "710.0": 0.1281, "704.0": 0.1437, "656.0": 0.3456, "661.0": 0.3206, "659.0": 0.3306, "714.0": 0.1188, "655.0": 0.3507, "679.0": 0.2434, "658.0": 0.3356, "678.0": 0.2486, "713.0": 0.1211, "650.0": 0.3629, "647.0": 0.3846, "694.0": 0.1773, "698.0": 0.1635, "719.0": 0.1097, "648.0": 0.3796, "702.0": 0.1489, "688.0": 0.2043, "711.0": 0.1253, "664.0": 0.3056, "651.0": 0.3581, "699.0": 0.1594, "662.0": 0.3156, "666.0": 0.3041, "707.0": 0.1348, "674.0": 0.2695, "653.0": 0.3607, "677.0": 0.2538, "669.0": 0.2887, "685.0": 0.2165, "687.0": 0.2097, "654.0": 0.3557, "690.0": 0.1968, "715.0": 0.117, "660.0": 0.3256, "712.0": 0.1233, "693.0": 0.183, "703.0": 0.1466, "700.0": 0.1568, "701.0": 0.1522, "686.0": 0.2111, "682.0": 0.2325, "657.0": 0.3406, "724.0": 0.1044, "695.0": 0.1743, "681.0": 0.2379, "667.0": 0.299, "689.0": 0.1988, "717.0": 0.113, "652.0": 0.3532, "692.0": 0.1887, "676.0": 0.2591, "675.0": 0.2643, "668.0": 0.2939, "672.0": 0.2734, "680.0": 0.2381, "663.0": 0.3106, "683.0": 0.2272, "646.0": 0.3895, "723.0": 0.105, "673.0": 0.2682, "684.0": 0.2218, "644.0": 0.3922, "671.0": 0.2785, "720.0": 0.1081, "708.0": 0.1324, "697.0": 0.1673, "645.0": 0.3873, "670.0": 0.2836, "696.0": 0.1709, "705.0": 0.1402, "706.0": 0.1374, "691.0": 0.1912, "722.0": 0.106, "716.0": 0.1149, "721.0": 0.1069, "665.0": 0.3006}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1867, "long_delta": 0.0928, "short_iv": 0.1211, "short_rel_spread": 0.021276595744680753, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.426742, "long_quote_age": 0.426799, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10441.14, "utilization": 1.0, "usable_buying_power": 10441.14, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9913}, "spot": 720.655}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.18 (gross $-92.68 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:48:55.250737+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive short-term momentum with 1D return of +0.40% and 5D return of +0.58%, supporting a short-duration put credit spread.", "invalidation": "QQQ dropping sharply and breaching the short strike level would invalidate the bullish momentum thesis."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 474}
{"ts": "2026-09-04T13:50:22.786042+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates steady upward momentum with a 1D return of +0.38% and a 5D return of +0.55% supported by an ATM IV of 10.31%.", "invalidation": "A downward shift in QQQ spot turning the 1D and 5D returns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"717.0": 0.1116, "657.0": 0.3384, "719.0": 0.108, "718.0": 0.1098, "699.0": 0.1583, "703.0": 0.1459, "723.0": 0.1039, "673.0": 0.2659, "700.0": 0.1555, "678.0": 0.2461, "645.0": 0.3852, "662.0": 0.3134, "664.0": 0.3033, "695.0": 0.174, "690.0": 0.1941, "714.0": 0.1181, "677.0": 0.2514, "701.0": 0.1522, "702.0": 0.1486, "687.0": 0.2071, "710.0": 0.1278, "683.0": 0.2247, "709.0": 0.1302, "669.0": 0.2864, "713.0": 0.1205, "652.0": 0.351, "697.0": 0.1645, "684.0": 0.2193, "691.0": 0.1885, "672.0": 0.271, "668.0": 0.2915, "674.0": 0.2607, "658.0": 0.3334, "712.0": 0.1228, "646.0": 0.3873, "647.0": 0.3824, "667.0": 0.2966, "707.0": 0.1346, "711.0": 0.1251, "670.0": 0.2813, "716.0": 0.1138, "698.0": 0.1625, "689.0": 0.1962, "650.0": 0.3608, "693.0": 0.1803, "706.0": 0.1376, "696.0": 0.1681, "688.0": 0.2017, "655.0": 0.3484, "666.0": 0.3017, "685.0": 0.2139, "681.0": 0.2354, "659.0": 0.3284, "648.0": 0.3774, "694.0": 0.1773, "663.0": 0.3083, "679.0": 0.2409, "715.0": 0.1159, "676.0": 0.2566, "653.0": 0.3462, "644.0": 0.3901, "720.0": 0.1068, "651.0": 0.3559, "692.0": 0.1859, "680.0": 0.2356, "682.0": 0.23, "675.0": 0.2619, "656.0": 0.3434, "660.0": 0.3234, "704.0": 0.1427, "665.0": 0.2983, "721.0": 0.1054, "649.0": 0.3657, "661.0": 0.3184, "705.0": 0.14, "722.0": 0.1046, "708.0": 0.1325, "654.0": 0.3413, "686.0": 0.2126, "671.0": 0.2761}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2006, "long_delta": 0.1016, "short_iv": 0.1205, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.470069, "long_quote_age": 0.498448, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10455.14, "utilization": 1.0, "usable_buying_power": 10455.14, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9811}, "spot": 720.3199999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-92.63 (gross $-91.63 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:50:36.914811+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.38% and 5D gain of +0.55%, supporting a short-dated put credit spread.", "invalidation": "QQQ spot price falls below the short strike as short-term upward momentum reverses."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 438}
{"ts": "2026-09-04T13:51:58.518740+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady upward momentum with a 1D gain of +0.39% and 5D gain of +0.56% at spot 720.43.", "invalidation": "QQQ spot price declines erasing the 5D gain of +0.56%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"658.0": 0.3331, "698.0": 0.1621, "649.0": 0.3653, "665.0": 0.3065, "691.0": 0.1881, "711.0": 0.1236, "644.0": 0.3898, "676.0": 0.2563, "707.0": 0.1341, "721.0": 0.1025, "717.0": 0.1093, "675.0": 0.2615, "672.0": 0.2707, "686.0": 0.2123, "666.0": 0.3014, "715.0": 0.1139, "696.0": 0.17, "677.0": 0.2511, "708.0": 0.1312, "664.0": 0.3117, "647.0": 0.3821, "659.0": 0.3281, "703.0": 0.1455, "679.0": 0.2406, "653.0": 0.3458, "693.0": 0.1799, "706.0": 0.1362, "674.0": 0.2668, "646.0": 0.387, "704.0": 0.1422, "705.0": 0.1395, "668.0": 0.2912, "670.0": 0.2809, "709.0": 0.129, "657.0": 0.3381, "656.0": 0.3431, "673.0": 0.2655, "692.0": 0.1856, "683.0": 0.2243, "720.0": 0.104, "695.0": 0.1736, "712.0": 0.1209, "671.0": 0.2758, "723.0": 0.1002, "669.0": 0.2861, "718.0": 0.1073, "681.0": 0.235, "687.0": 0.2068, "697.0": 0.1662, "713.0": 0.1187, "700.0": 0.1551, "682.0": 0.2297, "684.0": 0.2189, "667.0": 0.2963, "714.0": 0.1163, "722.0": 0.1013, "701.0": 0.1518, "650.0": 0.3605, "654.0": 0.3531, "710.0": 0.126, "660.0": 0.323, "689.0": 0.1958, "719.0": 0.1054, "655.0": 0.3481, "651.0": 0.3556, "694.0": 0.1769, "699.0": 0.1579, "678.0": 0.2458, "663.0": 0.308, "680.0": 0.2353, "645.0": 0.3849, "685.0": 0.2136, "661.0": 0.318, "662.0": 0.313, "652.0": 0.3507, "690.0": 0.1937, "716.0": 0.1115, "648.0": 0.3771, "688.0": 0.2013, "702.0": 0.1482}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1992, "long_delta": 0.1007, "short_iv": 0.1187, "short_rel_spread": 0.020000000000000018, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.455703, "long_quote_age": 0.439436, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10455.14, "utilization": 1.0, "usable_buying_power": 10455.14, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9833}, "spot": 720.125}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.24 (gross $-95.74 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:52:08.180484+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays upward momentum with 1D +0.39% and 5D +0.56% while RV20 is 13.54%, supporting an out-of-the-money put credit spread across 5-7 DTE.", "invalidation": "QQQ spot price drops below 720.43 and breaks past the short put strike."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"703.0": 0.1527, "654.0": 0.325, "698.0": 0.1663, "653.0": 0.3296, "666.0": 0.2821, "681.0": 0.2218, "719.0": 0.1196, "694.0": 0.1775, "706.0": 0.146, "669.0": 0.2679, "712.0": 0.1328, "680.0": 0.2268, "664.0": 0.2888, "708.0": 0.1414, "709.0": 0.1394, "667.0": 0.2774, "668.0": 0.2726, "648.0": 0.3481, "690.0": 0.1906, "705.0": 0.1484, "686.0": 0.2049, "682.0": 0.2199, "672.0": 0.2583, "677.0": 0.238, "657.0": 0.315, "645.0": 0.3617, "723.0": 0.115, "676.0": 0.2429, "678.0": 0.2331, "655.0": 0.3205, "688.0": 0.1969, "710.0": 0.1372, "714.0": 0.1287, "647.0": 0.3526, "671.0": 0.2631, "700.0": 0.1605, "674.0": 0.2486, "646.0": 0.3572, "701.0": 0.1581, "665.0": 0.2869, "662.0": 0.2952, "721.0": 0.1168, "685.0": 0.2075, "718.0": 0.1212, "699.0": 0.1636, "713.0": 0.1309, "707.0": 0.1435, "651.0": 0.3388, "695.0": 0.1748, "716.0": 0.1247, "650.0": 0.3434, "717.0": 0.1229, "715.0": 0.1268, "691.0": 0.1872, "720.0": 0.1181, "693.0": 0.1815, "722.0": 0.1159, "696.0": 0.1719, "683.0": 0.2148, "679.0": 0.2317, "711.0": 0.135, "659.0": 0.3092, "684.0": 0.2126, "649.0": 0.348, "704.0": 0.1505, "692.0": 0.1836, "697.0": 0.1686, "658.0": 0.3138, "673.0": 0.2534, "689.0": 0.1938, "652.0": 0.3342, "661.0": 0.2998, "675.0": 0.2459, "663.0": 0.2935, "687.0": 0.1998, "656.0": 0.3196, "644.0": 0.3663, "702.0": 0.1552, "670.0": 0.2679, "660.0": 0.3045}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.1964, "long_delta": 0.1143, "short_iv": 0.135, "short_rel_spread": 0.016000000000000014, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.518675, "long_quote_age": 0.463624, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10455.14, "utilization": 1.0, "usable_buying_power": 10455.14, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9767}, "spot": 720.245}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-84.97 (gross $-82.97 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:53:31.652261+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1-day return of +0.39% and a 5-day return of +0.56% at 720.44 spot.", "invalidation": "QQQ spot price dropping significantly below 720.44 would invalidate the positive short-term momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"645.0": 0.3857, "671.0": 0.2767, "683.0": 0.2253, "689.0": 0.1968, "677.0": 0.252, "659.0": 0.3289, "703.0": 0.1442, "679.0": 0.2415, "670.0": 0.2818, "715.0": 0.1137, "678.0": 0.2467, "701.0": 0.1515, "675.0": 0.2625, "648.0": 0.3711, "716.0": 0.1111, "647.0": 0.3829, "653.0": 0.3467, "724.0": 0.1003, "668.0": 0.2921, "708.0": 0.1307, "702.0": 0.148, "685.0": 0.2145, "646.0": 0.3879, "722.0": 0.102, "657.0": 0.3389, "711.0": 0.1232, "688.0": 0.2023, "655.0": 0.3489, "686.0": 0.2091, "710.0": 0.1256, "705.0": 0.1387, "712.0": 0.1205, "707.0": 0.1329, "662.0": 0.3139, "663.0": 0.3089, "714.0": 0.1156, "704.0": 0.1423, "664.0": 0.3039, "697.0": 0.1651, "665.0": 0.3074, "654.0": 0.3418, "673.0": 0.2664, "698.0": 0.1612, "651.0": 0.3564, "694.0": 0.1779, "709.0": 0.1284, "717.0": 0.109, "650.0": 0.3613, "721.0": 0.1028, "700.0": 0.1545, "713.0": 0.1183, "691.0": 0.1892, "692.0": 0.1866, "658.0": 0.3339, "660.0": 0.3239, "719.0": 0.1056, "682.0": 0.2306, "723.0": 0.1011, "674.0": 0.2677, "656.0": 0.3439, "661.0": 0.3189, "652.0": 0.3515, "699.0": 0.159, "644.0": 0.3906, "649.0": 0.3662, "695.0": 0.1746, "684.0": 0.2199, "706.0": 0.1357, "667.0": 0.2972, "687.0": 0.2078, "676.0": 0.2572, "696.0": 0.1688, "666.0": 0.3023, "681.0": 0.231, "720.0": 0.1041, "669.0": 0.2869, "690.0": 0.1947, "672.0": 0.2716, "693.0": 0.1809, "680.0": 0.2362, "718.0": 0.1074}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1926, "long_delta": 0.0966, "short_iv": 0.1183, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.04444444444444448, "short_quote_age": 0.431007, "long_quote_age": 0.434092, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10457.14, "utilization": 1.0, "usable_buying_power": 10457.14, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9898}, "spot": 720.45}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.89 (gross $-95.39 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:53:42.245597+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "QQQ demonstrates positive short-term momentum with 1D gain of +0.39% and 5D gain of +0.56%.", "invalidation": "QQQ spot declines below 720.44 reversing its 5D upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"721.0": 0.1032, "724.0": 0.1014, "716.0": 0.1116, "697.0": 0.1663, "720.0": 0.1044, "655.0": 0.3498, "717.0": 0.1096, "712.0": 0.1212, "705.0": 0.1401, "663.0": 0.3098, "696.0": 0.1699, "714.0": 0.1166, "664.0": 0.3048, "687.0": 0.2088, "680.0": 0.2372, "690.0": 0.1958, "703.0": 0.1454, "647.0": 0.3838, "648.0": 0.3719, "713.0": 0.1187, "666.0": 0.3032, "659.0": 0.3298, "673.0": 0.2674, "688.0": 0.2033, "646.0": 0.3887, "668.0": 0.293, "691.0": 0.1902, "683.0": 0.2263, "645.0": 0.3866, "649.0": 0.367, "652.0": 0.3524, "693.0": 0.182, "715.0": 0.1138, "662.0": 0.3148, "678.0": 0.2477, "699.0": 0.1583, "701.0": 0.1527, "685.0": 0.2155, "718.0": 0.1077, "675.0": 0.2634, "671.0": 0.2776, "702.0": 0.1493, "654.0": 0.3427, "679.0": 0.2425, "719.0": 0.1059, "709.0": 0.1286, "707.0": 0.1344, "686.0": 0.2102, "657.0": 0.3398, "708.0": 0.131, "681.0": 0.232, "694.0": 0.179, "706.0": 0.1371, "684.0": 0.2209, "661.0": 0.3198, "672.0": 0.2725, "677.0": 0.253, "722.0": 0.1022, "711.0": 0.1238, "651.0": 0.3573, "723.0": 0.102, "670.0": 0.2828, "660.0": 0.3248, "710.0": 0.126, "689.0": 0.1978, "644.0": 0.3915, "676.0": 0.2582, "665.0": 0.3084, "698.0": 0.1624, "704.0": 0.1425, "653.0": 0.3476, "692.0": 0.1877, "682.0": 0.2316, "667.0": 0.2981, "674.0": 0.2687, "656.0": 0.3448, "658.0": 0.3348, "650.0": 0.3622, "700.0": 0.1557, "695.0": 0.1758, "669.0": 0.2879}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1873, "long_delta": 0.0937, "short_iv": 0.1187, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.426998, "long_quote_age": 0.445988, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10457.14, "utilization": 1.0, "usable_buying_power": 10457.14, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.992}, "spot": 720.54}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.80 (gross $-96.80 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:55:04.679522+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows consistent positive momentum with a 1D gain of +0.46% and 5D gain of +0.63% alongside an IV/RV ratio of 0.76.", "invalidation": "QQQ spot price breaks downward below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"665.0": 0.302, "716.0": 0.1128, "674.0": 0.2645, "697.0": 0.1667, "707.0": 0.1351, "662.0": 0.317, "712.0": 0.1221, "679.0": 0.2448, "695.0": 0.1759, "709.0": 0.1293, "715.0": 0.1151, "667.0": 0.3004, "703.0": 0.1458, "671.0": 0.2799, "673.0": 0.2697, "686.0": 0.2126, "717.0": 0.1106, "719.0": 0.1072, "722.0": 0.1036, "683.0": 0.2287, "720.0": 0.1056, "648.0": 0.374, "685.0": 0.218, "670.0": 0.285, "684.0": 0.2233, "706.0": 0.1374, "645.0": 0.3886, "651.0": 0.3594, "676.0": 0.2605, "690.0": 0.1983, "647.0": 0.3859, "682.0": 0.234, "672.0": 0.2748, "660.0": 0.327, "688.0": 0.2058, "646.0": 0.3909, "689.0": 0.2003, "654.0": 0.357, "696.0": 0.1726, "677.0": 0.2553, "663.0": 0.312, "691.0": 0.1928, "718.0": 0.1088, "701.0": 0.1524, "711.0": 0.1247, "700.0": 0.1569, "655.0": 0.352, "666.0": 0.3055, "664.0": 0.307, "710.0": 0.1271, "705.0": 0.14, "681.0": 0.2343, "721.0": 0.1043, "652.0": 0.3545, "668.0": 0.2953, "669.0": 0.2901, "723.0": 0.1029, "692.0": 0.1903, "656.0": 0.347, "699.0": 0.1602, "675.0": 0.2658, "644.0": 0.3935, "704.0": 0.1432, "702.0": 0.1508, "714.0": 0.1173, "657.0": 0.342, "713.0": 0.1196, "698.0": 0.1631, "708.0": 0.1321, "687.0": 0.2113, "694.0": 0.1789, "650.0": 0.3643, "678.0": 0.2501, "659.0": 0.332, "658.0": 0.337, "680.0": 0.2396, "724.0": 0.1025, "649.0": 0.3691, "653.0": 0.3496, "693.0": 0.1846, "661.0": 0.322}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2009, "long_delta": 0.1001, "short_iv": 0.1173, "short_rel_spread": 0.020000000000000018, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.429401, "long_quote_age": 0.428516, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10485.14, "utilization": 1.0, "usable_buying_power": 10485.14, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9783}, "spot": 721.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-95.79 (gross $-94.29 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:55:15.812077+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ shows positive momentum with a 1D gain of +0.46% and a 5D gain of +0.63%, supporting premium selling via a put credit spread.", "invalidation": "A decline in QQQ spot price that erases the 5D gain of +0.63% would invalidate this bullish bias."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"695.0": 0.1762, "659.0": 0.3322, "719.0": 0.1075, "683.0": 0.2289, "656.0": 0.3472, "670.0": 0.2853, "715.0": 0.1152, "714.0": 0.1175, "716.0": 0.1131, "691.0": 0.193, "663.0": 0.3122, "694.0": 0.1792, "655.0": 0.3522, "699.0": 0.1605, "703.0": 0.1461, "685.0": 0.2182, "681.0": 0.2346, "676.0": 0.2608, "682.0": 0.2343, "666.0": 0.3057, "648.0": 0.3742, "650.0": 0.3645, "700.0": 0.1572, "708.0": 0.1325, "697.0": 0.167, "657.0": 0.3422, "679.0": 0.2451, "647.0": 0.3861, "654.0": 0.3572, "675.0": 0.266, "665.0": 0.3022, "680.0": 0.2398, "690.0": 0.1986, "710.0": 0.1275, "717.0": 0.1108, "704.0": 0.1435, "693.0": 0.1849, "722.0": 0.104, "689.0": 0.2006, "723.0": 0.103, "651.0": 0.3596, "705.0": 0.1403, "687.0": 0.2115, "678.0": 0.2503, "686.0": 0.2129, "653.0": 0.3499, "674.0": 0.2648, "707.0": 0.1345, "698.0": 0.1634, "664.0": 0.3072, "669.0": 0.2904, "684.0": 0.2236, "667.0": 0.3006, "712.0": 0.1222, "668.0": 0.2955, "677.0": 0.2555, "706.0": 0.1378, "652.0": 0.3547, "672.0": 0.275, "658.0": 0.3372, "724.0": 0.1025, "720.0": 0.106, "661.0": 0.3222, "662.0": 0.3172, "711.0": 0.1245, "709.0": 0.1297, "649.0": 0.3693, "692.0": 0.1905, "702.0": 0.1511, "696.0": 0.1729, "713.0": 0.12, "673.0": 0.2699, "721.0": 0.1049, "688.0": 0.2061, "718.0": 0.1091, "701.0": 0.1527, "671.0": 0.2801, "660.0": 0.3272}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00711000", "short_strike": 714.0, "long_strike": 711.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1998, "long_delta": 0.1316, "short_iv": 0.1175, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.516046, "long_quote_age": 0.518676, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10485.14, "utilization": 1.0, "usable_buying_power": 10485.14, "max_loss_per_contract": 263.0, "total_risk": 10257.0, "buying_power_used_pct": 0.9782}, "spot": 721.17}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-56.21 (gross $-55.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:56:43.236964+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive upward momentum with a 1D return of +0.54% and 5D return of +0.71%.", "invalidation": "QQQ daily return turns negative and reverses the 5-day upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"662.0": 0.3192, "671.0": 0.2822, "699.0": 0.162, "669.0": 0.2925, "713.0": 0.1213, "696.0": 0.1729, "673.0": 0.272, "718.0": 0.1102, "656.0": 0.3492, "722.0": 0.1042, "647.0": 0.3881, "666.0": 0.3078, "655.0": 0.3542, "721.0": 0.1052, "667.0": 0.3027, "714.0": 0.1188, "725.0": 0.1023, "683.0": 0.2312, "657.0": 0.3442, "689.0": 0.2029, "710.0": 0.1282, "665.0": 0.3043, "703.0": 0.1489, "700.0": 0.1579, "702.0": 0.1523, "698.0": 0.1659, "679.0": 0.2472, "675.0": 0.2618, "705.0": 0.1421, "701.0": 0.1554, "650.0": 0.3664, "719.0": 0.1083, "677.0": 0.2577, "661.0": 0.3242, "663.0": 0.3142, "716.0": 0.1143, "724.0": 0.1031, "720.0": 0.1067, "694.0": 0.1816, "652.0": 0.3567, "659.0": 0.3342, "706.0": 0.1397, "687.0": 0.2097, "651.0": 0.3615, "690.0": 0.1974, "676.0": 0.2629, "697.0": 0.1695, "707.0": 0.1367, "691.0": 0.1954, "681.0": 0.2368, "711.0": 0.1262, "692.0": 0.1929, "686.0": 0.2151, "684.0": 0.2258, "654.0": 0.3592, "670.0": 0.2874, "709.0": 0.1315, "674.0": 0.2669, "664.0": 0.3092, "646.0": 0.393, "717.0": 0.1123, "668.0": 0.2976, "695.0": 0.1786, "685.0": 0.2205, "715.0": 0.1164, "658.0": 0.3392, "648.0": 0.3761, "645.0": 0.3908, "680.0": 0.242, "704.0": 0.1451, "649.0": 0.3713, "682.0": 0.2365, "693.0": 0.1873, "678.0": 0.2525, "708.0": 0.134, "653.0": 0.3518, "660.0": 0.3292, "712.0": 0.1234, "672.0": 0.2771, "688.0": 0.2084, "723.0": 0.1038}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1886, "long_delta": 0.0951, "short_iv": 0.1188, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.499591, "long_quote_age": 0.452994, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10501.14, "utilization": 1.0, "usable_buying_power": 10501.14, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9878}, "spot": 721.615}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.28 (gross $-95.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:56:55.103316+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows upward momentum with a 1D return of +0.54% and 5D return of +0.71%, favoring a short put spread.", "invalidation": "QQQ reverses its 5D uptrend and drops toward the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"695.0": 0.1786, "667.0": 0.3026, "703.0": 0.1474, "665.0": 0.3042, "673.0": 0.2719, "719.0": 0.1075, "717.0": 0.1116, "669.0": 0.2924, "709.0": 0.1306, "648.0": 0.3761, "715.0": 0.1158, "697.0": 0.1694, "674.0": 0.2668, "692.0": 0.1929, "652.0": 0.3566, "681.0": 0.2367, "720.0": 0.106, "691.0": 0.1953, "654.0": 0.3592, "680.0": 0.2419, "716.0": 0.1137, "688.0": 0.2083, "677.0": 0.2576, "702.0": 0.1522, "650.0": 0.3663, "647.0": 0.388, "700.0": 0.1579, "687.0": 0.2097, "706.0": 0.1386, "685.0": 0.2204, "705.0": 0.142, "724.0": 0.1024, "701.0": 0.1553, "657.0": 0.3442, "683.0": 0.2311, "675.0": 0.2617, "666.0": 0.3077, "689.0": 0.2028, "668.0": 0.2975, "714.0": 0.1184, "672.0": 0.2771, "679.0": 0.2472, "649.0": 0.3712, "655.0": 0.3542, "698.0": 0.1658, "693.0": 0.1872, "645.0": 0.3907, "722.0": 0.1036, "659.0": 0.3342, "646.0": 0.393, "662.0": 0.3192, "660.0": 0.3292, "663.0": 0.3142, "664.0": 0.3092, "721.0": 0.1046, "658.0": 0.3392, "682.0": 0.2364, "676.0": 0.2629, "712.0": 0.1233, "686.0": 0.215, "690.0": 0.1974, "678.0": 0.2524, "699.0": 0.162, "708.0": 0.133, "694.0": 0.1815, "711.0": 0.1255, "661.0": 0.3242, "713.0": 0.1207, "723.0": 0.1032, "725.0": 0.1018, "651.0": 0.3615, "718.0": 0.1095, "684.0": 0.2257, "704.0": 0.145, "653.0": 0.3517, "710.0": 0.1281, "656.0": 0.3492, "671.0": 0.2822, "707.0": 0.1356, "696.0": 0.1728, "670.0": 0.2873}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1883, "long_delta": 0.0938, "short_iv": 0.1184, "short_rel_spread": 0.021505376344085923, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.419221, "long_quote_age": 0.422523, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10501.14, "utilization": 1.0, "usable_buying_power": 10501.14, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9878}, "spot": 721.55}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.59 (gross $-96.09 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:58:15.377122+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.57% and a 5D return of +0.74%.", "invalidation": "QQQ spot price reverses with negative daily returns."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"713.0": 0.1214, "692.0": 0.1943, "695.0": 0.1801, "666.0": 0.309, "659.0": 0.3354, "717.0": 0.1122, "663.0": 0.3154, "678.0": 0.2537, "705.0": 0.1426, "699.0": 0.1635, "722.0": 0.1039, "683.0": 0.2325, "723.0": 0.1035, "720.0": 0.1065, "694.0": 0.183, "674.0": 0.2681, "685.0": 0.2218, "658.0": 0.3404, "706.0": 0.1393, "653.0": 0.3529, "646.0": 0.387, "708.0": 0.1341, "702.0": 0.1523, "712.0": 0.1237, "652.0": 0.3578, "716.0": 0.1142, "724.0": 0.1027, "680.0": 0.2433, "684.0": 0.2271, "670.0": 0.2886, "669.0": 0.2937, "691.0": 0.1968, "664.0": 0.3104, "671.0": 0.2835, "675.0": 0.2694, "660.0": 0.3304, "677.0": 0.259, "711.0": 0.1263, "649.0": 0.3724, "718.0": 0.1099, "676.0": 0.2642, "672.0": 0.2783, "655.0": 0.3554, "688.0": 0.2097, "681.0": 0.238, "654.0": 0.3604, "700.0": 0.1595, "703.0": 0.149, "721.0": 0.105, "696.0": 0.1743, "709.0": 0.1318, "665.0": 0.3054, "719.0": 0.1081, "693.0": 0.1887, "673.0": 0.2732, "686.0": 0.2164, "651.0": 0.3626, "661.0": 0.3254, "667.0": 0.3039, "645.0": 0.3919, "682.0": 0.2378, "707.0": 0.1365, "656.0": 0.3504, "668.0": 0.2988, "710.0": 0.1287, "679.0": 0.2485, "647.0": 0.3892, "701.0": 0.1552, "715.0": 0.1164, "725.0": 0.1024, "657.0": 0.3454, "648.0": 0.3773, "698.0": 0.1674, "704.0": 0.1454, "650.0": 0.3675, "714.0": 0.1187, "662.0": 0.3204, "687.0": 0.211, "697.0": 0.171, "689.0": 0.2042, "690.0": 0.1988}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00715000", "long_symbol": "QQQ260908P00710000", "short_strike": 715.0, "long_strike": 710.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2074, "long_delta": 0.1039, "short_iv": 0.1164, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.498235, "long_quote_age": 0.585986, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10527.14, "utilization": 1.0, "usable_buying_power": 10527.14, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9722}, "spot": 721.79}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.27 (gross $-95.27 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:58:26.993078+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum with 1D return of +0.57% and 5D return of +0.74%, supporting a bullish put credit spread across 5-7 DTE.", "invalidation": "QQQ spot price declines below the short put strike, reversing the positive 5D trend."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"708.0": 0.1442, "673.0": 0.2603, "722.0": 0.1175, "684.0": 0.2171, "683.0": 0.2221, "694.0": 0.1824, "720.0": 0.1202, "718.0": 0.1232, "710.0": 0.1396, "657.0": 0.325, "669.0": 0.2746, "664.0": 0.2924, "687.0": 0.2073, "723.0": 0.1163, "714.0": 0.1312, "686.0": 0.2098, "712.0": 0.1353, "647.0": 0.3588, "695.0": 0.1785, "685.0": 0.2121, "679.0": 0.2353, "691.0": 0.1931, "706.0": 0.1488, "661.0": 0.3063, "658.0": 0.3203, "655.0": 0.3268, "652.0": 0.3405, "666.0": 0.2888, "670.0": 0.2698, "707.0": 0.1465, "648.0": 0.3543, "682.0": 0.224, "690.0": 0.1963, "705.0": 0.1512, "693.0": 0.1861, "701.0": 0.1615, "668.0": 0.2793, "709.0": 0.142, "662.0": 0.3017, "689.0": 0.1993, "663.0": 0.297, "719.0": 0.1218, "660.0": 0.311, "649.0": 0.3498, "680.0": 0.2304, "676.0": 0.2499, "717.0": 0.1253, "656.0": 0.3296, "654.0": 0.3314, "681.0": 0.2289, "650.0": 0.3497, "716.0": 0.1272, "688.0": 0.2021, "698.0": 0.1702, "692.0": 0.1897, "711.0": 0.1376, "702.0": 0.1588, "674.0": 0.2555, "715.0": 0.1291, "659.0": 0.3156, "704.0": 0.1535, "703.0": 0.1561, "724.0": 0.1153, "675.0": 0.2507, "665.0": 0.2935, "651.0": 0.3451, "700.0": 0.1643, "725.0": 0.1144, "721.0": 0.1184, "677.0": 0.245, "672.0": 0.2651, "697.0": 0.1733, "671.0": 0.2699, "653.0": 0.3359, "699.0": 0.1668, "696.0": 0.1761, "713.0": 0.1332, "667.0": 0.284, "678.0": 0.2402}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00713000", "long_symbol": "QQQ260909P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2054, "long_delta": 0.1483, "short_iv": 0.1332, "short_rel_spread": 0.015267175572519097, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.516627, "long_quote_age": 0.441632, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10527.14, "utilization": 1.0, "usable_buying_power": 10527.14, "max_loss_per_contract": 260.0, "total_risk": 10400.0, "buying_power_used_pct": 0.9879}, "spot": 721.8050000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-50.99 (gross $-48.99 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T13:59:47.280311+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.56% and 5D return of +0.74% amid low implied volatility relative to realized volatility at an IV/RV of 0.74.", "invalidation": "QQQ spot declines below 721.72, reversing the 5D upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"653.0": 0.3515, "654.0": 0.3467, "661.0": 0.324, "674.0": 0.2666, "701.0": 0.155, "696.0": 0.1725, "708.0": 0.1336, "651.0": 0.3613, "656.0": 0.349, "703.0": 0.1485, "669.0": 0.2922, "715.0": 0.1159, "670.0": 0.2871, "665.0": 0.304, "650.0": 0.3661, "660.0": 0.329, "717.0": 0.1113, "678.0": 0.2522, "725.0": 0.1018, "700.0": 0.1576, "666.0": 0.299, "695.0": 0.1783, "671.0": 0.282, "710.0": 0.1284, "652.0": 0.3564, "722.0": 0.1036, "655.0": 0.354, "719.0": 0.1075, "657.0": 0.344, "724.0": 0.1023, "713.0": 0.1208, "685.0": 0.2202, "683.0": 0.2309, "699.0": 0.1617, "692.0": 0.1926, "694.0": 0.1813, "689.0": 0.2026, "711.0": 0.1258, "659.0": 0.334, "693.0": 0.187, "718.0": 0.1092, "680.0": 0.2417, "687.0": 0.2135, "697.0": 0.1692, "649.0": 0.371, "690.0": 0.1971, "663.0": 0.314, "706.0": 0.1393, "721.0": 0.1046, "705.0": 0.1423, "672.0": 0.2768, "645.0": 0.3905, "720.0": 0.1056, "714.0": 0.1183, "716.0": 0.1134, "673.0": 0.2717, "664.0": 0.309, "647.0": 0.3878, "688.0": 0.2081, "679.0": 0.2469, "668.0": 0.2973, "691.0": 0.1951, "682.0": 0.2362, "698.0": 0.1656, "709.0": 0.131, "648.0": 0.3759, "677.0": 0.2574, "712.0": 0.1235, "646.0": 0.3856, "658.0": 0.339, "702.0": 0.152, "681.0": 0.2365, "723.0": 0.1028, "675.0": 0.2679, "662.0": 0.319, "704.0": 0.1447, "676.0": 0.2626, "684.0": 0.2255, "667.0": 0.3024, "707.0": 0.1363, "686.0": 0.2148}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1893, "long_delta": 0.0954, "short_iv": 0.1183, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.461183, "long_quote_age": 0.484434, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10533.14, "utilization": 1.0, "usable_buying_power": 10533.14, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9848}, "spot": 721.525}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.48 (gross $-96.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:00:02.345674+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive upward momentum with 1D return of +0.56% and 5D return of +0.74%.", "invalidation": "QQQ spot price falls below 721.72 and reverses its 5D upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"704.0": 0.1464, "669.0": 0.2934, "713.0": 0.1215, "649.0": 0.3722, "703.0": 0.1487, "716.0": 0.1138, "678.0": 0.2535, "662.0": 0.3202, "709.0": 0.1314, "667.0": 0.3037, "717.0": 0.1116, "712.0": 0.1239, "648.0": 0.377, "723.0": 0.1027, "721.0": 0.1048, "694.0": 0.1827, "693.0": 0.1884, "683.0": 0.2322, "689.0": 0.204, "660.0": 0.3302, "680.0": 0.243, "697.0": 0.1707, "668.0": 0.2985, "653.0": 0.3527, "682.0": 0.2375, "702.0": 0.152, "651.0": 0.3624, "690.0": 0.1985, "659.0": 0.3352, "696.0": 0.174, "700.0": 0.1591, "672.0": 0.2781, "661.0": 0.3252, "658.0": 0.3401, "724.0": 0.1022, "679.0": 0.2482, "714.0": 0.1187, "663.0": 0.3152, "654.0": 0.3478, "725.0": 0.1019, "670.0": 0.2883, "685.0": 0.2215, "708.0": 0.1346, "722.0": 0.1036, "645.0": 0.3917, "650.0": 0.3673, "655.0": 0.3551, "718.0": 0.1095, "673.0": 0.273, "652.0": 0.3576, "706.0": 0.14, "664.0": 0.3102, "695.0": 0.1798, "657.0": 0.3451, "688.0": 0.2094, "666.0": 0.3002, "656.0": 0.3501, "707.0": 0.1372, "711.0": 0.1266, "681.0": 0.2378, "684.0": 0.2269, "687.0": 0.2108, "646.0": 0.3868, "698.0": 0.1671, "692.0": 0.194, "710.0": 0.129, "686.0": 0.2161, "701.0": 0.1566, "665.0": 0.3052, "719.0": 0.1077, "715.0": 0.1164, "677.0": 0.2587, "699.0": 0.1632, "720.0": 0.106, "691.0": 0.1965, "674.0": 0.2679, "705.0": 0.1435, "675.0": 0.2691, "671.0": 0.2832, "647.0": 0.389, "676.0": 0.2639}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00715000", "long_symbol": "QQQ260908P00710000", "short_strike": 715.0, "long_strike": 710.0, "width": 5.0, "credit": 0.55, "short_delta": 0.209, "long_delta": 0.1055, "short_iv": 0.1164, "short_rel_spread": 0.00956937799043063, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.472567, "long_quote_age": 0.502156, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10533.14, "utilization": 1.0, "usable_buying_power": 10533.14, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9717}, "spot": 721.8199999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.39 (gross $-95.39 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:01:30.832252+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates upward momentum with 1D gains of +0.53% and 5D gains of +0.70%, supporting a short-term put credit spread.", "invalidation": "QQQ spot declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"690.0": 0.1962, "708.0": 0.1332, "692.0": 0.1917, "723.0": 0.1019, "705.0": 0.1417, "662.0": 0.3182, "675.0": 0.267, "661.0": 0.3232, "694.0": 0.1803, "666.0": 0.2982, "717.0": 0.1103, "657.0": 0.3432, "671.0": 0.2811, "704.0": 0.1448, "691.0": 0.1941, "696.0": 0.1741, "645.0": 0.3898, "720.0": 0.1051, "712.0": 0.122, "683.0": 0.23, "693.0": 0.186, "707.0": 0.136, "669.0": 0.2914, "715.0": 0.1148, "685.0": 0.2193, "651.0": 0.3605, "653.0": 0.3508, "659.0": 0.3332, "656.0": 0.3482, "699.0": 0.1627, "722.0": 0.1025, "703.0": 0.1474, "719.0": 0.1065, "701.0": 0.154, "714.0": 0.1171, "680.0": 0.2409, "682.0": 0.2353, "674.0": 0.2658, "667.0": 0.3016, "687.0": 0.2126, "688.0": 0.2072, "681.0": 0.2356, "700.0": 0.1566, "709.0": 0.1297, "710.0": 0.1271, "686.0": 0.2139, "698.0": 0.1646, "711.0": 0.125, "668.0": 0.2965, "664.0": 0.3082, "665.0": 0.3032, "648.0": 0.3751, "647.0": 0.387, "670.0": 0.2863, "695.0": 0.1774, "654.0": 0.3459, "716.0": 0.1125, "655.0": 0.3532, "658.0": 0.3382, "679.0": 0.2461, "697.0": 0.1682, "650.0": 0.3654, "678.0": 0.2513, "673.0": 0.2709, "672.0": 0.276, "676.0": 0.2618, "652.0": 0.3556, "689.0": 0.2017, "713.0": 0.1198, "702.0": 0.1509, "677.0": 0.2566, "724.0": 0.1014, "718.0": 0.1084, "660.0": 0.3282, "684.0": 0.2246, "706.0": 0.1381, "646.0": 0.3849, "649.0": 0.3702, "721.0": 0.1037, "663.0": 0.3132}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1924, "long_delta": 0.0962, "short_iv": 0.1171, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.444911, "long_quote_age": 0.482217, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10533.14, "utilization": 1.0, "usable_buying_power": 10533.14, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9826}, "spot": 721.31}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.36 (gross $-96.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:01:47.228604+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates upward momentum with 1D gain of +0.53% and 5D return of +0.70% at spot 721.47, supporting an out-of-the-money put credit spread.", "invalidation": "QQQ spot price declines below 721.47 and erases recent 5D gains."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"723.0": 0.102, "650.0": 0.3639, "654.0": 0.3445, "695.0": 0.1755, "683.0": 0.2283, "672.0": 0.2745, "685.0": 0.2176, "656.0": 0.3467, "669.0": 0.2898, "680.0": 0.2392, "676.0": 0.2602, "657.0": 0.3417, "689.0": 0.2, "693.0": 0.1842, "692.0": 0.1899, "655.0": 0.3517, "705.0": 0.1407, "661.0": 0.3217, "710.0": 0.1266, "658.0": 0.3367, "718.0": 0.108, "649.0": 0.3688, "652.0": 0.3542, "659.0": 0.3317, "674.0": 0.2642, "681.0": 0.234, "712.0": 0.1215, "724.0": 0.1014, "697.0": 0.1686, "701.0": 0.1536, "663.0": 0.3117, "678.0": 0.2497, "662.0": 0.3167, "651.0": 0.3591, "670.0": 0.2847, "704.0": 0.144, "667.0": 0.3001, "714.0": 0.1164, "709.0": 0.1295, "719.0": 0.1059, "665.0": 0.3017, "686.0": 0.2122, "684.0": 0.223, "708.0": 0.1316, "694.0": 0.1785, "677.0": 0.255, "682.0": 0.2337, "713.0": 0.1189, "691.0": 0.1924, "717.0": 0.1096, "721.0": 0.1033, "648.0": 0.3737, "702.0": 0.1504, "688.0": 0.2055, "673.0": 0.2693, "699.0": 0.1607, "720.0": 0.1044, "698.0": 0.1648, "660.0": 0.3267, "679.0": 0.2445, "664.0": 0.3067, "711.0": 0.1242, "690.0": 0.198, "700.0": 0.1564, "715.0": 0.1142, "706.0": 0.1379, "668.0": 0.2949, "666.0": 0.2967, "696.0": 0.1722, "707.0": 0.1346, "647.0": 0.3856, "687.0": 0.2109, "653.0": 0.3493, "671.0": 0.2796, "722.0": 0.1025, "716.0": 0.1116, "703.0": 0.1467, "675.0": 0.2654}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00711000", "short_strike": 714.0, "long_strike": 711.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2013, "long_delta": 0.1337, "short_iv": 0.1164, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.469079, "long_quote_age": 0.517193, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10533.14, "utilization": 1.0, "usable_buying_power": 10533.14, "max_loss_per_contract": 264.0, "total_risk": 10296.0, "buying_power_used_pct": 0.9775}, "spot": 721.155}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.77 (gross $-56.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:03:13.554129+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with 1D return of +0.49% and 5D return of +0.67% while maintaining low implied volatility relative to historical realized volatility.", "invalidation": "QQQ spot price falls below the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"671.0": 0.2806, "667.0": 0.301, "712.0": 0.123, "674.0": 0.2717, "691.0": 0.1935, "687.0": 0.212, "693.0": 0.1854, "683.0": 0.2294, "704.0": 0.1453, "651.0": 0.36, "708.0": 0.134, "721.0": 0.1033, "678.0": 0.2507, "665.0": 0.3026, "701.0": 0.1549, "658.0": 0.3376, "714.0": 0.1179, "666.0": 0.3061, "707.0": 0.1361, "724.0": 0.1012, "645.0": 0.3892, "654.0": 0.3576, "718.0": 0.1084, "661.0": 0.3226, "648.0": 0.3746, "675.0": 0.2664, "680.0": 0.2403, "685.0": 0.2187, "696.0": 0.1734, "657.0": 0.3426, "690.0": 0.1991, "655.0": 0.3526, "677.0": 0.256, "703.0": 0.148, "715.0": 0.1154, "710.0": 0.1282, "649.0": 0.3697, "702.0": 0.1517, "695.0": 0.1767, "716.0": 0.113, "709.0": 0.1311, "720.0": 0.1048, "692.0": 0.191, "647.0": 0.3795, "653.0": 0.3503, "679.0": 0.2455, "670.0": 0.2857, "663.0": 0.3126, "659.0": 0.3326, "700.0": 0.1577, "682.0": 0.2347, "662.0": 0.3176, "717.0": 0.1107, "705.0": 0.1421, "646.0": 0.3844, "719.0": 0.1066, "684.0": 0.224, "664.0": 0.3076, "660.0": 0.3276, "699.0": 0.1619, "652.0": 0.3551, "686.0": 0.2175, "713.0": 0.1203, "722.0": 0.1026, "644.0": 0.3941, "697.0": 0.1698, "694.0": 0.1824, "681.0": 0.2401, "650.0": 0.3649, "672.0": 0.2755, "706.0": 0.1394, "688.0": 0.2065, "676.0": 0.2612, "711.0": 0.1259, "656.0": 0.3476, "668.0": 0.2959, "698.0": 0.166, "723.0": 0.1017, "689.0": 0.2011, "673.0": 0.2703, "669.0": 0.2908}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1977, "long_delta": 0.1007, "short_iv": 0.1179, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.534427, "long_quote_age": 0.448294, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10533.14, "utilization": 1.0, "usable_buying_power": 10533.14, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9804}, "spot": 721.035}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.92 (gross $-98.92 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:03:29.391351+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive upward momentum with a 1D gain of +0.49% and a 5D gain of +0.67%, supporting a short-term put credit spread.", "invalidation": "A reversal in QQQ spot price falling toward the short put strike invalidates the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"668.0": 0.297, "704.0": 0.1456, "677.0": 0.2571, "649.0": 0.3708, "659.0": 0.3337, "722.0": 0.1032, "663.0": 0.3137, "678.0": 0.2519, "650.0": 0.3659, "717.0": 0.1116, "682.0": 0.2359, "696.0": 0.1747, "701.0": 0.1564, "714.0": 0.1187, "684.0": 0.2252, "710.0": 0.1291, "674.0": 0.2728, "661.0": 0.3237, "720.0": 0.1058, "671.0": 0.2817, "706.0": 0.14, "669.0": 0.2919, "687.0": 0.2132, "685.0": 0.2199, "667.0": 0.3022, "713.0": 0.1214, "697.0": 0.1712, "699.0": 0.1634, "653.0": 0.3513, "680.0": 0.2414, "695.0": 0.178, "708.0": 0.1349, "698.0": 0.1674, "675.0": 0.2676, "702.0": 0.1516, "654.0": 0.3464, "712.0": 0.1239, "652.0": 0.3562, "715.0": 0.1164, "719.0": 0.1077, "700.0": 0.1591, "656.0": 0.3487, "705.0": 0.1425, "692.0": 0.1923, "694.0": 0.181, "724.0": 0.1017, "707.0": 0.1369, "679.0": 0.2467, "723.0": 0.1023, "658.0": 0.3387, "651.0": 0.361, "681.0": 0.2413, "725.0": 0.1018, "689.0": 0.2023, "690.0": 0.2003, "655.0": 0.3537, "683.0": 0.2306, "645.0": 0.3903, "686.0": 0.2187, "657.0": 0.3437, "716.0": 0.1139, "673.0": 0.2715, "718.0": 0.1096, "664.0": 0.3087, "693.0": 0.1867, "709.0": 0.1318, "721.0": 0.1044, "672.0": 0.2766, "662.0": 0.3187, "660.0": 0.3287, "688.0": 0.2078, "648.0": 0.3756, "676.0": 0.2624, "691.0": 0.1948, "665.0": 0.3037, "666.0": 0.3073, "647.0": 0.3805, "670.0": 0.2868, "703.0": 0.1496, "646.0": 0.3854, "711.0": 0.1266}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00716000", "long_symbol": "QQQ260908P00711000", "short_strike": 716.0, "long_strike": 711.0, "width": 5.0, "credit": 0.68, "short_delta": 0.2506, "long_delta": 0.1281, "short_iv": 0.1139, "short_rel_spread": 0.007722007722007729, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.468643, "long_quote_age": 0.443955, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10533.14, "utilization": 1.0, "usable_buying_power": 10533.14, "max_loss_per_contract": 432.0, "total_risk": 10368.0, "buying_power_used_pct": 0.9843}, "spot": 721.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.24 (gross $-93.24 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:04:52.720573+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady upward momentum with a 1D gain of +0.51% and 5D gain of +0.68% alongside an IV/RV ratio of 0.75.", "invalidation": "QQQ spot price falls below recent levels, reversing the positive 1D and 5D returns."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"653.0": 0.3502, "670.0": 0.2856, "694.0": 0.1796, "668.0": 0.2958, "657.0": 0.3425, "659.0": 0.3325, "672.0": 0.2754, "655.0": 0.3525, "673.0": 0.2702, "688.0": 0.2064, "679.0": 0.2454, "669.0": 0.2907, "654.0": 0.3453, "690.0": 0.1955, "720.0": 0.104, "682.0": 0.2346, "715.0": 0.1143, "687.0": 0.2119, "674.0": 0.2716, "647.0": 0.3794, "718.0": 0.1076, "686.0": 0.2132, "664.0": 0.3075, "704.0": 0.1439, "656.0": 0.3475, "650.0": 0.3648, "701.0": 0.1531, "645.0": 0.3892, "703.0": 0.1465, "675.0": 0.2663, "667.0": 0.3009, "661.0": 0.3225, "700.0": 0.1557, "710.0": 0.1267, "719.0": 0.1057, "648.0": 0.3745, "724.0": 0.1006, "712.0": 0.122, "671.0": 0.2805, "702.0": 0.15, "666.0": 0.3061, "707.0": 0.135, "685.0": 0.2186, "684.0": 0.2239, "705.0": 0.1408, "681.0": 0.24, "709.0": 0.1294, "696.0": 0.1708, "651.0": 0.3599, "677.0": 0.2559, "721.0": 0.1029, "652.0": 0.355, "663.0": 0.3125, "676.0": 0.2611, "723.0": 0.101, "708.0": 0.1322, "678.0": 0.2506, "689.0": 0.201, "658.0": 0.3375, "714.0": 0.1168, "680.0": 0.2402, "691.0": 0.1934, "649.0": 0.3696, "697.0": 0.1674, "692.0": 0.1909, "722.0": 0.1017, "662.0": 0.3175, "683.0": 0.2293, "717.0": 0.1097, "693.0": 0.1853, "646.0": 0.3843, "716.0": 0.1118, "699.0": 0.1599, "711.0": 0.1245, "706.0": 0.1382, "698.0": 0.1638, "713.0": 0.1191, "695.0": 0.1766, "665.0": 0.3025, "660.0": 0.3275}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1961, "long_delta": 0.0982, "short_iv": 0.1168, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.464333, "long_quote_age": 0.459185, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10561.14, "utilization": 1.0, "usable_buying_power": 10561.14, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9778}, "spot": 721.285}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.04 (gross $-96.04 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:05:05.431456+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with a 1D gain of +0.51% and 5D gain of +0.68% at 721.29 spot, supporting a put credit spread across the 5 to 7 DTE window.", "invalidation": "QQQ spot price falls below 721.29, reversing its positive 1D and 5D performance."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"706.0": 0.1481, "710.0": 0.1386, "703.0": 0.1552, "647.0": 0.3574, "723.0": 0.1142, "646.0": 0.3619, "660.0": 0.3095, "676.0": 0.2483, "653.0": 0.3345, "708.0": 0.1434, "665.0": 0.2862, "683.0": 0.2204, "695.0": 0.1782, "684.0": 0.2154, "697.0": 0.1726, "670.0": 0.2683, "690.0": 0.1945, "709.0": 0.1409, "686.0": 0.2081, "698.0": 0.1694, "701.0": 0.1609, "685.0": 0.2132, "651.0": 0.3436, "721.0": 0.1162, "713.0": 0.1316, "715.0": 0.1273, "680.0": 0.2305, "668.0": 0.2778, "648.0": 0.3529, "649.0": 0.3483, "711.0": 0.1364, "694.0": 0.1822, "705.0": 0.1507, "663.0": 0.2955, "659.0": 0.3141, "679.0": 0.2336, "700.0": 0.1633, "654.0": 0.3299, "662.0": 0.3001, "675.0": 0.2491, "656.0": 0.3207, "691.0": 0.1912, "687.0": 0.2055, "650.0": 0.3482, "692.0": 0.1878, "699.0": 0.166, "677.0": 0.2434, "682.0": 0.2223, "704.0": 0.1528, "673.0": 0.2587, "661.0": 0.3048, "717.0": 0.123, "645.0": 0.3614, "718.0": 0.1211, "720.0": 0.1179, "667.0": 0.2825, "719.0": 0.1195, "657.0": 0.3199, "666.0": 0.2872, "722.0": 0.1149, "672.0": 0.2635, "652.0": 0.339, "693.0": 0.1842, "689.0": 0.1975, "664.0": 0.2908, "681.0": 0.2273, "669.0": 0.273, "696.0": 0.1756, "655.0": 0.3253, "714.0": 0.1295, "702.0": 0.158, "707.0": 0.1456, "716.0": 0.1252, "724.0": 0.1132, "712.0": 0.1341, "688.0": 0.2004, "674.0": 0.2539, "725.0": 0.1131, "678.0": 0.2385, "671.0": 0.2635, "658.0": 0.3188}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00712000", "long_symbol": "QQQ260909P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1909, "long_delta": 0.111, "short_iv": 0.1341, "short_rel_spread": 0.016666666666666684, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.458021, "long_quote_age": 0.458708, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10561.14, "utilization": 1.0, "usable_buying_power": 10561.14, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9735}, "spot": 721.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-87.66 (gross $-86.16 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:06:24.670019+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with a 1D return of +0.49% and 5D return of +0.67%, supporting a defined-risk bullish put credit spread.", "invalidation": "QQQ spot price falls below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"654.0": 0.345, "720.0": 0.1033, "646.0": 0.384, "688.0": 0.2021, "681.0": 0.2346, "645.0": 0.3889, "663.0": 0.3122, "649.0": 0.3693, "721.0": 0.1021, "707.0": 0.1336, "692.0": 0.1875, "722.0": 0.1012, "664.0": 0.3072, "651.0": 0.3596, "713.0": 0.1179, "657.0": 0.3422, "677.0": 0.2555, "665.0": 0.3022, "675.0": 0.266, "662.0": 0.3172, "680.0": 0.2398, "673.0": 0.2699, "699.0": 0.1595, "656.0": 0.3472, "686.0": 0.2129, "672.0": 0.275, "708.0": 0.1308, "711.0": 0.1233, "698.0": 0.1634, "714.0": 0.1156, "670.0": 0.2853, "658.0": 0.3372, "671.0": 0.2801, "690.0": 0.1951, "648.0": 0.3742, "691.0": 0.193, "666.0": 0.3057, "653.0": 0.3499, "715.0": 0.1132, "684.0": 0.2236, "655.0": 0.3522, "667.0": 0.3006, "687.0": 0.2075, "724.0": 0.0999, "676.0": 0.2608, "678.0": 0.2503, "716.0": 0.1109, "660.0": 0.3272, "668.0": 0.2955, "702.0": 0.1488, "701.0": 0.1527, "712.0": 0.1205, "661.0": 0.3222, "647.0": 0.3791, "703.0": 0.1461, "705.0": 0.1392, "723.0": 0.1003, "689.0": 0.2006, "717.0": 0.1087, "700.0": 0.1553, "706.0": 0.1367, "718.0": 0.1067, "652.0": 0.3547, "719.0": 0.1049, "650.0": 0.3645, "704.0": 0.1422, "710.0": 0.1255, "674.0": 0.2648, "659.0": 0.3322, "709.0": 0.1281, "683.0": 0.2289, "669.0": 0.2904, "697.0": 0.167, "685.0": 0.2182, "679.0": 0.2451, "694.0": 0.1792, "693.0": 0.1849, "696.0": 0.1704, "682.0": 0.2343, "695.0": 0.1762}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.51, "short_delta": 0.196, "long_delta": 0.0972, "short_iv": 0.1156, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.502864, "long_quote_age": 0.53976, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10605.14, "utilization": 1.0, "usable_buying_power": 10605.14, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9738}, "spot": 721.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.51 (gross $-96.51 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:06:37.699795+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 2], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with a 1D gain of +0.49% and a 5D gain of +0.67%.", "invalidation": "QQQ spot price reverses and drops below the short strike before expiration."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-2", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 373}
{"ts": "2026-09-04T14:07:58.642229+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 500, "thesis": "QQQ shows positive momentum with a 1D return of +0.48% and 5D return of +0.66% alongside an ATM IV of 10.09%.", "invalidation": "QQQ spot declines below 721.14 reversing its positive 1D and 5D momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"697.0": 0.1659, "694.0": 0.1781, "699.0": 0.1583, "688.0": 0.2051, "687.0": 0.2065, "703.0": 0.1449, "706.0": 0.1364, "708.0": 0.1311, "723.0": 0.1002, "673.0": 0.269, "722.0": 0.1008, "677.0": 0.2546, "679.0": 0.2441, "724.0": 0.0997, "705.0": 0.1391, "711.0": 0.1232, "659.0": 0.3313, "675.0": 0.2587, "666.0": 0.2963, "721.0": 0.1019, "680.0": 0.2389, "702.0": 0.1484, "670.0": 0.2843, "693.0": 0.1838, "700.0": 0.1551, "684.0": 0.2226, "710.0": 0.126, "665.0": 0.3013, "655.0": 0.3514, "695.0": 0.1751, "672.0": 0.2741, "712.0": 0.1205, "691.0": 0.192, "704.0": 0.1422, "647.0": 0.3782, "690.0": 0.1941, "671.0": 0.2792, "662.0": 0.3163, "676.0": 0.2598, "696.0": 0.1693, "716.0": 0.111, "657.0": 0.3413, "668.0": 0.2946, "663.0": 0.3113, "661.0": 0.3213, "720.0": 0.1032, "709.0": 0.1282, "717.0": 0.1084, "660.0": 0.3263, "714.0": 0.1155, "674.0": 0.2639, "692.0": 0.1864, "713.0": 0.1177, "686.0": 0.2119, "667.0": 0.2997, "656.0": 0.3463, "646.0": 0.3831, "648.0": 0.3734, "678.0": 0.2494, "653.0": 0.349, "701.0": 0.1515, "683.0": 0.228, "652.0": 0.3539, "650.0": 0.3636, "651.0": 0.3587, "681.0": 0.2336, "715.0": 0.1132, "682.0": 0.2333, "664.0": 0.3063, "698.0": 0.1622, "719.0": 0.1048, "654.0": 0.3441, "658.0": 0.3363, "689.0": 0.1996, "649.0": 0.3685, "718.0": 0.1065, "669.0": 0.2895, "685.0": 0.2172, "707.0": 0.1341}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00711000", "short_strike": 714.0, "long_strike": 711.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2019, "long_delta": 0.1336, "short_iv": 0.1155, "short_rel_spread": 0.02020202020202022, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.470052, "long_quote_age": 0.480707, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10605.14, "utilization": 1.0, "usable_buying_power": 10605.14, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9957}, "spot": 720.995}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.94 (gross $-57.94 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:08:12.610837+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with a 1D return of +0.48% and 5D return of +0.66% at spot 721.14, supporting premium collection via put credit spreads in the 3-7 DTE window.", "invalidation": "QQQ spot price declines below 721.14 and breaks recent positive 5-day return performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"717.0": 0.1086, "702.0": 0.1481, "696.0": 0.1691, "697.0": 0.1657, "695.0": 0.1749, "710.0": 0.1256, "667.0": 0.2995, "703.0": 0.1446, "686.0": 0.2116, "677.0": 0.2544, "658.0": 0.3361, "713.0": 0.1179, "664.0": 0.3061, "678.0": 0.2491, "662.0": 0.3161, "718.0": 0.1067, "657.0": 0.3411, "707.0": 0.1338, "724.0": 0.1001, "655.0": 0.3511, "665.0": 0.3011, "674.0": 0.2636, "720.0": 0.1035, "689.0": 0.1994, "679.0": 0.2439, "716.0": 0.1109, "691.0": 0.1918, "651.0": 0.3586, "676.0": 0.2596, "654.0": 0.344, "692.0": 0.1862, "660.0": 0.3261, "671.0": 0.279, "669.0": 0.2893, "668.0": 0.2944, "652.0": 0.3537, "648.0": 0.3732, "673.0": 0.2688, "699.0": 0.1581, "646.0": 0.3829, "706.0": 0.1361, "649.0": 0.3683, "685.0": 0.217, "714.0": 0.1157, "705.0": 0.1388, "661.0": 0.3211, "708.0": 0.1307, "700.0": 0.1557, "672.0": 0.2739, "656.0": 0.3461, "712.0": 0.1204, "666.0": 0.2961, "698.0": 0.162, "711.0": 0.1232, "701.0": 0.1512, "659.0": 0.3311, "715.0": 0.1132, "694.0": 0.1779, "704.0": 0.1419, "650.0": 0.3634, "719.0": 0.105, "723.0": 0.1004, "680.0": 0.2386, "709.0": 0.1286, "684.0": 0.2224, "653.0": 0.3488, "693.0": 0.1836, "670.0": 0.2841, "690.0": 0.1939, "682.0": 0.2331, "663.0": 0.3111, "722.0": 0.1014, "688.0": 0.2048, "681.0": 0.2334, "647.0": 0.3781, "675.0": 0.2585, "721.0": 0.1022, "645.0": 0.3878, "687.0": 0.2063, "683.0": 0.2277}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 29, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00710000", "short_strike": 714.0, "long_strike": 710.0, "width": 4.0, "credit": 0.46, "short_delta": 0.2039, "long_delta": 0.1169, "short_iv": 0.1157, "short_rel_spread": 0.009950248756218916, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.468479, "long_quote_age": 0.456897, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 29, "options_buying_power": 10605.14, "utilization": 1.0, "usable_buying_power": 10605.14, "max_loss_per_contract": 354.0, "total_risk": 10266.0, "buying_power_used_pct": 0.968}, "spot": 720.815}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-78.53 (gross $-77.53 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 29 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:09:40.716514+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.44% and a 5D return of +0.62%.", "invalidation": "QQQ spot declining significantly below the 720.85 level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"669.0": 0.2893, "682.0": 0.2332, "720.0": 0.1039, "681.0": 0.2335, "680.0": 0.2387, "690.0": 0.1939, "654.0": 0.344, "715.0": 0.1131, "709.0": 0.128, "652.0": 0.3537, "656.0": 0.3462, "697.0": 0.1658, "689.0": 0.1994, "696.0": 0.1692, "655.0": 0.3512, "701.0": 0.1513, "694.0": 0.178, "710.0": 0.1257, "691.0": 0.1918, "693.0": 0.1837, "714.0": 0.1154, "663.0": 0.3112, "724.0": 0.1005, "672.0": 0.274, "711.0": 0.1233, "675.0": 0.2586, "668.0": 0.2944, "671.0": 0.2791, "702.0": 0.1482, "650.0": 0.3635, "648.0": 0.3732, "712.0": 0.1206, "658.0": 0.3362, "713.0": 0.118, "718.0": 0.1069, "649.0": 0.3684, "686.0": 0.2117, "665.0": 0.3012, "677.0": 0.2544, "670.0": 0.2842, "651.0": 0.3586, "706.0": 0.1362, "664.0": 0.3062, "703.0": 0.1447, "700.0": 0.154, "683.0": 0.2278, "722.0": 0.1015, "673.0": 0.2688, "685.0": 0.2171, "719.0": 0.105, "647.0": 0.3851, "678.0": 0.2492, "708.0": 0.1309, "699.0": 0.1582, "645.0": 0.3879, "723.0": 0.1011, "721.0": 0.1025, "657.0": 0.3412, "661.0": 0.3212, "644.0": 0.3928, "705.0": 0.1389, "716.0": 0.1109, "646.0": 0.3901, "660.0": 0.3262, "698.0": 0.1621, "676.0": 0.2535, "717.0": 0.1086, "707.0": 0.1339, "659.0": 0.3312, "653.0": 0.3489, "692.0": 0.1863, "679.0": 0.244, "674.0": 0.2637, "704.0": 0.142, "662.0": 0.3162, "666.0": 0.2962, "667.0": 0.2912, "687.0": 0.2063, "695.0": 0.1749, "684.0": 0.2224, "688.0": 0.2049}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2027, "long_delta": 0.101, "short_iv": 0.1154, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.448033, "long_quote_age": 0.445563, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10605.14, "utilization": 1.0, "usable_buying_power": 10605.14, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9694}, "spot": 721.04}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.66 (gross $-95.66 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:09:52.595102+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with 1D returns of +0.44% and 5D returns of +0.62%, supporting an out-of-the-money put credit spread over a 4 to 7 DTE horizon.", "invalidation": "QQQ spot price falls below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"699.0": 0.1572, "718.0": 0.1057, "706.0": 0.1361, "672.0": 0.2732, "719.0": 0.1038, "657.0": 0.3405, "661.0": 0.3204, "686.0": 0.2109, "713.0": 0.1173, "723.0": 0.0992, "652.0": 0.353, "668.0": 0.2937, "722.0": 0.1, "695.0": 0.174, "674.0": 0.2629, "680.0": 0.2379, "677.0": 0.2536, "644.0": 0.3921, "694.0": 0.1771, "705.0": 0.1389, "690.0": 0.1931, "702.0": 0.1479, "709.0": 0.1275, "673.0": 0.2681, "711.0": 0.1219, "707.0": 0.1327, "647.0": 0.3844, "698.0": 0.1611, "684.0": 0.2216, "651.0": 0.3579, "689.0": 0.1986, "676.0": 0.2527, "645.0": 0.3872, "654.0": 0.3433, "666.0": 0.2954, "646.0": 0.3894, "658.0": 0.3355, "669.0": 0.2885, "664.0": 0.3054, "710.0": 0.1251, "720.0": 0.1023, "648.0": 0.3725, "678.0": 0.2484, "683.0": 0.227, "688.0": 0.2041, "663.0": 0.3104, "700.0": 0.1548, "660.0": 0.3254, "721.0": 0.1011, "681.0": 0.2327, "716.0": 0.1099, "650.0": 0.3628, "712.0": 0.12, "682.0": 0.2323, "717.0": 0.1079, "685.0": 0.2163, "704.0": 0.141, "675.0": 0.2578, "659.0": 0.3305, "708.0": 0.1305, "714.0": 0.1148, "662.0": 0.3154, "667.0": 0.2904, "692.0": 0.1854, "679.0": 0.2432, "665.0": 0.3004, "715.0": 0.1123, "696.0": 0.1682, "649.0": 0.3676, "655.0": 0.3505, "691.0": 0.191, "697.0": 0.1648, "656.0": 0.3455, "701.0": 0.1503, "687.0": 0.2055, "703.0": 0.145, "653.0": 0.3482, "671.0": 0.2783, "724.0": 0.0993, "693.0": 0.1828, "670.0": 0.2834}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00715000", "long_symbol": "QQQ260908P00710000", "short_strike": 715.0, "long_strike": 710.0, "width": 5.0, "credit": 0.63, "short_delta": 0.237, "long_delta": 0.119, "short_iv": 0.1123, "short_rel_spread": 0.008438818565400852, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.450428, "long_quote_age": 0.450251, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10605.14, "utilization": 1.0, "usable_buying_power": 10605.14, "max_loss_per_contract": 437.0, "total_risk": 10488.0, "buying_power_used_pct": 0.989}, "spot": 720.67}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.15 (gross $-97.15 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:11:13.873336+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with 1D return of +0.39% and 5D return of +0.56%.", "invalidation": "QQQ spot price declines below 720.45 and reverses the positive 5D performance trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"658.0": 0.3341, "683.0": 0.2254, "704.0": 0.1414, "669.0": 0.2871, "692.0": 0.1868, "667.0": 0.2973, "677.0": 0.2521, "647.0": 0.3761, "698.0": 0.1614, "657.0": 0.3391, "652.0": 0.3517, "644.0": 0.3907, "714.0": 0.1159, "675.0": 0.2626, "711.0": 0.1229, "710.0": 0.1252, "649.0": 0.3663, "663.0": 0.309, "690.0": 0.1949, "678.0": 0.2469, "651.0": 0.3566, "666.0": 0.294, "724.0": 0.1004, "679.0": 0.2416, "668.0": 0.2922, "716.0": 0.1115, "693.0": 0.1811, "660.0": 0.324, "676.0": 0.2574, "687.0": 0.2079, "718.0": 0.1074, "684.0": 0.2201, "680.0": 0.2364, "722.0": 0.1022, "654.0": 0.3419, "701.0": 0.1509, "689.0": 0.197, "708.0": 0.1306, "665.0": 0.299, "671.0": 0.2768, "648.0": 0.3712, "653.0": 0.3468, "645.0": 0.3858, "695.0": 0.1723, "672.0": 0.2717, "656.0": 0.3441, "717.0": 0.1094, "721.0": 0.1032, "682.0": 0.2308, "688.0": 0.2024, "715.0": 0.1138, "720.0": 0.1044, "664.0": 0.304, "673.0": 0.2666, "650.0": 0.3614, "646.0": 0.388, "719.0": 0.1059, "685.0": 0.2147, "661.0": 0.319, "707.0": 0.1332, "681.0": 0.2311, "705.0": 0.1389, "655.0": 0.3491, "662.0": 0.314, "700.0": 0.1547, "712.0": 0.1208, "723.0": 0.1013, "699.0": 0.1573, "703.0": 0.1443, "706.0": 0.1359, "709.0": 0.128, "696.0": 0.1689, "694.0": 0.1768, "713.0": 0.1181, "702.0": 0.1475, "697.0": 0.1653, "691.0": 0.1893, "659.0": 0.329, "686.0": 0.2134, "670.0": 0.282, "674.0": 0.2678}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1913, "long_delta": 0.0958, "short_iv": 0.1181, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.421402, "long_quote_age": 0.405799, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10615.14, "utilization": 1.0, "usable_buying_power": 10615.14, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.975}, "spot": 720.49}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-95.60 (gross $-94.60 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:11:26.294173+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with 1D return of +0.39% and 5D return of +0.56% alongside IV/RV of 0.72.", "invalidation": "QQQ spot price breaks downward below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"669.0": 0.2691, "659.0": 0.3103, "648.0": 0.3492, "666.0": 0.2833, "690.0": 0.192, "700.0": 0.1612, "721.0": 0.1158, "649.0": 0.3491, "703.0": 0.1533, "671.0": 0.2643, "681.0": 0.2231, "697.0": 0.1702, "692.0": 0.185, "664.0": 0.29, "653.0": 0.3308, "705.0": 0.1483, "719.0": 0.1186, "723.0": 0.1135, "716.0": 0.124, "715.0": 0.126, "704.0": 0.1508, "702.0": 0.1561, "672.0": 0.2595, "691.0": 0.1886, "678.0": 0.2344, "688.0": 0.1983, "722.0": 0.1147, "667.0": 0.2786, "646.0": 0.3583, "685.0": 0.2088, "684.0": 0.214, "680.0": 0.2281, "662.0": 0.2963, "709.0": 0.1391, "714.0": 0.1281, "668.0": 0.2738, "693.0": 0.1821, "686.0": 0.2063, "647.0": 0.3538, "683.0": 0.2162, "675.0": 0.2471, "707.0": 0.1437, "708.0": 0.1413, "682.0": 0.2212, "711.0": 0.1347, "677.0": 0.2393, "660.0": 0.3057, "676.0": 0.2442, "717.0": 0.1219, "695.0": 0.1764, "689.0": 0.1952, "674.0": 0.2499, "687.0": 0.2023, "652.0": 0.3354, "698.0": 0.1668, "655.0": 0.3254, "650.0": 0.3445, "701.0": 0.1584, "699.0": 0.1642, "718.0": 0.1199, "654.0": 0.3262, "724.0": 0.113, "651.0": 0.3399, "720.0": 0.1168, "673.0": 0.2547, "713.0": 0.1304, "694.0": 0.179, "656.0": 0.3208, "710.0": 0.1367, "670.0": 0.2643, "712.0": 0.1324, "665.0": 0.2881, "657.0": 0.3197, "679.0": 0.233, "663.0": 0.2917, "706.0": 0.1458, "696.0": 0.1734, "658.0": 0.315, "661.0": 0.301}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00712000", "long_symbol": "QQQ260909P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.41, "short_delta": 0.2103, "long_delta": 0.1522, "short_iv": 0.1324, "short_rel_spread": 0.01492537313432837, "long_rel_spread": 0.010695187165775291, "short_quote_age": 0.473085, "long_quote_age": 0.507633, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10615.14, "utilization": 1.0, "usable_buying_power": 10615.14, "max_loss_per_contract": 259.0, "total_risk": 10360.0, "buying_power_used_pct": 0.976}, "spot": 720.435}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-51.30 (gross $-49.80 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:12:47.474749+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with a 1D return of +0.30% and 5D return of +0.47% amid an ATM IV of 9.77% relative to RV20 of 13.54%.", "invalidation": "QQQ spot breaks downward and reverses the positive 5D return trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"647.0": 0.3725, "652.0": 0.3481, "674.0": 0.2639, "715.0": 0.1142, "720.0": 0.1052, "660.0": 0.3203, "704.0": 0.1404, "721.0": 0.1037, "686.0": 0.2092, "710.0": 0.1252, "700.0": 0.1522, "711.0": 0.1231, "684.0": 0.2159, "712.0": 0.1204, "651.0": 0.353, "705.0": 0.1373, "658.0": 0.3303, "691.0": 0.1849, "687.0": 0.2037, "657.0": 0.3354, "672.0": 0.2678, "655.0": 0.3454, "706.0": 0.1346, "713.0": 0.1182, "703.0": 0.1427, "708.0": 0.1295, "694.0": 0.1736, "678.0": 0.2429, "714.0": 0.1162, "716.0": 0.1121, "670.0": 0.2781, "697.0": 0.1627, "667.0": 0.2935, "671.0": 0.273, "717.0": 0.1101, "659.0": 0.3253, "699.0": 0.156, "689.0": 0.1961, "702.0": 0.1457, "719.0": 0.1065, "643.0": 0.3837, "709.0": 0.1275, "663.0": 0.3053, "646.0": 0.3774, "685.0": 0.2105, "645.0": 0.3823, "649.0": 0.3627, "665.0": 0.3037, "707.0": 0.1321, "701.0": 0.1495, "654.0": 0.3384, "676.0": 0.2534, "722.0": 0.1025, "681.0": 0.232, "653.0": 0.3432, "698.0": 0.1586, "688.0": 0.1982, "656.0": 0.3404, "682.0": 0.2266, "648.0": 0.3676, "668.0": 0.2884, "723.0": 0.102, "666.0": 0.2986, "683.0": 0.2213, "644.0": 0.3872, "692.0": 0.1823, "718.0": 0.1082, "677.0": 0.2481, "675.0": 0.2586, "693.0": 0.1793, "680.0": 0.2323, "679.0": 0.2376, "661.0": 0.3153, "669.0": 0.2832, "662.0": 0.3103, "695.0": 0.1702, "690.0": 0.1905, "664.0": 0.3003, "696.0": 0.1666, "673.0": 0.2627, "650.0": 0.3579}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1901, "long_delta": 0.0949, "short_iv": 0.1204, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.401231, "long_quote_age": 0.402153, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10615.14, "utilization": 1.0, "usable_buying_power": 10615.14, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9729}, "spot": 719.625}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.14 (gross $-93.14 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:13:03.469860+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.22, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.30% and a 5D return of +0.47% at 9.77% ATM IV.", "invalidation": "QQQ dropping below the current spot level of 719.80 would invalidate this bullish posture."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"656.0": 0.3415, "647.0": 0.3735, "682.0": 0.2279, "650.0": 0.3589, "677.0": 0.2493, "657.0": 0.3364, "719.0": 0.1059, "665.0": 0.3049, "714.0": 0.1159, "710.0": 0.1251, "658.0": 0.3314, "676.0": 0.2545, "718.0": 0.1079, "697.0": 0.1641, "648.0": 0.3687, "706.0": 0.1355, "696.0": 0.1679, "681.0": 0.2283, "720.0": 0.1045, "713.0": 0.1181, "668.0": 0.2895, "688.0": 0.1994, "645.0": 0.3833, "651.0": 0.354, "670.0": 0.2792, "689.0": 0.1974, "667.0": 0.2946, "691.0": 0.1862, "649.0": 0.3638, "680.0": 0.2335, "692.0": 0.1836, "672.0": 0.269, "717.0": 0.1095, "707.0": 0.1327, "716.0": 0.1117, "704.0": 0.1409, "666.0": 0.2997, "703.0": 0.1431, "652.0": 0.3491, "722.0": 0.1023, "690.0": 0.1918, "664.0": 0.3014, "678.0": 0.244, "695.0": 0.1715, "679.0": 0.2388, "660.0": 0.3214, "653.0": 0.3443, "699.0": 0.1575, "694.0": 0.1749, "700.0": 0.1529, "661.0": 0.3164, "698.0": 0.16, "701.0": 0.1496, "673.0": 0.2638, "669.0": 0.2844, "675.0": 0.2598, "655.0": 0.3465, "684.0": 0.2171, "646.0": 0.3784, "663.0": 0.3064, "715.0": 0.1139, "693.0": 0.1807, "687.0": 0.2049, "702.0": 0.1472, "685.0": 0.2117, "705.0": 0.138, "683.0": 0.2225, "709.0": 0.1275, "711.0": 0.1227, "686.0": 0.2104, "723.0": 0.1015, "712.0": 0.1204, "662.0": 0.3114, "654.0": 0.3394, "721.0": 0.1031, "659.0": 0.3264, "708.0": 0.1299, "674.0": 0.265, "671.0": 0.2741}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2094, "long_delta": 0.1389, "short_iv": 0.1181, "short_rel_spread": 0.018867924528301903, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.47789, "long_quote_age": 0.473009, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10615.14, "utilization": 1.0, "usable_buying_power": 10615.14, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9835}, "spot": 719.645}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.56 (gross $-56.56 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:14:24.768853+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum with a 1-day return of +0.37% and a 5-day return of +0.55% alongside an IV/RV ratio of 0.72.", "invalidation": "QQQ spot price falls below the short strike as short-term momentum turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"679.0": 0.2415, "646.0": 0.3809, "660.0": 0.324, "698.0": 0.1613, "711.0": 0.1222, "701.0": 0.15, "669.0": 0.287, "661.0": 0.3189, "681.0": 0.231, "659.0": 0.329, "663.0": 0.3089, "653.0": 0.3467, "673.0": 0.2665, "675.0": 0.2562, "699.0": 0.1572, "678.0": 0.2468, "722.0": 0.1012, "716.0": 0.1106, "651.0": 0.3565, "710.0": 0.1244, "697.0": 0.1652, "652.0": 0.3516, "649.0": 0.3662, "704.0": 0.1412, "719.0": 0.1049, "670.0": 0.2819, "707.0": 0.1321, "713.0": 0.1174, "691.0": 0.1892, "693.0": 0.181, "714.0": 0.1152, "702.0": 0.1466, "656.0": 0.344, "666.0": 0.2939, "708.0": 0.1296, "648.0": 0.3711, "717.0": 0.1086, "706.0": 0.1348, "685.0": 0.2146, "662.0": 0.3139, "689.0": 0.1969, "715.0": 0.1129, "692.0": 0.1836, "696.0": 0.1688, "680.0": 0.2363, "664.0": 0.3039, "674.0": 0.2614, "676.0": 0.2573, "712.0": 0.1198, "718.0": 0.1068, "668.0": 0.2921, "657.0": 0.339, "690.0": 0.1914, "647.0": 0.376, "654.0": 0.3419, "650.0": 0.3613, "667.0": 0.2972, "672.0": 0.2716, "677.0": 0.252, "705.0": 0.1377, "683.0": 0.2253, "721.0": 0.1022, "682.0": 0.2307, "723.0": 0.1004, "665.0": 0.2989, "655.0": 0.349, "688.0": 0.2023, "684.0": 0.2199, "720.0": 0.1034, "686.0": 0.2092, "709.0": 0.1271, "671.0": 0.2767, "700.0": 0.1529, "687.0": 0.2038, "658.0": 0.334, "695.0": 0.1722, "694.0": 0.1753, "703.0": 0.1442}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1906, "long_delta": 0.1249, "short_iv": 0.1174, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.398287, "long_quote_age": 0.398178, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10615.14, "utilization": 1.0, "usable_buying_power": 10615.14, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9986}, "spot": 720.39}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.66 (gross $-56.66 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:14:36.709644+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.37% and 5D gain of +0.55%, supporting an out-of-the-money put credit spread.", "invalidation": "QQQ spot price falls below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"687.0": 0.2013, "714.0": 0.1278, "658.0": 0.3152, "716.0": 0.1237, "715.0": 0.1258, "682.0": 0.2214, "688.0": 0.1985, "691.0": 0.1888, "700.0": 0.161, "670.0": 0.267, "720.0": 0.1165, "675.0": 0.2452, "673.0": 0.2549, "710.0": 0.1366, "651.0": 0.3401, "662.0": 0.2996, "697.0": 0.1692, "678.0": 0.2346, "693.0": 0.1815, "672.0": 0.2597, "649.0": 0.3493, "655.0": 0.3218, "712.0": 0.132, "702.0": 0.1555, "705.0": 0.1479, "665.0": 0.2883, "679.0": 0.2332, "653.0": 0.331, "684.0": 0.2142, "696.0": 0.1723, "664.0": 0.2902, "663.0": 0.2949, "690.0": 0.1922, "692.0": 0.1853, "669.0": 0.2693, "711.0": 0.1342, "656.0": 0.3245, "671.0": 0.2645, "701.0": 0.1582, "681.0": 0.2233, "683.0": 0.2164, "694.0": 0.1792, "706.0": 0.1455, "666.0": 0.2835, "648.0": 0.3494, "680.0": 0.2283, "722.0": 0.1141, "695.0": 0.1759, "724.0": 0.1123, "703.0": 0.1532, "652.0": 0.3355, "667.0": 0.2788, "659.0": 0.3105, "647.0": 0.349, "654.0": 0.3264, "668.0": 0.274, "713.0": 0.1298, "699.0": 0.1633, "718.0": 0.1199, "657.0": 0.3199, "674.0": 0.2501, "698.0": 0.167, "646.0": 0.3535, "650.0": 0.3447, "719.0": 0.1181, "661.0": 0.3012, "677.0": 0.2395, "717.0": 0.1218, "676.0": 0.2444, "685.0": 0.2091, "708.0": 0.1408, "707.0": 0.1432, "686.0": 0.2065, "704.0": 0.1504, "709.0": 0.1387, "660.0": 0.3059, "723.0": 0.1132, "721.0": 0.1152, "689.0": 0.1955}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00712000", "long_symbol": "QQQ260909P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2084, "long_delta": 0.1506, "short_iv": 0.132, "short_rel_spread": 0.015151515151515164, "long_rel_spread": 0.021739130434782625, "short_quote_age": 0.556723, "long_quote_age": 0.459156, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10615.14, "utilization": 1.0, "usable_buying_power": 10615.14, "max_loss_per_contract": 260.0, "total_risk": 10400.0, "buying_power_used_pct": 0.9797}, "spot": 720.56}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-52.83 (gross $-50.83 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:16:03.560815+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates upward momentum with a 1D return of +0.42% and 5D return of +0.60% alongside an IV/RV ratio of 0.72.", "invalidation": "QQQ spot price reverses downward and closes below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"644.0": 0.3915, "649.0": 0.367, "688.0": 0.2033, "720.0": 0.1029, "655.0": 0.3498, "705.0": 0.1379, "658.0": 0.3348, "656.0": 0.3448, "689.0": 0.1978, "717.0": 0.1081, "668.0": 0.293, "674.0": 0.2623, "664.0": 0.3048, "707.0": 0.1317, "661.0": 0.3198, "665.0": 0.2998, "647.0": 0.3768, "713.0": 0.1172, "715.0": 0.1126, "711.0": 0.122, "702.0": 0.1463, "678.0": 0.2477, "659.0": 0.3298, "662.0": 0.3148, "672.0": 0.2725, "684.0": 0.2209, "653.0": 0.3476, "703.0": 0.1441, "721.0": 0.1016, "696.0": 0.1699, "657.0": 0.3398, "724.0": 0.0996, "693.0": 0.182, "685.0": 0.2155, "691.0": 0.1902, "679.0": 0.2425, "670.0": 0.2828, "660.0": 0.3248, "714.0": 0.1148, "690.0": 0.1924, "701.0": 0.1511, "680.0": 0.2372, "692.0": 0.1846, "650.0": 0.3622, "708.0": 0.1294, "723.0": 0.0996, "712.0": 0.1196, "645.0": 0.3866, "663.0": 0.3098, "686.0": 0.2102, "666.0": 0.2948, "719.0": 0.1045, "673.0": 0.2674, "648.0": 0.3719, "709.0": 0.1271, "683.0": 0.2263, "687.0": 0.2088, "704.0": 0.1401, "706.0": 0.1351, "667.0": 0.2898, "698.0": 0.1603, "677.0": 0.253, "646.0": 0.3817, "710.0": 0.124, "651.0": 0.3573, "675.0": 0.2571, "699.0": 0.1583, "700.0": 0.154, "694.0": 0.1763, "652.0": 0.3524, "681.0": 0.232, "722.0": 0.1004, "716.0": 0.1104, "682.0": 0.2316, "695.0": 0.1733, "697.0": 0.164, "654.0": 0.3427, "718.0": 0.1062, "669.0": 0.2879, "676.0": 0.2582, "671.0": 0.2776}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2115, "long_delta": 0.1052, "short_iv": 0.1148, "short_rel_spread": 0.00956937799043063, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.426056, "long_quote_age": 0.433836, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10649.14, "utilization": 1.0, "usable_buying_power": 10649.14, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.959}, "spot": 720.485}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.48 (gross $-96.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:16:14.891973+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ shows positive short-term momentum with a 1D return of +0.42% and a 5D return of +0.60% at spot 720.69.", "invalidation": "QQQ spot price declines and its 5D return turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"718.0": 0.106, "688.0": 0.204, "665.0": 0.3004, "660.0": 0.3254, "647.0": 0.3773, "701.0": 0.1502, "714.0": 0.1146, "651.0": 0.3578, "663.0": 0.3104, "700.0": 0.1547, "689.0": 0.1985, "721.0": 0.1014, "661.0": 0.3204, "672.0": 0.2731, "715.0": 0.1121, "676.0": 0.2588, "662.0": 0.3154, "675.0": 0.2577, "666.0": 0.2954, "646.0": 0.3822, "712.0": 0.1195, "650.0": 0.3627, "667.0": 0.2904, "684.0": 0.2215, "677.0": 0.2535, "683.0": 0.2269, "687.0": 0.2094, "669.0": 0.2885, "674.0": 0.2628, "699.0": 0.1571, "657.0": 0.3404, "654.0": 0.3432, "679.0": 0.2431, "719.0": 0.1043, "698.0": 0.161, "720.0": 0.1028, "724.0": 0.0992, "668.0": 0.2936, "694.0": 0.177, "709.0": 0.1266, "653.0": 0.3481, "713.0": 0.1168, "690.0": 0.193, "649.0": 0.3676, "704.0": 0.1408, "716.0": 0.1101, "659.0": 0.3304, "702.0": 0.1471, "695.0": 0.1739, "722.0": 0.1003, "717.0": 0.108, "691.0": 0.1909, "656.0": 0.3454, "703.0": 0.1435, "655.0": 0.3504, "671.0": 0.2782, "685.0": 0.2161, "697.0": 0.1647, "711.0": 0.1218, "670.0": 0.2833, "682.0": 0.2322, "664.0": 0.3054, "710.0": 0.1243, "707.0": 0.1317, "681.0": 0.2326, "692.0": 0.1853, "706.0": 0.1349, "696.0": 0.1681, "652.0": 0.3529, "705.0": 0.1376, "678.0": 0.2483, "708.0": 0.1295, "648.0": 0.3724, "673.0": 0.268, "658.0": 0.3354, "693.0": 0.1827, "686.0": 0.2108, "723.0": 0.0995, "680.0": 0.2378}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00711000", "short_strike": 714.0, "long_strike": 711.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2071, "long_delta": 0.1358, "short_iv": 0.1146, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.492175, "long_quote_age": 0.474799, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10649.14, "utilization": 1.0, "usable_buying_power": 10649.14, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9841}, "spot": 720.63}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.81 (gross $-57.81 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:17:38.031932+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates positive short-term momentum with a 1D gain of +0.37% and 5D gain of +0.54% while maintaining an ATM IV of 9.77% with an IV/RV ratio of 0.72.", "invalidation": "QQQ spot price turns negative intraday and breaks below the 5D return trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"700.0": 0.1532, "655.0": 0.3479, "666.0": 0.2928, "703.0": 0.1427, "687.0": 0.2066, "699.0": 0.1558, "644.0": 0.3896, "711.0": 0.1207, "663.0": 0.3078, "657.0": 0.3379, "665.0": 0.2978, "672.0": 0.2705, "722.0": 0.1, "653.0": 0.3457, "697.0": 0.1638, "706.0": 0.1341, "721.0": 0.101, "715.0": 0.1114, "676.0": 0.2561, "690.0": 0.1935, "670.0": 0.2807, "688.0": 0.2011, "704.0": 0.1396, "719.0": 0.1037, "707.0": 0.1313, "669.0": 0.2859, "645.0": 0.3847, "696.0": 0.1675, "698.0": 0.1599, "686.0": 0.208, "713.0": 0.1162, "683.0": 0.2241, "647.0": 0.3749, "680.0": 0.2351, "649.0": 0.3652, "691.0": 0.1879, "675.0": 0.2551, "723.0": 0.0993, "718.0": 0.1056, "658.0": 0.3329, "702.0": 0.1458, "716.0": 0.1095, "677.0": 0.2509, "664.0": 0.3028, "660.0": 0.3229, "650.0": 0.3603, "681.0": 0.2298, "662.0": 0.3129, "661.0": 0.3179, "678.0": 0.2456, "692.0": 0.1854, "682.0": 0.2295, "714.0": 0.1137, "671.0": 0.2756, "673.0": 0.2654, "652.0": 0.3505, "668.0": 0.291, "708.0": 0.1286, "685.0": 0.2134, "693.0": 0.1797, "705.0": 0.1372, "689.0": 0.1956, "646.0": 0.3798, "659.0": 0.3279, "684.0": 0.2187, "710.0": 0.1231, "651.0": 0.3554, "656.0": 0.3429, "679.0": 0.2404, "712.0": 0.1185, "648.0": 0.3701, "701.0": 0.1501, "667.0": 0.2961, "654.0": 0.3408, "720.0": 0.1022, "717.0": 0.1074, "674.0": 0.2602, "709.0": 0.1259, "694.0": 0.1767, "695.0": 0.1709}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1955, "long_delta": 0.097, "short_iv": 0.1162, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.383683, "long_quote_age": 0.383164, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10645.14, "utilization": 1.0, "usable_buying_power": 10645.14, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9701}, "spot": 720.125}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.25 (gross $-97.25 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:17:48.200315+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays positive short-term momentum with 1D gain of +0.37% and 5D gain of +0.54% at spot 720.33.", "invalidation": "QQQ spot price declines below 720.33 reversing recent positive 1D and 5D performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"714.0": 0.1139, "663.0": 0.3092, "721.0": 0.1013, "693.0": 0.1813, "710.0": 0.1236, "704.0": 0.1404, "661.0": 0.3192, "683.0": 0.2256, "692.0": 0.1839, "657.0": 0.3392, "677.0": 0.2523, "653.0": 0.347, "667.0": 0.2975, "686.0": 0.2095, "679.0": 0.2418, "705.0": 0.137, "690.0": 0.1916, "649.0": 0.3665, "674.0": 0.2616, "685.0": 0.2149, "702.0": 0.147, "712.0": 0.1189, "669.0": 0.2873, "646.0": 0.3811, "700.0": 0.1532, "655.0": 0.3492, "691.0": 0.1895, "684.0": 0.2202, "652.0": 0.3518, "707.0": 0.1317, "687.0": 0.2041, "711.0": 0.1215, "648.0": 0.3713, "668.0": 0.2924, "680.0": 0.2366, "689.0": 0.1971, "660.0": 0.3242, "656.0": 0.3442, "662.0": 0.3142, "676.0": 0.2575, "701.0": 0.1503, "715.0": 0.1116, "682.0": 0.2309, "697.0": 0.1633, "666.0": 0.2942, "665.0": 0.2992, "694.0": 0.1756, "713.0": 0.1165, "695.0": 0.1725, "706.0": 0.1342, "650.0": 0.3616, "647.0": 0.3762, "658.0": 0.3342, "698.0": 0.1616, "722.0": 0.1, "673.0": 0.2668, "709.0": 0.1261, "699.0": 0.1575, "716.0": 0.1095, "670.0": 0.2821, "708.0": 0.1292, "675.0": 0.2565, "718.0": 0.1058, "651.0": 0.3567, "720.0": 0.1025, "719.0": 0.104, "688.0": 0.2026, "672.0": 0.2719, "703.0": 0.1433, "681.0": 0.2313, "671.0": 0.277, "717.0": 0.1074, "696.0": 0.1691, "654.0": 0.3421, "678.0": 0.2471, "664.0": 0.3042, "659.0": 0.3292, "723.0": 0.0995}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1869, "long_delta": 0.1221, "short_iv": 0.1165, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.442924, "long_quote_age": 0.442363, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10645.14, "utilization": 1.0, "usable_buying_power": 10645.14, "max_loss_per_contract": 266.0, "total_risk": 10640.0, "buying_power_used_pct": 0.9995}, "spot": 720.245}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.58 (gross $-58.58 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:19:08.645322+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ displays positive momentum with 1D returns of +0.36% and 5D returns of +0.54%, supporting a short-dated put credit spread.", "invalidation": "A sharp downward reversal in QQQ spot price toward the short put strike invalidates the positive momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"704.0": 0.1393, "656.0": 0.3426, "678.0": 0.2453, "652.0": 0.3503, "651.0": 0.3552, "649.0": 0.3649, "691.0": 0.1876, "644.0": 0.3893, "719.0": 0.1043, "707.0": 0.1308, "665.0": 0.2976, "699.0": 0.1554, "710.0": 0.1233, "697.0": 0.1635, "673.0": 0.2651, "663.0": 0.3076, "700.0": 0.1528, "669.0": 0.2856, "714.0": 0.114, "703.0": 0.1423, "716.0": 0.1096, "722.0": 0.1004, "681.0": 0.2296, "666.0": 0.2926, "671.0": 0.2753, "713.0": 0.1161, "711.0": 0.1208, "672.0": 0.2702, "661.0": 0.3176, "708.0": 0.1282, "664.0": 0.3026, "653.0": 0.3454, "684.0": 0.2184, "658.0": 0.3326, "702.0": 0.1455, "657.0": 0.3376, "721.0": 0.1016, "689.0": 0.1953, "646.0": 0.3796, "668.0": 0.2907, "690.0": 0.1898, "706.0": 0.1337, "655.0": 0.3476, "705.0": 0.1368, "693.0": 0.1793, "720.0": 0.1029, "679.0": 0.2401, "695.0": 0.1705, "682.0": 0.2292, "677.0": 0.2506, "654.0": 0.3405, "687.0": 0.2023, "647.0": 0.3747, "683.0": 0.2238, "680.0": 0.2348, "723.0": 0.0999, "674.0": 0.2599, "686.0": 0.2077, "718.0": 0.1058, "715.0": 0.1116, "688.0": 0.2008, "692.0": 0.182, "645.0": 0.3844, "698.0": 0.1596, "667.0": 0.2958, "650.0": 0.36, "694.0": 0.1736, "685.0": 0.2131, "659.0": 0.3276, "675.0": 0.2548, "660.0": 0.3226, "648.0": 0.3698, "676.0": 0.2558, "712.0": 0.1184, "701.0": 0.1497, "662.0": 0.3126, "696.0": 0.1671, "670.0": 0.2805, "709.0": 0.1262, "717.0": 0.1077}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1972, "long_delta": 0.0973, "short_iv": 0.1161, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.424199, "long_quote_age": 0.456639, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10625.14, "utilization": 1.0, "usable_buying_power": 10625.14, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9698}, "spot": 720.19}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.05 (gross $-95.05 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:19:19.872605+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1-day return of +0.36% and a 5-day return of +0.54% at an ATM IV of 9.77%.", "invalidation": "QQQ spot falls below 720.27 and reverses its positive 5-day momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"662.0": 0.3124, "647.0": 0.3745, "673.0": 0.2648, "710.0": 0.1235, "689.0": 0.195, "680.0": 0.2346, "722.0": 0.1004, "706.0": 0.1342, "658.0": 0.3324, "677.0": 0.2503, "700.0": 0.1525, "721.0": 0.1015, "711.0": 0.1206, "713.0": 0.1158, "672.0": 0.27, "703.0": 0.142, "660.0": 0.3224, "704.0": 0.1401, "692.0": 0.1817, "650.0": 0.3598, "674.0": 0.2597, "655.0": 0.3474, "654.0": 0.3403, "684.0": 0.2182, "682.0": 0.2289, "716.0": 0.1094, "707.0": 0.1313, "645.0": 0.3842, "683.0": 0.2235, "686.0": 0.2074, "709.0": 0.1258, "714.0": 0.1137, "657.0": 0.3374, "715.0": 0.1115, "664.0": 0.3023, "720.0": 0.1026, "695.0": 0.1703, "663.0": 0.3073, "676.0": 0.2556, "669.0": 0.2853, "696.0": 0.1669, "681.0": 0.2293, "667.0": 0.2956, "717.0": 0.1075, "699.0": 0.1551, "670.0": 0.2802, "694.0": 0.1734, "712.0": 0.1183, "648.0": 0.3696, "687.0": 0.202, "671.0": 0.2751, "665.0": 0.2973, "668.0": 0.2905, "693.0": 0.1791, "705.0": 0.1364, "644.0": 0.3891, "678.0": 0.2451, "675.0": 0.2546, "651.0": 0.3549, "685.0": 0.2128, "718.0": 0.1055, "691.0": 0.1873, "698.0": 0.1593, "690.0": 0.1895, "643.0": 0.3856, "653.0": 0.3452, "719.0": 0.1039, "688.0": 0.2005, "701.0": 0.1486, "661.0": 0.3174, "708.0": 0.1286, "649.0": 0.3647, "697.0": 0.1632, "702.0": 0.1459, "646.0": 0.3793, "679.0": 0.2398, "652.0": 0.3501, "666.0": 0.2923, "656.0": 0.3424, "723.0": 0.0999, "659.0": 0.3274}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1983, "long_delta": 0.0989, "short_iv": 0.1158, "short_rel_spread": 0.020618556701030948, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.457986, "long_quote_age": 0.456928, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10625.14, "utilization": 1.0, "usable_buying_power": 10625.14, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9719}, "spot": 720.0}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.48 (gross $-97.98 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:20:41.587199+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.23% and 5D gain of +0.41% alongside an ATM IV of 9.77%.", "invalidation": "QQQ spot price declines significantly reversing its positive 5D trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"709.0": 0.1251, "653.0": 0.3544, "656.0": 0.3394, "662.0": 0.3093, "719.0": 0.1048, "706.0": 0.133, "702.0": 0.1443, "721.0": 0.1028, "660.0": 0.3193, "690.0": 0.1894, "720.0": 0.1038, "677.0": 0.247, "684.0": 0.2148, "666.0": 0.2976, "699.0": 0.1547, "652.0": 0.3594, "673.0": 0.2616, "682.0": 0.2255, "691.0": 0.1868, "687.0": 0.2025, "669.0": 0.2822, "674.0": 0.2628, "713.0": 0.1156, "693.0": 0.1754, "711.0": 0.1206, "688.0": 0.197, "654.0": 0.3494, "665.0": 0.2943, "648.0": 0.3667, "646.0": 0.3764, "689.0": 0.195, "650.0": 0.3695, "655.0": 0.3444, "649.0": 0.3618, "664.0": 0.2993, "643.0": 0.3827, "714.0": 0.1135, "659.0": 0.3243, "676.0": 0.2523, "707.0": 0.1304, "668.0": 0.2873, "697.0": 0.1614, "661.0": 0.3143, "658.0": 0.3293, "675.0": 0.2575, "701.0": 0.1481, "722.0": 0.1017, "695.0": 0.169, "698.0": 0.1573, "680.0": 0.2363, "678.0": 0.2418, "704.0": 0.1389, "696.0": 0.1653, "647.0": 0.3715, "667.0": 0.2924, "712.0": 0.1179, "683.0": 0.2202, "651.0": 0.3645, "672.0": 0.2668, "645.0": 0.3813, "685.0": 0.2135, "710.0": 0.1228, "715.0": 0.1114, "716.0": 0.1094, "671.0": 0.2719, "692.0": 0.1811, "679.0": 0.2365, "708.0": 0.1278, "717.0": 0.1077, "670.0": 0.277, "718.0": 0.1061, "694.0": 0.1723, "681.0": 0.2309, "703.0": 0.1413, "686.0": 0.208, "663.0": 0.313, "657.0": 0.3344, "644.0": 0.3862, "700.0": 0.1516, "705.0": 0.1358}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1918, "long_delta": 0.096, "short_iv": 0.1179, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.427144, "long_quote_age": 0.428928, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10585.14, "utilization": 1.0, "usable_buying_power": 10585.14, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9778}, "spot": 719.265}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.98 (gross $-95.98 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:20:52.143670+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady positive momentum with 1D gain of +0.23% and 5D gain of +0.41%, supporting an out-of-the-money put credit spread in the 5-7 DTE window.", "invalidation": "QQQ spot price declines significantly below current 719.35 spot levels, invalidating short-term upside continuation."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"702.0": 0.1545, "718.0": 0.1194, "663.0": 0.2928, "696.0": 0.1712, "685.0": 0.2074, "710.0": 0.1355, "645.0": 0.3585, "671.0": 0.2595, "674.0": 0.2491, "686.0": 0.2034, "656.0": 0.3197, "687.0": 0.2004, "695.0": 0.1745, "688.0": 0.1972, "721.0": 0.115, "669.0": 0.2691, "694.0": 0.1776, "661.0": 0.2964, "680.0": 0.223, "672.0": 0.2547, "649.0": 0.3447, "643.0": 0.3676, "697.0": 0.1676, "650.0": 0.3401, "701.0": 0.1574, "658.0": 0.3104, "683.0": 0.2138, "700.0": 0.1594, "716.0": 0.1228, "722.0": 0.1138, "676.0": 0.2392, "690.0": 0.1903, "717.0": 0.121, "644.0": 0.363, "689.0": 0.1938, "713.0": 0.1289, "667.0": 0.2738, "715.0": 0.1249, "719.0": 0.1177, "662.0": 0.2976, "665.0": 0.2833, "699.0": 0.1629, "673.0": 0.254, "712.0": 0.1311, "705.0": 0.147, "723.0": 0.1131, "659.0": 0.3057, "648.0": 0.3493, "652.0": 0.3309, "678.0": 0.2329, "666.0": 0.2786, "711.0": 0.1335, "679.0": 0.228, "655.0": 0.3244, "691.0": 0.1866, "675.0": 0.2441, "714.0": 0.1268, "657.0": 0.3151, "654.0": 0.3291, "693.0": 0.1803, "646.0": 0.3539, "706.0": 0.1445, "670.0": 0.2643, "681.0": 0.2211, "709.0": 0.138, "677.0": 0.2379, "720.0": 0.1164, "653.0": 0.3302, "698.0": 0.1649, "703.0": 0.1519, "668.0": 0.274, "647.0": 0.3494, "708.0": 0.1401, "684.0": 0.2113, "682.0": 0.2189, "704.0": 0.1495, "660.0": 0.3011, "692.0": 0.1827, "651.0": 0.3355, "664.0": 0.2881, "707.0": 0.1425}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1923, "long_delta": 0.1124, "short_iv": 0.1355, "short_rel_spread": 0.016393442622950834, "long_rel_spread": 0.029411764705882217, "short_quote_age": 0.445057, "long_quote_age": 0.46484, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10585.14, "utilization": 1.0, "usable_buying_power": 10585.14, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9691}, "spot": 719.45}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-86.24 (gross $-84.24 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:22:18.056822+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady upward momentum with a 1D return of +0.29% and a 5D return of +0.46% at spot 719.73.", "invalidation": "QQQ spot price reverses its positive 5D trend and drops below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"645.0": 0.3824, "659.0": 0.3255, "696.0": 0.1667, "671.0": 0.2731, "665.0": 0.3039, "694.0": 0.1737, "678.0": 0.243, "704.0": 0.1395, "695.0": 0.1704, "650.0": 0.358, "707.0": 0.1307, "682.0": 0.2268, "700.0": 0.1516, "688.0": 0.1983, "699.0": 0.1545, "720.0": 0.103, "716.0": 0.1096, "647.0": 0.3726, "648.0": 0.3678, "684.0": 0.216, "676.0": 0.2535, "653.0": 0.3555, "690.0": 0.1907, "714.0": 0.1138, "687.0": 0.2038, "683.0": 0.2214, "652.0": 0.3548, "718.0": 0.106, "723.0": 0.1002, "712.0": 0.1187, "670.0": 0.2782, "677.0": 0.2483, "656.0": 0.3405, "706.0": 0.134, "679.0": 0.2378, "685.0": 0.2148, "673.0": 0.2692, "697.0": 0.1629, "703.0": 0.1417, "719.0": 0.1044, "713.0": 0.1163, "667.0": 0.2936, "721.0": 0.1019, "698.0": 0.1588, "660.0": 0.3205, "662.0": 0.315, "705.0": 0.1366, "675.0": 0.2588, "669.0": 0.2834, "680.0": 0.2351, "658.0": 0.3305, "663.0": 0.3141, "651.0": 0.3531, "686.0": 0.2093, "691.0": 0.1867, "672.0": 0.268, "709.0": 0.1258, "689.0": 0.1963, "715.0": 0.1114, "701.0": 0.1483, "655.0": 0.3455, "643.0": 0.3838, "717.0": 0.1076, "668.0": 0.2885, "710.0": 0.1237, "646.0": 0.3775, "661.0": 0.3154, "708.0": 0.1283, "692.0": 0.1825, "657.0": 0.3355, "674.0": 0.264, "654.0": 0.3505, "681.0": 0.2322, "666.0": 0.2987, "649.0": 0.3629, "693.0": 0.1768, "711.0": 0.1212, "702.0": 0.1459, "722.0": 0.1011, "664.0": 0.309, "644.0": 0.3873}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2128, "long_delta": 0.1062, "short_iv": 0.1163, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.422233, "long_quote_age": 0.444531, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10545.14, "utilization": 1.0, "usable_buying_power": 10545.14, "max_loss_per_contract": 443.0, "total_risk": 10189.0, "buying_power_used_pct": 0.9662}, "spot": 719.815}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.48 (gross $-93.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:22:30.601200+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with a 1D return of +0.29% and 5D return of +0.46% at spot 719.73.", "invalidation": "QQQ spot price declines reversing the 5D gain of +0.46%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"684.0": 0.2159, "696.0": 0.1666, "714.0": 0.114, "713.0": 0.1165, "652.0": 0.3547, "643.0": 0.3837, "662.0": 0.315, "650.0": 0.3579, "704.0": 0.1394, "716.0": 0.1101, "647.0": 0.3725, "720.0": 0.1037, "697.0": 0.1628, "690.0": 0.1906, "658.0": 0.3304, "685.0": 0.2127, "688.0": 0.1982, "689.0": 0.1962, "705.0": 0.1364, "686.0": 0.2092, "655.0": 0.3454, "681.0": 0.2321, "675.0": 0.2587, "665.0": 0.3038, "676.0": 0.2534, "707.0": 0.1314, "656.0": 0.3404, "712.0": 0.1186, "649.0": 0.3628, "677.0": 0.2482, "660.0": 0.3204, "657.0": 0.3354, "695.0": 0.1703, "671.0": 0.273, "669.0": 0.2833, "653.0": 0.3555, "700.0": 0.1515, "698.0": 0.1587, "646.0": 0.3774, "651.0": 0.353, "664.0": 0.3089, "683.0": 0.2213, "699.0": 0.1561, "687.0": 0.2037, "666.0": 0.2987, "682.0": 0.2267, "691.0": 0.1866, "711.0": 0.1215, "702.0": 0.1458, "645.0": 0.3823, "679.0": 0.2377, "674.0": 0.2639, "680.0": 0.235, "672.0": 0.2679, "644.0": 0.3872, "693.0": 0.1767, "723.0": 0.1004, "667.0": 0.2935, "654.0": 0.3504, "663.0": 0.314, "721.0": 0.1026, "659.0": 0.3254, "706.0": 0.1338, "648.0": 0.3677, "668.0": 0.2884, "703.0": 0.1428, "708.0": 0.1289, "718.0": 0.1066, "709.0": 0.1263, "701.0": 0.1481, "715.0": 0.1121, "678.0": 0.2429, "717.0": 0.1082, "692.0": 0.1824, "670.0": 0.2781, "673.0": 0.2691, "719.0": 0.105, "694.0": 0.1736, "661.0": 0.3154, "710.0": 0.1235, "722.0": 0.1015}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1861, "long_delta": 0.0936, "short_iv": 0.1186, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.452236, "long_quote_age": 0.453053, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10545.14, "utilization": 1.0, "usable_buying_power": 10545.14, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.9859}, "spot": 719.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.02 (gross $-97.02 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:23:50.131815+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.30% and 5D gain of +0.47% while implied volatility trades at a discount to realized volatility with IV/RV at 0.73.", "invalidation": "QQQ spot price falls below the 719.81 level and reverses the 5D upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"683.0": 0.2227, "682.0": 0.2281, "670.0": 0.2794, "710.0": 0.1228, "651.0": 0.3542, "711.0": 0.1206, "644.0": 0.3884, "647.0": 0.3737, "718.0": 0.105, "685.0": 0.2141, "700.0": 0.1531, "659.0": 0.3266, "656.0": 0.3417, "708.0": 0.1281, "688.0": 0.1997, "684.0": 0.2173, "671.0": 0.2743, "697.0": 0.1622, "694.0": 0.1751, "693.0": 0.1782, "675.0": 0.26, "704.0": 0.139, "676.0": 0.2548, "648.0": 0.3689, "695.0": 0.1706, "721.0": 0.1009, "689.0": 0.1959, "720.0": 0.1021, "709.0": 0.1252, "678.0": 0.2443, "668.0": 0.2897, "696.0": 0.1659, "705.0": 0.1363, "666.0": 0.2959, "646.0": 0.3786, "722.0": 0.1002, "698.0": 0.1583, "674.0": 0.2622, "673.0": 0.264, "679.0": 0.239, "715.0": 0.111, "661.0": 0.3166, "672.0": 0.2692, "652.0": 0.3493, "658.0": 0.3316, "686.0": 0.2087, "707.0": 0.131, "706.0": 0.1331, "649.0": 0.364, "714.0": 0.1132, "691.0": 0.1865, "655.0": 0.3347, "687.0": 0.2051, "701.0": 0.1484, "653.0": 0.3445, "660.0": 0.3216, "643.0": 0.3849, "692.0": 0.1839, "650.0": 0.3591, "667.0": 0.2948, "702.0": 0.1448, "680.0": 0.2363, "665.0": 0.2966, "669.0": 0.2846, "699.0": 0.156, "719.0": 0.1036, "657.0": 0.3366, "713.0": 0.1155, "664.0": 0.3016, "681.0": 0.231, "703.0": 0.1422, "663.0": 0.3066, "677.0": 0.2495, "717.0": 0.1069, "723.0": 0.0993, "716.0": 0.1089, "654.0": 0.3396, "645.0": 0.3835, "662.0": 0.3116, "712.0": 0.1181, "690.0": 0.1921}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2029, "long_delta": 0.101, "short_iv": 0.1155, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.433168, "long_quote_age": 0.457391, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10545.14, "utilization": 1.0, "usable_buying_power": 10545.14, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.975}, "spot": 719.91}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.95 (gross $-96.95 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:24:02.898822+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ exhibits positive momentum with 1D return of +0.30% and 5D return of +0.47% at spot 719.81.", "invalidation": "QQQ spot declines below the 719.81 level reversing its 5D gain."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"712.0": 0.1181, "646.0": 0.3788, "651.0": 0.3544, "723.0": 0.0998, "683.0": 0.2229, "686.0": 0.2108, "693.0": 0.1784, "666.0": 0.3001, "704.0": 0.1392, "697.0": 0.1624, "706.0": 0.1333, "649.0": 0.3641, "696.0": 0.1661, "681.0": 0.2336, "662.0": 0.3118, "670.0": 0.2796, "717.0": 0.1075, "700.0": 0.1533, "645.0": 0.3837, "674.0": 0.2654, "719.0": 0.1041, "664.0": 0.3017, "667.0": 0.295, "648.0": 0.369, "722.0": 0.1005, "669.0": 0.2847, "691.0": 0.1867, "692.0": 0.1841, "650.0": 0.3593, "661.0": 0.3168, "705.0": 0.1366, "657.0": 0.3368, "647.0": 0.3739, "679.0": 0.2392, "677.0": 0.2497, "718.0": 0.1057, "653.0": 0.3511, "713.0": 0.1158, "660.0": 0.3218, "715.0": 0.1111, "655.0": 0.3468, "701.0": 0.1486, "682.0": 0.2283, "656.0": 0.3418, "687.0": 0.2053, "663.0": 0.3068, "716.0": 0.1093, "688.0": 0.1998, "675.0": 0.2602, "703.0": 0.1424, "672.0": 0.2693, "673.0": 0.2642, "676.0": 0.2549, "709.0": 0.1254, "684.0": 0.2175, "668.0": 0.2899, "689.0": 0.1961, "710.0": 0.1231, "695.0": 0.172, "702.0": 0.145, "665.0": 0.2967, "698.0": 0.1585, "658.0": 0.3318, "654.0": 0.3518, "690.0": 0.1922, "720.0": 0.1028, "685.0": 0.2143, "714.0": 0.1135, "711.0": 0.1204, "699.0": 0.1562, "707.0": 0.1312, "694.0": 0.1753, "659.0": 0.3268, "652.0": 0.3495, "680.0": 0.2365, "708.0": 0.1283, "671.0": 0.2745, "678.0": 0.2444, "721.0": 0.1012}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2024, "long_delta": 0.1331, "short_iv": 0.1158, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.406748, "long_quote_age": 0.40656, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10545.14, "utilization": 1.0, "usable_buying_power": 10545.14, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9976}, "spot": 719.92}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.87 (gross $-56.87 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:25:25.581459+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive upward momentum with a +0.26% 1D gain and +0.44% 5D gain while 4D ATM IV remains low relative to RV20 at an IV/RV ratio of 0.73.", "invalidation": "A reversal in QQQ spot price below entry support with 1D returns turning sharply negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"716.0": 0.1093, "680.0": 0.2354, "707.0": 0.1312, "721.0": 0.1013, "669.0": 0.2837, "722.0": 0.1002, "704.0": 0.1399, "661.0": 0.3157, "681.0": 0.2325, "688.0": 0.1987, "713.0": 0.116, "645.0": 0.3827, "694.0": 0.1741, "697.0": 0.1632, "670.0": 0.2785, "683.0": 0.2218, "655.0": 0.3458, "690.0": 0.191, "668.0": 0.2888, "658.0": 0.3308, "711.0": 0.1207, "654.0": 0.3388, "643.0": 0.3841, "710.0": 0.123, "673.0": 0.2631, "653.0": 0.3436, "646.0": 0.3778, "709.0": 0.1257, "650.0": 0.3583, "664.0": 0.3007, "714.0": 0.1134, "685.0": 0.2131, "678.0": 0.2433, "648.0": 0.368, "701.0": 0.1487, "708.0": 0.1281, "666.0": 0.2991, "679.0": 0.2381, "647.0": 0.3729, "651.0": 0.3534, "718.0": 0.1056, "706.0": 0.1336, "691.0": 0.1854, "717.0": 0.1074, "667.0": 0.2939, "692.0": 0.1828, "671.0": 0.2734, "698.0": 0.1592, "712.0": 0.1184, "693.0": 0.1771, "702.0": 0.1463, "662.0": 0.3107, "676.0": 0.2538, "684.0": 0.2164, "652.0": 0.3485, "656.0": 0.3408, "700.0": 0.152, "659.0": 0.3258, "695.0": 0.1707, "715.0": 0.1113, "675.0": 0.2591, "674.0": 0.2643, "705.0": 0.137, "660.0": 0.3208, "719.0": 0.1039, "649.0": 0.3632, "677.0": 0.2486, "699.0": 0.1566, "696.0": 0.1671, "663.0": 0.3057, "682.0": 0.2271, "686.0": 0.2096, "644.0": 0.3876, "672.0": 0.2683, "687.0": 0.2042, "723.0": 0.0997, "703.0": 0.1422, "665.0": 0.2957, "689.0": 0.1966, "720.0": 0.1026, "657.0": 0.3358}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2101, "long_delta": 0.1046, "short_iv": 0.116, "short_rel_spread": 0.00956937799043063, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.43534, "long_quote_age": 0.436048, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10503.14, "utilization": 1.0, "usable_buying_power": 10503.14, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9723}, "spot": 719.625}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.29 (gross $-96.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:25:38.981259+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.22, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates upward momentum with a 1D gain of +0.26% and 5D gain of +0.44%, supporting a short put credit spread over a 3 to 6 DTE horizon.", "invalidation": "QQQ spot declines below the short put strike as 1D and 5D momentum turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"649.0": 0.363, "684.0": 0.2162, "659.0": 0.3256, "711.0": 0.1213, "673.0": 0.2629, "658.0": 0.3306, "715.0": 0.112, "705.0": 0.1367, "701.0": 0.1498, "650.0": 0.3581, "719.0": 0.1046, "688.0": 0.1984, "696.0": 0.1669, "717.0": 0.1079, "668.0": 0.2886, "694.0": 0.1738, "653.0": 0.3434, "721.0": 0.102, "655.0": 0.3456, "663.0": 0.3055, "723.0": 0.1005, "710.0": 0.1238, "700.0": 0.1533, "690.0": 0.1908, "677.0": 0.2484, "666.0": 0.2988, "664.0": 0.3005, "679.0": 0.2379, "699.0": 0.1563, "708.0": 0.1292, "706.0": 0.135, "707.0": 0.1317, "652.0": 0.3483, "669.0": 0.2835, "670.0": 0.2783, "685.0": 0.2149, "647.0": 0.3727, "697.0": 0.163, "654.0": 0.345, "675.0": 0.2589, "671.0": 0.2732, "672.0": 0.2681, "687.0": 0.2039, "716.0": 0.1099, "681.0": 0.2323, "667.0": 0.2937, "704.0": 0.1407, "678.0": 0.2431, "683.0": 0.2215, "680.0": 0.2376, "662.0": 0.3105, "718.0": 0.1061, "686.0": 0.2094, "682.0": 0.2269, "651.0": 0.3532, "645.0": 0.3825, "709.0": 0.1266, "720.0": 0.1032, "691.0": 0.1852, "693.0": 0.1769, "698.0": 0.1589, "648.0": 0.3678, "661.0": 0.3155, "695.0": 0.1705, "657.0": 0.3356, "712.0": 0.1189, "689.0": 0.1964, "714.0": 0.1142, "676.0": 0.2536, "722.0": 0.101, "646.0": 0.3776, "656.0": 0.3406, "660.0": 0.3205, "692.0": 0.1826, "674.0": 0.2641, "703.0": 0.1431, "702.0": 0.146, "713.0": 0.1164, "665.0": 0.2955}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2125, "long_delta": 0.141, "short_iv": 0.1164, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.423549, "long_quote_age": 0.423063, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10503.14, "utilization": 1.0, "usable_buying_power": 10503.14, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.994}, "spot": 719.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.98 (gross $-56.98 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:26:59.293821+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with a 1D gain of +0.17% and a 5D return of +0.34%.", "invalidation": "QQQ spot price falls below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"704.0": 0.1397, "668.0": 0.2858, "675.0": 0.256, "691.0": 0.1851, "645.0": 0.3799, "659.0": 0.3229, "672.0": 0.2653, "712.0": 0.1189, "721.0": 0.1021, "665.0": 0.2928, "713.0": 0.1164, "685.0": 0.2118, "658.0": 0.3279, "702.0": 0.146, "698.0": 0.1581, "648.0": 0.3653, "715.0": 0.112, "700.0": 0.1512, "697.0": 0.1615, "677.0": 0.2455, "664.0": 0.2978, "686.0": 0.2063, "655.0": 0.3429, "699.0": 0.1544, "720.0": 0.1034, "680.0": 0.2297, "652.0": 0.3457, "716.0": 0.1097, "707.0": 0.1318, "696.0": 0.1656, "654.0": 0.336, "722.0": 0.1011, "670.0": 0.2755, "657.0": 0.3329, "671.0": 0.2704, "678.0": 0.2402, "643.0": 0.3814, "662.0": 0.3078, "656.0": 0.3379, "644.0": 0.3848, "709.0": 0.1262, "649.0": 0.3604, "646.0": 0.375, "690.0": 0.1877, "676.0": 0.2507, "661.0": 0.3128, "660.0": 0.3179, "717.0": 0.1079, "682.0": 0.2239, "703.0": 0.1426, "687.0": 0.2009, "693.0": 0.1764, "714.0": 0.1142, "684.0": 0.2132, "673.0": 0.2601, "651.0": 0.3506, "701.0": 0.1488, "683.0": 0.2185, "692.0": 0.1794, "650.0": 0.3555, "663.0": 0.3028, "666.0": 0.2961, "667.0": 0.2909, "711.0": 0.1213, "681.0": 0.2293, "689.0": 0.1933, "719.0": 0.1046, "653.0": 0.3409, "669.0": 0.2807, "694.0": 0.173, "688.0": 0.1954, "710.0": 0.124, "679.0": 0.2349, "718.0": 0.1061, "647.0": 0.3702, "695.0": 0.1694, "708.0": 0.1294, "705.0": 0.1372, "674.0": 0.2612, "706.0": 0.1341}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2038, "long_delta": 0.104, "short_iv": 0.1189, "short_rel_spread": 0.019417475728155355, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.434873, "long_quote_age": 0.444879, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.14, "utilization": 1.0, "usable_buying_power": 10465.14, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9802}, "spot": 719.005}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.92 (gross $-95.42 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:27:10.222201+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.17% and 5D gain of +0.34%, supporting put credit spread premium collection across the 5 to 7 DTE window.", "invalidation": "QQQ reversing 1D and 5D gains with downward momentum would invalidate this bullish stance."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"712.0": 0.1313, "673.0": 0.2531, "646.0": 0.3532, "720.0": 0.1162, "690.0": 0.1893, "661.0": 0.2956, "650.0": 0.3393, "658.0": 0.3096, "716.0": 0.1229, "681.0": 0.2231, "692.0": 0.1834, "649.0": 0.3439, "703.0": 0.1528, "672.0": 0.2538, "674.0": 0.2482, "652.0": 0.3301, "648.0": 0.3485, "660.0": 0.3003, "691.0": 0.1873, "656.0": 0.3155, "722.0": 0.1133, "709.0": 0.1383, "647.0": 0.3486, "693.0": 0.1808, "701.0": 0.1579, "667.0": 0.273, "659.0": 0.3049, "663.0": 0.292, "679.0": 0.2303, "666.0": 0.2778, "677.0": 0.237, "704.0": 0.1502, "670.0": 0.2635, "705.0": 0.1481, "688.0": 0.1962, "654.0": 0.3209, "702.0": 0.1552, "682.0": 0.218, "707.0": 0.1432, "668.0": 0.2731, "713.0": 0.1292, "653.0": 0.3255, "708.0": 0.1408, "685.0": 0.2077, "645.0": 0.3577, "651.0": 0.3347, "697.0": 0.1688, "675.0": 0.2433, "699.0": 0.1627, "680.0": 0.2253, "696.0": 0.1713, "671.0": 0.2586, "676.0": 0.242, "719.0": 0.1177, "683.0": 0.2156, "717.0": 0.1209, "662.0": 0.2939, "669.0": 0.2683, "700.0": 0.1601, "711.0": 0.1334, "678.0": 0.2321, "698.0": 0.1659, "689.0": 0.1928, "695.0": 0.1747, "710.0": 0.136, "706.0": 0.1454, "715.0": 0.125, "686.0": 0.2047, "655.0": 0.3201, "665.0": 0.2825, "684.0": 0.2104, "694.0": 0.1779, "718.0": 0.1192, "664.0": 0.2873, "714.0": 0.127, "721.0": 0.1147, "687.0": 0.1994, "657.0": 0.3143}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1978, "long_delta": 0.1444, "short_iv": 0.136, "short_rel_spread": 0.015748031496063006, "long_rel_spread": 0.02222222222222224, "short_quote_age": 0.446342, "long_quote_age": 0.437441, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.14, "utilization": 1.0, "usable_buying_power": 10465.14, "max_loss_per_contract": 263.0, "total_risk": 10257.0, "buying_power_used_pct": 0.9801}, "spot": 719.175}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-53.20 (gross $-51.20 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,371.37, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:28:39.108592+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with 1D at +0.19% and 5D at +0.36%, favoring an out-of-the-money put credit spread.", "invalidation": "A decline in QQQ spot price that breaches the short put strike invalidates the bullish momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"669.0": 0.2809, "652.0": 0.346, "708.0": 0.1278, "696.0": 0.1659, "674.0": 0.2552, "716.0": 0.1084, "702.0": 0.1451, "717.0": 0.1065, "654.0": 0.3362, "679.0": 0.2352, "722.0": 0.0999, "705.0": 0.1358, "643.0": 0.3816, "706.0": 0.1336, "650.0": 0.3557, "681.0": 0.2295, "655.0": 0.3432, "700.0": 0.1515, "686.0": 0.2066, "675.0": 0.2562, "673.0": 0.2604, "712.0": 0.1173, "719.0": 0.1034, "658.0": 0.3281, "657.0": 0.3331, "699.0": 0.1547, "701.0": 0.1478, "677.0": 0.2457, "695.0": 0.1697, "649.0": 0.3606, "659.0": 0.3231, "688.0": 0.1956, "711.0": 0.1203, "648.0": 0.3655, "651.0": 0.3508, "703.0": 0.1418, "666.0": 0.2963, "645.0": 0.3802, "691.0": 0.1853, "672.0": 0.2655, "667.0": 0.2912, "682.0": 0.2242, "665.0": 0.293, "660.0": 0.3181, "647.0": 0.3704, "684.0": 0.2134, "694.0": 0.1733, "707.0": 0.1307, "693.0": 0.1766, "698.0": 0.1575, "710.0": 0.1227, "704.0": 0.1391, "671.0": 0.2706, "689.0": 0.1935, "685.0": 0.208, "668.0": 0.286, "662.0": 0.3081, "676.0": 0.251, "661.0": 0.3131, "721.0": 0.1007, "646.0": 0.3753, "697.0": 0.1618, "714.0": 0.1127, "678.0": 0.2405, "713.0": 0.1152, "709.0": 0.1254, "680.0": 0.2299, "690.0": 0.1879, "692.0": 0.1796, "656.0": 0.3382, "720.0": 0.1021, "663.0": 0.3031, "644.0": 0.3851, "653.0": 0.3411, "664.0": 0.298, "670.0": 0.2758, "718.0": 0.105, "683.0": 0.2188, "687.0": 0.2011, "715.0": 0.1104}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.199, "long_delta": 0.1012, "short_iv": 0.1173, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.443929, "long_quote_age": 0.468262, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9868}, "spot": 719.05}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.19 (gross $-98.19 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:28:50.960118+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.19% and 5D return of +0.36%, supporting an out-of-the-money put credit spread.", "invalidation": "QQQ spot price falling below the 719.03 level would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"717.0": 0.12, "720.0": 0.1151, "680.0": 0.2257, "719.0": 0.1167, "704.0": 0.1496, "692.0": 0.1823, "652.0": 0.3305, "674.0": 0.2486, "647.0": 0.349, "657.0": 0.3147, "721.0": 0.114, "714.0": 0.1259, "705.0": 0.147, "711.0": 0.1327, "686.0": 0.2029, "668.0": 0.2687, "653.0": 0.3259, "706.0": 0.1447, "662.0": 0.2913, "649.0": 0.3443, "664.0": 0.2877, "700.0": 0.1598, "645.0": 0.3581, "685.0": 0.2057, "691.0": 0.1861, "722.0": 0.1125, "654.0": 0.3213, "718.0": 0.1184, "708.0": 0.1396, "688.0": 0.1967, "671.0": 0.2591, "675.0": 0.2437, "670.0": 0.2639, "698.0": 0.1655, "646.0": 0.3536, "684.0": 0.2109, "665.0": 0.283, "696.0": 0.1707, "710.0": 0.1349, "678.0": 0.2325, "683.0": 0.2134, "663.0": 0.2896, "715.0": 0.1241, "682.0": 0.2156, "707.0": 0.1421, "693.0": 0.1798, "695.0": 0.174, "660.0": 0.3007, "712.0": 0.1305, "677.0": 0.2339, "673.0": 0.2494, "667.0": 0.2735, "694.0": 0.1771, "651.0": 0.3351, "676.0": 0.2388, "697.0": 0.1683, "709.0": 0.1373, "669.0": 0.2664, "681.0": 0.2207, "699.0": 0.1628, "666.0": 0.2782, "672.0": 0.2543, "713.0": 0.1282, "716.0": 0.1218, "702.0": 0.1543, "703.0": 0.1524, "648.0": 0.3489, "689.0": 0.1933, "655.0": 0.3167, "701.0": 0.1573, "656.0": 0.3122, "679.0": 0.2275, "658.0": 0.31, "687.0": 0.1999, "661.0": 0.296, "690.0": 0.1898, "659.0": 0.3053, "650.0": 0.3397}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1935, "long_delta": 0.1407, "short_iv": 0.1349, "short_rel_spread": 0.024489795918367366, "long_rel_spread": 0.011560693641618507, "short_quote_age": 0.433688, "long_quote_age": 0.431694, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 264.0, "total_risk": 10296.0, "buying_power_used_pct": 0.9838}, "spot": 719.305}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-53.61 (gross $-51.61 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:30:12.087945+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive short-term momentum with a 1D return of +0.27% and 5D return of +0.45% at 719.62 spot.", "invalidation": "QQQ spot price reverses downward and breaks below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"683.0": 0.2213, "696.0": 0.1666, "666.0": 0.2903, "695.0": 0.1702, "713.0": 0.1155, "688.0": 0.1982, "655.0": 0.3335, "662.0": 0.3103, "719.0": 0.1035, "693.0": 0.1766, "675.0": 0.2524, "705.0": 0.1364, "672.0": 0.2678, "701.0": 0.1481, "665.0": 0.2953, "653.0": 0.3432, "678.0": 0.2429, "706.0": 0.1338, "681.0": 0.2271, "699.0": 0.1552, "674.0": 0.2575, "659.0": 0.3253, "669.0": 0.2832, "712.0": 0.118, "664.0": 0.3003, "686.0": 0.2051, "667.0": 0.2935, "677.0": 0.2481, "708.0": 0.1288, "654.0": 0.3384, "650.0": 0.3579, "676.0": 0.2534, "722.0": 0.0999, "703.0": 0.1427, "687.0": 0.2037, "697.0": 0.1627, "702.0": 0.1457, "694.0": 0.1736, "679.0": 0.2376, "707.0": 0.1313, "647.0": 0.3725, "718.0": 0.1053, "723.0": 0.0993, "715.0": 0.1109, "720.0": 0.102, "661.0": 0.3153, "658.0": 0.3303, "714.0": 0.113, "704.0": 0.1393, "670.0": 0.2781, "643.0": 0.3837, "698.0": 0.1586, "660.0": 0.3203, "690.0": 0.1905, "646.0": 0.3774, "652.0": 0.3481, "682.0": 0.2266, "716.0": 0.1089, "645.0": 0.3823, "684.0": 0.2159, "717.0": 0.1069, "657.0": 0.3354, "685.0": 0.2105, "721.0": 0.1009, "648.0": 0.3676, "689.0": 0.1927, "673.0": 0.2627, "692.0": 0.1823, "710.0": 0.1234, "691.0": 0.1849, "644.0": 0.3872, "649.0": 0.3627, "656.0": 0.3404, "711.0": 0.1204, "663.0": 0.3053, "651.0": 0.353, "680.0": 0.2323, "709.0": 0.1256, "671.0": 0.273, "700.0": 0.1514, "668.0": 0.2883}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2123, "long_delta": 0.1077, "short_iv": 0.1155, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.01980198019801982, "short_quote_age": 0.481276, "long_quote_age": 0.481542, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.978}, "spot": 719.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.72 (gross $-97.72 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:30:24.962739+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with a 1D return of +0.27% and 5D return of +0.45%, supporting a defined-risk bullish put credit spread.", "invalidation": "QQQ spot declines sharply, moving below the selected short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"676.0": 0.2393, "721.0": 0.1144, "671.0": 0.2596, "704.0": 0.1507, "652.0": 0.331, "692.0": 0.1829, "702.0": 0.1558, "672.0": 0.2547, "713.0": 0.1287, "655.0": 0.3172, "643.0": 0.3677, "693.0": 0.1804, "720.0": 0.1157, "698.0": 0.1661, "665.0": 0.2834, "687.0": 0.1994, "667.0": 0.2739, "647.0": 0.3495, "685.0": 0.2062, "681.0": 0.2212, "711.0": 0.1336, "703.0": 0.1528, "648.0": 0.3449, "668.0": 0.2692, "644.0": 0.3631, "689.0": 0.1939, "673.0": 0.2499, "682.0": 0.219, "664.0": 0.2854, "650.0": 0.3402, "688.0": 0.1973, "660.0": 0.3011, "722.0": 0.1128, "675.0": 0.2442, "677.0": 0.2344, "694.0": 0.1777, "690.0": 0.1904, "666.0": 0.2787, "719.0": 0.1172, "707.0": 0.1431, "679.0": 0.2281, "651.0": 0.3356, "657.0": 0.3152, "710.0": 0.1356, "700.0": 0.1605, "678.0": 0.233, "674.0": 0.2491, "712.0": 0.1313, "646.0": 0.354, "680.0": 0.2262, "684.0": 0.2114, "715.0": 0.1245, "714.0": 0.1267, "686.0": 0.2035, "653.0": 0.3264, "656.0": 0.3126, "683.0": 0.2139, "670.0": 0.2644, "701.0": 0.1584, "709.0": 0.1382, "697.0": 0.1689, "661.0": 0.2965, "699.0": 0.163, "691.0": 0.1867, "649.0": 0.3404, "695.0": 0.1746, "718.0": 0.1187, "717.0": 0.1208, "708.0": 0.1405, "696.0": 0.1713, "645.0": 0.3586, "654.0": 0.3218, "716.0": 0.1228, "705.0": 0.148, "663.0": 0.2871, "669.0": 0.2644, "706.0": 0.1455, "658.0": 0.3071, "659.0": 0.3058, "662.0": 0.2918}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1921, "long_delta": 0.1138, "short_iv": 0.1356, "short_rel_spread": 0.016393442622950834, "long_rel_spread": 0.014388489208633108, "short_quote_age": 0.455374, "long_quote_age": 0.4361, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9824}, "spot": 719.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-88.17 (gross $-86.67 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:31:43.964560+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows positive momentum across 1-day (+0.17%) and 5-day (+0.34%) windows with ATM IV at 9.97% trading below its 20-day realized volatility.", "invalidation": "QQQ spot drops significantly below current levels as 1-day and 5-day returns turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"680.0": 0.2285, "643.0": 0.3803, "674.0": 0.2601, "652.0": 0.3447, "669.0": 0.2795, "644.0": 0.3838, "649.0": 0.3593, "705.0": 0.1364, "664.0": 0.2967, "695.0": 0.1681, "676.0": 0.2496, "662.0": 0.3067, "692.0": 0.1781, "663.0": 0.3017, "701.0": 0.1473, "650.0": 0.3545, "668.0": 0.2847, "703.0": 0.142, "709.0": 0.1266, "721.0": 0.1024, "653.0": 0.3398, "647.0": 0.3691, "690.0": 0.1864, "667.0": 0.2898, "655.0": 0.3363, "720.0": 0.1034, "679.0": 0.2338, "722.0": 0.1013, "678.0": 0.239, "704.0": 0.1391, "718.0": 0.1064, "646.0": 0.374, "683.0": 0.2173, "710.0": 0.1241, "656.0": 0.3368, "648.0": 0.3642, "671.0": 0.2693, "681.0": 0.2281, "707.0": 0.1314, "716.0": 0.11, "698.0": 0.1576, "684.0": 0.2119, "712.0": 0.1192, "673.0": 0.259, "693.0": 0.175, "717.0": 0.1081, "642.0": 0.3749, "672.0": 0.2641, "691.0": 0.1838, "697.0": 0.1601, "658.0": 0.3268, "682.0": 0.2227, "666.0": 0.2949, "670.0": 0.2744, "688.0": 0.1976, "715.0": 0.112, "694.0": 0.1717, "661.0": 0.3118, "719.0": 0.105, "651.0": 0.3496, "675.0": 0.2548, "714.0": 0.1142, "685.0": 0.2106, "686.0": 0.2051, "687.0": 0.1996, "660.0": 0.3168, "677.0": 0.2443, "689.0": 0.192, "708.0": 0.1288, "657.0": 0.3318, "706.0": 0.1339, "699.0": 0.1538, "700.0": 0.1511, "665.0": 0.2917, "696.0": 0.1642, "713.0": 0.1165, "702.0": 0.1444, "659.0": 0.3218, "711.0": 0.1217, "645.0": 0.3789, "654.0": 0.3349}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2119, "long_delta": 0.1077, "short_iv": 0.1192, "short_rel_spread": 0.00921658986175116, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.458929, "long_quote_age": 0.630812, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 443.0, "total_risk": 10189.0, "buying_power_used_pct": 0.9736}, "spot": 718.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.62 (gross $-93.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:31:57.169278+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays positive short-term momentum with a 1D gain of +0.17% and 5D gain of +0.34%, supporting put credit collection over a 3 to 7 day horizon.", "invalidation": "A pullback in QQQ spot that turns the 5D return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"684.0": 0.2115, "678.0": 0.2386, "706.0": 0.1348, "670.0": 0.274, "681.0": 0.2276, "700.0": 0.1505, "666.0": 0.2945, "692.0": 0.1776, "667.0": 0.2894, "713.0": 0.1169, "695.0": 0.1675, "644.0": 0.3834, "674.0": 0.2596, "655.0": 0.3359, "696.0": 0.1637, "690.0": 0.1859, "672.0": 0.2637, "693.0": 0.1745, "665.0": 0.2996, "677.0": 0.2439, "656.0": 0.3364, "669.0": 0.2791, "719.0": 0.1053, "676.0": 0.2491, "657.0": 0.3314, "645.0": 0.3785, "685.0": 0.2101, "694.0": 0.1712, "717.0": 0.1086, "683.0": 0.2169, "686.0": 0.2046, "718.0": 0.1068, "679.0": 0.2333, "660.0": 0.3164, "687.0": 0.1991, "722.0": 0.1012, "709.0": 0.127, "714.0": 0.1146, "649.0": 0.3589, "653.0": 0.3394, "668.0": 0.2842, "703.0": 0.1425, "654.0": 0.3409, "698.0": 0.157, "682.0": 0.2222, "721.0": 0.1026, "707.0": 0.1321, "673.0": 0.2585, "715.0": 0.1125, "664.0": 0.2963, "710.0": 0.1244, "689.0": 0.1915, "651.0": 0.3492, "671.0": 0.2688, "708.0": 0.1294, "704.0": 0.1394, "701.0": 0.148, "650.0": 0.3541, "658.0": 0.3264, "702.0": 0.145, "711.0": 0.1218, "720.0": 0.1037, "663.0": 0.3013, "646.0": 0.3736, "661.0": 0.3113, "680.0": 0.233, "716.0": 0.1104, "662.0": 0.3063, "688.0": 0.1971, "712.0": 0.1197, "675.0": 0.2544, "652.0": 0.3443, "648.0": 0.3638, "659.0": 0.3214, "647.0": 0.3687, "697.0": 0.1614, "699.0": 0.154, "691.0": 0.1833, "705.0": 0.1366}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1886, "long_delta": 0.1262, "short_iv": 0.1218, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.419412, "long_quote_age": 0.420099, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 266.0, "total_risk": 10374.0, "buying_power_used_pct": 0.9913}, "spot": 718.69}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.99 (gross $-56.99 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:33:19.709990+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.19% and 5D return of +0.36% at spot 719.01.", "invalidation": "QQQ spot price declines sharply below 719.01, reversing its positive 5D trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"651.0": 0.3509, "702.0": 0.1451, "716.0": 0.1088, "647.0": 0.3704, "693.0": 0.1767, "711.0": 0.1203, "689.0": 0.1936, "660.0": 0.3181, "668.0": 0.2861, "684.0": 0.2135, "671.0": 0.2707, "714.0": 0.113, "649.0": 0.3606, "694.0": 0.1734, "658.0": 0.3282, "708.0": 0.1286, "696.0": 0.1659, "681.0": 0.2247, "700.0": 0.1515, "666.0": 0.2881, "674.0": 0.2553, "704.0": 0.1392, "648.0": 0.3655, "703.0": 0.1419, "669.0": 0.281, "712.0": 0.1179, "655.0": 0.3377, "670.0": 0.2758, "713.0": 0.1155, "675.0": 0.2563, "722.0": 0.0998, "721.0": 0.1009, "679.0": 0.2352, "717.0": 0.107, "646.0": 0.3753, "662.0": 0.3081, "710.0": 0.1228, "657.0": 0.3332, "688.0": 0.1957, "692.0": 0.1797, "701.0": 0.1479, "685.0": 0.2081, "690.0": 0.188, "706.0": 0.1337, "676.0": 0.251, "664.0": 0.2981, "673.0": 0.2604, "680.0": 0.23, "663.0": 0.3031, "718.0": 0.1051, "650.0": 0.3558, "672.0": 0.2655, "720.0": 0.1023, "695.0": 0.1698, "709.0": 0.1255, "652.0": 0.346, "687.0": 0.2012, "691.0": 0.1854, "698.0": 0.1576, "665.0": 0.2931, "659.0": 0.3232, "661.0": 0.3131, "683.0": 0.2188, "667.0": 0.2912, "656.0": 0.3382, "682.0": 0.2242, "654.0": 0.3426, "719.0": 0.1035, "707.0": 0.1308, "686.0": 0.2067, "677.0": 0.2458, "699.0": 0.1548, "715.0": 0.1107, "697.0": 0.1619, "705.0": 0.1368, "645.0": 0.3802, "653.0": 0.3411, "678.0": 0.2405}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1998, "long_delta": 0.1328, "short_iv": 0.1179, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.477343, "long_quote_age": 0.481385, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 264.0, "total_risk": 10296.0, "buying_power_used_pct": 0.9838}, "spot": 719.065}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.65 (gross $-57.65 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:33:32.171983+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 350, "thesis": "QQQ exhibits positive momentum with 1D at +0.19% and 5D at +0.36%, making a put credit spread attractive over the 4 to 7 DTE window.", "invalidation": "QQQ reverses its 5D gain and falls sharply below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"682.0": 0.2238, "656.0": 0.3378, "662.0": 0.3077, "713.0": 0.1157, "659.0": 0.3227, "691.0": 0.1849, "699.0": 0.1542, "722.0": 0.101, "677.0": 0.2453, "686.0": 0.2062, "671.0": 0.2703, "697.0": 0.1613, "661.0": 0.3127, "673.0": 0.26, "716.0": 0.109, "688.0": 0.1952, "668.0": 0.2857, "721.0": 0.1018, "648.0": 0.3651, "687.0": 0.2007, "704.0": 0.1395, "709.0": 0.126, "657.0": 0.3328, "692.0": 0.1792, "663.0": 0.3027, "684.0": 0.213, "705.0": 0.1361, "696.0": 0.1654, "707.0": 0.1308, "683.0": 0.2184, "700.0": 0.151, "667.0": 0.2908, "647.0": 0.37, "679.0": 0.2348, "694.0": 0.1729, "708.0": 0.1285, "706.0": 0.1339, "676.0": 0.2506, "670.0": 0.2754, "666.0": 0.2876, "685.0": 0.2076, "646.0": 0.3749, "690.0": 0.1875, "720.0": 0.1028, "680.0": 0.2295, "678.0": 0.2401, "701.0": 0.1473, "650.0": 0.3554, "651.0": 0.3505, "718.0": 0.1057, "653.0": 0.3407, "695.0": 0.1693, "674.0": 0.2548, "714.0": 0.1133, "703.0": 0.1424, "715.0": 0.111, "712.0": 0.1182, "710.0": 0.1232, "652.0": 0.3456, "672.0": 0.2651, "689.0": 0.1931, "698.0": 0.1571, "719.0": 0.1044, "655.0": 0.3373, "654.0": 0.3422, "660.0": 0.3177, "711.0": 0.1206, "702.0": 0.1446, "649.0": 0.3603, "658.0": 0.3278, "675.0": 0.2558, "665.0": 0.2927, "693.0": 0.1762, "717.0": 0.1073, "664.0": 0.2977, "681.0": 0.2268, "669.0": 0.2805}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 60, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00710000", "short_strike": 712.0, "long_strike": 710.0, "width": 2.0, "credit": 0.27, "short_delta": 0.2033, "long_delta": 0.1551, "short_iv": 0.1182, "short_rel_spread": 0.01960784313725492, "long_rel_spread": 0.013245033112582794, "short_quote_age": 0.431879, "long_quote_age": 0.431867, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 60, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 173.0, "total_risk": 10380.0, "buying_power_used_pct": 0.9919}, "spot": 719.01}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-38.43 (gross $-36.93 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 60 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:35:02.245872+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum with a 1-day gain of +0.15% and 5-day gain of +0.33% alongside an ATM IV of 10.06% and IV/RV ratio of 0.74.", "invalidation": "A reversal in QQQ spot price that breaches the short put strike and turns 5-day returns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"697.0": 0.1606, "660.0": 0.3164, "716.0": 0.1083, "699.0": 0.154, "652.0": 0.3443, "662.0": 0.3064, "695.0": 0.1676, "696.0": 0.1637, "702.0": 0.1439, "666.0": 0.2946, "676.0": 0.2492, "668.0": 0.2843, "713.0": 0.1146, "654.0": 0.3409, "705.0": 0.1358, "700.0": 0.1506, "712.0": 0.117, "672.0": 0.2637, "690.0": 0.186, "722.0": 0.1002, "711.0": 0.1199, "704.0": 0.1385, "710.0": 0.1223, "679.0": 0.2334, "707.0": 0.1308, "706.0": 0.1333, "658.0": 0.3264, "661.0": 0.3114, "682.0": 0.2223, "719.0": 0.1033, "678.0": 0.2386, "709.0": 0.1254, "657.0": 0.3315, "655.0": 0.336, "653.0": 0.3395, "663.0": 0.3014, "701.0": 0.1468, "720.0": 0.1018, "718.0": 0.1047, "656.0": 0.3365, "664.0": 0.2963, "686.0": 0.2047, "692.0": 0.1776, "649.0": 0.359, "645.0": 0.3786, "680.0": 0.233, "715.0": 0.1103, "677.0": 0.2439, "698.0": 0.1571, "669.0": 0.2792, "646.0": 0.3737, "684.0": 0.2115, "675.0": 0.2544, "647.0": 0.3688, "717.0": 0.1063, "708.0": 0.1282, "683.0": 0.2169, "685.0": 0.2102, "651.0": 0.3492, "644.0": 0.3835, "688.0": 0.1972, "671.0": 0.2689, "694.0": 0.1712, "714.0": 0.1125, "673.0": 0.2649, "665.0": 0.2957, "648.0": 0.3639, "691.0": 0.1833, "650.0": 0.3541, "674.0": 0.2597, "681.0": 0.2277, "689.0": 0.1916, "659.0": 0.3214, "703.0": 0.1415, "670.0": 0.274, "687.0": 0.1992, "693.0": 0.1746, "667.0": 0.2894, "721.0": 0.1007}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2104, "long_delta": 0.1414, "short_iv": 0.117, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.423256, "long_quote_age": 0.432271, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 263.0, "total_risk": 10257.0, "buying_power_used_pct": 0.9801}, "spot": 718.675}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.75 (gross $-58.75 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:35:14.405294+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive momentum with a 1D return of +0.15% and 5D return of +0.33% while IV/RV sits at 0.74.", "invalidation": "QQQ spot falls below 718.76, erasing the positive 5D return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"722.0": 0.0989, "663.0": 0.3018, "689.0": 0.1921, "655.0": 0.3364, "665.0": 0.2962, "676.0": 0.2496, "644.0": 0.3839, "678.0": 0.2391, "647.0": 0.3692, "705.0": 0.1357, "718.0": 0.1042, "649.0": 0.3594, "701.0": 0.1474, "706.0": 0.1333, "695.0": 0.1682, "677.0": 0.2444, "696.0": 0.1643, "659.0": 0.3219, "683.0": 0.2174, "650.0": 0.3545, "692.0": 0.1782, "656.0": 0.3369, "672.0": 0.2642, "685.0": 0.2107, "648.0": 0.3643, "652.0": 0.3448, "693.0": 0.1751, "669.0": 0.2796, "699.0": 0.1539, "709.0": 0.125, "681.0": 0.2282, "658.0": 0.3269, "674.0": 0.2602, "654.0": 0.3414, "657.0": 0.3319, "664.0": 0.2968, "686.0": 0.2052, "661.0": 0.3118, "710.0": 0.1221, "719.0": 0.1027, "708.0": 0.1277, "666.0": 0.295, "645.0": 0.379, "687.0": 0.1997, "697.0": 0.1602, "670.0": 0.2745, "694.0": 0.1718, "714.0": 0.1118, "646.0": 0.3741, "684.0": 0.212, "691.0": 0.1839, "720.0": 0.1012, "704.0": 0.1382, "682.0": 0.2228, "698.0": 0.1577, "651.0": 0.3497, "702.0": 0.1445, "667.0": 0.2899, "660.0": 0.3169, "703.0": 0.1411, "673.0": 0.2591, "679.0": 0.2339, "721.0": 0.1002, "653.0": 0.3399, "662.0": 0.3068, "671.0": 0.2693, "716.0": 0.1075, "668.0": 0.2848, "680.0": 0.2335, "675.0": 0.2549, "713.0": 0.1144, "715.0": 0.1096, "700.0": 0.1512, "688.0": 0.1977, "711.0": 0.1193, "690.0": 0.1865, "717.0": 0.1058, "712.0": 0.1168, "707.0": 0.1301}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2067, "long_delta": 0.1383, "short_iv": 0.1168, "short_rel_spread": 0.019417475728155355, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.529628, "long_quote_age": 0.459621, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 264.0, "total_risk": 10296.0, "buying_power_used_pct": 0.9838}, "spot": 718.83}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.52 (gross $-59.02 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:36:37.265758+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with 1D +0.19% and 5D +0.36% while 4D ATM IV sits at 10.06%.", "invalidation": "QQQ spot drops below 719.00, turning 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"663.0": 0.3029, "645.0": 0.38, "658.0": 0.328, "650.0": 0.3556, "698.0": 0.1574, "703.0": 0.1416, "649.0": 0.3605, "667.0": 0.291, "694.0": 0.1707, "662.0": 0.3079, "660.0": 0.318, "654.0": 0.3424, "672.0": 0.2654, "655.0": 0.3375, "685.0": 0.2119, "707.0": 0.1305, "700.0": 0.1505, "688.0": 0.1955, "696.0": 0.1636, "697.0": 0.1616, "713.0": 0.1146, "677.0": 0.2456, "673.0": 0.2602, "646.0": 0.3751, "708.0": 0.1276, "687.0": 0.201, "705.0": 0.1356, "674.0": 0.2613, "681.0": 0.2294, "684.0": 0.2133, "671.0": 0.2705, "699.0": 0.1545, "709.0": 0.1252, "664.0": 0.2979, "644.0": 0.3849, "722.0": 0.0993, "647.0": 0.3702, "676.0": 0.2508, "665.0": 0.2929, "659.0": 0.323, "682.0": 0.224, "712.0": 0.117, "691.0": 0.1852, "690.0": 0.1878, "701.0": 0.1476, "643.0": 0.3815, "706.0": 0.1334, "720.0": 0.1015, "668.0": 0.2859, "648.0": 0.3654, "702.0": 0.1449, "679.0": 0.235, "661.0": 0.3129, "680.0": 0.2298, "657.0": 0.333, "689.0": 0.1934, "683.0": 0.2186, "669.0": 0.2808, "651.0": 0.3507, "693.0": 0.1765, "653.0": 0.3409, "717.0": 0.1059, "715.0": 0.1097, "656.0": 0.338, "686.0": 0.2065, "704.0": 0.1389, "652.0": 0.3458, "716.0": 0.1078, "670.0": 0.2756, "714.0": 0.1122, "718.0": 0.1044, "666.0": 0.2962, "695.0": 0.1673, "719.0": 0.1029, "711.0": 0.1195, "721.0": 0.0999, "692.0": 0.1795, "675.0": 0.2561, "678.0": 0.2403, "710.0": 0.1225}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1994, "long_delta": 0.1013, "short_iv": 0.117, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.450018, "long_quote_age": 0.471204, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9868}, "spot": 719.105}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.91 (gross $-97.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:36:49.350003+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.19% and 5D gain of +0.36%, supporting a bullish put credit spread across 5-7 DTE.", "invalidation": "QQQ spot price drops below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"704.0": 0.1499, "719.0": 0.1174, "720.0": 0.1158, "717.0": 0.1206, "650.0": 0.3395, "656.0": 0.3192, "712.0": 0.1308, "657.0": 0.3145, "659.0": 0.3051, "684.0": 0.2106, "694.0": 0.1768, "699.0": 0.163, "690.0": 0.1895, "646.0": 0.3534, "698.0": 0.1657, "682.0": 0.2183, "696.0": 0.1716, "678.0": 0.2323, "653.0": 0.3257, "695.0": 0.1737, "649.0": 0.3441, "687.0": 0.1997, "651.0": 0.3349, "675.0": 0.2435, "677.0": 0.2373, "643.0": 0.367, "713.0": 0.1282, "685.0": 0.2079, "681.0": 0.2204, "648.0": 0.3443, "715.0": 0.1244, "693.0": 0.1796, "706.0": 0.1452, "680.0": 0.2255, "697.0": 0.168, "671.0": 0.2589, "663.0": 0.2922, "662.0": 0.297, "655.0": 0.3238, "667.0": 0.2758, "686.0": 0.2027, "660.0": 0.3005, "714.0": 0.1263, "722.0": 0.113, "676.0": 0.2405, "688.0": 0.1965, "702.0": 0.1551, "689.0": 0.1931, "716.0": 0.1222, "703.0": 0.1524, "709.0": 0.1378, "661.0": 0.2989, "673.0": 0.2533, "658.0": 0.3098, "666.0": 0.278, "647.0": 0.3488, "711.0": 0.1331, "707.0": 0.1425, "664.0": 0.2875, "645.0": 0.3579, "718.0": 0.1188, "710.0": 0.1354, "701.0": 0.1578, "669.0": 0.2685, "691.0": 0.1867, "708.0": 0.1402, "654.0": 0.325, "672.0": 0.2562, "670.0": 0.2637, "665.0": 0.2827, "652.0": 0.3303, "644.0": 0.3625, "700.0": 0.1604, "705.0": 0.1472, "692.0": 0.1836, "721.0": 0.1143, "683.0": 0.2131, "679.0": 0.2289, "674.0": 0.2484, "668.0": 0.2733}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.55, "short_delta": 0.1955, "long_delta": 0.115, "short_iv": 0.1354, "short_rel_spread": 0.008032128514056231, "long_rel_spread": 0.0285714285714286, "short_quote_age": 0.405322, "long_quote_age": 0.433833, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.978}, "spot": 719.27}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-86.50 (gross $-85.00 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:38:11.933568+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive upward momentum with a 1D return of +0.24% and a 5D return of +0.41%.", "invalidation": "QQQ spot price declines sharply, erasing its positive 5D return of +0.41%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"696.0": 0.1644, "710.0": 0.1225, "674.0": 0.2557, "683.0": 0.2193, "655.0": 0.3318, "692.0": 0.1802, "650.0": 0.3562, "659.0": 0.3236, "714.0": 0.1118, "682.0": 0.2247, "684.0": 0.214, "678.0": 0.241, "663.0": 0.3036, "676.0": 0.2454, "646.0": 0.3757, "718.0": 0.1042, "713.0": 0.1145, "671.0": 0.2712, "693.0": 0.1745, "680.0": 0.2305, "707.0": 0.13, "701.0": 0.1471, "664.0": 0.2985, "705.0": 0.1356, "653.0": 0.3416, "645.0": 0.3806, "702.0": 0.1445, "716.0": 0.1079, "679.0": 0.2357, "666.0": 0.2885, "649.0": 0.3611, "699.0": 0.1537, "662.0": 0.3086, "652.0": 0.3464, "658.0": 0.3286, "722.0": 0.0985, "644.0": 0.3855, "690.0": 0.1885, "651.0": 0.3513, "665.0": 0.2935, "695.0": 0.1681, "689.0": 0.1907, "706.0": 0.1327, "681.0": 0.2252, "656.0": 0.3332, "677.0": 0.2463, "708.0": 0.1273, "704.0": 0.1388, "691.0": 0.1829, "685.0": 0.2086, "709.0": 0.1251, "720.0": 0.1007, "673.0": 0.2609, "647.0": 0.3709, "711.0": 0.1197, "661.0": 0.3136, "712.0": 0.1174, "675.0": 0.2506, "715.0": 0.1099, "719.0": 0.1024, "686.0": 0.2032, "643.0": 0.382, "668.0": 0.2866, "703.0": 0.1414, "672.0": 0.266, "697.0": 0.1605, "694.0": 0.1714, "721.0": 0.0995, "698.0": 0.1564, "648.0": 0.366, "717.0": 0.1058, "660.0": 0.3186, "670.0": 0.2763, "700.0": 0.1506, "667.0": 0.2878, "688.0": 0.1962, "687.0": 0.2017, "654.0": 0.3367, "669.0": 0.2814, "657.0": 0.3336}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1957, "long_delta": 0.098, "short_iv": 0.1174, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.465171, "long_quote_age": 0.436746, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9868}, "spot": 719.285}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.73 (gross $-96.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:38:22.542661+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with 1D up +0.24% and 5D up +0.41%, supporting an out-of-the-money put credit spread over a longer 4-7 DTE window.", "invalidation": "QQQ spot price declines below the short put strike as 1D and 5D momentum turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"717.0": 0.1057, "682.0": 0.2254, "697.0": 0.1612, "708.0": 0.1276, "721.0": 0.0993, "705.0": 0.1356, "703.0": 0.1411, "652.0": 0.347, "667.0": 0.2884, "684.0": 0.2146, "659.0": 0.3242, "670.0": 0.2769, "649.0": 0.3616, "695.0": 0.1688, "689.0": 0.1914, "644.0": 0.3861, "665.0": 0.2941, "673.0": 0.2615, "677.0": 0.2469, "666.0": 0.2891, "718.0": 0.1038, "710.0": 0.1225, "698.0": 0.1571, "643.0": 0.3826, "713.0": 0.1144, "651.0": 0.3519, "709.0": 0.1248, "712.0": 0.1171, "699.0": 0.1545, "648.0": 0.3665, "662.0": 0.3091, "646.0": 0.3763, "668.0": 0.2872, "676.0": 0.2521, "700.0": 0.1514, "657.0": 0.3342, "679.0": 0.2364, "704.0": 0.1386, "714.0": 0.1119, "690.0": 0.1892, "706.0": 0.1328, "655.0": 0.3324, "656.0": 0.3337, "674.0": 0.2563, "687.0": 0.2024, "661.0": 0.3142, "680.0": 0.2311, "663.0": 0.3041, "678.0": 0.2416, "693.0": 0.1752, "694.0": 0.1722, "716.0": 0.1076, "654.0": 0.3372, "686.0": 0.2038, "707.0": 0.1302, "696.0": 0.1651, "650.0": 0.3568, "671.0": 0.2718, "701.0": 0.1479, "664.0": 0.2991, "702.0": 0.1441, "691.0": 0.1836, "722.0": 0.0982, "711.0": 0.1198, "669.0": 0.282, "675.0": 0.2512, "653.0": 0.3421, "720.0": 0.1006, "658.0": 0.3292, "685.0": 0.2092, "715.0": 0.1098, "719.0": 0.1021, "645.0": 0.3812, "647.0": 0.3714, "672.0": 0.2666, "683.0": 0.22, "681.0": 0.2258, "688.0": 0.1969, "660.0": 0.3192, "692.0": 0.1809}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1912, "long_delta": 0.0961, "short_iv": 0.1171, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.524809, "long_quote_age": 0.586376, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9912}, "spot": 719.295}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.94 (gross $-98.94 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:39:43.421538+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ displays positive 1D (+0.20%) and 5D (+0.37%) momentum with ATM IV of 10.06% trading below 20-day realized volatility of 13.54%.", "invalidation": "QQQ spot price declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"644.0": 0.3859, "691.0": 0.1833, "711.0": 0.1193, "687.0": 0.2021, "684.0": 0.2144, "686.0": 0.2036, "685.0": 0.209, "676.0": 0.2519, "671.0": 0.2715, "705.0": 0.1362, "662.0": 0.3089, "710.0": 0.1221, "703.0": 0.1414, "653.0": 0.3419, "708.0": 0.1272, "657.0": 0.334, "672.0": 0.2664, "683.0": 0.2198, "665.0": 0.2939, "666.0": 0.2889, "664.0": 0.2989, "678.0": 0.2414, "700.0": 0.1511, "690.0": 0.1889, "661.0": 0.3139, "677.0": 0.2466, "699.0": 0.1542, "695.0": 0.1685, "668.0": 0.2869, "674.0": 0.2561, "650.0": 0.3565, "652.0": 0.3468, "696.0": 0.1649, "659.0": 0.324, "679.0": 0.2361, "667.0": 0.2839, "688.0": 0.1966, "656.0": 0.3335, "675.0": 0.251, "669.0": 0.2818, "660.0": 0.319, "707.0": 0.1306, "712.0": 0.1167, "718.0": 0.1033, "717.0": 0.1049, "722.0": 0.0982, "713.0": 0.1139, "715.0": 0.1093, "682.0": 0.2251, "645.0": 0.381, "680.0": 0.2309, "693.0": 0.175, "706.0": 0.1333, "720.0": 0.1002, "702.0": 0.1451, "681.0": 0.2256, "704.0": 0.1383, "654.0": 0.337, "701.0": 0.1476, "689.0": 0.1911, "697.0": 0.161, "649.0": 0.3614, "670.0": 0.2767, "709.0": 0.1248, "655.0": 0.3322, "698.0": 0.1587, "647.0": 0.3712, "646.0": 0.3761, "694.0": 0.1719, "663.0": 0.3039, "692.0": 0.1807, "714.0": 0.1114, "658.0": 0.329, "719.0": 0.1017, "648.0": 0.3663, "716.0": 0.107, "721.0": 0.0992, "651.0": 0.3517, "673.0": 0.2613, "643.0": 0.3824}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1918, "long_delta": 0.0976, "short_iv": 0.1167, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.428786, "long_quote_age": 0.417907, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.9934}, "spot": 719.135}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.54 (gross $-101.54 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:39:54.059208+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with 1D at +0.20% and 5D at +0.37% alongside an ATM IV of 10.06% and IV/RV of 0.74, favoring a defined-risk put credit spread over a longer DTE window.", "invalidation": "QQQ spot price declines below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"719.0": 0.1022, "690.0": 0.1892, "669.0": 0.282, "654.0": 0.3372, "682.0": 0.2253, "715.0": 0.1095, "680.0": 0.2311, "720.0": 0.1008, "703.0": 0.141, "667.0": 0.2841, "646.0": 0.3763, "686.0": 0.2038, "706.0": 0.1328, "655.0": 0.3323, "712.0": 0.117, "721.0": 0.0993, "722.0": 0.0985, "696.0": 0.1651, "679.0": 0.2363, "678.0": 0.2416, "662.0": 0.3091, "711.0": 0.1197, "657.0": 0.3342, "707.0": 0.1301, "687.0": 0.2023, "702.0": 0.144, "705.0": 0.1355, "713.0": 0.1143, "697.0": 0.1612, "698.0": 0.1571, "661.0": 0.3141, "648.0": 0.3665, "717.0": 0.1055, "681.0": 0.2258, "660.0": 0.3191, "670.0": 0.2769, "647.0": 0.3714, "652.0": 0.347, "673.0": 0.2614, "685.0": 0.2092, "699.0": 0.1545, "718.0": 0.1037, "684.0": 0.2146, "675.0": 0.2512, "714.0": 0.1116, "701.0": 0.1479, "716.0": 0.1075, "694.0": 0.1721, "676.0": 0.2521, "708.0": 0.1275, "709.0": 0.1248, "671.0": 0.2717, "645.0": 0.3812, "666.0": 0.2891, "677.0": 0.2468, "704.0": 0.1386, "664.0": 0.2991, "653.0": 0.3421, "695.0": 0.1687, "689.0": 0.1913, "700.0": 0.1514, "658.0": 0.3292, "659.0": 0.3241, "644.0": 0.3861, "643.0": 0.3826, "668.0": 0.2871, "665.0": 0.2941, "651.0": 0.3518, "650.0": 0.3567, "692.0": 0.1809, "691.0": 0.1836, "710.0": 0.1224, "663.0": 0.3041, "672.0": 0.2666, "693.0": 0.1752, "656.0": 0.3337, "688.0": 0.1968, "649.0": 0.3616, "674.0": 0.2563, "683.0": 0.22}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1913, "long_delta": 0.0961, "short_iv": 0.117, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.473081, "long_quote_age": 0.581817, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9912}, "spot": 719.295}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.78 (gross $-98.78 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:41:23.263428+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.18% and a 5D return of +0.35%, favoring an out-of-the-money put credit spread.", "invalidation": "QQQ reversing its positive trend and falling through the short strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"718.0": 0.103, "722.0": 0.0982, "674.0": 0.2551, "679.0": 0.235, "706.0": 0.1326, "655.0": 0.3312, "693.0": 0.1738, "664.0": 0.2979, "710.0": 0.1208, "680.0": 0.2298, "684.0": 0.2133, "666.0": 0.2879, "720.0": 0.1005, "686.0": 0.2025, "646.0": 0.3751, "703.0": 0.1405, "660.0": 0.318, "672.0": 0.2654, "696.0": 0.1636, "657.0": 0.333, "717.0": 0.1047, "704.0": 0.1379, "683.0": 0.2186, "708.0": 0.1269, "715.0": 0.1086, "712.0": 0.1156, "667.0": 0.2829, "694.0": 0.1707, "654.0": 0.3361, "692.0": 0.1795, "702.0": 0.1436, "665.0": 0.2929, "649.0": 0.3605, "668.0": 0.2859, "678.0": 0.2403, "648.0": 0.3654, "669.0": 0.2808, "701.0": 0.1476, "675.0": 0.2499, "653.0": 0.3409, "716.0": 0.1063, "714.0": 0.1107, "656.0": 0.3325, "658.0": 0.328, "709.0": 0.1239, "699.0": 0.1529, "698.0": 0.1574, "705.0": 0.1346, "673.0": 0.2602, "650.0": 0.3556, "659.0": 0.323, "681.0": 0.2245, "695.0": 0.1673, "661.0": 0.3129, "670.0": 0.2756, "651.0": 0.3507, "662.0": 0.3079, "721.0": 0.0993, "663.0": 0.3029, "676.0": 0.2508, "652.0": 0.3458, "644.0": 0.3849, "691.0": 0.1822, "707.0": 0.1297, "690.0": 0.1878, "685.0": 0.2079, "671.0": 0.2705, "645.0": 0.38, "711.0": 0.1184, "713.0": 0.1131, "643.0": 0.3815, "719.0": 0.1019, "647.0": 0.3702, "697.0": 0.1597, "687.0": 0.201, "688.0": 0.1955, "682.0": 0.224, "689.0": 0.19, "677.0": 0.2456, "700.0": 0.1505}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1965, "long_delta": 0.1, "short_iv": 0.1156, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.442991, "long_quote_age": 0.477868, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9912}, "spot": 718.975}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.11 (gross $-101.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:41:34.236605+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with a 1D return of +0.18% and 5D return of +0.35% while IV/RV sits at 0.72, favoring a put credit spread across the 4 to 7 DTE window.", "invalidation": "QQQ spot dropping sharply below the short put strike with negative multi-day returns would invalidate this trade."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"717.0": 0.1046, "696.0": 0.1624, "704.0": 0.1375, "718.0": 0.1029, "713.0": 0.1131, "664.0": 0.297, "659.0": 0.3221, "652.0": 0.345, "714.0": 0.1108, "647.0": 0.3694, "644.0": 0.3841, "688.0": 0.1944, "653.0": 0.3401, "678.0": 0.2393, "645.0": 0.3792, "722.0": 0.0986, "661.0": 0.312, "690.0": 0.1867, "682.0": 0.223, "668.0": 0.285, "646.0": 0.3743, "686.0": 0.2014, "663.0": 0.302, "699.0": 0.1533, "719.0": 0.1018, "703.0": 0.1403, "684.0": 0.2122, "689.0": 0.1889, "695.0": 0.1661, "655.0": 0.3303, "720.0": 0.1006, "677.0": 0.2446, "702.0": 0.1436, "669.0": 0.2798, "715.0": 0.1086, "693.0": 0.1727, "667.0": 0.2862, "716.0": 0.1064, "654.0": 0.3352, "705.0": 0.1351, "681.0": 0.2235, "672.0": 0.2644, "675.0": 0.249, "721.0": 0.0992, "648.0": 0.3645, "673.0": 0.2593, "691.0": 0.1811, "683.0": 0.2176, "712.0": 0.1156, "707.0": 0.1289, "671.0": 0.2695, "651.0": 0.3498, "650.0": 0.3547, "685.0": 0.2068, "657.0": 0.3321, "701.0": 0.1464, "694.0": 0.1696, "649.0": 0.3596, "662.0": 0.307, "670.0": 0.2747, "698.0": 0.1562, "666.0": 0.287, "710.0": 0.1208, "658.0": 0.3271, "697.0": 0.1605, "679.0": 0.2341, "676.0": 0.2498, "687.0": 0.1999, "700.0": 0.15, "709.0": 0.1238, "680.0": 0.2288, "708.0": 0.1266, "656.0": 0.3316, "706.0": 0.1319, "665.0": 0.292, "692.0": 0.1784, "711.0": 0.1182, "660.0": 0.317, "674.0": 0.2541}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.2029, "long_delta": 0.1351, "short_iv": 0.1156, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.03125000000000003, "short_quote_age": 0.409522, "long_quote_age": 0.409844, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 265.0, "total_risk": 10335.0, "buying_power_used_pct": 0.9876}, "spot": 718.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.72 (gross $-60.22 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:42:56.560576+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates positive 1D (+0.10%) and 5D (+0.28%) performance with ATM 4-day IV at 9.80% trading below 20-day realized volatility of 13.54%.", "invalidation": "QQQ spot declines below 718.41 and reverses its positive 5-day return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"713.0": 0.1137, "714.0": 0.1115, "688.0": 0.1914, "660.0": 0.3144, "710.0": 0.1212, "675.0": 0.2523, "709.0": 0.1241, "687.0": 0.1969, "658.0": 0.3245, "684.0": 0.2093, "673.0": 0.2565, "662.0": 0.3044, "670.0": 0.272, "708.0": 0.1266, "715.0": 0.1095, "654.0": 0.3327, "649.0": 0.3571, "657.0": 0.3295, "666.0": 0.2886, "700.0": 0.1493, "644.0": 0.3816, "650.0": 0.3522, "706.0": 0.1316, "685.0": 0.2079, "679.0": 0.2312, "683.0": 0.2147, "643.0": 0.3782, "719.0": 0.1029, "693.0": 0.1722, "711.0": 0.1189, "651.0": 0.3473, "699.0": 0.1522, "690.0": 0.1836, "695.0": 0.1651, "648.0": 0.362, "707.0": 0.1295, "721.0": 0.101, "717.0": 0.1056, "694.0": 0.1688, "698.0": 0.1562, "697.0": 0.159, "652.0": 0.3425, "664.0": 0.2944, "703.0": 0.1407, "655.0": 0.3278, "647.0": 0.3669, "716.0": 0.1073, "689.0": 0.1893, "702.0": 0.1433, "656.0": 0.3291, "701.0": 0.1466, "712.0": 0.1164, "653.0": 0.3376, "677.0": 0.2418, "663.0": 0.2994, "667.0": 0.2835, "669.0": 0.2771, "674.0": 0.2576, "692.0": 0.178, "720.0": 0.1017, "659.0": 0.3195, "696.0": 0.1632, "681.0": 0.2255, "678.0": 0.2365, "671.0": 0.2668, "682.0": 0.2201, "665.0": 0.2893, "668.0": 0.2823, "672.0": 0.2617, "680.0": 0.226, "676.0": 0.247, "704.0": 0.1374, "691.0": 0.181, "705.0": 0.1344, "646.0": 0.3718, "718.0": 0.1042, "645.0": 0.3767, "686.0": 0.2024, "642.0": 0.383, "661.0": 0.3094}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1955, "long_delta": 0.0989, "short_iv": 0.1189, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.557027, "long_quote_age": 0.558162, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9868}, "spot": 718.3199999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.91 (gross $-95.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:43:11.554843+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates positive momentum with a 1D return of +0.10% and 5D return of +0.28% alongside an ATM IV of 9.80%.", "invalidation": "QQQ spot reverses sharply below 718.41, breaking the positive short-term returns."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1321, "649.0": 0.3569, "699.0": 0.1527, "661.0": 0.3092, "703.0": 0.1399, "711.0": 0.1187, "646.0": 0.3716, "683.0": 0.2145, "693.0": 0.1745, "688.0": 0.1947, "687.0": 0.1967, "695.0": 0.167, "704.0": 0.1371, "714.0": 0.1116, "690.0": 0.1834, "701.0": 0.1463, "717.0": 0.1061, "680.0": 0.2258, "657.0": 0.3293, "651.0": 0.3472, "691.0": 0.1808, "681.0": 0.2253, "698.0": 0.1559, "674.0": 0.2574, "653.0": 0.3374, "705.0": 0.135, "677.0": 0.2416, "678.0": 0.2363, "679.0": 0.231, "707.0": 0.1292, "659.0": 0.3193, "645.0": 0.3765, "675.0": 0.2521, "712.0": 0.1162, "713.0": 0.1139, "662.0": 0.3042, "715.0": 0.1094, "660.0": 0.3143, "663.0": 0.2992, "671.0": 0.2666, "696.0": 0.163, "682.0": 0.2199, "692.0": 0.1778, "700.0": 0.149, "654.0": 0.3325, "685.0": 0.2077, "710.0": 0.1213, "664.0": 0.2942, "656.0": 0.3289, "648.0": 0.3618, "673.0": 0.2563, "670.0": 0.2718, "665.0": 0.2892, "702.0": 0.1431, "721.0": 0.101, "684.0": 0.2091, "716.0": 0.1077, "689.0": 0.189, "655.0": 0.3276, "650.0": 0.352, "658.0": 0.3243, "709.0": 0.124, "644.0": 0.3814, "652.0": 0.3423, "667.0": 0.2833, "697.0": 0.1587, "666.0": 0.2884, "672.0": 0.2615, "676.0": 0.2469, "647.0": 0.3667, "720.0": 0.1021, "719.0": 0.1034, "708.0": 0.1266, "668.0": 0.2821, "718.0": 0.1045, "669.0": 0.2769, "686.0": 0.2022, "694.0": 0.1686}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1965, "long_delta": 0.1311, "short_iv": 0.1187, "short_rel_spread": 0.02040816326530614, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.476023, "long_quote_age": 0.47701, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 265.0, "total_risk": 10335.0, "buying_power_used_pct": 0.9876}, "spot": 718.225}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.63 (gross $-57.63 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:44:30.844877+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "QQQ demonstrates positive momentum across both 1D (+0.06%) and 5D (+0.23%) periods with IV/RV at 0.72.", "invalidation": "A reversal in QQQ causing 5D returns to turn negative would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"665.0": 0.2931, "707.0": 0.1292, "702.0": 0.1425, "713.0": 0.1136, "698.0": 0.1554, "691.0": 0.1803, "658.0": 0.3239, "696.0": 0.1625, "671.0": 0.2662, "660.0": 0.3138, "708.0": 0.1262, "686.0": 0.2018, "648.0": 0.3614, "677.0": 0.2411, "680.0": 0.2302, "681.0": 0.2248, "687.0": 0.1963, "685.0": 0.2073, "644.0": 0.381, "693.0": 0.1739, "653.0": 0.337, "673.0": 0.2622, "659.0": 0.3189, "650.0": 0.3517, "682.0": 0.2195, "688.0": 0.1942, "651.0": 0.3468, "695.0": 0.1665, "719.0": 0.1029, "709.0": 0.1238, "711.0": 0.1186, "657.0": 0.3289, "704.0": 0.1374, "684.0": 0.2128, "703.0": 0.1398, "670.0": 0.2714, "675.0": 0.2517, "668.0": 0.2816, "694.0": 0.1704, "655.0": 0.3335, "676.0": 0.2464, "710.0": 0.121, "715.0": 0.109, "647.0": 0.3663, "717.0": 0.1056, "643.0": 0.3776, "692.0": 0.1773, "669.0": 0.2765, "662.0": 0.3038, "706.0": 0.1314, "683.0": 0.2141, "700.0": 0.1485, "678.0": 0.2359, "721.0": 0.1008, "705.0": 0.1343, "661.0": 0.3088, "720.0": 0.1019, "697.0": 0.1582, "664.0": 0.2938, "714.0": 0.1112, "679.0": 0.2356, "689.0": 0.1886, "672.0": 0.2611, "656.0": 0.3285, "701.0": 0.1457, "654.0": 0.3384, "712.0": 0.116, "716.0": 0.1072, "699.0": 0.1521, "663.0": 0.2988, "667.0": 0.2868, "718.0": 0.1041, "642.0": 0.3824, "666.0": 0.288, "652.0": 0.3419, "674.0": 0.2569, "646.0": 0.3712, "649.0": 0.3565, "645.0": 0.3761, "690.0": 0.183}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.52, "short_delta": 0.199, "long_delta": 0.1008, "short_iv": 0.1186, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.456979, "long_quote_age": 0.456983, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9846}, "spot": 718.115}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.61 (gross $-96.61 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:44:42.409536+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady momentum with positive 1D (+0.06%) and 5D (+0.23%) returns while trading at an IV/RV of 0.72.", "invalidation": "QQQ spot drops sharply below 718.11 reversing its positive 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"696.0": 0.1625, "656.0": 0.3285, "705.0": 0.1343, "686.0": 0.2018, "680.0": 0.2302, "659.0": 0.3189, "698.0": 0.1554, "684.0": 0.2087, "683.0": 0.2141, "665.0": 0.2887, "689.0": 0.1886, "678.0": 0.2359, "649.0": 0.3565, "706.0": 0.1314, "714.0": 0.111, "697.0": 0.1582, "674.0": 0.2569, "642.0": 0.3824, "645.0": 0.3761, "651.0": 0.3468, "685.0": 0.2073, "658.0": 0.3239, "670.0": 0.2714, "690.0": 0.183, "666.0": 0.288, "702.0": 0.1425, "693.0": 0.1739, "691.0": 0.1803, "654.0": 0.3384, "661.0": 0.3088, "687.0": 0.1963, "655.0": 0.3335, "703.0": 0.1398, "721.0": 0.1004, "673.0": 0.2622, "663.0": 0.2988, "710.0": 0.1213, "657.0": 0.3289, "694.0": 0.1704, "700.0": 0.1485, "672.0": 0.2611, "669.0": 0.2765, "677.0": 0.2411, "708.0": 0.1262, "675.0": 0.2517, "712.0": 0.116, "701.0": 0.1457, "667.0": 0.2868, "660.0": 0.3138, "682.0": 0.2195, "720.0": 0.1016, "664.0": 0.2938, "652.0": 0.3419, "709.0": 0.1238, "713.0": 0.1134, "707.0": 0.1292, "668.0": 0.2816, "653.0": 0.337, "644.0": 0.381, "699.0": 0.1521, "681.0": 0.2248, "643.0": 0.3776, "717.0": 0.1056, "688.0": 0.1942, "718.0": 0.1039, "679.0": 0.2306, "716.0": 0.1074, "704.0": 0.1374, "662.0": 0.3038, "646.0": 0.3712, "711.0": 0.1186, "692.0": 0.1773, "695.0": 0.1665, "715.0": 0.1092, "647.0": 0.3663, "650.0": 0.3517, "719.0": 0.1028, "676.0": 0.2464, "671.0": 0.2662, "648.0": 0.3614}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.52, "short_delta": 0.199, "long_delta": 0.1008, "short_iv": 0.1186, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.459897, "long_quote_age": 0.459767, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9846}, "spot": 718.12}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.80 (gross $-96.80 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:46:05.165051+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 1-day (+0.05%) and 5-day (+0.23%) returns with 4-day ATM IV at 9.80% relative to a 13.54% 20-day realized volatility.", "invalidation": "QQQ spot price breaks downward reversing its positive 5-day trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"643.0": 0.3772, "695.0": 0.1659, "645.0": 0.3756, "697.0": 0.1584, "673.0": 0.2616, "683.0": 0.2135, "685.0": 0.2067, "717.0": 0.1062, "648.0": 0.361, "671.0": 0.2657, "653.0": 0.3365, "682.0": 0.2189, "686.0": 0.2012, "677.0": 0.2406, "691.0": 0.1797, "700.0": 0.1491, "681.0": 0.2243, "662.0": 0.3033, "684.0": 0.2122, "670.0": 0.2708, "706.0": 0.1321, "664.0": 0.3017, "701.0": 0.1462, "659.0": 0.3184, "656.0": 0.328, "675.0": 0.2511, "699.0": 0.1514, "658.0": 0.3234, "663.0": 0.3068, "688.0": 0.1936, "655.0": 0.333, "721.0": 0.1008, "676.0": 0.2459, "713.0": 0.1145, "718.0": 0.1047, "647.0": 0.3658, "698.0": 0.1547, "652.0": 0.3414, "720.0": 0.1018, "667.0": 0.2863, "666.0": 0.2914, "702.0": 0.1428, "687.0": 0.1957, "646.0": 0.3707, "651.0": 0.3463, "644.0": 0.3805, "693.0": 0.1733, "661.0": 0.3083, "714.0": 0.1119, "715.0": 0.1098, "660.0": 0.3133, "668.0": 0.2811, "708.0": 0.1271, "711.0": 0.1194, "669.0": 0.276, "705.0": 0.1343, "650.0": 0.3512, "680.0": 0.2297, "719.0": 0.1035, "672.0": 0.2605, "707.0": 0.1297, "679.0": 0.235, "703.0": 0.14, "690.0": 0.1824, "716.0": 0.1078, "694.0": 0.1697, "657.0": 0.3284, "665.0": 0.2965, "692.0": 0.1767, "704.0": 0.1375, "674.0": 0.2564, "678.0": 0.2353, "709.0": 0.1245, "710.0": 0.1216, "689.0": 0.188, "696.0": 0.1618, "654.0": 0.3435, "649.0": 0.3561, "642.0": 0.382, "712.0": 0.1167}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2041, "long_delta": 0.1039, "short_iv": 0.1194, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.418528, "long_quote_age": 0.488063, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9802}, "spot": 718.04}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.26 (gross $-95.26 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:46:16.418274+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays positive returns across both 1D (+0.05%) and 5D (+0.23%) windows with IV/RV compressed at 0.72.", "invalidation": "QQQ breaks downward and turns the 5D return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"683.0": 0.2137, "703.0": 0.1403, "708.0": 0.1274, "679.0": 0.2352, "715.0": 0.1105, "694.0": 0.17, "661.0": 0.3085, "698.0": 0.1549, "706.0": 0.1324, "664.0": 0.3019, "666.0": 0.2916, "710.0": 0.1225, "680.0": 0.2299, "693.0": 0.1736, "676.0": 0.2461, "656.0": 0.3336, "711.0": 0.1198, "651.0": 0.3465, "673.0": 0.2618, "720.0": 0.1022, "685.0": 0.2069, "690.0": 0.1826, "702.0": 0.1431, "657.0": 0.3286, "695.0": 0.1661, "644.0": 0.3807, "652.0": 0.3416, "675.0": 0.2513, "648.0": 0.3611, "678.0": 0.2355, "653.0": 0.3431, "718.0": 0.1052, "684.0": 0.2124, "681.0": 0.2245, "704.0": 0.1378, "716.0": 0.1085, "659.0": 0.3186, "654.0": 0.3437, "686.0": 0.2014, "671.0": 0.2659, "714.0": 0.1125, "663.0": 0.307, "717.0": 0.1068, "645.0": 0.3758, "697.0": 0.1587, "721.0": 0.1011, "670.0": 0.271, "646.0": 0.3709, "665.0": 0.2967, "699.0": 0.1517, "712.0": 0.1175, "701.0": 0.1465, "689.0": 0.1882, "677.0": 0.2408, "687.0": 0.1959, "647.0": 0.366, "691.0": 0.1799, "667.0": 0.2864, "660.0": 0.3135, "650.0": 0.3513, "692.0": 0.1769, "707.0": 0.13, "713.0": 0.1149, "649.0": 0.3562, "688.0": 0.1938, "662.0": 0.3035, "696.0": 0.162, "682.0": 0.2191, "719.0": 0.1037, "669.0": 0.2762, "674.0": 0.2566, "668.0": 0.2813, "672.0": 0.2671, "658.0": 0.3236, "700.0": 0.1494, "709.0": 0.1249, "705.0": 0.1346, "655.0": 0.3386}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2036, "long_delta": 0.1363, "short_iv": 0.1198, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.465209, "long_quote_age": 0.468176, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 263.0, "total_risk": 10257.0, "buying_power_used_pct": 0.9801}, "spot": 718.06}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.64 (gross $-56.64 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:47:44.856361+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows steady upward momentum with positive 1-day (+0.05%) and 5-day (+0.22%) returns alongside subdued IV relative to realized volatility (IV/RV 0.75).", "invalidation": "QQQ reverses downward breaking below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"713.0": 0.1138, "702.0": 0.1415, "683.0": 0.2133, "664.0": 0.2931, "689.0": 0.1878, "647.0": 0.3657, "672.0": 0.2603, "671.0": 0.2655, "695.0": 0.1635, "677.0": 0.2404, "682.0": 0.2187, "698.0": 0.1544, "693.0": 0.1731, "684.0": 0.21, "680.0": 0.2295, "666.0": 0.2912, "717.0": 0.106, "714.0": 0.1114, "708.0": 0.1262, "688.0": 0.1934, "719.0": 0.1033, "645.0": 0.3755, "668.0": 0.2809, "690.0": 0.1852, "652.0": 0.3412, "673.0": 0.2615, "694.0": 0.1672, "710.0": 0.1212, "675.0": 0.2509, "697.0": 0.1573, "696.0": 0.1616, "699.0": 0.1512, "703.0": 0.1387, "721.0": 0.1006, "679.0": 0.2324, "692.0": 0.1764, "718.0": 0.1046, "676.0": 0.2457, "643.0": 0.377, "661.0": 0.3081, "705.0": 0.134, "650.0": 0.351, "687.0": 0.1955, "651.0": 0.3461, "691.0": 0.1795, "655.0": 0.3383, "681.0": 0.2241, "657.0": 0.3282, "678.0": 0.2351, "700.0": 0.1475, "701.0": 0.1448, "711.0": 0.1186, "646.0": 0.3706, "665.0": 0.2964, "712.0": 0.116, "709.0": 0.1236, "706.0": 0.131, "662.0": 0.3031, "715.0": 0.1095, "656.0": 0.3333, "720.0": 0.1015, "674.0": 0.2562, "644.0": 0.3804, "642.0": 0.3818, "716.0": 0.1076, "654.0": 0.3433, "667.0": 0.2861, "648.0": 0.3608, "685.0": 0.2065, "649.0": 0.3559, "653.0": 0.3363, "670.0": 0.2706, "658.0": 0.3232, "663.0": 0.2981, "660.0": 0.3132, "669.0": 0.2758, "659.0": 0.3182, "686.0": 0.201, "704.0": 0.1363, "707.0": 0.1287}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2037, "long_delta": 0.1028, "short_iv": 0.1186, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.41242, "long_quote_age": 0.412494, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9802}, "spot": 718.135}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.85 (gross $-93.85 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:47:56.748051+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient positive momentum with 1D at +0.05% and 5D at +0.22%, supporting an out-of-the-money put credit spread over a 5 to 7 DTE window.", "invalidation": "QQQ spot price drops significantly below the short put strike level."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"671.0": 0.2573, "721.0": 0.1145, "683.0": 0.212, "657.0": 0.309, "664.0": 0.2819, "680.0": 0.2223, "644.0": 0.3573, "718.0": 0.119, "667.0": 0.2724, "670.0": 0.2579, "656.0": 0.3137, "707.0": 0.1422, "715.0": 0.1242, "681.0": 0.2172, "676.0": 0.2363, "663.0": 0.2866, "692.0": 0.1812, "647.0": 0.348, "702.0": 0.1542, "655.0": 0.3184, "697.0": 0.1668, "703.0": 0.1517, "674.0": 0.2425, "687.0": 0.1973, "701.0": 0.1565, "659.0": 0.2997, "651.0": 0.3296, "704.0": 0.1495, "693.0": 0.1782, "684.0": 0.2068, "652.0": 0.325, "720.0": 0.1158, "696.0": 0.1693, "717.0": 0.1204, "700.0": 0.159, "643.0": 0.3618, "694.0": 0.1749, "668.0": 0.2676, "709.0": 0.1375, "649.0": 0.3388, "705.0": 0.1468, "716.0": 0.1222, "675.0": 0.2412, "690.0": 0.1871, "646.0": 0.3481, "714.0": 0.1263, "645.0": 0.3527, "685.0": 0.2038, "712.0": 0.1306, "653.0": 0.3242, "688.0": 0.1938, "672.0": 0.2524, "711.0": 0.133, "682.0": 0.2147, "660.0": 0.298, "662.0": 0.2914, "699.0": 0.1614, "650.0": 0.3342, "686.0": 0.2006, "713.0": 0.1284, "665.0": 0.2771, "669.0": 0.2628, "677.0": 0.2345, "710.0": 0.1352, "719.0": 0.1174, "648.0": 0.3434, "689.0": 0.1901, "661.0": 0.2962, "658.0": 0.3043, "673.0": 0.2474, "678.0": 0.2295, "679.0": 0.2244, "691.0": 0.1839, "666.0": 0.2773, "695.0": 0.1726, "708.0": 0.1399, "698.0": 0.1638, "706.0": 0.1446, "654.0": 0.3231}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 29, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00705000", "short_strike": 709.0, "long_strike": 705.0, "width": 4.0, "credit": 0.5, "short_delta": 0.2059, "long_delta": 0.1359, "short_iv": 0.1375, "short_rel_spread": 0.014814814814814828, "long_rel_spread": 0.01169590643274855, "short_quote_age": 0.487394, "long_quote_age": 0.455727, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 29, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 350.0, "total_risk": 10150.0, "buying_power_used_pct": 0.9699}, "spot": 717.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-68.04 (gross $-66.54 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 29 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:49:19.246863+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive momentum with a 5-day return of +0.20% and 1-day return of +0.03% with 4-day ATM IV at 10.12%.", "invalidation": "QQQ spot price declines significantly, turning the multi-day trend negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"659.0": 0.3174, "669.0": 0.2749, "693.0": 0.1721, "646.0": 0.3698, "687.0": 0.1963, "662.0": 0.3023, "660.0": 0.3123, "700.0": 0.147, "704.0": 0.1359, "696.0": 0.1605, "711.0": 0.1178, "671.0": 0.2646, "649.0": 0.3551, "652.0": 0.3404, "713.0": 0.1131, "714.0": 0.111, "697.0": 0.1571, "685.0": 0.2055, "701.0": 0.1448, "666.0": 0.2904, "695.0": 0.1646, "692.0": 0.1754, "676.0": 0.2448, "651.0": 0.3453, "680.0": 0.2286, "715.0": 0.1091, "674.0": 0.2553, "658.0": 0.3224, "663.0": 0.2973, "712.0": 0.1155, "716.0": 0.1073, "668.0": 0.2801, "683.0": 0.2124, "694.0": 0.1685, "672.0": 0.2595, "703.0": 0.1385, "718.0": 0.1043, "667.0": 0.2852, "679.0": 0.229, "653.0": 0.3356, "648.0": 0.36, "655.0": 0.3258, "678.0": 0.2342, "656.0": 0.327, "720.0": 0.1016, "699.0": 0.1501, "664.0": 0.2923, "709.0": 0.1229, "686.0": 0.2, "705.0": 0.1327, "710.0": 0.1206, "654.0": 0.3307, "688.0": 0.1924, "673.0": 0.2606, "708.0": 0.1253, "707.0": 0.1279, "670.0": 0.2698, "643.0": 0.3762, "717.0": 0.1058, "682.0": 0.2178, "657.0": 0.3274, "690.0": 0.1842, "665.0": 0.2955, "644.0": 0.3796, "650.0": 0.3502, "706.0": 0.1304, "675.0": 0.2501, "691.0": 0.1785, "645.0": 0.3747, "647.0": 0.3649, "681.0": 0.2232, "721.0": 0.1006, "702.0": 0.1414, "677.0": 0.2395, "719.0": 0.1032, "642.0": 0.381, "661.0": 0.3073, "698.0": 0.1533, "689.0": 0.1868, "684.0": 0.2091}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.55, "short_delta": 0.208, "long_delta": 0.105, "short_iv": 0.1178, "short_rel_spread": 0.00956937799043063, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.414206, "long_quote_age": 0.409077, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.978}, "spot": 717.85}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.14 (gross $-95.14 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:49:29.557920+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates steady upward momentum with a 5D gain of +0.20% and 1D gain of +0.03% while ATM IV sits at 10.12%.", "invalidation": "QQQ spot price declines sharply below 717.89 turning the 5D return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"672.0": 0.2591, "668.0": 0.2797, "664.0": 0.2919, "647.0": 0.3646, "694.0": 0.1681, "709.0": 0.1228, "684.0": 0.2087, "704.0": 0.1354, "710.0": 0.1205, "659.0": 0.317, "691.0": 0.1781, "688.0": 0.192, "695.0": 0.1642, "703.0": 0.138, "714.0": 0.1111, "718.0": 0.1041, "715.0": 0.1091, "656.0": 0.3267, "699.0": 0.1496, "696.0": 0.1601, "679.0": 0.2286, "658.0": 0.3221, "644.0": 0.3793, "686.0": 0.1997, "669.0": 0.2746, "657.0": 0.3271, "698.0": 0.1529, "711.0": 0.118, "665.0": 0.2952, "719.0": 0.1026, "667.0": 0.2849, "663.0": 0.297, "673.0": 0.2572, "677.0": 0.2392, "713.0": 0.1133, "678.0": 0.2339, "649.0": 0.3548, "655.0": 0.3255, "674.0": 0.255, "648.0": 0.3597, "707.0": 0.128, "689.0": 0.1864, "645.0": 0.3744, "680.0": 0.2282, "717.0": 0.1056, "651.0": 0.345, "721.0": 0.1004, "682.0": 0.2174, "652.0": 0.3401, "702.0": 0.1409, "693.0": 0.1717, "661.0": 0.307, "670.0": 0.2694, "692.0": 0.175, "671.0": 0.2643, "654.0": 0.3304, "708.0": 0.1253, "653.0": 0.3352, "676.0": 0.2444, "716.0": 0.1072, "683.0": 0.212, "712.0": 0.1154, "662.0": 0.302, "675.0": 0.2497, "685.0": 0.2052, "705.0": 0.133, "687.0": 0.1959, "720.0": 0.1015, "650.0": 0.3499, "646.0": 0.3695, "701.0": 0.1443, "660.0": 0.312, "666.0": 0.29, "700.0": 0.1473, "697.0": 0.1567, "643.0": 0.3759, "690.0": 0.1838, "681.0": 0.2228, "706.0": 0.1306}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2107, "long_delta": 0.1399, "short_iv": 0.118, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.516354, "long_quote_age": 0.573355, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9976}, "spot": 717.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-56.96 (gross $-55.96 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:50:50.809265+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays positive price momentum with a +0.02% 1D change and +0.20% 5D change alongside an ATM IV of 10.12%.", "invalidation": "QQQ reversing into negative 1D and 5D performance would invalidate this bullish bias."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"658.0": 0.3225, "647.0": 0.365, "664.0": 0.2924, "706.0": 0.1306, "698.0": 0.1535, "717.0": 0.1061, "674.0": 0.2555, "670.0": 0.2699, "646.0": 0.3699, "657.0": 0.3275, "696.0": 0.1607, "691.0": 0.18, "652.0": 0.3406, "704.0": 0.1361, "719.0": 0.1031, "667.0": 0.2854, "708.0": 0.1261, "676.0": 0.2449, "660.0": 0.3125, "651.0": 0.3455, "711.0": 0.1185, "641.0": 0.386, "644.0": 0.3797, "694.0": 0.1686, "687.0": 0.1982, "680.0": 0.2287, "716.0": 0.1077, "648.0": 0.3601, "689.0": 0.187, "653.0": 0.3357, "654.0": 0.3308, "695.0": 0.1648, "715.0": 0.1096, "645.0": 0.3748, "669.0": 0.2751, "662.0": 0.3024, "692.0": 0.1756, "661.0": 0.3075, "714.0": 0.1116, "672.0": 0.2596, "677.0": 0.2397, "709.0": 0.1237, "678.0": 0.2344, "718.0": 0.1051, "679.0": 0.2291, "697.0": 0.1564, "668.0": 0.2802, "666.0": 0.2905, "688.0": 0.1926, "649.0": 0.3552, "671.0": 0.2648, "703.0": 0.1387, "713.0": 0.1138, "690.0": 0.1844, "686.0": 0.2002, "673.0": 0.2607, "675.0": 0.2502, "693.0": 0.1723, "659.0": 0.3175, "682.0": 0.2179, "712.0": 0.116, "683.0": 0.2125, "705.0": 0.1337, "707.0": 0.1282, "710.0": 0.1209, "655.0": 0.3259, "720.0": 0.102, "656.0": 0.3272, "684.0": 0.2092, "702.0": 0.1416, "721.0": 0.1009, "650.0": 0.3503, "685.0": 0.2057, "643.0": 0.3763, "700.0": 0.1479, "699.0": 0.1502, "663.0": 0.2974, "701.0": 0.1438, "642.0": 0.3812, "681.0": 0.2233, "665.0": 0.2956}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2085, "long_delta": 0.1049, "short_iv": 0.1185, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.460335, "long_quote_age": 0.459469, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9758}, "spot": 717.775}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-95.49 (gross $-94.49 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:51:03.384761+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ shows positive momentum with 1D +0.02% and 5D +0.20% gains alongside IV/RV at 0.75, supporting premium collection over a 5 to 7 DTE window.", "invalidation": "QQQ spot price declines significantly below 717.84 and 5D returns turn negative."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"678.0": 0.2291, "720.0": 0.1147, "658.0": 0.304, "694.0": 0.1744, "707.0": 0.1415, "675.0": 0.2408, "717.0": 0.1198, "709.0": 0.1368, "692.0": 0.1792, "687.0": 0.1968, "719.0": 0.1166, "689.0": 0.1896, "685.0": 0.2033, "645.0": 0.3523, "683.0": 0.2103, "667.0": 0.272, "677.0": 0.2325, "696.0": 0.1682, "662.0": 0.291, "669.0": 0.2624, "654.0": 0.3227, "682.0": 0.2143, "647.0": 0.3476, "646.0": 0.3478, "702.0": 0.1529, "703.0": 0.151, "695.0": 0.1709, "698.0": 0.1628, "666.0": 0.2769, "718.0": 0.118, "650.0": 0.3338, "680.0": 0.2219, "659.0": 0.3024, "672.0": 0.252, "660.0": 0.3005, "712.0": 0.1297, "668.0": 0.2672, "679.0": 0.224, "686.0": 0.2002, "706.0": 0.1439, "670.0": 0.2575, "664.0": 0.2815, "710.0": 0.1344, "715.0": 0.1233, "653.0": 0.3274, "701.0": 0.1559, "714.0": 0.1255, "651.0": 0.3292, "705.0": 0.1462, "663.0": 0.2863, "657.0": 0.3087, "661.0": 0.2958, "656.0": 0.3133, "684.0": 0.2063, "671.0": 0.2569, "674.0": 0.2421, "713.0": 0.1275, "688.0": 0.1933, "716.0": 0.1214, "708.0": 0.1392, "693.0": 0.1763, "665.0": 0.2793, "673.0": 0.247, "690.0": 0.1858, "697.0": 0.1657, "681.0": 0.2167, "699.0": 0.1609, "655.0": 0.318, "676.0": 0.2358, "644.0": 0.3569, "652.0": 0.3285, "711.0": 0.1323, "648.0": 0.343, "649.0": 0.3384, "704.0": 0.1486, "700.0": 0.1584, "691.0": 0.1834, "721.0": 0.1136}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00706000", "short_strike": 709.0, "long_strike": 706.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2069, "long_delta": 0.1517, "short_iv": 0.1368, "short_rel_spread": 0.014814814814814828, "long_rel_spread": 0.020833333333333353, "short_quote_age": 0.57069, "long_quote_age": 0.566844, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9976}, "spot": 717.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-52.91 (gross $-50.91 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:52:26.336378+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates stable positive returns over 1-day (+0.02%) and 5-day (+0.19%) horizons with an IV/RV ratio of 0.75.", "invalidation": "A downward price move in QQQ that breaches the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"716.0": 0.1072, "675.0": 0.2495, "672.0": 0.259, "667.0": 0.2847, "717.0": 0.1057, "671.0": 0.2641, "657.0": 0.3269, "683.0": 0.2118, "706.0": 0.1303, "647.0": 0.3644, "708.0": 0.1255, "719.0": 0.1031, "644.0": 0.3791, "665.0": 0.295, "685.0": 0.205, "655.0": 0.3253, "679.0": 0.2284, "682.0": 0.2172, "645.0": 0.3742, "666.0": 0.2898, "673.0": 0.26, "715.0": 0.1089, "693.0": 0.1715, "646.0": 0.3693, "659.0": 0.3169, "718.0": 0.1045, "700.0": 0.147, "678.0": 0.2337, "701.0": 0.1435, "690.0": 0.1836, "653.0": 0.3351, "669.0": 0.2744, "649.0": 0.3546, "702.0": 0.1406, "707.0": 0.1277, "656.0": 0.3265, "662.0": 0.3018, "691.0": 0.1779, "697.0": 0.1573, "703.0": 0.1387, "658.0": 0.3219, "654.0": 0.3365, "714.0": 0.1109, "720.0": 0.1016, "694.0": 0.1678, "660.0": 0.3118, "688.0": 0.1918, "664.0": 0.2917, "699.0": 0.1494, "709.0": 0.1225, "674.0": 0.2548, "661.0": 0.3068, "711.0": 0.1179, "670.0": 0.2693, "712.0": 0.1154, "698.0": 0.1527, "684.0": 0.2085, "677.0": 0.239, "705.0": 0.1327, "676.0": 0.2442, "680.0": 0.228, "681.0": 0.2226, "710.0": 0.1201, "652.0": 0.34, "721.0": 0.1009, "663.0": 0.2968, "668.0": 0.2796, "704.0": 0.136, "696.0": 0.1599, "686.0": 0.1995, "687.0": 0.1957, "692.0": 0.1748, "650.0": 0.3497, "651.0": 0.3448, "648.0": 0.3595, "695.0": 0.164, "713.0": 0.1131, "689.0": 0.1862}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2117, "long_delta": 0.1414, "short_iv": 0.1179, "short_rel_spread": 0.018691588785046745, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.433447, "long_quote_age": 0.46928, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9976}, "spot": 717.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.07 (gross $-55.57 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:52:37.201876+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ maintains positive momentum with 1D return of +0.02% and 5D return of +0.19%, supporting a bullish put credit spread over a longer 5 to 7 DTE horizon.", "invalidation": "QQQ spot drops significantly as 1D and 5D performance turn negative."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"643.0": 0.3607, "718.0": 0.1175, "681.0": 0.2159, "679.0": 0.2232, "660.0": 0.2969, "669.0": 0.2616, "680.0": 0.221, "652.0": 0.3277, "645.0": 0.3516, "654.0": 0.3219, "719.0": 0.1161, "667.0": 0.2712, "672.0": 0.2511, "703.0": 0.1504, "716.0": 0.121, "677.0": 0.23, "656.0": 0.3126, "682.0": 0.2134, "700.0": 0.1576, "664.0": 0.2807, "706.0": 0.143, "663.0": 0.2855, "702.0": 0.1527, "692.0": 0.1797, "662.0": 0.2902, "712.0": 0.129, "713.0": 0.1266, "698.0": 0.1622, "689.0": 0.1887, "711.0": 0.131, "690.0": 0.1849, "675.0": 0.24, "665.0": 0.2785, "688.0": 0.1924, "708.0": 0.1381, "644.0": 0.3562, "670.0": 0.2567, "657.0": 0.3079, "709.0": 0.1358, "694.0": 0.1734, "695.0": 0.1704, "674.0": 0.2413, "655.0": 0.3173, "684.0": 0.2054, "701.0": 0.155, "691.0": 0.1824, "697.0": 0.1646, "693.0": 0.1767, "659.0": 0.3016, "714.0": 0.1248, "646.0": 0.3471, "668.0": 0.2664, "685.0": 0.2024, "671.0": 0.256, "721.0": 0.1133, "648.0": 0.3423, "707.0": 0.1408, "653.0": 0.3231, "705.0": 0.1456, "649.0": 0.3377, "651.0": 0.3285, "658.0": 0.3032, "717.0": 0.1193, "696.0": 0.1677, "704.0": 0.1479, "666.0": 0.2737, "710.0": 0.1334, "661.0": 0.295, "715.0": 0.1229, "699.0": 0.1602, "647.0": 0.3469, "678.0": 0.2282, "673.0": 0.2462, "676.0": 0.235, "686.0": 0.1993, "720.0": 0.1146, "683.0": 0.2082, "687.0": 0.1959, "650.0": 0.3331}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00706000", "short_strike": 709.0, "long_strike": 706.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2098, "long_delta": 0.1538, "short_iv": 0.1358, "short_rel_spread": 0.007326007326007331, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.419293, "long_quote_age": 0.450988, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 260.0, "total_risk": 10400.0, "buying_power_used_pct": 0.9938}, "spot": 717.765}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-51.67 (gross $-50.17 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:54:04.425132+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ shows steady positive performance over both 1D (+0.02%) and 5D (+0.19%) with an IV/RV ratio of 0.74 reflecting subdued short-term implied volatility relative to realized volatility.", "invalidation": "QQQ spot price declines significantly below the short strike level within the expiration window."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"700.0": 0.1469, "718.0": 0.104, "664.0": 0.3006, "676.0": 0.2447, "688.0": 0.1923, "701.0": 0.1434, "659.0": 0.3173, "668.0": 0.28, "650.0": 0.3501, "679.0": 0.2289, "696.0": 0.1604, "649.0": 0.355, "644.0": 0.3795, "709.0": 0.1222, "715.0": 0.1085, "713.0": 0.1125, "683.0": 0.2123, "674.0": 0.2552, "653.0": 0.3355, "691.0": 0.1784, "643.0": 0.3761, "673.0": 0.2605, "710.0": 0.1194, "658.0": 0.3223, "678.0": 0.2341, "695.0": 0.1645, "719.0": 0.1025, "693.0": 0.172, "684.0": 0.209, "712.0": 0.1149, "714.0": 0.1104, "646.0": 0.3697, "706.0": 0.1295, "675.0": 0.25, "645.0": 0.3746, "648.0": 0.3599, "657.0": 0.3273, "682.0": 0.2177, "697.0": 0.1561, "681.0": 0.2231, "705.0": 0.1326, "666.0": 0.2903, "702.0": 0.1412, "662.0": 0.3022, "670.0": 0.2697, "665.0": 0.2954, "699.0": 0.1499, "694.0": 0.1684, "656.0": 0.3269, "654.0": 0.3369, "669.0": 0.2748, "651.0": 0.3452, "689.0": 0.1867, "716.0": 0.1068, "663.0": 0.2972, "720.0": 0.1012, "692.0": 0.1753, "667.0": 0.2851, "647.0": 0.3648, "717.0": 0.1052, "698.0": 0.1532, "661.0": 0.3072, "687.0": 0.1962, "721.0": 0.1004, "690.0": 0.1841, "672.0": 0.2594, "711.0": 0.1171, "660.0": 0.3123, "652.0": 0.3403, "704.0": 0.1349, "671.0": 0.2645, "686.0": 0.1999, "708.0": 0.1245, "677.0": 0.2394, "685.0": 0.2054, "655.0": 0.3319, "680.0": 0.2284, "703.0": 0.1373, "707.0": 0.1271}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2073, "long_delta": 0.1373, "short_iv": 0.1171, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.472751, "long_quote_age": 0.53338, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 262.0, "total_risk": 10218.0, "buying_power_used_pct": 0.9764}, "spot": 717.765}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.66 (gross $-56.66 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:54:15.575982+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays positive momentum with 1D at +0.02% and 5D at +0.19% with an ATM IV of 10.05% against an RV20 of 13.54%.", "invalidation": "A negative reversal in QQQ erasing the 5D gain of +0.19% invalidates the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"648.0": 0.3598, "657.0": 0.3272, "665.0": 0.2953, "703.0": 0.1382, "683.0": 0.2122, "650.0": 0.35, "696.0": 0.1603, "656.0": 0.3268, "646.0": 0.3765, "715.0": 0.1086, "669.0": 0.2747, "644.0": 0.3794, "678.0": 0.234, "711.0": 0.1174, "701.0": 0.1433, "698.0": 0.1531, "697.0": 0.156, "700.0": 0.1468, "689.0": 0.1866, "692.0": 0.1752, "709.0": 0.1223, "704.0": 0.1356, "717.0": 0.1052, "681.0": 0.223, "662.0": 0.3021, "695.0": 0.1644, "699.0": 0.1498, "642.0": 0.3809, "652.0": 0.3403, "654.0": 0.3368, "677.0": 0.2393, "667.0": 0.285, "705.0": 0.1324, "690.0": 0.184, "718.0": 0.104, "661.0": 0.3071, "694.0": 0.1682, "721.0": 0.1003, "647.0": 0.3647, "713.0": 0.1127, "691.0": 0.1783, "708.0": 0.1249, "680.0": 0.2283, "706.0": 0.1301, "645.0": 0.3745, "649.0": 0.3549, "710.0": 0.1197, "707.0": 0.1276, "693.0": 0.1719, "687.0": 0.1961, "659.0": 0.3172, "673.0": 0.2604, "664.0": 0.3005, "685.0": 0.2053, "655.0": 0.3318, "668.0": 0.2799, "643.0": 0.376, "688.0": 0.1922, "679.0": 0.2288, "686.0": 0.1998, "684.0": 0.2089, "663.0": 0.2971, "702.0": 0.1411, "712.0": 0.1151, "671.0": 0.2644, "658.0": 0.3222, "682.0": 0.2176, "714.0": 0.1105, "675.0": 0.2499, "716.0": 0.1067, "719.0": 0.1025, "720.0": 0.1011, "672.0": 0.2593, "660.0": 0.3122, "670.0": 0.2696, "651.0": 0.3451, "666.0": 0.2902, "674.0": 0.2551, "676.0": 0.2446, "653.0": 0.3417}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2085, "long_delta": 0.1053, "short_iv": 0.1174, "short_rel_spread": 0.00956937799043063, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.42447, "long_quote_age": 0.425255, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.978}, "spot": 717.79}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.57 (gross $-95.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:55:37.628450+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows positive momentum with a 1D return of +0.01% and 5D return of +0.18% while ATM IV sits at 10.05%.", "invalidation": "A downward price move in QQQ breaching the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"720.0": 0.1019, "644.0": 0.3792, "687.0": 0.1976, "670.0": 0.2694, "714.0": 0.1113, "650.0": 0.3498, "721.0": 0.1007, "711.0": 0.1179, "661.0": 0.3069, "704.0": 0.1353, "663.0": 0.2969, "707.0": 0.1279, "673.0": 0.2602, "685.0": 0.2051, "659.0": 0.317, "667.0": 0.2848, "664.0": 0.3002, "648.0": 0.3596, "698.0": 0.1544, "671.0": 0.2642, "694.0": 0.168, "691.0": 0.1808, "643.0": 0.3759, "690.0": 0.1837, "654.0": 0.3303, "642.0": 0.3807, "696.0": 0.16, "710.0": 0.1203, "695.0": 0.1641, "709.0": 0.1232, "713.0": 0.1134, "718.0": 0.1047, "702.0": 0.1408, "668.0": 0.2797, "715.0": 0.1094, "651.0": 0.345, "675.0": 0.2496, "693.0": 0.1716, "645.0": 0.3743, "699.0": 0.151, "662.0": 0.3019, "719.0": 0.1034, "676.0": 0.2444, "672.0": 0.2591, "697.0": 0.1575, "674.0": 0.2549, "683.0": 0.212, "660.0": 0.312, "678.0": 0.2338, "681.0": 0.2227, "647.0": 0.3645, "680.0": 0.2281, "658.0": 0.322, "653.0": 0.3352, "682.0": 0.2173, "706.0": 0.1304, "669.0": 0.2745, "646.0": 0.3763, "689.0": 0.1863, "649.0": 0.3547, "701.0": 0.1442, "705.0": 0.1329, "684.0": 0.2106, "677.0": 0.2391, "666.0": 0.29, "652.0": 0.3401, "679.0": 0.2335, "700.0": 0.1472, "716.0": 0.1077, "688.0": 0.192, "717.0": 0.1063, "657.0": 0.327, "656.0": 0.3266, "703.0": 0.1379, "692.0": 0.175, "686.0": 0.1996, "655.0": 0.3316, "665.0": 0.2951, "712.0": 0.1157, "708.0": 0.1257}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2109, "long_delta": 0.1068, "short_iv": 0.1179, "short_rel_spread": 0.009389671361502356, "long_rel_spread": 0.01980198019801982, "short_quote_age": 0.613345, "long_quote_age": 0.702689, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9758}, "spot": 717.81}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-95.21 (gross $-94.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:55:48.562121+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates resilience with positive 1-day (+0.01%) and 5-day (+0.18%) returns despite low implied volatility relative to realized volatility (IV/RV 0.74).", "invalidation": "QQQ breaking downward and reversing its positive 5-day return trend of +0.18%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"650.0": 0.35, "719.0": 0.1032, "644.0": 0.3794, "718.0": 0.1046, "663.0": 0.297, "690.0": 0.1839, "655.0": 0.3256, "660.0": 0.3121, "696.0": 0.1602, "679.0": 0.2337, "676.0": 0.2445, "711.0": 0.1178, "678.0": 0.234, "681.0": 0.2229, "720.0": 0.1019, "674.0": 0.2551, "712.0": 0.1154, "666.0": 0.2901, "692.0": 0.1752, "686.0": 0.1998, "661.0": 0.3071, "709.0": 0.123, "689.0": 0.1865, "656.0": 0.3268, "713.0": 0.1131, "698.0": 0.153, "682.0": 0.2175, "683.0": 0.2121, "680.0": 0.2283, "672.0": 0.2592, "662.0": 0.3021, "721.0": 0.1006, "694.0": 0.1682, "710.0": 0.1201, "704.0": 0.1356, "703.0": 0.1381, "706.0": 0.1307, "700.0": 0.1474, "646.0": 0.3765, "688.0": 0.1921, "693.0": 0.1718, "643.0": 0.376, "697.0": 0.1577, "691.0": 0.181, "664.0": 0.292, "705.0": 0.1331, "659.0": 0.3171, "701.0": 0.1445, "673.0": 0.2603, "670.0": 0.2695, "668.0": 0.2798, "649.0": 0.3549, "708.0": 0.1254, "669.0": 0.2747, "671.0": 0.2644, "717.0": 0.1059, "684.0": 0.2108, "675.0": 0.2498, "652.0": 0.3402, "714.0": 0.111, "658.0": 0.3222, "645.0": 0.3745, "695.0": 0.1643, "653.0": 0.3353, "707.0": 0.1275, "687.0": 0.1977, "685.0": 0.2053, "648.0": 0.3598, "677.0": 0.2393, "716.0": 0.1075, "667.0": 0.285, "647.0": 0.3647, "665.0": 0.2953, "715.0": 0.1092, "699.0": 0.1497, "651.0": 0.3451, "654.0": 0.3304, "657.0": 0.3272, "702.0": 0.141}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2095, "long_delta": 0.1398, "short_iv": 0.1178, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.422849, "long_quote_age": 0.428539, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 262.0, "total_risk": 10218.0, "buying_power_used_pct": 0.9764}, "spot": 717.765}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.69 (gross $-56.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T14:57:13.694713+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable price action with a 5D return of +0.13% and a 1D change of -0.05% at spot 717.35 with IV/RV at 0.74, supporting a short-dated put credit spread.", "invalidation": "QQQ spot price declining significantly below the short strike level would invalidate this trade."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"703.0": 0.1383, "651.0": 0.344, "660.0": 0.3109, "647.0": 0.3635, "650.0": 0.3489, "676.0": 0.2433, "696.0": 0.1606, "704.0": 0.1363, "707.0": 0.128, "714.0": 0.1113, "684.0": 0.2094, "717.0": 0.1064, "699.0": 0.151, "700.0": 0.147, "693.0": 0.1727, "679.0": 0.2324, "657.0": 0.326, "694.0": 0.1689, "689.0": 0.1852, "677.0": 0.238, "642.0": 0.3797, "646.0": 0.3753, "683.0": 0.2108, "661.0": 0.3059, "675.0": 0.2485, "716.0": 0.1082, "643.0": 0.3749, "701.0": 0.1439, "702.0": 0.1414, "674.0": 0.2538, "709.0": 0.1229, "669.0": 0.2735, "656.0": 0.3256, "706.0": 0.1309, "673.0": 0.2591, "691.0": 0.1795, "687.0": 0.1964, "718.0": 0.1055, "652.0": 0.3391, "670.0": 0.2683, "715.0": 0.1096, "655.0": 0.3306, "688.0": 0.1908, "666.0": 0.2889, "705.0": 0.1336, "686.0": 0.1984, "668.0": 0.2786, "658.0": 0.321, "690.0": 0.1825, "720.0": 0.1028, "713.0": 0.1135, "649.0": 0.3538, "681.0": 0.2216, "659.0": 0.316, "672.0": 0.258, "653.0": 0.3405, "648.0": 0.3587, "680.0": 0.227, "645.0": 0.3733, "665.0": 0.2941, "719.0": 0.1039, "667.0": 0.2838, "654.0": 0.3356, "641.0": 0.3845, "710.0": 0.1202, "662.0": 0.3009, "697.0": 0.1578, "711.0": 0.118, "644.0": 0.3783, "698.0": 0.1546, "663.0": 0.2959, "685.0": 0.2039, "671.0": 0.2632, "682.0": 0.2162, "712.0": 0.1157, "664.0": 0.2992, "678.0": 0.2327, "695.0": 0.1648, "708.0": 0.1253, "692.0": 0.1737}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1908, "long_delta": 0.0978, "short_iv": 0.1202, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.456237, "long_quote_age": 0.512832, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9912}, "spot": 717.35}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.62 (gross $-96.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+2683.90)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00710000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,373.00 (23 contracts) <= $10,465.13 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-97.62 (gross $-96.62 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1908, "long_delta": 0.0978, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8092, "edge_pp": -9.28, "ev_implied_usd": -23.15, "realized_vol": 0.1777, "atm_iv": 0.1064, "vrp_ratio": 1.6701, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -104.88, "ev_at_half_drift_usd": -100.72, "ev_gross_usd": -96.62, "expected_loss_real_usd": 145.62, "friction_usd": 1.0, "ev_net_usd": -97.62, "total_risk_usd": 10373.0, "risk_cap_usd": 10465.13, "options_buying_power_usd": 93511.32, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 481}
{"ts": "2026-09-04T14:57:26.627522+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative stability with a 5-day return of +0.13% and a minor 1-day decline of -0.05%, favoring a short put credit spread over a 5 to 7 DTE horizon.", "invalidation": "A breakdown in QQQ spot price below the short strike accompanied by widening losses invalidates the bullish thesis."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"686.0": 0.199, "687.0": 0.1956, "657.0": 0.3076, "670.0": 0.2586, "707.0": 0.1415, "691.0": 0.1821, "646.0": 0.3468, "668.0": 0.2661, "721.0": 0.1149, "684.0": 0.2063, "651.0": 0.3282, "676.0": 0.2347, "681.0": 0.2183, "675.0": 0.2397, "656.0": 0.3123, "652.0": 0.3275, "714.0": 0.1256, "648.0": 0.3421, "716.0": 0.122, "677.0": 0.233, "705.0": 0.146, "666.0": 0.2758, "644.0": 0.3559, "702.0": 0.1533, "710.0": 0.1344, "688.0": 0.193, "678.0": 0.2279, "655.0": 0.317, "683.0": 0.2104, "665.0": 0.2782, "649.0": 0.3374, "642.0": 0.3651, "695.0": 0.1707, "659.0": 0.3013, "664.0": 0.2804, "667.0": 0.271, "715.0": 0.1238, "709.0": 0.1367, "700.0": 0.1577, "653.0": 0.3264, "701.0": 0.1557, "669.0": 0.2613, "682.0": 0.2131, "694.0": 0.1743, "685.0": 0.2021, "662.0": 0.29, "660.0": 0.2995, "708.0": 0.1389, "719.0": 0.1174, "692.0": 0.1794, "703.0": 0.1506, "693.0": 0.1763, "712.0": 0.1299, "690.0": 0.1862, "650.0": 0.3328, "689.0": 0.1884, "717.0": 0.1201, "672.0": 0.2509, "647.0": 0.3467, "674.0": 0.2447, "641.0": 0.3696, "679.0": 0.2258, "673.0": 0.2459, "713.0": 0.1278, "680.0": 0.2207, "698.0": 0.1632, "663.0": 0.2852, "704.0": 0.1483, "661.0": 0.2947, "699.0": 0.1606, "706.0": 0.1438, "696.0": 0.1684, "711.0": 0.132, "658.0": 0.3061, "643.0": 0.3605, "654.0": 0.3217, "671.0": 0.2558, "645.0": 0.3514, "697.0": 0.1658, "718.0": 0.119, "720.0": 0.1161}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00703000", "short_strike": 708.0, "long_strike": 703.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1919, "long_delta": 0.1137, "short_iv": 0.1389, "short_rel_spread": 0.008032128514056231, "long_rel_spread": 0.014184397163120581, "short_quote_age": 0.462937, "long_quote_age": 0.47053, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9802}, "spot": 717.62}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-85.15 (gross $-84.15 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+2683.90)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260909P00708000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,258.00 (23 contracts) <= $10,465.13 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-85.15 (gross $-84.15 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.1919, "long_delta": 0.1137, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.8081, "edge_pp": -8.39, "ev_implied_usd": -22.4, "realized_vol": 0.1777, "atm_iv": 0.119, "vrp_ratio": 1.4933, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -92.99, "ev_at_half_drift_usd": -88.54, "ev_gross_usd": -84.15, "expected_loss_real_usd": 138.15, "friction_usd": 1.0, "ev_net_usd": -85.15, "total_risk_usd": 10258.0, "risk_cap_usd": 10465.13, "options_buying_power_usd": 93511.32, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 512}
{"ts": "2026-09-04T14:58:45.643365+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits resilient positive momentum across 1D (+0.02%) and 5D (+0.19%) timeframes with ATM IV at 10.05% trading below RV20 of 13.54%.", "invalidation": "QQQ spot price drops below 717.82 turning 5-day performance negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"650.0": 0.3505, "705.0": 0.1332, "680.0": 0.2289, "677.0": 0.2399, "667.0": 0.2856, "700.0": 0.1468, "719.0": 0.1027, "715.0": 0.1087, "710.0": 0.1202, "684.0": 0.2114, "699.0": 0.1505, "665.0": 0.2876, "716.0": 0.1072, "657.0": 0.3277, "661.0": 0.3076, "642.0": 0.3813, "711.0": 0.1175, "662.0": 0.3026, "704.0": 0.1355, "693.0": 0.1725, "678.0": 0.2346, "649.0": 0.3554, "685.0": 0.2059, "651.0": 0.3456, "643.0": 0.3765, "668.0": 0.2804, "652.0": 0.3407, "697.0": 0.1566, "720.0": 0.1011, "676.0": 0.2451, "686.0": 0.2004, "646.0": 0.377, "660.0": 0.3127, "709.0": 0.1224, "690.0": 0.1846, "645.0": 0.375, "688.0": 0.1928, "666.0": 0.2907, "708.0": 0.1252, "672.0": 0.2598, "679.0": 0.2343, "653.0": 0.3359, "669.0": 0.2753, "696.0": 0.1609, "671.0": 0.265, "644.0": 0.3799, "689.0": 0.1872, "647.0": 0.3652, "658.0": 0.3227, "673.0": 0.2609, "694.0": 0.1689, "691.0": 0.1816, "713.0": 0.1128, "648.0": 0.3603, "664.0": 0.2926, "702.0": 0.1418, "718.0": 0.1044, "692.0": 0.1758, "721.0": 0.1002, "712.0": 0.1151, "707.0": 0.1278, "701.0": 0.144, "698.0": 0.1538, "654.0": 0.331, "663.0": 0.2976, "681.0": 0.2235, "674.0": 0.2557, "714.0": 0.1107, "670.0": 0.2701, "703.0": 0.139, "682.0": 0.2181, "659.0": 0.3177, "695.0": 0.165, "706.0": 0.1302, "656.0": 0.3273, "655.0": 0.3261, "675.0": 0.2504, "717.0": 0.1055, "683.0": 0.2127, "687.0": 0.1967}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2052, "long_delta": 0.1034, "short_iv": 0.1175, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.41706, "long_quote_age": 0.415278, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9802}, "spot": 717.81}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.21 (gross $-96.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+2683.90)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,258.00 (23 contracts) <= $10,465.13 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-97.21 (gross $-96.21 - friction $1.00) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.2052, "long_delta": 0.1034, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.7948, "edge_pp": -9.72, "ev_implied_usd": -23.15, "realized_vol": 0.1777, "atm_iv": 0.1044, "vrp_ratio": 1.7021, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -104.62, "ev_at_half_drift_usd": -100.39, "ev_gross_usd": -96.21, "expected_loss_real_usd": 150.21, "friction_usd": 1.0, "ev_net_usd": -97.21, "total_risk_usd": 10258.0, "risk_cap_usd": 10465.13, "options_buying_power_usd": 93511.32, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 428}
{"ts": "2026-09-04T14:58:58.090292+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates positive 1D (+0.02%) and 5D (+0.19%) momentum, supporting premium collection via put credit spreads.", "invalidation": "A reversal in QQQ 1D performance turning sharply negative would invalidate the bullish momentum thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"658.0": 0.3229, "691.0": 0.1818, "697.0": 0.1569, "687.0": 0.1969, "688.0": 0.193, "669.0": 0.2754, "712.0": 0.1151, "673.0": 0.2611, "690.0": 0.1848, "702.0": 0.141, "681.0": 0.2237, "710.0": 0.1201, "659.0": 0.3179, "645.0": 0.3752, "709.0": 0.1222, "653.0": 0.336, "675.0": 0.2506, "649.0": 0.3556, "713.0": 0.1129, "671.0": 0.2652, "698.0": 0.154, "714.0": 0.1106, "706.0": 0.1297, "674.0": 0.2559, "670.0": 0.2703, "705.0": 0.1327, "666.0": 0.2909, "672.0": 0.26, "651.0": 0.3458, "717.0": 0.1054, "711.0": 0.1174, "716.0": 0.107, "693.0": 0.1727, "694.0": 0.1691, "652.0": 0.3409, "715.0": 0.1088, "662.0": 0.3028, "661.0": 0.3078, "720.0": 0.1014, "703.0": 0.1382, "721.0": 0.1, "700.0": 0.1471, "654.0": 0.3311, "660.0": 0.3128, "677.0": 0.2401, "718.0": 0.1039, "682.0": 0.2183, "657.0": 0.3279, "685.0": 0.2061, "692.0": 0.176, "707.0": 0.1275, "664.0": 0.2928, "719.0": 0.1027, "655.0": 0.3263, "676.0": 0.2453, "699.0": 0.1507, "701.0": 0.1443, "689.0": 0.1874, "650.0": 0.3507, "678.0": 0.2348, "679.0": 0.2345, "665.0": 0.2877, "648.0": 0.3605, "646.0": 0.3772, "704.0": 0.1349, "663.0": 0.2978, "656.0": 0.3275, "680.0": 0.2291, "683.0": 0.2129, "644.0": 0.3801, "696.0": 0.1612, "667.0": 0.2857, "708.0": 0.125, "647.0": 0.3654, "695.0": 0.1652, "686.0": 0.2006, "668.0": 0.2806, "684.0": 0.2116}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2037, "long_delta": 0.1351, "short_iv": 0.1174, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.4214, "long_quote_age": 0.420957, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10465.13, "utilization": 1.0, "usable_buying_power": 10465.13, "max_loss_per_contract": 263.0, "total_risk": 10257.0, "buying_power_used_pct": 0.9801}, "spot": 717.945}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.85 (gross $-56.85 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$93,511.32, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:01:49.063460+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive returns across 1D (+0.02%) and 5D (+0.20%) with ATM IV trading at a discount to realized volatility (IV/RV 0.75).", "invalidation": "QQQ spot price declines sharply below the 717.83 level causing short delta to expand beyond acceptable risk limits."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"699.0": 0.1522, "714.0": 0.1115, "653.0": 0.336, "697.0": 0.1586, "719.0": 0.1033, "656.0": 0.3275, "675.0": 0.2506, "718.0": 0.1047, "663.0": 0.3022, "706.0": 0.1312, "686.0": 0.2006, "659.0": 0.3178, "704.0": 0.1367, "649.0": 0.3556, "644.0": 0.38, "721.0": 0.1008, "676.0": 0.2453, "666.0": 0.2909, "655.0": 0.3325, "685.0": 0.2061, "689.0": 0.1874, "670.0": 0.2703, "646.0": 0.3771, "703.0": 0.1392, "692.0": 0.176, "671.0": 0.2651, "715.0": 0.1093, "647.0": 0.3653, "660.0": 0.3128, "688.0": 0.193, "683.0": 0.2129, "693.0": 0.1727, "662.0": 0.3028, "711.0": 0.1183, "681.0": 0.2237, "695.0": 0.1652, "700.0": 0.1484, "701.0": 0.1455, "707.0": 0.1281, "658.0": 0.3229, "698.0": 0.1556, "678.0": 0.2348, "705.0": 0.1335, "691.0": 0.1818, "716.0": 0.1078, "650.0": 0.3507, "677.0": 0.24, "717.0": 0.1062, "713.0": 0.1136, "667.0": 0.2857, "682.0": 0.2183, "709.0": 0.1233, "684.0": 0.2116, "673.0": 0.2611, "665.0": 0.296, "668.0": 0.2806, "696.0": 0.1611, "680.0": 0.2291, "648.0": 0.3605, "679.0": 0.2345, "720.0": 0.1022, "651.0": 0.3458, "708.0": 0.1255, "642.0": 0.3815, "657.0": 0.3279, "702.0": 0.1421, "652.0": 0.3409, "674.0": 0.2558, "687.0": 0.1969, "664.0": 0.3011, "710.0": 0.1205, "694.0": 0.1691, "690.0": 0.1848, "661.0": 0.3078, "672.0": 0.2663, "669.0": 0.2754, "654.0": 0.3374, "645.0": 0.3751, "712.0": 0.1159, "643.0": 0.3767}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2056, "long_delta": 0.1045, "short_iv": 0.1183, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.521166, "long_quote_age": 0.444203, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10401.09, "utilization": 1.0, "usable_buying_power": 10401.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9862}, "spot": 717.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.30 (gross $-95.30 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:02:02.280115+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative strength with positive 1D (+0.02%) and 5D (+0.20%) performance, making it favorable for a put credit spread across the 4-7 DTE window.", "invalidation": "QQQ spot price falling significantly below 717.83 and turning the 5-day return negative would invalidate this bullish setup."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"682.0": 0.2178, "662.0": 0.3023, "670.0": 0.2698, "642.0": 0.381, "685.0": 0.2055, "679.0": 0.2339, "651.0": 0.3453, "717.0": 0.1062, "696.0": 0.1605, "676.0": 0.2448, "713.0": 0.1135, "721.0": 0.1013, "646.0": 0.3767, "695.0": 0.1646, "692.0": 0.1754, "659.0": 0.3174, "690.0": 0.1842, "664.0": 0.3006, "716.0": 0.1076, "678.0": 0.2342, "656.0": 0.327, "668.0": 0.2801, "647.0": 0.3649, "648.0": 0.36, "663.0": 0.3017, "703.0": 0.1395, "693.0": 0.1721, "702.0": 0.1424, "657.0": 0.3274, "673.0": 0.2606, "680.0": 0.2286, "666.0": 0.2904, "694.0": 0.1685, "649.0": 0.3551, "672.0": 0.2658, "643.0": 0.3762, "714.0": 0.111, "654.0": 0.3369, "650.0": 0.3502, "707.0": 0.1286, "665.0": 0.2955, "700.0": 0.1477, "684.0": 0.211, "705.0": 0.1335, "708.0": 0.1259, "681.0": 0.2232, "698.0": 0.1549, "653.0": 0.3356, "718.0": 0.1051, "719.0": 0.1039, "710.0": 0.1206, "667.0": 0.2852, "720.0": 0.1023, "706.0": 0.1311, "661.0": 0.3073, "697.0": 0.158, "699.0": 0.1515, "674.0": 0.2553, "691.0": 0.1799, "655.0": 0.332, "660.0": 0.3123, "715.0": 0.1094, "644.0": 0.3796, "711.0": 0.1182, "709.0": 0.1229, "701.0": 0.1448, "686.0": 0.2, "688.0": 0.1924, "669.0": 0.2749, "671.0": 0.2646, "645.0": 0.3747, "683.0": 0.2124, "689.0": 0.1868, "704.0": 0.1368, "677.0": 0.2395, "687.0": 0.198, "712.0": 0.1157, "675.0": 0.2501, "658.0": 0.3224, "652.0": 0.3404}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2089, "long_delta": 0.1063, "short_iv": 0.1182, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.01980198019801982, "short_quote_age": 0.415479, "long_quote_age": 0.502673, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10401.09, "utilization": 1.0, "usable_buying_power": 10401.09, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.984}, "spot": 717.815}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.02 (gross $-95.02 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+2043.50)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $445/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,235.00 (23 contracts) <= $10,401.09 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-96.02 (gross $-95.02 - friction $1.00) > $0.00"}], "economics": {"credit": 0.55, "width": 5.0, "short_delta": 0.2089, "long_delta": 0.1063, "max_profit_usd": 55.0, "max_loss_usd": 445.0, "breakeven_wr": 0.89, "implied_wr": 0.7911, "edge_pp": -9.89, "ev_implied_usd": -23.8, "realized_vol": 0.1777, "atm_iv": 0.1051, "vrp_ratio": 1.6908, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -103.44, "ev_at_half_drift_usd": -99.21, "ev_gross_usd": -95.02, "expected_loss_real_usd": 150.02, "friction_usd": 1.0, "ev_net_usd": -96.02, "total_risk_usd": 10235.0, "risk_cap_usd": 10401.09, "options_buying_power_usd": 82871.12, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 505}
{"ts": "2026-09-04T15:03:23.210781+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits relative strength with a +0.15% 5D return and a mild -0.03% 1D change alongside an ATM IV of 10.15%.", "invalidation": "A downward price move in QQQ breaching the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1304, "669.0": 0.2732, "646.0": 0.375, "713.0": 0.1138, "651.0": 0.3437, "656.0": 0.3254, "642.0": 0.3795, "675.0": 0.2482, "696.0": 0.1602, "652.0": 0.3388, "643.0": 0.3746, "660.0": 0.3107, "641.0": 0.3843, "709.0": 0.1229, "715.0": 0.11, "698.0": 0.1542, "690.0": 0.1822, "704.0": 0.1359, "655.0": 0.3242, "659.0": 0.3157, "657.0": 0.3257, "716.0": 0.1085, "707.0": 0.1282, "672.0": 0.264, "697.0": 0.1574, "674.0": 0.2535, "679.0": 0.2321, "645.0": 0.3731, "712.0": 0.1161, "711.0": 0.1183, "648.0": 0.3584, "693.0": 0.1712, "720.0": 0.1034, "670.0": 0.268, "717.0": 0.1071, "718.0": 0.1058, "699.0": 0.1506, "695.0": 0.1644, "684.0": 0.2091, "682.0": 0.2159, "701.0": 0.1447, "673.0": 0.2588, "683.0": 0.2105, "714.0": 0.1119, "654.0": 0.329, "703.0": 0.1388, "685.0": 0.2036, "667.0": 0.2835, "663.0": 0.2956, "688.0": 0.1904, "661.0": 0.3056, "680.0": 0.2267, "665.0": 0.2938, "666.0": 0.2886, "668.0": 0.2783, "650.0": 0.3486, "687.0": 0.196, "692.0": 0.1734, "708.0": 0.1257, "689.0": 0.1848, "676.0": 0.243, "702.0": 0.142, "664.0": 0.2905, "678.0": 0.2324, "719.0": 0.1044, "649.0": 0.3535, "658.0": 0.3207, "694.0": 0.1674, "653.0": 0.3339, "647.0": 0.3633, "700.0": 0.1479, "644.0": 0.378, "671.0": 0.2629, "710.0": 0.1206, "705.0": 0.1331, "686.0": 0.1981, "691.0": 0.1792, "662.0": 0.3006, "681.0": 0.2213, "677.0": 0.2377}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1934, "long_delta": 0.0981, "short_iv": 0.1206, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.409338, "long_quote_age": 0.408759, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10361.09, "utilization": 1.0, "usable_buying_power": 10361.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9967}, "spot": 717.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.74 (gross $-93.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:03:33.965425+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative strength with a +0.15% 5D return and minimal -0.03% 1D change compared to SPY.", "invalidation": "A downward turn in QQQ turning 5D performance negative would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"693.0": 0.1712, "690.0": 0.1822, "671.0": 0.2629, "663.0": 0.2956, "698.0": 0.1542, "641.0": 0.3843, "680.0": 0.2267, "651.0": 0.3437, "677.0": 0.2377, "674.0": 0.2535, "718.0": 0.1054, "716.0": 0.1082, "660.0": 0.3107, "681.0": 0.2213, "717.0": 0.1068, "697.0": 0.1574, "657.0": 0.3257, "653.0": 0.3339, "652.0": 0.3388, "696.0": 0.1602, "670.0": 0.268, "708.0": 0.1257, "687.0": 0.196, "673.0": 0.2588, "642.0": 0.3795, "676.0": 0.243, "666.0": 0.2886, "702.0": 0.142, "655.0": 0.3242, "706.0": 0.1311, "715.0": 0.1097, "662.0": 0.3006, "699.0": 0.1506, "686.0": 0.1981, "694.0": 0.1674, "659.0": 0.3157, "714.0": 0.1115, "683.0": 0.2105, "664.0": 0.2905, "669.0": 0.2732, "692.0": 0.1734, "707.0": 0.1282, "650.0": 0.3486, "646.0": 0.375, "691.0": 0.1792, "713.0": 0.1138, "703.0": 0.1388, "695.0": 0.1644, "656.0": 0.3254, "719.0": 0.1041, "668.0": 0.2783, "705.0": 0.1339, "685.0": 0.2036, "643.0": 0.3746, "667.0": 0.2835, "679.0": 0.2321, "678.0": 0.2324, "682.0": 0.2159, "712.0": 0.1159, "665.0": 0.2938, "700.0": 0.1479, "689.0": 0.1848, "688.0": 0.1904, "649.0": 0.3535, "645.0": 0.3731, "661.0": 0.3056, "720.0": 0.1029, "675.0": 0.2482, "658.0": 0.3207, "648.0": 0.3584, "684.0": 0.2091, "672.0": 0.264, "704.0": 0.1359, "711.0": 0.1183, "709.0": 0.1229, "710.0": 0.1206, "644.0": 0.378, "654.0": 0.329, "647.0": 0.3633, "701.0": 0.1447}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1934, "long_delta": 0.0993, "short_iv": 0.1206, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.450128, "long_quote_age": 0.449955, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10361.09, "utilization": 1.0, "usable_buying_power": 10361.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9989}, "spot": 717.405}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-95.93 (gross $-94.93 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:04:56.441633+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits stable short-term performance with a +0.15% 5-day return and a flat -0.03% 1-day change, supporting an out-of-the-money put credit spread.", "invalidation": "A sustained downward price move in QQQ breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"687.0": 0.1955, "720.0": 0.1019, "717.0": 0.1053, "689.0": 0.186, "696.0": 0.1615, "701.0": 0.145, "664.0": 0.2916, "714.0": 0.1103, "686.0": 0.1993, "658.0": 0.3217, "695.0": 0.1638, "660.0": 0.3117, "654.0": 0.33, "683.0": 0.2116, "647.0": 0.3643, "699.0": 0.1506, "673.0": 0.2599, "713.0": 0.1125, "704.0": 0.1358, "680.0": 0.2278, "681.0": 0.2224, "655.0": 0.3313, "693.0": 0.1713, "642.0": 0.3804, "691.0": 0.1791, "652.0": 0.3398, "653.0": 0.3349, "665.0": 0.2948, "676.0": 0.2441, "712.0": 0.1147, "644.0": 0.379, "674.0": 0.2546, "719.0": 0.1029, "657.0": 0.3268, "711.0": 0.1171, "705.0": 0.1324, "721.0": 0.1006, "645.0": 0.3741, "671.0": 0.2639, "663.0": 0.2966, "707.0": 0.1274, "698.0": 0.154, "716.0": 0.107, "672.0": 0.2651, "677.0": 0.2388, "659.0": 0.3167, "692.0": 0.1746, "646.0": 0.376, "702.0": 0.1415, "670.0": 0.2691, "690.0": 0.1834, "700.0": 0.1481, "709.0": 0.1222, "715.0": 0.1085, "678.0": 0.2335, "708.0": 0.1247, "668.0": 0.2794, "649.0": 0.3545, "682.0": 0.217, "641.0": 0.3852, "718.0": 0.1044, "688.0": 0.1916, "661.0": 0.3067, "694.0": 0.1676, "710.0": 0.1198, "656.0": 0.3264, "684.0": 0.2103, "643.0": 0.3756, "685.0": 0.2048, "703.0": 0.1385, "662.0": 0.3016, "666.0": 0.2897, "648.0": 0.3594, "706.0": 0.13, "669.0": 0.2742, "675.0": 0.2493, "651.0": 0.3447, "679.0": 0.2332, "650.0": 0.3496, "667.0": 0.2845, "697.0": 0.1571}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2113, "long_delta": 0.1071, "short_iv": 0.1171, "short_rel_spread": 0.018867924528301903, "long_rel_spread": 0.01980198019801982, "short_quote_age": 0.444348, "long_quote_age": 0.416573, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10361.09, "utilization": 1.0, "usable_buying_power": 10361.09, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9856}, "spot": 717.49}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.56 (gross $-96.06 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:05:08.626400+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient 5-day performance of +0.15% with modest 1-day change of -0.03%, supporting an out-of-the-money put credit spread over a 4 to 7 DTE horizon.", "invalidation": "QQQ spot declines sharply below 717.48 breaking its positive 5-day return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"697.0": 0.1564, "670.0": 0.2686, "721.0": 0.1002, "645.0": 0.3736, "684.0": 0.2097, "673.0": 0.2593, "657.0": 0.3263, "650.0": 0.3491, "702.0": 0.1407, "700.0": 0.1474, "701.0": 0.1443, "676.0": 0.2436, "644.0": 0.3785, "683.0": 0.2111, "642.0": 0.38, "671.0": 0.2634, "653.0": 0.3344, "688.0": 0.1911, "655.0": 0.3247, "646.0": 0.3756, "695.0": 0.1631, "643.0": 0.3751, "687.0": 0.195, "715.0": 0.1087, "677.0": 0.2383, "699.0": 0.1499, "719.0": 0.103, "710.0": 0.1198, "716.0": 0.1071, "651.0": 0.3442, "658.0": 0.3212, "664.0": 0.2911, "708.0": 0.1244, "668.0": 0.2789, "656.0": 0.3259, "661.0": 0.3062, "689.0": 0.1855, "693.0": 0.1707, "682.0": 0.2165, "663.0": 0.2961, "652.0": 0.3393, "711.0": 0.1172, "647.0": 0.3638, "691.0": 0.1785, "649.0": 0.354, "696.0": 0.1609, "705.0": 0.1324, "660.0": 0.3112, "669.0": 0.2737, "681.0": 0.2219, "712.0": 0.1148, "648.0": 0.3589, "707.0": 0.1272, "674.0": 0.2541, "686.0": 0.1987, "659.0": 0.3162, "718.0": 0.1041, "675.0": 0.2488, "678.0": 0.233, "698.0": 0.1534, "720.0": 0.1016, "714.0": 0.1105, "690.0": 0.1828, "706.0": 0.1299, "654.0": 0.3296, "692.0": 0.174, "666.0": 0.2892, "717.0": 0.1056, "685.0": 0.2042, "665.0": 0.2943, "662.0": 0.3011, "679.0": 0.2303, "704.0": 0.135, "703.0": 0.1377, "709.0": 0.1218, "672.0": 0.2646, "694.0": 0.167, "680.0": 0.2273, "713.0": 0.1125, "667.0": 0.284}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 28, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00706000", "short_strike": 710.0, "long_strike": 706.0, "width": 4.0, "credit": 0.42, "short_delta": 0.1882, "long_delta": 0.1089, "short_iv": 0.1198, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.423852, "long_quote_age": 0.434237, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 28, "options_buying_power": 10361.09, "utilization": 1.0, "usable_buying_power": 10361.09, "max_loss_per_contract": 358.0, "total_risk": 10024.0, "buying_power_used_pct": 0.9675}, "spot": 717.59}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-77.59 (gross $-76.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 28 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+1643.50)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00710000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 1.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $358/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,024.00 (28 contracts) <= $10,361.09 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-77.59 (gross $-76.59 - friction $1.00) > $0.00"}], "economics": {"credit": 0.42, "width": 4.0, "short_delta": 0.1882, "long_delta": 0.1089, "max_profit_usd": 42.0, "max_loss_usd": 358.0, "breakeven_wr": 0.895, "implied_wr": 0.8118, "edge_pp": -8.32, "ev_implied_usd": -17.42, "realized_vol": 0.1777, "atm_iv": 0.1041, "vrp_ratio": 1.707, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -83.23, "ev_at_half_drift_usd": -79.89, "ev_gross_usd": -76.59, "expected_loss_real_usd": 118.59, "friction_usd": 1.0, "ev_net_usd": -77.59, "total_risk_usd": 10024.0, "risk_cap_usd": 10361.09, "options_buying_power_usd": 82871.12, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 469}
{"ts": "2026-09-04T15:06:28.753376+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits steady resilience holding a +0.16% 5-day return and a flat 1-day change of -0.02% with 4-day ATM IV trading at 10.15%.", "invalidation": "A sharp downward decline that turns the positive 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"690.0": 0.1834, "720.0": 0.1018, "652.0": 0.3398, "709.0": 0.1217, "701.0": 0.1439, "647.0": 0.3643, "697.0": 0.1571, "695.0": 0.1638, "699.0": 0.1506, "670.0": 0.2691, "650.0": 0.3496, "693.0": 0.1713, "718.0": 0.1041, "644.0": 0.379, "660.0": 0.3117, "687.0": 0.1973, "700.0": 0.1481, "686.0": 0.1993, "667.0": 0.2846, "671.0": 0.264, "692.0": 0.1747, "648.0": 0.3594, "645.0": 0.3741, "658.0": 0.3218, "706.0": 0.1293, "679.0": 0.2332, "675.0": 0.2494, "680.0": 0.2278, "676.0": 0.2441, "655.0": 0.3314, "681.0": 0.2225, "715.0": 0.1082, "666.0": 0.2897, "651.0": 0.3447, "689.0": 0.1861, "657.0": 0.3268, "646.0": 0.3761, "714.0": 0.1099, "649.0": 0.3545, "713.0": 0.1122, "672.0": 0.2651, "717.0": 0.1051, "703.0": 0.1385, "643.0": 0.3756, "661.0": 0.3067, "708.0": 0.1241, "668.0": 0.2794, "694.0": 0.1677, "662.0": 0.3017, "665.0": 0.2948, "663.0": 0.2966, "654.0": 0.3301, "716.0": 0.1066, "683.0": 0.2117, "711.0": 0.1164, "678.0": 0.2336, "721.0": 0.1007, "684.0": 0.2103, "691.0": 0.1805, "712.0": 0.1143, "673.0": 0.2599, "677.0": 0.2388, "702.0": 0.1415, "659.0": 0.3167, "719.0": 0.1028, "707.0": 0.1268, "669.0": 0.2743, "682.0": 0.2171, "656.0": 0.3264, "710.0": 0.1188, "674.0": 0.2546, "704.0": 0.1349, "685.0": 0.2048, "698.0": 0.1541, "688.0": 0.1917, "664.0": 0.2916, "653.0": 0.3349, "696.0": 0.1616, "705.0": 0.1325}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2099, "long_delta": 0.1393, "short_iv": 0.1164, "short_rel_spread": 0.00956937799043063, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.442506, "long_quote_age": 0.450456, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10425.09, "utilization": 1.0, "usable_buying_power": 10425.09, "max_loss_per_contract": 262.0, "total_risk": 10218.0, "buying_power_used_pct": 0.9801}, "spot": 717.5550000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.57 (gross $-57.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:06:42.183786+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ maintains positive 5-day momentum of +0.16% with 1-day change stable at -0.02%, supporting defined-risk put premium collection.", "invalidation": "QQQ spot price falls significantly below 717.56 turning multi-day returns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"670.0": 0.2686, "697.0": 0.1565, "668.0": 0.2789, "647.0": 0.3638, "696.0": 0.161, "663.0": 0.2962, "674.0": 0.2541, "685.0": 0.2043, "666.0": 0.2892, "691.0": 0.1799, "713.0": 0.1115, "721.0": 0.1, "665.0": 0.2944, "683.0": 0.2112, "710.0": 0.1184, "714.0": 0.1093, "704.0": 0.1351, "644.0": 0.3785, "645.0": 0.3736, "662.0": 0.3012, "671.0": 0.2635, "716.0": 0.106, "709.0": 0.1208, "708.0": 0.1239, "711.0": 0.1159, "659.0": 0.3163, "658.0": 0.3213, "705.0": 0.1317, "676.0": 0.2436, "660.0": 0.3112, "700.0": 0.1475, "717.0": 0.1044, "672.0": 0.2647, "715.0": 0.1076, "702.0": 0.1408, "686.0": 0.1988, "643.0": 0.3752, "687.0": 0.1967, "651.0": 0.3443, "720.0": 0.1008, "673.0": 0.2594, "648.0": 0.3589, "650.0": 0.3492, "719.0": 0.1018, "646.0": 0.3756, "703.0": 0.1378, "689.0": 0.1855, "698.0": 0.1535, "701.0": 0.1432, "652.0": 0.3394, "690.0": 0.1829, "679.0": 0.2327, "694.0": 0.1671, "682.0": 0.2166, "655.0": 0.3309, "667.0": 0.2841, "681.0": 0.222, "712.0": 0.1135, "675.0": 0.2489, "695.0": 0.1632, "653.0": 0.3345, "684.0": 0.2098, "706.0": 0.1292, "657.0": 0.3263, "678.0": 0.2331, "699.0": 0.15, "680.0": 0.2273, "677.0": 0.2383, "649.0": 0.3541, "661.0": 0.3062, "688.0": 0.1911, "692.0": 0.1741, "654.0": 0.3296, "707.0": 0.1267, "669.0": 0.2738, "718.0": 0.1035, "693.0": 0.1707, "656.0": 0.3259, "664.0": 0.2911}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2122, "long_delta": 0.1413, "short_iv": 0.1159, "short_rel_spread": 0.009478672985781998, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.488767, "long_quote_age": 0.488744, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10425.09, "utilization": 1.0, "usable_buying_power": 10425.09, "max_loss_per_contract": 262.0, "total_risk": 10218.0, "buying_power_used_pct": 0.9801}, "spot": 717.59}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.44 (gross $-57.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:08:10.233935+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows price stability with a 5D return of +0.17% and an IV/RV ratio of 0.74, favoring premium collection via an out-of-the-money put credit spread.", "invalidation": "A sharp drop in QQQ spot price breaking below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"648.0": 0.3599, "716.0": 0.1065, "664.0": 0.2922, "699.0": 0.1514, "717.0": 0.105, "680.0": 0.2284, "679.0": 0.2338, "721.0": 0.1004, "656.0": 0.3269, "689.0": 0.1867, "698.0": 0.1548, "713.0": 0.1119, "690.0": 0.1841, "666.0": 0.2903, "660.0": 0.3123, "654.0": 0.3369, "646.0": 0.3697, "705.0": 0.1317, "715.0": 0.1081, "706.0": 0.1295, "643.0": 0.3761, "671.0": 0.2645, "684.0": 0.2109, "683.0": 0.2123, "673.0": 0.2605, "712.0": 0.114, "657.0": 0.3273, "718.0": 0.1036, "665.0": 0.2954, "676.0": 0.2447, "704.0": 0.1349, "695.0": 0.1645, "700.0": 0.1476, "691.0": 0.1811, "663.0": 0.2972, "682.0": 0.2177, "709.0": 0.1211, "694.0": 0.1684, "685.0": 0.2054, "719.0": 0.1025, "658.0": 0.3223, "668.0": 0.28, "697.0": 0.1578, "655.0": 0.3319, "669.0": 0.2748, "692.0": 0.1753, "686.0": 0.1999, "708.0": 0.1239, "710.0": 0.1189, "681.0": 0.2231, "652.0": 0.3403, "677.0": 0.2394, "642.0": 0.3809, "661.0": 0.3072, "667.0": 0.2851, "670.0": 0.2697, "674.0": 0.2552, "693.0": 0.172, "645.0": 0.3746, "651.0": 0.3452, "707.0": 0.1264, "687.0": 0.1979, "714.0": 0.1098, "678.0": 0.2341, "653.0": 0.3355, "701.0": 0.1447, "711.0": 0.1162, "662.0": 0.3022, "688.0": 0.1923, "647.0": 0.3648, "675.0": 0.25, "650.0": 0.3501, "644.0": 0.3795, "696.0": 0.1613, "649.0": 0.355, "659.0": 0.3173, "703.0": 0.1383, "720.0": 0.1015, "702.0": 0.1412, "672.0": 0.2657}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2055, "long_delta": 0.1039, "short_iv": 0.1162, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.449494, "long_quote_age": 0.492411, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10449.09, "utilization": 1.0, "usable_buying_power": 10449.09, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9839}, "spot": 717.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.65 (gross $-96.65 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:08:24.305499+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.25, "spread_width": 4, "max_loss_usd": 350, "thesis": "QQQ exhibits relative stability with a +0.17% 5-day return and -0.01% 1-day change, supporting an out-of-the-money put credit spread.", "invalidation": "A downward break in QQQ spot price breaching the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"664.0": 0.2928, "666.0": 0.2909, "712.0": 0.1139, "649.0": 0.3556, "674.0": 0.2559, "670.0": 0.2704, "715.0": 0.108, "683.0": 0.213, "687.0": 0.1987, "684.0": 0.2117, "714.0": 0.1097, "672.0": 0.2664, "689.0": 0.1874, "680.0": 0.2292, "713.0": 0.1118, "701.0": 0.1444, "719.0": 0.1022, "646.0": 0.3703, "676.0": 0.2454, "705.0": 0.1319, "709.0": 0.1211, "692.0": 0.1761, "720.0": 0.1009, "710.0": 0.1186, "706.0": 0.1291, "663.0": 0.2978, "717.0": 0.1049, "703.0": 0.1383, "698.0": 0.1541, "688.0": 0.1931, "644.0": 0.3801, "662.0": 0.3028, "708.0": 0.1238, "696.0": 0.1612, "653.0": 0.3361, "643.0": 0.3767, "693.0": 0.1728, "686.0": 0.2007, "699.0": 0.1508, "668.0": 0.2806, "669.0": 0.2755, "659.0": 0.3179, "691.0": 0.1805, "679.0": 0.2345, "682.0": 0.2184, "678.0": 0.2348, "690.0": 0.1848, "700.0": 0.1471, "707.0": 0.1269, "694.0": 0.1692, "711.0": 0.1161, "657.0": 0.328, "704.0": 0.135, "716.0": 0.1065, "650.0": 0.3507, "661.0": 0.3079, "655.0": 0.3325, "651.0": 0.3458, "721.0": 0.0994, "665.0": 0.2961, "645.0": 0.3752, "654.0": 0.3375, "658.0": 0.3229, "697.0": 0.1587, "695.0": 0.1653, "647.0": 0.3654, "675.0": 0.2506, "652.0": 0.341, "681.0": 0.2238, "673.0": 0.2612, "667.0": 0.2858, "685.0": 0.2062, "677.0": 0.2401, "656.0": 0.3276, "660.0": 0.3129, "671.0": 0.2652, "718.0": 0.1036, "702.0": 0.1411, "648.0": 0.3605}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 31, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00709000", "short_strike": 713.0, "long_strike": 709.0, "width": 4.0, "credit": 0.63, "short_delta": 0.264, "long_delta": 0.1523, "short_iv": 0.1118, "short_rel_spread": 0.007380073800738014, "long_rel_spread": 0.013793103448275874, "short_quote_age": 0.418947, "long_quote_age": 0.418937, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 31, "options_buying_power": 10449.09, "utilization": 1.0, "usable_buying_power": 10449.09, "max_loss_per_contract": 337.0, "total_risk": 10447.0, "buying_power_used_pct": 0.9998}, "spot": 718.03}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-71.77 (gross $-70.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 31 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:09:45.393676+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with a 1-day gain of +0.03% and 5-day return of +0.21% while ATM IV of 9.98% trades below RV20 of 13.54%.", "invalidation": "QQQ spot price declines significantly below its current 717.91 level erasing 5-day gains."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"674.0": 0.255, "660.0": 0.3121, "680.0": 0.2282, "696.0": 0.1602, "703.0": 0.1371, "704.0": 0.1346, "656.0": 0.3268, "692.0": 0.1751, "700.0": 0.146, "718.0": 0.1033, "664.0": 0.292, "677.0": 0.2392, "675.0": 0.2498, "714.0": 0.1096, "681.0": 0.2229, "650.0": 0.3499, "644.0": 0.3793, "663.0": 0.297, "668.0": 0.2798, "713.0": 0.1114, "705.0": 0.1314, "699.0": 0.1497, "721.0": 0.0999, "684.0": 0.2107, "720.0": 0.1007, "653.0": 0.3353, "715.0": 0.1078, "673.0": 0.2603, "652.0": 0.3402, "717.0": 0.1048, "671.0": 0.2643, "679.0": 0.2336, "647.0": 0.3646, "693.0": 0.1717, "683.0": 0.2121, "686.0": 0.1997, "667.0": 0.2849, "707.0": 0.1261, "719.0": 0.102, "654.0": 0.3304, "702.0": 0.1399, "670.0": 0.2695, "655.0": 0.3255, "648.0": 0.3597, "689.0": 0.1865, "672.0": 0.2655, "682.0": 0.2175, "651.0": 0.3451, "709.0": 0.1207, "649.0": 0.3548, "711.0": 0.1158, "708.0": 0.1236, "701.0": 0.1432, "659.0": 0.3171, "665.0": 0.2952, "710.0": 0.1185, "666.0": 0.2901, "658.0": 0.3221, "645.0": 0.3744, "697.0": 0.1576, "698.0": 0.153, "691.0": 0.1809, "690.0": 0.1839, "676.0": 0.2445, "662.0": 0.302, "687.0": 0.1977, "712.0": 0.1138, "678.0": 0.2339, "646.0": 0.3695, "661.0": 0.307, "657.0": 0.3218, "685.0": 0.2052, "716.0": 0.1061, "669.0": 0.2746, "688.0": 0.1921, "694.0": 0.1681, "695.0": 0.1643, "706.0": 0.1288}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.37, "short_delta": 0.206, "long_delta": 0.1364, "short_iv": 0.1158, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.508742, "long_quote_age": 0.507005, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10457.09, "utilization": 1.0, "usable_buying_power": 10457.09, "max_loss_per_contract": 263.0, "total_risk": 10257.0, "buying_power_used_pct": 0.9809}, "spot": 717.84}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.07 (gross $-57.07 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:10:03.215653+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive 1-day (+0.03%) and 5-day (+0.21%) momentum with IV/RV of 0.74, favoring a short-dated put credit spread to capture premium above recent price stability.", "invalidation": "QQQ turning negative on 1-day momentum or dropping below recent spot levels."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 480}
{"ts": "2026-09-04T15:11:25.389061+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates stable upward momentum with a 1D gain of +0.04% and a 5D gain of +0.21%.", "invalidation": "QQQ spot price declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"675.0": 0.2506, "667.0": 0.2858, "693.0": 0.1728, "703.0": 0.1373, "680.0": 0.2292, "649.0": 0.3556, "644.0": 0.3801, "659.0": 0.3179, "714.0": 0.1088, "690.0": 0.1848, "673.0": 0.2612, "702.0": 0.1411, "660.0": 0.3129, "678.0": 0.2348, "651.0": 0.3458, "720.0": 0.1003, "718.0": 0.1026, "679.0": 0.2345, "716.0": 0.1053, "643.0": 0.3767, "656.0": 0.3276, "719.0": 0.1012, "681.0": 0.2238, "699.0": 0.1508, "672.0": 0.2664, "710.0": 0.1176, "665.0": 0.2961, "700.0": 0.1471, "704.0": 0.134, "682.0": 0.2184, "696.0": 0.1612, "661.0": 0.3079, "694.0": 0.1692, "655.0": 0.3263, "647.0": 0.3654, "689.0": 0.1874, "687.0": 0.1987, "691.0": 0.1805, "677.0": 0.2401, "645.0": 0.3752, "671.0": 0.2652, "658.0": 0.3229, "712.0": 0.1128, "692.0": 0.1761, "683.0": 0.213, "707.0": 0.1255, "721.0": 0.0992, "709.0": 0.12, "711.0": 0.1152, "664.0": 0.3012, "697.0": 0.1569, "663.0": 0.2978, "706.0": 0.1283, "654.0": 0.3312, "717.0": 0.1039, "670.0": 0.2704, "705.0": 0.1311, "684.0": 0.2117, "688.0": 0.1931, "642.0": 0.3815, "698.0": 0.1541, "695.0": 0.1653, "708.0": 0.1226, "650.0": 0.3507, "676.0": 0.2454, "668.0": 0.2806, "686.0": 0.2007, "652.0": 0.341, "715.0": 0.107, "653.0": 0.3361, "666.0": 0.2909, "713.0": 0.1107, "648.0": 0.3605, "657.0": 0.3226, "701.0": 0.1444, "646.0": 0.3703, "662.0": 0.3028, "669.0": 0.2755, "685.0": 0.2062, "674.0": 0.2559}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1989, "long_delta": 0.0993, "short_iv": 0.1152, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.539823, "long_quote_age": 0.917973, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10457.09, "utilization": 1.0, "usable_buying_power": 10457.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9876}, "spot": 717.99}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.36 (gross $-97.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:11:43.611026+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 4], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows steady positive momentum with 1D at +0.04% and 5D at +0.21% alongside an IV/RV of 0.74.", "invalidation": "QQQ spot price declines significantly below the current 717.93 level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"655.0": 0.3256, "656.0": 0.3268, "680.0": 0.2283, "713.0": 0.1107, "691.0": 0.1796, "644.0": 0.3794, "681.0": 0.2229, "705.0": 0.1315, "709.0": 0.1202, "657.0": 0.3218, "669.0": 0.2747, "704.0": 0.1338, "695.0": 0.1643, "649.0": 0.3549, "690.0": 0.1839, "646.0": 0.3696, "686.0": 0.1998, "665.0": 0.2953, "676.0": 0.2445, "667.0": 0.285, "666.0": 0.2901, "719.0": 0.1013, "721.0": 0.0989, "716.0": 0.1054, "650.0": 0.35, "714.0": 0.1085, "647.0": 0.3647, "648.0": 0.3598, "682.0": 0.2175, "651.0": 0.3451, "688.0": 0.1921, "710.0": 0.1176, "664.0": 0.3004, "662.0": 0.3021, "701.0": 0.1432, "642.0": 0.3808, "718.0": 0.1026, "687.0": 0.1977, "715.0": 0.107, "711.0": 0.1152, "678.0": 0.234, "671.0": 0.2644, "658.0": 0.3222, "641.0": 0.3856, "684.0": 0.2108, "703.0": 0.1371, "706.0": 0.1285, "708.0": 0.1224, "685.0": 0.2053, "663.0": 0.297, "712.0": 0.1128, "707.0": 0.1255, "698.0": 0.153, "697.0": 0.1559, "661.0": 0.3071, "694.0": 0.1682, "645.0": 0.3745, "673.0": 0.2603, "702.0": 0.1399, "683.0": 0.2121, "696.0": 0.1602, "660.0": 0.3121, "675.0": 0.2498, "693.0": 0.1718, "679.0": 0.2337, "668.0": 0.2798, "654.0": 0.3304, "670.0": 0.2695, "659.0": 0.3171, "674.0": 0.2551, "717.0": 0.1039, "652.0": 0.3402, "699.0": 0.1497, "720.0": 0.1002, "653.0": 0.3353, "677.0": 0.2393, "643.0": 0.376, "689.0": 0.1865, "700.0": 0.1461, "672.0": 0.2656, "692.0": 0.1752}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2045, "long_delta": 0.1027, "short_iv": 0.1152, "short_rel_spread": 0.020000000000000018, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.433377, "long_quote_age": 0.440159, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10457.09, "utilization": 1.0, "usable_buying_power": 10457.09, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9832}, "spot": 717.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.07 (gross $-97.57 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:13:10.485536+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ displays positive returns across the 1D (+0.06%) and 5D (+0.23%) horizons while ATM IV is 9.82% against RV20 of 13.54%.", "invalidation": "QQQ spot price drops below the short strike during the holding period."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"716.0": 0.1052, "710.0": 0.1177, "645.0": 0.376, "647.0": 0.3662, "700.0": 0.147, "690.0": 0.1859, "706.0": 0.1282, "665.0": 0.2887, "707.0": 0.1256, "674.0": 0.2568, "649.0": 0.3565, "670.0": 0.2713, "671.0": 0.2661, "661.0": 0.3087, "652.0": 0.3418, "719.0": 0.1009, "720.0": 0.0998, "684.0": 0.2107, "676.0": 0.2463, "718.0": 0.1023, "681.0": 0.2247, "662.0": 0.3037, "701.0": 0.1431, "683.0": 0.214, "651.0": 0.3467, "672.0": 0.2643, "682.0": 0.2194, "678.0": 0.2358, "713.0": 0.1107, "659.0": 0.3188, "685.0": 0.2072, "687.0": 0.1962, "712.0": 0.1127, "686.0": 0.2017, "663.0": 0.2987, "669.0": 0.2764, "703.0": 0.1376, "650.0": 0.3516, "644.0": 0.3727, "646.0": 0.3711, "688.0": 0.1941, "660.0": 0.3138, "708.0": 0.1228, "668.0": 0.2815, "709.0": 0.1199, "679.0": 0.2331, "693.0": 0.1726, "694.0": 0.168, "697.0": 0.1562, "658.0": 0.3238, "691.0": 0.1802, "702.0": 0.14, "656.0": 0.3223, "648.0": 0.3613, "689.0": 0.1885, "692.0": 0.1772, "715.0": 0.1067, "673.0": 0.2621, "680.0": 0.2301, "654.0": 0.332, "677.0": 0.241, "699.0": 0.1505, "667.0": 0.2867, "714.0": 0.1083, "704.0": 0.1344, "664.0": 0.2937, "643.0": 0.3775, "653.0": 0.3369, "696.0": 0.1604, "711.0": 0.115, "642.0": 0.3824, "655.0": 0.3272, "657.0": 0.3235, "698.0": 0.1536, "666.0": 0.2918, "695.0": 0.1643, "705.0": 0.1308, "675.0": 0.2516, "721.0": 0.0987, "717.0": 0.1036}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1925, "long_delta": 0.0957, "short_iv": 0.115, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.593194, "long_quote_age": 1.152276, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.09, "utilization": 1.0, "usable_buying_power": 10465.09, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9912}, "spot": 718.2}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.77 (gross $-97.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:13:23.971488+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with a 1D return of +0.06% and 5D return of +0.23% alongside an IV/RV ratio of 0.73.", "invalidation": "A decline in QQQ spot price that turns the 5D return negative would invalidate this bullish outlook."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"688.0": 0.194, "698.0": 0.1535, "684.0": 0.2106, "659.0": 0.3187, "707.0": 0.1254, "680.0": 0.23, "672.0": 0.2642, "650.0": 0.3515, "720.0": 0.0994, "662.0": 0.3036, "663.0": 0.2986, "716.0": 0.1049, "700.0": 0.1468, "681.0": 0.2246, "644.0": 0.3726, "689.0": 0.1884, "694.0": 0.1678, "664.0": 0.2936, "656.0": 0.3283, "670.0": 0.2712, "653.0": 0.3368, "695.0": 0.1642, "678.0": 0.2357, "714.0": 0.1084, "679.0": 0.233, "674.0": 0.2567, "708.0": 0.1227, "655.0": 0.3271, "683.0": 0.2139, "647.0": 0.3662, "651.0": 0.3466, "701.0": 0.1429, "687.0": 0.1961, "658.0": 0.3237, "696.0": 0.1602, "645.0": 0.3759, "710.0": 0.1175, "675.0": 0.2515, "682.0": 0.2193, "649.0": 0.3564, "697.0": 0.1561, "706.0": 0.128, "648.0": 0.3613, "677.0": 0.2409, "646.0": 0.371, "713.0": 0.1105, "721.0": 0.0984, "676.0": 0.2462, "703.0": 0.1364, "711.0": 0.1148, "709.0": 0.12, "690.0": 0.1843, "667.0": 0.2866, "705.0": 0.1306, "686.0": 0.2016, "692.0": 0.177, "671.0": 0.266, "669.0": 0.2763, "665.0": 0.2886, "685.0": 0.2071, "715.0": 0.1065, "693.0": 0.1725, "718.0": 0.102, "673.0": 0.262, "712.0": 0.1125, "652.0": 0.3417, "704.0": 0.1343, "643.0": 0.3775, "642.0": 0.3823, "702.0": 0.1399, "666.0": 0.2917, "668.0": 0.2814, "717.0": 0.1033, "699.0": 0.1503, "654.0": 0.3319, "657.0": 0.3234, "661.0": 0.3086, "719.0": 0.1009, "691.0": 0.1801, "660.0": 0.3137}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1928, "long_delta": 0.0958, "short_iv": 0.1148, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.445351, "long_quote_age": 0.473229, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10465.09, "utilization": 1.0, "usable_buying_power": 10465.09, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9912}, "spot": 718.08}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.05 (gross $-99.05 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:14:50.724924+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows steady positive momentum with a 1D return of +0.06% and 5D return of +0.24% while IV sits at 9.82% relative to RV20 of 13.54%.", "invalidation": "QQQ spot price declines significantly below 718.12 reversing its 5-day positive return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"714.0": 0.1077, "643.0": 0.3777, "719.0": 0.1, "675.0": 0.2518, "656.0": 0.3224, "716.0": 0.1041, "666.0": 0.292, "711.0": 0.1142, "699.0": 0.1507, "692.0": 0.1774, "715.0": 0.1058, "648.0": 0.3615, "688.0": 0.1943, "650.0": 0.3517, "713.0": 0.1097, "705.0": 0.1302, "661.0": 0.3089, "718.0": 0.1013, "684.0": 0.2109, "665.0": 0.2888, "672.0": 0.2645, "702.0": 0.1403, "712.0": 0.112, "708.0": 0.1219, "700.0": 0.1472, "669.0": 0.2766, "646.0": 0.3713, "706.0": 0.1277, "668.0": 0.2817, "676.0": 0.2465, "657.0": 0.3236, "644.0": 0.3729, "695.0": 0.1645, "678.0": 0.236, "673.0": 0.256, "680.0": 0.2303, "670.0": 0.2714, "696.0": 0.1606, "693.0": 0.1728, "698.0": 0.1538, "654.0": 0.3322, "685.0": 0.2074, "720.0": 0.0985, "642.0": 0.3825, "647.0": 0.3664, "709.0": 0.1191, "721.0": 0.0975, "664.0": 0.2939, "704.0": 0.1338, "671.0": 0.2663, "681.0": 0.2249, "717.0": 0.1028, "660.0": 0.3139, "651.0": 0.3469, "707.0": 0.1245, "701.0": 0.1433, "703.0": 0.1368, "683.0": 0.2142, "649.0": 0.3566, "677.0": 0.2412, "690.0": 0.1861, "686.0": 0.2019, "662.0": 0.3039, "658.0": 0.324, "653.0": 0.3371, "674.0": 0.257, "687.0": 0.1964, "689.0": 0.1887, "663.0": 0.2989, "655.0": 0.3273, "697.0": 0.1565, "691.0": 0.1804, "652.0": 0.342, "694.0": 0.1682, "710.0": 0.1165, "682.0": 0.2196, "645.0": 0.3762, "679.0": 0.2333, "659.0": 0.319, "667.0": 0.2869}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1895, "long_delta": 0.0941, "short_iv": 0.1142, "short_rel_spread": 0.02222222222222224, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.811331, "long_quote_age": 0.81033, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10521.09, "utilization": 1.0, "usable_buying_power": 10521.09, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.9881}, "spot": 718.11}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.30 (gross $-99.80 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:15:01.120464+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates positive short-term momentum with 1D up +0.06% and 5D up +0.24%, supporting an out-of-the-money put credit spread.", "invalidation": "QQQ spot price declining below recent levels and turning the +0.24% 5D return negative would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"671.0": 0.2666, "673.0": 0.2563, "650.0": 0.352, "714.0": 0.1073, "709.0": 0.119, "700.0": 0.1462, "652.0": 0.3423, "696.0": 0.161, "644.0": 0.3732, "655.0": 0.3276, "680.0": 0.2307, "649.0": 0.3569, "715.0": 0.1055, "685.0": 0.2077, "659.0": 0.3193, "672.0": 0.2648, "708.0": 0.1218, "711.0": 0.1141, "710.0": 0.1166, "681.0": 0.2253, "647.0": 0.3667, "718.0": 0.101, "698.0": 0.1542, "678.0": 0.2363, "674.0": 0.2574, "654.0": 0.3325, "704.0": 0.1333, "667.0": 0.2872, "676.0": 0.2469, "701.0": 0.1425, "706.0": 0.1274, "713.0": 0.1094, "702.0": 0.1396, "677.0": 0.2416, "717.0": 0.1025, "721.0": 0.0971, "691.0": 0.1808, "651.0": 0.3472, "648.0": 0.3618, "699.0": 0.1496, "668.0": 0.2821, "707.0": 0.1243, "705.0": 0.1298, "720.0": 0.0982, "663.0": 0.2992, "693.0": 0.1732, "660.0": 0.3143, "716.0": 0.104, "679.0": 0.2336, "662.0": 0.3042, "703.0": 0.1362, "684.0": 0.2112, "689.0": 0.189, "695.0": 0.1649, "694.0": 0.1686, "645.0": 0.3765, "687.0": 0.1967, "665.0": 0.2892, "682.0": 0.2199, "664.0": 0.2942, "712.0": 0.1118, "669.0": 0.2769, "690.0": 0.1865, "686.0": 0.2022, "657.0": 0.324, "688.0": 0.1947, "656.0": 0.3228, "675.0": 0.2521, "719.0": 0.0998, "683.0": 0.2145, "653.0": 0.3374, "697.0": 0.1569, "666.0": 0.2923, "646.0": 0.3716, "670.0": 0.2718, "692.0": 0.1778, "661.0": 0.3092, "658.0": 0.3243}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1872, "long_delta": 0.1221, "short_iv": 0.1141, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.48773, "long_quote_age": 0.489537, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10521.09, "utilization": 1.0, "usable_buying_power": 10521.09, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.9897}, "spot": 718.255}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.14 (gross $-59.14 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:16:24.120429+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows positive momentum with a +0.08% 1-day and +0.25% 5-day return while 4-day ATM IV is 9.82% with an IV/RV ratio of 0.73.", "invalidation": "QQQ spot price falls sharply below the current 718.21 level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"677.0": 0.2415, "680.0": 0.2306, "673.0": 0.2562, "684.0": 0.209, "682.0": 0.2198, "711.0": 0.1139, "720.0": 0.0983, "685.0": 0.2076, "683.0": 0.2144, "713.0": 0.1091, "710.0": 0.1164, "694.0": 0.1685, "693.0": 0.1719, "700.0": 0.1461, "645.0": 0.3764, "668.0": 0.282, "690.0": 0.1849, "664.0": 0.2941, "689.0": 0.1889, "712.0": 0.1113, "695.0": 0.1648, "670.0": 0.2717, "644.0": 0.3731, "699.0": 0.1495, "681.0": 0.2252, "714.0": 0.1071, "708.0": 0.1216, "706.0": 0.1273, "658.0": 0.3242, "646.0": 0.3715, "651.0": 0.3471, "667.0": 0.2871, "675.0": 0.252, "686.0": 0.2021, "674.0": 0.2573, "716.0": 0.1037, "650.0": 0.352, "701.0": 0.1423, "702.0": 0.1394, "659.0": 0.3192, "671.0": 0.2665, "719.0": 0.0997, "688.0": 0.1945, "717.0": 0.1022, "666.0": 0.2841, "656.0": 0.3288, "718.0": 0.1009, "679.0": 0.2309, "698.0": 0.1524, "696.0": 0.1609, "642.0": 0.3827, "692.0": 0.1777, "691.0": 0.1807, "648.0": 0.3617, "709.0": 0.1189, "721.0": 0.0972, "715.0": 0.1054, "652.0": 0.3422, "647.0": 0.3666, "661.0": 0.3091, "655.0": 0.3275, "643.0": 0.3779, "703.0": 0.136, "660.0": 0.3142, "704.0": 0.1331, "649.0": 0.3569, "697.0": 0.1567, "707.0": 0.1248, "654.0": 0.3324, "676.0": 0.2468, "672.0": 0.2647, "665.0": 0.2891, "662.0": 0.3041, "669.0": 0.2768, "705.0": 0.1305, "687.0": 0.1966, "678.0": 0.2362, "657.0": 0.3239, "653.0": 0.3373, "663.0": 0.2991}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1874, "long_delta": 0.0925, "short_iv": 0.1139, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.512549, "long_quote_age": 0.516919, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10497.09, "utilization": 1.0, "usable_buying_power": 10497.09, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9926}, "spot": 718.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.22 (gross $-100.22 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:16:38.502918+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows steady positive performance with a 1D gain of +0.08% and a 5D gain of +0.25%, supporting a bullish stance.", "invalidation": "A decline in QQQ spot price towards the short strike would invalidate this bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"708.0": 0.122, "647.0": 0.3659, "720.0": 0.0989, "700.0": 0.1451, "673.0": 0.2555, "698.0": 0.1514, "704.0": 0.133, "661.0": 0.3084, "658.0": 0.3235, "705.0": 0.1303, "644.0": 0.3724, "718.0": 0.1013, "695.0": 0.1639, "697.0": 0.1558, "652.0": 0.3415, "690.0": 0.184, "709.0": 0.1193, "710.0": 0.1166, "659.0": 0.3185, "671.0": 0.2658, "668.0": 0.2812, "721.0": 0.0979, "660.0": 0.3134, "707.0": 0.1243, "706.0": 0.1269, "642.0": 0.3821, "651.0": 0.3464, "696.0": 0.16, "703.0": 0.136, "689.0": 0.1881, "714.0": 0.1077, "716.0": 0.1043, "715.0": 0.1061, "665.0": 0.2883, "664.0": 0.2934, "655.0": 0.3268, "650.0": 0.3513, "683.0": 0.2136, "679.0": 0.2302, "712.0": 0.1118, "694.0": 0.1676, "646.0": 0.3708, "657.0": 0.3171, "656.0": 0.322, "701.0": 0.1426, "674.0": 0.2565, "663.0": 0.2984, "680.0": 0.2274, "667.0": 0.2864, "678.0": 0.2354, "648.0": 0.361, "711.0": 0.1139, "669.0": 0.2761, "702.0": 0.1396, "643.0": 0.3772, "699.0": 0.1485, "687.0": 0.1958, "672.0": 0.2639, "684.0": 0.2082, "681.0": 0.2244, "677.0": 0.2407, "713.0": 0.1098, "686.0": 0.2013, "685.0": 0.2068, "653.0": 0.3366, "691.0": 0.1798, "675.0": 0.2512, "719.0": 0.1, "682.0": 0.219, "688.0": 0.1937, "645.0": 0.3757, "654.0": 0.3317, "670.0": 0.2709, "666.0": 0.2833, "693.0": 0.171, "676.0": 0.246, "662.0": 0.3034, "692.0": 0.1768, "717.0": 0.1028, "649.0": 0.3562}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1924, "long_delta": 0.0947, "short_iv": 0.1139, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.441858, "long_quote_age": 0.501132, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10497.09, "utilization": 1.0, "usable_buying_power": 10497.09, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9882}, "spot": 718.115}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.69 (gross $-98.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:18:01.551660+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient positive returns over 1D (+0.01%) and 5D (+0.19%) while short-term ATM IV of 9.82% trades at an IV/RV ratio of 0.73 relative to its 13.54% realized volatility.", "invalidation": "A drop in QQQ spot price below 717.76 breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"720.0": 0.1, "687.0": 0.1942, "679.0": 0.2287, "653.0": 0.3353, "712.0": 0.1129, "646.0": 0.3695, "680.0": 0.2259, "696.0": 0.1592, "708.0": 0.1223, "701.0": 0.1419, "675.0": 0.2498, "717.0": 0.1039, "677.0": 0.2392, "683.0": 0.2121, "688.0": 0.1921, "678.0": 0.2339, "698.0": 0.1513, "707.0": 0.1251, "699.0": 0.1482, "694.0": 0.1659, "642.0": 0.3808, "648.0": 0.3597, "660.0": 0.3121, "719.0": 0.1011, "714.0": 0.1088, "681.0": 0.2229, "669.0": 0.2746, "713.0": 0.1106, "670.0": 0.2695, "700.0": 0.1446, "721.0": 0.0988, "690.0": 0.1839, "659.0": 0.3171, "655.0": 0.3255, "654.0": 0.3304, "674.0": 0.255, "658.0": 0.3221, "718.0": 0.1026, "650.0": 0.3499, "651.0": 0.3451, "662.0": 0.302, "682.0": 0.2175, "715.0": 0.1071, "706.0": 0.1277, "710.0": 0.1175, "692.0": 0.1751, "684.0": 0.2067, "685.0": 0.2052, "663.0": 0.297, "711.0": 0.1153, "644.0": 0.3711, "703.0": 0.1361, "676.0": 0.2445, "645.0": 0.3744, "671.0": 0.2643, "673.0": 0.254, "672.0": 0.2625, "647.0": 0.3646, "686.0": 0.1997, "704.0": 0.1328, "656.0": 0.3206, "661.0": 0.307, "716.0": 0.1054, "691.0": 0.1782, "665.0": 0.287, "695.0": 0.1622, "702.0": 0.1387, "668.0": 0.2798, "657.0": 0.3218, "709.0": 0.1202, "649.0": 0.3548, "652.0": 0.3402, "664.0": 0.292, "697.0": 0.1558, "693.0": 0.1717, "643.0": 0.376, "666.0": 0.2819, "667.0": 0.2849, "705.0": 0.1306, "689.0": 0.1865}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2051, "long_delta": 0.1015, "short_iv": 0.1153, "short_rel_spread": 0.009950248756218916, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.737103, "long_quote_age": 0.858909, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10457.09, "utilization": 1.0, "usable_buying_power": 10457.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.981}, "spot": 717.84}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.59 (gross $-95.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:18:16.667645+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with a 5D return of +0.19% and 1D return of +0.01% at spot 717.76.", "invalidation": "QQQ spot price declines sharply reversing the positive 5D return."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 380}
{"ts": "2026-09-04T15:19:48.143184+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits relative stability with a positive 5-day return of +0.13% and a minor 1-day change of -0.04%, supporting a short-duration put credit spread.", "invalidation": "A downward move in QQQ spot below 717.37 that reverses the positive 5-day return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"715.0": 0.1083, "686.0": 0.1973, "691.0": 0.1783, "699.0": 0.1482, "660.0": 0.3099, "649.0": 0.3528, "677.0": 0.2369, "675.0": 0.2475, "644.0": 0.3691, "672.0": 0.2632, "681.0": 0.2205, "696.0": 0.1592, "695.0": 0.1625, "664.0": 0.2898, "646.0": 0.3675, "713.0": 0.1116, "659.0": 0.3149, "670.0": 0.2673, "690.0": 0.1813, "673.0": 0.258, "680.0": 0.2259, "647.0": 0.3626, "674.0": 0.2527, "652.0": 0.3381, "641.0": 0.3836, "719.0": 0.1027, "653.0": 0.3332, "682.0": 0.2151, "718.0": 0.104, "645.0": 0.3724, "720.0": 0.1015, "701.0": 0.1425, "717.0": 0.1053, "662.0": 0.2999, "665.0": 0.293, "697.0": 0.1548, "642.0": 0.3788, "685.0": 0.2028, "651.0": 0.343, "702.0": 0.1388, "689.0": 0.184, "643.0": 0.374, "706.0": 0.1277, "684.0": 0.2083, "711.0": 0.1158, "655.0": 0.3234, "692.0": 0.1725, "683.0": 0.2097, "666.0": 0.2879, "704.0": 0.133, "657.0": 0.3197, "661.0": 0.3049, "705.0": 0.1303, "663.0": 0.2948, "654.0": 0.3283, "716.0": 0.1067, "694.0": 0.1665, "656.0": 0.3246, "714.0": 0.1097, "658.0": 0.32, "650.0": 0.3479, "710.0": 0.1182, "709.0": 0.1204, "700.0": 0.1456, "648.0": 0.3577, "671.0": 0.2621, "687.0": 0.1952, "708.0": 0.1229, "693.0": 0.1703, "668.0": 0.2776, "669.0": 0.2724, "698.0": 0.1517, "688.0": 0.1896, "703.0": 0.1358, "667.0": 0.2827, "678.0": 0.2316, "707.0": 0.1256, "679.0": 0.2313, "712.0": 0.1136, "676.0": 0.2422}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1935, "long_delta": 0.0962, "short_iv": 0.1182, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.446989, "long_quote_age": 0.767056, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10457.09, "utilization": 1.0, "usable_buying_power": 10457.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9876}, "spot": 717.31}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.92 (gross $-93.92 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:20:03.525875+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates relative resilience with a positive 5D return of +0.13% and minimal 1D pullback of -0.04%, supporting a short-term put credit spread.", "invalidation": "A decisive downward move in QQQ spot below 717.37 reversing the 5D positive performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"671.0": 0.2621, "658.0": 0.32, "688.0": 0.1896, "708.0": 0.1229, "694.0": 0.1665, "704.0": 0.133, "673.0": 0.258, "690.0": 0.1813, "702.0": 0.1388, "711.0": 0.1158, "672.0": 0.2632, "670.0": 0.2673, "714.0": 0.1094, "667.0": 0.2827, "653.0": 0.3332, "705.0": 0.1303, "649.0": 0.3528, "654.0": 0.3283, "684.0": 0.2083, "687.0": 0.1952, "679.0": 0.2313, "681.0": 0.2205, "689.0": 0.184, "692.0": 0.1725, "648.0": 0.3577, "657.0": 0.3197, "720.0": 0.1006, "674.0": 0.2527, "697.0": 0.1548, "696.0": 0.1592, "664.0": 0.2898, "700.0": 0.1456, "668.0": 0.2776, "707.0": 0.1256, "719.0": 0.1024, "666.0": 0.2879, "680.0": 0.2259, "709.0": 0.1204, "698.0": 0.1517, "647.0": 0.3626, "665.0": 0.293, "678.0": 0.2316, "643.0": 0.374, "703.0": 0.1358, "713.0": 0.1116, "691.0": 0.1783, "683.0": 0.2097, "717.0": 0.105, "644.0": 0.3691, "655.0": 0.3234, "701.0": 0.1425, "699.0": 0.1482, "651.0": 0.343, "685.0": 0.2028, "661.0": 0.3049, "669.0": 0.2724, "706.0": 0.1277, "718.0": 0.1037, "663.0": 0.2948, "682.0": 0.2151, "652.0": 0.3381, "686.0": 0.1973, "675.0": 0.2475, "676.0": 0.2422, "662.0": 0.2999, "660.0": 0.3099, "650.0": 0.3479, "659.0": 0.3149, "716.0": 0.1064, "715.0": 0.108, "645.0": 0.3724, "656.0": 0.3186, "710.0": 0.1182, "693.0": 0.1703, "712.0": 0.1136, "646.0": 0.3675, "677.0": 0.2369, "695.0": 0.1625}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1935, "long_delta": 0.1278, "short_iv": 0.1182, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.497633, "long_quote_age": 0.497235, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10457.09, "utilization": 1.0, "usable_buying_power": 10457.09, "max_loss_per_contract": 265.0, "total_risk": 10335.0, "buying_power_used_pct": 0.9883}, "spot": 717.34}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.23 (gross $-56.23 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:21:25.448065+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows relative strength with a positive 5-day return of +0.09% and a minor 1-day decline of -0.08% compared to SPY, alongside an ATM IV of 10.10% below realized volatility.", "invalidation": "QQQ daily declines accelerate significantly below -0.50% matching broader market weakness."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"656.0": 0.3182, "654.0": 0.328, "659.0": 0.3146, "645.0": 0.372, "677.0": 0.2365, "647.0": 0.3622, "674.0": 0.2523, "669.0": 0.272, "709.0": 0.1204, "648.0": 0.3573, "691.0": 0.1778, "661.0": 0.3045, "720.0": 0.1013, "646.0": 0.3671, "686.0": 0.1969, "698.0": 0.1512, "687.0": 0.1948, "705.0": 0.1305, "658.0": 0.3196, "694.0": 0.165, "702.0": 0.1393, "700.0": 0.1451, "699.0": 0.1477, "710.0": 0.1179, "668.0": 0.2772, "690.0": 0.1809, "662.0": 0.2995, "642.0": 0.3784, "671.0": 0.2617, "696.0": 0.1588, "678.0": 0.2312, "651.0": 0.3426, "703.0": 0.1361, "679.0": 0.2308, "649.0": 0.3524, "719.0": 0.1022, "692.0": 0.172, "652.0": 0.3378, "676.0": 0.2418, "650.0": 0.3475, "707.0": 0.1256, "673.0": 0.2576, "717.0": 0.1049, "708.0": 0.1231, "670.0": 0.2669, "695.0": 0.1621, "685.0": 0.2024, "683.0": 0.2093, "681.0": 0.2201, "716.0": 0.1063, "684.0": 0.2079, "666.0": 0.2875, "715.0": 0.1081, "667.0": 0.2823, "657.0": 0.3193, "665.0": 0.2926, "713.0": 0.1114, "664.0": 0.2894, "718.0": 0.1036, "682.0": 0.2147, "704.0": 0.1333, "693.0": 0.1698, "663.0": 0.2945, "644.0": 0.3688, "701.0": 0.1419, "643.0": 0.3736, "641.0": 0.3833, "675.0": 0.2471, "714.0": 0.1099, "655.0": 0.3231, "697.0": 0.1551, "672.0": 0.2598, "711.0": 0.1157, "712.0": 0.1136, "706.0": 0.1278, "680.0": 0.2255, "653.0": 0.3329, "688.0": 0.1892, "689.0": 0.1835, "660.0": 0.3096}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1954, "long_delta": 0.0979, "short_iv": 0.1179, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.405022, "long_quote_age": 0.486527, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10441.09, "utilization": 1.0, "usable_buying_power": 10441.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9891}, "spot": 717.175}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.56 (gross $-95.56 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:21:42.982916+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 350, "thesis": "QQQ displays relative strength with a positive 5D return of +0.09% and a mild 1D decline of -0.08% compared to SPY, supporting an out-of-the-money put credit spread.", "invalidation": "QQQ spot price falls sharply below 717.08 alongside worsening 1D and 5D performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"664.0": 0.2889, "695.0": 0.1614, "663.0": 0.294, "684.0": 0.2073, "645.0": 0.3716, "646.0": 0.3666, "686.0": 0.1963, "683.0": 0.2087, "690.0": 0.1803, "705.0": 0.1305, "685.0": 0.2018, "657.0": 0.3188, "689.0": 0.1829, "711.0": 0.1157, "677.0": 0.236, "649.0": 0.352, "651.0": 0.3422, "694.0": 0.1643, "671.0": 0.2612, "718.0": 0.1037, "679.0": 0.2303, "672.0": 0.2593, "693.0": 0.1692, "647.0": 0.3617, "707.0": 0.1253, "714.0": 0.1096, "712.0": 0.1136, "642.0": 0.378, "696.0": 0.1581, "676.0": 0.2412, "658.0": 0.3191, "659.0": 0.3141, "673.0": 0.2571, "660.0": 0.309, "667.0": 0.2818, "653.0": 0.3324, "680.0": 0.2249, "675.0": 0.2465, "702.0": 0.1386, "717.0": 0.1048, "655.0": 0.3226, "661.0": 0.304, "710.0": 0.1178, "698.0": 0.1505, "715.0": 0.1079, "719.0": 0.1024, "668.0": 0.2767, "703.0": 0.1358, "701.0": 0.1412, "720.0": 0.1014, "648.0": 0.3568, "674.0": 0.2518, "662.0": 0.299, "699.0": 0.147, "681.0": 0.2195, "644.0": 0.3683, "678.0": 0.2307, "643.0": 0.3731, "670.0": 0.2664, "713.0": 0.1115, "652.0": 0.3373, "708.0": 0.1227, "669.0": 0.2715, "654.0": 0.3275, "716.0": 0.1064, "706.0": 0.1276, "682.0": 0.2141, "691.0": 0.1772, "687.0": 0.1942, "704.0": 0.1333, "665.0": 0.2921, "650.0": 0.3471, "709.0": 0.1202, "700.0": 0.1444, "666.0": 0.287, "688.0": 0.1886, "692.0": 0.1714, "656.0": 0.3177, "697.0": 0.1545}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 29, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00706000", "short_strike": 710.0, "long_strike": 706.0, "width": 4.0, "credit": 0.45, "short_delta": 0.1987, "long_delta": 0.1141, "short_iv": 0.1178, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.018691588785046745, "short_quote_age": 0.466535, "long_quote_age": 0.485633, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 29, "options_buying_power": 10441.09, "utilization": 1.0, "usable_buying_power": 10441.09, "max_loss_per_contract": 355.0, "total_risk": 10295.0, "buying_power_used_pct": 0.986}, "spot": 717.155}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-76.11 (gross $-75.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 29 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:23:08.511363+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits relative stability with a +0.13% 5-day return and a minimal -0.04% 1-day decline, supporting an out-of-the-money put credit spread.", "invalidation": "A continuation of downward price movement in QQQ breaching the short put strike level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"690.0": 0.1815, "689.0": 0.1872, "682.0": 0.2152, "709.0": 0.1198, "664.0": 0.2899, "643.0": 0.3741, "698.0": 0.1519, "688.0": 0.1897, "680.0": 0.226, "677.0": 0.2371, "647.0": 0.3627, "650.0": 0.348, "670.0": 0.2674, "659.0": 0.3151, "708.0": 0.1223, "718.0": 0.1029, "661.0": 0.305, "645.0": 0.3725, "701.0": 0.1415, "673.0": 0.2581, "666.0": 0.288, "669.0": 0.2726, "692.0": 0.1727, "665.0": 0.2931, "644.0": 0.3693, "696.0": 0.1594, "716.0": 0.1056, "694.0": 0.1667, "674.0": 0.2529, "687.0": 0.1954, "697.0": 0.1549, "653.0": 0.3334, "641.0": 0.3837, "717.0": 0.1041, "678.0": 0.2318, "713.0": 0.1107, "681.0": 0.2206, "660.0": 0.3101, "699.0": 0.1469, "702.0": 0.138, "668.0": 0.2777, "693.0": 0.1704, "710.0": 0.1175, "671.0": 0.2622, "675.0": 0.2476, "655.0": 0.3236, "686.0": 0.1974, "714.0": 0.1088, "658.0": 0.3201, "663.0": 0.295, "711.0": 0.1152, "700.0": 0.1445, "656.0": 0.3187, "691.0": 0.1785, "685.0": 0.2029, "672.0": 0.2634, "719.0": 0.1014, "679.0": 0.2314, "651.0": 0.3431, "684.0": 0.2084, "649.0": 0.3529, "707.0": 0.1246, "705.0": 0.1298, "642.0": 0.3789, "657.0": 0.3198, "652.0": 0.3382, "695.0": 0.1627, "706.0": 0.1272, "721.0": 0.0991, "720.0": 0.1002, "667.0": 0.2829, "683.0": 0.2119, "654.0": 0.3285, "676.0": 0.2423, "662.0": 0.3, "703.0": 0.135, "715.0": 0.1073, "704.0": 0.1323, "646.0": 0.3676, "712.0": 0.1131, "648.0": 0.3578}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1912, "long_delta": 0.0948, "short_iv": 0.1175, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.49623, "long_quote_age": 0.494253, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10441.09, "utilization": 1.0, "usable_buying_power": 10441.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9913}, "spot": 717.4300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-95.45 (gross $-94.45 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:23:23.479539+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilient 5-day momentum at +0.13% with minimal 1-day decline of -0.04%, supporting an extended DTE put credit spread to capture premium.", "invalidation": "QQQ spot falls significantly beyond the -0.04% 1-day change."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"674.0": 0.2439, "677.0": 0.2321, "701.0": 0.1531, "714.0": 0.1235, "704.0": 0.1459, "690.0": 0.1852, "646.0": 0.3461, "687.0": 0.1956, "702.0": 0.151, "708.0": 0.1368, "703.0": 0.1484, "669.0": 0.2605, "662.0": 0.2892, "643.0": 0.3598, "676.0": 0.2356, "682.0": 0.2135, "683.0": 0.2095, "651.0": 0.3275, "689.0": 0.1883, "709.0": 0.1344, "696.0": 0.1658, "710.0": 0.1324, "671.0": 0.255, "667.0": 0.2702, "666.0": 0.2726, "706.0": 0.1412, "685.0": 0.2023, "716.0": 0.1205, "711.0": 0.1298, "672.0": 0.25, "658.0": 0.3022, "657.0": 0.3069, "684.0": 0.2065, "693.0": 0.1753, "721.0": 0.1128, "663.0": 0.2844, "695.0": 0.1696, "719.0": 0.1158, "660.0": 0.2959, "665.0": 0.2774, "720.0": 0.1146, "697.0": 0.1637, "670.0": 0.2578, "679.0": 0.225, "645.0": 0.3506, "700.0": 0.1557, "644.0": 0.3552, "659.0": 0.3006, "718.0": 0.1172, "713.0": 0.1261, "649.0": 0.3367, "650.0": 0.3321, "661.0": 0.294, "668.0": 0.2653, "680.0": 0.2198, "691.0": 0.1819, "707.0": 0.1389, "692.0": 0.1784, "698.0": 0.1612, "654.0": 0.3174, "648.0": 0.3413, "664.0": 0.2797, "694.0": 0.172, "675.0": 0.2389, "705.0": 0.1438, "688.0": 0.192, "681.0": 0.2174, "712.0": 0.1276, "655.0": 0.3162, "652.0": 0.3229, "715.0": 0.1221, "699.0": 0.1587, "656.0": 0.3116, "678.0": 0.2271, "717.0": 0.1182, "647.0": 0.3415, "653.0": 0.3221, "673.0": 0.247, "686.0": 0.1991}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00705000", "short_strike": 708.0, "long_strike": 705.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1925, "long_delta": 0.1403, "short_iv": 0.1368, "short_rel_spread": 0.032520325203252064, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.417828, "long_quote_age": 0.436139, "friction_usd": 3.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10441.09, "utilization": 1.0, "usable_buying_power": 10441.09, "max_loss_per_contract": 264.0, "total_risk": 10296.0, "buying_power_used_pct": 0.9861}, "spot": 717.4300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-53.81 (gross $-50.81 - friction $3.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:24:51.336984+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates stable performance with a +0.15% 5D change and minimal 1D decline of -0.03% alongside an ATM IV of 10.04%, supporting an out-of-the-money put credit spread.", "invalidation": "A sharp downward break in QQQ spot price below the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"720.0": 0.1005, "674.0": 0.2528, "685.0": 0.2028, "710.0": 0.1173, "676.0": 0.2422, "651.0": 0.343, "690.0": 0.1814, "715.0": 0.1076, "714.0": 0.1091, "699.0": 0.1482, "701.0": 0.1414, "653.0": 0.3333, "713.0": 0.1111, "645.0": 0.3724, "711.0": 0.115, "672.0": 0.2633, "666.0": 0.2879, "704.0": 0.1326, "663.0": 0.2949, "654.0": 0.3284, "680.0": 0.2259, "700.0": 0.1444, "657.0": 0.3197, "673.0": 0.258, "686.0": 0.1973, "692.0": 0.1725, "668.0": 0.2776, "688.0": 0.1896, "643.0": 0.374, "705.0": 0.1296, "678.0": 0.2317, "661.0": 0.3049, "693.0": 0.1692, "641.0": 0.3836, "702.0": 0.1378, "669.0": 0.2725, "718.0": 0.103, "648.0": 0.3577, "719.0": 0.1019, "681.0": 0.2205, "649.0": 0.3528, "642.0": 0.3788, "687.0": 0.1952, "703.0": 0.1358, "712.0": 0.1129, "679.0": 0.2313, "697.0": 0.1548, "656.0": 0.3247, "646.0": 0.3675, "664.0": 0.2899, "644.0": 0.3692, "682.0": 0.2151, "655.0": 0.3235, "717.0": 0.1046, "696.0": 0.1584, "652.0": 0.3382, "706.0": 0.1271, "667.0": 0.2828, "698.0": 0.1502, "707.0": 0.1247, "716.0": 0.1062, "684.0": 0.2083, "691.0": 0.1783, "662.0": 0.2999, "689.0": 0.1871, "659.0": 0.315, "695.0": 0.1616, "677.0": 0.237, "665.0": 0.293, "683.0": 0.2118, "658.0": 0.32, "647.0": 0.3626, "709.0": 0.1197, "671.0": 0.2622, "708.0": 0.1221, "670.0": 0.2673, "675.0": 0.2475, "660.0": 0.31, "650.0": 0.3479, "694.0": 0.1655}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1914, "long_delta": 0.0949, "short_iv": 0.1173, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.501086, "long_quote_age": 0.464842, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10489.09, "utilization": 1.0, "usable_buying_power": 10489.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9867}, "spot": 717.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-95.21 (gross $-94.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:25:03.451999+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative strength with a 5-day return of +0.15% and an IV/RV ratio of 0.74, supporting premium collection via a put credit spread over a 4 to 7 DTE window.", "invalidation": "QQQ spot price declines sharply below 717.48 breaking its positive 5-day trajectory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"678.0": 0.2318, "679.0": 0.2314, "701.0": 0.1415, "656.0": 0.3248, "705.0": 0.1298, "660.0": 0.3101, "712.0": 0.1131, "647.0": 0.3627, "670.0": 0.2674, "673.0": 0.2581, "683.0": 0.2119, "649.0": 0.3529, "677.0": 0.2371, "675.0": 0.2476, "695.0": 0.1617, "655.0": 0.3236, "674.0": 0.2529, "717.0": 0.1043, "671.0": 0.2622, "668.0": 0.2777, "644.0": 0.3693, "715.0": 0.1071, "654.0": 0.3285, "651.0": 0.3431, "697.0": 0.1549, "719.0": 0.1016, "664.0": 0.29, "666.0": 0.288, "704.0": 0.1323, "713.0": 0.1107, "672.0": 0.2634, "665.0": 0.2931, "710.0": 0.1175, "685.0": 0.2029, "657.0": 0.3198, "696.0": 0.1585, "661.0": 0.305, "684.0": 0.2084, "680.0": 0.226, "663.0": 0.295, "646.0": 0.3676, "658.0": 0.3201, "691.0": 0.1785, "700.0": 0.1445, "698.0": 0.1503, "688.0": 0.1897, "676.0": 0.2423, "681.0": 0.2206, "707.0": 0.1246, "645.0": 0.3725, "643.0": 0.3741, "662.0": 0.3, "667.0": 0.2829, "693.0": 0.1693, "690.0": 0.1815, "669.0": 0.2726, "650.0": 0.348, "708.0": 0.122, "686.0": 0.1974, "682.0": 0.2152, "652.0": 0.3382, "689.0": 0.1872, "716.0": 0.1056, "699.0": 0.1484, "653.0": 0.3334, "702.0": 0.138, "711.0": 0.115, "687.0": 0.1954, "714.0": 0.1088, "720.0": 0.1001, "703.0": 0.135, "659.0": 0.3151, "709.0": 0.1196, "718.0": 0.1029, "692.0": 0.1727, "694.0": 0.1656, "648.0": 0.3578, "706.0": 0.1272}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1912, "long_delta": 0.1252, "short_iv": 0.1175, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.417982, "long_quote_age": 0.640705, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10489.09, "utilization": 1.0, "usable_buying_power": 10489.09, "max_loss_per_contract": 265.0, "total_risk": 10335.0, "buying_power_used_pct": 0.9853}, "spot": 717.335}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.24 (gross $-56.24 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:26:26.999781+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits stable price action with 5D performance at +0.14% and 1D at -0.03% while ATM IV of 10.04% trades below RV20 of 13.54%.", "invalidation": "A sharp downward break in QQQ spot price below 717.42 with accelerating volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1268, "658.0": 0.3203, "668.0": 0.2779, "674.0": 0.2531, "643.0": 0.3743, "685.0": 0.2031, "664.0": 0.2901, "693.0": 0.1695, "660.0": 0.3102, "652.0": 0.3384, "699.0": 0.1472, "714.0": 0.1087, "715.0": 0.1069, "700.0": 0.1448, "711.0": 0.1147, "713.0": 0.1106, "667.0": 0.283, "675.0": 0.2478, "676.0": 0.2425, "672.0": 0.2636, "716.0": 0.1053, "707.0": 0.1242, "671.0": 0.2624, "646.0": 0.3678, "710.0": 0.1173, "670.0": 0.2676, "662.0": 0.3002, "698.0": 0.1505, "704.0": 0.1326, "681.0": 0.2208, "649.0": 0.3531, "701.0": 0.1418, "642.0": 0.3791, "696.0": 0.1578, "666.0": 0.2882, "665.0": 0.2933, "686.0": 0.1976, "720.0": 0.0999, "650.0": 0.3482, "673.0": 0.2583, "645.0": 0.3727, "694.0": 0.1658, "703.0": 0.1353, "684.0": 0.2087, "680.0": 0.2262, "683.0": 0.2121, "719.0": 0.1014, "641.0": 0.3839, "692.0": 0.1729, "702.0": 0.1383, "709.0": 0.1194, "687.0": 0.1956, "653.0": 0.3335, "678.0": 0.232, "655.0": 0.3238, "648.0": 0.358, "644.0": 0.3694, "677.0": 0.2372, "717.0": 0.104, "691.0": 0.1787, "697.0": 0.1552, "718.0": 0.1026, "656.0": 0.3189, "657.0": 0.32, "705.0": 0.1301, "661.0": 0.3052, "659.0": 0.3153, "669.0": 0.2727, "654.0": 0.3286, "712.0": 0.1127, "708.0": 0.122, "647.0": 0.3629, "688.0": 0.19, "651.0": 0.3433, "663.0": 0.2952, "682.0": 0.2154, "695.0": 0.1619, "689.0": 0.1874, "679.0": 0.2316, "690.0": 0.1817}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1897, "long_delta": 0.0946, "short_iv": 0.1173, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.429842, "long_quote_age": 0.429966, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10489.09, "utilization": 1.0, "usable_buying_power": 10489.09, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9889}, "spot": 717.33}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.22 (gross $-96.22 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:26:37.187300+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative strength with a +0.14% 5-day return versus SPY being flat, favoring a put credit spread across 4 to 7 DTE.", "invalidation": "QQQ spot price declines significantly below current levels, turning the 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"644.0": 0.3695, "709.0": 0.1195, "676.0": 0.2426, "649.0": 0.3531, "653.0": 0.3336, "643.0": 0.3743, "666.0": 0.2882, "658.0": 0.3203, "714.0": 0.1081, "642.0": 0.3791, "687.0": 0.1956, "641.0": 0.3839, "674.0": 0.2531, "657.0": 0.32, "645.0": 0.3727, "667.0": 0.2831, "716.0": 0.1048, "651.0": 0.3433, "665.0": 0.2934, "706.0": 0.1269, "703.0": 0.1353, "720.0": 0.0994, "677.0": 0.2373, "695.0": 0.162, "696.0": 0.1579, "708.0": 0.1215, "670.0": 0.2676, "661.0": 0.3053, "675.0": 0.2478, "690.0": 0.1817, "699.0": 0.1472, "663.0": 0.2952, "698.0": 0.1506, "682.0": 0.2155, "694.0": 0.1659, "652.0": 0.3385, "719.0": 0.1005, "648.0": 0.358, "662.0": 0.3002, "669.0": 0.2728, "656.0": 0.3189, "705.0": 0.1294, "702.0": 0.1383, "713.0": 0.1103, "664.0": 0.2902, "717.0": 0.1034, "718.0": 0.1019, "655.0": 0.3238, "686.0": 0.1977, "681.0": 0.2209, "660.0": 0.3103, "693.0": 0.1695, "679.0": 0.2317, "700.0": 0.1448, "654.0": 0.3287, "692.0": 0.1729, "680.0": 0.2263, "671.0": 0.2625, "697.0": 0.1552, "689.0": 0.1874, "704.0": 0.1327, "647.0": 0.3629, "701.0": 0.1418, "672.0": 0.2636, "711.0": 0.1143, "712.0": 0.1123, "685.0": 0.2032, "678.0": 0.232, "707.0": 0.1243, "668.0": 0.2779, "650.0": 0.3482, "684.0": 0.2087, "715.0": 0.1064, "683.0": 0.2122, "691.0": 0.1787, "688.0": 0.19, "659.0": 0.3153, "673.0": 0.2584, "710.0": 0.1169, "646.0": 0.3678}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1886, "long_delta": 0.0932, "short_iv": 0.1169, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.421049, "long_quote_age": 0.42125, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10489.09, "utilization": 1.0, "usable_buying_power": 10489.09, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9889}, "spot": 717.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.08 (gross $-96.08 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:27:58.037356+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative stability with a positive 5-day return of +0.11% and muted 1-day decline of -0.06% around 717.24 spot, favoring premium collection on the put side.", "invalidation": "A breakdown in QQQ spot price below the selected short strike during the 3 to 5 day window would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"645.0": 0.3725, "670.0": 0.2674, "704.0": 0.1323, "697.0": 0.1549, "711.0": 0.1143, "705.0": 0.1298, "707.0": 0.1242, "709.0": 0.119, "714.0": 0.1081, "674.0": 0.2529, "661.0": 0.305, "649.0": 0.3529, "647.0": 0.3627, "720.0": 0.0994, "676.0": 0.2423, "696.0": 0.1594, "672.0": 0.2634, "657.0": 0.3198, "679.0": 0.2314, "708.0": 0.1217, "719.0": 0.1004, "660.0": 0.3101, "653.0": 0.3334, "652.0": 0.3382, "643.0": 0.3741, "678.0": 0.2318, "718.0": 0.1019, "682.0": 0.2152, "685.0": 0.2029, "706.0": 0.1265, "665.0": 0.2849, "675.0": 0.2476, "700.0": 0.1445, "695.0": 0.1617, "671.0": 0.2622, "681.0": 0.2206, "683.0": 0.2119, "642.0": 0.3789, "702.0": 0.138, "662.0": 0.3, "650.0": 0.348, "689.0": 0.1872, "710.0": 0.1165, "668.0": 0.2777, "688.0": 0.1897, "721.0": 0.0984, "713.0": 0.11, "703.0": 0.135, "663.0": 0.295, "712.0": 0.112, "646.0": 0.3676, "644.0": 0.3693, "673.0": 0.2581, "692.0": 0.1727, "656.0": 0.3187, "715.0": 0.1064, "690.0": 0.1815, "664.0": 0.2899, "699.0": 0.1484, "669.0": 0.2726, "651.0": 0.3431, "716.0": 0.1048, "655.0": 0.3236, "687.0": 0.1954, "680.0": 0.226, "666.0": 0.288, "641.0": 0.3837, "691.0": 0.1785, "698.0": 0.1519, "658.0": 0.3201, "684.0": 0.2084, "694.0": 0.1656, "677.0": 0.2371, "654.0": 0.3285, "693.0": 0.1693, "701.0": 0.1415, "667.0": 0.2829, "659.0": 0.3151, "648.0": 0.3578, "717.0": 0.1032, "686.0": 0.1974}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1892, "long_delta": 0.0948, "short_iv": 0.1165, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.456346, "long_quote_age": 0.456877, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10481.09, "utilization": 1.0, "usable_buying_power": 10481.09, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.9919}, "spot": 717.415}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.97 (gross $-96.97 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:28:09.646292+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates relative resilience with a positive 5D return of +0.11% and IV/RV at 0.74, supporting an out-of-the-money put credit spread.", "invalidation": "QQQ spot price falls substantially below 717.24 amidst expanding short-term realized volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"715.0": 0.1059, "651.0": 0.3433, "649.0": 0.353, "718.0": 0.1016, "685.0": 0.2031, "656.0": 0.3188, "702.0": 0.1382, "700.0": 0.1447, "653.0": 0.3335, "696.0": 0.1596, "679.0": 0.2316, "717.0": 0.1027, "657.0": 0.32, "695.0": 0.1619, "677.0": 0.2372, "666.0": 0.2881, "668.0": 0.2778, "667.0": 0.283, "670.0": 0.2675, "658.0": 0.3202, "665.0": 0.2851, "648.0": 0.3579, "676.0": 0.2425, "671.0": 0.2624, "707.0": 0.1241, "661.0": 0.3052, "684.0": 0.2086, "687.0": 0.1955, "688.0": 0.1899, "714.0": 0.1077, "693.0": 0.1694, "646.0": 0.3677, "697.0": 0.1551, "664.0": 0.2901, "716.0": 0.1042, "674.0": 0.253, "686.0": 0.1976, "704.0": 0.1325, "678.0": 0.2319, "654.0": 0.3286, "650.0": 0.3482, "698.0": 0.152, "662.0": 0.3001, "680.0": 0.2262, "719.0": 0.1002, "701.0": 0.1417, "647.0": 0.3628, "672.0": 0.2635, "706.0": 0.1267, "699.0": 0.1486, "659.0": 0.3152, "709.0": 0.1188, "660.0": 0.3102, "681.0": 0.2208, "663.0": 0.2951, "644.0": 0.3694, "643.0": 0.3742, "711.0": 0.1141, "683.0": 0.2121, "703.0": 0.1352, "720.0": 0.0986, "673.0": 0.2583, "710.0": 0.1163, "713.0": 0.1095, "655.0": 0.3237, "692.0": 0.1728, "712.0": 0.1119, "645.0": 0.3726, "694.0": 0.1658, "708.0": 0.1213, "682.0": 0.2154, "705.0": 0.1292, "652.0": 0.3384, "691.0": 0.1786, "690.0": 0.1816, "689.0": 0.1873, "669.0": 0.2727, "675.0": 0.2477}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1879, "long_delta": 0.1238, "short_iv": 0.1163, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.017391304347826105, "short_quote_age": 0.422073, "long_quote_age": 0.414282, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10481.09, "utilization": 1.0, "usable_buying_power": 10481.09, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.9935}, "spot": 717.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.52 (gross $-58.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:29:29.675975+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient short-term price action with a +0.13% 5-day return and subdued implied volatility at an IV/RV ratio of 0.74.", "invalidation": "A downward price move in QQQ breaching the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"686.0": 0.198, "665.0": 0.2854, "695.0": 0.1623, "715.0": 0.1051, "672.0": 0.2576, "699.0": 0.1476, "687.0": 0.1959, "663.0": 0.2954, "678.0": 0.2323, "704.0": 0.1313, "673.0": 0.2524, "682.0": 0.2157, "646.0": 0.368, "689.0": 0.1877, "643.0": 0.3745, "657.0": 0.3203, "644.0": 0.3697, "720.0": 0.098, "710.0": 0.1159, "650.0": 0.3485, "698.0": 0.1509, "653.0": 0.3338, "718.0": 0.1006, "645.0": 0.3729, "658.0": 0.3206, "660.0": 0.3105, "706.0": 0.1258, "652.0": 0.3387, "692.0": 0.1732, "675.0": 0.2481, "681.0": 0.2211, "649.0": 0.3534, "712.0": 0.111, "664.0": 0.2904, "713.0": 0.1091, "719.0": 0.0991, "674.0": 0.2534, "648.0": 0.3582, "684.0": 0.209, "679.0": 0.2319, "666.0": 0.2804, "696.0": 0.1581, "677.0": 0.2375, "705.0": 0.1289, "694.0": 0.1662, "662.0": 0.3005, "714.0": 0.1069, "680.0": 0.2265, "690.0": 0.182, "676.0": 0.2428, "703.0": 0.1347, "701.0": 0.141, "642.0": 0.3793, "669.0": 0.273, "721.0": 0.0973, "697.0": 0.1555, "651.0": 0.3436, "671.0": 0.2627, "702.0": 0.1376, "688.0": 0.1903, "685.0": 0.2035, "700.0": 0.1438, "708.0": 0.1207, "654.0": 0.3289, "707.0": 0.1234, "711.0": 0.1134, "667.0": 0.2833, "647.0": 0.3631, "693.0": 0.1698, "655.0": 0.324, "716.0": 0.1033, "656.0": 0.3191, "717.0": 0.102, "683.0": 0.2124, "641.0": 0.3842, "659.0": 0.3155, "709.0": 0.1183, "691.0": 0.179, "668.0": 0.2782, "670.0": 0.2679, "661.0": 0.3055}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2126, "long_delta": 0.1046, "short_iv": 0.1134, "short_rel_spread": 0.009661835748792277, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.400885, "long_quote_age": 0.400809, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10497.09, "utilization": 1.0, "usable_buying_power": 10497.09, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9728}, "spot": 717.435}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.51 (gross $-96.51 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:29:41.912448+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY has dropped 0.49% over 1D with muted 5D momentum at +0.01% and ATM IV at 6.89%, supporting a credit spread above spot.", "invalidation": "SPY spot moving strongly upward beyond current levels invalidates the bearish stance."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1072, "smile": {"775.0": 0.0681, "776.0": 0.0678, "779.0": 0.0671, "790.0": 0.0876, "771.0": 0.0711, "787.0": 0.081, "789.0": 0.0838, "766.0": 0.0773, "780.0": 0.0677, "794.0": 0.1027, "778.0": 0.0673, "782.0": 0.0695, "772.0": 0.0701, "777.0": 0.0677, "800.0": 0.1247, "786.0": 0.0769, "791.0": 0.0914, "774.0": 0.0685, "788.0": 0.08, "783.0": 0.0701, "793.0": 0.0989, "784.0": 0.0719, "797.0": 0.1137, "795.0": 0.1064, "769.0": 0.0735, "781.0": 0.0679, "796.0": 0.1101, "773.0": 0.0693, "767.0": 0.076, "768.0": 0.0747, "798.0": 0.1174, "770.0": 0.0723, "792.0": 0.0952, "785.0": 0.0762}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260909C00775000", "long_symbol": "SPY260909C00780000", "short_strike": 775.0, "long_strike": 780.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2017, "long_delta": 0.0493, "short_iv": 0.0681, "short_rel_spread": 0.02898550724637668, "long_rel_spread": 0.08000000000000007, "short_quote_age": 0.498897, "long_quote_age": 0.674089, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10497.09, "utilization": 1.0, "usable_buying_power": 10497.09, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9728}, "spot": 769.465}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-76.77 (gross $-75.27 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+3003.50)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260909C00775000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 8.0% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,212.00 (23 contracts) <= $10,497.09 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return +1.05% >= -1.00% floor"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-76.77 (gross $-75.27 - friction $1.50) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2017, "long_delta": 0.0493, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7983, "edge_pp": -8.97, "ev_implied_usd": -6.75, "realized_vol": 0.1072, "atm_iv": 0.0735, "vrp_ratio": 1.4585, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -57.49, "ev_at_half_drift_usd": -66.21, "ev_gross_usd": -75.27, "expected_loss_real_usd": 131.27, "friction_usd": 1.5, "ev_net_usd": -76.77, "total_risk_usd": 10212.0, "risk_cap_usd": 10497.09, "options_buying_power_usd": 82871.12, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 429}
{"ts": "2026-09-04T15:31:12.935261+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits relative price stability with a +0.11% 5-day return and a mild -0.07% 1-day move despite IV/RV at 0.74.", "invalidation": "A sharp downward acceleration in QQQ breaking below recent spot levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"654.0": 0.3265, "663.0": 0.293, "682.0": 0.213, "700.0": 0.1442, "690.0": 0.1791, "718.0": 0.1029, "659.0": 0.3131, "669.0": 0.2705, "668.0": 0.2756, "691.0": 0.176, "703.0": 0.1347, "697.0": 0.1539, "656.0": 0.3228, "695.0": 0.1611, "716.0": 0.1054, "719.0": 0.1018, "673.0": 0.253, "714.0": 0.1087, "666.0": 0.2859, "658.0": 0.3181, "645.0": 0.3706, "681.0": 0.2184, "655.0": 0.3278, "707.0": 0.1244, "692.0": 0.1727, "701.0": 0.1409, "661.0": 0.303, "720.0": 0.1006, "686.0": 0.1986, "709.0": 0.1193, "652.0": 0.3363, "710.0": 0.1171, "678.0": 0.2296, "676.0": 0.2402, "688.0": 0.189, "704.0": 0.1325, "699.0": 0.1483, "694.0": 0.1652, "650.0": 0.3461, "643.0": 0.3722, "702.0": 0.1381, "670.0": 0.2653, "667.0": 0.2808, "672.0": 0.255, "711.0": 0.1148, "679.0": 0.2292, "685.0": 0.2006, "680.0": 0.2238, "644.0": 0.3674, "705.0": 0.1295, "689.0": 0.1848, "662.0": 0.298, "641.0": 0.3818, "684.0": 0.2062, "651.0": 0.3412, "687.0": 0.193, "693.0": 0.169, "674.0": 0.2507, "715.0": 0.107, "717.0": 0.1042, "653.0": 0.3314, "675.0": 0.2454, "677.0": 0.2349, "648.0": 0.3559, "713.0": 0.1102, "647.0": 0.3608, "646.0": 0.3657, "657.0": 0.3178, "649.0": 0.351, "683.0": 0.2097, "696.0": 0.1585, "698.0": 0.1506, "712.0": 0.1125, "665.0": 0.2872, "706.0": 0.1272, "642.0": 0.377, "708.0": 0.1219, "660.0": 0.308, "664.0": 0.2879, "671.0": 0.2601}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2044, "long_delta": 0.1022, "short_iv": 0.1171, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.40976, "long_quote_age": 0.410458, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10497.09, "utilization": 1.0, "usable_buying_power": 10497.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9772}, "spot": 716.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.43 (gross $-95.43 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:31:31.685724+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 4], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 400, "thesis": "QQQ shows relative resilience with a positive 5D return of +0.11% at spot 717.18, favoring a short-duration put credit spread.", "invalidation": "QQQ accelerating downward beyond its current 1D decline of -0.07% would invalidate this bullish bias."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"655.0": 0.3284, "715.0": 0.1068, "705.0": 0.1298, "646.0": 0.3663, "688.0": 0.1897, "713.0": 0.1104, "704.0": 0.1327, "668.0": 0.2763, "710.0": 0.117, "684.0": 0.2069, "701.0": 0.1418, "689.0": 0.1855, "697.0": 0.1548, "656.0": 0.3234, "717.0": 0.1038, "647.0": 0.3614, "678.0": 0.2303, "652.0": 0.3369, "654.0": 0.3334, "707.0": 0.1246, "677.0": 0.2356, "665.0": 0.2878, "692.0": 0.1735, "673.0": 0.2537, "682.0": 0.2137, "653.0": 0.332, "666.0": 0.2866, "681.0": 0.2191, "674.0": 0.2514, "664.0": 0.2886, "669.0": 0.2711, "720.0": 0.1003, "675.0": 0.2461, "663.0": 0.2936, "657.0": 0.3185, "706.0": 0.127, "686.0": 0.1994, "659.0": 0.3137, "644.0": 0.368, "650.0": 0.3467, "691.0": 0.1768, "649.0": 0.3516, "719.0": 0.1015, "651.0": 0.3418, "690.0": 0.1798, "693.0": 0.1699, "709.0": 0.1195, "711.0": 0.1149, "679.0": 0.2299, "658.0": 0.3187, "683.0": 0.2124, "660.0": 0.3087, "703.0": 0.1357, "708.0": 0.122, "694.0": 0.166, "699.0": 0.1479, "698.0": 0.1515, "661.0": 0.3037, "702.0": 0.1391, "671.0": 0.2608, "676.0": 0.2408, "700.0": 0.1451, "645.0": 0.3712, "718.0": 0.1026, "716.0": 0.1052, "662.0": 0.2986, "672.0": 0.2557, "685.0": 0.2014, "648.0": 0.3565, "667.0": 0.2814, "712.0": 0.1126, "680.0": 0.2245, "695.0": 0.1619, "687.0": 0.1938, "714.0": 0.1086, "670.0": 0.266, "696.0": 0.1594}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 60, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00708000", "short_strike": 710.0, "long_strike": 708.0, "width": 2.0, "credit": 0.26, "short_delta": 0.1998, "long_delta": 0.1516, "short_iv": 0.117, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.013793103448275874, "short_quote_age": 0.430839, "long_quote_age": 0.425184, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 60, "options_buying_power": 10497.09, "utilization": 1.0, "usable_buying_power": 10497.09, "max_loss_per_contract": 174.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9946}, "spot": 716.96}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-38.90 (gross $-37.90 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 60 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:32:51.986138+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates range-bound price action with a 5D return of +0.08% and a low IV/RV ratio of 0.74 reflecting subdued short-term volatility.", "invalidation": "QQQ spot price falls sharply beyond the 1D -0.10% pullback level toward the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"709.0": 0.1191, "675.0": 0.2459, "714.0": 0.108, "684.0": 0.2066, "667.0": 0.2812, "656.0": 0.3232, "717.0": 0.103, "695.0": 0.1616, "677.0": 0.2353, "710.0": 0.1166, "705.0": 0.1295, "648.0": 0.3563, "669.0": 0.2709, "704.0": 0.1323, "707.0": 0.1242, "693.0": 0.1696, "657.0": 0.3182, "659.0": 0.3135, "650.0": 0.3465, "643.0": 0.3726, "663.0": 0.2934, "686.0": 0.1974, "649.0": 0.3514, "662.0": 0.2984, "706.0": 0.1266, "689.0": 0.1853, "698.0": 0.1512, "641.0": 0.3822, "652.0": 0.3367, "697.0": 0.1545, "685.0": 0.2011, "688.0": 0.1894, "691.0": 0.1765, "670.0": 0.2657, "712.0": 0.1122, "651.0": 0.3416, "687.0": 0.1935, "674.0": 0.2511, "660.0": 0.3085, "696.0": 0.1573, "658.0": 0.3185, "703.0": 0.1354, "655.0": 0.322, "665.0": 0.2833, "700.0": 0.1435, "713.0": 0.11, "711.0": 0.1144, "678.0": 0.23, "720.0": 0.0988, "708.0": 0.1216, "666.0": 0.2863, "682.0": 0.2135, "716.0": 0.1045, "661.0": 0.3034, "692.0": 0.1732, "653.0": 0.3318, "647.0": 0.3612, "664.0": 0.2883, "680.0": 0.2242, "646.0": 0.3661, "676.0": 0.2406, "718.0": 0.1017, "668.0": 0.276, "679.0": 0.2296, "642.0": 0.3774, "699.0": 0.1475, "702.0": 0.1377, "690.0": 0.1796, "671.0": 0.2606, "672.0": 0.2554, "715.0": 0.1063, "681.0": 0.2189, "719.0": 0.1003, "694.0": 0.1657, "673.0": 0.2502, "645.0": 0.371, "654.0": 0.3269, "701.0": 0.1403, "683.0": 0.2121, "644.0": 0.3678}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2004, "long_delta": 0.1004, "short_iv": 0.1166, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.496061, "long_quote_age": 0.506298, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10513.09, "utilization": 1.0, "usable_buying_power": 10513.09, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9801}, "spot": 716.99}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.98 (gross $-96.98 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:33:07.518422+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.25, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY exhibits downward pressure with a 1D return of -0.53% and 5D return of -0.03% with IV/RV at 0.83.", "invalidation": "SPY spot rises above the short call strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"779.0": 0.0622, "788.0": 0.0913, "775.0": 0.0598, "778.0": 0.0614, "783.0": 0.0741, "766.0": 0.0686, "789.0": 0.0956, "769.0": 0.0644, "791.0": 0.1041, "786.0": 0.0827, "785.0": 0.0783, "768.0": 0.0659, "792.0": 0.1083, "774.0": 0.06, "767.0": 0.0673, "770.0": 0.0633, "777.0": 0.0602, "776.0": 0.06, "780.0": 0.0653, "787.0": 0.087, "773.0": 0.0605, "772.0": 0.0611, "784.0": 0.0739, "782.0": 0.0694, "781.0": 0.0678, "790.0": 0.0999, "771.0": 0.0623}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-08", "qty": 41, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908C00773000", "long_symbol": "SPY260908C00776000", "short_strike": 773.0, "long_strike": 776.0, "width": 3.0, "credit": 0.46, "short_delta": 0.2316, "long_delta": 0.0877, "short_iv": 0.0605, "short_rel_spread": 0.015267175572519097, "long_rel_spread": 0.05128205128205133, "short_quote_age": 0.73234, "long_quote_age": 0.599115, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 41, "options_buying_power": 10513.09, "utilization": 1.0, "usable_buying_power": 10513.09, "max_loss_per_contract": 254.0, "total_risk": 10414.0, "buying_power_used_pct": 0.9906}, "spot": 769.085}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-51.70 (gross $-50.70 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 41 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+3163.50)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260908C00773000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $254/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,414.00 (41 contracts) <= $10,513.09 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return +1.05% >= -1.00% floor"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-51.70 (gross $-50.70 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 3.0, "short_delta": 0.2316, "long_delta": 0.0877, "max_profit_usd": 46.0, "max_loss_usd": 254.0, "breakeven_wr": 0.8467, "implied_wr": 0.7684, "edge_pp": -7.83, "ev_implied_usd": -1.89, "realized_vol": 0.1072, "atm_iv": 0.0644, "vrp_ratio": 1.6646, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -40.16, "ev_at_half_drift_usd": -45.36, "ev_gross_usd": -50.7, "expected_loss_real_usd": 96.7, "friction_usd": 1.0, "ev_net_usd": -51.7, "total_risk_usd": 10414.0, "risk_cap_usd": 10513.09, "options_buying_power_usd": 82871.12, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 396}
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{"ts": "2026-09-04T15:34:49.201238+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows relative strength with a positive 5-day return of +0.10% alongside an ATM IV of 10.02% against an RV20 of 13.54%.", "invalidation": "A decline significantly exceeding the recent 1-day drop of -0.07% would invalidate this bullish bias."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"679.0": 0.2298, "696.0": 0.1575, "716.0": 0.1041, "659.0": 0.3136, "706.0": 0.1268, "688.0": 0.188, "652.0": 0.3368, "677.0": 0.2355, "664.0": 0.2885, "666.0": 0.2865, "662.0": 0.2985, "695.0": 0.1618, "686.0": 0.1975, "675.0": 0.246, "651.0": 0.3417, "673.0": 0.2504, "694.0": 0.1659, "663.0": 0.2935, "643.0": 0.3727, "682.0": 0.2136, "712.0": 0.1117, "687.0": 0.1936, "703.0": 0.1347, "699.0": 0.1477, "693.0": 0.1697, "709.0": 0.1188, "661.0": 0.3036, "685.0": 0.2013, "647.0": 0.3613, "692.0": 0.1733, "700.0": 0.1437, "680.0": 0.2244, "658.0": 0.3186, "713.0": 0.1096, "667.0": 0.2813, "657.0": 0.3184, "704.0": 0.1326, "691.0": 0.1767, "717.0": 0.1025, "644.0": 0.3679, "650.0": 0.3466, "684.0": 0.2068, "670.0": 0.2659, "671.0": 0.2607, "674.0": 0.2513, "669.0": 0.271, "653.0": 0.3319, "689.0": 0.1854, "705.0": 0.1297, "710.0": 0.1164, "701.0": 0.1405, "715.0": 0.1059, "720.0": 0.0984, "714.0": 0.1075, "681.0": 0.219, "698.0": 0.1506, "660.0": 0.3086, "697.0": 0.1547, "646.0": 0.3662, "665.0": 0.2834, "718.0": 0.1011, "672.0": 0.2556, "645.0": 0.3711, "655.0": 0.3222, "656.0": 0.3233, "707.0": 0.1239, "678.0": 0.2302, "649.0": 0.3515, "654.0": 0.3271, "711.0": 0.1142, "708.0": 0.1213, "719.0": 0.0996, "702.0": 0.1379, "683.0": 0.2123, "690.0": 0.1797, "648.0": 0.3564, "668.0": 0.2762, "676.0": 0.2407}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1991, "long_delta": 0.1311, "short_iv": 0.1164, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.443296, "long_quote_age": 0.443385, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10513.09, "utilization": 1.0, "usable_buying_power": 10513.09, "max_loss_per_contract": 264.0, "total_risk": 10296.0, "buying_power_used_pct": 0.9794}, "spot": 716.985}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.81 (gross $-57.81 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:36:15.350460+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ shows steady performance with a +0.13% 5-day return and modest 1-day decline of -0.04%, supporting a short-dated neutral put credit spread.", "invalidation": "A sharp downward move breaking below recent spot levels alongside expanding realized volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"714.0": 0.1078, "679.0": 0.2262, "670.0": 0.2672, "697.0": 0.1546, "690.0": 0.1812, "655.0": 0.3234, "691.0": 0.1782, "708.0": 0.1218, "709.0": 0.1197, "647.0": 0.3625, "719.0": 0.0998, "669.0": 0.2723, "671.0": 0.262, "720.0": 0.0988, "672.0": 0.2569, "715.0": 0.1059, "649.0": 0.3527, "688.0": 0.1895, "698.0": 0.1515, "645.0": 0.3723, "651.0": 0.3429, "694.0": 0.1653, "718.0": 0.1013, "676.0": 0.2421, "652.0": 0.338, "704.0": 0.1328, "710.0": 0.117, "703.0": 0.1356, "646.0": 0.3674, "666.0": 0.2797, "653.0": 0.3331, "644.0": 0.3691, "702.0": 0.1387, "685.0": 0.2027, "717.0": 0.1025, "701.0": 0.1412, "683.0": 0.2117, "693.0": 0.169, "654.0": 0.3282, "689.0": 0.1869, "665.0": 0.2847, "684.0": 0.2082, "664.0": 0.2897, "650.0": 0.3478, "674.0": 0.2465, "711.0": 0.1147, "658.0": 0.3199, "686.0": 0.199, "692.0": 0.1736, "706.0": 0.1272, "713.0": 0.11, "667.0": 0.2826, "675.0": 0.2474, "662.0": 0.2998, "680.0": 0.2258, "659.0": 0.3149, "656.0": 0.3185, "687.0": 0.1951, "648.0": 0.3576, "673.0": 0.2517, "678.0": 0.2315, "663.0": 0.2947, "661.0": 0.3048, "677.0": 0.2368, "700.0": 0.1442, "707.0": 0.1245, "705.0": 0.1302, "695.0": 0.1614, "668.0": 0.2775, "682.0": 0.215, "699.0": 0.148, "716.0": 0.1041, "696.0": 0.1582, "681.0": 0.2204, "712.0": 0.1121, "660.0": 0.3098, "657.0": 0.3196}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 60, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00708000", "short_strike": 710.0, "long_strike": 708.0, "width": 2.0, "credit": 0.25, "short_delta": 0.1918, "long_delta": 0.1449, "short_iv": 0.117, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.47271, "long_quote_age": 0.683672, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 60, "options_buying_power": 10513.09, "utilization": 1.0, "usable_buying_power": 10513.09, "max_loss_per_contract": 175.0, "total_risk": 10500.0, "buying_power_used_pct": 0.9988}, "spot": 717.275}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-39.16 (gross $-38.16 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 60 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:36:30.736874+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilience with a 5D return of +0.13% and modest 1D change of -0.04% compared to SPY's 1D decline of -0.48%.", "invalidation": "QQQ spot price falls sharply below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"668.0": 0.2778, "654.0": 0.3286, "701.0": 0.1416, "693.0": 0.1694, "649.0": 0.353, "700.0": 0.1446, "718.0": 0.1011, "720.0": 0.0987, "677.0": 0.2371, "704.0": 0.1325, "651.0": 0.3432, "661.0": 0.3051, "710.0": 0.1167, "716.0": 0.1039, "689.0": 0.1873, "665.0": 0.285, "714.0": 0.1076, "713.0": 0.1096, "670.0": 0.2675, "691.0": 0.1786, "673.0": 0.252, "655.0": 0.3237, "657.0": 0.3199, "715.0": 0.1058, "697.0": 0.1551, "699.0": 0.1485, "705.0": 0.1299, "672.0": 0.2572, "645.0": 0.3726, "675.0": 0.2477, "680.0": 0.2261, "711.0": 0.1145, "690.0": 0.1816, "685.0": 0.203, "687.0": 0.1955, "696.0": 0.1586, "674.0": 0.2469, "669.0": 0.2726, "688.0": 0.1899, "694.0": 0.1657, "683.0": 0.212, "682.0": 0.2153, "703.0": 0.1351, "666.0": 0.28, "706.0": 0.1267, "658.0": 0.3202, "653.0": 0.3334, "664.0": 0.29, "656.0": 0.3188, "717.0": 0.1024, "678.0": 0.2319, "671.0": 0.2623, "712.0": 0.112, "650.0": 0.3481, "646.0": 0.3677, "702.0": 0.1381, "708.0": 0.1218, "642.0": 0.379, "707.0": 0.1241, "681.0": 0.2207, "647.0": 0.3628, "686.0": 0.1993, "643.0": 0.3742, "641.0": 0.3838, "695.0": 0.1618, "684.0": 0.2085, "660.0": 0.3101, "709.0": 0.1192, "719.0": 0.0998, "648.0": 0.3579, "679.0": 0.2266, "676.0": 0.2424, "698.0": 0.152, "662.0": 0.3001, "692.0": 0.174, "663.0": 0.2951, "667.0": 0.2829, "644.0": 0.3694, "659.0": 0.3152, "652.0": 0.3383}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.48, "short_delta": 0.189, "long_delta": 0.0947, "short_iv": 0.1167, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.4291, "long_quote_age": 0.448379, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10513.09, "utilization": 1.0, "usable_buying_power": 10513.09, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.9889}, "spot": 717.29}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.94 (gross $-98.94 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:37:53.754027+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits stable short-term performance (+0.12% over 5D) with low 4D ATM implied volatility of 9.95% relative to its 20-day realized volatility of 13.54% (IV/RV 0.73), supporting an out-of-the-money put credit spread.", "invalidation": "A sharp decline in QQQ spot price below 717.26 or an acceleration in short-term realized volatility beyond 13.54%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"673.0": 0.2513, "680.0": 0.2254, "708.0": 0.1223, "691.0": 0.1777, "687.0": 0.1947, "674.0": 0.2461, "648.0": 0.3572, "688.0": 0.189, "682.0": 0.2146, "695.0": 0.1609, "681.0": 0.22, "716.0": 0.1046, "670.0": 0.2668, "652.0": 0.3377, "698.0": 0.1511, "666.0": 0.2793, "641.0": 0.3832, "714.0": 0.1083, "713.0": 0.1102, "709.0": 0.1195, "701.0": 0.1406, "664.0": 0.2894, "668.0": 0.2771, "717.0": 0.1032, "653.0": 0.3328, "660.0": 0.3095, "675.0": 0.247, "715.0": 0.1063, "686.0": 0.1985, "669.0": 0.2719, "702.0": 0.1382, "671.0": 0.2616, "706.0": 0.1269, "694.0": 0.1649, "712.0": 0.1125, "656.0": 0.3181, "684.0": 0.2078, "693.0": 0.1685, "677.0": 0.2364, "718.0": 0.1019, "642.0": 0.3783, "667.0": 0.2822, "658.0": 0.3195, "672.0": 0.2565, "650.0": 0.3475, "678.0": 0.2311, "696.0": 0.1577, "705.0": 0.1296, "685.0": 0.2023, "679.0": 0.2258, "651.0": 0.3426, "707.0": 0.1248, "689.0": 0.1865, "703.0": 0.1351, "683.0": 0.2113, "647.0": 0.3621, "719.0": 0.1006, "643.0": 0.3735, "710.0": 0.1172, "699.0": 0.1475, "655.0": 0.323, "659.0": 0.3145, "665.0": 0.2843, "720.0": 0.0997, "662.0": 0.2994, "645.0": 0.3719, "649.0": 0.3523, "704.0": 0.1323, "657.0": 0.3192, "676.0": 0.2417, "654.0": 0.3279, "700.0": 0.1437, "663.0": 0.2944, "711.0": 0.1148, "690.0": 0.1808, "697.0": 0.1542, "661.0": 0.3044, "646.0": 0.367, "692.0": 0.1732, "644.0": 0.3687}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1947, "long_delta": 0.0967, "short_iv": 0.1172, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.424991, "long_quote_age": 0.441177, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10513.09, "utilization": 1.0, "usable_buying_power": 10513.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9823}, "spot": 717.215}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.13 (gross $-96.13 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:38:05.502616+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits relative stability with a positive 5D return of +0.12% and a minor 1D change of -0.06%, supporting a short-dated put credit spread around the 4D IV quote.", "invalidation": "A sharp decline in QQQ below recent 5D positive momentum or a further expansion in volatility relative to RV20."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"674.0": 0.2462, "667.0": 0.2823, "651.0": 0.3426, "704.0": 0.1324, "664.0": 0.2894, "684.0": 0.2078, "694.0": 0.1649, "715.0": 0.1061, "648.0": 0.3573, "676.0": 0.2418, "649.0": 0.3524, "644.0": 0.3688, "645.0": 0.372, "716.0": 0.1043, "692.0": 0.1733, "669.0": 0.272, "678.0": 0.2312, "699.0": 0.1476, "677.0": 0.2365, "685.0": 0.2023, "717.0": 0.1029, "713.0": 0.1102, "688.0": 0.1891, "654.0": 0.328, "660.0": 0.3095, "653.0": 0.3328, "698.0": 0.1511, "686.0": 0.1986, "709.0": 0.1196, "668.0": 0.2772, "658.0": 0.3196, "703.0": 0.1352, "696.0": 0.1578, "666.0": 0.2794, "697.0": 0.1542, "682.0": 0.2147, "683.0": 0.2113, "690.0": 0.1808, "687.0": 0.1947, "646.0": 0.3671, "671.0": 0.2617, "679.0": 0.2259, "689.0": 0.1865, "691.0": 0.1778, "719.0": 0.1004, "650.0": 0.3475, "655.0": 0.3231, "707.0": 0.1249, "657.0": 0.3193, "700.0": 0.1438, "665.0": 0.2844, "710.0": 0.1171, "643.0": 0.3736, "670.0": 0.2669, "673.0": 0.2514, "718.0": 0.1017, "712.0": 0.1125, "663.0": 0.2944, "693.0": 0.1686, "705.0": 0.1297, "672.0": 0.2565, "702.0": 0.1383, "659.0": 0.3146, "647.0": 0.3622, "720.0": 0.0993, "681.0": 0.22, "701.0": 0.1407, "711.0": 0.1147, "661.0": 0.3045, "706.0": 0.127, "652.0": 0.3377, "714.0": 0.1082, "680.0": 0.2254, "708.0": 0.1221, "675.0": 0.247, "662.0": 0.2995, "656.0": 0.3182, "695.0": 0.161}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1941, "long_delta": 0.1284, "short_iv": 0.1171, "short_rel_spread": 0.02105263157894739, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.451511, "long_quote_age": 0.451729, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10513.09, "utilization": 1.0, "usable_buying_power": 10513.09, "max_loss_per_contract": 266.0, "total_risk": 10374.0, "buying_power_used_pct": 0.9868}, "spot": 717.225}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.12 (gross $-58.62 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:39:28.619776+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows range-bound short-term action with +0.11% over 5D, a mild -0.06% 1D change, and low implied volatility relative to historical realized volatility at an IV/RV of 0.73.", "invalidation": "A sustained downward decline in QQQ spot below the short put strike would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"702.0": 0.1374, "642.0": 0.3785, "668.0": 0.2773, "670.0": 0.267, "654.0": 0.3281, "700.0": 0.1439, "699.0": 0.1478, "656.0": 0.3183, "718.0": 0.1011, "713.0": 0.1093, "644.0": 0.3689, "646.0": 0.3672, "678.0": 0.2313, "689.0": 0.1867, "683.0": 0.2115, "662.0": 0.2996, "641.0": 0.3833, "653.0": 0.333, "685.0": 0.2025, "667.0": 0.2824, "697.0": 0.1544, "694.0": 0.1651, "658.0": 0.3197, "674.0": 0.2463, "655.0": 0.3232, "680.0": 0.2256, "661.0": 0.3046, "665.0": 0.2845, "684.0": 0.208, "652.0": 0.3378, "715.0": 0.1056, "701.0": 0.1409, "676.0": 0.2419, "650.0": 0.3476, "687.0": 0.1949, "657.0": 0.3194, "666.0": 0.2795, "664.0": 0.2895, "710.0": 0.1166, "645.0": 0.3721, "709.0": 0.1188, "716.0": 0.104, "708.0": 0.1215, "693.0": 0.1688, "643.0": 0.3737, "673.0": 0.2515, "649.0": 0.3525, "677.0": 0.2366, "671.0": 0.2618, "704.0": 0.1317, "682.0": 0.2148, "712.0": 0.1117, "714.0": 0.1075, "719.0": 0.0999, "679.0": 0.226, "659.0": 0.3147, "663.0": 0.2946, "660.0": 0.3096, "720.0": 0.0993, "672.0": 0.2567, "711.0": 0.1143, "648.0": 0.3574, "692.0": 0.1734, "717.0": 0.1025, "688.0": 0.1893, "669.0": 0.2721, "696.0": 0.158, "681.0": 0.2202, "706.0": 0.1265, "686.0": 0.1988, "705.0": 0.1291, "675.0": 0.2472, "695.0": 0.1612, "647.0": 0.3623, "703.0": 0.1344, "707.0": 0.1238, "698.0": 0.1513, "651.0": 0.3427, "690.0": 0.181, "691.0": 0.178}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1923, "long_delta": 0.0952, "short_iv": 0.1166, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.405198, "long_quote_age": 0.479493, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10529.09, "utilization": 1.0, "usable_buying_power": 10529.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.983}, "spot": 717.265}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.81 (gross $-96.81 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:39:39.859209+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 350, "thesis": "QQQ demonstrates price stability with a 5D return of +0.11% and a mild 1D decline of -0.06%, supporting a put credit spread across an extended 5-7 DTE window.", "invalidation": "A sustained downward price move in QQQ breaching the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"644.0": 0.3546, "690.0": 0.1845, "662.0": 0.2886, "706.0": 0.1403, "667.0": 0.2696, "689.0": 0.1876, "655.0": 0.3122, "666.0": 0.2695, "663.0": 0.2838, "649.0": 0.3361, "646.0": 0.3455, "645.0": 0.3501, "708.0": 0.1354, "671.0": 0.2543, "694.0": 0.1712, "677.0": 0.2315, "695.0": 0.1688, "665.0": 0.2743, "648.0": 0.3407, "680.0": 0.2192, "679.0": 0.2228, "696.0": 0.166, "707.0": 0.1377, "693.0": 0.1746, "716.0": 0.1184, "674.0": 0.2414, "713.0": 0.1241, "710.0": 0.1307, "641.0": 0.3684, "660.0": 0.2922, "657.0": 0.3063, "669.0": 0.2599, "643.0": 0.3592, "698.0": 0.1603, "672.0": 0.2494, "719.0": 0.1137, "704.0": 0.1451, "656.0": 0.311, "652.0": 0.3223, "654.0": 0.3131, "714.0": 0.122, "702.0": 0.1497, "709.0": 0.1331, "692.0": 0.1776, "651.0": 0.3269, "682.0": 0.2115, "703.0": 0.1474, "683.0": 0.2088, "720.0": 0.1125, "658.0": 0.3016, "664.0": 0.279, "684.0": 0.2047, "676.0": 0.2349, "670.0": 0.2572, "647.0": 0.3409, "685.0": 0.2005, "700.0": 0.1548, "687.0": 0.1939, "691.0": 0.1804, "675.0": 0.2382, "701.0": 0.1525, "699.0": 0.1574, "711.0": 0.1284, "650.0": 0.3315, "712.0": 0.1264, "717.0": 0.1167, "688.0": 0.1904, "678.0": 0.2264, "661.0": 0.2875, "705.0": 0.1428, "681.0": 0.2154, "718.0": 0.1151, "659.0": 0.2969, "686.0": 0.1973, "697.0": 0.1629, "715.0": 0.1201, "653.0": 0.3177, "673.0": 0.2464, "668.0": 0.2647, "642.0": 0.3638}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00703000", "short_strike": 708.0, "long_strike": 703.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1934, "long_delta": 0.1138, "short_iv": 0.1354, "short_rel_spread": 0.008163265306122455, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.417188, "long_quote_age": 0.55912, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10529.09, "utilization": 1.0, "usable_buying_power": 10529.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9743}, "spot": 717.325}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-87.48 (gross $-85.98 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:41:01.607392+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows relative price stability with a +0.11% 5-day return and a minimal -0.06% 1-day change under 9.95% 4-day ATM IV.", "invalidation": "QQQ spot price declines significantly below the selected short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"703.0": 0.1349, "671.0": 0.2622, "642.0": 0.3788, "686.0": 0.1991, "672.0": 0.257, "720.0": 0.0986, "643.0": 0.374, "669.0": 0.2725, "695.0": 0.1616, "664.0": 0.2899, "713.0": 0.1089, "697.0": 0.1548, "662.0": 0.2999, "714.0": 0.1069, "702.0": 0.1378, "717.0": 0.1019, "704.0": 0.1322, "645.0": 0.3724, "716.0": 0.1033, "659.0": 0.315, "661.0": 0.3049, "682.0": 0.2151, "656.0": 0.3186, "681.0": 0.2205, "646.0": 0.3675, "707.0": 0.1237, "663.0": 0.2949, "670.0": 0.2673, "652.0": 0.3382, "705.0": 0.1288, "678.0": 0.2317, "677.0": 0.237, "654.0": 0.3284, "688.0": 0.1896, "700.0": 0.1444, "650.0": 0.3479, "648.0": 0.3577, "641.0": 0.3836, "710.0": 0.1158, "691.0": 0.1783, "657.0": 0.3197, "658.0": 0.32, "708.0": 0.1209, "647.0": 0.3626, "719.0": 0.0995, "692.0": 0.1738, "706.0": 0.1264, "718.0": 0.1005, "651.0": 0.343, "665.0": 0.2848, "701.0": 0.1414, "694.0": 0.1655, "680.0": 0.2259, "676.0": 0.2422, "689.0": 0.1871, "675.0": 0.2475, "679.0": 0.2264, "683.0": 0.2118, "712.0": 0.1112, "699.0": 0.1482, "674.0": 0.2467, "696.0": 0.1584, "684.0": 0.2083, "673.0": 0.2518, "698.0": 0.1517, "709.0": 0.1183, "660.0": 0.31, "666.0": 0.2798, "687.0": 0.1952, "690.0": 0.1814, "685.0": 0.2028, "667.0": 0.2828, "668.0": 0.2776, "715.0": 0.1049, "711.0": 0.1136, "649.0": 0.3528, "655.0": 0.3235, "693.0": 0.1692, "653.0": 0.3333, "644.0": 0.3692}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1885, "long_delta": 0.0935, "short_iv": 0.1158, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.465447, "long_quote_age": 0.460849, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10529.09, "utilization": 1.0, "usable_buying_power": 10529.09, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.9874}, "spot": 717.295}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.82 (gross $-98.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:41:17.829923+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits relative stability with a +0.11% 5-day return and mild -0.06% 1-day change, supporting short-term put credit spread premium collection.", "invalidation": "A sharp decline in QQQ spot price below recent 5-day trading levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"715.0": 0.1047, "685.0": 0.203, "706.0": 0.1259, "667.0": 0.2829, "654.0": 0.3286, "714.0": 0.1067, "688.0": 0.1899, "694.0": 0.1657, "691.0": 0.1786, "693.0": 0.1694, "679.0": 0.2266, "683.0": 0.212, "705.0": 0.1291, "655.0": 0.3237, "702.0": 0.1381, "712.0": 0.1108, "677.0": 0.2371, "704.0": 0.1316, "666.0": 0.28, "645.0": 0.3726, "698.0": 0.1504, "656.0": 0.3188, "662.0": 0.3001, "719.0": 0.0991, "680.0": 0.2261, "670.0": 0.2675, "720.0": 0.0984, "653.0": 0.3334, "659.0": 0.3152, "701.0": 0.1404, "669.0": 0.2726, "675.0": 0.2477, "660.0": 0.3101, "711.0": 0.1131, "697.0": 0.1551, "684.0": 0.2085, "672.0": 0.2572, "663.0": 0.2951, "648.0": 0.3579, "678.0": 0.2319, "643.0": 0.3742, "665.0": 0.285, "674.0": 0.2469, "671.0": 0.2623, "650.0": 0.3481, "651.0": 0.3432, "699.0": 0.1471, "703.0": 0.1351, "668.0": 0.2778, "647.0": 0.3628, "676.0": 0.2424, "710.0": 0.1157, "717.0": 0.1016, "696.0": 0.1577, "681.0": 0.2207, "707.0": 0.1234, "689.0": 0.1858, "695.0": 0.1618, "713.0": 0.1088, "716.0": 0.103, "687.0": 0.1955, "718.0": 0.1002, "708.0": 0.1206, "692.0": 0.174, "649.0": 0.353, "709.0": 0.1181, "700.0": 0.1446, "686.0": 0.1993, "690.0": 0.1816, "658.0": 0.3202, "673.0": 0.252, "664.0": 0.29, "657.0": 0.3199, "644.0": 0.3694, "661.0": 0.3051, "682.0": 0.2153, "652.0": 0.3383, "646.0": 0.3677}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.33, "short_delta": 0.187, "long_delta": 0.1226, "short_iv": 0.1157, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.438016, "long_quote_age": 0.720531, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10529.09, "utilization": 1.0, "usable_buying_power": 10529.09, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.989}, "spot": 717.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.69 (gross $-58.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:42:45.512641+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive short-term momentum with a +0.01% 1-day and +0.18% 5-day return while trading at an ATM IV of 9.63% relative to 13.54% RV20.", "invalidation": "QQQ spot price declines significantly below current 717.74 levels over the trade duration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"710.0": 0.1153, "649.0": 0.355, "645.0": 0.3746, "647.0": 0.3648, "696.0": 0.1584, "697.0": 0.1543, "664.0": 0.2922, "658.0": 0.3223, "705.0": 0.1284, "707.0": 0.123, "695.0": 0.1624, "665.0": 0.2871, "667.0": 0.2771, "651.0": 0.3452, "671.0": 0.2645, "712.0": 0.1101, "662.0": 0.3022, "666.0": 0.2821, "698.0": 0.1516, "699.0": 0.1484, "708.0": 0.1202, "688.0": 0.1923, "643.0": 0.3761, "713.0": 0.1078, "691.0": 0.1784, "650.0": 0.3501, "668.0": 0.2721, "706.0": 0.1257, "692.0": 0.1753, "694.0": 0.1661, "648.0": 0.3599, "685.0": 0.2054, "654.0": 0.3306, "704.0": 0.1321, "690.0": 0.1841, "701.0": 0.1409, "656.0": 0.3208, "661.0": 0.3072, "702.0": 0.1379, "670.0": 0.2697, "684.0": 0.2109, "721.0": 0.0961, "718.0": 0.0991, "714.0": 0.1057, "679.0": 0.2289, "669.0": 0.2748, "675.0": 0.2439, "683.0": 0.2123, "687.0": 0.1962, "677.0": 0.2394, "700.0": 0.1449, "657.0": 0.322, "720.0": 0.0971, "715.0": 0.1038, "652.0": 0.3403, "660.0": 0.3123, "682.0": 0.2177, "717.0": 0.1005, "676.0": 0.2447, "686.0": 0.1999, "655.0": 0.3257, "646.0": 0.3697, "680.0": 0.2284, "663.0": 0.2972, "644.0": 0.3713, "642.0": 0.3809, "674.0": 0.2491, "653.0": 0.3355, "678.0": 0.2341, "673.0": 0.2542, "719.0": 0.098, "681.0": 0.2231, "672.0": 0.2594, "693.0": 0.1708, "689.0": 0.1867, "716.0": 0.1022, "709.0": 0.1177, "659.0": 0.3173, "711.0": 0.1124, "703.0": 0.1343}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1978, "long_delta": 0.0973, "short_iv": 0.1124, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.454109, "long_quote_age": 0.631374, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10553.09, "utilization": 1.0, "usable_buying_power": 10553.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9808}, "spot": 717.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.60 (gross $-101.60 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:42:57.759986+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows steady positive short-term momentum with 1D +0.01% and 5D +0.18% while ATM IV of 9.63% trades at an IV/RV ratio of 0.71.", "invalidation": "QQQ spot price declines sharply and reverses the 5D gain of +0.18%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"702.0": 0.1377, "676.0": 0.2446, "643.0": 0.376, "703.0": 0.1341, "672.0": 0.2593, "697.0": 0.1541, "659.0": 0.3172, "720.0": 0.0975, "649.0": 0.3549, "705.0": 0.1282, "677.0": 0.2393, "695.0": 0.1623, "678.0": 0.234, "700.0": 0.1447, "684.0": 0.2108, "687.0": 0.1961, "719.0": 0.0985, "690.0": 0.184, "645.0": 0.3745, "721.0": 0.0962, "717.0": 0.1009, "670.0": 0.2696, "646.0": 0.3696, "669.0": 0.2747, "662.0": 0.3021, "644.0": 0.3712, "711.0": 0.1127, "686.0": 0.1998, "657.0": 0.3219, "691.0": 0.1783, "682.0": 0.2176, "654.0": 0.3305, "655.0": 0.3256, "692.0": 0.1752, "656.0": 0.3207, "707.0": 0.1228, "693.0": 0.1707, "653.0": 0.3354, "658.0": 0.3222, "696.0": 0.1583, "704.0": 0.131, "680.0": 0.2283, "706.0": 0.1256, "698.0": 0.1515, "650.0": 0.35, "712.0": 0.1103, "661.0": 0.3071, "652.0": 0.3403, "701.0": 0.1408, "715.0": 0.1041, "674.0": 0.249, "660.0": 0.3122, "666.0": 0.282, "683.0": 0.2122, "675.0": 0.2438, "664.0": 0.2921, "714.0": 0.1058, "667.0": 0.277, "648.0": 0.3598, "679.0": 0.2288, "651.0": 0.3451, "647.0": 0.3647, "665.0": 0.287, "713.0": 0.1078, "716.0": 0.1024, "709.0": 0.1175, "688.0": 0.1922, "673.0": 0.2541, "685.0": 0.2053, "671.0": 0.2644, "710.0": 0.1151, "689.0": 0.1866, "663.0": 0.2971, "681.0": 0.223, "668.0": 0.272, "699.0": 0.1483, "642.0": 0.3809, "718.0": 0.0995, "694.0": 0.166, "708.0": 0.12}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1991, "long_delta": 0.0974, "short_iv": 0.1127, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.416196, "long_quote_age": 0.687583, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10553.09, "utilization": 1.0, "usable_buying_power": 10553.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9786}, "spot": 717.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.56 (gross $-99.56 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:44:20.621652+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows positive momentum with 1D +0.02% and 5D +0.19% gains while 4-day ATM IV trades at 9.63% relative to an RV20 of 13.54%.", "invalidation": "QQQ spot price declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"673.0": 0.2542, "665.0": 0.2871, "655.0": 0.3257, "644.0": 0.3713, "660.0": 0.3122, "704.0": 0.1311, "703.0": 0.1342, "652.0": 0.3403, "708.0": 0.1201, "714.0": 0.106, "664.0": 0.2921, "692.0": 0.1753, "718.0": 0.0996, "711.0": 0.1126, "710.0": 0.1153, "657.0": 0.322, "642.0": 0.3809, "684.0": 0.2089, "717.0": 0.1008, "709.0": 0.1176, "712.0": 0.1103, "680.0": 0.2236, "666.0": 0.2821, "691.0": 0.1784, "650.0": 0.3501, "713.0": 0.108, "649.0": 0.355, "658.0": 0.3223, "663.0": 0.2972, "662.0": 0.3022, "682.0": 0.2177, "699.0": 0.1469, "656.0": 0.3208, "651.0": 0.3452, "685.0": 0.2054, "648.0": 0.3599, "687.0": 0.1944, "677.0": 0.2394, "720.0": 0.0975, "721.0": 0.0966, "698.0": 0.1516, "695.0": 0.1624, "706.0": 0.1257, "681.0": 0.223, "659.0": 0.3173, "647.0": 0.3648, "653.0": 0.3354, "715.0": 0.1039, "701.0": 0.1409, "683.0": 0.2123, "672.0": 0.2594, "670.0": 0.2697, "646.0": 0.3697, "716.0": 0.1023, "676.0": 0.2447, "679.0": 0.2288, "667.0": 0.2771, "661.0": 0.3072, "697.0": 0.1542, "643.0": 0.3761, "707.0": 0.123, "719.0": 0.0986, "690.0": 0.1826, "669.0": 0.2748, "705.0": 0.1284, "694.0": 0.1661, "689.0": 0.1867, "693.0": 0.1707, "675.0": 0.2439, "668.0": 0.272, "686.0": 0.1999, "654.0": 0.3306, "688.0": 0.1923, "645.0": 0.3746, "674.0": 0.2491, "671.0": 0.2645, "678.0": 0.2341, "696.0": 0.1584, "702.0": 0.1378, "700.0": 0.1448}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1984, "long_delta": 0.0973, "short_iv": 0.1126, "short_rel_spread": 0.021276595744680753, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.456969, "long_quote_age": 0.531096, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10593.09, "utilization": 1.0, "usable_buying_power": 10593.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9771}, "spot": 717.815}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.34 (gross $-100.84 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:44:33.118548+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates resilience with positive 1-day (+0.02%) and 5-day (+0.19%) returns while trading at an IV/RV ratio of 0.71 relative to 20-day realized volatility.", "invalidation": "QQQ spot price turns negative and breaks below recent 5-day positive performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"704.0": 0.1311, "690.0": 0.184, "708.0": 0.1201, "654.0": 0.3305, "667.0": 0.277, "664.0": 0.2921, "653.0": 0.3354, "661.0": 0.3072, "646.0": 0.3697, "643.0": 0.3761, "698.0": 0.1515, "681.0": 0.223, "677.0": 0.2394, "670.0": 0.2696, "689.0": 0.1866, "695.0": 0.1623, "648.0": 0.3599, "717.0": 0.1008, "692.0": 0.1753, "649.0": 0.355, "694.0": 0.166, "699.0": 0.1468, "675.0": 0.2439, "705.0": 0.1283, "659.0": 0.3172, "711.0": 0.1128, "644.0": 0.3713, "696.0": 0.1584, "658.0": 0.3223, "719.0": 0.0983, "671.0": 0.2645, "662.0": 0.3022, "650.0": 0.3501, "707.0": 0.1229, "656.0": 0.3208, "716.0": 0.1024, "663.0": 0.2971, "720.0": 0.0974, "652.0": 0.3403, "709.0": 0.1176, "701.0": 0.1409, "685.0": 0.2054, "713.0": 0.1081, "674.0": 0.249, "645.0": 0.3746, "660.0": 0.3122, "666.0": 0.2821, "683.0": 0.2122, "672.0": 0.2593, "682.0": 0.2176, "668.0": 0.272, "715.0": 0.104, "688.0": 0.1923, "718.0": 0.0995, "686.0": 0.1999, "703.0": 0.1342, "712.0": 0.1102, "651.0": 0.3452, "700.0": 0.1448, "673.0": 0.2542, "678.0": 0.2341, "665.0": 0.2871, "702.0": 0.1378, "647.0": 0.3648, "687.0": 0.1944, "721.0": 0.097, "679.0": 0.2288, "706.0": 0.1256, "697.0": 0.1542, "714.0": 0.1059, "680.0": 0.2235, "684.0": 0.2089, "693.0": 0.1707, "657.0": 0.3219, "691.0": 0.1783, "676.0": 0.2446, "655.0": 0.3257, "669.0": 0.2748, "710.0": 0.1152}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1989, "long_delta": 0.129, "short_iv": 0.1128, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.465824, "long_quote_age": 0.448106, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10593.09, "utilization": 1.0, "usable_buying_power": 10593.09, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9969}, "spot": 717.75}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.14 (gross $-59.14 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:45:50.621037+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates stability with a flat 1D change of -0.01% and positive 5D return of +0.17% alongside IV/RV at 0.71.", "invalidation": "A sharp downturn expanding 1D losses significantly below the current -0.01% baseline."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"694.0": 0.1649, "643.0": 0.3752, "685.0": 0.2043, "658.0": 0.3213, "718.0": 0.0998, "683.0": 0.2112, "717.0": 0.1008, "713.0": 0.1077, "675.0": 0.2429, "708.0": 0.1203, "650.0": 0.3492, "716.0": 0.1024, "687.0": 0.1933, "651.0": 0.3443, "647.0": 0.3639, "648.0": 0.359, "671.0": 0.2635, "666.0": 0.2811, "698.0": 0.1503, "646.0": 0.3688, "664.0": 0.2912, "642.0": 0.38, "702.0": 0.1376, "681.0": 0.222, "707.0": 0.1227, "689.0": 0.1856, "704.0": 0.1316, "663.0": 0.2962, "705.0": 0.1285, "697.0": 0.1548, "686.0": 0.1988, "709.0": 0.1175, "649.0": 0.3541, "661.0": 0.3063, "662.0": 0.3012, "710.0": 0.1149, "644.0": 0.3704, "700.0": 0.1435, "692.0": 0.1741, "712.0": 0.1103, "701.0": 0.1408, "673.0": 0.2532, "678.0": 0.2331, "656.0": 0.3199, "657.0": 0.321, "654.0": 0.3296, "703.0": 0.1338, "695.0": 0.1612, "680.0": 0.2225, "641.0": 0.3849, "719.0": 0.0984, "684.0": 0.2079, "682.0": 0.2166, "665.0": 0.2862, "669.0": 0.2738, "679.0": 0.2278, "715.0": 0.1042, "706.0": 0.1256, "655.0": 0.3248, "653.0": 0.3345, "676.0": 0.2436, "721.0": 0.097, "693.0": 0.1683, "674.0": 0.2481, "691.0": 0.1772, "668.0": 0.2711, "690.0": 0.1829, "696.0": 0.1572, "711.0": 0.1127, "660.0": 0.3113, "645.0": 0.3737, "720.0": 0.0976, "652.0": 0.3394, "699.0": 0.1471, "670.0": 0.2687, "659.0": 0.3163, "688.0": 0.1912, "677.0": 0.2384, "672.0": 0.2584, "714.0": 0.1057, "667.0": 0.2761}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2056, "long_delta": 0.1011, "short_iv": 0.1127, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.454713, "long_quote_age": 0.4642, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10593.09, "utilization": 1.0, "usable_buying_power": 10593.09, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9705}, "spot": 717.605}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.47 (gross $-99.47 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:46:03.425321+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative resilience with a positive 5D return of +0.17% and near-flat 1D change of -0.01% while SPY pulled back -0.42%.", "invalidation": "QQQ reverses its 5-day gain of +0.17% and drops decisively."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"675.0": 0.2438, "696.0": 0.1583, "713.0": 0.1075, "681.0": 0.2229, "666.0": 0.282, "672.0": 0.2593, "645.0": 0.3745, "647.0": 0.3647, "659.0": 0.3172, "657.0": 0.3219, "697.0": 0.1541, "704.0": 0.131, "719.0": 0.0975, "653.0": 0.3354, "673.0": 0.2541, "642.0": 0.3808, "677.0": 0.2393, "706.0": 0.1255, "714.0": 0.1054, "699.0": 0.1467, "709.0": 0.1175, "700.0": 0.1447, "684.0": 0.2088, "643.0": 0.376, "692.0": 0.1752, "690.0": 0.1825, "693.0": 0.1694, "691.0": 0.1782, "676.0": 0.2446, "685.0": 0.2053, "715.0": 0.1031, "707.0": 0.1228, "665.0": 0.287, "702.0": 0.1377, "686.0": 0.1998, "663.0": 0.2971, "682.0": 0.2176, "641.0": 0.3857, "701.0": 0.1408, "718.0": 0.0987, "655.0": 0.3256, "654.0": 0.3305, "667.0": 0.277, "711.0": 0.1122, "678.0": 0.234, "705.0": 0.1282, "712.0": 0.1096, "687.0": 0.1943, "662.0": 0.3021, "646.0": 0.3696, "656.0": 0.3207, "683.0": 0.2122, "652.0": 0.3402, "671.0": 0.2644, "710.0": 0.1146, "679.0": 0.2287, "674.0": 0.249, "651.0": 0.3451, "703.0": 0.1341, "648.0": 0.3598, "650.0": 0.35, "669.0": 0.2747, "689.0": 0.1866, "670.0": 0.2696, "720.0": 0.0965, "721.0": 0.0963, "664.0": 0.292, "716.0": 0.1015, "668.0": 0.2719, "644.0": 0.3712, "695.0": 0.1622, "694.0": 0.1659, "661.0": 0.3071, "660.0": 0.3121, "649.0": 0.3549, "698.0": 0.1514, "688.0": 0.1905, "680.0": 0.2235, "717.0": 0.1001, "658.0": 0.3222, "708.0": 0.12}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.71, "short_delta": 0.2628, "long_delta": 0.1291, "short_iv": 0.1075, "short_rel_spread": 0.007722007722007729, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.471182, "long_quote_age": 0.471301, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10593.09, "utilization": 1.0, "usable_buying_power": 10593.09, "max_loss_per_contract": 429.0, "total_risk": 10296.0, "buying_power_used_pct": 0.972}, "spot": 717.73}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.40 (gross $-96.40 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:47:24.944564+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient 5-day momentum (+0.14%) and low 1-day decline (-0.03%) with 4-day ATM IV at 9.63% below 20-day realized volatility of 13.54%.", "invalidation": "QQQ spot price declines sharply erasing 5-day positive performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"708.0": 0.1199, "663.0": 0.2953, "707.0": 0.1225, "642.0": 0.3792, "679.0": 0.2269, "665.0": 0.2853, "658.0": 0.3205, "672.0": 0.2574, "670.0": 0.2678, "701.0": 0.1396, "692.0": 0.1731, "683.0": 0.2102, "687.0": 0.1923, "661.0": 0.3054, "671.0": 0.2626, "691.0": 0.1762, "650.0": 0.3484, "695.0": 0.16, "690.0": 0.1804, "712.0": 0.1101, "706.0": 0.1249, "659.0": 0.3154, "682.0": 0.2156, "649.0": 0.3532, "685.0": 0.2033, "676.0": 0.2427, "721.0": 0.0969, "684.0": 0.2069, "666.0": 0.2802, "715.0": 0.1038, "717.0": 0.1007, "647.0": 0.363, "693.0": 0.1673, "698.0": 0.1491, "660.0": 0.3104, "718.0": 0.0995, "714.0": 0.1056, "719.0": 0.0985, "702.0": 0.1363, "710.0": 0.1147, "689.0": 0.1845, "709.0": 0.1175, "648.0": 0.3581, "641.0": 0.384, "673.0": 0.2523, "654.0": 0.3288, "716.0": 0.1023, "669.0": 0.2729, "678.0": 0.2321, "697.0": 0.1537, "705.0": 0.1279, "668.0": 0.2702, "681.0": 0.221, "644.0": 0.3696, "711.0": 0.1123, "655.0": 0.3239, "652.0": 0.3386, "651.0": 0.3435, "696.0": 0.1561, "664.0": 0.2903, "700.0": 0.1423, "704.0": 0.1311, "713.0": 0.1076, "674.0": 0.2471, "675.0": 0.242, "656.0": 0.319, "703.0": 0.1335, "662.0": 0.3003, "680.0": 0.2216, "677.0": 0.2374, "657.0": 0.3202, "720.0": 0.0977, "667.0": 0.2752, "653.0": 0.3337, "643.0": 0.3744, "699.0": 0.1459, "686.0": 0.1978, "688.0": 0.1901, "645.0": 0.3728, "646.0": 0.3679, "694.0": 0.1638}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2111, "long_delta": 0.1034, "short_iv": 0.1123, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.507749, "long_quote_age": 0.507177, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10593.09, "utilization": 1.0, "usable_buying_power": 10593.09, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9662}, "spot": 717.44}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.93 (gross $-97.93 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:47:43.416864+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits relative stability with a positive 5D return of +0.14% and a mild 1D pullback of -0.03%, supporting a short-dated put credit spread.", "invalidation": "QQQ spot price dropping sharply below recent ranges would invalidate the bullish thesis."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 466}
{"ts": "2026-09-04T15:49:14.353918+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive 5-day momentum at +0.11% with spot at 717.18 and low 4-day ATM IV of 9.76% relative to RV20 of 13.54%.", "invalidation": "A downward break in QQQ spot price that accelerates 1-day losses well beyond -0.07%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"698.0": 0.1499, "700.0": 0.144, "713.0": 0.1082, "705.0": 0.1285, "677.0": 0.2367, "709.0": 0.1179, "691.0": 0.1781, "692.0": 0.1723, "657.0": 0.3248, "701.0": 0.1398, "687.0": 0.1933, "690.0": 0.1811, "715.0": 0.1044, "706.0": 0.126, "643.0": 0.3738, "655.0": 0.3233, "719.0": 0.0989, "651.0": 0.3428, "649.0": 0.3526, "668.0": 0.2736, "712.0": 0.1105, "695.0": 0.1613, "659.0": 0.3148, "663.0": 0.2947, "697.0": 0.1545, "693.0": 0.1689, "654.0": 0.3282, "656.0": 0.3184, "653.0": 0.333, "673.0": 0.2516, "647.0": 0.3624, "672.0": 0.2568, "688.0": 0.1894, "704.0": 0.1309, "648.0": 0.3575, "665.0": 0.2846, "699.0": 0.1465, "674.0": 0.2464, "664.0": 0.2896, "717.0": 0.1015, "689.0": 0.1837, "686.0": 0.1971, "678.0": 0.2314, "666.0": 0.2796, "662.0": 0.2997, "708.0": 0.1205, "679.0": 0.2261, "660.0": 0.3097, "646.0": 0.3673, "675.0": 0.2473, "703.0": 0.1345, "681.0": 0.2203, "645.0": 0.3722, "644.0": 0.369, "718.0": 0.1002, "670.0": 0.2671, "685.0": 0.2026, "676.0": 0.242, "642.0": 0.3786, "702.0": 0.1375, "716.0": 0.1028, "683.0": 0.2095, "694.0": 0.1652, "684.0": 0.2081, "682.0": 0.2149, "650.0": 0.3477, "696.0": 0.1571, "641.0": 0.3834, "661.0": 0.3047, "652.0": 0.3379, "720.0": 0.098, "658.0": 0.3198, "680.0": 0.2257, "671.0": 0.2619, "707.0": 0.123, "667.0": 0.2745, "669.0": 0.2722, "710.0": 0.1153, "714.0": 0.1063, "711.0": 0.1127}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1891, "long_delta": 0.0938, "short_iv": 0.1153, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.418152, "long_quote_age": 0.419112, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10593.09, "utilization": 1.0, "usable_buying_power": 10593.09, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.9814}, "spot": 717.215}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.55 (gross $-99.55 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:49:29.617500+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive 5-day performance of +0.11% alongside an IV/RV ratio of 0.72.", "invalidation": "QQQ spot price declines significantly below the short strike during the 2 to 5 DTE window."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"692.0": 0.1722, "706.0": 0.1252, "678.0": 0.2314, "684.0": 0.208, "689.0": 0.1837, "703.0": 0.1344, "670.0": 0.267, "676.0": 0.2419, "714.0": 0.106, "715.0": 0.1041, "657.0": 0.3248, "700.0": 0.144, "690.0": 0.181, "710.0": 0.1152, "686.0": 0.197, "673.0": 0.2515, "696.0": 0.1571, "707.0": 0.1226, "655.0": 0.3232, "695.0": 0.1612, "652.0": 0.3379, "717.0": 0.101, "682.0": 0.2148, "713.0": 0.1081, "646.0": 0.3673, "681.0": 0.2202, "693.0": 0.1688, "650.0": 0.3477, "674.0": 0.2464, "701.0": 0.1398, "656.0": 0.3183, "669.0": 0.2722, "651.0": 0.3428, "644.0": 0.3689, "645.0": 0.3722, "691.0": 0.178, "712.0": 0.1101, "668.0": 0.2736, "680.0": 0.2256, "705.0": 0.1284, "647.0": 0.3624, "662.0": 0.2996, "672.0": 0.2567, "694.0": 0.1651, "711.0": 0.1126, "679.0": 0.2261, "716.0": 0.1024, "659.0": 0.3147, "708.0": 0.1204, "709.0": 0.1178, "671.0": 0.2619, "653.0": 0.333, "665.0": 0.2846, "704.0": 0.1309, "698.0": 0.1498, "658.0": 0.3197, "702.0": 0.1374, "643.0": 0.3737, "697.0": 0.1545, "688.0": 0.1893, "699.0": 0.1464, "675.0": 0.2472, "720.0": 0.0976, "667.0": 0.2745, "719.0": 0.0987, "677.0": 0.2367, "687.0": 0.1949, "648.0": 0.3575, "649.0": 0.3526, "660.0": 0.3097, "718.0": 0.1, "685.0": 0.2025, "683.0": 0.2094, "664.0": 0.2896, "654.0": 0.3281, "666.0": 0.2795, "663.0": 0.2946, "661.0": 0.3047}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1892, "long_delta": 0.1233, "short_iv": 0.1152, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.486815, "long_quote_age": 0.730665, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10593.09, "utilization": 1.0, "usable_buying_power": 10593.09, "max_loss_per_contract": 266.0, "total_risk": 10374.0, "buying_power_used_pct": 0.9793}, "spot": 717.24}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.71 (gross $-58.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:50:49.300850+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits relative stability with a positive 5-day return of +0.16% and flat 1-day return of -0.01% with 4-day ATM IV at 9.76%.", "invalidation": "A sharp downward break in spot price below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"670.0": 0.2674, "683.0": 0.2099, "655.0": 0.3236, "695.0": 0.1618, "676.0": 0.2424, "712.0": 0.1104, "694.0": 0.1657, "696.0": 0.1576, "685.0": 0.203, "677.0": 0.2371, "720.0": 0.0976, "679.0": 0.2265, "645.0": 0.3726, "668.0": 0.274, "669.0": 0.2726, "706.0": 0.1259, "674.0": 0.2468, "664.0": 0.29, "671.0": 0.2623, "651.0": 0.3432, "689.0": 0.1842, "665.0": 0.285, "653.0": 0.3334, "646.0": 0.3677, "698.0": 0.1503, "680.0": 0.2261, "700.0": 0.1432, "647.0": 0.3628, "705.0": 0.1283, "675.0": 0.2476, "656.0": 0.3187, "682.0": 0.2153, "658.0": 0.309, "666.0": 0.2799, "713.0": 0.1083, "673.0": 0.252, "684.0": 0.2085, "719.0": 0.0986, "699.0": 0.147, "657.0": 0.3139, "663.0": 0.295, "648.0": 0.3579, "667.0": 0.2749, "652.0": 0.3383, "662.0": 0.3, "650.0": 0.3481, "687.0": 0.192, "718.0": 0.0999, "661.0": 0.3051, "678.0": 0.2318, "703.0": 0.1341, "692.0": 0.1727, "686.0": 0.1975, "659.0": 0.3151, "644.0": 0.3693, "688.0": 0.1898, "709.0": 0.1175, "649.0": 0.353, "708.0": 0.12, "654.0": 0.3285, "704.0": 0.1315, "710.0": 0.1151, "660.0": 0.3101, "641.0": 0.3838, "643.0": 0.3741, "691.0": 0.1758, "717.0": 0.1011, "716.0": 0.1025, "714.0": 0.1062, "715.0": 0.1042, "642.0": 0.3789, "690.0": 0.1815, "701.0": 0.1404, "672.0": 0.2571, "693.0": 0.1693, "702.0": 0.137, "681.0": 0.2207, "697.0": 0.1533, "711.0": 0.113, "707.0": 0.1227}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1861, "long_delta": 0.092, "short_iv": 0.1151, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.406724, "long_quote_age": 0.529022, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10609.09, "utilization": 1.0, "usable_buying_power": 10609.09, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9821}, "spot": 717.33}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.67 (gross $-99.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:51:00.914378+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient 5D performance at +0.16% and a muted 1D change of -0.01%, supporting a put credit spread across the 5-7 DTE window.", "invalidation": "A drop in QQQ spot price breaking below the short put strike level invalidates this thesis."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"655.0": 0.3084, "714.0": 0.1213, "690.0": 0.1827, "716.0": 0.1177, "702.0": 0.1489, "643.0": 0.3591, "647.0": 0.3408, "711.0": 0.1276, "686.0": 0.1951, "707.0": 0.1368, "688.0": 0.1884, "671.0": 0.2522, "662.0": 0.2827, "653.0": 0.3176, "710.0": 0.1297, "651.0": 0.3268, "654.0": 0.313, "695.0": 0.1675, "715.0": 0.1194, "666.0": 0.2694, "656.0": 0.3074, "719.0": 0.1138, "687.0": 0.1918, "717.0": 0.116, "664.0": 0.2789, "677.0": 0.2297, "648.0": 0.3363, "663.0": 0.2809, "706.0": 0.1394, "689.0": 0.1848, "642.0": 0.3637, "704.0": 0.1441, "680.0": 0.2176, "700.0": 0.1538, "709.0": 0.1323, "701.0": 0.1512, "676.0": 0.2331, "692.0": 0.176, "641.0": 0.3682, "698.0": 0.1592, "691.0": 0.1787, "679.0": 0.2212, "659.0": 0.2968, "660.0": 0.2921, "667.0": 0.2646, "665.0": 0.2742, "681.0": 0.2139, "699.0": 0.1563, "684.0": 0.2034, "670.0": 0.2549, "720.0": 0.1124, "652.0": 0.3222, "694.0": 0.1698, "697.0": 0.1617, "705.0": 0.1415, "646.0": 0.3454, "644.0": 0.3545, "673.0": 0.2443, "668.0": 0.2646, "696.0": 0.1648, "650.0": 0.3314, "657.0": 0.3061, "669.0": 0.2597, "708.0": 0.1345, "718.0": 0.1151, "658.0": 0.3015, "712.0": 0.1254, "693.0": 0.1731, "649.0": 0.336, "645.0": 0.35, "678.0": 0.2263, "682.0": 0.2101, "674.0": 0.2413, "683.0": 0.2062, "675.0": 0.2363, "661.0": 0.2874, "713.0": 0.1234, "685.0": 0.1993, "672.0": 0.2473, "703.0": 0.1466}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00703000", "short_strike": 708.0, "long_strike": 703.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1926, "long_delta": 0.1129, "short_iv": 0.1345, "short_rel_spread": 0.016528925619834725, "long_rel_spread": 0.029411764705882217, "short_quote_age": 0.3858, "long_quote_age": 0.40464, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10609.09, "utilization": 1.0, "usable_buying_power": 10609.09, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9691}, "spot": 717.27}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-89.30 (gross $-87.30 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:52:24.791904+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable short-term price action with a 5D return of +0.12% and a minimal 1D change of -0.05%.", "invalidation": "A sharp downward acceleration in QQQ spot price that breaches the short strike buffer."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"707.0": 0.1228, "703.0": 0.1338, "699.0": 0.1461, "688.0": 0.1903, "714.0": 0.1061, "698.0": 0.151, "700.0": 0.1439, "684.0": 0.209, "660.0": 0.3106, "691.0": 0.1763, "646.0": 0.3681, "659.0": 0.3156, "708.0": 0.1202, "669.0": 0.2731, "663.0": 0.2955, "694.0": 0.1662, "718.0": 0.0998, "657.0": 0.3143, "715.0": 0.1043, "679.0": 0.227, "645.0": 0.373, "666.0": 0.2804, "649.0": 0.3534, "661.0": 0.3055, "651.0": 0.3436, "670.0": 0.2679, "655.0": 0.3241, "647.0": 0.3632, "711.0": 0.1124, "720.0": 0.0979, "674.0": 0.2473, "712.0": 0.1102, "681.0": 0.2212, "689.0": 0.1847, "664.0": 0.2905, "678.0": 0.2323, "642.0": 0.3794, "713.0": 0.1078, "683.0": 0.2104, "716.0": 0.1024, "710.0": 0.115, "680.0": 0.2266, "650.0": 0.3485, "653.0": 0.3338, "690.0": 0.1821, "658.0": 0.3094, "644.0": 0.3697, "693.0": 0.1699, "668.0": 0.2745, "677.0": 0.2376, "682.0": 0.2158, "671.0": 0.2628, "701.0": 0.1398, "709.0": 0.1173, "695.0": 0.1623, "692.0": 0.1733, "685.0": 0.2035, "641.0": 0.3842, "652.0": 0.3387, "704.0": 0.1313, "672.0": 0.2576, "667.0": 0.2754, "648.0": 0.3583, "676.0": 0.2429, "656.0": 0.3192, "687.0": 0.1925, "706.0": 0.1252, "686.0": 0.198, "696.0": 0.1582, "643.0": 0.3746, "673.0": 0.2525, "662.0": 0.3005, "705.0": 0.1282, "717.0": 0.1009, "719.0": 0.0986, "697.0": 0.1539, "675.0": 0.2481, "665.0": 0.2854, "702.0": 0.1365, "654.0": 0.329}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2102, "long_delta": 0.1032, "short_iv": 0.1124, "short_rel_spread": 0.01980198019801982, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.507681, "long_quote_age": 0.455276, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9604}, "spot": 717.385}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.90 (gross $-98.40 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:52:36.136472+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ has stabilized with a positive 5-day return of +0.12% and modest 1-day change of -0.05% while ATM IV sits at 9.76%.", "invalidation": "A sharp downward decline in QQQ spot below the short strike level within the expiration window."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"648.0": 0.3582, "670.0": 0.2678, "703.0": 0.1336, "660.0": 0.3105, "677.0": 0.2375, "658.0": 0.3093, "647.0": 0.3631, "710.0": 0.1148, "720.0": 0.0978, "717.0": 0.1011, "688.0": 0.1902, "679.0": 0.2269, "680.0": 0.2265, "696.0": 0.1581, "708.0": 0.12, "669.0": 0.273, "673.0": 0.2524, "663.0": 0.2954, "664.0": 0.2904, "657.0": 0.3142, "686.0": 0.1979, "675.0": 0.248, "689.0": 0.1846, "707.0": 0.1226, "653.0": 0.3337, "691.0": 0.1762, "649.0": 0.3533, "665.0": 0.2853, "712.0": 0.1102, "701.0": 0.1397, "667.0": 0.2753, "692.0": 0.1732, "690.0": 0.182, "719.0": 0.0988, "656.0": 0.3191, "699.0": 0.146, "652.0": 0.3386, "700.0": 0.1438, "644.0": 0.3696, "683.0": 0.2103, "643.0": 0.3745, "661.0": 0.3054, "676.0": 0.2428, "716.0": 0.1026, "715.0": 0.1042, "671.0": 0.2627, "684.0": 0.2089, "659.0": 0.3155, "662.0": 0.3004, "650.0": 0.3484, "672.0": 0.2575, "713.0": 0.108, "655.0": 0.324, "718.0": 0.0998, "706.0": 0.125, "681.0": 0.2211, "694.0": 0.1661, "668.0": 0.2744, "704.0": 0.1312, "685.0": 0.2034, "674.0": 0.2472, "646.0": 0.368, "666.0": 0.2803, "709.0": 0.1177, "678.0": 0.2322, "651.0": 0.3435, "705.0": 0.128, "645.0": 0.3729, "698.0": 0.1508, "711.0": 0.1124, "693.0": 0.1698, "714.0": 0.106, "654.0": 0.3289, "682.0": 0.2157, "697.0": 0.1538, "702.0": 0.1364, "687.0": 0.1924, "695.0": 0.1622}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2109, "long_delta": 0.138, "short_iv": 0.1124, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.417629, "long_quote_age": 0.589409, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9834}, "spot": 717.405}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.19 (gross $-58.19 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:54:00.324194+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays stable performance with a +0.11% 5-day return, a mild -0.06% 1-day change, and low implied volatility relative to historical movement (IV/RV 0.72), favoring range-bound premium collection.", "invalidation": "A sharp drop in spot price below the short strike with an acceleration in 1-day downside momentum would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"668.0": 0.2741, "674.0": 0.247, "679.0": 0.2267, "650.0": 0.3482, "660.0": 0.3102, "659.0": 0.3153, "642.0": 0.3791, "655.0": 0.3238, "670.0": 0.2676, "719.0": 0.0986, "680.0": 0.2214, "717.0": 0.1009, "683.0": 0.21, "686.0": 0.1976, "720.0": 0.0978, "657.0": 0.314, "691.0": 0.176, "697.0": 0.1535, "673.0": 0.2521, "706.0": 0.1246, "641.0": 0.3839, "699.0": 0.1472, "646.0": 0.3678, "665.0": 0.2851, "661.0": 0.3052, "694.0": 0.1658, "716.0": 0.1023, "675.0": 0.2418, "685.0": 0.2031, "696.0": 0.1578, "687.0": 0.1921, "677.0": 0.2372, "667.0": 0.2751, "672.0": 0.2573, "695.0": 0.1619, "649.0": 0.3531, "662.0": 0.3002, "713.0": 0.1078, "647.0": 0.3629, "678.0": 0.232, "651.0": 0.3433, "681.0": 0.2208, "715.0": 0.1039, "708.0": 0.1196, "684.0": 0.2067, "682.0": 0.2154, "663.0": 0.2952, "643.0": 0.3743, "700.0": 0.1434, "689.0": 0.1843, "692.0": 0.1729, "648.0": 0.358, "711.0": 0.1119, "652.0": 0.3384, "671.0": 0.2624, "701.0": 0.1393, "656.0": 0.3189, "714.0": 0.1058, "645.0": 0.3727, "705.0": 0.1277, "718.0": 0.0997, "688.0": 0.19, "664.0": 0.2901, "658.0": 0.3091, "710.0": 0.1149, "666.0": 0.2801, "690.0": 0.1817, "653.0": 0.3335, "693.0": 0.1695, "712.0": 0.1097, "698.0": 0.1505, "702.0": 0.1361, "709.0": 0.1172, "707.0": 0.1223, "654.0": 0.3286, "703.0": 0.1333, "676.0": 0.2425, "704.0": 0.1308, "669.0": 0.2727, "644.0": 0.3694}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2117, "long_delta": 0.1036, "short_iv": 0.1119, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.573366, "long_quote_age": 0.571629, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 445.0, "total_risk": 10680.0, "buying_power_used_pct": 0.9984}, "spot": 717.405}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.92 (gross $-97.92 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:54:14.533977+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ shows steady 5-day performance of +0.11% with muted 1-day change of -0.06% and an IV/RV ratio of 0.72, supporting a short-dated put credit spread.", "invalidation": "QQQ spot drops sharply below 717.23 with accelerating downward momentum."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"668.0": 0.2648, "700.0": 0.1533, "695.0": 0.1665, "692.0": 0.1762, "671.0": 0.2523, "665.0": 0.2743, "659.0": 0.2969, "709.0": 0.1318, "682.0": 0.2103, "686.0": 0.1953, "707.0": 0.1364, "716.0": 0.1176, "675.0": 0.2365, "651.0": 0.327, "647.0": 0.341, "718.0": 0.1146, "714.0": 0.1211, "656.0": 0.3076, "705.0": 0.141, "643.0": 0.3593, "720.0": 0.1123, "689.0": 0.185, "661.0": 0.2876, "690.0": 0.1829, "711.0": 0.1274, "694.0": 0.17, "703.0": 0.1459, "693.0": 0.1733, "697.0": 0.1614, "664.0": 0.2791, "672.0": 0.2494, "702.0": 0.1485, "717.0": 0.1158, "678.0": 0.2265, "677.0": 0.2299, "669.0": 0.2599, "683.0": 0.2064, "645.0": 0.3501, "713.0": 0.123, "673.0": 0.2445, "653.0": 0.3177, "676.0": 0.2333, "649.0": 0.3362, "710.0": 0.1296, "701.0": 0.1511, "648.0": 0.3364, "662.0": 0.2829, "654.0": 0.3131, "691.0": 0.1789, "679.0": 0.2214, "657.0": 0.3063, "666.0": 0.2696, "698.0": 0.1585, "699.0": 0.1561, "644.0": 0.3547, "680.0": 0.2178, "674.0": 0.2415, "660.0": 0.2923, "652.0": 0.3224, "663.0": 0.2811, "708.0": 0.1342, "646.0": 0.3456, "712.0": 0.1253, "681.0": 0.2141, "704.0": 0.1438, "696.0": 0.1639, "719.0": 0.1133, "687.0": 0.192, "688.0": 0.1886, "684.0": 0.2036, "658.0": 0.3016, "655.0": 0.3085, "706.0": 0.1389, "670.0": 0.2551, "685.0": 0.1995, "667.0": 0.2673, "715.0": 0.1193, "650.0": 0.3316}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00705000", "short_strike": 708.0, "long_strike": 705.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1911, "long_delta": 0.1379, "short_iv": 0.1342, "short_rel_spread": 0.008368200836820092, "long_rel_spread": 0.011976047904191628, "short_quote_age": 0.53753, "long_quote_age": 0.53772, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9872}, "spot": 717.34}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-52.39 (gross $-51.39 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:55:40.900118+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates stability with a 5D change of +0.15% and a minimal 1D change of -0.02% while ATM IV sits at 9.64%.", "invalidation": "A steep decline in QQQ spot price dropping substantially below 717.52."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"709.0": 0.1177, "663.0": 0.2954, "704.0": 0.1304, "681.0": 0.2211, "710.0": 0.1149, "643.0": 0.3745, "660.0": 0.3105, "695.0": 0.1602, "657.0": 0.3143, "661.0": 0.3055, "652.0": 0.3387, "703.0": 0.1337, "706.0": 0.1251, "677.0": 0.2375, "673.0": 0.2524, "686.0": 0.198, "670.0": 0.2679, "717.0": 0.1015, "690.0": 0.182, "715.0": 0.1043, "682.0": 0.2157, "692.0": 0.1732, "693.0": 0.1698, "654.0": 0.3289, "719.0": 0.0991, "702.0": 0.1365, "720.0": 0.0982, "646.0": 0.368, "685.0": 0.2035, "651.0": 0.3436, "649.0": 0.3534, "718.0": 0.1003, "721.0": 0.0973, "678.0": 0.2323, "666.0": 0.2804, "680.0": 0.2217, "656.0": 0.3191, "659.0": 0.3104, "658.0": 0.3094, "716.0": 0.1028, "645.0": 0.3729, "699.0": 0.1461, "711.0": 0.1125, "705.0": 0.1281, "714.0": 0.1063, "696.0": 0.1581, "671.0": 0.2627, "644.0": 0.3697, "701.0": 0.1397, "676.0": 0.2428, "698.0": 0.1493, "708.0": 0.1201, "674.0": 0.2472, "650.0": 0.3485, "712.0": 0.1103, "684.0": 0.207, "669.0": 0.273, "675.0": 0.2421, "665.0": 0.2854, "648.0": 0.3582, "664.0": 0.2904, "667.0": 0.2753, "689.0": 0.1847, "647.0": 0.3631, "687.0": 0.1924, "679.0": 0.227, "688.0": 0.1903, "641.0": 0.3842, "653.0": 0.3338, "655.0": 0.324, "707.0": 0.1227, "683.0": 0.2103, "691.0": 0.1763, "713.0": 0.1083, "672.0": 0.2576, "694.0": 0.1639, "662.0": 0.3005, "668.0": 0.2703, "642.0": 0.3793, "697.0": 0.1538, "700.0": 0.1438}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2108, "long_delta": 0.1033, "short_iv": 0.1125, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.645338, "long_quote_age": 0.644095, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 445.0, "total_risk": 10680.0, "buying_power_used_pct": 0.9984}, "spot": 717.435}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.40 (gross $-97.40 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:55:51.353736+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates stable 5-day performance (+0.15%) with 1-day change holding near flat (-0.02%) while IV/RV sits at 0.71.", "invalidation": "QQQ spot drops significantly from 717.52 breaking below the 5-day positive trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1251, "651.0": 0.3436, "662.0": 0.3005, "702.0": 0.1365, "693.0": 0.1698, "655.0": 0.324, "704.0": 0.1313, "686.0": 0.198, "646.0": 0.368, "672.0": 0.2576, "680.0": 0.2217, "692.0": 0.1732, "687.0": 0.1924, "644.0": 0.3697, "700.0": 0.1425, "678.0": 0.2323, "699.0": 0.1461, "713.0": 0.1083, "648.0": 0.3582, "677.0": 0.2375, "694.0": 0.1639, "652.0": 0.3387, "717.0": 0.1018, "675.0": 0.2421, "710.0": 0.1154, "671.0": 0.2627, "690.0": 0.182, "712.0": 0.1105, "669.0": 0.273, "720.0": 0.0987, "653.0": 0.3338, "654.0": 0.3289, "673.0": 0.2524, "697.0": 0.1538, "647.0": 0.3631, "679.0": 0.227, "719.0": 0.0995, "703.0": 0.1337, "674.0": 0.2472, "659.0": 0.3104, "714.0": 0.1065, "643.0": 0.3745, "718.0": 0.1008, "649.0": 0.3534, "701.0": 0.1397, "666.0": 0.2804, "660.0": 0.3105, "663.0": 0.2954, "695.0": 0.1602, "681.0": 0.2211, "689.0": 0.1847, "657.0": 0.3143, "658.0": 0.3094, "715.0": 0.1047, "721.0": 0.0981, "716.0": 0.1031, "708.0": 0.1201, "682.0": 0.2157, "705.0": 0.1281, "650.0": 0.3485, "668.0": 0.2703, "711.0": 0.113, "661.0": 0.3055, "665.0": 0.2854, "707.0": 0.1227, "709.0": 0.1177, "676.0": 0.2428, "670.0": 0.2679, "698.0": 0.1493, "685.0": 0.2035, "688.0": 0.1903, "683.0": 0.2103, "684.0": 0.207, "667.0": 0.2753, "664.0": 0.2904, "656.0": 0.3191, "696.0": 0.1581, "645.0": 0.3729, "691.0": 0.1763}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2117, "long_delta": 0.1379, "short_iv": 0.113, "short_rel_spread": 0.009756097560975618, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.443164, "long_quote_age": 0.470673, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.976}, "spot": 717.42}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.88 (gross $-56.88 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:57:14.819937+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ demonstrates stability with a +0.14% 5D gain and a flat -0.03% 1D change, supporting an out-of-the-money put credit spread in a low IV/RV environment.", "invalidation": "A sharp downward acceleration in QQQ spot price that breaches the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"689.0": 0.1836, "682.0": 0.2147, "649.0": 0.3525, "660.0": 0.3096, "659.0": 0.3095, "704.0": 0.1307, "703.0": 0.1333, "711.0": 0.1124, "676.0": 0.2418, "706.0": 0.125, "653.0": 0.3329, "684.0": 0.206, "701.0": 0.1396, "669.0": 0.2721, "694.0": 0.165, "712.0": 0.1099, "670.0": 0.2669, "651.0": 0.3427, "648.0": 0.3574, "663.0": 0.2945, "707.0": 0.1224, "668.0": 0.2694, "718.0": 0.0998, "710.0": 0.1146, "661.0": 0.3046, "675.0": 0.2411, "695.0": 0.1611, "656.0": 0.3183, "708.0": 0.1196, "645.0": 0.3721, "664.0": 0.2895, "691.0": 0.1752, "702.0": 0.1362, "716.0": 0.1022, "696.0": 0.157, "678.0": 0.2313, "693.0": 0.1687, "699.0": 0.1463, "658.0": 0.3085, "677.0": 0.2366, "647.0": 0.3623, "644.0": 0.3688, "655.0": 0.3231, "717.0": 0.1007, "692.0": 0.1721, "705.0": 0.1274, "654.0": 0.328, "697.0": 0.1526, "688.0": 0.1892, "679.0": 0.226, "719.0": 0.098, "665.0": 0.2845, "662.0": 0.2995, "672.0": 0.2566, "687.0": 0.1914, "685.0": 0.2024, "709.0": 0.1171, "667.0": 0.2744, "666.0": 0.2794, "652.0": 0.3378, "674.0": 0.2463, "714.0": 0.1056, "646.0": 0.3672, "650.0": 0.3476, "683.0": 0.2093, "713.0": 0.1077, "681.0": 0.2201, "720.0": 0.0971, "673.0": 0.2515, "690.0": 0.1809, "700.0": 0.1425, "671.0": 0.2618, "715.0": 0.1037, "698.0": 0.1497, "680.0": 0.2207, "686.0": 0.1969, "657.0": 0.3134}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 60, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00708000", "short_strike": 710.0, "long_strike": 708.0, "width": 2.0, "credit": 0.24, "short_delta": 0.1884, "long_delta": 0.1419, "short_iv": 0.1146, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.462239, "long_quote_age": 0.441494, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 60, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 176.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9872}, "spot": 717.325}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-39.86 (gross $-38.86 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 60 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:57:27.735313+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilient 5-day performance of +0.14% and minimal 1-day decline of -0.03%, supporting a put credit spread across the 5 to 7 DTE window.", "invalidation": "QQQ spot price falls substantially below 717.43."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"648.0": 0.3368, "717.0": 0.1161, "702.0": 0.1484, "664.0": 0.2795, "683.0": 0.2068, "698.0": 0.159, "693.0": 0.1737, "700.0": 0.1538, "712.0": 0.1256, "675.0": 0.2369, "645.0": 0.3505, "642.0": 0.3642, "682.0": 0.2107, "666.0": 0.2699, "660.0": 0.2926, "657.0": 0.3033, "649.0": 0.3322, "720.0": 0.1124, "718.0": 0.1149, "685.0": 0.1999, "668.0": 0.2651, "684.0": 0.204, "653.0": 0.3181, "651.0": 0.3273, "692.0": 0.1767, "652.0": 0.3227, "663.0": 0.2815, "659.0": 0.2973, "691.0": 0.1794, "689.0": 0.1854, "662.0": 0.2832, "641.0": 0.3636, "661.0": 0.2879, "711.0": 0.1277, "695.0": 0.167, "703.0": 0.1459, "679.0": 0.2218, "714.0": 0.1214, "690.0": 0.1833, "667.0": 0.2676, "669.0": 0.2603, "686.0": 0.1957, "654.0": 0.3135, "710.0": 0.1298, "680.0": 0.2182, "643.0": 0.3596, "673.0": 0.2449, "644.0": 0.355, "672.0": 0.2478, "671.0": 0.2527, "696.0": 0.1644, "701.0": 0.151, "699.0": 0.1562, "665.0": 0.2747, "677.0": 0.2303, "658.0": 0.302, "706.0": 0.1391, "707.0": 0.1366, "708.0": 0.1344, "709.0": 0.1321, "650.0": 0.3319, "704.0": 0.1438, "674.0": 0.2419, "716.0": 0.1178, "697.0": 0.1614, "715.0": 0.1195, "647.0": 0.3413, "705.0": 0.1411, "694.0": 0.1705, "678.0": 0.2269, "687.0": 0.1924, "676.0": 0.2337, "656.0": 0.3043, "655.0": 0.3089, "688.0": 0.189, "713.0": 0.1234, "646.0": 0.3459, "719.0": 0.1136, "681.0": 0.2145, "670.0": 0.2555}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00703000", "short_strike": 708.0, "long_strike": 703.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1895, "long_delta": 0.1099, "short_iv": 0.1344, "short_rel_spread": 0.008438818565400852, "long_rel_spread": 0.015267175572519097, "short_quote_age": 0.442043, "long_quote_age": 0.43923, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9611}, "spot": 717.4}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-86.97 (gross $-85.97 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:58:49.807752+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilience with a positive 5-day return of +0.15% and a negligible 1-day decline of -0.02%, supporting an income trade via put credit spreads.", "invalidation": "QQQ spot price breaks downward significantly below current levels as realized volatility expands."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"712.0": 0.1103, "674.0": 0.2476, "669.0": 0.2734, "672.0": 0.258, "664.0": 0.2908, "708.0": 0.1196, "700.0": 0.143, "678.0": 0.2327, "682.0": 0.2162, "709.0": 0.1173, "656.0": 0.3195, "671.0": 0.2631, "697.0": 0.1543, "660.0": 0.3109, "662.0": 0.3008, "679.0": 0.2274, "716.0": 0.1027, "694.0": 0.1644, "702.0": 0.137, "643.0": 0.3749, "661.0": 0.3059, "706.0": 0.125, "649.0": 0.3537, "717.0": 0.1013, "659.0": 0.3107, "718.0": 0.1003, "673.0": 0.2528, "684.0": 0.2053, "695.0": 0.1607, "693.0": 0.1703, "711.0": 0.1124, "641.0": 0.3845, "704.0": 0.1309, "666.0": 0.2807, "689.0": 0.1851, "710.0": 0.1146, "703.0": 0.1332, "690.0": 0.1824, "713.0": 0.108, "696.0": 0.1567, "683.0": 0.2108, "645.0": 0.3733, "644.0": 0.37, "714.0": 0.1061, "701.0": 0.1403, "665.0": 0.2858, "648.0": 0.3586, "715.0": 0.1045, "687.0": 0.1929, "668.0": 0.2707, "680.0": 0.2221, "698.0": 0.1498, "655.0": 0.3244, "705.0": 0.1279, "692.0": 0.1737, "653.0": 0.3341, "642.0": 0.3797, "721.0": 0.0973, "663.0": 0.2958, "699.0": 0.1466, "647.0": 0.3556, "688.0": 0.1907, "652.0": 0.339, "676.0": 0.2432, "720.0": 0.098, "650.0": 0.3488, "657.0": 0.3146, "646.0": 0.3684, "658.0": 0.3097, "691.0": 0.1767, "670.0": 0.2683, "675.0": 0.2425, "681.0": 0.2215, "719.0": 0.099, "667.0": 0.2757, "707.0": 0.1227, "651.0": 0.3439, "654.0": 0.3293, "686.0": 0.1984, "677.0": 0.2379, "685.0": 0.2039}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2078, "long_delta": 0.1015, "short_iv": 0.1124, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.500778, "long_quote_age": 1.034394, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.959}, "spot": 717.515}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.57 (gross $-98.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T15:59:02.037606+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates resilience with a +0.15% 5D return and minimal 1D change (-0.02%), favoring a put credit spread across the 4 to 7 DTE window.", "invalidation": "QQQ spot declines significantly below the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"717.0": 0.1013, "680.0": 0.2223, "673.0": 0.253, "693.0": 0.1705, "696.0": 0.1569, "684.0": 0.2056, "713.0": 0.1078, "663.0": 0.296, "718.0": 0.1, "708.0": 0.1199, "674.0": 0.2478, "689.0": 0.1853, "705.0": 0.1282, "644.0": 0.3702, "719.0": 0.0989, "688.0": 0.1909, "721.0": 0.0975, "652.0": 0.3392, "711.0": 0.1123, "692.0": 0.1739, "677.0": 0.2381, "687.0": 0.1931, "653.0": 0.3343, "681.0": 0.2218, "643.0": 0.375, "698.0": 0.15, "657.0": 0.3148, "675.0": 0.2427, "712.0": 0.1103, "700.0": 0.1432, "656.0": 0.3197, "646.0": 0.3686, "707.0": 0.1223, "665.0": 0.2859, "672.0": 0.2581, "658.0": 0.3099, "649.0": 0.3539, "706.0": 0.1253, "662.0": 0.301, "710.0": 0.115, "714.0": 0.106, "720.0": 0.0978, "668.0": 0.2709, "648.0": 0.3588, "697.0": 0.1545, "647.0": 0.3558, "667.0": 0.2759, "686.0": 0.1986, "654.0": 0.3294, "679.0": 0.2276, "645.0": 0.3735, "701.0": 0.1405, "669.0": 0.2736, "676.0": 0.2434, "661.0": 0.306, "704.0": 0.1312, "666.0": 0.2809, "715.0": 0.1043, "694.0": 0.1646, "682.0": 0.2164, "695.0": 0.1609, "683.0": 0.211, "651.0": 0.3441, "685.0": 0.2041, "660.0": 0.3111, "671.0": 0.2633, "702.0": 0.1373, "709.0": 0.1171, "703.0": 0.1335, "699.0": 0.1468, "690.0": 0.1827, "670.0": 0.2684, "650.0": 0.349, "664.0": 0.291, "655.0": 0.3246, "678.0": 0.2329, "716.0": 0.1026, "691.0": 0.1769, "659.0": 0.3109}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 41, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.45, "short_delta": 0.238, "long_delta": 0.1548, "short_iv": 0.1103, "short_rel_spread": 0.00858369098712447, "long_rel_spread": 0.013986013986014, "short_quote_age": 0.425737, "long_quote_age": 0.429536, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 41, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 255.0, "total_risk": 10455.0, "buying_power_used_pct": 0.9774}, "spot": 717.51}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-56.96 (gross $-55.96 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 41 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:00:33.110320+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ maintains positive 5-day momentum at +0.17% with flat 1-day performance at spot 717.68 while IV/RV sits low at 0.71.", "invalidation": "QQQ spot declines sharply, reversing the 5-day gain into negative territory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"692.0": 0.1709, "696.0": 0.1566, "657.0": 0.3145, "674.0": 0.2476, "720.0": 0.0982, "694.0": 0.1643, "684.0": 0.2053, "717.0": 0.1014, "679.0": 0.2273, "686.0": 0.1983, "703.0": 0.1331, "641.0": 0.3844, "673.0": 0.2527, "644.0": 0.37, "699.0": 0.1465, "715.0": 0.1043, "661.0": 0.3058, "704.0": 0.1308, "672.0": 0.2579, "714.0": 0.1061, "680.0": 0.222, "670.0": 0.2682, "691.0": 0.1766, "652.0": 0.339, "658.0": 0.3097, "660.0": 0.3108, "643.0": 0.3748, "710.0": 0.115, "697.0": 0.1524, "713.0": 0.108, "667.0": 0.2756, "663.0": 0.2957, "712.0": 0.1101, "706.0": 0.1248, "711.0": 0.1122, "656.0": 0.3194, "651.0": 0.3439, "705.0": 0.1278, "678.0": 0.2326, "675.0": 0.2424, "700.0": 0.1429, "709.0": 0.1172, "645.0": 0.3732, "649.0": 0.3536, "676.0": 0.2372, "682.0": 0.2161, "659.0": 0.3106, "642.0": 0.3796, "669.0": 0.2696, "666.0": 0.2807, "654.0": 0.3292, "688.0": 0.189, "687.0": 0.1928, "677.0": 0.2379, "668.0": 0.2706, "716.0": 0.1027, "719.0": 0.099, "655.0": 0.3243, "718.0": 0.1002, "653.0": 0.3341, "707.0": 0.1226, "689.0": 0.185, "647.0": 0.3555, "683.0": 0.2107, "695.0": 0.1606, "685.0": 0.1999, "662.0": 0.3008, "690.0": 0.1794, "708.0": 0.1194, "698.0": 0.1497, "671.0": 0.263, "664.0": 0.2907, "721.0": 0.0971, "648.0": 0.3585, "693.0": 0.1678, "650.0": 0.3487, "701.0": 0.1389, "646.0": 0.3683, "702.0": 0.1358, "681.0": 0.2167, "665.0": 0.2857}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.208, "long_delta": 0.1016, "short_iv": 0.1122, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.021978021978021997, "short_quote_age": 0.686324, "long_quote_age": 0.808338, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10673.09, "utilization": 1.0, "usable_buying_power": 10673.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9611}, "spot": 717.565}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.16 (gross $-98.16 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:00:44.350549+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits steady consolidation with a 5D return of +0.17% and an ATM IV of 9.64% below its 20-day realized volatility of 13.54%, favoring a short put credit spread.", "invalidation": "QQQ drops below 717.68 spot with expanding negative daily momentum."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"712.0": 0.1249, "707.0": 0.1358, "701.0": 0.1507, "713.0": 0.1228, "716.0": 0.1174, "644.0": 0.3558, "695.0": 0.1669, "684.0": 0.2026, "661.0": 0.2888, "708.0": 0.1336, "675.0": 0.2378, "705.0": 0.1406, "670.0": 0.2563, "668.0": 0.2612, "646.0": 0.3467, "715.0": 0.1189, "667.0": 0.266, "662.0": 0.2841, "653.0": 0.3189, "685.0": 0.1997, "706.0": 0.1383, "717.0": 0.1158, "648.0": 0.3376, "699.0": 0.1557, "703.0": 0.1457, "710.0": 0.1291, "655.0": 0.3097, "660.0": 0.2934, "651.0": 0.3281, "666.0": 0.2708, "679.0": 0.2227, "659.0": 0.2981, "673.0": 0.2458, "683.0": 0.2078, "681.0": 0.2154, "719.0": 0.1129, "672.0": 0.2487, "711.0": 0.127, "688.0": 0.19, "698.0": 0.1583, "690.0": 0.1827, "671.0": 0.2515, "663.0": 0.2794, "696.0": 0.1644, "677.0": 0.2296, "657.0": 0.3041, "678.0": 0.2262, "643.0": 0.3604, "718.0": 0.1142, "658.0": 0.3028, "652.0": 0.3235, "669.0": 0.2612, "674.0": 0.2409, "689.0": 0.1864, "700.0": 0.1535, "704.0": 0.1431, "702.0": 0.1479, "665.0": 0.2755, "645.0": 0.3513, "709.0": 0.1313, "676.0": 0.2346, "686.0": 0.1967, "694.0": 0.1703, "721.0": 0.1108, "687.0": 0.1934, "656.0": 0.3051, "680.0": 0.2191, "720.0": 0.1115, "691.0": 0.1788, "693.0": 0.1735, "654.0": 0.3143, "692.0": 0.1763, "650.0": 0.3327, "682.0": 0.2103, "664.0": 0.2803, "649.0": 0.333, "697.0": 0.1616, "714.0": 0.1207, "647.0": 0.3421}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00706000", "short_strike": 709.0, "long_strike": 706.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2044, "long_delta": 0.1475, "short_iv": 0.1313, "short_rel_spread": 0.007843137254901968, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.444205, "long_quote_age": 0.468226, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10673.09, "utilization": 1.0, "usable_buying_power": 10673.09, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9819}, "spot": 717.66}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-53.85 (gross $-52.35 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:02:11.995095+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows positive 5-day momentum of +0.16% and stable 1-day performance at -0.01%, supporting premium selling on the put side.", "invalidation": "A downward price move below the 717.57 spot level would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"678.0": 0.2332, "714.0": 0.1057, "668.0": 0.2712, "656.0": 0.32, "707.0": 0.1222, "667.0": 0.2762, "654.0": 0.3297, "704.0": 0.1308, "669.0": 0.2702, "705.0": 0.1279, "679.0": 0.2279, "710.0": 0.1146, "716.0": 0.1025, "645.0": 0.3738, "718.0": 0.1001, "663.0": 0.2963, "719.0": 0.0988, "643.0": 0.3753, "687.0": 0.1934, "695.0": 0.1613, "709.0": 0.1172, "676.0": 0.2438, "689.0": 0.1857, "701.0": 0.1397, "671.0": 0.2636, "660.0": 0.3063, "715.0": 0.1039, "720.0": 0.0979, "708.0": 0.1199, "711.0": 0.112, "670.0": 0.2688, "657.0": 0.3151, "717.0": 0.101, "703.0": 0.134, "658.0": 0.3102, "647.0": 0.3561, "666.0": 0.2812, "706.0": 0.125, "682.0": 0.2167, "664.0": 0.2913, "674.0": 0.2482, "688.0": 0.1913, "686.0": 0.1989, "646.0": 0.3689, "665.0": 0.2863, "675.0": 0.243, "677.0": 0.2385, "672.0": 0.2585, "681.0": 0.2173, "673.0": 0.2533, "713.0": 0.1076, "650.0": 0.3493, "693.0": 0.1685, "691.0": 0.1773, "648.0": 0.3591, "694.0": 0.165, "697.0": 0.1531, "699.0": 0.1473, "661.0": 0.3064, "700.0": 0.1437, "702.0": 0.1366, "659.0": 0.3112, "651.0": 0.3444, "641.0": 0.385, "652.0": 0.3395, "684.0": 0.2059, "680.0": 0.2226, "690.0": 0.18, "642.0": 0.3801, "649.0": 0.3542, "692.0": 0.1716, "644.0": 0.3705, "696.0": 0.1573, "685.0": 0.2005, "683.0": 0.2113, "712.0": 0.1099, "662.0": 0.3013, "721.0": 0.0978, "698.0": 0.1504, "655.0": 0.3249, "653.0": 0.3346}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2033, "long_delta": 0.0996, "short_iv": 0.112, "short_rel_spread": 0.010362694300518144, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.438843, "long_quote_age": 1.155174, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10673.09, "utilization": 1.0, "usable_buying_power": 10673.09, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9654}, "spot": 717.58}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.08 (gross $-100.08 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:02:25.726409+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.25, "spread_width": 4, "max_loss_usd": 350, "thesis": "QQQ displays positive 5-day momentum at +0.16% and near-flat 1-day return of -0.01% with ATM IV at 9.64%, supporting an out-of-the-money put credit spread.", "invalidation": "A decisive break lower in QQQ reversing the 5-day gain into negative territory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"694.0": 0.1647, "664.0": 0.291, "655.0": 0.3246, "654.0": 0.3295, "718.0": 0.1002, "671.0": 0.2634, "708.0": 0.1194, "676.0": 0.2435, "681.0": 0.2171, "720.0": 0.0981, "705.0": 0.1275, "702.0": 0.1362, "695.0": 0.161, "688.0": 0.191, "648.0": 0.3588, "658.0": 0.3159, "717.0": 0.1012, "680.0": 0.2224, "682.0": 0.2164, "645.0": 0.3735, "707.0": 0.1225, "693.0": 0.1681, "650.0": 0.3491, "712.0": 0.11, "669.0": 0.27, "667.0": 0.276, "721.0": 0.0972, "701.0": 0.1394, "653.0": 0.3344, "691.0": 0.177, "698.0": 0.1501, "666.0": 0.281, "699.0": 0.1469, "709.0": 0.1173, "719.0": 0.0992, "689.0": 0.1854, "700.0": 0.1433, "679.0": 0.2277, "677.0": 0.2382, "646.0": 0.3686, "672.0": 0.2582, "714.0": 0.1058, "684.0": 0.2056, "696.0": 0.157, "690.0": 0.1798, "649.0": 0.3539, "651.0": 0.3442, "647.0": 0.3558, "665.0": 0.286, "659.0": 0.311, "644.0": 0.3703, "661.0": 0.3061, "678.0": 0.2329, "716.0": 0.1026, "652.0": 0.3393, "704.0": 0.1304, "642.0": 0.3799, "715.0": 0.1037, "710.0": 0.1146, "711.0": 0.1124, "662.0": 0.3011, "687.0": 0.1931, "656.0": 0.3197, "686.0": 0.1987, "692.0": 0.1713, "675.0": 0.2427, "674.0": 0.2479, "660.0": 0.306, "670.0": 0.2685, "683.0": 0.211, "643.0": 0.3751, "706.0": 0.1246, "685.0": 0.2002, "668.0": 0.2709, "697.0": 0.1528, "663.0": 0.2961, "657.0": 0.3149, "713.0": 0.1078, "703.0": 0.1336, "673.0": 0.2531}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 30, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00708000", "short_strike": 712.0, "long_strike": 708.0, "width": 4.0, "credit": 0.55, "short_delta": 0.2369, "long_delta": 0.1332, "short_iv": 0.11, "short_rel_spread": 0.008658008658008667, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.468168, "long_quote_age": 0.465371, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 30, "options_buying_power": 10673.09, "utilization": 1.0, "usable_buying_power": 10673.09, "max_loss_per_contract": 345.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9697}, "spot": 717.625}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-76.32 (gross $-75.32 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 30 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:03:46.016936+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 5-day momentum of +0.15% and stable 1-day performance (-0.03%) with 4-day ATM IV at 9.64%.", "invalidation": "A rapid decline in QQQ spot price breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"708.0": 0.1191, "650.0": 0.3489, "669.0": 0.2698, "711.0": 0.1121, "674.0": 0.2477, "715.0": 0.1038, "712.0": 0.1096, "693.0": 0.168, "667.0": 0.2758, "721.0": 0.0976, "706.0": 0.1244, "683.0": 0.2109, "680.0": 0.2222, "714.0": 0.1056, "666.0": 0.2808, "720.0": 0.0979, "697.0": 0.1526, "684.0": 0.2054, "665.0": 0.2858, "709.0": 0.117, "663.0": 0.2959, "718.0": 0.1001, "704.0": 0.1301, "692.0": 0.1738, "662.0": 0.3009, "664.0": 0.2909, "710.0": 0.1143, "660.0": 0.3058, "703.0": 0.1334, "670.0": 0.2684, "679.0": 0.2275, "645.0": 0.3734, "699.0": 0.1467, "676.0": 0.2433, "641.0": 0.3846, "652.0": 0.3391, "719.0": 0.0987, "701.0": 0.1391, "686.0": 0.1985, "661.0": 0.3059, "644.0": 0.3701, "657.0": 0.3147, "705.0": 0.1272, "668.0": 0.2749, "675.0": 0.2426, "685.0": 0.204, "689.0": 0.1852, "682.0": 0.2163, "713.0": 0.1074, "642.0": 0.3798, "658.0": 0.3158, "671.0": 0.2632, "659.0": 0.3108, "672.0": 0.258, "681.0": 0.2216, "677.0": 0.238, "651.0": 0.344, "653.0": 0.3342, "656.0": 0.3196, "694.0": 0.1645, "648.0": 0.3587, "643.0": 0.3749, "688.0": 0.1908, "717.0": 0.101, "700.0": 0.1431, "698.0": 0.1499, "696.0": 0.1568, "678.0": 0.2328, "673.0": 0.2529, "695.0": 0.1608, "690.0": 0.1796, "691.0": 0.1768, "655.0": 0.3245, "649.0": 0.3538, "716.0": 0.1023, "654.0": 0.3293, "687.0": 0.193, "647.0": 0.3557, "707.0": 0.1222, "702.0": 0.136, "646.0": 0.3685}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2065, "long_delta": 0.1001, "short_iv": 0.1121, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.427864, "long_quote_age": 0.438852, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10673.09, "utilization": 1.0, "usable_buying_power": 10673.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9611}, "spot": 717.545}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.15 (gross $-98.15 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:03:58.084802+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.22, "spread_width": 4, "max_loss_usd": 350, "thesis": "QQQ shows positive 5D momentum at +0.15% with a modest 1D decline of -0.03% and an ATM IV of 9.64% supporting defined-risk put premium collection across the 4-7 DTE window.", "invalidation": "A sharp downward acceleration in QQQ spot below 717.49 breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"687.0": 0.1927, "683.0": 0.2107, "667.0": 0.2756, "686.0": 0.1983, "704.0": 0.1299, "680.0": 0.2268, "651.0": 0.3438, "655.0": 0.3243, "715.0": 0.104, "690.0": 0.1823, "645.0": 0.3732, "679.0": 0.2273, "652.0": 0.3389, "665.0": 0.2857, "713.0": 0.1078, "659.0": 0.3106, "650.0": 0.3487, "684.0": 0.2052, "661.0": 0.3058, "721.0": 0.0975, "668.0": 0.2747, "711.0": 0.1122, "712.0": 0.1097, "697.0": 0.1524, "708.0": 0.1194, "720.0": 0.0981, "670.0": 0.2682, "678.0": 0.2326, "691.0": 0.1766, "703.0": 0.1331, "646.0": 0.3683, "663.0": 0.2957, "644.0": 0.3699, "718.0": 0.1001, "696.0": 0.1566, "710.0": 0.1145, "662.0": 0.3007, "692.0": 0.1735, "700.0": 0.1428, "698.0": 0.1496, "701.0": 0.1389, "674.0": 0.2475, "657.0": 0.3145, "675.0": 0.2484, "695.0": 0.1605, "706.0": 0.1248, "654.0": 0.3292, "656.0": 0.3194, "709.0": 0.1166, "694.0": 0.1643, "689.0": 0.185, "658.0": 0.3156, "672.0": 0.2579, "705.0": 0.1269, "676.0": 0.2431, "648.0": 0.3585, "664.0": 0.2907, "643.0": 0.3748, "685.0": 0.2038, "699.0": 0.1464, "660.0": 0.3108, "653.0": 0.3341, "666.0": 0.2806, "717.0": 0.1012, "642.0": 0.3796, "702.0": 0.1357, "647.0": 0.3555, "693.0": 0.1677, "716.0": 0.1024, "714.0": 0.1057, "669.0": 0.2696, "688.0": 0.1906, "682.0": 0.2161, "677.0": 0.2378, "707.0": 0.1219, "681.0": 0.2214, "671.0": 0.263, "719.0": 0.0989, "649.0": 0.3536, "673.0": 0.2527}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 30, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00707000", "short_strike": 711.0, "long_strike": 707.0, "width": 4.0, "credit": 0.47, "short_delta": 0.208, "long_delta": 0.1167, "short_iv": 0.1122, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.434763, "long_quote_age": 0.431924, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 30, "options_buying_power": 10673.09, "utilization": 1.0, "usable_buying_power": 10673.09, "max_loss_per_contract": 353.0, "total_risk": 10590.0, "buying_power_used_pct": 0.9922}, "spot": 717.52}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-78.73 (gross $-77.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 30 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:05:21.855877+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits stable short-term performance with a +0.18% 5D gain and flat 1D return, favoring an out-of-the-money put credit spread in a low IV environment.", "invalidation": "A sharp downward movement in QQQ spot price toward or below the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"654.0": 0.3304, "704.0": 0.1308, "692.0": 0.175, "709.0": 0.1161, "717.0": 0.1004, "706.0": 0.1246, "673.0": 0.254, "712.0": 0.1091, "657.0": 0.3218, "652.0": 0.3401, "643.0": 0.3842, "691.0": 0.1781, "669.0": 0.2746, "670.0": 0.2694, "705.0": 0.1272, "644.0": 0.3793, "690.0": 0.1838, "668.0": 0.2797, "718.0": 0.0995, "685.0": 0.2052, "696.0": 0.1581, "703.0": 0.1339, "650.0": 0.3499, "715.0": 0.1033, "694.0": 0.1658, "698.0": 0.1513, "642.0": 0.3807, "647.0": 0.3646, "719.0": 0.0984, "651.0": 0.345, "653.0": 0.3352, "679.0": 0.2336, "677.0": 0.2392, "721.0": 0.0969, "678.0": 0.2339, "655.0": 0.3255, "663.0": 0.297, "720.0": 0.0972, "699.0": 0.1466, "708.0": 0.1191, "641.0": 0.3856, "676.0": 0.2444, "661.0": 0.307, "671.0": 0.2643, "680.0": 0.2282, "662.0": 0.302, "649.0": 0.3548, "656.0": 0.3267, "687.0": 0.1942, "666.0": 0.2861, "700.0": 0.1431, "714.0": 0.1049, "646.0": 0.3695, "658.0": 0.3221, "674.0": 0.255, "702.0": 0.1364, "711.0": 0.1115, "707.0": 0.1212, "682.0": 0.2174, "701.0": 0.1393, "710.0": 0.1138, "713.0": 0.1069, "664.0": 0.2919, "688.0": 0.192, "672.0": 0.2591, "683.0": 0.212, "648.0": 0.3597, "675.0": 0.2497, "681.0": 0.2228, "667.0": 0.2811, "659.0": 0.317, "660.0": 0.312, "716.0": 0.1017, "686.0": 0.1997, "645.0": 0.3744, "697.0": 0.154, "695.0": 0.1621, "684.0": 0.2107, "665.0": 0.2869, "689.0": 0.1864, "693.0": 0.1692}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1975, "long_delta": 0.0962, "short_iv": 0.1115, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.719705, "long_quote_age": 1.109126, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10673.09, "utilization": 1.0, "usable_buying_power": 10673.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9697}, "spot": 717.725}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.65 (gross $-100.65 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:05:32.551362+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative resilience with a flat 1D return and +0.18% 5D performance, supporting short put premium across a 5-7 DTE horizon.", "invalidation": "QQQ spot declines significantly below 717.70 with expanding realized volatility above the current 13.54% RV20."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"718.0": 0.1142, "690.0": 0.1837, "667.0": 0.2668, "678.0": 0.2255, "651.0": 0.3289, "699.0": 0.156, "660.0": 0.2943, "709.0": 0.1306, "675.0": 0.2368, "719.0": 0.1125, "652.0": 0.3243, "692.0": 0.1773, "704.0": 0.1426, "668.0": 0.2669, "700.0": 0.153, "695.0": 0.1668, "650.0": 0.3335, "679.0": 0.2236, "685.0": 0.2007, "682.0": 0.2112, "671.0": 0.2523, "669.0": 0.262, "710.0": 0.1284, "672.0": 0.2516, "662.0": 0.2849, "677.0": 0.2305, "653.0": 0.3197, "655.0": 0.3105, "696.0": 0.1644, "646.0": 0.3475, "645.0": 0.352, "674.0": 0.2418, "715.0": 0.1185, "689.0": 0.1874, "664.0": 0.2811, "684.0": 0.2035, "661.0": 0.2896, "647.0": 0.3429, "658.0": 0.3036, "665.0": 0.2764, "708.0": 0.1331, "680.0": 0.2186, "673.0": 0.2467, "706.0": 0.1376, "698.0": 0.1585, "687.0": 0.1944, "721.0": 0.1105, "644.0": 0.3566, "694.0": 0.1701, "649.0": 0.3381, "686.0": 0.1976, "716.0": 0.1167, "693.0": 0.1731, "713.0": 0.1221, "676.0": 0.2355, "643.0": 0.3612, "702.0": 0.1474, "663.0": 0.2831, "648.0": 0.3383, "642.0": 0.3657, "707.0": 0.1351, "714.0": 0.1202, "654.0": 0.3151, "717.0": 0.1152, "697.0": 0.1616, "712.0": 0.1241, "666.0": 0.2716, "683.0": 0.2087, "657.0": 0.3049, "688.0": 0.191, "691.0": 0.1798, "670.0": 0.2572, "656.0": 0.3096, "705.0": 0.14, "701.0": 0.1505, "703.0": 0.1447, "659.0": 0.2989, "681.0": 0.2164, "720.0": 0.1113, "711.0": 0.1261}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00704000", "short_strike": 709.0, "long_strike": 704.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1983, "long_delta": 0.1148, "short_iv": 0.1306, "short_rel_spread": 0.016393442622950834, "long_rel_spread": 0.014814814814814828, "short_quote_age": 0.472618, "long_quote_age": 0.445195, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10673.09, "utilization": 1.0, "usable_buying_power": 10673.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9611}, "spot": 717.795}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-90.31 (gross $-88.81 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:06:54.492750+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates stable positive momentum with a +0.01% 1D and +0.19% 5D return alongside an IV/RV ratio of 0.71, supporting a defined-risk put credit spread.", "invalidation": "A sharp downward drop in QQQ spot price reversing the positive 5-day return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"721.0": 0.0971, "710.0": 0.1135, "679.0": 0.2288, "720.0": 0.0972, "654.0": 0.3305, "670.0": 0.2696, "717.0": 0.1002, "695.0": 0.1623, "649.0": 0.3549, "705.0": 0.1274, "651.0": 0.3451, "709.0": 0.1163, "696.0": 0.1583, "657.0": 0.3272, "645.0": 0.3745, "685.0": 0.2053, "684.0": 0.2068, "706.0": 0.124, "697.0": 0.1541, "643.0": 0.3843, "671.0": 0.2644, "699.0": 0.1468, "647.0": 0.3647, "648.0": 0.3598, "666.0": 0.2863, "700.0": 0.1433, "702.0": 0.1365, "682.0": 0.2176, "708.0": 0.1187, "711.0": 0.1113, "642.0": 0.3809, "689.0": 0.1866, "661.0": 0.3071, "660.0": 0.3122, "658.0": 0.3222, "688.0": 0.1922, "678.0": 0.234, "664.0": 0.2921, "680.0": 0.2235, "676.0": 0.2446, "641.0": 0.3857, "662.0": 0.3021, "714.0": 0.1048, "652.0": 0.3403, "712.0": 0.109, "694.0": 0.166, "672.0": 0.2593, "713.0": 0.1068, "690.0": 0.181, "704.0": 0.1301, "674.0": 0.249, "686.0": 0.1998, "693.0": 0.1694, "703.0": 0.1331, "691.0": 0.1783, "646.0": 0.3696, "677.0": 0.2393, "650.0": 0.35, "663.0": 0.2971, "683.0": 0.2122, "659.0": 0.3172, "687.0": 0.1943, "668.0": 0.2799, "716.0": 0.1015, "692.0": 0.1725, "667.0": 0.2812, "656.0": 0.3268, "669.0": 0.2747, "644.0": 0.3794, "655.0": 0.3256, "707.0": 0.1214, "719.0": 0.098, "715.0": 0.103, "673.0": 0.2541, "675.0": 0.2499, "665.0": 0.287, "718.0": 0.0993, "681.0": 0.223, "701.0": 0.1395, "698.0": 0.1498, "653.0": 0.3354}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1961, "long_delta": 0.0946, "short_iv": 0.1113, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.591417, "long_quote_age": 0.526264, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9712}, "spot": 717.755}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.45 (gross $-100.45 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:07:06.270083+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady performance with positive 1-day (+0.01%) and 5-day (+0.19%) returns, supporting a bullish put credit spread across the 4-7 DTE window.", "invalidation": "QQQ spot declining sharply below the short put strike level invalidates the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"690.0": 0.1809, "709.0": 0.1163, "673.0": 0.2541, "704.0": 0.13, "707.0": 0.1214, "708.0": 0.1187, "684.0": 0.2068, "649.0": 0.3549, "653.0": 0.3354, "691.0": 0.1782, "693.0": 0.1694, "695.0": 0.1622, "657.0": 0.3272, "647.0": 0.3647, "699.0": 0.1467, "702.0": 0.1365, "641.0": 0.3857, "642.0": 0.3808, "648.0": 0.3598, "661.0": 0.3071, "666.0": 0.2863, "655.0": 0.3256, "650.0": 0.35, "703.0": 0.133, "665.0": 0.287, "676.0": 0.2446, "675.0": 0.2498, "644.0": 0.3794, "697.0": 0.1541, "696.0": 0.1583, "716.0": 0.1015, "705.0": 0.1273, "701.0": 0.1395, "669.0": 0.2747, "711.0": 0.1112, "652.0": 0.3402, "658.0": 0.3222, "688.0": 0.1922, "700.0": 0.1433, "679.0": 0.2287, "714.0": 0.1048, "654.0": 0.3305, "713.0": 0.1067, "683.0": 0.2122, "720.0": 0.0971, "682.0": 0.2176, "663.0": 0.2971, "660.0": 0.3121, "680.0": 0.2235, "662.0": 0.3021, "645.0": 0.3745, "706.0": 0.124, "692.0": 0.1725, "668.0": 0.2799, "698.0": 0.1497, "686.0": 0.1998, "656.0": 0.3268, "670.0": 0.2696, "681.0": 0.2229, "672.0": 0.2593, "678.0": 0.234, "694.0": 0.1659, "659.0": 0.3172, "719.0": 0.0982, "646.0": 0.3696, "651.0": 0.3451, "718.0": 0.0994, "689.0": 0.1866, "674.0": 0.249, "712.0": 0.1089, "721.0": 0.0968, "664.0": 0.292, "667.0": 0.2812, "715.0": 0.1029, "710.0": 0.1135, "677.0": 0.2393, "685.0": 0.2053, "717.0": 0.1001, "671.0": 0.2644, "687.0": 0.1943, "643.0": 0.3843}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1961, "long_delta": 0.0946, "short_iv": 0.1112, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.593546, "long_quote_age": 1.177848, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9712}, "spot": 717.775}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.17 (gross $-100.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:08:32.526122+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with a 1D return of +0.05% and 5D return of +0.22% while 4D ATM IV sits at 9.51%.", "invalidation": "QQQ price breaks downward causing 1D performance to turn significantly negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"704.0": 0.1305, "658.0": 0.3238, "653.0": 0.3369, "703.0": 0.1331, "709.0": 0.1162, "655.0": 0.3271, "671.0": 0.2661, "645.0": 0.376, "699.0": 0.1472, "664.0": 0.2936, "714.0": 0.1046, "657.0": 0.3288, "665.0": 0.2886, "642.0": 0.3823, "690.0": 0.1828, "692.0": 0.1744, "712.0": 0.109, "659.0": 0.3187, "697.0": 0.1542, "663.0": 0.2987, "668.0": 0.2815, "649.0": 0.3564, "685.0": 0.2031, "691.0": 0.1772, "718.0": 0.099, "719.0": 0.0979, "682.0": 0.2193, "716.0": 0.1015, "700.0": 0.144, "646.0": 0.3711, "679.0": 0.2305, "711.0": 0.111, "687.0": 0.1961, "676.0": 0.2463, "677.0": 0.241, "689.0": 0.1851, "666.0": 0.2836, "688.0": 0.1906, "720.0": 0.0972, "669.0": 0.2764, "643.0": 0.3858, "644.0": 0.3809, "674.0": 0.2506, "680.0": 0.2252, "721.0": 0.0964, "683.0": 0.2139, "715.0": 0.1031, "656.0": 0.3284, "686.0": 0.2016, "698.0": 0.15, "701.0": 0.139, "661.0": 0.3087, "705.0": 0.1271, "713.0": 0.1066, "650.0": 0.3515, "694.0": 0.1655, "670.0": 0.2712, "710.0": 0.1133, "673.0": 0.2558, "652.0": 0.3418, "648.0": 0.3613, "647.0": 0.3662, "706.0": 0.1241, "684.0": 0.2085, "660.0": 0.3137, "717.0": 0.1001, "696.0": 0.1582, "708.0": 0.1188, "667.0": 0.2828, "672.0": 0.2609, "678.0": 0.2357, "675.0": 0.2515, "695.0": 0.162, "681.0": 0.2247, "693.0": 0.1713, "654.0": 0.332, "662.0": 0.3037, "702.0": 0.1363, "707.0": 0.1211, "651.0": 0.3466}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2143, "long_delta": 0.1022, "short_iv": 0.109, "short_rel_spread": 0.009950248756218916, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.425375, "long_quote_age": 0.4161, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 444.0, "total_risk": 10656.0, "buying_power_used_pct": 0.9999}, "spot": 718.14}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.44 (gross $-98.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:08:45.749606+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "QQQ demonstrates positive performance with a 1D return of +0.05% and a 5D return of +0.22%, supporting a bullish put credit spread.", "invalidation": "QQQ spot price falls below the short strike during the trade duration."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"668.0": 0.2635, "698.0": 0.1584, "662.0": 0.2862, "707.0": 0.1351, "670.0": 0.2586, "642.0": 0.367, "676.0": 0.2334, "690.0": 0.1836, "684.0": 0.205, "648.0": 0.344, "717.0": 0.1152, "659.0": 0.3003, "703.0": 0.1448, "721.0": 0.1106, "719.0": 0.1127, "652.0": 0.3256, "644.0": 0.3579, "718.0": 0.114, "705.0": 0.14, "713.0": 0.1222, "678.0": 0.227, "647.0": 0.3442, "701.0": 0.1501, "679.0": 0.222, "672.0": 0.2489, "655.0": 0.3155, "654.0": 0.3164, "712.0": 0.1241, "709.0": 0.1306, "700.0": 0.1528, "649.0": 0.3394, "714.0": 0.1202, "660.0": 0.2956, "673.0": 0.2461, "683.0": 0.2076, "674.0": 0.2432, "677.0": 0.2319, "663.0": 0.2845, "687.0": 0.1939, "694.0": 0.1705, "665.0": 0.2778, "682.0": 0.2128, "671.0": 0.2537, "711.0": 0.1262, "692.0": 0.1759, "689.0": 0.1872, "650.0": 0.3348, "667.0": 0.2682, "702.0": 0.1473, "658.0": 0.305, "716.0": 0.1167, "704.0": 0.1423, "693.0": 0.1734, "656.0": 0.3109, "697.0": 0.1613, "664.0": 0.2825, "653.0": 0.321, "688.0": 0.1906, "646.0": 0.3487, "696.0": 0.1639, "691.0": 0.1798, "685.0": 0.1999, "708.0": 0.1329, "706.0": 0.1376, "699.0": 0.1551, "675.0": 0.2383, "666.0": 0.273, "686.0": 0.197, "680.0": 0.2201, "681.0": 0.215, "661.0": 0.2909, "695.0": 0.1673, "657.0": 0.3096, "715.0": 0.1185, "669.0": 0.2634, "710.0": 0.1283, "643.0": 0.3624, "645.0": 0.3533, "720.0": 0.1116, "651.0": 0.3302}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00704000", "short_strike": 709.0, "long_strike": 704.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1904, "long_delta": 0.1093, "short_iv": 0.1306, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.015748031496063006, "short_quote_age": 0.435524, "long_quote_age": 0.795704, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9669}, "spot": 718.125}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-89.84 (gross $-88.34 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:10:04.757566+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum across both 1D (+0.05%) and 5D (+0.23%) windows with spot at 718.05.", "invalidation": "QQQ spot price declines sharply below recent levels, reversing the positive 5D return of +0.23%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"709.0": 0.1159, "690.0": 0.1826, "669.0": 0.2762, "674.0": 0.2504, "668.0": 0.2813, "657.0": 0.3286, "691.0": 0.1769, "687.0": 0.1959, "671.0": 0.2659, "658.0": 0.3236, "643.0": 0.3856, "677.0": 0.2408, "719.0": 0.0977, "720.0": 0.0969, "644.0": 0.3807, "642.0": 0.3821, "710.0": 0.1135, "673.0": 0.2556, "665.0": 0.2884, "717.0": 0.0998, "662.0": 0.3035, "721.0": 0.0962, "676.0": 0.2461, "667.0": 0.2826, "666.0": 0.2834, "647.0": 0.366, "714.0": 0.1044, "682.0": 0.2191, "656.0": 0.3282, "708.0": 0.1185, "653.0": 0.3367, "686.0": 0.2014, "699.0": 0.147, "685.0": 0.2029, "655.0": 0.3269, "697.0": 0.154, "693.0": 0.1711, "664.0": 0.2934, "701.0": 0.1401, "700.0": 0.1422, "649.0": 0.3562, "689.0": 0.1848, "654.0": 0.3318, "672.0": 0.2607, "703.0": 0.1329, "681.0": 0.2245, "698.0": 0.1498, "705.0": 0.1268, "696.0": 0.158, "646.0": 0.3709, "702.0": 0.1361, "712.0": 0.1086, "692.0": 0.1742, "661.0": 0.3085, "645.0": 0.3758, "651.0": 0.3465, "663.0": 0.2985, "716.0": 0.101, "659.0": 0.3186, "660.0": 0.3135, "683.0": 0.2137, "707.0": 0.1216, "711.0": 0.1109, "650.0": 0.3513, "679.0": 0.2303, "684.0": 0.2083, "704.0": 0.1302, "694.0": 0.1653, "680.0": 0.225, "715.0": 0.1026, "670.0": 0.271, "706.0": 0.1238, "688.0": 0.1904, "652.0": 0.3416, "648.0": 0.3611, "678.0": 0.2355, "695.0": 0.1618, "718.0": 0.0988, "713.0": 0.1064, "675.0": 0.2513}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1855, "long_delta": 0.089, "short_iv": 0.1109, "short_rel_spread": 0.023529411764705903, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.418099, "long_quote_age": 0.432609, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9798}, "spot": 718.075}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.41 (gross $-101.91 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:10:17.052964+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates positive performance across both 1D (+0.05%) and 5D (+0.23%) horizons with ATM IV at 9.51% against RV20 of 13.54%.", "invalidation": "QQQ 1D and 5D returns turn negative as spot drops below the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"657.0": 0.3283, "686.0": 0.201, "664.0": 0.2931, "676.0": 0.2457, "658.0": 0.3233, "663.0": 0.2981, "691.0": 0.1766, "703.0": 0.1324, "689.0": 0.1845, "670.0": 0.2707, "719.0": 0.098, "695.0": 0.1614, "697.0": 0.1536, "715.0": 0.1029, "714.0": 0.1044, "698.0": 0.1494, "717.0": 0.1, "682.0": 0.2187, "666.0": 0.2831, "660.0": 0.3132, "665.0": 0.2881, "653.0": 0.3364, "646.0": 0.3706, "655.0": 0.3266, "700.0": 0.1418, "677.0": 0.2405, "706.0": 0.1241, "694.0": 0.1649, "680.0": 0.2246, "667.0": 0.2823, "693.0": 0.1707, "656.0": 0.3279, "652.0": 0.3413, "651.0": 0.3462, "721.0": 0.0964, "648.0": 0.3608, "647.0": 0.3657, "702.0": 0.1356, "713.0": 0.1063, "650.0": 0.351, "684.0": 0.208, "681.0": 0.2241, "672.0": 0.2604, "687.0": 0.1955, "711.0": 0.111, "707.0": 0.121, "704.0": 0.1297, "673.0": 0.2552, "671.0": 0.2655, "675.0": 0.251, "718.0": 0.0989, "701.0": 0.1397, "696.0": 0.1576, "644.0": 0.3804, "678.0": 0.2352, "674.0": 0.2501, "654.0": 0.3315, "692.0": 0.1738, "669.0": 0.2758, "712.0": 0.1086, "708.0": 0.1186, "710.0": 0.1134, "668.0": 0.281, "661.0": 0.3082, "679.0": 0.2299, "685.0": 0.2025, "699.0": 0.1466, "688.0": 0.19, "709.0": 0.1159, "649.0": 0.3559, "690.0": 0.1822, "662.0": 0.3032, "659.0": 0.3182, "645.0": 0.3755, "683.0": 0.2134, "716.0": 0.1015, "720.0": 0.0969, "705.0": 0.1264}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1879, "long_delta": 0.1211, "short_iv": 0.111, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.018691588785046745, "short_quote_age": 1.276465, "long_quote_age": 1.196575, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.9771}, "spot": 718.045}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.99 (gross $-59.99 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:11:38.648600+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive momentum with 1D +0.07% and 5D +0.25% while IV/RV sits low at 0.70.", "invalidation": "QQQ spot drops significantly below 718.20 and short-term performance turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"659.0": 0.3191, "667.0": 0.2832, "661.0": 0.3091, "669.0": 0.2768, "673.0": 0.2562, "688.0": 0.1911, "709.0": 0.1158, "657.0": 0.3292, "719.0": 0.0968, "717.0": 0.099, "708.0": 0.1182, "686.0": 0.1982, "650.0": 0.3519, "706.0": 0.1239, "721.0": 0.0954, "700.0": 0.143, "677.0": 0.2414, "668.0": 0.2819, "680.0": 0.2256, "652.0": 0.3421, "685.0": 0.2036, "654.0": 0.3324, "695.0": 0.1625, "713.0": 0.1059, "679.0": 0.2309, "646.0": 0.3715, "715.0": 0.102, "699.0": 0.1461, "701.0": 0.1395, "649.0": 0.3568, "696.0": 0.1566, "656.0": 0.3288, "689.0": 0.1855, "691.0": 0.1776, "653.0": 0.3373, "682.0": 0.2198, "647.0": 0.3666, "663.0": 0.2991, "676.0": 0.2467, "666.0": 0.284, "707.0": 0.1211, "681.0": 0.2203, "648.0": 0.3617, "643.0": 0.3862, "694.0": 0.166, "684.0": 0.209, "714.0": 0.1041, "675.0": 0.252, "670.0": 0.2716, "672.0": 0.2613, "660.0": 0.3141, "692.0": 0.1749, "703.0": 0.1326, "642.0": 0.3827, "683.0": 0.2144, "687.0": 0.1966, "658.0": 0.3242, "693.0": 0.1718, "665.0": 0.289, "662.0": 0.3041, "705.0": 0.1268, "645.0": 0.3764, "671.0": 0.2665, "664.0": 0.294, "674.0": 0.251, "704.0": 0.13, "651.0": 0.347, "716.0": 0.1006, "720.0": 0.0959, "655.0": 0.3275, "712.0": 0.1085, "718.0": 0.098, "711.0": 0.1108, "702.0": 0.1357, "678.0": 0.2362, "690.0": 0.1833, "710.0": 0.113, "698.0": 0.1505, "644.0": 0.3813, "697.0": 0.1528}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.21, "long_delta": 0.1003, "short_iv": 0.1085, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.539619, "long_quote_age": 0.57113, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.9626}, "spot": 718.195}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.58 (gross $-100.58 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:11:53.125250+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 350, "thesis": "QQQ exhibits positive 1D (+0.07%) and 5D (+0.25%) performance with 9.51% ATM IV, supporting a short-duration put credit spread.", "invalidation": "A reversal in QQQ spot price that breaks below the short put strike invalidates the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"668.0": 0.2819, "682.0": 0.2197, "674.0": 0.251, "661.0": 0.3091, "689.0": 0.1855, "681.0": 0.2203, "644.0": 0.3812, "673.0": 0.2561, "697.0": 0.1527, "646.0": 0.3714, "718.0": 0.0979, "708.0": 0.1181, "717.0": 0.0992, "710.0": 0.1129, "713.0": 0.106, "721.0": 0.0955, "690.0": 0.1832, "715.0": 0.1021, "701.0": 0.1395, "663.0": 0.299, "686.0": 0.1981, "665.0": 0.289, "696.0": 0.1565, "657.0": 0.3291, "693.0": 0.1717, "678.0": 0.2361, "706.0": 0.1238, "684.0": 0.2089, "662.0": 0.304, "648.0": 0.3617, "679.0": 0.2308, "720.0": 0.0961, "675.0": 0.2458, "683.0": 0.2143, "700.0": 0.143, "666.0": 0.284, "676.0": 0.2467, "691.0": 0.1776, "692.0": 0.1748, "653.0": 0.3372, "651.0": 0.347, "642.0": 0.3827, "652.0": 0.3421, "702.0": 0.1356, "694.0": 0.1659, "671.0": 0.2664, "714.0": 0.1039, "712.0": 0.1082, "703.0": 0.1325, "664.0": 0.294, "711.0": 0.1105, "688.0": 0.191, "669.0": 0.2767, "667.0": 0.2832, "659.0": 0.3191, "680.0": 0.2256, "677.0": 0.2414, "645.0": 0.3763, "685.0": 0.2035, "719.0": 0.097, "716.0": 0.1005, "658.0": 0.3241, "649.0": 0.3568, "698.0": 0.1505, "709.0": 0.1157, "695.0": 0.1624, "650.0": 0.3519, "670.0": 0.2716, "705.0": 0.1268, "672.0": 0.2613, "707.0": 0.121, "656.0": 0.3287, "687.0": 0.1965, "704.0": 0.13, "655.0": 0.3275, "647.0": 0.3665, "654.0": 0.3323, "660.0": 0.3141, "643.0": 0.3861, "699.0": 0.1461}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2097, "long_delta": 0.1004, "short_iv": 0.1082, "short_rel_spread": 0.020618556701030948, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.631336, "long_quote_age": 0.631456, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10657.09, "utilization": 1.0, "usable_buying_power": 10657.09, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9647}, "spot": 718.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.95 (gross $-101.45 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:13:15.818549+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with a 1D gain of +0.10% and 5D gain of +0.27% while ATM IV trades at a discount to realized volatility with IV/RV at 0.70.", "invalidation": "QQQ spot price declines significantly below 718.38 alongside a sharp rise in short-dated implied volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"655.0": 0.3286, "696.0": 0.158, "657.0": 0.3303, "702.0": 0.136, "717.0": 0.0993, "662.0": 0.3052, "691.0": 0.179, "644.0": 0.3824, "671.0": 0.2677, "690.0": 0.1846, "711.0": 0.1105, "669.0": 0.278, "721.0": 0.0951, "681.0": 0.2216, "716.0": 0.1006, "695.0": 0.1616, "706.0": 0.124, "664.0": 0.2952, "667.0": 0.2844, "673.0": 0.2574, "714.0": 0.104, "705.0": 0.1267, "704.0": 0.1296, "707.0": 0.1214, "665.0": 0.2902, "663.0": 0.3002, "687.0": 0.1979, "698.0": 0.1501, "683.0": 0.2156, "684.0": 0.2103, "650.0": 0.353, "719.0": 0.0968, "709.0": 0.116, "718.0": 0.0979, "675.0": 0.2532, "700.0": 0.143, "712.0": 0.1081, "670.0": 0.2728, "692.0": 0.1763, "678.0": 0.2374, "668.0": 0.2831, "715.0": 0.1023, "708.0": 0.1181, "654.0": 0.3335, "685.0": 0.2049, "645.0": 0.3775, "677.0": 0.2427, "661.0": 0.3102, "679.0": 0.2321, "694.0": 0.1674, "676.0": 0.2479, "710.0": 0.1129, "660.0": 0.3153, "680.0": 0.2269, "656.0": 0.3299, "653.0": 0.3384, "701.0": 0.1397, "647.0": 0.3677, "713.0": 0.1058, "689.0": 0.1868, "674.0": 0.2522, "697.0": 0.1542, "658.0": 0.3253, "688.0": 0.1924, "693.0": 0.1705, "646.0": 0.3726, "648.0": 0.3628, "672.0": 0.2625, "686.0": 0.1994, "652.0": 0.3432, "666.0": 0.2852, "659.0": 0.3203, "722.0": 0.0949, "699.0": 0.1476, "649.0": 0.3579, "720.0": 0.0959, "703.0": 0.1331, "651.0": 0.3481, "682.0": 0.221}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.2004, "long_delta": 0.1289, "short_iv": 0.1081, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.446005, "long_quote_age": 0.467264, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10689.09, "utilization": 1.0, "usable_buying_power": 10689.09, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9917}, "spot": 718.49}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.42 (gross $-60.42 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:13:26.684291+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 250, "thesis": "QQQ demonstrates positive upward momentum with a 1D return of +0.10% and 5D return of +0.27% alongside an ATM IV of 9.51%.", "invalidation": "A drop in QQQ spot price below the short put strike combined with a reversal of 5D return into negative territory invalidates this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"707.0": 0.1211, "653.0": 0.3386, "670.0": 0.2731, "661.0": 0.3105, "696.0": 0.1584, "646.0": 0.3728, "671.0": 0.268, "702.0": 0.1363, "652.0": 0.3435, "683.0": 0.2159, "681.0": 0.2219, "719.0": 0.097, "674.0": 0.2525, "685.0": 0.2052, "654.0": 0.3337, "648.0": 0.363, "679.0": 0.2324, "665.0": 0.2905, "687.0": 0.1982, "692.0": 0.1766, "656.0": 0.3302, "722.0": 0.0947, "655.0": 0.3289, "695.0": 0.1619, "675.0": 0.2535, "657.0": 0.3306, "721.0": 0.0952, "704.0": 0.13, "644.0": 0.3826, "672.0": 0.2628, "651.0": 0.3484, "714.0": 0.1041, "677.0": 0.243, "717.0": 0.0992, "716.0": 0.1007, "720.0": 0.0958, "650.0": 0.3533, "710.0": 0.1134, "682.0": 0.2213, "645.0": 0.3777, "660.0": 0.3155, "668.0": 0.2834, "699.0": 0.148, "666.0": 0.2854, "688.0": 0.1927, "673.0": 0.2577, "701.0": 0.1401, "686.0": 0.1998, "718.0": 0.098, "649.0": 0.3582, "690.0": 0.1849, "703.0": 0.1335, "697.0": 0.1546, "658.0": 0.3256, "647.0": 0.3679, "678.0": 0.2377, "691.0": 0.1793, "711.0": 0.1105, "708.0": 0.1185, "669.0": 0.2783, "662.0": 0.3055, "663.0": 0.3005, "706.0": 0.1245, "705.0": 0.1271, "693.0": 0.1709, "712.0": 0.1082, "684.0": 0.2106, "689.0": 0.1872, "676.0": 0.2482, "709.0": 0.1158, "659.0": 0.3206, "698.0": 0.1505, "694.0": 0.1677, "664.0": 0.2955, "700.0": 0.1434, "680.0": 0.2272, "713.0": 0.106, "715.0": 0.1023, "667.0": 0.2847}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1986, "long_delta": 0.1272, "short_iv": 0.1082, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.454321, "long_quote_age": 0.431318, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10689.09, "utilization": 1.0, "usable_buying_power": 10689.09, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9917}, "spot": 718.535}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.72 (gross $-60.72 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:14:53.788245+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates stable positive momentum with a 1D gain of +0.09% and a 5D gain of +0.27% at spot 718.34.", "invalidation": "QQQ spot price declines significantly below 718.34, reversing the positive 5D return of +0.27%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"719.0": 0.0975, "674.0": 0.2521, "718.0": 0.0983, "656.0": 0.3298, "686.0": 0.1993, "697.0": 0.1541, "675.0": 0.2531, "676.0": 0.2478, "706.0": 0.1239, "717.0": 0.0995, "689.0": 0.1867, "707.0": 0.1213, "696.0": 0.1579, "722.0": 0.0955, "710.0": 0.1133, "687.0": 0.1978, "661.0": 0.3102, "708.0": 0.1186, "667.0": 0.2843, "651.0": 0.348, "690.0": 0.1845, "698.0": 0.15, "683.0": 0.2155, "678.0": 0.2373, "684.0": 0.2102, "691.0": 0.1789, "680.0": 0.2268, "714.0": 0.1042, "711.0": 0.1109, "700.0": 0.1429, "715.0": 0.1025, "721.0": 0.0954, "660.0": 0.3152, "655.0": 0.3285, "709.0": 0.1158, "669.0": 0.2779, "658.0": 0.3252, "647.0": 0.3676, "666.0": 0.2851, "694.0": 0.1673, "644.0": 0.3823, "692.0": 0.1762, "657.0": 0.3302, "649.0": 0.3578, "650.0": 0.3529, "713.0": 0.1065, "705.0": 0.1266, "659.0": 0.3202, "702.0": 0.1358, "679.0": 0.232, "685.0": 0.2047, "703.0": 0.1329, "672.0": 0.2624, "664.0": 0.2951, "695.0": 0.1614, "654.0": 0.3334, "671.0": 0.2676, "720.0": 0.0962, "646.0": 0.3725, "673.0": 0.2573, "682.0": 0.2209, "716.0": 0.1011, "677.0": 0.2426, "653.0": 0.3383, "665.0": 0.2901, "663.0": 0.3001, "645.0": 0.3774, "662.0": 0.3051, "688.0": 0.1923, "681.0": 0.2215, "699.0": 0.1475, "704.0": 0.1295, "648.0": 0.3627, "712.0": 0.1084, "668.0": 0.283, "670.0": 0.2727, "693.0": 0.1704, "652.0": 0.3432, "701.0": 0.1396}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2017, "long_delta": 0.1291, "short_iv": 0.1084, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.479439, "long_quote_age": 0.516286, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10689.09, "utilization": 1.0, "usable_buying_power": 10689.09, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9879}, "spot": 718.445}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.59 (gross $-59.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:15:06.278684+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive 1-day (+0.09%) and 5-day (+0.27%) performance with ATM IV at 9.46%, supporting a put credit spread over a 4 to 7 DTE horizon.", "invalidation": "QQQ spot falling below 718.34 with negative momentum would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"654.0": 0.3334, "675.0": 0.2531, "714.0": 0.1041, "664.0": 0.2951, "677.0": 0.2425, "693.0": 0.1704, "694.0": 0.1672, "662.0": 0.3051, "678.0": 0.2373, "658.0": 0.3252, "722.0": 0.0952, "704.0": 0.1295, "666.0": 0.285, "646.0": 0.3725, "709.0": 0.1158, "712.0": 0.1083, "644.0": 0.3823, "680.0": 0.2267, "721.0": 0.0958, "691.0": 0.1789, "645.0": 0.3774, "681.0": 0.2215, "716.0": 0.101, "683.0": 0.2155, "673.0": 0.2573, "647.0": 0.3676, "686.0": 0.1993, "689.0": 0.1867, "706.0": 0.1238, "655.0": 0.3285, "676.0": 0.2478, "653.0": 0.3383, "696.0": 0.1579, "649.0": 0.3578, "661.0": 0.3101, "688.0": 0.1922, "672.0": 0.2624, "648.0": 0.3627, "682.0": 0.2209, "660.0": 0.3152, "668.0": 0.283, "700.0": 0.1429, "659.0": 0.3202, "665.0": 0.2901, "669.0": 0.2778, "671.0": 0.2676, "703.0": 0.1329, "684.0": 0.2101, "699.0": 0.1475, "663.0": 0.3001, "685.0": 0.2047, "652.0": 0.3431, "720.0": 0.0962, "702.0": 0.1358, "711.0": 0.1108, "670.0": 0.2727, "708.0": 0.1186, "719.0": 0.0975, "701.0": 0.1395, "690.0": 0.1845, "650.0": 0.3529, "697.0": 0.1541, "692.0": 0.1761, "715.0": 0.1024, "718.0": 0.0984, "717.0": 0.0994, "695.0": 0.1614, "705.0": 0.1265, "698.0": 0.15, "713.0": 0.1062, "707.0": 0.1212, "710.0": 0.1132, "656.0": 0.3298, "657.0": 0.3302, "651.0": 0.348, "679.0": 0.232, "687.0": 0.1978, "674.0": 0.2521, "667.0": 0.2843}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2018, "long_delta": 0.1291, "short_iv": 0.1083, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.402766, "long_quote_age": 0.531642, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10689.09, "utilization": 1.0, "usable_buying_power": 10689.09, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9879}, "spot": 718.435}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.56 (gross $-59.56 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:16:28.948803+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with a 1D return of +0.09% and a 5D return of +0.27% with 4D ATM IV at 9.46%.", "invalidation": "QQQ spot price declines below 718.34 and pushes the 5-day performance into negative territory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"709.0": 0.1157, "667.0": 0.2877, "643.0": 0.3868, "665.0": 0.2897, "705.0": 0.1269, "654.0": 0.3393, "720.0": 0.0963, "695.0": 0.1609, "652.0": 0.3428, "721.0": 0.0957, "650.0": 0.3525, "700.0": 0.1423, "704.0": 0.13, "647.0": 0.3672, "653.0": 0.3379, "683.0": 0.2151, "658.0": 0.3248, "689.0": 0.1863, "712.0": 0.1084, "714.0": 0.104, "706.0": 0.1241, "693.0": 0.1699, "656.0": 0.3348, "692.0": 0.1757, "681.0": 0.221, "684.0": 0.2097, "644.0": 0.3819, "673.0": 0.2569, "710.0": 0.1131, "707.0": 0.1214, "675.0": 0.2527, "648.0": 0.3623, "699.0": 0.147, "663.0": 0.2997, "680.0": 0.2263, "645.0": 0.377, "649.0": 0.3574, "672.0": 0.262, "702.0": 0.1353, "670.0": 0.2723, "669.0": 0.2774, "657.0": 0.3298, "682.0": 0.2205, "664.0": 0.2947, "688.0": 0.1918, "685.0": 0.2043, "717.0": 0.0993, "708.0": 0.1186, "651.0": 0.3476, "698.0": 0.1495, "701.0": 0.139, "697.0": 0.1536, "666.0": 0.2847, "696.0": 0.1574, "671.0": 0.2672, "719.0": 0.0971, "662.0": 0.3047, "694.0": 0.1668, "661.0": 0.3097, "716.0": 0.1006, "690.0": 0.184, "676.0": 0.2474, "703.0": 0.1323, "642.0": 0.3917, "678.0": 0.2369, "711.0": 0.1106, "687.0": 0.1973, "659.0": 0.3198, "686.0": 0.1989, "677.0": 0.2421, "679.0": 0.2316, "674.0": 0.2517, "691.0": 0.1784, "646.0": 0.3721, "660.0": 0.3148, "668.0": 0.2826, "655.0": 0.3344, "715.0": 0.1022, "713.0": 0.106, "718.0": 0.0982}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.52, "short_delta": 0.205, "long_delta": 0.0982, "short_iv": 0.1084, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.497505, "long_quote_age": 0.498342, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10689.09, "utilization": 1.0, "usable_buying_power": 10689.09, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.964}, "spot": 718.365}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.85 (gross $-100.85 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:16:45.716845+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.09% and a 5D gain of +0.27%, supporting a defined-risk put credit spread.", "invalidation": "QQQ spot price breaks down below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"666.0": 0.2846, "712.0": 0.1084, "701.0": 0.139, "645.0": 0.377, "680.0": 0.2263, "694.0": 0.1667, "693.0": 0.1699, "683.0": 0.2151, "654.0": 0.3393, "659.0": 0.3198, "696.0": 0.1574, "677.0": 0.2421, "671.0": 0.2671, "670.0": 0.2723, "647.0": 0.3672, "718.0": 0.0981, "715.0": 0.1023, "673.0": 0.2568, "678.0": 0.2368, "669.0": 0.2774, "698.0": 0.1495, "702.0": 0.1352, "656.0": 0.3348, "705.0": 0.1269, "719.0": 0.0972, "686.0": 0.1989, "703.0": 0.1323, "713.0": 0.1062, "682.0": 0.2204, "648.0": 0.3623, "684.0": 0.2097, "665.0": 0.2896, "668.0": 0.2826, "706.0": 0.1241, "687.0": 0.1973, "685.0": 0.2043, "664.0": 0.2947, "707.0": 0.1213, "710.0": 0.113, "716.0": 0.1008, "661.0": 0.3097, "697.0": 0.1535, "672.0": 0.262, "650.0": 0.3525, "646.0": 0.3721, "714.0": 0.1042, "700.0": 0.1423, "667.0": 0.2877, "721.0": 0.0957, "655.0": 0.3343, "663.0": 0.2997, "662.0": 0.3047, "695.0": 0.1609, "676.0": 0.2474, "709.0": 0.1156, "657.0": 0.3298, "722.0": 0.0955, "699.0": 0.1469, "717.0": 0.0995, "660.0": 0.3147, "651.0": 0.3476, "720.0": 0.0962, "679.0": 0.2316, "652.0": 0.3427, "649.0": 0.3574, "691.0": 0.1784, "658.0": 0.3248, "653.0": 0.3379, "708.0": 0.1186, "689.0": 0.1862, "644.0": 0.3819, "711.0": 0.1105, "674.0": 0.2517, "681.0": 0.221, "692.0": 0.1727, "690.0": 0.184, "688.0": 0.1918, "675.0": 0.2526, "704.0": 0.1299}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2051, "long_delta": 0.1311, "short_iv": 0.1084, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.017391304347826105, "short_quote_age": 0.456141, "long_quote_age": 0.456123, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10689.09, "utilization": 1.0, "usable_buying_power": 10689.09, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9842}, "spot": 718.415}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.75 (gross $-58.75 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:18:07.921803+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ displays positive short-term momentum with a 1D return of +0.08% and 5D return of +0.25% in a low implied volatility regime with IV/RV at 0.70.", "invalidation": "QQQ spot price breaks downward below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"653.0": 0.3439, "644.0": 0.3815, "682.0": 0.2201, "721.0": 0.096, "710.0": 0.1135, "660.0": 0.3144, "665.0": 0.2937, "679.0": 0.2312, "697.0": 0.1531, "704.0": 0.1305, "703.0": 0.133, "712.0": 0.1091, "695.0": 0.1605, "699.0": 0.1465, "690.0": 0.1836, "692.0": 0.1752, "674.0": 0.2575, "671.0": 0.2668, "691.0": 0.178, "675.0": 0.2523, "645.0": 0.3766, "693.0": 0.1695, "678.0": 0.2365, "694.0": 0.1663, "673.0": 0.2565, "659.0": 0.3194, "700.0": 0.1434, "709.0": 0.1163, "684.0": 0.2093, "667.0": 0.2873, "658.0": 0.3244, "716.0": 0.1012, "713.0": 0.1065, "707.0": 0.1215, "683.0": 0.2147, "696.0": 0.1569, "657.0": 0.3295, "681.0": 0.2254, "650.0": 0.3522, "687.0": 0.1969, "651.0": 0.3473, "705.0": 0.1273, "711.0": 0.1114, "689.0": 0.1858, "646.0": 0.3717, "654.0": 0.339, "666.0": 0.2843, "708.0": 0.1187, "668.0": 0.2822, "714.0": 0.1047, "686.0": 0.2024, "664.0": 0.2943, "715.0": 0.1027, "663.0": 0.2993, "669.0": 0.2771, "649.0": 0.3571, "685.0": 0.2039, "656.0": 0.3345, "676.0": 0.247, "672.0": 0.2616, "702.0": 0.136, "662.0": 0.3044, "720.0": 0.0968, "706.0": 0.1244, "688.0": 0.1914, "655.0": 0.334, "677.0": 0.2417, "648.0": 0.362, "647.0": 0.3669, "719.0": 0.0975, "661.0": 0.3094, "652.0": 0.3424, "717.0": 0.0998, "698.0": 0.1509, "701.0": 0.1399, "680.0": 0.2259, "718.0": 0.0985, "670.0": 0.2719}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2091, "long_delta": 0.1342, "short_iv": 0.1091, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.492074, "long_quote_age": 1.416132, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9812}, "spot": 718.265}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.74 (gross $-58.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:18:19.147770+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 350, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.08% and 5D gain of +0.25% alongside an IV/RV ratio of 0.70, supporting a put credit spread over a 5 to 7 DTE window.", "invalidation": "QQQ spot price breaks below 718.25 and reverses recent positive 5D momentum."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"673.0": 0.2485, "664.0": 0.2829, "681.0": 0.2155, "666.0": 0.2734, "657.0": 0.31, "692.0": 0.1764, "710.0": 0.1281, "654.0": 0.3206, "660.0": 0.296, "687.0": 0.1922, "671.0": 0.2542, "706.0": 0.1372, "650.0": 0.3352, "643.0": 0.3628, "689.0": 0.1858, "680.0": 0.2205, "658.0": 0.3054, "644.0": 0.3582, "717.0": 0.1148, "688.0": 0.1891, "684.0": 0.2029, "697.0": 0.1608, "694.0": 0.1696, "665.0": 0.2782, "667.0": 0.2735, "682.0": 0.2104, "677.0": 0.2324, "652.0": 0.326, "651.0": 0.3306, "647.0": 0.349, "662.0": 0.2896, "691.0": 0.1786, "678.0": 0.2274, "715.0": 0.118, "693.0": 0.1724, "703.0": 0.1447, "670.0": 0.259, "707.0": 0.135, "704.0": 0.1424, "699.0": 0.1547, "646.0": 0.3536, "708.0": 0.1327, "659.0": 0.3007, "676.0": 0.2338, "672.0": 0.2514, "711.0": 0.1259, "695.0": 0.1666, "696.0": 0.1632, "683.0": 0.2081, "661.0": 0.2943, "685.0": 0.2003, "701.0": 0.1499, "656.0": 0.3147, "700.0": 0.1521, "702.0": 0.1472, "645.0": 0.3582, "720.0": 0.1108, "686.0": 0.1975, "712.0": 0.1237, "709.0": 0.1303, "721.0": 0.1098, "648.0": 0.3444, "690.0": 0.1823, "698.0": 0.1579, "674.0": 0.2436, "716.0": 0.1164, "714.0": 0.1199, "653.0": 0.3252, "679.0": 0.2224, "663.0": 0.2877, "668.0": 0.2687, "669.0": 0.2638, "713.0": 0.1214, "719.0": 0.112, "655.0": 0.3194, "675.0": 0.2387, "705.0": 0.1395, "649.0": 0.3398, "718.0": 0.1134, "642.0": 0.3674}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2095, "long_delta": 0.1197, "short_iv": 0.1281, "short_rel_spread": 0.007782101167315181, "long_rel_spread": 0.014388489208633108, "short_quote_age": 0.781958, "long_quote_age": 0.908355, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 441.0, "total_risk": 10584.0, "buying_power_used_pct": 0.9909}, "spot": 718.25}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-88.01 (gross $-87.01 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:19:37.902143+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive momentum with 1D return of +0.10% and 5D return of +0.28% while 4D ATM IV sits at 9.46%.", "invalidation": "QQQ price turns negative over the 5-day horizon breaking recent upward performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"684.0": 0.2097, "672.0": 0.262, "653.0": 0.3379, "642.0": 0.3917, "698.0": 0.1495, "679.0": 0.2316, "664.0": 0.2947, "678.0": 0.2368, "665.0": 0.2896, "670.0": 0.2723, "706.0": 0.1241, "659.0": 0.3198, "658.0": 0.3248, "669.0": 0.2774, "663.0": 0.2997, "681.0": 0.2258, "647.0": 0.3672, "675.0": 0.2526, "643.0": 0.3868, "713.0": 0.1064, "686.0": 0.2028, "651.0": 0.3476, "654.0": 0.333, "662.0": 0.3047, "693.0": 0.1699, "704.0": 0.1299, "682.0": 0.2204, "701.0": 0.139, "721.0": 0.0956, "699.0": 0.1469, "676.0": 0.2474, "695.0": 0.1609, "655.0": 0.3343, "715.0": 0.1025, "694.0": 0.1667, "667.0": 0.2877, "657.0": 0.3298, "677.0": 0.2421, "714.0": 0.1044, "707.0": 0.1213, "687.0": 0.1973, "690.0": 0.184, "668.0": 0.2826, "656.0": 0.3348, "689.0": 0.1862, "688.0": 0.1918, "644.0": 0.3819, "666.0": 0.2846, "711.0": 0.111, "648.0": 0.3623, "673.0": 0.2568, "645.0": 0.377, "661.0": 0.3097, "708.0": 0.1186, "719.0": 0.0972, "650.0": 0.3525, "692.0": 0.1756, "716.0": 0.1009, "720.0": 0.0962, "671.0": 0.2671, "710.0": 0.1136, "685.0": 0.2043, "700.0": 0.1423, "652.0": 0.3427, "696.0": 0.1574, "674.0": 0.2579, "697.0": 0.1535, "717.0": 0.0995, "705.0": 0.1269, "718.0": 0.0981, "649.0": 0.3574, "660.0": 0.3147, "712.0": 0.1089, "680.0": 0.2263, "646.0": 0.3721, "691.0": 0.1784, "709.0": 0.1163, "703.0": 0.1335, "702.0": 0.1365, "683.0": 0.2151}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2061, "long_delta": 0.0982, "short_iv": 0.1089, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.816022, "long_quote_age": 0.855438, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9625}, "spot": 718.315}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.68 (gross $-100.68 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:19:48.293236+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive short-term momentum with 1D return of +0.10% and 5D return of +0.28% alongside an IV/RV ratio of 0.70.", "invalidation": "QQQ reverses its 5-day gain of +0.28% with a sharp decline below recent spot levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"718.0": 0.0982, "650.0": 0.3527, "651.0": 0.3478, "687.0": 0.1975, "702.0": 0.1368, "670.0": 0.2725, "708.0": 0.1189, "657.0": 0.33, "664.0": 0.2949, "714.0": 0.1048, "674.0": 0.2581, "683.0": 0.2153, "698.0": 0.1497, "662.0": 0.3049, "665.0": 0.2899, "695.0": 0.1612, "688.0": 0.192, "691.0": 0.1786, "686.0": 0.203, "704.0": 0.1302, "717.0": 0.0995, "679.0": 0.2318, "678.0": 0.2371, "652.0": 0.3429, "668.0": 0.2828, "673.0": 0.2571, "700.0": 0.1426, "661.0": 0.3099, "684.0": 0.2099, "699.0": 0.1472, "659.0": 0.32, "693.0": 0.1702, "721.0": 0.0957, "709.0": 0.1166, "705.0": 0.1272, "677.0": 0.2423, "716.0": 0.1012, "690.0": 0.1842, "658.0": 0.325, "663.0": 0.2999, "676.0": 0.2476, "710.0": 0.114, "715.0": 0.1026, "648.0": 0.3625, "646.0": 0.3723, "666.0": 0.2848, "685.0": 0.2045, "711.0": 0.1114, "706.0": 0.1244, "671.0": 0.2674, "696.0": 0.1576, "720.0": 0.0964, "707.0": 0.1217, "672.0": 0.2622, "656.0": 0.335, "694.0": 0.167, "701.0": 0.1392, "697.0": 0.1538, "675.0": 0.2528, "681.0": 0.2261, "680.0": 0.2265, "655.0": 0.3345, "703.0": 0.1338, "667.0": 0.2879, "649.0": 0.3576, "654.0": 0.3332, "692.0": 0.1759, "669.0": 0.2776, "712.0": 0.1088, "647.0": 0.3674, "644.0": 0.3821, "713.0": 0.1069, "719.0": 0.0973, "689.0": 0.1865, "682.0": 0.2207, "645.0": 0.3772, "660.0": 0.3149, "653.0": 0.3381}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2045, "long_delta": 0.132, "short_iv": 0.1088, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.410557, "long_quote_age": 0.406345, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9887}, "spot": 718.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.34 (gross $-60.34 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:21:14.833617+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive short-term momentum with 1D at +0.13% and 5D at +0.30%, while ATM IV remains muted relative to realized volatility at an IV/RV of 0.69.", "invalidation": "QQQ spot price declines sharply and reverses its positive 5D trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"707.0": 0.1215, "655.0": 0.3358, "703.0": 0.1333, "676.0": 0.249, "652.0": 0.3442, "659.0": 0.3213, "706.0": 0.1247, "701.0": 0.1411, "671.0": 0.2687, "687.0": 0.199, "649.0": 0.3589, "686.0": 0.2045, "696.0": 0.1593, "663.0": 0.3012, "718.0": 0.0977, "710.0": 0.1136, "699.0": 0.1481, "717.0": 0.099, "656.0": 0.3363, "694.0": 0.1686, "715.0": 0.1026, "677.0": 0.2438, "697.0": 0.1555, "674.0": 0.2595, "678.0": 0.2385, "711.0": 0.1109, "681.0": 0.2275, "719.0": 0.0965, "650.0": 0.354, "690.0": 0.1858, "648.0": 0.3637, "700.0": 0.1444, "646.0": 0.3735, "673.0": 0.2584, "714.0": 0.1043, "660.0": 0.3163, "689.0": 0.188, "720.0": 0.0955, "651.0": 0.3491, "712.0": 0.1087, "657.0": 0.3313, "702.0": 0.1374, "680.0": 0.2279, "695.0": 0.1628, "644.0": 0.3833, "669.0": 0.279, "645.0": 0.3784, "693.0": 0.1717, "679.0": 0.2332, "682.0": 0.2221, "685.0": 0.206, "684.0": 0.2114, "692.0": 0.1775, "667.0": 0.2893, "704.0": 0.1311, "658.0": 0.3263, "647.0": 0.3686, "662.0": 0.3062, "666.0": 0.2862, "672.0": 0.2636, "668.0": 0.2841, "713.0": 0.1063, "691.0": 0.1802, "709.0": 0.1165, "705.0": 0.1272, "665.0": 0.2956, "698.0": 0.1514, "661.0": 0.3113, "683.0": 0.2168, "708.0": 0.1191, "653.0": 0.3393, "654.0": 0.3408, "688.0": 0.1935, "664.0": 0.3006, "670.0": 0.2739, "721.0": 0.0948, "722.0": 0.0948, "716.0": 0.1009, "675.0": 0.2543}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1943, "long_delta": 0.1247, "short_iv": 0.1087, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.425524, "long_quote_age": 0.424835, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 266.0, "total_risk": 10640.0, "buying_power_used_pct": 0.9962}, "spot": 718.65}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.52 (gross $-61.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:21:26.428898+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 1D (+0.13%) and 5D (+0.30%) momentum with IV/RV at 0.69, supporting an out-of-the-money put credit spread over a 4 to 7 DTE window.", "invalidation": "QQQ 1D performance reverses negative or downward spot momentum accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"697.0": 0.1561, "670.0": 0.2743, "710.0": 0.1138, "720.0": 0.0957, "644.0": 0.3838, "664.0": 0.3011, "705.0": 0.1269, "690.0": 0.1863, "663.0": 0.3017, "656.0": 0.3368, "719.0": 0.0967, "680.0": 0.2284, "696.0": 0.1598, "654.0": 0.3412, "707.0": 0.1214, "667.0": 0.2898, "694.0": 0.1692, "718.0": 0.0975, "683.0": 0.2173, "657.0": 0.3318, "700.0": 0.145, "714.0": 0.1044, "702.0": 0.1366, "713.0": 0.1064, "689.0": 0.1885, "701.0": 0.1402, "668.0": 0.2846, "669.0": 0.2795, "708.0": 0.1191, "678.0": 0.239, "648.0": 0.3642, "671.0": 0.2692, "645.0": 0.3789, "695.0": 0.1633, "685.0": 0.2065, "712.0": 0.1087, "660.0": 0.3167, "673.0": 0.2589, "646.0": 0.374, "699.0": 0.1487, "715.0": 0.1022, "642.0": 0.3936, "674.0": 0.26, "691.0": 0.1807, "649.0": 0.3593, "692.0": 0.178, "709.0": 0.116, "658.0": 0.3268, "647.0": 0.3691, "652.0": 0.3446, "651.0": 0.3495, "716.0": 0.1007, "684.0": 0.2119, "717.0": 0.099, "721.0": 0.0948, "661.0": 0.3117, "655.0": 0.3363, "659.0": 0.3217, "677.0": 0.2442, "665.0": 0.296, "703.0": 0.1339, "672.0": 0.2641, "688.0": 0.194, "643.0": 0.3887, "722.0": 0.0941, "687.0": 0.1996, "711.0": 0.1113, "675.0": 0.2548, "662.0": 0.3067, "704.0": 0.1307, "681.0": 0.228, "650.0": 0.3544, "693.0": 0.1723, "706.0": 0.1245, "682.0": 0.2227, "698.0": 0.152, "653.0": 0.3398, "679.0": 0.2337, "686.0": 0.205, "666.0": 0.2866, "676.0": 0.2495}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1909, "long_delta": 0.0904, "short_iv": 0.1087, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.423292, "long_quote_age": 0.44471, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.9733}, "spot": 718.745}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.17 (gross $-103.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:22:48.003056+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum across both 1D (+0.12%) and 5D (+0.30%) timeframes while trading at an IV/RV ratio of 0.69.", "invalidation": "A downward shift in price breaking the positive 5-day trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"699.0": 0.1463, "713.0": 0.1061, "664.0": 0.2955, "681.0": 0.2268, "711.0": 0.1106, "674.0": 0.2588, "683.0": 0.216, "716.0": 0.1008, "698.0": 0.1506, "648.0": 0.3631, "714.0": 0.1042, "717.0": 0.099, "646.0": 0.3729, "670.0": 0.2732, "654.0": 0.3338, "704.0": 0.1301, "666.0": 0.2855, "655.0": 0.3352, "697.0": 0.1546, "653.0": 0.3387, "720.0": 0.0959, "677.0": 0.243, "642.0": 0.3925, "673.0": 0.2577, "647.0": 0.368, "703.0": 0.1335, "718.0": 0.098, "657.0": 0.3306, "644.0": 0.3827, "694.0": 0.1678, "671.0": 0.268, "669.0": 0.2783, "719.0": 0.0967, "707.0": 0.1212, "659.0": 0.3206, "722.0": 0.0944, "660.0": 0.3156, "658.0": 0.3256, "680.0": 0.2272, "721.0": 0.095, "668.0": 0.2834, "687.0": 0.1982, "686.0": 0.2037, "710.0": 0.1135, "665.0": 0.2905, "706.0": 0.1245, "688.0": 0.1927, "701.0": 0.1401, "663.0": 0.3005, "679.0": 0.2325, "645.0": 0.3778, "656.0": 0.3357, "709.0": 0.1159, "685.0": 0.2052, "700.0": 0.1434, "676.0": 0.2483, "693.0": 0.1709, "715.0": 0.1022, "682.0": 0.2214, "712.0": 0.1083, "678.0": 0.2377, "692.0": 0.1766, "684.0": 0.2106, "649.0": 0.3582, "672.0": 0.2629, "708.0": 0.1186, "705.0": 0.1272, "690.0": 0.185, "643.0": 0.3876, "662.0": 0.3055, "661.0": 0.3106, "675.0": 0.2535, "652.0": 0.3436, "667.0": 0.2886, "695.0": 0.1619, "651.0": 0.3484, "696.0": 0.1584, "691.0": 0.1794, "702.0": 0.1364, "650.0": 0.3533, "689.0": 0.1872}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1984, "long_delta": 0.0944, "short_iv": 0.1083, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.41466, "long_quote_age": 0.419418, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.969}, "spot": 718.54}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.74 (gross $-102.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:22:58.885296+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 350, "thesis": "QQQ shows positive momentum with a 1D gain of +0.12% and 5D gain of +0.30%, supporting a short-dated put credit spread.", "invalidation": "A reversal in QQQ spot price below the short put strike level would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"679.0": 0.2325, "689.0": 0.1873, "718.0": 0.0978, "696.0": 0.1585, "649.0": 0.3582, "674.0": 0.2588, "671.0": 0.2681, "721.0": 0.0953, "709.0": 0.116, "655.0": 0.3352, "682.0": 0.2214, "651.0": 0.3485, "667.0": 0.2886, "657.0": 0.3307, "654.0": 0.3338, "704.0": 0.1302, "658.0": 0.3257, "687.0": 0.1983, "642.0": 0.3925, "645.0": 0.3778, "669.0": 0.2783, "703.0": 0.1336, "717.0": 0.0992, "647.0": 0.368, "693.0": 0.171, "652.0": 0.3436, "719.0": 0.0968, "673.0": 0.2578, "694.0": 0.1678, "708.0": 0.1187, "710.0": 0.1136, "680.0": 0.2273, "665.0": 0.2905, "722.0": 0.0947, "716.0": 0.1006, "648.0": 0.3631, "690.0": 0.185, "688.0": 0.1928, "675.0": 0.2536, "663.0": 0.3006, "677.0": 0.2431, "686.0": 0.2038, "676.0": 0.2483, "715.0": 0.1021, "650.0": 0.3534, "656.0": 0.3357, "668.0": 0.2835, "672.0": 0.2629, "666.0": 0.2855, "700.0": 0.1435, "659.0": 0.3206, "662.0": 0.3056, "701.0": 0.1402, "713.0": 0.1062, "707.0": 0.1212, "695.0": 0.162, "702.0": 0.1365, "711.0": 0.1107, "661.0": 0.3106, "697.0": 0.1547, "691.0": 0.1794, "720.0": 0.0959, "684.0": 0.2107, "692.0": 0.1767, "681.0": 0.2268, "685.0": 0.2053, "699.0": 0.1463, "653.0": 0.3387, "678.0": 0.2378, "646.0": 0.3729, "660.0": 0.3156, "706.0": 0.1246, "712.0": 0.1084, "698.0": 0.1506, "643.0": 0.3876, "705.0": 0.1273, "683.0": 0.2161, "670.0": 0.2732, "644.0": 0.3827, "664.0": 0.2956, "714.0": 0.1041}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00714000", "long_symbol": "QQQ260908P00709000", "short_strike": 714.0, "long_strike": 709.0, "width": 5.0, "credit": 0.72, "short_delta": 0.2661, "long_delta": 0.127, "short_iv": 0.1041, "short_rel_spread": 0.007843137254901968, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.523652, "long_quote_age": 0.521201, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 428.0, "total_risk": 10272.0, "buying_power_used_pct": 0.9617}, "spot": 718.535}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.28 (gross $-96.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:24:18.213156+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ displays positive short-term momentum with a 1-day return of +0.12% and 5-day return of +0.30%.", "invalidation": "QQQ spot price declines significantly below the current 718.55 level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"710.0": 0.1127, "688.0": 0.1923, "672.0": 0.2624, "649.0": 0.3578, "694.0": 0.1673, "658.0": 0.3252, "718.0": 0.0978, "679.0": 0.232, "650.0": 0.3529, "700.0": 0.1429, "678.0": 0.2373, "712.0": 0.1081, "721.0": 0.095, "713.0": 0.1059, "652.0": 0.3432, "693.0": 0.1704, "642.0": 0.3921, "669.0": 0.2779, "697.0": 0.1541, "715.0": 0.1019, "692.0": 0.1732, "695.0": 0.1614, "707.0": 0.1213, "647.0": 0.3676, "661.0": 0.3102, "702.0": 0.1358, "666.0": 0.2851, "706.0": 0.1239, "681.0": 0.2263, "685.0": 0.2047, "665.0": 0.2901, "708.0": 0.1183, "722.0": 0.0944, "653.0": 0.3383, "699.0": 0.1457, "690.0": 0.1845, "711.0": 0.1103, "648.0": 0.3627, "716.0": 0.1004, "655.0": 0.3348, "667.0": 0.2882, "660.0": 0.3152, "686.0": 0.2033, "698.0": 0.15, "689.0": 0.1867, "663.0": 0.3001, "705.0": 0.1266, "676.0": 0.2478, "677.0": 0.2426, "696.0": 0.1579, "709.0": 0.1158, "683.0": 0.2155, "701.0": 0.1396, "687.0": 0.1978, "657.0": 0.3302, "651.0": 0.348, "684.0": 0.2101, "670.0": 0.2727, "668.0": 0.283, "645.0": 0.3774, "720.0": 0.0957, "654.0": 0.3334, "680.0": 0.2268, "691.0": 0.1789, "671.0": 0.2676, "662.0": 0.3051, "659.0": 0.3202, "682.0": 0.2209, "674.0": 0.2583, "664.0": 0.2951, "714.0": 0.1036, "675.0": 0.2531, "703.0": 0.1329, "717.0": 0.099, "673.0": 0.2573, "656.0": 0.3353, "643.0": 0.3872, "704.0": 0.1295, "644.0": 0.3823, "646.0": 0.3725, "719.0": 0.0965}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2012, "long_delta": 0.0963, "short_iv": 0.1081, "short_rel_spread": 0.021739130434782625, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.666437, "long_quote_age": 0.586251, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9668}, "spot": 718.495}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.35 (gross $-100.85 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:24:32.316866+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with 1D (+0.12%) and 5D (+0.30%) returns while ATM IV at 9.28% trades below RV20 of 13.54%.", "invalidation": "A reversal in QQQ spot price declining below the short put strike invalidates this bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"683.0": 0.216, "689.0": 0.1872, "656.0": 0.3357, "660.0": 0.3156, "666.0": 0.2855, "657.0": 0.3306, "714.0": 0.1044, "671.0": 0.268, "663.0": 0.3005, "682.0": 0.2214, "649.0": 0.3582, "669.0": 0.2783, "680.0": 0.2272, "720.0": 0.096, "700.0": 0.1434, "687.0": 0.1982, "709.0": 0.1159, "647.0": 0.368, "710.0": 0.1135, "676.0": 0.2483, "713.0": 0.1061, "702.0": 0.1364, "679.0": 0.2325, "701.0": 0.1401, "677.0": 0.243, "695.0": 0.1619, "658.0": 0.3256, "667.0": 0.2886, "662.0": 0.3055, "653.0": 0.3387, "674.0": 0.2588, "719.0": 0.0968, "696.0": 0.1584, "704.0": 0.1301, "690.0": 0.185, "694.0": 0.1678, "681.0": 0.2268, "708.0": 0.1186, "711.0": 0.1112, "650.0": 0.3533, "707.0": 0.1212, "678.0": 0.2377, "722.0": 0.0955, "717.0": 0.0992, "706.0": 0.1245, "675.0": 0.2535, "668.0": 0.2834, "652.0": 0.3436, "693.0": 0.1709, "698.0": 0.1506, "718.0": 0.098, "659.0": 0.3206, "646.0": 0.3729, "684.0": 0.2106, "661.0": 0.3106, "670.0": 0.2732, "672.0": 0.2629, "705.0": 0.1272, "703.0": 0.1335, "686.0": 0.2037, "716.0": 0.1008, "645.0": 0.3778, "715.0": 0.1024, "644.0": 0.3827, "688.0": 0.1927, "664.0": 0.2955, "685.0": 0.2052, "651.0": 0.3484, "721.0": 0.0954, "697.0": 0.1546, "691.0": 0.1794, "665.0": 0.2905, "654.0": 0.3338, "692.0": 0.1737, "673.0": 0.2577, "655.0": 0.3352, "648.0": 0.3631, "699.0": 0.1463, "712.0": 0.1083}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1984, "long_delta": 0.1271, "short_iv": 0.1083, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.547498, "long_quote_age": 0.8517, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10681.09, "utilization": 1.0, "usable_buying_power": 10681.09, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9924}, "spot": 718.46}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.75 (gross $-60.75 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:25:51.849962+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 1D (+0.12%) and 5D (+0.29%) returns with 4-day implied volatility at 9.28% trailing 20-day realized volatility of 13.54%.", "invalidation": "QQQ spot price declines below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"663.0": 0.3006, "692.0": 0.1738, "678.0": 0.2378, "701.0": 0.1402, "666.0": 0.2938, "706.0": 0.1246, "708.0": 0.1187, "717.0": 0.0999, "697.0": 0.1547, "671.0": 0.2681, "700.0": 0.1435, "676.0": 0.2483, "718.0": 0.0985, "688.0": 0.1928, "719.0": 0.0973, "712.0": 0.1088, "674.0": 0.2588, "668.0": 0.2835, "702.0": 0.1365, "687.0": 0.1983, "696.0": 0.1585, "657.0": 0.3307, "694.0": 0.1678, "722.0": 0.0948, "713.0": 0.1067, "680.0": 0.2273, "643.0": 0.3876, "677.0": 0.2431, "709.0": 0.1163, "704.0": 0.1302, "705.0": 0.1273, "656.0": 0.3357, "682.0": 0.2214, "683.0": 0.2161, "673.0": 0.261, "679.0": 0.2325, "710.0": 0.1136, "707.0": 0.1212, "654.0": 0.3457, "644.0": 0.3827, "690.0": 0.185, "669.0": 0.2783, "650.0": 0.3534, "664.0": 0.3, "648.0": 0.3631, "685.0": 0.2053, "665.0": 0.2989, "698.0": 0.1506, "647.0": 0.368, "670.0": 0.2732, "659.0": 0.3206, "691.0": 0.1794, "653.0": 0.3451, "714.0": 0.1047, "681.0": 0.2268, "667.0": 0.2886, "652.0": 0.3501, "703.0": 0.1336, "715.0": 0.1027, "661.0": 0.3106, "684.0": 0.2107, "642.0": 0.3925, "721.0": 0.0953, "699.0": 0.1463, "675.0": 0.2536, "711.0": 0.1112, "689.0": 0.1873, "720.0": 0.0964, "655.0": 0.3407, "658.0": 0.3257, "672.0": 0.2629, "693.0": 0.171, "649.0": 0.3582, "646.0": 0.3729, "695.0": 0.162, "660.0": 0.3156, "645.0": 0.3778, "716.0": 0.1013, "686.0": 0.2038, "662.0": 0.3056, "651.0": 0.3485}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1993, "long_delta": 0.0944, "short_iv": 0.1088, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.998708, "long_quote_age": 0.729767, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10705.09, "utilization": 1.0, "usable_buying_power": 10705.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9647}, "spot": 718.555}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.25 (gross $-101.25 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:26:04.686506+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with 1D return of +0.12% and 5D return of +0.29% while ATM IV(4D) sits at 9.28%.", "invalidation": "QQQ spot declines below 718.54 and breaks below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"684.0": 0.2105, "709.0": 0.116, "650.0": 0.3532, "664.0": 0.2998, "718.0": 0.0973, "667.0": 0.2885, "698.0": 0.1504, "692.0": 0.1736, "665.0": 0.2988, "666.0": 0.2936, "714.0": 0.1039, "715.0": 0.102, "722.0": 0.0937, "647.0": 0.3679, "696.0": 0.1583, "717.0": 0.0987, "651.0": 0.3483, "661.0": 0.3105, "697.0": 0.1545, "671.0": 0.2679, "685.0": 0.2051, "660.0": 0.3155, "680.0": 0.2271, "710.0": 0.1133, "648.0": 0.363, "668.0": 0.2833, "701.0": 0.14, "678.0": 0.2377, "688.0": 0.1926, "659.0": 0.3205, "691.0": 0.1793, "656.0": 0.3356, "686.0": 0.2036, "676.0": 0.2482, "694.0": 0.1677, "699.0": 0.1462, "703.0": 0.1334, "713.0": 0.1063, "645.0": 0.3777, "674.0": 0.2587, "689.0": 0.1871, "644.0": 0.3826, "654.0": 0.3456, "720.0": 0.095, "711.0": 0.111, "708.0": 0.1185, "693.0": 0.1708, "655.0": 0.3406, "670.0": 0.2731, "675.0": 0.2534, "702.0": 0.1363, "716.0": 0.1004, "646.0": 0.3728, "673.0": 0.2609, "657.0": 0.3305, "649.0": 0.3581, "682.0": 0.2213, "707.0": 0.1218, "721.0": 0.0941, "700.0": 0.1433, "653.0": 0.345, "669.0": 0.2782, "719.0": 0.096, "683.0": 0.2159, "677.0": 0.2429, "681.0": 0.2267, "663.0": 0.3004, "695.0": 0.1618, "704.0": 0.13, "662.0": 0.3055, "706.0": 0.1244, "679.0": 0.2324, "687.0": 0.1981, "690.0": 0.1849, "672.0": 0.2628, "652.0": 0.3499, "658.0": 0.3255, "712.0": 0.1086, "705.0": 0.127}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1997, "long_delta": 0.1279, "short_iv": 0.1086, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.035714285714285546, "short_quote_age": 0.47176, "long_quote_age": 1.475636, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10705.09, "utilization": 1.0, "usable_buying_power": 10705.09, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9902}, "spot": 718.555}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.76 (gross $-61.26 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:27:32.555685+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with a 1D gain of +0.11% and a 5D gain of +0.29%.", "invalidation": "A downward move in QQQ reversing the +0.29% 5D gain would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"697.0": 0.1549, "689.0": 0.1875, "667.0": 0.2888, "702.0": 0.1367, "648.0": 0.3633, "655.0": 0.3409, "712.0": 0.1092, "700.0": 0.1437, "706.0": 0.1249, "691.0": 0.1796, "711.0": 0.1116, "692.0": 0.174, "714.0": 0.1044, "671.0": 0.2682, "690.0": 0.1852, "653.0": 0.3453, "687.0": 0.1985, "705.0": 0.1275, "707.0": 0.1215, "647.0": 0.3682, "709.0": 0.1163, "676.0": 0.2485, "679.0": 0.2327, "698.0": 0.1508, "644.0": 0.3829, "643.0": 0.3878, "699.0": 0.1466, "716.0": 0.101, "666.0": 0.2939, "717.0": 0.0993, "673.0": 0.2612, "663.0": 0.3007, "665.0": 0.2991, "652.0": 0.356, "661.0": 0.3108, "668.0": 0.2837, "642.0": 0.3927, "722.0": 0.0948, "718.0": 0.098, "704.0": 0.1304, "658.0": 0.3258, "677.0": 0.2432, "656.0": 0.3359, "645.0": 0.378, "674.0": 0.259, "710.0": 0.1139, "669.0": 0.2785, "708.0": 0.119, "670.0": 0.2734, "662.0": 0.3058, "719.0": 0.0971, "686.0": 0.204, "683.0": 0.2162, "646.0": 0.3731, "701.0": 0.1404, "650.0": 0.3535, "675.0": 0.2538, "694.0": 0.168, "664.0": 0.3001, "713.0": 0.1066, "680.0": 0.2274, "721.0": 0.0953, "649.0": 0.3584, "703.0": 0.1338, "720.0": 0.096, "688.0": 0.193, "693.0": 0.1712, "695.0": 0.1622, "657.0": 0.3308, "696.0": 0.1587, "651.0": 0.3486, "684.0": 0.2108, "682.0": 0.2216, "678.0": 0.238, "672.0": 0.2631, "681.0": 0.227, "654.0": 0.3459, "660.0": 0.3158, "685.0": 0.2054, "715.0": 0.1025, "659.0": 0.3208}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1988, "long_delta": 0.0942, "short_iv": 0.1092, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.024691358024691242, "short_quote_age": 1.565775, "long_quote_age": 0.631925, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9654}, "spot": 718.545}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.76 (gross $-101.76 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:27:45.679758+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1-day return of +0.11% and a 5-day return of +0.29% at a spot price of 718.50.", "invalidation": "A decline in QQQ spot price below 718.50 over the holding period would invalidate the upward momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"717.0": 0.0994, "690.0": 0.1855, "672.0": 0.2633, "675.0": 0.254, "710.0": 0.1138, "691.0": 0.1799, "698.0": 0.1511, "689.0": 0.1877, "695.0": 0.1625, "656.0": 0.3361, "677.0": 0.2435, "660.0": 0.316, "652.0": 0.3562, "653.0": 0.3455, "699.0": 0.1469, "644.0": 0.3831, "646.0": 0.3733, "668.0": 0.2839, "693.0": 0.1715, "657.0": 0.3311, "711.0": 0.1115, "671.0": 0.2685, "707.0": 0.1219, "662.0": 0.306, "715.0": 0.1024, "676.0": 0.2488, "719.0": 0.0968, "674.0": 0.2593, "683.0": 0.2165, "680.0": 0.2277, "721.0": 0.0949, "685.0": 0.2057, "686.0": 0.2043, "670.0": 0.2736, "703.0": 0.1342, "649.0": 0.3586, "655.0": 0.3411, "679.0": 0.233, "666.0": 0.2942, "713.0": 0.1065, "667.0": 0.289, "712.0": 0.1087, "701.0": 0.1407, "688.0": 0.1933, "651.0": 0.3489, "654.0": 0.3462, "714.0": 0.1042, "704.0": 0.1308, "718.0": 0.0978, "648.0": 0.3635, "645.0": 0.3782, "702.0": 0.137, "722.0": 0.0945, "647.0": 0.3684, "682.0": 0.2219, "697.0": 0.1552, "664.0": 0.3004, "650.0": 0.3538, "696.0": 0.159, "705.0": 0.1279, "673.0": 0.2615, "720.0": 0.0959, "665.0": 0.2993, "694.0": 0.1683, "659.0": 0.3211, "684.0": 0.2111, "706.0": 0.1252, "692.0": 0.1743, "687.0": 0.1988, "661.0": 0.311, "716.0": 0.1006, "663.0": 0.301, "708.0": 0.1194, "709.0": 0.1167, "678.0": 0.2382, "700.0": 0.144, "658.0": 0.3261, "669.0": 0.2788, "681.0": 0.2273}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.34, "short_delta": 0.196, "long_delta": 0.1263, "short_iv": 0.1087, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.433728, "long_quote_age": 0.443949, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10697.09, "utilization": 1.0, "usable_buying_power": 10697.09, "max_loss_per_contract": 266.0, "total_risk": 10640.0, "buying_power_used_pct": 0.9947}, "spot": 718.645}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.53 (gross $-61.53 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:29:07.464711+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a +0.14% 1D gain and +0.32% 5D gain, supporting short-term defined-risk put selling.", "invalidation": "A downward price break that reverses the positive 5D return would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"715.0": 0.1028, "644.0": 0.3835, "651.0": 0.3492, "663.0": 0.3014, "673.0": 0.2619, "684.0": 0.2116, "642.0": 0.3933, "720.0": 0.0961, "704.0": 0.1313, "680.0": 0.2281, "708.0": 0.1201, "661.0": 0.3114, "694.0": 0.1688, "665.0": 0.2997, "701.0": 0.1413, "722.0": 0.0953, "678.0": 0.2387, "655.0": 0.3415, "685.0": 0.2062, "660.0": 0.3164, "658.0": 0.3265, "666.0": 0.2946, "674.0": 0.2597, "672.0": 0.2638, "692.0": 0.1747, "679.0": 0.2334, "664.0": 0.3008, "705.0": 0.1285, "682.0": 0.2223, "690.0": 0.186, "688.0": 0.1937, "718.0": 0.0982, "702.0": 0.1376, "645.0": 0.3786, "717.0": 0.0997, "714.0": 0.1049, "669.0": 0.2792, "677.0": 0.2439, "697.0": 0.1557, "693.0": 0.1719, "671.0": 0.2689, "659.0": 0.3214, "710.0": 0.1145, "695.0": 0.163, "668.0": 0.2843, "689.0": 0.1882, "656.0": 0.3365, "643.0": 0.3884, "707.0": 0.1225, "646.0": 0.3737, "676.0": 0.2492, "648.0": 0.3639, "700.0": 0.1446, "713.0": 0.1071, "698.0": 0.1516, "653.0": 0.3516, "696.0": 0.1595, "687.0": 0.1992, "686.0": 0.2047, "662.0": 0.3064, "670.0": 0.274, "667.0": 0.2894, "712.0": 0.1095, "711.0": 0.1118, "652.0": 0.3444, "681.0": 0.2277, "699.0": 0.1474, "719.0": 0.0973, "721.0": 0.0953, "654.0": 0.3465, "657.0": 0.3315, "683.0": 0.2169, "647.0": 0.3688, "709.0": 0.1167, "716.0": 0.1011, "703.0": 0.1347, "691.0": 0.1804, "649.0": 0.359, "706.0": 0.125, "650.0": 0.3541, "675.0": 0.2544}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1949, "long_delta": 0.0935, "short_iv": 0.1095, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.024691358024691242, "short_quote_age": 1.143696, "long_quote_age": 1.055668, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.09, "utilization": 1.0, "usable_buying_power": 10641.09, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 718.705}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.59 (gross $-102.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:29:22.486182+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ shows positive momentum with a 1D return of +0.14% and 5D return of +0.32%, supporting a short put spread against lower strikes.", "invalidation": "QQQ spot dropping below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"662.0": 0.3056, "700.0": 0.1436, "656.0": 0.3357, "676.0": 0.2484, "690.0": 0.1851, "664.0": 0.3, "714.0": 0.1048, "702.0": 0.1365, "712.0": 0.1094, "671.0": 0.2681, "648.0": 0.3632, "686.0": 0.2039, "697.0": 0.1547, "653.0": 0.3508, "694.0": 0.1679, "719.0": 0.0973, "674.0": 0.2589, "670.0": 0.2733, "675.0": 0.2536, "691.0": 0.1795, "660.0": 0.3157, "717.0": 0.0998, "646.0": 0.373, "665.0": 0.2989, "699.0": 0.1473, "707.0": 0.1221, "722.0": 0.0951, "701.0": 0.1402, "652.0": 0.3436, "685.0": 0.2053, "705.0": 0.1273, "683.0": 0.2161, "703.0": 0.1337, "657.0": 0.3307, "689.0": 0.1873, "661.0": 0.3107, "721.0": 0.0953, "710.0": 0.1142, "681.0": 0.2269, "679.0": 0.2326, "668.0": 0.2835, "682.0": 0.2215, "720.0": 0.0962, "678.0": 0.2378, "663.0": 0.3006, "687.0": 0.1984, "655.0": 0.3408, "711.0": 0.1119, "709.0": 0.1167, "715.0": 0.103, "677.0": 0.2431, "692.0": 0.1738, "645.0": 0.3779, "698.0": 0.1507, "695.0": 0.1621, "706.0": 0.1247, "696.0": 0.1585, "666.0": 0.2938, "672.0": 0.263, "688.0": 0.1928, "644.0": 0.3828, "718.0": 0.0984, "716.0": 0.1014, "654.0": 0.3458, "704.0": 0.1302, "658.0": 0.3257, "684.0": 0.2107, "659.0": 0.3207, "667.0": 0.2887, "647.0": 0.3681, "708.0": 0.1195, "680.0": 0.2273, "713.0": 0.107, "673.0": 0.2611, "693.0": 0.171, "669.0": 0.2784, "650.0": 0.3534, "649.0": 0.3583, "651.0": 0.3485}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2002, "long_delta": 0.1282, "short_iv": 0.1094, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.448973, "long_quote_age": 0.721288, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.09, "utilization": 1.0, "usable_buying_power": 10641.09, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 718.695}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.15 (gross $-59.15 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$82,871.12, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:30:41.554662+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive 1D (+0.11%) and 5D (+0.29%) momentum with low short-term implied volatility relative to 20-day realized volatility at an IV/RV of 0.70.", "invalidation": "QQQ spot price declines below 718.50 breaking recent positive 1-day and 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"666.0": 0.2942, "694.0": 0.1683, "711.0": 0.1126, "683.0": 0.2165, "670.0": 0.2736, "659.0": 0.3211, "701.0": 0.1407, "696.0": 0.159, "672.0": 0.2633, "700.0": 0.144, "703.0": 0.1342, "720.0": 0.0977, "710.0": 0.1152, "695.0": 0.1625, "673.0": 0.2582, "661.0": 0.311, "647.0": 0.3684, "713.0": 0.1078, "654.0": 0.3462, "644.0": 0.3831, "678.0": 0.2382, "686.0": 0.2043, "674.0": 0.2593, "645.0": 0.3782, "702.0": 0.137, "669.0": 0.2788, "707.0": 0.1227, "682.0": 0.2219, "705.0": 0.1288, "680.0": 0.2277, "646.0": 0.3733, "698.0": 0.1511, "697.0": 0.1552, "690.0": 0.1855, "653.0": 0.3391, "716.0": 0.1022, "642.0": 0.3929, "715.0": 0.1037, "691.0": 0.1799, "718.0": 0.0995, "709.0": 0.1173, "679.0": 0.233, "648.0": 0.3635, "643.0": 0.388, "676.0": 0.2488, "685.0": 0.2057, "681.0": 0.2273, "722.0": 0.0965, "714.0": 0.1056, "662.0": 0.306, "712.0": 0.1102, "708.0": 0.1201, "675.0": 0.254, "717.0": 0.1007, "687.0": 0.1988, "706.0": 0.1261, "677.0": 0.2435, "656.0": 0.3361, "684.0": 0.2111, "663.0": 0.301, "689.0": 0.1877, "693.0": 0.1715, "671.0": 0.2685, "667.0": 0.289, "668.0": 0.2839, "649.0": 0.3586, "660.0": 0.316, "699.0": 0.1478, "655.0": 0.3411, "719.0": 0.0987, "692.0": 0.1772, "704.0": 0.1319, "650.0": 0.3538, "651.0": 0.3489, "664.0": 0.3004, "688.0": 0.1933, "665.0": 0.2993, "652.0": 0.3505, "657.0": 0.3311, "658.0": 0.3261, "721.0": 0.0967}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1991, "long_delta": 0.0954, "short_iv": 0.1102, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.479119, "long_quote_age": 0.563656, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 718.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.84 (gross $-100.84 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:30:56.982932+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 450, "thesis": "QQQ shows positive momentum with 1D gain of +0.11% and 5D gain of +0.29% while spot trades at 718.50.", "invalidation": "QQQ spot declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"656.0": 0.3361, "647.0": 0.3684, "699.0": 0.1478, "696.0": 0.159, "703.0": 0.1342, "666.0": 0.2942, "690.0": 0.1856, "687.0": 0.1988, "706.0": 0.1262, "665.0": 0.2993, "712.0": 0.11, "651.0": 0.3489, "702.0": 0.1371, "681.0": 0.2273, "644.0": 0.3831, "697.0": 0.1552, "661.0": 0.311, "722.0": 0.0959, "672.0": 0.2634, "693.0": 0.1715, "708.0": 0.1201, "720.0": 0.097, "683.0": 0.2165, "678.0": 0.2383, "676.0": 0.2488, "682.0": 0.2219, "658.0": 0.3261, "692.0": 0.1772, "717.0": 0.1005, "713.0": 0.1076, "707.0": 0.1227, "646.0": 0.3733, "677.0": 0.2435, "653.0": 0.3391, "671.0": 0.2685, "670.0": 0.2737, "667.0": 0.2891, "721.0": 0.0962, "663.0": 0.301, "662.0": 0.306, "698.0": 0.1512, "716.0": 0.1019, "684.0": 0.2111, "709.0": 0.1174, "655.0": 0.3412, "664.0": 0.3004, "710.0": 0.115, "711.0": 0.1126, "715.0": 0.1034, "650.0": 0.3538, "657.0": 0.3311, "691.0": 0.1799, "719.0": 0.0979, "705.0": 0.1289, "714.0": 0.1055, "645.0": 0.3782, "701.0": 0.1408, "704.0": 0.1319, "654.0": 0.3462, "686.0": 0.2043, "652.0": 0.3505, "675.0": 0.254, "694.0": 0.1684, "718.0": 0.0992, "659.0": 0.3211, "660.0": 0.3161, "679.0": 0.233, "648.0": 0.3636, "695.0": 0.1625, "680.0": 0.2277, "700.0": 0.1441, "688.0": 0.1933, "685.0": 0.2057, "668.0": 0.2839, "649.0": 0.3587, "689.0": 0.1878, "674.0": 0.2593, "673.0": 0.2582, "669.0": 0.2788}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1985, "long_delta": 0.1276, "short_iv": 0.11, "short_rel_spread": 0.021739130434782625, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.595951, "long_quote_age": 0.593922, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 718.645}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.94 (gross $-59.44 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:32:19.870140+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays consistent upward momentum with 1D return of +0.16% and 5D return of +0.34% alongside an IV/RV ratio of 0.70.", "invalidation": "A decline in QQQ spot price that erases the 5D gain of +0.34%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"653.0": 0.3465, "712.0": 0.1105, "711.0": 0.1129, "664.0": 0.3014, "720.0": 0.0977, "715.0": 0.1041, "649.0": 0.3596, "708.0": 0.1211, "671.0": 0.2695, "709.0": 0.1178, "684.0": 0.2122, "713.0": 0.1079, "673.0": 0.2592, "656.0": 0.3371, "674.0": 0.2603, "647.0": 0.3694, "686.0": 0.2054, "650.0": 0.3547, "692.0": 0.1784, "683.0": 0.2176, "697.0": 0.1564, "706.0": 0.1268, "688.0": 0.1944, "654.0": 0.3415, "703.0": 0.1356, "721.0": 0.0968, "660.0": 0.317, "680.0": 0.2288, "700.0": 0.1454, "694.0": 0.1695, "659.0": 0.322, "651.0": 0.3498, "658.0": 0.3271, "701.0": 0.1421, "685.0": 0.2068, "648.0": 0.3645, "665.0": 0.3003, "696.0": 0.1602, "699.0": 0.1491, "719.0": 0.0987, "695.0": 0.1637, "643.0": 0.3889, "657.0": 0.3321, "652.0": 0.3514, "678.0": 0.2393, "702.0": 0.1384, "689.0": 0.1889, "668.0": 0.2849, "646.0": 0.3742, "669.0": 0.2798, "716.0": 0.1022, "718.0": 0.0997, "645.0": 0.3791, "642.0": 0.3938, "677.0": 0.2446, "676.0": 0.2498, "717.0": 0.1009, "675.0": 0.2551, "710.0": 0.1156, "667.0": 0.2901, "690.0": 0.1867, "681.0": 0.2284, "687.0": 0.1999, "691.0": 0.1811, "661.0": 0.312, "663.0": 0.302, "672.0": 0.2644, "698.0": 0.1524, "714.0": 0.1061, "655.0": 0.3421, "693.0": 0.1727, "644.0": 0.384, "705.0": 0.1294, "722.0": 0.0962, "666.0": 0.2952, "682.0": 0.223, "670.0": 0.2747, "707.0": 0.1235, "662.0": 0.307, "679.0": 0.234, "704.0": 0.1322}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1927, "long_delta": 0.0929, "short_iv": 0.1105, "short_rel_spread": 0.02247191011235957, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.743166, "long_quote_age": 0.470545, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 718.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.41 (gross $-101.91 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:32:33.506560+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates steady upward momentum with 1D +0.16% and 5D +0.34% gains, favoring a short-term put credit spread.", "invalidation": "QQQ spot price drops sharply below 718.85, reversing the positive 5-day trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"665.0": 0.3002, "667.0": 0.29, "660.0": 0.3169, "703.0": 0.1355, "686.0": 0.2053, "662.0": 0.3069, "674.0": 0.2602, "714.0": 0.1059, "659.0": 0.3219, "670.0": 0.2746, "718.0": 0.0995, "697.0": 0.1563, "654.0": 0.3414, "668.0": 0.2848, "719.0": 0.0984, "696.0": 0.1601, "657.0": 0.332, "700.0": 0.1452, "690.0": 0.1866, "648.0": 0.3644, "721.0": 0.0966, "693.0": 0.1725, "646.0": 0.3742, "666.0": 0.2951, "713.0": 0.108, "680.0": 0.2287, "717.0": 0.101, "675.0": 0.255, "669.0": 0.2797, "645.0": 0.3791, "644.0": 0.3839, "658.0": 0.327, "692.0": 0.1783, "710.0": 0.1154, "650.0": 0.3546, "653.0": 0.3464, "649.0": 0.3595, "707.0": 0.1234, "722.0": 0.0957, "684.0": 0.2121, "698.0": 0.1523, "652.0": 0.3513, "673.0": 0.2591, "712.0": 0.1106, "651.0": 0.3497, "688.0": 0.1943, "695.0": 0.1636, "689.0": 0.1888, "685.0": 0.2067, "677.0": 0.2445, "716.0": 0.1023, "706.0": 0.1266, "661.0": 0.3119, "709.0": 0.1176, "694.0": 0.1694, "691.0": 0.181, "682.0": 0.2229, "711.0": 0.1127, "663.0": 0.3019, "678.0": 0.2392, "702.0": 0.1383, "655.0": 0.342, "676.0": 0.2497, "715.0": 0.1041, "656.0": 0.337, "701.0": 0.142, "708.0": 0.1209, "687.0": 0.1998, "679.0": 0.2339, "704.0": 0.1321, "681.0": 0.2283, "699.0": 0.1489, "647.0": 0.3693, "705.0": 0.1292, "672.0": 0.2643, "664.0": 0.3013, "683.0": 0.2175, "720.0": 0.0975, "671.0": 0.2694}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1934, "long_delta": 0.1237, "short_iv": 0.1106, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.413324, "long_quote_age": 0.413324, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 718.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.16 (gross $-59.16 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:34:00.033299+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.16% and 5D return of +0.34% alongside 4D ATM IV of 9.46%.", "invalidation": "QQQ spot price declines significantly below the selected short strike within the 4-day expiry window."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"713.0": 0.1079, "643.0": 0.389, "649.0": 0.3596, "666.0": 0.2953, "673.0": 0.2593, "683.0": 0.2177, "657.0": 0.3321, "702.0": 0.1385, "668.0": 0.285, "711.0": 0.113, "680.0": 0.2288, "696.0": 0.1603, "703.0": 0.1345, "681.0": 0.2284, "676.0": 0.2499, "663.0": 0.302, "658.0": 0.3271, "675.0": 0.2551, "646.0": 0.3743, "665.0": 0.3004, "698.0": 0.1525, "706.0": 0.126, "699.0": 0.1491, "656.0": 0.3372, "685.0": 0.2069, "695.0": 0.1638, "719.0": 0.0983, "679.0": 0.2341, "718.0": 0.0994, "715.0": 0.1037, "654.0": 0.3416, "687.0": 0.2, "660.0": 0.3171, "704.0": 0.1323, "710.0": 0.1151, "705.0": 0.1295, "686.0": 0.2055, "677.0": 0.2446, "642.0": 0.3939, "647.0": 0.3694, "672.0": 0.2644, "697.0": 0.1565, "707.0": 0.1236, "645.0": 0.3792, "684.0": 0.2123, "690.0": 0.1868, "644.0": 0.3841, "661.0": 0.3121, "708.0": 0.1205, "693.0": 0.1727, "709.0": 0.1179, "648.0": 0.3645, "691.0": 0.1811, "722.0": 0.0958, "652.0": 0.3515, "671.0": 0.2696, "689.0": 0.189, "688.0": 0.1945, "669.0": 0.2799, "720.0": 0.0973, "700.0": 0.1455, "717.0": 0.1007, "716.0": 0.1022, "714.0": 0.1058, "664.0": 0.3015, "674.0": 0.2604, "650.0": 0.3548, "692.0": 0.177, "651.0": 0.3499, "712.0": 0.1102, "701.0": 0.1422, "659.0": 0.3221, "721.0": 0.0966, "682.0": 0.2231, "667.0": 0.2901, "662.0": 0.3071, "678.0": 0.2394, "653.0": 0.3465, "670.0": 0.2747, "694.0": 0.1696, "655.0": 0.3422}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1914, "long_delta": 0.0928, "short_iv": 0.1102, "short_rel_spread": 0.02272727272727275, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.673885, "long_quote_age": 1.108483, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 718.875}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.27 (gross $-102.77 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:34:10.809825+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "QQQ demonstrates positive performance across 1D (+0.16%) and 5D (+0.34%), supporting a short put spread.", "invalidation": "QQQ spot declines sharply, breaking below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"656.0": 0.3373, "682.0": 0.2232, "655.0": 0.3423, "672.0": 0.2646, "645.0": 0.3793, "696.0": 0.1604, "712.0": 0.1102, "647.0": 0.3695, "664.0": 0.3016, "707.0": 0.1238, "688.0": 0.1946, "667.0": 0.2903, "693.0": 0.1729, "651.0": 0.35, "657.0": 0.3323, "675.0": 0.2553, "690.0": 0.1869, "653.0": 0.3467, "713.0": 0.1079, "714.0": 0.1057, "679.0": 0.2342, "676.0": 0.25, "663.0": 0.3022, "705.0": 0.1296, "699.0": 0.1493, "670.0": 0.2748, "697.0": 0.1567, "695.0": 0.1639, "654.0": 0.3417, "658.0": 0.3272, "683.0": 0.2178, "720.0": 0.0972, "687.0": 0.2001, "666.0": 0.2954, "706.0": 0.1262, "680.0": 0.229, "718.0": 0.0992, "659.0": 0.3222, "650.0": 0.3549, "701.0": 0.1423, "685.0": 0.207, "644.0": 0.3842, "643.0": 0.3891, "669.0": 0.28, "660.0": 0.3172, "662.0": 0.3072, "689.0": 0.1891, "702.0": 0.1387, "673.0": 0.2594, "703.0": 0.1346, "648.0": 0.3646, "709.0": 0.1181, "684.0": 0.2124, "671.0": 0.2697, "652.0": 0.3516, "674.0": 0.2605, "665.0": 0.3005, "649.0": 0.3598, "716.0": 0.102, "698.0": 0.1526, "715.0": 0.1038, "708.0": 0.1207, "668.0": 0.2851, "661.0": 0.3122, "677.0": 0.2448, "719.0": 0.0981, "686.0": 0.2056, "692.0": 0.1771, "704.0": 0.1325, "678.0": 0.2395, "722.0": 0.096, "691.0": 0.1813, "700.0": 0.1456, "694.0": 0.1698, "721.0": 0.0966, "646.0": 0.3744, "711.0": 0.1127, "710.0": 0.1153, "717.0": 0.1007, "681.0": 0.2286}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1906, "long_delta": 0.0927, "short_iv": 0.1102, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.44555, "long_quote_age": 2.196002, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 718.895}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.85 (gross $-102.85 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:35:33.062031+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive returns over 1D (+0.18%) and 5D (+0.35%) while short-term IV is compressed relative to realized volatility with an IV/RV of 0.70.", "invalidation": "QQQ spot price declines significantly below 718.97 before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"670.0": 0.2755, "678.0": 0.2402, "680.0": 0.2296, "692.0": 0.1764, "646.0": 0.375, "651.0": 0.3506, "668.0": 0.2858, "712.0": 0.1109, "704.0": 0.1323, "679.0": 0.2349, "654.0": 0.3423, "715.0": 0.1043, "718.0": 0.0999, "701.0": 0.1417, "681.0": 0.2244, "669.0": 0.2806, "689.0": 0.1898, "693.0": 0.1736, "694.0": 0.1679, "716.0": 0.1029, "673.0": 0.2601, "647.0": 0.3701, "649.0": 0.3603, "684.0": 0.2131, "688.0": 0.1953, "703.0": 0.1355, "650.0": 0.3555, "706.0": 0.1262, "721.0": 0.097, "685.0": 0.2077, "666.0": 0.296, "676.0": 0.2507, "713.0": 0.1083, "722.0": 0.0965, "690.0": 0.1876, "695.0": 0.1647, "667.0": 0.2909, "675.0": 0.2559, "656.0": 0.3379, "677.0": 0.2454, "665.0": 0.3012, "658.0": 0.3278, "659.0": 0.3228, "672.0": 0.2652, "662.0": 0.3078, "652.0": 0.3522, "644.0": 0.3848, "674.0": 0.2582, "691.0": 0.182, "719.0": 0.0987, "714.0": 0.1063, "683.0": 0.2185, "686.0": 0.2023, "664.0": 0.3022, "653.0": 0.3473, "709.0": 0.1185, "655.0": 0.3429, "707.0": 0.124, "660.0": 0.3178, "699.0": 0.1492, "705.0": 0.1296, "700.0": 0.1456, "687.0": 0.2008, "702.0": 0.1382, "657.0": 0.3329, "671.0": 0.2703, "663.0": 0.3028, "643.0": 0.3897, "698.0": 0.1534, "645.0": 0.3799, "710.0": 0.1159, "661.0": 0.3128, "697.0": 0.1574, "720.0": 0.098, "708.0": 0.121, "648.0": 0.3652, "696.0": 0.1612, "682.0": 0.2239, "717.0": 0.1013, "711.0": 0.1134}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1878, "long_delta": 0.0907, "short_iv": 0.1109, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.448102, "long_quote_age": 0.613858, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 719.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.48 (gross $-101.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:35:43.752886+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive momentum with 1D at +0.18% and 5D at +0.35% alongside an IV/RV of 0.70, favoring a bullish put credit spread over 4 to 7 DTE.", "invalidation": "QQQ spot price declines significantly below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"657.0": 0.3327, "679.0": 0.2347, "708.0": 0.1207, "647.0": 0.3699, "705.0": 0.1293, "715.0": 0.1045, "710.0": 0.1155, "665.0": 0.301, "649.0": 0.3602, "648.0": 0.3651, "659.0": 0.3226, "711.0": 0.113, "719.0": 0.0988, "669.0": 0.2804, "714.0": 0.1063, "697.0": 0.1572, "653.0": 0.3471, "682.0": 0.2237, "720.0": 0.098, "672.0": 0.265, "655.0": 0.3427, "666.0": 0.2958, "694.0": 0.1677, "717.0": 0.1013, "703.0": 0.1352, "662.0": 0.3076, "658.0": 0.3277, "688.0": 0.1951, "664.0": 0.302, "667.0": 0.2907, "680.0": 0.2294, "709.0": 0.1182, "651.0": 0.3504, "677.0": 0.2452, "663.0": 0.3026, "661.0": 0.3126, "687.0": 0.2006, "681.0": 0.2242, "696.0": 0.161, "673.0": 0.2599, "707.0": 0.1237, "698.0": 0.1532, "700.0": 0.1454, "678.0": 0.24, "645.0": 0.3797, "690.0": 0.1874, "656.0": 0.3377, "718.0": 0.1, "713.0": 0.1081, "686.0": 0.2021, "668.0": 0.2856, "685.0": 0.2075, "676.0": 0.2505, "675.0": 0.2557, "701.0": 0.1414, "706.0": 0.126, "654.0": 0.3421, "702.0": 0.1379, "691.0": 0.1818, "704.0": 0.132, "695.0": 0.1645, "692.0": 0.1762, "721.0": 0.097, "670.0": 0.2753, "699.0": 0.149, "674.0": 0.258, "684.0": 0.2129, "660.0": 0.3176, "650.0": 0.3553, "722.0": 0.0966, "671.0": 0.2702, "652.0": 0.352, "689.0": 0.1896, "693.0": 0.1734, "683.0": 0.2183, "646.0": 0.3748, "712.0": 0.1105, "644.0": 0.3846, "716.0": 0.1028, "643.0": 0.3895}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1883, "long_delta": 0.0909, "short_iv": 0.1105, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.522719, "long_quote_age": 0.978956, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 719.005}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.28 (gross $-101.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:37:04.842124+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive upward momentum with a 1-day gain of +0.17% and a 5-day gain of +0.34%.", "invalidation": "QQQ spot price declines significantly below recent levels, breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"707.0": 0.1238, "713.0": 0.1081, "652.0": 0.3516, "702.0": 0.1386, "692.0": 0.1756, "678.0": 0.2395, "691.0": 0.1812, "676.0": 0.25, "673.0": 0.2594, "672.0": 0.2645, "680.0": 0.2289, "701.0": 0.1416, "715.0": 0.1041, "693.0": 0.1728, "679.0": 0.2342, "655.0": 0.3423, "651.0": 0.35, "700.0": 0.1448, "714.0": 0.1061, "710.0": 0.1153, "656.0": 0.3372, "642.0": 0.394, "659.0": 0.3222, "648.0": 0.3646, "687.0": 0.2001, "720.0": 0.0975, "685.0": 0.207, "643.0": 0.3891, "690.0": 0.1869, "698.0": 0.1526, "704.0": 0.1325, "657.0": 0.3322, "699.0": 0.1484, "719.0": 0.0986, "686.0": 0.2016, "716.0": 0.1024, "650.0": 0.3548, "664.0": 0.3016, "705.0": 0.1296, "644.0": 0.3842, "689.0": 0.1891, "681.0": 0.2237, "718.0": 0.0995, "711.0": 0.1127, "645.0": 0.3793, "684.0": 0.2124, "703.0": 0.1358, "654.0": 0.3417, "697.0": 0.1566, "653.0": 0.3466, "663.0": 0.3021, "688.0": 0.1946, "658.0": 0.3272, "668.0": 0.2851, "695.0": 0.1639, "666.0": 0.2954, "712.0": 0.1106, "677.0": 0.2447, "669.0": 0.28, "675.0": 0.2552, "708.0": 0.1206, "721.0": 0.0969, "717.0": 0.1008, "682.0": 0.2232, "722.0": 0.0963, "706.0": 0.1262, "674.0": 0.2575, "646.0": 0.3744, "683.0": 0.2178, "671.0": 0.2697, "647.0": 0.3695, "661.0": 0.3122, "662.0": 0.3072, "670.0": 0.2748, "665.0": 0.3005, "667.0": 0.2902, "696.0": 0.1604, "694.0": 0.1671, "660.0": 0.3172, "649.0": 0.3597, "709.0": 0.1181}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1917, "long_delta": 0.0927, "short_iv": 0.1106, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.477876, "long_quote_age": 0.484644, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 718.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.83 (gross $-101.83 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:37:14.657050+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with 1D return of +0.17% and 5D return of +0.34%.", "invalidation": "QQQ spot declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"690.0": 0.1868, "709.0": 0.1179, "660.0": 0.3171, "689.0": 0.189, "712.0": 0.1104, "670.0": 0.2747, "692.0": 0.1755, "716.0": 0.1024, "665.0": 0.3004, "720.0": 0.0976, "700.0": 0.1446, "695.0": 0.1638, "649.0": 0.3596, "661.0": 0.3121, "654.0": 0.3416, "666.0": 0.2953, "684.0": 0.2123, "683.0": 0.2177, "717.0": 0.1009, "652.0": 0.3515, "644.0": 0.3841, "679.0": 0.2341, "655.0": 0.3422, "699.0": 0.1483, "687.0": 0.2, "663.0": 0.302, "710.0": 0.1157, "671.0": 0.2696, "691.0": 0.1811, "659.0": 0.3221, "672.0": 0.2644, "669.0": 0.2799, "714.0": 0.1061, "678.0": 0.2394, "645.0": 0.3792, "686.0": 0.2015, "694.0": 0.167, "653.0": 0.3465, "697.0": 0.1565, "702.0": 0.1385, "680.0": 0.2288, "703.0": 0.1357, "707.0": 0.1236, "675.0": 0.2551, "688.0": 0.1945, "658.0": 0.3271, "664.0": 0.3015, "650.0": 0.3548, "696.0": 0.1603, "646.0": 0.3743, "667.0": 0.2901, "713.0": 0.1081, "718.0": 0.0995, "701.0": 0.1414, "704.0": 0.1323, "711.0": 0.113, "674.0": 0.2574, "673.0": 0.2593, "693.0": 0.1727, "719.0": 0.0985, "656.0": 0.3372, "715.0": 0.1039, "682.0": 0.2231, "657.0": 0.3321, "708.0": 0.1205, "651.0": 0.3499, "706.0": 0.126, "676.0": 0.2499, "662.0": 0.3071, "685.0": 0.2069, "648.0": 0.3645, "681.0": 0.2236, "721.0": 0.0968, "668.0": 0.285, "722.0": 0.0969, "698.0": 0.1525, "705.0": 0.1295, "647.0": 0.3694, "677.0": 0.2446}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.34, "short_delta": 0.192, "long_delta": 0.1234, "short_iv": 0.1104, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.441304, "long_quote_age": 0.512488, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 266.0, "total_risk": 10640.0, "buying_power_used_pct": 0.9999}, "spot": 718.87}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.07 (gross $-60.07 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:38:35.826565+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1-day return of +0.16% and a 5-day return of +0.33% while maintaining low implied volatility relative to realized volatility at an IV/RV of 0.70.", "invalidation": "QQQ spot price declines significantly below the entry level, breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"677.0": 0.2442, "683.0": 0.2172, "703.0": 0.1351, "668.0": 0.2846, "720.0": 0.0968, "705.0": 0.1288, "701.0": 0.1409, "713.0": 0.1072, "652.0": 0.3511, "667.0": 0.2897, "686.0": 0.201, "676.0": 0.2495, "695.0": 0.1633, "678.0": 0.2389, "673.0": 0.2589, "694.0": 0.1665, "690.0": 0.1863, "669.0": 0.2794, "660.0": 0.3167, "711.0": 0.1122, "707.0": 0.123, "649.0": 0.3593, "700.0": 0.1449, "646.0": 0.3739, "697.0": 0.156, "716.0": 0.1015, "718.0": 0.0987, "687.0": 0.1995, "702.0": 0.1379, "657.0": 0.3317, "642.0": 0.3935, "679.0": 0.2337, "722.0": 0.0957, "696.0": 0.1598, "644.0": 0.3837, "648.0": 0.3641, "654.0": 0.3412, "661.0": 0.3117, "659.0": 0.3217, "693.0": 0.1722, "645.0": 0.3788, "712.0": 0.1096, "680.0": 0.2284, "674.0": 0.257, "663.0": 0.3016, "721.0": 0.096, "662.0": 0.3066, "681.0": 0.2231, "682.0": 0.2226, "650.0": 0.3544, "643.0": 0.3886, "692.0": 0.175, "651.0": 0.3495, "685.0": 0.2064, "688.0": 0.194, "719.0": 0.098, "710.0": 0.1149, "717.0": 0.1001, "689.0": 0.1885, "706.0": 0.1254, "671.0": 0.2692, "709.0": 0.1172, "647.0": 0.369, "655.0": 0.3418, "704.0": 0.1317, "656.0": 0.3367, "666.0": 0.2948, "658.0": 0.3267, "698.0": 0.152, "708.0": 0.1198, "675.0": 0.2547, "665.0": 0.3, "715.0": 0.1033, "691.0": 0.1807, "653.0": 0.3461, "664.0": 0.3011, "699.0": 0.1477, "670.0": 0.2743, "672.0": 0.264, "684.0": 0.2118, "714.0": 0.1053}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1931, "long_delta": 0.0933, "short_iv": 0.1096, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.4888, "long_quote_age": 0.492314, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 718.795}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.30 (gross $-102.30 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:38:46.862029+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with 1D at +0.16% and 5D at +0.33% while maintaining an ATM IV of 9.46%, supporting an out-of-the-money put credit spread over 4 to 7 DTE.", "invalidation": "QQQ spot price declines below the current 718.79 level and reverses the 5D upward momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"667.0": 0.2899, "669.0": 0.2796, "707.0": 0.1233, "675.0": 0.2549, "649.0": 0.3594, "656.0": 0.3369, "682.0": 0.2228, "704.0": 0.132, "710.0": 0.1147, "679.0": 0.2339, "708.0": 0.1201, "673.0": 0.2591, "714.0": 0.1055, "718.0": 0.0991, "671.0": 0.2693, "712.0": 0.1099, "694.0": 0.1667, "658.0": 0.3269, "672.0": 0.2642, "685.0": 0.2066, "681.0": 0.2233, "703.0": 0.1354, "711.0": 0.1126, "683.0": 0.2174, "657.0": 0.3319, "702.0": 0.1382, "695.0": 0.1635, "713.0": 0.1076, "665.0": 0.3002, "686.0": 0.2012, "684.0": 0.212, "691.0": 0.1809, "660.0": 0.3169, "716.0": 0.1018, "661.0": 0.3118, "720.0": 0.0976, "655.0": 0.3419, "698.0": 0.1522, "662.0": 0.3068, "659.0": 0.3219, "678.0": 0.2391, "696.0": 0.16, "663.0": 0.3018, "700.0": 0.1451, "689.0": 0.1887, "721.0": 0.0968, "653.0": 0.3463, "680.0": 0.2286, "693.0": 0.1725, "644.0": 0.3839, "668.0": 0.2848, "687.0": 0.1997, "676.0": 0.2496, "654.0": 0.3414, "674.0": 0.2571, "646.0": 0.3741, "647.0": 0.3692, "690.0": 0.1865, "688.0": 0.1942, "664.0": 0.3012, "717.0": 0.1003, "699.0": 0.148, "722.0": 0.0964, "670.0": 0.2745, "705.0": 0.1291, "666.0": 0.295, "697.0": 0.1562, "648.0": 0.3643, "651.0": 0.3497, "715.0": 0.1037, "652.0": 0.3513, "719.0": 0.0982, "692.0": 0.1752, "709.0": 0.1175, "650.0": 0.3545, "645.0": 0.379, "706.0": 0.1257, "701.0": 0.1411, "677.0": 0.2444}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1926, "long_delta": 0.1238, "short_iv": 0.1099, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.52179, "long_quote_age": 0.688134, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 266.0, "total_risk": 10640.0, "buying_power_used_pct": 0.9999}, "spot": 718.795}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.37 (gross $-60.37 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:40:15.041055+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with a 1D change of +0.16% and 5D change of +0.33% alongside an IV/RV ratio of 0.69.", "invalidation": "QQQ spot price breaks downward below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"678.0": 0.2392, "702.0": 0.137, "708.0": 0.1195, "654.0": 0.3415, "673.0": 0.2592, "642.0": 0.3938, "660.0": 0.317, "719.0": 0.097, "651.0": 0.3497, "650.0": 0.3546, "713.0": 0.1064, "649.0": 0.3595, "670.0": 0.2746, "699.0": 0.1481, "646.0": 0.3742, "680.0": 0.2287, "681.0": 0.2234, "675.0": 0.255, "720.0": 0.0961, "705.0": 0.1283, "695.0": 0.1636, "715.0": 0.1022, "643.0": 0.3889, "653.0": 0.3464, "711.0": 0.1112, "661.0": 0.3119, "644.0": 0.384, "722.0": 0.0947, "671.0": 0.2694, "679.0": 0.234, "665.0": 0.3003, "703.0": 0.1343, "689.0": 0.1888, "652.0": 0.3514, "669.0": 0.2797, "667.0": 0.29, "710.0": 0.114, "688.0": 0.1943, "701.0": 0.1405, "691.0": 0.181, "714.0": 0.1043, "682.0": 0.2229, "683.0": 0.2175, "693.0": 0.1726, "707.0": 0.1226, "666.0": 0.2951, "659.0": 0.322, "721.0": 0.0955, "657.0": 0.332, "698.0": 0.1523, "648.0": 0.3644, "716.0": 0.1007, "694.0": 0.1668, "704.0": 0.131, "658.0": 0.327, "663.0": 0.3019, "692.0": 0.1753, "690.0": 0.1833, "664.0": 0.3013, "687.0": 0.1998, "677.0": 0.2445, "709.0": 0.1167, "685.0": 0.2067, "712.0": 0.1087, "686.0": 0.2013, "662.0": 0.3069, "647.0": 0.3693, "697.0": 0.1563, "672.0": 0.2643, "684.0": 0.2121, "718.0": 0.0979, "674.0": 0.254, "717.0": 0.0993, "656.0": 0.337, "645.0": 0.3791, "668.0": 0.2849, "696.0": 0.1601, "706.0": 0.1249, "676.0": 0.2497, "700.0": 0.1453, "655.0": 0.342}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1892, "long_delta": 0.0916, "short_iv": 0.1087, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.462848, "long_quote_age": 0.577632, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 718.845}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.28 (gross $-104.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:40:26.840427+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ exhibits positive short-term momentum with 1D +0.16% and 5D +0.33% alongside an ATM IV of 9.33% trailing RV20 at 13.54%.", "invalidation": "A reversal in QQQ 1D and 5D returns to negative territory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"683.0": 0.2176, "697.0": 0.1565, "682.0": 0.223, "720.0": 0.0963, "685.0": 0.2068, "650.0": 0.3547, "666.0": 0.2952, "712.0": 0.1089, "722.0": 0.0956, "689.0": 0.1889, "698.0": 0.1524, "662.0": 0.307, "678.0": 0.2393, "699.0": 0.1482, "714.0": 0.1045, "645.0": 0.3792, "708.0": 0.1197, "654.0": 0.3415, "687.0": 0.1999, "688.0": 0.1944, "707.0": 0.1227, "659.0": 0.3221, "680.0": 0.2288, "648.0": 0.3645, "664.0": 0.3014, "701.0": 0.1406, "677.0": 0.2446, "693.0": 0.1727, "669.0": 0.2798, "711.0": 0.1113, "649.0": 0.3596, "672.0": 0.2644, "656.0": 0.3371, "702.0": 0.1371, "704.0": 0.1312, "700.0": 0.1454, "674.0": 0.2541, "676.0": 0.2498, "657.0": 0.3321, "684.0": 0.2122, "668.0": 0.285, "719.0": 0.0973, "658.0": 0.3271, "696.0": 0.1602, "679.0": 0.2341, "660.0": 0.317, "713.0": 0.1066, "686.0": 0.2014, "710.0": 0.1141, "646.0": 0.3743, "716.0": 0.1008, "718.0": 0.0982, "703.0": 0.1344, "709.0": 0.1169, "694.0": 0.1669, "673.0": 0.2593, "651.0": 0.3498, "671.0": 0.2695, "670.0": 0.2747, "695.0": 0.1637, "665.0": 0.3004, "675.0": 0.2551, "653.0": 0.3465, "705.0": 0.1284, "717.0": 0.0992, "663.0": 0.302, "715.0": 0.1026, "706.0": 0.125, "721.0": 0.0956, "644.0": 0.3841, "667.0": 0.2901, "655.0": 0.3421, "647.0": 0.3694, "691.0": 0.1811, "690.0": 0.1834, "692.0": 0.1755, "652.0": 0.3515, "661.0": 0.312, "681.0": 0.2235}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.32, "short_delta": 0.1889, "long_delta": 0.1215, "short_iv": 0.1089, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.03773584905660381, "short_quote_age": 0.509146, "long_quote_age": 0.744935, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 268.0, "total_risk": 10452.0, "buying_power_used_pct": 0.9822}, "spot": 718.83}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-63.74 (gross $-62.24 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:41:49.522847+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates positive short-term momentum with a 1D return of +0.17% and a 5D return of +0.34%.", "invalidation": "QQQ spot price reverses and drops below the short put strike level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"655.0": 0.3417, "692.0": 0.1749, "659.0": 0.3216, "670.0": 0.2742, "722.0": 0.095, "652.0": 0.351, "713.0": 0.1061, "650.0": 0.3543, "699.0": 0.1476, "697.0": 0.1559, "703.0": 0.1337, "688.0": 0.1939, "709.0": 0.1164, "708.0": 0.1189, "646.0": 0.3738, "669.0": 0.2793, "672.0": 0.2639, "718.0": 0.0979, "673.0": 0.2588, "649.0": 0.3592, "651.0": 0.3494, "707.0": 0.122, "660.0": 0.3166, "671.0": 0.2691, "654.0": 0.3411, "705.0": 0.1277, "689.0": 0.1884, "720.0": 0.0959, "691.0": 0.1805, "682.0": 0.2225, "666.0": 0.2947, "712.0": 0.1084, "677.0": 0.2441, "684.0": 0.2117, "715.0": 0.1021, "695.0": 0.1632, "700.0": 0.1431, "678.0": 0.2388, "685.0": 0.2063, "653.0": 0.346, "661.0": 0.3116, "680.0": 0.2283, "681.0": 0.223, "719.0": 0.0968, "698.0": 0.1519, "711.0": 0.111, "706.0": 0.1243, "656.0": 0.3367, "714.0": 0.1041, "716.0": 0.1005, "701.0": 0.14, "663.0": 0.3015, "694.0": 0.1664, "702.0": 0.1364, "686.0": 0.2009, "664.0": 0.301, "645.0": 0.3787, "676.0": 0.2494, "704.0": 0.1305, "679.0": 0.2336, "665.0": 0.2999, "667.0": 0.2896, "710.0": 0.1136, "658.0": 0.3266, "647.0": 0.3689, "648.0": 0.3641, "662.0": 0.3066, "693.0": 0.1721, "683.0": 0.2171, "687.0": 0.1994, "674.0": 0.2536, "675.0": 0.2546, "717.0": 0.0993, "644.0": 0.3836, "657.0": 0.3316, "690.0": 0.1828, "696.0": 0.1597, "721.0": 0.0952, "668.0": 0.2845}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1913, "long_delta": 0.1229, "short_iv": 0.1084, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.018691588785046745, "short_quote_age": 0.471259, "long_quote_age": 0.441785, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.9786}, "spot": 718.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.57 (gross $-61.57 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:42:04.113905+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with 1D gain of +0.17% and 5D gain of +0.34%, supporting a defined-risk bullish put credit spread.", "invalidation": "QQQ spot price declines below the short put strike level before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"720.0": 0.0958, "675.0": 0.2548, "719.0": 0.0967, "718.0": 0.0978, "678.0": 0.239, "683.0": 0.2173, "676.0": 0.2496, "689.0": 0.1886, "717.0": 0.0989, "658.0": 0.3268, "716.0": 0.1004, "710.0": 0.1139, "704.0": 0.1307, "699.0": 0.1478, "703.0": 0.134, "664.0": 0.3011, "701.0": 0.1403, "694.0": 0.1666, "695.0": 0.1634, "715.0": 0.1019, "652.0": 0.3512, "684.0": 0.2119, "712.0": 0.1085, "663.0": 0.3017, "661.0": 0.3118, "696.0": 0.1599, "674.0": 0.2538, "681.0": 0.2232, "670.0": 0.2744, "654.0": 0.3413, "688.0": 0.1941, "665.0": 0.3001, "650.0": 0.3545, "647.0": 0.3691, "651.0": 0.3496, "657.0": 0.3318, "646.0": 0.374, "662.0": 0.3067, "653.0": 0.3462, "660.0": 0.3168, "691.0": 0.1808, "721.0": 0.095, "649.0": 0.3593, "698.0": 0.1521, "677.0": 0.2443, "682.0": 0.2227, "685.0": 0.2065, "648.0": 0.3642, "659.0": 0.3218, "667.0": 0.2898, "642.0": 0.3936, "687.0": 0.1996, "686.0": 0.2011, "693.0": 0.1723, "679.0": 0.2338, "706.0": 0.1246, "705.0": 0.128, "673.0": 0.259, "644.0": 0.3838, "722.0": 0.0949, "669.0": 0.2795, "713.0": 0.1061, "711.0": 0.1114, "697.0": 0.1561, "655.0": 0.3419, "672.0": 0.2641, "668.0": 0.2847, "666.0": 0.2949, "645.0": 0.3789, "708.0": 0.1192, "692.0": 0.1751, "700.0": 0.1434, "690.0": 0.1831, "643.0": 0.3887, "680.0": 0.2285, "707.0": 0.1223, "714.0": 0.1041, "709.0": 0.1167, "671.0": 0.2693, "702.0": 0.1367, "656.0": 0.3368}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1902, "long_delta": 0.0918, "short_iv": 0.1085, "short_rel_spread": 0.023255813953488393, "long_rel_spread": 0.025316455696202552, "short_quote_age": 1.028387, "long_quote_age": 1.010098, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 718.775}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.63 (gross $-105.13 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:43:25.491826+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady upward performance with a 1-day gain of +0.15% and 5-day gain of +0.33% alongside an IV/RV ratio of 0.69.", "invalidation": "QQQ spot price drops below 718.77 alongside a sharp increase in short-term volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"687.0": 0.1995, "663.0": 0.3016, "696.0": 0.1598, "702.0": 0.1366, "706.0": 0.1245, "693.0": 0.1722, "682.0": 0.2226, "643.0": 0.3886, "673.0": 0.2589, "657.0": 0.3317, "646.0": 0.3739, "651.0": 0.3495, "710.0": 0.1132, "695.0": 0.1633, "688.0": 0.194, "722.0": 0.0946, "675.0": 0.2547, "684.0": 0.2118, "674.0": 0.2537, "664.0": 0.3011, "662.0": 0.3066, "679.0": 0.2337, "645.0": 0.3788, "650.0": 0.3544, "686.0": 0.201, "649.0": 0.3593, "698.0": 0.152, "689.0": 0.1885, "709.0": 0.1159, "666.0": 0.2948, "659.0": 0.3217, "690.0": 0.183, "717.0": 0.0987, "703.0": 0.1339, "671.0": 0.2692, "707.0": 0.1213, "668.0": 0.2846, "676.0": 0.2495, "685.0": 0.2064, "713.0": 0.1056, "644.0": 0.3837, "700.0": 0.1433, "677.0": 0.2442, "683.0": 0.2172, "665.0": 0.3, "661.0": 0.3117, "656.0": 0.3367, "678.0": 0.2389, "716.0": 0.1, "705.0": 0.1269, "697.0": 0.156, "653.0": 0.3461, "711.0": 0.1106, "701.0": 0.1401, "714.0": 0.1034, "658.0": 0.3267, "647.0": 0.369, "670.0": 0.2743, "660.0": 0.3167, "712.0": 0.1081, "719.0": 0.0965, "718.0": 0.0975, "720.0": 0.0956, "699.0": 0.1477, "667.0": 0.2897, "694.0": 0.1665, "669.0": 0.2794, "692.0": 0.175, "680.0": 0.2284, "704.0": 0.1306, "691.0": 0.1807, "715.0": 0.1015, "654.0": 0.3412, "642.0": 0.3935, "708.0": 0.1183, "681.0": 0.2231, "672.0": 0.264, "655.0": 0.3418, "721.0": 0.0949, "648.0": 0.3641, "652.0": 0.3511}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.47, "short_delta": 0.19, "long_delta": 0.0904, "short_iv": 0.1081, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.776063, "long_quote_age": 0.805161, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 718.775}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.68 (gross $-103.68 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:43:41.066656+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.15% and 5D return of +0.33%, favoring a short-duration put credit spread.", "invalidation": "QQQ spot price drops below 718.77 alongside negative daily returns."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"699.0": 0.1481, "661.0": 0.3119, "647.0": 0.3693, "705.0": 0.1273, "668.0": 0.2849, "702.0": 0.137, "715.0": 0.1014, "650.0": 0.3546, "720.0": 0.0956, "703.0": 0.1343, "653.0": 0.3464, "665.0": 0.3003, "713.0": 0.1055, "695.0": 0.1636, "677.0": 0.2445, "651.0": 0.3497, "679.0": 0.234, "669.0": 0.2797, "666.0": 0.2951, "664.0": 0.3013, "657.0": 0.332, "683.0": 0.2175, "659.0": 0.322, "646.0": 0.3742, "672.0": 0.2643, "684.0": 0.2121, "692.0": 0.1753, "721.0": 0.095, "654.0": 0.3415, "676.0": 0.2497, "686.0": 0.2013, "667.0": 0.29, "674.0": 0.254, "688.0": 0.1943, "701.0": 0.1405, "645.0": 0.3791, "717.0": 0.0986, "711.0": 0.1106, "707.0": 0.1218, "718.0": 0.0978, "719.0": 0.0965, "698.0": 0.1523, "709.0": 0.1157, "722.0": 0.0947, "706.0": 0.1249, "673.0": 0.2592, "687.0": 0.1998, "652.0": 0.3514, "649.0": 0.3595, "681.0": 0.2234, "712.0": 0.1079, "678.0": 0.2392, "690.0": 0.1833, "656.0": 0.337, "710.0": 0.1131, "682.0": 0.2229, "708.0": 0.1188, "648.0": 0.3644, "644.0": 0.384, "671.0": 0.2694, "655.0": 0.342, "694.0": 0.1668, "670.0": 0.2746, "689.0": 0.1888, "675.0": 0.255, "697.0": 0.1563, "663.0": 0.3019, "704.0": 0.1299, "696.0": 0.1601, "691.0": 0.181, "714.0": 0.1037, "680.0": 0.2287, "658.0": 0.327, "662.0": 0.3069, "660.0": 0.317, "700.0": 0.1436, "716.0": 0.1, "685.0": 0.2067, "693.0": 0.1726}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.32, "short_delta": 0.1876, "long_delta": 0.1197, "short_iv": 0.1079, "short_rel_spread": 0.023809523809523832, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.474235, "long_quote_age": 0.473035, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 268.0, "total_risk": 10452.0, "buying_power_used_pct": 0.9822}, "spot": 718.745}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-64.22 (gross $-62.72 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:45:03.075830+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows positive short-term momentum with a 1D gain of +0.17% and a 5D gain of +0.35%.", "invalidation": "QQQ spot price declines significantly below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"704.0": 0.1306, "682.0": 0.2234, "707.0": 0.1217, "660.0": 0.3174, "647.0": 0.3697, "676.0": 0.2502, "710.0": 0.1127, "674.0": 0.2545, "722.0": 0.094, "677.0": 0.245, "703.0": 0.1337, "701.0": 0.1411, "672.0": 0.2648, "673.0": 0.2596, "709.0": 0.1158, "669.0": 0.2802, "685.0": 0.2073, "698.0": 0.1509, "656.0": 0.3375, "661.0": 0.3124, "700.0": 0.1442, "650.0": 0.3551, "654.0": 0.3419, "651.0": 0.3502, "657.0": 0.3325, "688.0": 0.1948, "705.0": 0.1269, "686.0": 0.2019, "644.0": 0.3844, "658.0": 0.3274, "675.0": 0.2525, "706.0": 0.1247, "649.0": 0.3599, "693.0": 0.1731, "717.0": 0.0985, "668.0": 0.2853, "695.0": 0.1642, "696.0": 0.1584, "715.0": 0.1014, "684.0": 0.2126, "655.0": 0.3425, "721.0": 0.095, "690.0": 0.1838, "679.0": 0.2345, "663.0": 0.3024, "643.0": 0.3893, "689.0": 0.1893, "662.0": 0.3074, "678.0": 0.2397, "697.0": 0.1548, "699.0": 0.1487, "648.0": 0.3648, "670.0": 0.2751, "694.0": 0.1674, "692.0": 0.1759, "653.0": 0.3469, "671.0": 0.2699, "712.0": 0.1079, "665.0": 0.3007, "720.0": 0.0955, "719.0": 0.0966, "681.0": 0.2239, "687.0": 0.1964, "691.0": 0.1815, "683.0": 0.218, "714.0": 0.1035, "708.0": 0.118, "667.0": 0.2905, "652.0": 0.3518, "664.0": 0.3018, "659.0": 0.3224, "645.0": 0.3795, "680.0": 0.2292, "666.0": 0.2956, "716.0": 0.1, "718.0": 0.0975, "646.0": 0.3746, "713.0": 0.1054, "711.0": 0.1104, "702.0": 0.1376}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2138, "long_delta": 0.1004, "short_iv": 0.1054, "short_rel_spread": 0.020618556701030948, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.563939, "long_quote_age": 0.67404, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 718.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.79 (gross $-102.29 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:45:13.228088+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive upward momentum with a 1D return of +0.17% and a 5D return of +0.35%.", "invalidation": "QQQ spot declines significantly, reversing the positive 1D and 5D momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1246, "672.0": 0.2647, "695.0": 0.1641, "718.0": 0.0974, "719.0": 0.0966, "679.0": 0.2344, "692.0": 0.1758, "677.0": 0.2449, "654.0": 0.3419, "712.0": 0.1078, "665.0": 0.3007, "683.0": 0.218, "652.0": 0.3518, "709.0": 0.1157, "658.0": 0.3274, "673.0": 0.2596, "721.0": 0.0951, "671.0": 0.2699, "655.0": 0.3424, "669.0": 0.2801, "703.0": 0.1336, "699.0": 0.1486, "716.0": 0.1002, "722.0": 0.0943, "707.0": 0.1216, "643.0": 0.3893, "704.0": 0.1305, "644.0": 0.3844, "663.0": 0.3023, "684.0": 0.2126, "678.0": 0.2397, "711.0": 0.1103, "696.0": 0.1583, "714.0": 0.1036, "702.0": 0.1375, "676.0": 0.2502, "650.0": 0.355, "697.0": 0.1547, "700.0": 0.1442, "691.0": 0.1815, "687.0": 0.1964, "710.0": 0.1132, "675.0": 0.2525, "681.0": 0.2239, "715.0": 0.1013, "705.0": 0.1268, "670.0": 0.275, "649.0": 0.3599, "659.0": 0.3224, "686.0": 0.2018, "664.0": 0.3018, "713.0": 0.1053, "694.0": 0.1673, "688.0": 0.1948, "660.0": 0.3174, "674.0": 0.2544, "698.0": 0.1509, "651.0": 0.3501, "693.0": 0.1731, "720.0": 0.0959, "667.0": 0.2904, "680.0": 0.2291, "661.0": 0.3123, "668.0": 0.2853, "657.0": 0.3324, "647.0": 0.3697, "653.0": 0.3468, "701.0": 0.1411, "662.0": 0.3073, "646.0": 0.3746, "717.0": 0.0988, "648.0": 0.3648, "645.0": 0.3795, "690.0": 0.1837, "666.0": 0.2955, "685.0": 0.2072, "682.0": 0.2234, "689.0": 0.1893, "656.0": 0.3374, "708.0": 0.1187}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.53, "short_delta": 0.214, "long_delta": 0.1019, "short_iv": 0.1053, "short_rel_spread": 0.020618556701030948, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.423902, "long_quote_age": 1.261963, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 718.955}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.59 (gross $-103.09 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:46:41.246656+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum with a 1-day gain of +0.17% and 5-day gain of +0.35% at 718.90 spot with 4-day ATM IV at 9.25%.", "invalidation": "A reversal in QQQ spot below 718.90 turning short-term 1-day and 5-day momentum negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"673.0": 0.2596, "684.0": 0.2126, "662.0": 0.3074, "674.0": 0.2545, "704.0": 0.1306, "666.0": 0.2956, "657.0": 0.3325, "691.0": 0.1815, "712.0": 0.1081, "672.0": 0.2648, "645.0": 0.3795, "718.0": 0.0975, "722.0": 0.0949, "677.0": 0.245, "696.0": 0.1584, "668.0": 0.2853, "710.0": 0.1133, "703.0": 0.1337, "656.0": 0.3375, "655.0": 0.3425, "686.0": 0.2019, "665.0": 0.3007, "670.0": 0.2751, "700.0": 0.1442, "669.0": 0.2802, "690.0": 0.1838, "649.0": 0.3599, "705.0": 0.1269, "693.0": 0.1731, "721.0": 0.0951, "699.0": 0.1487, "692.0": 0.1759, "654.0": 0.3419, "698.0": 0.1509, "667.0": 0.2905, "647.0": 0.3697, "682.0": 0.2234, "683.0": 0.218, "651.0": 0.3502, "709.0": 0.1158, "646.0": 0.3746, "708.0": 0.1188, "650.0": 0.3551, "694.0": 0.1674, "697.0": 0.1548, "706.0": 0.1247, "702.0": 0.1376, "660.0": 0.3174, "707.0": 0.1217, "688.0": 0.1948, "658.0": 0.3274, "664.0": 0.3018, "715.0": 0.1018, "716.0": 0.1, "671.0": 0.2699, "661.0": 0.3124, "711.0": 0.1104, "714.0": 0.1035, "687.0": 0.1964, "685.0": 0.2073, "717.0": 0.0985, "701.0": 0.1411, "695.0": 0.1642, "680.0": 0.2292, "681.0": 0.2239, "663.0": 0.3024, "679.0": 0.2345, "648.0": 0.3648, "719.0": 0.0965, "678.0": 0.2397, "720.0": 0.0957, "689.0": 0.1893, "659.0": 0.3224, "675.0": 0.2525, "676.0": 0.2502, "713.0": 0.1056, "652.0": 0.3518, "653.0": 0.3469}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2143, "long_delta": 0.1369, "short_iv": 0.1056, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.477104, "long_quote_age": 0.691258, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9849}, "spot": 718.935}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.32 (gross $-60.32 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:46:52.758777+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.17% and 5D gain of +0.35%, supporting a bullish put credit spread.", "invalidation": "A downward price reversal in QQQ that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"692.0": 0.1759, "691.0": 0.1815, "652.0": 0.3518, "681.0": 0.2239, "651.0": 0.3502, "684.0": 0.2126, "672.0": 0.2648, "682.0": 0.2234, "661.0": 0.3124, "718.0": 0.0975, "670.0": 0.275, "680.0": 0.2292, "705.0": 0.1269, "719.0": 0.0964, "696.0": 0.1583, "665.0": 0.3007, "663.0": 0.3023, "713.0": 0.1053, "689.0": 0.1893, "704.0": 0.1305, "654.0": 0.3419, "671.0": 0.2699, "701.0": 0.1411, "668.0": 0.2853, "647.0": 0.3697, "673.0": 0.2596, "669.0": 0.2802, "662.0": 0.3074, "666.0": 0.2956, "657.0": 0.3324, "683.0": 0.218, "655.0": 0.3425, "716.0": 0.0999, "646.0": 0.3746, "693.0": 0.1731, "648.0": 0.3648, "708.0": 0.1188, "703.0": 0.1336, "714.0": 0.1034, "711.0": 0.1104, "650.0": 0.355, "659.0": 0.3224, "709.0": 0.1158, "679.0": 0.2344, "674.0": 0.2545, "688.0": 0.1948, "710.0": 0.1127, "649.0": 0.3599, "697.0": 0.1547, "658.0": 0.3274, "690.0": 0.1838, "656.0": 0.3374, "717.0": 0.0985, "700.0": 0.1442, "715.0": 0.1013, "702.0": 0.1376, "678.0": 0.2397, "699.0": 0.1486, "721.0": 0.095, "720.0": 0.0956, "645.0": 0.3795, "677.0": 0.245, "653.0": 0.3468, "695.0": 0.1642, "722.0": 0.0943, "694.0": 0.1674, "685.0": 0.2072, "707.0": 0.1217, "660.0": 0.3174, "687.0": 0.1964, "664.0": 0.3018, "667.0": 0.2904, "675.0": 0.2525, "706.0": 0.1247, "676.0": 0.2502, "686.0": 0.2018, "698.0": 0.1509, "712.0": 0.1076}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2139, "long_delta": 0.1357, "short_iv": 0.1053, "short_rel_spread": 0.020618556701030948, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.996149, "long_quote_age": 0.627534, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9811}, "spot": 718.945}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.66 (gross $-59.16 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:48:15.375044+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows positive 1D (+0.22%) and 5D (+0.39%) price performance alongside an IV/RV ratio of 0.68.", "invalidation": "QQQ spot price declines below the short strike as short-term momentum turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"720.0": 0.0958, "646.0": 0.3756, "714.0": 0.1037, "652.0": 0.3528, "657.0": 0.3335, "655.0": 0.3435, "675.0": 0.2536, "674.0": 0.2556, "662.0": 0.3084, "650.0": 0.3561, "678.0": 0.2409, "698.0": 0.1523, "696.0": 0.1596, "651.0": 0.3512, "659.0": 0.3235, "648.0": 0.3658, "717.0": 0.0991, "683.0": 0.2192, "721.0": 0.095, "684.0": 0.2138, "722.0": 0.0947, "679.0": 0.2356, "692.0": 0.1771, "647.0": 0.3707, "685.0": 0.2084, "664.0": 0.2984, "686.0": 0.203, "668.0": 0.2864, "667.0": 0.2915, "693.0": 0.1744, "706.0": 0.1244, "656.0": 0.3385, "715.0": 0.102, "704.0": 0.1309, "690.0": 0.185, "708.0": 0.119, "670.0": 0.2761, "681.0": 0.225, "680.0": 0.2303, "677.0": 0.2461, "665.0": 0.2934, "703.0": 0.1338, "649.0": 0.361, "713.0": 0.1058, "654.0": 0.3429, "663.0": 0.3034, "699.0": 0.1482, "700.0": 0.1447, "689.0": 0.1905, "658.0": 0.3285, "688.0": 0.196, "697.0": 0.1561, "712.0": 0.1082, "653.0": 0.3479, "673.0": 0.2607, "709.0": 0.1163, "682.0": 0.2246, "644.0": 0.3854, "701.0": 0.141, "669.0": 0.2813, "719.0": 0.0966, "705.0": 0.1274, "691.0": 0.1827, "671.0": 0.271, "694.0": 0.1687, "687.0": 0.1976, "643.0": 0.3903, "716.0": 0.1005, "645.0": 0.3805, "695.0": 0.1655, "660.0": 0.3185, "661.0": 0.3134, "710.0": 0.1134, "718.0": 0.0978, "702.0": 0.1376, "711.0": 0.1107, "707.0": 0.1217, "676.0": 0.2514, "666.0": 0.2967, "672.0": 0.2659}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2063, "long_delta": 0.0978, "short_iv": 0.1058, "short_rel_spread": 0.021505376344085923, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.422626, "long_quote_age": 0.441819, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 719.235}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.27 (gross $-102.77 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:48:31.647140+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 4], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ demonstrates positive momentum with 1D at +0.22% and 5D at +0.39% alongside an IV/RV ratio of 0.68.", "invalidation": "QQQ spot price drops below the short put strike during the holding period."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"696.0": 0.1596, "649.0": 0.3609, "682.0": 0.2245, "683.0": 0.2191, "663.0": 0.3034, "647.0": 0.3707, "665.0": 0.2933, "695.0": 0.1654, "717.0": 0.099, "705.0": 0.1274, "668.0": 0.2864, "675.0": 0.2536, "688.0": 0.196, "660.0": 0.3184, "716.0": 0.1004, "722.0": 0.0948, "687.0": 0.1976, "710.0": 0.1133, "718.0": 0.0977, "711.0": 0.1106, "689.0": 0.1905, "692.0": 0.1771, "664.0": 0.2984, "713.0": 0.1059, "679.0": 0.2355, "659.0": 0.3234, "669.0": 0.2812, "699.0": 0.1481, "706.0": 0.1244, "690.0": 0.185, "670.0": 0.2761, "655.0": 0.3435, "646.0": 0.3756, "686.0": 0.203, "678.0": 0.2408, "694.0": 0.1686, "693.0": 0.1743, "648.0": 0.3658, "681.0": 0.225, "703.0": 0.1338, "721.0": 0.0955, "661.0": 0.3134, "658.0": 0.3284, "657.0": 0.3335, "672.0": 0.2658, "650.0": 0.356, "673.0": 0.2607, "701.0": 0.1409, "677.0": 0.2461, "653.0": 0.3478, "666.0": 0.2966, "652.0": 0.3528, "714.0": 0.1038, "712.0": 0.1081, "667.0": 0.2915, "707.0": 0.1216, "719.0": 0.0966, "662.0": 0.3084, "685.0": 0.2084, "676.0": 0.2513, "651.0": 0.3511, "691.0": 0.1827, "698.0": 0.1522, "709.0": 0.1162, "671.0": 0.271, "702.0": 0.1376, "700.0": 0.1447, "715.0": 0.1021, "684.0": 0.2138, "720.0": 0.096, "704.0": 0.1308, "674.0": 0.2555, "680.0": 0.2303, "656.0": 0.3385, "654.0": 0.3429, "697.0": 0.156, "708.0": 0.1189}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 61, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00711000", "short_strike": 713.0, "long_strike": 711.0, "width": 2.0, "credit": 0.27, "short_delta": 0.207, "long_delta": 0.1527, "short_iv": 0.1059, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.015037593984962419, "short_quote_age": 0.587205, "long_quote_age": 0.534983, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 61, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 173.0, "total_risk": 10553.0, "buying_power_used_pct": 0.9917}, "spot": 719.135}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-40.33 (gross $-39.33 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 61 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:49:53.396364+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive momentum across 1-day (+0.25%) and 5-day (+0.42%) returns, supporting a short-term put credit spread.", "invalidation": "A sharp decline in QQQ spot price reversing the 5-day gain."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"704.0": 0.1326, "668.0": 0.2876, "688.0": 0.1974, "657.0": 0.3347, "678.0": 0.2421, "683.0": 0.2182, "713.0": 0.1073, "723.0": 0.0958, "709.0": 0.1183, "708.0": 0.121, "665.0": 0.299, "697.0": 0.1576, "651.0": 0.3523, "687.0": 0.199, "686.0": 0.2044, "710.0": 0.1155, "721.0": 0.0968, "722.0": 0.0964, "703.0": 0.1355, "692.0": 0.1785, "653.0": 0.349, "659.0": 0.3246, "690.0": 0.1864, "691.0": 0.1841, "661.0": 0.3146, "715.0": 0.1038, "684.0": 0.2151, "695.0": 0.1669, "667.0": 0.2928, "646.0": 0.3767, "677.0": 0.2474, "648.0": 0.367, "706.0": 0.1262, "670.0": 0.2774, "702.0": 0.1392, "701.0": 0.1426, "698.0": 0.1538, "699.0": 0.1497, "647.0": 0.3719, "707.0": 0.1236, "694.0": 0.1701, "705.0": 0.1292, "669.0": 0.2825, "712.0": 0.1098, "656.0": 0.3397, "650.0": 0.3572, "649.0": 0.3621, "700.0": 0.1454, "718.0": 0.0994, "696.0": 0.1611, "716.0": 0.1021, "673.0": 0.262, "720.0": 0.0975, "689.0": 0.1919, "682.0": 0.2259, "693.0": 0.1758, "674.0": 0.2568, "645.0": 0.3816, "672.0": 0.2671, "685.0": 0.2098, "679.0": 0.2369, "654.0": 0.3441, "676.0": 0.2526, "719.0": 0.0985, "660.0": 0.3196, "681.0": 0.2263, "680.0": 0.2316, "658.0": 0.3297, "717.0": 0.1007, "652.0": 0.3474, "664.0": 0.2996, "662.0": 0.3096, "671.0": 0.2722, "711.0": 0.1124, "655.0": 0.3447, "714.0": 0.1055, "675.0": 0.2517, "666.0": 0.2979, "663.0": 0.3046}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.35, "short_delta": 0.2005, "long_delta": 0.1292, "short_iv": 0.1073, "short_rel_spread": 0.021978021978021997, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.782792, "long_quote_age": 0.446186, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 719.425}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.74 (gross $-60.24 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:50:05.535973+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady momentum with 1D +0.25% and 5D +0.42% gains against an IV/RV of 0.68.", "invalidation": "QQQ spot price drops below 715.00 within the expiration window."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"668.0": 0.2879, "714.0": 0.1058, "689.0": 0.1922, "681.0": 0.2266, "647.0": 0.3721, "709.0": 0.118, "672.0": 0.2673, "708.0": 0.1206, "664.0": 0.2998, "662.0": 0.3098, "649.0": 0.3623, "674.0": 0.2571, "718.0": 0.0994, "657.0": 0.3349, "645.0": 0.3818, "655.0": 0.3449, "706.0": 0.1266, "698.0": 0.154, "723.0": 0.0958, "678.0": 0.2424, "683.0": 0.2185, "688.0": 0.1977, "679.0": 0.2371, "654.0": 0.3443, "661.0": 0.3149, "720.0": 0.0977, "695.0": 0.1672, "685.0": 0.21, "711.0": 0.1128, "692.0": 0.1788, "670.0": 0.2776, "721.0": 0.0968, "703.0": 0.1358, "712.0": 0.1102, "696.0": 0.1614, "675.0": 0.2519, "701.0": 0.1429, "660.0": 0.3199, "656.0": 0.3399, "665.0": 0.2992, "653.0": 0.3493, "707.0": 0.1239, "666.0": 0.2981, "658.0": 0.3299, "663.0": 0.3048, "713.0": 0.1076, "719.0": 0.0986, "684.0": 0.2154, "690.0": 0.1866, "705.0": 0.1295, "716.0": 0.1023, "686.0": 0.2046, "687.0": 0.1992, "702.0": 0.1396, "659.0": 0.3249, "715.0": 0.1038, "682.0": 0.2261, "673.0": 0.2622, "697.0": 0.1578, "676.0": 0.2468, "700.0": 0.1457, "677.0": 0.2476, "652.0": 0.3477, "699.0": 0.15, "691.0": 0.1844, "710.0": 0.1152, "680.0": 0.2319, "693.0": 0.1761, "650.0": 0.3574, "648.0": 0.3672, "694.0": 0.1704, "646.0": 0.377, "667.0": 0.293, "722.0": 0.0964, "669.0": 0.2827, "717.0": 0.101, "704.0": 0.1329, "671.0": 0.2725, "651.0": 0.3525}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1993, "long_delta": 0.1275, "short_iv": 0.1076, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.41061, "long_quote_age": 0.567497, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 719.45}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.17 (gross $-60.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:51:26.205121+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates positive short-term momentum with a 1D gain of +0.26% and 5D gain of +0.43% alongside an ATM IV of 9.25%.", "invalidation": "QQQ spot price declines sharply below the short put strike level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"678.0": 0.2426, "651.0": 0.3527, "662.0": 0.31, "718.0": 0.0993, "661.0": 0.315, "653.0": 0.3494, "664.0": 0.3, "698.0": 0.1543, "682.0": 0.2215, "685.0": 0.2102, "709.0": 0.1183, "703.0": 0.1361, "720.0": 0.0974, "643.0": 0.3918, "681.0": 0.2268, "700.0": 0.146, "717.0": 0.1008, "693.0": 0.1763, "699.0": 0.1502, "659.0": 0.3251, "654.0": 0.3445, "686.0": 0.2048, "696.0": 0.1616, "645.0": 0.382, "684.0": 0.2156, "671.0": 0.2727, "646.0": 0.3771, "672.0": 0.2675, "723.0": 0.096, "708.0": 0.1209, "658.0": 0.3301, "701.0": 0.1431, "722.0": 0.0964, "695.0": 0.1674, "679.0": 0.2373, "670.0": 0.2778, "690.0": 0.1868, "714.0": 0.1058, "649.0": 0.3625, "668.0": 0.2881, "650.0": 0.3576, "705.0": 0.1298, "721.0": 0.0969, "648.0": 0.3674, "713.0": 0.1079, "706.0": 0.1269, "702.0": 0.1398, "710.0": 0.1156, "660.0": 0.32, "647.0": 0.3722, "657.0": 0.3351, "694.0": 0.1706, "715.0": 0.1036, "680.0": 0.232, "644.0": 0.3869, "691.0": 0.1846, "719.0": 0.0982, "712.0": 0.1103, "692.0": 0.179, "655.0": 0.3395, "674.0": 0.2573, "673.0": 0.2624, "704.0": 0.132, "667.0": 0.2932, "669.0": 0.2829, "687.0": 0.1994, "711.0": 0.1126, "689.0": 0.1924, "652.0": 0.3478, "688.0": 0.194, "683.0": 0.2162, "697.0": 0.1581, "676.0": 0.247, "666.0": 0.2983, "656.0": 0.3401, "707.0": 0.1242, "663.0": 0.305, "677.0": 0.2478, "716.0": 0.102, "665.0": 0.295, "675.0": 0.2521}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1987, "long_delta": 0.0945, "short_iv": 0.1079, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.495473, "long_quote_age": 0.663771, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 719.505}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.16 (gross $-102.16 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:51:36.506193+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays positive upward momentum with a 1D gain of +0.26% and a 5D gain of +0.43% while ATM IV sits at 9.25%.", "invalidation": "QQQ spot price declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"693.0": 0.1761, "688.0": 0.1938, "687.0": 0.1992, "723.0": 0.0958, "676.0": 0.2468, "666.0": 0.2981, "672.0": 0.2673, "713.0": 0.1076, "691.0": 0.1844, "685.0": 0.21, "646.0": 0.377, "718.0": 0.0994, "707.0": 0.1239, "668.0": 0.2879, "699.0": 0.15, "689.0": 0.1922, "702.0": 0.1396, "683.0": 0.216, "712.0": 0.1099, "669.0": 0.2827, "684.0": 0.2154, "661.0": 0.3149, "664.0": 0.2998, "692.0": 0.1788, "706.0": 0.1266, "674.0": 0.2571, "679.0": 0.2371, "648.0": 0.3672, "698.0": 0.154, "677.0": 0.2476, "714.0": 0.1054, "701.0": 0.1429, "651.0": 0.3525, "695.0": 0.1672, "673.0": 0.2622, "645.0": 0.3818, "704.0": 0.1317, "705.0": 0.1295, "654.0": 0.3443, "710.0": 0.1152, "652.0": 0.3477, "703.0": 0.1358, "667.0": 0.293, "662.0": 0.3098, "722.0": 0.0962, "665.0": 0.2948, "719.0": 0.0984, "708.0": 0.1206, "711.0": 0.1122, "681.0": 0.2266, "650.0": 0.3574, "716.0": 0.1019, "694.0": 0.1704, "709.0": 0.118, "659.0": 0.3249, "696.0": 0.1614, "671.0": 0.2725, "656.0": 0.3399, "721.0": 0.097, "675.0": 0.2519, "663.0": 0.3048, "680.0": 0.2319, "715.0": 0.1036, "649.0": 0.3623, "700.0": 0.1457, "655.0": 0.3394, "653.0": 0.3493, "720.0": 0.0975, "690.0": 0.1866, "657.0": 0.3349, "647.0": 0.3721, "658.0": 0.3299, "682.0": 0.2213, "678.0": 0.2424, "660.0": 0.3199, "670.0": 0.2776, "686.0": 0.2046, "697.0": 0.1578, "717.0": 0.1003}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1993, "long_delta": 0.1275, "short_iv": 0.1076, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.425014, "long_quote_age": 0.429529, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 719.455}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.10 (gross $-60.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:53:05.080605+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates steady upward momentum with +0.25% 1D and +0.43% 5D returns alongside an IV/RV ratio of 0.70.", "invalidation": "A downward price movement in QQQ spot breaking below the short strike target level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"644.0": 0.3868, "677.0": 0.2477, "679.0": 0.2372, "650.0": 0.3575, "723.0": 0.0959, "656.0": 0.34, "691.0": 0.1845, "710.0": 0.1154, "653.0": 0.3429, "648.0": 0.3673, "647.0": 0.3722, "684.0": 0.2155, "682.0": 0.2214, "675.0": 0.252, "672.0": 0.2674, "705.0": 0.1297, "649.0": 0.3624, "667.0": 0.2931, "674.0": 0.2572, "664.0": 0.2999, "702.0": 0.1397, "669.0": 0.2828, "668.0": 0.288, "722.0": 0.0963, "680.0": 0.232, "671.0": 0.2726, "666.0": 0.2899, "663.0": 0.3049, "707.0": 0.1232, "658.0": 0.33, "698.0": 0.1542, "643.0": 0.3917, "715.0": 0.1038, "695.0": 0.1673, "688.0": 0.1939, "712.0": 0.1101, "694.0": 0.1705, "708.0": 0.1207, "716.0": 0.1022, "683.0": 0.2161, "714.0": 0.1056, "699.0": 0.1501, "681.0": 0.2267, "686.0": 0.2047, "703.0": 0.136, "717.0": 0.1009, "720.0": 0.0979, "696.0": 0.1615, "689.0": 0.1923, "706.0": 0.1267, "665.0": 0.2949, "651.0": 0.3526, "652.0": 0.3478, "676.0": 0.2469, "693.0": 0.1762, "646.0": 0.377, "713.0": 0.1077, "657.0": 0.335, "692.0": 0.1789, "719.0": 0.0987, "704.0": 0.1331, "711.0": 0.1124, "678.0": 0.2425, "655.0": 0.3394, "685.0": 0.2101, "673.0": 0.2623, "661.0": 0.3149, "701.0": 0.143, "670.0": 0.2777, "660.0": 0.32, "718.0": 0.0997, "662.0": 0.3099, "659.0": 0.325, "697.0": 0.158, "700.0": 0.1458, "709.0": 0.1181, "687.0": 0.1993, "645.0": 0.3819, "654.0": 0.338, "690.0": 0.1867, "721.0": 0.0972}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.5, "short_delta": 0.199, "long_delta": 0.0946, "short_iv": 0.1077, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.632154, "long_quote_age": 0.632058, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 719.485}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.93 (gross $-100.93 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:53:16.126590+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive short-term momentum with +0.25% 1D and +0.43% 5D gains supporting a bullish put credit spread.", "invalidation": "QQQ reverses its 5D upward trend and breaks downward."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"720.0": 0.0984, "685.0": 0.2101, "683.0": 0.2161, "689.0": 0.1923, "679.0": 0.2372, "675.0": 0.252, "700.0": 0.1458, "692.0": 0.1789, "678.0": 0.2425, "681.0": 0.2267, "649.0": 0.3624, "703.0": 0.136, "704.0": 0.1331, "648.0": 0.3673, "709.0": 0.1181, "674.0": 0.2572, "716.0": 0.1025, "717.0": 0.1012, "710.0": 0.1154, "661.0": 0.3149, "682.0": 0.2214, "715.0": 0.1038, "698.0": 0.1542, "663.0": 0.3049, "680.0": 0.232, "645.0": 0.3819, "653.0": 0.3429, "656.0": 0.34, "646.0": 0.377, "706.0": 0.1267, "686.0": 0.2047, "713.0": 0.108, "658.0": 0.33, "705.0": 0.1297, "699.0": 0.1501, "669.0": 0.2828, "688.0": 0.1939, "672.0": 0.2674, "701.0": 0.143, "665.0": 0.2949, "711.0": 0.113, "666.0": 0.2899, "667.0": 0.2931, "690.0": 0.1867, "719.0": 0.0989, "654.0": 0.338, "664.0": 0.2999, "676.0": 0.2469, "693.0": 0.1762, "714.0": 0.1058, "684.0": 0.2155, "651.0": 0.3526, "668.0": 0.288, "657.0": 0.335, "652.0": 0.3478, "691.0": 0.1845, "670.0": 0.2777, "708.0": 0.1207, "723.0": 0.0966, "696.0": 0.1615, "655.0": 0.3394, "647.0": 0.3722, "677.0": 0.2477, "662.0": 0.3099, "673.0": 0.2623, "650.0": 0.3575, "695.0": 0.1673, "671.0": 0.2726, "718.0": 0.0999, "697.0": 0.158, "694.0": 0.1705, "712.0": 0.1101, "687.0": 0.1993, "721.0": 0.0972, "660.0": 0.32, "702.0": 0.1397, "659.0": 0.325, "722.0": 0.0968, "707.0": 0.1241}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1995, "long_delta": 0.1274, "short_iv": 0.108, "short_rel_spread": 0.021978021978021997, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.445837, "long_quote_age": 1.110624, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 719.485}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.36 (gross $-59.86 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:54:38.611166+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with 1D return of +0.25% and 5D return of +0.42% alongside an IV/RV ratio of 0.70.", "invalidation": "QQQ spot price falls below the short strike, reversing the positive 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"659.0": 0.3246, "649.0": 0.3621, "704.0": 0.1326, "685.0": 0.2098, "703.0": 0.1355, "648.0": 0.367, "698.0": 0.1538, "708.0": 0.1202, "650.0": 0.3572, "676.0": 0.2465, "671.0": 0.2722, "692.0": 0.1785, "723.0": 0.0967, "697.0": 0.1576, "714.0": 0.1053, "695.0": 0.1669, "646.0": 0.3767, "711.0": 0.1124, "694.0": 0.1701, "683.0": 0.2158, "705.0": 0.1292, "700.0": 0.1454, "669.0": 0.2825, "647.0": 0.3719, "721.0": 0.0973, "712.0": 0.11, "680.0": 0.2316, "668.0": 0.2876, "684.0": 0.2151, "719.0": 0.0988, "662.0": 0.3096, "663.0": 0.3046, "657.0": 0.3347, "670.0": 0.2774, "667.0": 0.2928, "677.0": 0.2474, "665.0": 0.2946, "661.0": 0.3146, "666.0": 0.2896, "707.0": 0.1236, "696.0": 0.1611, "645.0": 0.3816, "658.0": 0.3297, "675.0": 0.2517, "713.0": 0.1076, "718.0": 0.0998, "664.0": 0.2996, "706.0": 0.1262, "716.0": 0.1021, "651.0": 0.3523, "660.0": 0.3196, "686.0": 0.2044, "693.0": 0.1758, "673.0": 0.262, "674.0": 0.2568, "643.0": 0.3914, "699.0": 0.1497, "652.0": 0.3474, "715.0": 0.1038, "681.0": 0.2263, "679.0": 0.2369, "709.0": 0.1176, "701.0": 0.1426, "710.0": 0.1148, "690.0": 0.1864, "644.0": 0.3865, "653.0": 0.3426, "688.0": 0.1935, "654.0": 0.3377, "717.0": 0.1007, "691.0": 0.1841, "678.0": 0.2421, "722.0": 0.0969, "682.0": 0.2211, "720.0": 0.098, "702.0": 0.1392, "655.0": 0.3391, "656.0": 0.3397, "672.0": 0.2671, "687.0": 0.199, "689.0": 0.1919}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.201, "long_delta": 0.095, "short_iv": 0.1076, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.024691358024691242, "short_quote_age": 1.51142, "long_quote_age": 1.024801, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 719.405}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.33 (gross $-100.33 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:54:50.069597+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.25% and 5D gain of +0.42% while ATM IV trades at 9.44% against an RV20 of 13.54%, supporting an out-of-the-money put credit spread.", "invalidation": "A downward price break erasing the 5-day gain of +0.42% in QQQ spot."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"722.0": 0.0963, "700.0": 0.1454, "675.0": 0.2516, "682.0": 0.221, "655.0": 0.3391, "667.0": 0.2927, "709.0": 0.1175, "710.0": 0.1148, "697.0": 0.1575, "721.0": 0.0968, "685.0": 0.2097, "681.0": 0.2263, "661.0": 0.3146, "658.0": 0.3296, "705.0": 0.1291, "676.0": 0.2465, "718.0": 0.0996, "648.0": 0.3669, "712.0": 0.1099, "653.0": 0.3425, "643.0": 0.3914, "708.0": 0.1201, "670.0": 0.2773, "723.0": 0.0965, "690.0": 0.1863, "707.0": 0.1235, "706.0": 0.1262, "719.0": 0.0984, "694.0": 0.17, "713.0": 0.1075, "657.0": 0.3346, "654.0": 0.3377, "664.0": 0.2996, "671.0": 0.2722, "716.0": 0.102, "701.0": 0.1425, "668.0": 0.2876, "683.0": 0.2157, "656.0": 0.3396, "659.0": 0.3246, "647.0": 0.3718, "688.0": 0.1935, "660.0": 0.3196, "662.0": 0.3096, "692.0": 0.1785, "691.0": 0.1841, "666.0": 0.2895, "649.0": 0.362, "665.0": 0.2945, "652.0": 0.3474, "679.0": 0.2368, "717.0": 0.1006, "714.0": 0.1054, "646.0": 0.3767, "720.0": 0.0977, "678.0": 0.2421, "703.0": 0.1354, "689.0": 0.1918, "696.0": 0.161, "651.0": 0.3523, "698.0": 0.1537, "711.0": 0.1123, "693.0": 0.1757, "650.0": 0.3572, "695.0": 0.1669, "715.0": 0.1037, "687.0": 0.1989, "663.0": 0.3046, "674.0": 0.2568, "686.0": 0.2043, "699.0": 0.1496, "684.0": 0.2151, "645.0": 0.3816, "644.0": 0.3865, "704.0": 0.1326, "673.0": 0.2619, "702.0": 0.1392, "669.0": 0.2825, "677.0": 0.2473, "680.0": 0.2316, "672.0": 0.2671}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2011, "long_delta": 0.095, "short_iv": 0.1075, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.615796, "long_quote_age": 1.109495, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 719.42}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.50 (gross $-100.50 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:56:11.488835+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.24% and 5D return of +0.41% while ATM IV of 9.44% trades at an IV/RV ratio of 0.70.", "invalidation": "QQQ spot price breaks downward below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"718.0": 0.0993, "702.0": 0.1388, "664.0": 0.2993, "722.0": 0.0963, "662.0": 0.3093, "645.0": 0.3813, "717.0": 0.1005, "658.0": 0.3293, "719.0": 0.0983, "688.0": 0.1932, "652.0": 0.3471, "656.0": 0.3394, "689.0": 0.1915, "704.0": 0.1322, "644.0": 0.3862, "679.0": 0.2365, "712.0": 0.1094, "651.0": 0.352, "685.0": 0.2094, "706.0": 0.1258, "655.0": 0.3388, "661.0": 0.3143, "667.0": 0.2924, "715.0": 0.1033, "668.0": 0.2873, "693.0": 0.1754, "697.0": 0.1572, "686.0": 0.204, "681.0": 0.226, "643.0": 0.3911, "695.0": 0.1665, "709.0": 0.1171, "648.0": 0.3667, "672.0": 0.2668, "707.0": 0.1231, "673.0": 0.2616, "650.0": 0.3569, "694.0": 0.1697, "647.0": 0.3715, "701.0": 0.1421, "683.0": 0.2154, "676.0": 0.2462, "649.0": 0.3618, "698.0": 0.1534, "713.0": 0.1071, "716.0": 0.1018, "669.0": 0.2822, "684.0": 0.2148, "682.0": 0.2207, "674.0": 0.2565, "665.0": 0.2943, "678.0": 0.2418, "657.0": 0.3344, "714.0": 0.1052, "721.0": 0.0968, "646.0": 0.3764, "671.0": 0.2719, "705.0": 0.1287, "699.0": 0.1493, "675.0": 0.2514, "700.0": 0.145, "660.0": 0.3193, "670.0": 0.277, "687.0": 0.1986, "663.0": 0.3043, "653.0": 0.3423, "703.0": 0.1351, "710.0": 0.1146, "680.0": 0.2313, "666.0": 0.2893, "696.0": 0.1607, "691.0": 0.1805, "711.0": 0.1118, "677.0": 0.247, "654.0": 0.3374, "708.0": 0.1197, "690.0": 0.186, "659.0": 0.3243, "720.0": 0.0975, "692.0": 0.1781}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2025, "long_delta": 0.0954, "short_iv": 0.1071, "short_rel_spread": 0.021739130434782625, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.43024, "long_quote_age": 0.430356, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 719.385}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.10 (gross $-99.60 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:56:22.706366+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.24% and 5D return of +0.41% supporting a defined-risk bullish put credit spread.", "invalidation": "QQQ price drops below short strike levels as short-term returns reverse negative."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"700.0": 0.1546, "689.0": 0.1875, "686.0": 0.1983, "670.0": 0.2595, "690.0": 0.1843, "704.0": 0.1435, "668.0": 0.269, "721.0": 0.1117, "722.0": 0.1112, "695.0": 0.1689, "648.0": 0.3492, "680.0": 0.2229, "707.0": 0.1363, "672.0": 0.2546, "692.0": 0.1775, "643.0": 0.3675, "664.0": 0.288, "705.0": 0.1414, "691.0": 0.181, "706.0": 0.1387, "710.0": 0.1291, "658.0": 0.3103, "671.0": 0.2594, "716.0": 0.1178, "657.0": 0.315, "720.0": 0.1127, "656.0": 0.3197, "669.0": 0.2642, "702.0": 0.1491, "662.0": 0.2916, "647.0": 0.3538, "709.0": 0.1315, "661.0": 0.2963, "663.0": 0.2899, "652.0": 0.3308, "712.0": 0.1251, "698.0": 0.1604, "719.0": 0.1135, "717.0": 0.1162, "644.0": 0.363, "673.0": 0.2497, "653.0": 0.3301, "646.0": 0.3584, "655.0": 0.3208, "679.0": 0.2262, "718.0": 0.1147, "677.0": 0.2342, "715.0": 0.1192, "675.0": 0.2401, "713.0": 0.123, "681.0": 0.2179, "676.0": 0.2392, "708.0": 0.1341, "678.0": 0.2293, "649.0": 0.3446, "667.0": 0.2738, "665.0": 0.2833, "711.0": 0.1271, "660.0": 0.301, "701.0": 0.1516, "654.0": 0.3255, "666.0": 0.2785, "645.0": 0.3584, "674.0": 0.2449, "684.0": 0.2058, "693.0": 0.1754, "696.0": 0.1659, "651.0": 0.3354, "714.0": 0.1212, "703.0": 0.1465, "688.0": 0.1928, "687.0": 0.1957, "685.0": 0.2035, "683.0": 0.2109, "697.0": 0.1627, "650.0": 0.34, "699.0": 0.1577, "659.0": 0.3056, "682.0": 0.2145, "694.0": 0.1715}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2035, "long_delta": 0.1158, "short_iv": 0.1271, "short_rel_spread": 0.016260162601626032, "long_rel_spread": 0.015037593984962419, "short_quote_age": 1.200836, "long_quote_age": 1.181881, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 719.385}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-89.70 (gross $-88.20 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:57:42.012895+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ displays positive 1D (+0.23%) and 5D (+0.40%) performance with an IV/RV ratio of 0.70, favoring a defined-risk short put spread.", "invalidation": "QQQ reversing direction and declining toward the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"654.0": 0.337, "651.0": 0.3516, "692.0": 0.1776, "645.0": 0.3809, "687.0": 0.1981, "719.0": 0.0979, "708.0": 0.1197, "675.0": 0.2509, "713.0": 0.1066, "706.0": 0.1251, "669.0": 0.2817, "709.0": 0.117, "665.0": 0.2938, "652.0": 0.3467, "703.0": 0.1344, "698.0": 0.1528, "702.0": 0.1382, "717.0": 0.0999, "677.0": 0.2465, "684.0": 0.2096, "681.0": 0.2255, "643.0": 0.3907, "673.0": 0.2612, "676.0": 0.2457, "697.0": 0.1566, "694.0": 0.1691, "659.0": 0.3239, "699.0": 0.1487, "678.0": 0.2413, "660.0": 0.3189, "710.0": 0.1141, "689.0": 0.191, "714.0": 0.1046, "648.0": 0.3662, "680.0": 0.2308, "695.0": 0.166, "686.0": 0.2035, "647.0": 0.3711, "683.0": 0.2149, "722.0": 0.0958, "671.0": 0.2714, "644.0": 0.3858, "658.0": 0.3289, "666.0": 0.2888, "679.0": 0.236, "655.0": 0.3384, "716.0": 0.101, "712.0": 0.109, "688.0": 0.1927, "705.0": 0.128, "691.0": 0.18, "700.0": 0.1444, "674.0": 0.256, "661.0": 0.3139, "682.0": 0.2202, "718.0": 0.0989, "693.0": 0.1749, "663.0": 0.3038, "720.0": 0.0971, "715.0": 0.1028, "721.0": 0.0963, "696.0": 0.1602, "690.0": 0.1855, "657.0": 0.3339, "649.0": 0.3613, "670.0": 0.2766, "662.0": 0.3088, "707.0": 0.1223, "685.0": 0.2089, "664.0": 0.2988, "672.0": 0.2663, "667.0": 0.2838, "701.0": 0.1415, "704.0": 0.1315, "711.0": 0.1115, "646.0": 0.376, "656.0": 0.3389, "668.0": 0.2868, "653.0": 0.3418, "650.0": 0.3565}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.205, "long_delta": 0.0973, "short_iv": 0.1066, "short_rel_spread": 0.021505376344085923, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.44258, "long_quote_age": 0.442342, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 719.265}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.36 (gross $-101.86 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:57:52.982051+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive upward momentum with a 1D gain of +0.23% and 5D gain of +0.40%, supporting a bullish put credit spread across the 4-7 DTE window.", "invalidation": "QQQ spot price breaking downward below short put strikes alongside a negative 5D return would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"679.0": 0.2362, "670.0": 0.2767, "658.0": 0.329, "713.0": 0.1069, "714.0": 0.105, "709.0": 0.1172, "661.0": 0.314, "666.0": 0.2889, "712.0": 0.1093, "674.0": 0.2562, "669.0": 0.2818, "647.0": 0.3712, "663.0": 0.304, "659.0": 0.324, "686.0": 0.2036, "677.0": 0.2467, "675.0": 0.251, "719.0": 0.0978, "648.0": 0.3664, "696.0": 0.1603, "684.0": 0.2098, "694.0": 0.1693, "699.0": 0.1489, "676.0": 0.2459, "697.0": 0.1568, "710.0": 0.1143, "702.0": 0.1384, "649.0": 0.3615, "693.0": 0.175, "678.0": 0.2414, "665.0": 0.2939, "680.0": 0.2309, "653.0": 0.342, "644.0": 0.3859, "698.0": 0.1529, "688.0": 0.1928, "700.0": 0.1446, "667.0": 0.2839, "687.0": 0.1982, "708.0": 0.1199, "689.0": 0.1912, "668.0": 0.287, "722.0": 0.0959, "707.0": 0.1226, "646.0": 0.3761, "671.0": 0.2716, "695.0": 0.1661, "673.0": 0.2613, "704.0": 0.1317, "681.0": 0.2256, "672.0": 0.2664, "711.0": 0.1118, "717.0": 0.1, "716.0": 0.1014, "656.0": 0.3391, "706.0": 0.1253, "655.0": 0.3385, "664.0": 0.299, "685.0": 0.209, "657.0": 0.334, "645.0": 0.381, "718.0": 0.0988, "703.0": 0.1346, "721.0": 0.0963, "652.0": 0.3468, "662.0": 0.309, "705.0": 0.1282, "643.0": 0.3908, "651.0": 0.3517, "650.0": 0.3566, "692.0": 0.1778, "690.0": 0.1856, "691.0": 0.1801, "660.0": 0.319, "654.0": 0.3371, "682.0": 0.2204, "720.0": 0.0969, "683.0": 0.2151, "715.0": 0.1029, "701.0": 0.1417}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2045, "long_delta": 0.0971, "short_iv": 0.1069, "short_rel_spread": 0.021505376344085923, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.814388, "long_quote_age": 0.821751, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 719.285}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.47 (gross $-101.97 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:59:19.678536+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows upward momentum with 1D return of +0.24% and 5D return of +0.41% while ATM IV(4D) is 9.40%.", "invalidation": "A drop in QQQ spot price below recent levels turning the 5D return negative would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"718.0": 0.0989, "719.0": 0.0978, "706.0": 0.1255, "707.0": 0.1228, "665.0": 0.2941, "660.0": 0.3191, "661.0": 0.3141, "669.0": 0.282, "681.0": 0.2258, "664.0": 0.2991, "653.0": 0.3421, "701.0": 0.1419, "678.0": 0.2416, "690.0": 0.1858, "688.0": 0.193, "722.0": 0.0957, "652.0": 0.347, "721.0": 0.0961, "689.0": 0.1913, "662.0": 0.3091, "712.0": 0.109, "704.0": 0.1319, "663.0": 0.3041, "700.0": 0.1448, "692.0": 0.1779, "684.0": 0.2099, "686.0": 0.2038, "644.0": 0.3861, "697.0": 0.1569, "658.0": 0.3292, "703.0": 0.1348, "677.0": 0.2468, "655.0": 0.3323, "687.0": 0.1984, "709.0": 0.1174, "650.0": 0.3567, "708.0": 0.1201, "646.0": 0.3763, "671.0": 0.2717, "666.0": 0.2891, "657.0": 0.3342, "654.0": 0.3372, "645.0": 0.3812, "713.0": 0.1067, "673.0": 0.2614, "651.0": 0.3518, "682.0": 0.2205, "649.0": 0.3616, "714.0": 0.1046, "683.0": 0.2152, "716.0": 0.101, "685.0": 0.2092, "711.0": 0.1115, "647.0": 0.3714, "695.0": 0.1663, "668.0": 0.2871, "670.0": 0.2769, "659.0": 0.3242, "694.0": 0.1695, "667.0": 0.2841, "715.0": 0.1024, "691.0": 0.1803, "720.0": 0.0973, "699.0": 0.1491, "676.0": 0.246, "705.0": 0.1284, "648.0": 0.3665, "675.0": 0.2512, "679.0": 0.2363, "698.0": 0.1531, "674.0": 0.2563, "680.0": 0.2311, "710.0": 0.1146, "717.0": 0.1, "693.0": 0.1752, "656.0": 0.3392, "702.0": 0.1386, "696.0": 0.1605, "643.0": 0.3909, "672.0": 0.2666}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2031, "long_delta": 0.097, "short_iv": 0.1067, "short_rel_spread": 0.021739130434782625, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.560522, "long_quote_age": 0.406351, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 719.345}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.90 (gross $-101.40 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T16:59:29.748476+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates positive 1D (+0.24%) and 5D (+0.41%) momentum with an IV/RV ratio of 0.69, favoring a short put credit spread over a 4 to 7 DTE window.", "invalidation": "QQQ spot declines below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"708.0": 0.12, "671.0": 0.2716, "710.0": 0.1144, "665.0": 0.294, "715.0": 0.1028, "656.0": 0.3391, "698.0": 0.153, "659.0": 0.3241, "680.0": 0.231, "653.0": 0.342, "704.0": 0.1318, "672.0": 0.2665, "687.0": 0.1983, "701.0": 0.1418, "652.0": 0.3469, "654.0": 0.3371, "713.0": 0.1068, "711.0": 0.1118, "688.0": 0.1929, "660.0": 0.319, "690.0": 0.1857, "649.0": 0.3615, "685.0": 0.2091, "705.0": 0.1283, "714.0": 0.1048, "709.0": 0.1173, "694.0": 0.1694, "722.0": 0.0956, "664.0": 0.299, "719.0": 0.098, "700.0": 0.1447, "663.0": 0.304, "647.0": 0.3713, "675.0": 0.2511, "681.0": 0.2257, "651.0": 0.3518, "655.0": 0.3323, "684.0": 0.2098, "674.0": 0.2562, "682.0": 0.2204, "658.0": 0.3291, "648.0": 0.3664, "667.0": 0.284, "661.0": 0.314, "691.0": 0.1802, "666.0": 0.289, "657.0": 0.3341, "646.0": 0.3762, "696.0": 0.1604, "703.0": 0.1347, "706.0": 0.1253, "683.0": 0.2151, "650.0": 0.3566, "645.0": 0.3811, "676.0": 0.2459, "693.0": 0.1751, "695.0": 0.1662, "679.0": 0.2362, "677.0": 0.2467, "669.0": 0.2819, "716.0": 0.1013, "692.0": 0.1778, "718.0": 0.099, "721.0": 0.0964, "689.0": 0.1912, "702.0": 0.1384, "670.0": 0.2768, "717.0": 0.1001, "699.0": 0.1489, "678.0": 0.2415, "697.0": 0.1568, "686.0": 0.2037, "662.0": 0.309, "712.0": 0.1094, "720.0": 0.0971, "673.0": 0.2614, "668.0": 0.287, "707.0": 0.1226}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2039, "long_delta": 0.1302, "short_iv": 0.1068, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.017699115044247607, "short_quote_age": 0.558918, "long_quote_age": 0.434611, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 719.3199999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.84 (gross $-59.84 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:00:56.942308+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.18% and 5D return of +0.36% against an IV/RV ratio of 0.69.", "invalidation": "QQQ spot price declines significantly below the current 718.99 level, erasing its 5-day gain."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"663.0": 0.3025, "669.0": 0.2803, "700.0": 0.1443, "714.0": 0.1043, "708.0": 0.1189, "687.0": 0.1965, "696.0": 0.1585, "683.0": 0.2134, "670.0": 0.2752, "685.0": 0.2074, "697.0": 0.1549, "665.0": 0.2924, "701.0": 0.1397, "680.0": 0.2293, "679.0": 0.2346, "713.0": 0.1063, "666.0": 0.2874, "705.0": 0.1271, "644.0": 0.3845, "647.0": 0.3698, "677.0": 0.2451, "710.0": 0.1135, "649.0": 0.36, "668.0": 0.2854, "657.0": 0.3325, "686.0": 0.202, "678.0": 0.2398, "684.0": 0.2081, "709.0": 0.1163, "702.0": 0.1363, "643.0": 0.3894, "695.0": 0.1643, "648.0": 0.3649, "690.0": 0.1839, "689.0": 0.1894, "675.0": 0.2494, "717.0": 0.0999, "692.0": 0.176, "654.0": 0.3356, "688.0": 0.1911, "699.0": 0.1469, "704.0": 0.1307, "716.0": 0.1009, "719.0": 0.0978, "658.0": 0.3275, "718.0": 0.0987, "671.0": 0.27, "674.0": 0.2546, "653.0": 0.3405, "698.0": 0.151, "681.0": 0.224, "720.0": 0.0967, "650.0": 0.3552, "655.0": 0.337, "707.0": 0.1218, "721.0": 0.0962, "715.0": 0.1026, "712.0": 0.1085, "661.0": 0.3125, "676.0": 0.2443, "694.0": 0.1675, "691.0": 0.1784, "722.0": 0.0963, "711.0": 0.1111, "664.0": 0.2974, "656.0": 0.3376, "659.0": 0.3225, "660.0": 0.3175, "682.0": 0.2187, "645.0": 0.3796, "667.0": 0.2867, "706.0": 0.1248, "662.0": 0.3075, "703.0": 0.1338, "672.0": 0.2649, "673.0": 0.2597, "652.0": 0.3454, "693.0": 0.1732, "651.0": 0.3503, "646.0": 0.3747}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.55, "short_delta": 0.215, "long_delta": 0.1017, "short_iv": 0.1063, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.73582, "long_quote_age": 0.618943, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9618}, "spot": 718.9300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.68 (gross $-100.68 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:01:11.807553+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.18% and 5D return of +0.36%, favoring a defined-risk bullish put credit spread.", "invalidation": "A reversal in QQQ causing 5D returns to turn negative would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"686.0": 0.2015, "676.0": 0.2439, "661.0": 0.3121, "682.0": 0.2183, "711.0": 0.1109, "674.0": 0.2542, "679.0": 0.2341, "678.0": 0.2394, "709.0": 0.1159, "673.0": 0.2593, "659.0": 0.3221, "714.0": 0.1042, "700.0": 0.1438, "721.0": 0.0963, "658.0": 0.3271, "690.0": 0.1834, "722.0": 0.0962, "683.0": 0.213, "675.0": 0.249, "715.0": 0.1025, "668.0": 0.285, "685.0": 0.2069, "687.0": 0.1961, "719.0": 0.0981, "696.0": 0.158, "652.0": 0.345, "698.0": 0.1505, "665.0": 0.292, "656.0": 0.3372, "703.0": 0.1332, "688.0": 0.1907, "649.0": 0.3596, "708.0": 0.1183, "692.0": 0.1755, "710.0": 0.1133, "716.0": 0.1011, "720.0": 0.0971, "677.0": 0.2446, "650.0": 0.3548, "680.0": 0.2288, "702.0": 0.1357, "647.0": 0.3694, "645.0": 0.3792, "672.0": 0.2644, "646.0": 0.3743, "664.0": 0.297, "713.0": 0.1058, "670.0": 0.2747, "704.0": 0.1301, "669.0": 0.2799, "701.0": 0.1391, "666.0": 0.287, "699.0": 0.1464, "648.0": 0.3645, "681.0": 0.2236, "667.0": 0.2862, "705.0": 0.1264, "651.0": 0.3499, "660.0": 0.3171, "717.0": 0.0997, "707.0": 0.1212, "697.0": 0.1544, "684.0": 0.2077, "695.0": 0.1638, "694.0": 0.167, "671.0": 0.2696, "691.0": 0.1779, "693.0": 0.1727, "662.0": 0.3071, "655.0": 0.3366, "706.0": 0.1242, "653.0": 0.3401, "657.0": 0.3321, "712.0": 0.1085, "689.0": 0.189, "718.0": 0.0987, "654.0": 0.3352, "663.0": 0.302}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1877, "long_delta": 0.1195, "short_iv": 0.1085, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.569821, "long_quote_age": 0.630856, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.9786}, "spot": 718.955}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.77 (gross $-59.77 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:02:33.768239+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ displays consistent positive momentum with a +0.15% 1D and +0.32% 5D gain in an environment where ATM IV of 9.40% trades below 20-day realized volatility of 13.54% (IV/RV 0.69).", "invalidation": "QQQ spot price declines significantly, turning the positive 5D return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"665.0": 0.2912, "650.0": 0.354, "704.0": 0.129, "684.0": 0.2114, "657.0": 0.3314, "646.0": 0.3736, "679.0": 0.2333, "717.0": 0.0997, "702.0": 0.1354, "703.0": 0.1321, "692.0": 0.1746, "712.0": 0.1083, "696.0": 0.157, "667.0": 0.2893, "663.0": 0.3013, "698.0": 0.1495, "689.0": 0.1881, "706.0": 0.1239, "653.0": 0.3394, "699.0": 0.1454, "648.0": 0.3638, "701.0": 0.1389, "671.0": 0.2688, "649.0": 0.3589, "715.0": 0.1023, "675.0": 0.2482, "709.0": 0.1159, "644.0": 0.3834, "697.0": 0.1534, "721.0": 0.0964, "654.0": 0.3345, "670.0": 0.2739, "672.0": 0.2636, "676.0": 0.2491, "705.0": 0.1263, "652.0": 0.3443, "687.0": 0.1952, "720.0": 0.097, "683.0": 0.2121, "661.0": 0.3113, "708.0": 0.1184, "719.0": 0.0977, "685.0": 0.206, "695.0": 0.1628, "716.0": 0.101, "660.0": 0.3163, "678.0": 0.2385, "677.0": 0.2438, "647.0": 0.3687, "693.0": 0.1718, "710.0": 0.1131, "711.0": 0.1105, "656.0": 0.3364, "651.0": 0.3491, "669.0": 0.2791, "694.0": 0.1661, "662.0": 0.3063, "682.0": 0.2174, "666.0": 0.2862, "668.0": 0.2842, "691.0": 0.177, "718.0": 0.0987, "680.0": 0.228, "700.0": 0.1428, "690.0": 0.1825, "688.0": 0.1898, "686.0": 0.2006, "674.0": 0.2533, "673.0": 0.2585, "642.0": 0.3932, "713.0": 0.106, "659.0": 0.3213, "643.0": 0.3883, "645.0": 0.3785, "655.0": 0.3359, "722.0": 0.0957, "714.0": 0.1038, "664.0": 0.2962, "707.0": 0.1208, "658.0": 0.3263, "681.0": 0.2227}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1932, "long_delta": 0.0908, "short_iv": 0.1083, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.427395, "long_quote_age": 0.44505, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 718.715}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.01 (gross $-101.01 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:02:47.933664+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 350, "thesis": "QQQ shows positive momentum with 1D +0.15% and 5D +0.32%, supporting a short-dated put credit spread.", "invalidation": "A drop in QQQ spot price below 718.75 reversing the 5D upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"647.0": 0.3684, "657.0": 0.3311, "711.0": 0.1108, "676.0": 0.2488, "705.0": 0.1269, "714.0": 0.1041, "687.0": 0.1949, "670.0": 0.2737, "713.0": 0.1063, "717.0": 0.1001, "671.0": 0.2685, "662.0": 0.306, "651.0": 0.3489, "682.0": 0.2172, "654.0": 0.3342, "667.0": 0.2891, "698.0": 0.1492, "700.0": 0.1424, "666.0": 0.286, "720.0": 0.0973, "646.0": 0.3733, "659.0": 0.3211, "663.0": 0.301, "653.0": 0.3391, "709.0": 0.1154, "697.0": 0.1531, "680.0": 0.2277, "674.0": 0.2531, "722.0": 0.0959, "706.0": 0.1235, "688.0": 0.1895, "660.0": 0.3161, "695.0": 0.1625, "701.0": 0.1385, "690.0": 0.1822, "677.0": 0.2435, "716.0": 0.1014, "684.0": 0.2111, "678.0": 0.2383, "661.0": 0.311, "693.0": 0.1715, "712.0": 0.1083, "645.0": 0.3782, "699.0": 0.146, "650.0": 0.3538, "656.0": 0.3361, "708.0": 0.118, "658.0": 0.3261, "715.0": 0.1025, "703.0": 0.133, "681.0": 0.2224, "673.0": 0.2582, "692.0": 0.1743, "672.0": 0.2634, "718.0": 0.0989, "649.0": 0.3587, "694.0": 0.1658, "702.0": 0.1357, "679.0": 0.233, "652.0": 0.344, "721.0": 0.0966, "707.0": 0.1211, "665.0": 0.291, "689.0": 0.1878, "696.0": 0.1567, "719.0": 0.0981, "655.0": 0.3356, "704.0": 0.1297, "664.0": 0.296, "669.0": 0.2788, "686.0": 0.2003, "675.0": 0.2479, "685.0": 0.2057, "668.0": 0.2839, "683.0": 0.2119, "710.0": 0.1126, "691.0": 0.1767, "648.0": 0.3635}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 61, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00710000", "short_strike": 712.0, "long_strike": 710.0, "width": 2.0, "credit": 0.26, "short_delta": 0.195, "long_delta": 0.1433, "short_iv": 0.1083, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.016000000000000014, "short_quote_age": 0.743734, "long_quote_age": 0.50612, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 61, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 174.0, "total_risk": 10614.0, "buying_power_used_pct": 0.9975}, "spot": 718.665}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-39.41 (gross $-38.41 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 61 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:04:09.321588+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive short-term momentum with 1D gain of +0.12% and 5D gain of +0.30%, supporting a short-dated put credit spread.", "invalidation": "A sharp decline in QQQ spot price breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"653.0": 0.3387, "714.0": 0.1042, "693.0": 0.1709, "675.0": 0.2474, "709.0": 0.1153, "670.0": 0.2732, "672.0": 0.2629, "649.0": 0.3582, "701.0": 0.1386, "667.0": 0.2886, "717.0": 0.0999, "648.0": 0.3631, "652.0": 0.3436, "671.0": 0.268, "721.0": 0.0961, "664.0": 0.2955, "647.0": 0.368, "674.0": 0.2526, "687.0": 0.1944, "700.0": 0.1418, "715.0": 0.1026, "689.0": 0.1872, "690.0": 0.1817, "656.0": 0.3357, "668.0": 0.2834, "708.0": 0.1179, "718.0": 0.0988, "654.0": 0.3338, "685.0": 0.2052, "662.0": 0.3055, "683.0": 0.2113, "698.0": 0.1486, "681.0": 0.2219, "660.0": 0.3156, "673.0": 0.2577, "677.0": 0.243, "669.0": 0.2783, "706.0": 0.1236, "657.0": 0.3306, "692.0": 0.1737, "659.0": 0.3206, "699.0": 0.1454, "688.0": 0.189, "711.0": 0.1106, "716.0": 0.1011, "704.0": 0.129, "703.0": 0.1323, "655.0": 0.3289, "720.0": 0.097, "682.0": 0.2166, "722.0": 0.0957, "702.0": 0.135, "644.0": 0.3827, "658.0": 0.3256, "694.0": 0.1652, "666.0": 0.2855, "697.0": 0.1525, "665.0": 0.2905, "650.0": 0.3533, "676.0": 0.2483, "695.0": 0.1619, "642.0": 0.3925, "712.0": 0.1083, "719.0": 0.0978, "713.0": 0.1061, "707.0": 0.1212, "684.0": 0.2106, "691.0": 0.1761, "643.0": 0.3876, "663.0": 0.3005, "705.0": 0.1262, "686.0": 0.1998, "680.0": 0.2272, "678.0": 0.2377, "651.0": 0.3484, "710.0": 0.1129, "646.0": 0.3729, "696.0": 0.1561, "661.0": 0.3106, "645.0": 0.3778, "679.0": 0.2325}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1984, "long_delta": 0.0944, "short_iv": 0.1083, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.618521, "long_quote_age": 0.651566, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 718.56}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.18 (gross $-101.18 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:04:23.834870+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with a 1D gain of +0.12% and 5D gain of +0.30% alongside an ATM IV of 9.40%, supporting a short-term put credit spread.", "invalidation": "QQQ spot declines below the short put strike or short-term returns turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"699.0": 0.145, "701.0": 0.1382, "656.0": 0.3353, "706.0": 0.1231, "660.0": 0.3153, "677.0": 0.2427, "669.0": 0.278, "718.0": 0.0989, "668.0": 0.2831, "694.0": 0.1648, "672.0": 0.2625, "655.0": 0.3286, "704.0": 0.1285, "708.0": 0.1181, "654.0": 0.3335, "662.0": 0.3052, "649.0": 0.3579, "657.0": 0.3303, "692.0": 0.1734, "651.0": 0.3481, "645.0": 0.3775, "659.0": 0.3203, "650.0": 0.353, "646.0": 0.3726, "693.0": 0.1705, "717.0": 0.0998, "716.0": 0.101, "715.0": 0.1025, "690.0": 0.1813, "685.0": 0.2049, "714.0": 0.104, "709.0": 0.1153, "700.0": 0.1414, "695.0": 0.1616, "691.0": 0.1758, "667.0": 0.2882, "710.0": 0.1135, "720.0": 0.0972, "705.0": 0.1257, "696.0": 0.1557, "647.0": 0.3677, "664.0": 0.2952, "674.0": 0.2522, "661.0": 0.3102, "675.0": 0.2471, "653.0": 0.3384, "721.0": 0.0963, "679.0": 0.2321, "671.0": 0.2677, "658.0": 0.3253, "712.0": 0.1086, "682.0": 0.2163, "670.0": 0.2728, "713.0": 0.1061, "673.0": 0.2574, "711.0": 0.1105, "689.0": 0.1868, "684.0": 0.2103, "676.0": 0.2479, "707.0": 0.1206, "698.0": 0.1482, "686.0": 0.1994, "702.0": 0.1346, "666.0": 0.2934, "687.0": 0.194, "644.0": 0.3824, "697.0": 0.1521, "719.0": 0.098, "652.0": 0.3432, "681.0": 0.2216, "683.0": 0.211, "703.0": 0.1319, "678.0": 0.2374, "665.0": 0.2902, "663.0": 0.3002, "688.0": 0.1886, "648.0": 0.3628, "680.0": 0.2269}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2015, "long_delta": 0.1276, "short_iv": 0.1086, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.606703, "long_quote_age": 0.473934, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9886}, "spot": 718.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.51 (gross $-58.51 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:05:50.152627+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays positive short-term momentum with +0.13% 1D and +0.31% 5D gains alongside an IV/RV ratio of 0.70.", "invalidation": "QQQ spot price declines sharply below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"698.0": 0.149, "653.0": 0.339, "652.0": 0.3439, "707.0": 0.1201, "655.0": 0.3355, "664.0": 0.2958, "714.0": 0.1039, "705.0": 0.1257, "710.0": 0.1126, "688.0": 0.1893, "719.0": 0.098, "679.0": 0.2328, "677.0": 0.2434, "660.0": 0.3159, "672.0": 0.2632, "651.0": 0.3487, "647.0": 0.3683, "690.0": 0.1821, "674.0": 0.2529, "666.0": 0.294, "683.0": 0.2117, "708.0": 0.1177, "663.0": 0.3009, "665.0": 0.2908, "716.0": 0.101, "700.0": 0.1422, "670.0": 0.2735, "682.0": 0.217, "675.0": 0.2478, "650.0": 0.3536, "668.0": 0.2838, "699.0": 0.1458, "684.0": 0.211, "654.0": 0.3341, "702.0": 0.1355, "671.0": 0.2683, "667.0": 0.2889, "713.0": 0.1059, "662.0": 0.3059, "695.0": 0.1623, "680.0": 0.2276, "676.0": 0.2486, "686.0": 0.2002, "687.0": 0.1947, "645.0": 0.3781, "696.0": 0.1565, "709.0": 0.1152, "642.0": 0.3928, "693.0": 0.1713, "648.0": 0.3634, "701.0": 0.1391, "712.0": 0.108, "691.0": 0.1765, "711.0": 0.1102, "685.0": 0.2056, "718.0": 0.0985, "656.0": 0.336, "643.0": 0.3879, "704.0": 0.1284, "657.0": 0.331, "669.0": 0.2786, "659.0": 0.3209, "722.0": 0.0958, "694.0": 0.1656, "703.0": 0.1315, "697.0": 0.1529, "720.0": 0.0972, "673.0": 0.2581, "692.0": 0.1741, "644.0": 0.383, "681.0": 0.2223, "721.0": 0.0964, "689.0": 0.1876, "706.0": 0.1233, "649.0": 0.3585, "717.0": 0.0996, "646.0": 0.3732, "678.0": 0.2381, "658.0": 0.3259, "661.0": 0.3109, "715.0": 0.1023}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1954, "long_delta": 0.0912, "short_iv": 0.108, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.432028, "long_quote_age": 0.4128, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 718.565}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.65 (gross $-100.65 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:06:05.246820+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ shows steady upward momentum with 1D +0.13% and 5D +0.31% while ATM IV sits at 9.44% below its RV20 of 13.54%.", "invalidation": "QQQ spot drops sharply below 718.63 reversing recent positive 1D and 5D trends."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"656.0": 0.3361, "646.0": 0.3733, "657.0": 0.3311, "677.0": 0.2435, "667.0": 0.289, "650.0": 0.3538, "705.0": 0.1259, "678.0": 0.2382, "664.0": 0.296, "700.0": 0.1424, "716.0": 0.1008, "722.0": 0.0952, "720.0": 0.0969, "707.0": 0.1203, "697.0": 0.1531, "683.0": 0.2118, "689.0": 0.1877, "671.0": 0.2685, "676.0": 0.2488, "651.0": 0.3489, "649.0": 0.3586, "718.0": 0.0985, "682.0": 0.2171, "648.0": 0.3635, "684.0": 0.2111, "711.0": 0.1099, "644.0": 0.3831, "666.0": 0.2942, "655.0": 0.3356, "660.0": 0.316, "661.0": 0.311, "702.0": 0.135, "665.0": 0.291, "687.0": 0.1949, "669.0": 0.2788, "717.0": 0.0997, "672.0": 0.2633, "715.0": 0.1022, "659.0": 0.3211, "701.0": 0.1385, "712.0": 0.1078, "668.0": 0.2839, "652.0": 0.344, "692.0": 0.1743, "670.0": 0.2736, "713.0": 0.1056, "698.0": 0.1492, "721.0": 0.0961, "719.0": 0.0977, "654.0": 0.3342, "696.0": 0.1567, "694.0": 0.1657, "679.0": 0.233, "663.0": 0.301, "685.0": 0.2057, "710.0": 0.1126, "695.0": 0.1625, "688.0": 0.1895, "675.0": 0.2479, "691.0": 0.1767, "703.0": 0.1317, "645.0": 0.3782, "647.0": 0.3684, "709.0": 0.1148, "673.0": 0.2582, "681.0": 0.2224, "653.0": 0.3391, "674.0": 0.2531, "680.0": 0.2277, "708.0": 0.1172, "662.0": 0.306, "714.0": 0.1038, "693.0": 0.1715, "690.0": 0.1822, "699.0": 0.146, "658.0": 0.3261, "706.0": 0.1226, "686.0": 0.2003, "704.0": 0.1286}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.194, "long_delta": 0.1224, "short_iv": 0.1078, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.376922, "long_quote_age": 0.473678, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 718.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.13 (gross $-59.13 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:07:24.659099+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.13% and 5D return of +0.30% alongside an IV/RV ratio of 0.70.", "invalidation": "QQQ spot price declines below current levels and turns the 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"717.0": 0.0989, "688.0": 0.1894, "649.0": 0.3586, "652.0": 0.3439, "681.0": 0.2224, "706.0": 0.1225, "718.0": 0.0978, "663.0": 0.3009, "676.0": 0.2427, "701.0": 0.1377, "722.0": 0.095, "678.0": 0.2324, "715.0": 0.1017, "721.0": 0.0951, "703.0": 0.1317, "651.0": 0.3488, "694.0": 0.1657, "680.0": 0.2276, "647.0": 0.3684, "709.0": 0.1147, "650.0": 0.3537, "707.0": 0.1194, "677.0": 0.2375, "669.0": 0.2708, "682.0": 0.2171, "675.0": 0.2479, "668.0": 0.2759, "696.0": 0.1566, "670.0": 0.2736, "644.0": 0.3831, "693.0": 0.1714, "702.0": 0.1342, "662.0": 0.306, "661.0": 0.311, "686.0": 0.2003, "700.0": 0.1415, "672.0": 0.2633, "683.0": 0.2118, "695.0": 0.1625, "643.0": 0.388, "684.0": 0.2065, "697.0": 0.153, "708.0": 0.1172, "705.0": 0.1258, "692.0": 0.1711, "716.0": 0.1001, "659.0": 0.321, "699.0": 0.145, "719.0": 0.097, "664.0": 0.2959, "666.0": 0.2859, "712.0": 0.1072, "655.0": 0.3293, "673.0": 0.2582, "713.0": 0.1053, "645.0": 0.3782, "710.0": 0.1119, "704.0": 0.1285, "690.0": 0.1822, "648.0": 0.3635, "665.0": 0.2909, "656.0": 0.3244, "711.0": 0.1099, "691.0": 0.1766, "667.0": 0.2809, "660.0": 0.316, "720.0": 0.0959, "657.0": 0.3196, "646.0": 0.3733, "687.0": 0.1948, "714.0": 0.1033, "679.0": 0.2329, "654.0": 0.3342, "671.0": 0.2684, "658.0": 0.326, "685.0": 0.2057, "689.0": 0.1877, "674.0": 0.253, "698.0": 0.1491, "642.0": 0.3929, "653.0": 0.3391}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.193, "long_delta": 0.0896, "short_iv": 0.1072, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.415074, "long_quote_age": 0.500901, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 718.635}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.52 (gross $-101.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:07:37.780680+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates steady upward momentum with spot at 718.58, gaining +0.13% over 1D and +0.30% over 5D.", "invalidation": "QQQ spot declines below 718.58 turning short-term 1D and 5D performance negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"669.0": 0.2708, "675.0": 0.2478, "647.0": 0.3683, "708.0": 0.1171, "650.0": 0.3537, "720.0": 0.0959, "673.0": 0.2581, "696.0": 0.1566, "663.0": 0.3009, "692.0": 0.171, "719.0": 0.0967, "644.0": 0.383, "660.0": 0.3159, "690.0": 0.1821, "670.0": 0.2658, "652.0": 0.3439, "699.0": 0.1449, "678.0": 0.2323, "661.0": 0.3109, "658.0": 0.326, "702.0": 0.1342, "706.0": 0.1224, "654.0": 0.3341, "667.0": 0.2808, "679.0": 0.2329, "697.0": 0.1529, "655.0": 0.3293, "676.0": 0.2427, "688.0": 0.1894, "691.0": 0.1766, "694.0": 0.1628, "674.0": 0.253, "716.0": 0.1, "686.0": 0.2002, "646.0": 0.3732, "659.0": 0.321, "718.0": 0.0977, "668.0": 0.2758, "677.0": 0.2375, "700.0": 0.1406, "665.0": 0.2909, "662.0": 0.3059, "681.0": 0.2223, "705.0": 0.1247, "666.0": 0.2858, "685.0": 0.2056, "712.0": 0.1071, "671.0": 0.2684, "704.0": 0.1284, "710.0": 0.1118, "656.0": 0.3244, "683.0": 0.2117, "648.0": 0.3634, "721.0": 0.0954, "645.0": 0.3781, "722.0": 0.0951, "651.0": 0.3488, "709.0": 0.1139, "698.0": 0.1491, "672.0": 0.2633, "715.0": 0.1014, "703.0": 0.1316, "649.0": 0.3586, "693.0": 0.1714, "695.0": 0.1624, "714.0": 0.1032, "711.0": 0.1095, "653.0": 0.339, "707.0": 0.1193, "717.0": 0.0987, "687.0": 0.1948, "713.0": 0.1052, "657.0": 0.3195, "680.0": 0.2276, "689.0": 0.1876, "701.0": 0.1376, "664.0": 0.2959, "684.0": 0.2064, "682.0": 0.217}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1932, "long_delta": 0.1212, "short_iv": 0.1071, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.598663, "long_quote_age": 0.612092, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 718.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.99 (gross $-59.99 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:08:58.844766+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient upward momentum with positive 1D (+0.09%) and 5D (+0.26%) returns alongside an IV/RV ratio of 0.70.", "invalidation": "A downward price break turning QQQ 5-day return negative below 716.47."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"716.0": 0.0994, "688.0": 0.1878, "681.0": 0.2208, "655.0": 0.3279, "713.0": 0.1043, "720.0": 0.0953, "707.0": 0.1187, "710.0": 0.111, "645.0": 0.3768, "660.0": 0.3146, "700.0": 0.1396, "684.0": 0.2049, "659.0": 0.3196, "671.0": 0.267, "711.0": 0.1087, "683.0": 0.2102, "705.0": 0.1237, "657.0": 0.3182, "703.0": 0.1296, "665.0": 0.2895, "656.0": 0.3231, "714.0": 0.1024, "653.0": 0.3377, "648.0": 0.3621, "672.0": 0.2618, "686.0": 0.1987, "670.0": 0.2644, "699.0": 0.1432, "646.0": 0.3719, "673.0": 0.2567, "717.0": 0.098, "666.0": 0.2845, "661.0": 0.3096, "654.0": 0.3328, "643.0": 0.3866, "677.0": 0.236, "692.0": 0.1694, "693.0": 0.1697, "697.0": 0.1512, "647.0": 0.367, "701.0": 0.1365, "685.0": 0.2041, "679.0": 0.2314, "695.0": 0.1607, "718.0": 0.0973, "664.0": 0.2945, "715.0": 0.1008, "706.0": 0.1212, "650.0": 0.3524, "667.0": 0.2794, "649.0": 0.3572, "678.0": 0.2309, "682.0": 0.2155, "702.0": 0.1337, "652.0": 0.3426, "689.0": 0.1861, "668.0": 0.2744, "709.0": 0.1135, "721.0": 0.095, "651.0": 0.3475, "658.0": 0.3246, "675.0": 0.2464, "691.0": 0.175, "690.0": 0.1805, "662.0": 0.3045, "676.0": 0.2412, "642.0": 0.3915, "712.0": 0.1062, "663.0": 0.2995, "696.0": 0.1549, "708.0": 0.1162, "694.0": 0.1612, "704.0": 0.1264, "698.0": 0.1473, "644.0": 0.3817, "674.0": 0.2515, "669.0": 0.2694, "687.0": 0.1933, "719.0": 0.0962, "680.0": 0.2261}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2015, "long_delta": 0.0941, "short_iv": 0.1062, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.495579, "long_quote_age": 0.495315, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 718.345}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.08 (gross $-101.08 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:09:10.996004+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays positive momentum with 1D at +0.09% and 5D at +0.26% alongside an ATM IV of 9.44% relative to 13.54% RV20, favoring a put credit spread across the 4-7 DTE window.", "invalidation": "A decline in QQQ turning the 5D return negative invalidates the bullish stance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"664.0": 0.2944, "651.0": 0.3473, "673.0": 0.2565, "706.0": 0.121, "691.0": 0.1748, "714.0": 0.1026, "668.0": 0.2743, "658.0": 0.3245, "696.0": 0.1547, "687.0": 0.1931, "647.0": 0.3669, "656.0": 0.3229, "716.0": 0.0997, "644.0": 0.3816, "682.0": 0.2154, "666.0": 0.2843, "662.0": 0.3044, "678.0": 0.2307, "646.0": 0.3718, "694.0": 0.161, "684.0": 0.2048, "674.0": 0.2514, "650.0": 0.3522, "697.0": 0.151, "688.0": 0.1877, "665.0": 0.2893, "705.0": 0.1235, "669.0": 0.2693, "681.0": 0.2207, "685.0": 0.2039, "721.0": 0.095, "708.0": 0.116, "704.0": 0.1262, "695.0": 0.1605, "660.0": 0.3144, "698.0": 0.1471, "702.0": 0.1335, "676.0": 0.2411, "707.0": 0.1185, "671.0": 0.2668, "711.0": 0.1089, "693.0": 0.1695, "689.0": 0.1859, "675.0": 0.2462, "648.0": 0.362, "715.0": 0.1011, "645.0": 0.3767, "720.0": 0.0958, "670.0": 0.2642, "710.0": 0.1108, "657.0": 0.3181, "703.0": 0.1294, "653.0": 0.3376, "692.0": 0.1693, "701.0": 0.1363, "649.0": 0.3571, "655.0": 0.3278, "672.0": 0.2617, "667.0": 0.2793, "718.0": 0.0975, "709.0": 0.1132, "700.0": 0.1394, "713.0": 0.1044, "663.0": 0.2994, "679.0": 0.2312, "699.0": 0.143, "654.0": 0.3327, "686.0": 0.1985, "690.0": 0.1804, "712.0": 0.1068, "661.0": 0.3094, "683.0": 0.2101, "659.0": 0.3195, "652.0": 0.3425, "719.0": 0.0967, "680.0": 0.226, "677.0": 0.2359, "717.0": 0.0986}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.38, "short_delta": 0.204, "long_delta": 0.1277, "short_iv": 0.1068, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.425797, "long_quote_age": 0.431585, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9849}, "spot": 718.295}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.85 (gross $-57.85 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:10:31.357621+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with 1D gain of +0.09% and 5D gain of +0.26% while ATM IV of 9.44% trades below 20-day realized volatility at an IV/RV ratio of 0.70.", "invalidation": "QQQ 5-day return turning negative accompanied by sharp spot price decline below current trading levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"653.0": 0.338, "665.0": 0.2898, "654.0": 0.3331, "696.0": 0.1553, "711.0": 0.1093, "658.0": 0.3249, "655.0": 0.3283, "719.0": 0.0968, "704.0": 0.128, "643.0": 0.3869, "699.0": 0.1436, "716.0": 0.0996, "663.0": 0.2998, "709.0": 0.114, "700.0": 0.1409, "683.0": 0.2106, "664.0": 0.2948, "678.0": 0.2312, "649.0": 0.3575, "720.0": 0.0959, "705.0": 0.1242, "659.0": 0.3199, "676.0": 0.2415, "710.0": 0.1116, "684.0": 0.2053, "685.0": 0.2044, "670.0": 0.2647, "692.0": 0.1729, "706.0": 0.1217, "682.0": 0.2159, "691.0": 0.1753, "690.0": 0.1809, "657.0": 0.3185, "713.0": 0.1044, "689.0": 0.1864, "695.0": 0.1611, "646.0": 0.3722, "666.0": 0.2848, "668.0": 0.2747, "651.0": 0.3478, "687.0": 0.1936, "652.0": 0.3429, "647.0": 0.3673, "642.0": 0.3918, "688.0": 0.1882, "708.0": 0.1167, "662.0": 0.3049, "712.0": 0.1068, "703.0": 0.1301, "677.0": 0.2364, "672.0": 0.2622, "681.0": 0.2212, "717.0": 0.0987, "714.0": 0.1029, "686.0": 0.199, "697.0": 0.1516, "673.0": 0.257, "715.0": 0.1012, "679.0": 0.2317, "680.0": 0.2265, "707.0": 0.1193, "650.0": 0.3527, "645.0": 0.3771, "698.0": 0.1477, "674.0": 0.2519, "675.0": 0.2467, "702.0": 0.1341, "718.0": 0.0973, "721.0": 0.0949, "671.0": 0.2673, "667.0": 0.2798, "669.0": 0.2697, "693.0": 0.1701, "661.0": 0.3099, "648.0": 0.3624, "644.0": 0.382, "694.0": 0.163, "660.0": 0.3149, "656.0": 0.3234, "701.0": 0.1377}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2005, "long_delta": 0.0938, "short_iv": 0.1068, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.546957, "long_quote_age": 0.567058, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 718.38}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.21 (gross $-101.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:10:44.919299+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates upward momentum with 1D gain of +0.09% and 5D gain of +0.26% with IV/RV at 0.70.", "invalidation": "QQQ spot price falls sharply erasing its 5D gain of +0.26%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"703.0": 0.1308, "713.0": 0.1045, "644.0": 0.3817, "706.0": 0.1211, "651.0": 0.3474, "683.0": 0.2102, "682.0": 0.2155, "701.0": 0.1372, "710.0": 0.111, "672.0": 0.2618, "717.0": 0.0983, "678.0": 0.2309, "716.0": 0.0995, "693.0": 0.1697, "695.0": 0.1607, "681.0": 0.2208, "699.0": 0.1431, "712.0": 0.1066, "658.0": 0.3246, "685.0": 0.2041, "721.0": 0.0949, "709.0": 0.1134, "720.0": 0.0954, "691.0": 0.1749, "688.0": 0.1878, "645.0": 0.3768, "687.0": 0.1932, "692.0": 0.1725, "643.0": 0.3866, "657.0": 0.3182, "668.0": 0.2744, "708.0": 0.1162, "689.0": 0.186, "697.0": 0.1512, "698.0": 0.1473, "671.0": 0.2669, "647.0": 0.367, "656.0": 0.323, "675.0": 0.2463, "694.0": 0.1626, "652.0": 0.3426, "704.0": 0.1275, "661.0": 0.3095, "655.0": 0.3279, "677.0": 0.236, "659.0": 0.3196, "648.0": 0.3621, "702.0": 0.1336, "684.0": 0.2049, "642.0": 0.3915, "663.0": 0.2995, "690.0": 0.1805, "676.0": 0.2412, "660.0": 0.3146, "711.0": 0.1089, "665.0": 0.2895, "705.0": 0.1246, "696.0": 0.1548, "680.0": 0.2261, "669.0": 0.2694, "700.0": 0.1404, "653.0": 0.3377, "674.0": 0.2515, "707.0": 0.1187, "664.0": 0.2945, "654.0": 0.3328, "679.0": 0.2314, "714.0": 0.1025, "667.0": 0.2794, "718.0": 0.0972, "649.0": 0.3572, "715.0": 0.1011, "650.0": 0.3523, "666.0": 0.2844, "719.0": 0.0963, "673.0": 0.2567, "670.0": 0.2644, "662.0": 0.3045, "646.0": 0.3719, "686.0": 0.1986}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2026, "long_delta": 0.0941, "short_iv": 0.1066, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.915855, "long_quote_age": 0.439934, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 718.325}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.40 (gross $-100.40 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:12:11.762247+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains upward momentum with 1-day return of +0.08% and 5-day return of +0.25% while IV/RV sits at 0.69.", "invalidation": "QQQ spot price declines significantly below the 718.22 level, turning 5-day returns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"677.0": 0.2351, "718.0": 0.0965, "643.0": 0.3857, "708.0": 0.1153, "659.0": 0.3187, "656.0": 0.3222, "657.0": 0.3173, "694.0": 0.1615, "692.0": 0.1715, "682.0": 0.2145, "673.0": 0.2557, "685.0": 0.2031, "707.0": 0.118, "681.0": 0.2198, "671.0": 0.266, "686.0": 0.1976, "648.0": 0.3613, "695.0": 0.1596, "662.0": 0.3036, "684.0": 0.2039, "667.0": 0.2785, "675.0": 0.2454, "652.0": 0.3417, "642.0": 0.3907, "703.0": 0.1296, "666.0": 0.2835, "715.0": 0.1002, "712.0": 0.1057, "691.0": 0.1739, "710.0": 0.1105, "721.0": 0.094, "711.0": 0.1079, "668.0": 0.2735, "701.0": 0.136, "720.0": 0.0951, "653.0": 0.3368, "658.0": 0.3237, "674.0": 0.2506, "709.0": 0.1131, "680.0": 0.2251, "699.0": 0.142, "661.0": 0.3086, "719.0": 0.0957, "717.0": 0.0976, "678.0": 0.2299, "672.0": 0.2609, "698.0": 0.1461, "650.0": 0.3515, "665.0": 0.2886, "669.0": 0.2685, "713.0": 0.1036, "716.0": 0.0989, "702.0": 0.1324, "649.0": 0.3564, "714.0": 0.1018, "690.0": 0.1795, "644.0": 0.3808, "645.0": 0.3759, "651.0": 0.3466, "676.0": 0.2402, "647.0": 0.3662, "654.0": 0.3319, "687.0": 0.1922, "663.0": 0.2986, "660.0": 0.3137, "688.0": 0.1868, "683.0": 0.2092, "646.0": 0.371, "679.0": 0.2304, "693.0": 0.1686, "664.0": 0.2936, "704.0": 0.1262, "700.0": 0.1392, "670.0": 0.2635, "696.0": 0.1537, "697.0": 0.1501, "655.0": 0.3271, "705.0": 0.1233, "706.0": 0.1206, "689.0": 0.185}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2076, "long_delta": 0.0966, "short_iv": 0.1057, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.582833, "long_quote_age": 0.641916, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 718.155}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.11 (gross $-101.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:12:26.675287+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates resilient positive performance with 1D gain of +0.08% and 5D gain of +0.25%.", "invalidation": "A reversal resulting in a downward decline in QQQ spot below 718.22 would invalidate the bullish outlook."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"712.0": 0.1059, "679.0": 0.2307, "680.0": 0.2255, "677.0": 0.2354, "652.0": 0.342, "654.0": 0.3323, "675.0": 0.2457, "700.0": 0.1397, "716.0": 0.0992, "720.0": 0.0953, "664.0": 0.2939, "665.0": 0.2889, "708.0": 0.1159, "686.0": 0.198, "657.0": 0.3176, "714.0": 0.1021, "691.0": 0.1743, "721.0": 0.0944, "699.0": 0.1424, "688.0": 0.1872, "646.0": 0.3714, "676.0": 0.2406, "648.0": 0.3616, "711.0": 0.1085, "687.0": 0.1926, "717.0": 0.0979, "667.0": 0.2788, "694.0": 0.1619, "670.0": 0.2638, "705.0": 0.1238, "719.0": 0.096, "704.0": 0.1267, "678.0": 0.2303, "671.0": 0.2664, "668.0": 0.2738, "701.0": 0.1365, "697.0": 0.1505, "693.0": 0.169, "645.0": 0.3763, "649.0": 0.3567, "690.0": 0.1798, "663.0": 0.2989, "659.0": 0.319, "683.0": 0.2096, "647.0": 0.3665, "672.0": 0.2612, "681.0": 0.2202, "715.0": 0.1005, "660.0": 0.314, "669.0": 0.2688, "674.0": 0.2509, "695.0": 0.16, "651.0": 0.3469, "713.0": 0.1039, "661.0": 0.309, "706.0": 0.1211, "709.0": 0.113, "707.0": 0.1186, "682.0": 0.2149, "650.0": 0.3518, "702.0": 0.1328, "644.0": 0.3812, "685.0": 0.2034, "653.0": 0.3371, "710.0": 0.1105, "656.0": 0.3225, "655.0": 0.3274, "684.0": 0.2043, "662.0": 0.3039, "703.0": 0.13, "718.0": 0.0969, "666.0": 0.2839, "689.0": 0.1854, "692.0": 0.1718, "658.0": 0.324, "698.0": 0.1466, "696.0": 0.1541, "673.0": 0.2561}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2055, "long_delta": 0.1298, "short_iv": 0.1059, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.431404, "long_quote_age": 0.415248, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9886}, "spot": 718.105}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.11 (gross $-60.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:13:45.963451+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates positive 1-day (+0.07%) and 5-day (+0.25%) returns alongside an ATM IV of 9.29%.", "invalidation": "QQQ spot price falls below the 718.21 level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"644.0": 0.3812, "705.0": 0.1229, "651.0": 0.347, "662.0": 0.304, "713.0": 0.1034, "674.0": 0.251, "712.0": 0.1056, "676.0": 0.2407, "650.0": 0.3519, "666.0": 0.284, "692.0": 0.1688, "642.0": 0.391, "649.0": 0.3568, "699.0": 0.1425, "720.0": 0.0949, "697.0": 0.1506, "690.0": 0.1799, "687.0": 0.1927, "669.0": 0.2689, "710.0": 0.1101, "715.0": 0.1, "711.0": 0.1079, "656.0": 0.3226, "647.0": 0.3665, "664.0": 0.294, "678.0": 0.2304, "659.0": 0.3191, "696.0": 0.1542, "645.0": 0.3763, "648.0": 0.3617, "702.0": 0.133, "677.0": 0.2355, "654.0": 0.3323, "689.0": 0.1855, "657.0": 0.3177, "700.0": 0.1398, "698.0": 0.1467, "667.0": 0.2789, "672.0": 0.2613, "660.0": 0.3141, "653.0": 0.3372, "671.0": 0.2664, "681.0": 0.2203, "684.0": 0.2044, "709.0": 0.1126, "646.0": 0.3714, "718.0": 0.0965, "670.0": 0.2639, "707.0": 0.1179, "658.0": 0.3241, "686.0": 0.1981, "688.0": 0.1873, "695.0": 0.1601, "721.0": 0.0941, "693.0": 0.1663, "675.0": 0.2458, "691.0": 0.1744, "679.0": 0.2308, "661.0": 0.3091, "694.0": 0.162, "683.0": 0.2097, "652.0": 0.3421, "685.0": 0.2035, "668.0": 0.2739, "673.0": 0.2561, "719.0": 0.0958, "682.0": 0.215, "703.0": 0.1289, "643.0": 0.3861, "716.0": 0.0987, "714.0": 0.1018, "655.0": 0.3275, "663.0": 0.299, "701.0": 0.1358, "708.0": 0.1153, "706.0": 0.1204, "665.0": 0.289, "704.0": 0.1268, "717.0": 0.0973, "680.0": 0.2256}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2042, "long_delta": 0.0947, "short_iv": 0.1056, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.406645, "long_quote_age": 0.704195, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 718.21}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.42 (gross $-101.42 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:13:56.709518+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum across 1D (+0.07%) and 5D (+0.25%) periods, supporting a put credit spread across 4 to 7 DTE.", "invalidation": "QQQ spot price declining below recent momentum with 1D returns turning sharply negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"672.0": 0.2613, "710.0": 0.11, "713.0": 0.1033, "653.0": 0.3372, "704.0": 0.1267, "661.0": 0.309, "716.0": 0.0986, "644.0": 0.3812, "711.0": 0.1078, "670.0": 0.2638, "719.0": 0.0958, "712.0": 0.1055, "647.0": 0.3665, "676.0": 0.2406, "693.0": 0.1662, "706.0": 0.1203, "671.0": 0.2664, "685.0": 0.2035, "656.0": 0.3225, "683.0": 0.2096, "709.0": 0.1125, "715.0": 0.0999, "667.0": 0.2789, "703.0": 0.1289, "681.0": 0.2202, "687.0": 0.1926, "694.0": 0.162, "721.0": 0.0939, "699.0": 0.1424, "686.0": 0.1981, "708.0": 0.1153, "702.0": 0.1329, "689.0": 0.1854, "700.0": 0.1397, "650.0": 0.3518, "642.0": 0.391, "682.0": 0.2149, "690.0": 0.1799, "720.0": 0.0949, "678.0": 0.2303, "701.0": 0.1358, "680.0": 0.2255, "696.0": 0.1542, "707.0": 0.1178, "668.0": 0.2739, "673.0": 0.2561, "674.0": 0.2509, "651.0": 0.3469, "698.0": 0.1466, "697.0": 0.1505, "688.0": 0.1872, "664.0": 0.294, "666.0": 0.2839, "679.0": 0.2308, "658.0": 0.3241, "665.0": 0.2889, "691.0": 0.1743, "662.0": 0.304, "654.0": 0.3323, "646.0": 0.3714, "677.0": 0.2355, "692.0": 0.1688, "663.0": 0.299, "675.0": 0.2458, "643.0": 0.3861, "669.0": 0.2688, "660.0": 0.314, "714.0": 0.1015, "645.0": 0.3763, "659.0": 0.3191, "717.0": 0.0973, "655.0": 0.3274, "684.0": 0.2043, "652.0": 0.3421, "718.0": 0.0964, "648.0": 0.3616, "705.0": 0.1228, "695.0": 0.16, "657.0": 0.3177, "649.0": 0.3567}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.63, "short_delta": 0.2377, "long_delta": 0.1105, "short_iv": 0.1033, "short_rel_spread": 0.018348623853211024, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.635702, "long_quote_age": 0.73058, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 437.0, "total_risk": 10488.0, "buying_power_used_pct": 0.9856}, "spot": 718.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.78 (gross $-98.28 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:15:18.681980+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive momentum with 1D return of +0.06% and 5D return of +0.24% at spot 718.12, supporting an out-of-the-money put credit spread.", "invalidation": "QQQ reverses its 5D upward drift and breaks below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"646.0": 0.3711, "693.0": 0.1659, "682.0": 0.2146, "700.0": 0.1394, "694.0": 0.1602, "710.0": 0.1101, "703.0": 0.1285, "668.0": 0.2736, "689.0": 0.1851, "706.0": 0.1199, "658.0": 0.3238, "649.0": 0.3565, "677.0": 0.2352, "704.0": 0.1263, "671.0": 0.2661, "678.0": 0.23, "719.0": 0.0951, "688.0": 0.1869, "686.0": 0.1977, "720.0": 0.0942, "642.0": 0.3907, "659.0": 0.3188, "690.0": 0.1796, "702.0": 0.1325, "669.0": 0.2686, "697.0": 0.1502, "676.0": 0.2403, "681.0": 0.2199, "721.0": 0.0936, "667.0": 0.2786, "657.0": 0.3174, "656.0": 0.3223, "685.0": 0.2032, "692.0": 0.1685, "717.0": 0.0968, "674.0": 0.2507, "716.0": 0.0982, "684.0": 0.204, "679.0": 0.2305, "695.0": 0.1597, "644.0": 0.3809, "691.0": 0.174, "664.0": 0.2937, "714.0": 0.1012, "648.0": 0.3613, "655.0": 0.3272, "699.0": 0.1421, "660.0": 0.3138, "645.0": 0.376, "712.0": 0.1052, "709.0": 0.112, "696.0": 0.1538, "718.0": 0.0958, "673.0": 0.2558, "663.0": 0.2987, "708.0": 0.1148, "715.0": 0.0995, "651.0": 0.3467, "701.0": 0.1354, "713.0": 0.1031, "680.0": 0.2252, "650.0": 0.3516, "662.0": 0.3037, "675.0": 0.2455, "707.0": 0.1174, "698.0": 0.1463, "661.0": 0.3087, "643.0": 0.3858, "665.0": 0.2887, "670.0": 0.2635, "687.0": 0.1923, "666.0": 0.2836, "711.0": 0.1076, "683.0": 0.2093, "672.0": 0.261, "652.0": 0.3418, "654.0": 0.332, "647.0": 0.3662, "705.0": 0.1224, "653.0": 0.3369}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2057, "long_delta": 0.095, "short_iv": 0.1052, "short_rel_spread": 0.021739130434782625, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.40499, "long_quote_age": 0.941431, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 718.095}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.37 (gross $-101.87 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:15:29.910430+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with 1D +0.06% and 5D +0.24% gains, supporting an out-of-the-money put credit spread across the 4-7 DTE window.", "invalidation": "QQQ spot declines below 718.12 reversing the 5D upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"682.0": 0.2146, "687.0": 0.1923, "704.0": 0.1263, "709.0": 0.1126, "680.0": 0.2252, "683.0": 0.2093, "671.0": 0.2661, "657.0": 0.3174, "645.0": 0.376, "648.0": 0.3613, "711.0": 0.1076, "710.0": 0.1101, "667.0": 0.2786, "697.0": 0.1502, "692.0": 0.1685, "643.0": 0.3858, "678.0": 0.23, "653.0": 0.3369, "713.0": 0.1031, "715.0": 0.0997, "679.0": 0.2305, "702.0": 0.1325, "716.0": 0.0982, "705.0": 0.1224, "689.0": 0.1851, "656.0": 0.3223, "673.0": 0.2558, "708.0": 0.1148, "659.0": 0.3188, "706.0": 0.1199, "701.0": 0.1354, "675.0": 0.2455, "699.0": 0.1421, "663.0": 0.2987, "700.0": 0.1394, "662.0": 0.3037, "686.0": 0.1977, "719.0": 0.0947, "670.0": 0.2635, "672.0": 0.261, "647.0": 0.3662, "712.0": 0.1054, "651.0": 0.3467, "646.0": 0.3711, "714.0": 0.1014, "665.0": 0.2887, "674.0": 0.2507, "642.0": 0.3907, "666.0": 0.2836, "669.0": 0.2686, "717.0": 0.0972, "684.0": 0.204, "677.0": 0.2352, "721.0": 0.0934, "707.0": 0.1174, "691.0": 0.174, "658.0": 0.3238, "661.0": 0.3087, "654.0": 0.332, "676.0": 0.2403, "649.0": 0.3565, "694.0": 0.1602, "664.0": 0.2937, "703.0": 0.1285, "681.0": 0.2199, "644.0": 0.3809, "693.0": 0.1659, "660.0": 0.3138, "685.0": 0.2032, "698.0": 0.1463, "655.0": 0.3272, "650.0": 0.3516, "696.0": 0.1538, "720.0": 0.0943, "668.0": 0.2736, "688.0": 0.1869, "718.0": 0.0959, "695.0": 0.1597, "690.0": 0.1796, "652.0": 0.3418}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2062, "long_delta": 0.095, "short_iv": 0.1054, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.858489, "long_quote_age": 0.473322, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 718.125}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.60 (gross $-101.60 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:16:50.019173+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits positive 1-day (+0.07%) and 5-day (+0.24%) returns alongside low IV relative to RV (IV/RV of 0.69), favoring an income-generating put credit spread.", "invalidation": "A sharp downward decline in QQQ spot below the short strike during the 3 to 7 day holding period."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"705.0": 0.1232, "678.0": 0.2298, "716.0": 0.098, "642.0": 0.3906, "663.0": 0.2985, "698.0": 0.1461, "695.0": 0.157, "677.0": 0.235, "683.0": 0.2092, "666.0": 0.2835, "643.0": 0.3857, "719.0": 0.095, "714.0": 0.1012, "708.0": 0.1145, "650.0": 0.3514, "649.0": 0.3563, "701.0": 0.1352, "645.0": 0.3759, "667.0": 0.2785, "687.0": 0.1921, "644.0": 0.3808, "668.0": 0.2734, "669.0": 0.2684, "696.0": 0.1536, "660.0": 0.3136, "654.0": 0.3319, "680.0": 0.225, "711.0": 0.1072, "679.0": 0.2303, "688.0": 0.1867, "697.0": 0.15, "702.0": 0.1323, "703.0": 0.1295, "684.0": 0.2039, "707.0": 0.1171, "713.0": 0.1032, "661.0": 0.3086, "682.0": 0.2145, "712.0": 0.1051, "671.0": 0.2659, "665.0": 0.2885, "715.0": 0.0995, "709.0": 0.1123, "706.0": 0.1205, "699.0": 0.1419, "670.0": 0.2634, "691.0": 0.1738, "657.0": 0.3172, "673.0": 0.2556, "721.0": 0.0935, "646.0": 0.371, "694.0": 0.16, "676.0": 0.2402, "686.0": 0.1976, "648.0": 0.3612, "704.0": 0.1261, "692.0": 0.1683, "656.0": 0.3221, "664.0": 0.2935, "651.0": 0.3465, "717.0": 0.097, "662.0": 0.3036, "718.0": 0.0959, "720.0": 0.0942, "674.0": 0.2505, "653.0": 0.3368, "647.0": 0.3661, "693.0": 0.1657, "652.0": 0.3416, "690.0": 0.1794, "675.0": 0.2453, "681.0": 0.2198, "685.0": 0.203, "659.0": 0.3186, "658.0": 0.3236, "672.0": 0.2608, "655.0": 0.327, "689.0": 0.1849, "700.0": 0.1392, "710.0": 0.1098}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2068, "long_delta": 0.0952, "short_iv": 0.1051, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.580444, "long_quote_age": 0.677415, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 718.075}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.81 (gross $-101.81 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:17:01.143391+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with 1D at +0.07% and 5D at +0.24% with 4D ATM IV at 9.29%.", "invalidation": "QQQ spot price declines significantly below 718.15 reversing the positive 5D trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"657.0": 0.3176, "662.0": 0.3039, "655.0": 0.3273, "673.0": 0.256, "665.0": 0.2888, "690.0": 0.1798, "693.0": 0.1661, "692.0": 0.1686, "677.0": 0.2353, "667.0": 0.2788, "653.0": 0.3371, "644.0": 0.3811, "674.0": 0.2508, "718.0": 0.096, "685.0": 0.2033, "659.0": 0.3189, "647.0": 0.3664, "650.0": 0.3517, "707.0": 0.1177, "711.0": 0.1074, "666.0": 0.2838, "708.0": 0.1151, "672.0": 0.2611, "704.0": 0.1266, "721.0": 0.0933, "720.0": 0.0938, "648.0": 0.3615, "712.0": 0.1057, "675.0": 0.2457, "668.0": 0.2738, "700.0": 0.1396, "687.0": 0.1925, "651.0": 0.3468, "686.0": 0.1979, "680.0": 0.2254, "717.0": 0.0968, "715.0": 0.0996, "691.0": 0.1742, "645.0": 0.3762, "714.0": 0.1012, "696.0": 0.154, "652.0": 0.342, "654.0": 0.3322, "669.0": 0.2687, "658.0": 0.324, "684.0": 0.2042, "679.0": 0.2307, "699.0": 0.1423, "682.0": 0.2148, "656.0": 0.3224, "710.0": 0.1098, "660.0": 0.3139, "663.0": 0.2989, "671.0": 0.2663, "709.0": 0.1123, "713.0": 0.1033, "646.0": 0.3713, "676.0": 0.2405, "695.0": 0.1574, "661.0": 0.3089, "706.0": 0.1201, "702.0": 0.1327, "683.0": 0.2095, "664.0": 0.2938, "689.0": 0.1853, "694.0": 0.1604, "716.0": 0.0983, "705.0": 0.1237, "703.0": 0.1287, "670.0": 0.2637, "678.0": 0.2302, "719.0": 0.0952, "701.0": 0.1356, "688.0": 0.1871, "649.0": 0.3566, "698.0": 0.1465, "697.0": 0.1504, "681.0": 0.2201}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2057, "long_delta": 0.1286, "short_iv": 0.1057, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.486145, "long_quote_age": 0.427237, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9849}, "spot": 718.155}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.94 (gross $-58.94 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:18:30.539237+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with +0.08% 1D and +0.26% 5D performance while ATM IV(4D) trades at 9.23% with an IV/RV ratio of 0.68.", "invalidation": "A negative intraday decline reversing the positive 5-day trend would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"714.0": 0.1017, "671.0": 0.2589, "696.0": 0.1543, "703.0": 0.129, "716.0": 0.0981, "700.0": 0.1382, "672.0": 0.2613, "650.0": 0.3519, "663.0": 0.2991, "687.0": 0.1927, "665.0": 0.289, "688.0": 0.1873, "668.0": 0.274, "655.0": 0.3275, "662.0": 0.3041, "643.0": 0.3862, "695.0": 0.1576, "670.0": 0.2639, "720.0": 0.0937, "644.0": 0.3813, "680.0": 0.2256, "652.0": 0.3421, "707.0": 0.118, "673.0": 0.2562, "669.0": 0.2689, "642.0": 0.3911, "649.0": 0.3568, "717.0": 0.0969, "675.0": 0.2459, "677.0": 0.2356, "694.0": 0.1607, "684.0": 0.2044, "691.0": 0.1744, "702.0": 0.1316, "674.0": 0.251, "711.0": 0.1078, "648.0": 0.3617, "683.0": 0.2097, "647.0": 0.3666, "660.0": 0.3141, "709.0": 0.1127, "685.0": 0.1991, "656.0": 0.3226, "690.0": 0.1764, "659.0": 0.308, "721.0": 0.0929, "697.0": 0.1484, "692.0": 0.1689, "645.0": 0.3764, "712.0": 0.1057, "719.0": 0.0945, "704.0": 0.1257, "710.0": 0.1102, "705.0": 0.123, "666.0": 0.284, "651.0": 0.347, "698.0": 0.1447, "678.0": 0.2304, "715.0": 0.0998, "693.0": 0.1663, "686.0": 0.1938, "679.0": 0.2309, "699.0": 0.1426, "676.0": 0.2407, "661.0": 0.3091, "682.0": 0.215, "646.0": 0.3715, "706.0": 0.1205, "657.0": 0.3177, "689.0": 0.1855, "701.0": 0.1351, "708.0": 0.1147, "681.0": 0.2203, "658.0": 0.3129, "664.0": 0.294, "667.0": 0.279, "654.0": 0.3324, "713.0": 0.1033, "653.0": 0.3373, "718.0": 0.0957}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.52, "short_delta": 0.204, "long_delta": 0.0946, "short_iv": 0.1057, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.466979, "long_quote_age": 0.417322, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 718.195}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.26 (gross $-102.26 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:18:41.735627+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive short-term momentum with 1D at +0.08% and 5D at +0.26% while IV/RV is at 0.68.", "invalidation": "A reversal in QQQ pulling the 5D return into negative territory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"680.0": 0.2256, "681.0": 0.2203, "717.0": 0.0969, "663.0": 0.299, "708.0": 0.1147, "658.0": 0.3129, "700.0": 0.1381, "685.0": 0.1991, "661.0": 0.3091, "657.0": 0.3177, "656.0": 0.3226, "716.0": 0.0981, "645.0": 0.3764, "646.0": 0.3715, "687.0": 0.1927, "671.0": 0.2589, "673.0": 0.2562, "649.0": 0.3568, "684.0": 0.2044, "686.0": 0.1938, "721.0": 0.0926, "662.0": 0.3041, "667.0": 0.279, "709.0": 0.1126, "688.0": 0.1873, "651.0": 0.347, "665.0": 0.289, "706.0": 0.1204, "669.0": 0.2689, "655.0": 0.3275, "690.0": 0.1764, "668.0": 0.2739, "720.0": 0.0936, "670.0": 0.2639, "689.0": 0.1855, "652.0": 0.3421, "692.0": 0.1689, "714.0": 0.1014, "707.0": 0.118, "712.0": 0.1056, "702.0": 0.1316, "666.0": 0.284, "698.0": 0.1446, "703.0": 0.129, "664.0": 0.294, "713.0": 0.1035, "695.0": 0.1576, "694.0": 0.1606, "647.0": 0.3666, "679.0": 0.2309, "705.0": 0.123, "683.0": 0.2097, "660.0": 0.3141, "710.0": 0.1101, "691.0": 0.1744, "648.0": 0.3617, "677.0": 0.2355, "644.0": 0.3813, "654.0": 0.3324, "674.0": 0.251, "672.0": 0.2613, "659.0": 0.308, "699.0": 0.1425, "693.0": 0.1663, "650.0": 0.3519, "718.0": 0.0956, "653.0": 0.3372, "704.0": 0.1257, "696.0": 0.1543, "675.0": 0.2459, "682.0": 0.215, "676.0": 0.2407, "715.0": 0.0997, "701.0": 0.1351, "697.0": 0.1484, "678.0": 0.2304, "711.0": 0.1077, "719.0": 0.0944}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2041, "long_delta": 0.1282, "short_iv": 0.1056, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.018348623853211024, "short_quote_age": 1.008396, "long_quote_age": 0.672923, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9886}, "spot": 718.215}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.91 (gross $-59.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:20:03.273285+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 350, "thesis": "QQQ exhibits resilient positive momentum with 1D returns at +0.06% and 5D returns at +0.23% at spot 718.08.", "invalidation": "QQQ price turns sharply negative, violating the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"696.0": 0.1534, "650.0": 0.3512, "675.0": 0.2451, "698.0": 0.1458, "645.0": 0.3757, "689.0": 0.1847, "674.0": 0.2503, "669.0": 0.2682, "703.0": 0.128, "704.0": 0.1258, "707.0": 0.1168, "690.0": 0.1774, "694.0": 0.1598, "677.0": 0.2348, "709.0": 0.112, "678.0": 0.2296, "682.0": 0.2142, "686.0": 0.1973, "692.0": 0.168, "685.0": 0.1983, "662.0": 0.3034, "666.0": 0.2833, "681.0": 0.2195, "658.0": 0.3122, "708.0": 0.1142, "687.0": 0.1919, "700.0": 0.1389, "649.0": 0.3561, "646.0": 0.3708, "654.0": 0.3317, "693.0": 0.1655, "644.0": 0.3806, "695.0": 0.1568, "668.0": 0.2732, "663.0": 0.2983, "705.0": 0.1229, "643.0": 0.3772, "652.0": 0.3414, "651.0": 0.3463, "717.0": 0.0965, "676.0": 0.24, "706.0": 0.1193, "691.0": 0.1736, "660.0": 0.3134, "712.0": 0.1051, "699.0": 0.1416, "721.0": 0.0923, "673.0": 0.2554, "711.0": 0.1073, "719.0": 0.0942, "679.0": 0.2301, "671.0": 0.2657, "659.0": 0.3132, "697.0": 0.1486, "656.0": 0.3219, "680.0": 0.2248, "713.0": 0.1029, "701.0": 0.1349, "655.0": 0.3268, "683.0": 0.2089, "702.0": 0.132, "648.0": 0.361, "718.0": 0.0952, "667.0": 0.2782, "672.0": 0.2606, "657.0": 0.317, "661.0": 0.3084, "653.0": 0.3366, "710.0": 0.1094, "715.0": 0.0993, "670.0": 0.2632, "720.0": 0.0932, "664.0": 0.2933, "688.0": 0.1865, "714.0": 0.1011, "665.0": 0.2883, "716.0": 0.0978, "647.0": 0.3659, "684.0": 0.2036}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 30, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00708000", "short_strike": 712.0, "long_strike": 708.0, "width": 4.0, "credit": 0.47, "short_delta": 0.2085, "long_delta": 0.1113, "short_iv": 0.1051, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.613076, "long_quote_age": 0.616556, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 30, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 353.0, "total_risk": 10590.0, "buying_power_used_pct": 0.9952}, "spot": 718.055}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-81.34 (gross $-80.34 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 30 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:20:14.211450+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with 1D gain of +0.06% and 5D return of +0.23% alongside an ATM IV of 9.23%.", "invalidation": "QQQ spot price breaks downward reversing its positive 5D trajectory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"667.0": 0.2783, "711.0": 0.1071, "697.0": 0.1487, "717.0": 0.0964, "719.0": 0.0942, "688.0": 0.1865, "700.0": 0.1389, "690.0": 0.1756, "706.0": 0.1194, "650.0": 0.3512, "694.0": 0.1598, "720.0": 0.0933, "661.0": 0.3084, "647.0": 0.3659, "643.0": 0.3772, "653.0": 0.3366, "666.0": 0.2833, "687.0": 0.1919, "672.0": 0.2606, "716.0": 0.0977, "680.0": 0.2248, "658.0": 0.3122, "664.0": 0.2933, "649.0": 0.3561, "673.0": 0.2555, "689.0": 0.1847, "712.0": 0.1051, "713.0": 0.103, "657.0": 0.3171, "705.0": 0.1229, "683.0": 0.209, "678.0": 0.2296, "684.0": 0.2037, "704.0": 0.1258, "686.0": 0.1974, "645.0": 0.3757, "660.0": 0.3134, "651.0": 0.3464, "671.0": 0.2658, "677.0": 0.2348, "679.0": 0.2301, "681.0": 0.2196, "656.0": 0.3219, "702.0": 0.132, "709.0": 0.112, "668.0": 0.2732, "699.0": 0.1416, "662.0": 0.3034, "682.0": 0.2143, "691.0": 0.1736, "695.0": 0.1568, "693.0": 0.1655, "707.0": 0.1168, "698.0": 0.1458, "648.0": 0.361, "675.0": 0.2451, "652.0": 0.3415, "676.0": 0.24, "654.0": 0.3317, "721.0": 0.0922, "655.0": 0.3268, "665.0": 0.2883, "663.0": 0.2984, "642.0": 0.382, "710.0": 0.1094, "718.0": 0.0953, "703.0": 0.128, "644.0": 0.3806, "692.0": 0.168, "674.0": 0.2503, "701.0": 0.1349, "708.0": 0.1142, "685.0": 0.1983, "646.0": 0.3708, "659.0": 0.3132, "715.0": 0.0994, "669.0": 0.2682, "670.0": 0.2632, "696.0": 0.1534, "714.0": 0.101}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2084, "long_delta": 0.0954, "short_iv": 0.1051, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.426831, "long_quote_age": 0.486477, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 718.095}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.99 (gross $-100.99 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:21:37.030135+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady positive momentum with a 5D gain of +0.22% and 1D gain of +0.04% alongside low ATM IV relative to RV20 at an IV/RV ratio of 0.68.", "invalidation": "QQQ spot declines sharply breaching the short put strike as short-term volatility expands."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"688.0": 0.1855, "648.0": 0.3602, "703.0": 0.128, "718.0": 0.0953, "647.0": 0.3651, "710.0": 0.1089, "657.0": 0.3162, "676.0": 0.2391, "697.0": 0.1487, "686.0": 0.1964, "650.0": 0.3504, "654.0": 0.3309, "671.0": 0.2649, "662.0": 0.3025, "691.0": 0.1726, "682.0": 0.2133, "651.0": 0.3455, "675.0": 0.2443, "646.0": 0.37, "670.0": 0.2623, "689.0": 0.1837, "660.0": 0.3126, "665.0": 0.2875, "696.0": 0.1524, "695.0": 0.1558, "680.0": 0.2239, "658.0": 0.3114, "692.0": 0.1671, "655.0": 0.326, "681.0": 0.2186, "698.0": 0.1447, "707.0": 0.117, "702.0": 0.1308, "693.0": 0.1645, "679.0": 0.2292, "663.0": 0.2975, "699.0": 0.1405, "652.0": 0.3407, "720.0": 0.0932, "713.0": 0.1026, "673.0": 0.2546, "708.0": 0.1141, "719.0": 0.0944, "664.0": 0.2925, "661.0": 0.3075, "717.0": 0.0964, "643.0": 0.3764, "653.0": 0.3358, "709.0": 0.1117, "714.0": 0.101, "656.0": 0.3211, "715.0": 0.099, "669.0": 0.2674, "701.0": 0.1345, "700.0": 0.1378, "684.0": 0.2027, "712.0": 0.1052, "678.0": 0.2288, "666.0": 0.2824, "706.0": 0.1189, "721.0": 0.0924, "644.0": 0.3798, "716.0": 0.0979, "649.0": 0.3553, "677.0": 0.2339, "704.0": 0.1246, "685.0": 0.1974, "667.0": 0.2774, "668.0": 0.2724, "690.0": 0.1746, "687.0": 0.191, "645.0": 0.3749, "674.0": 0.2494, "672.0": 0.2597, "694.0": 0.1588, "711.0": 0.1072, "683.0": 0.208, "659.0": 0.3124, "705.0": 0.1216, "642.0": 0.3812}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2153, "long_delta": 0.0993, "short_iv": 0.1052, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.676673, "long_quote_age": 1.111406, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.49 (gross $-100.49 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:21:47.772295+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits resilient short-term momentum with positive 1D return of +0.04% and 5D return of +0.22% while ATM IV sits at 9.23%.", "invalidation": "QQQ spot price falls below 717.98 causing 5D returns to turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"697.0": 0.1484, "690.0": 0.1744, "718.0": 0.0955, "683.0": 0.2078, "679.0": 0.229, "666.0": 0.2822, "688.0": 0.1853, "651.0": 0.3453, "716.0": 0.0979, "680.0": 0.2237, "684.0": 0.2025, "689.0": 0.1835, "668.0": 0.2722, "650.0": 0.3502, "665.0": 0.2872, "647.0": 0.3649, "708.0": 0.1144, "671.0": 0.2646, "699.0": 0.1402, "719.0": 0.0945, "659.0": 0.3122, "682.0": 0.2131, "692.0": 0.1668, "657.0": 0.316, "672.0": 0.2595, "644.0": 0.3796, "653.0": 0.3356, "709.0": 0.1119, "717.0": 0.0964, "715.0": 0.0991, "662.0": 0.3023, "694.0": 0.1585, "667.0": 0.2772, "669.0": 0.2671, "704.0": 0.1253, "706.0": 0.1194, "687.0": 0.1907, "693.0": 0.1642, "701.0": 0.1342, "649.0": 0.3551, "646.0": 0.3698, "686.0": 0.1962, "720.0": 0.0933, "721.0": 0.093, "648.0": 0.36, "698.0": 0.1444, "685.0": 0.1972, "714.0": 0.1011, "712.0": 0.1051, "710.0": 0.1091, "661.0": 0.3073, "681.0": 0.2184, "656.0": 0.3209, "663.0": 0.2973, "707.0": 0.1166, "702.0": 0.1305, "654.0": 0.3307, "674.0": 0.2492, "664.0": 0.2923, "703.0": 0.1277, "676.0": 0.2388, "675.0": 0.244, "695.0": 0.1555, "678.0": 0.2285, "677.0": 0.2337, "658.0": 0.3111, "696.0": 0.1521, "673.0": 0.2543, "713.0": 0.1031, "705.0": 0.1222, "691.0": 0.1724, "655.0": 0.3258, "711.0": 0.1072, "652.0": 0.3404, "645.0": 0.3747, "670.0": 0.2621, "700.0": 0.1375, "660.0": 0.3123}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1861, "long_delta": 0.117, "short_iv": 0.1072, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.419787, "long_quote_age": 0.419234, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.9786}, "spot": 717.815}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.22 (gross $-61.22 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:23:08.209274+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ maintains positive momentum with 1D at +0.04% and 5D at +0.21% alongside an IV/RV ratio of 0.68.", "invalidation": "A downward price reversal in QQQ spot from 717.95 accompanied by sharp IV expansion."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"693.0": 0.1645, "685.0": 0.1975, "676.0": 0.2391, "705.0": 0.1226, "721.0": 0.093, "683.0": 0.2081, "701.0": 0.1346, "699.0": 0.1406, "658.0": 0.3174, "645.0": 0.3749, "647.0": 0.3652, "715.0": 0.0998, "696.0": 0.1524, "675.0": 0.2443, "720.0": 0.0939, "686.0": 0.1965, "650.0": 0.3505, "642.0": 0.3813, "706.0": 0.1198, "664.0": 0.2925, "694.0": 0.1589, "714.0": 0.1017, "666.0": 0.2825, "689.0": 0.1802, "668.0": 0.2724, "653.0": 0.3358, "695.0": 0.1558, "669.0": 0.2752, "644.0": 0.3798, "717.0": 0.0971, "680.0": 0.224, "679.0": 0.2293, "646.0": 0.37, "643.0": 0.3765, "654.0": 0.3309, "665.0": 0.2875, "659.0": 0.3124, "671.0": 0.2649, "709.0": 0.1124, "682.0": 0.2134, "684.0": 0.2028, "703.0": 0.1281, "719.0": 0.0949, "656.0": 0.3212, "690.0": 0.1782, "712.0": 0.1057, "649.0": 0.3554, "711.0": 0.1078, "713.0": 0.1037, "678.0": 0.2288, "672.0": 0.2598, "710.0": 0.1101, "677.0": 0.234, "655.0": 0.3261, "716.0": 0.0985, "681.0": 0.2187, "688.0": 0.1856, "708.0": 0.1149, "697.0": 0.1487, "718.0": 0.0959, "660.0": 0.3126, "657.0": 0.3163, "704.0": 0.1252, "700.0": 0.1378, "662.0": 0.3026, "663.0": 0.2976, "707.0": 0.1171, "648.0": 0.3603, "661.0": 0.3076, "698.0": 0.1448, "673.0": 0.2546, "692.0": 0.1671, "687.0": 0.191, "702.0": 0.1309, "674.0": 0.2495, "691.0": 0.1727, "667.0": 0.2775, "652.0": 0.3407, "670.0": 0.2701, "651.0": 0.3456}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1853, "long_delta": 0.0855, "short_iv": 0.1078, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.424641, "long_quote_age": 0.461535, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 717.935}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.95 (gross $-101.95 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:23:19.805439+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with a 5D return of +0.21% and 1D return of +0.04% while IV/RV sits at 0.68.", "invalidation": "QQQ spot price falls sharply below the short put strike as 5D performance turns negative."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"692.0": 0.1711, "714.0": 0.1172, "670.0": 0.2551, "694.0": 0.1654, "645.0": 0.3522, "682.0": 0.2072, "660.0": 0.2944, "688.0": 0.1851, "707.0": 0.1314, "648.0": 0.3385, "646.0": 0.3476, "696.0": 0.1593, "676.0": 0.2321, "679.0": 0.219, "684.0": 0.1998, "683.0": 0.2035, "695.0": 0.1618, "721.0": 0.1079, "659.0": 0.2958, "705.0": 0.1359, "710.0": 0.1251, "649.0": 0.3339, "697.0": 0.1563, "709.0": 0.127, "680.0": 0.214, "706.0": 0.1336, "687.0": 0.1892, "703.0": 0.1408, "671.0": 0.2503, "713.0": 0.1191, "720.0": 0.1087, "669.0": 0.2575, "661.0": 0.2928, "701.0": 0.1455, "655.0": 0.3144, "650.0": 0.3337, "647.0": 0.3431, "690.0": 0.1785, "718.0": 0.1115, "719.0": 0.11, "658.0": 0.3005, "663.0": 0.2833, "674.0": 0.238, "699.0": 0.1505, "698.0": 0.1536, "678.0": 0.2222, "673.0": 0.2428, "666.0": 0.2691, "675.0": 0.2351, "689.0": 0.1819, "653.0": 0.3237, "681.0": 0.2107, "685.0": 0.196, "668.0": 0.2623, "691.0": 0.1749, "677.0": 0.2253, "711.0": 0.1229, "708.0": 0.129, "652.0": 0.3283, "702.0": 0.1432, "665.0": 0.2739, "654.0": 0.319, "693.0": 0.168, "704.0": 0.1382, "667.0": 0.267, "644.0": 0.3567, "656.0": 0.3097, "672.0": 0.2455, "662.0": 0.288, "715.0": 0.1153, "717.0": 0.1126, "664.0": 0.2786, "651.0": 0.333, "686.0": 0.1921, "657.0": 0.3051, "716.0": 0.1139, "700.0": 0.148, "712.0": 0.1207}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00706000", "short_strike": 709.0, "long_strike": 706.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1908, "long_delta": 0.1349, "short_iv": 0.127, "short_rel_spread": 0.017699115044247607, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.761565, "long_quote_age": 0.60055, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 717.84}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-54.88 (gross $-52.88 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:24:49.358061+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 1-day (+0.02%) and 5-day (+0.19%) returns with an IV/RV ratio of 0.68.", "invalidation": "QQQ spot price reverses downwards below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1192, "647.0": 0.3648, "720.0": 0.093, "646.0": 0.3697, "675.0": 0.2439, "710.0": 0.1099, "709.0": 0.1123, "707.0": 0.1171, "651.0": 0.3452, "703.0": 0.1275, "695.0": 0.1553, "668.0": 0.272, "696.0": 0.1519, "686.0": 0.196, "669.0": 0.2748, "705.0": 0.122, "716.0": 0.0984, "702.0": 0.131, "642.0": 0.3809, "714.0": 0.1017, "699.0": 0.1401, "657.0": 0.3159, "717.0": 0.097, "685.0": 0.197, "662.0": 0.3022, "664.0": 0.2921, "663.0": 0.2971, "721.0": 0.0926, "653.0": 0.3354, "678.0": 0.2284, "704.0": 0.1251, "692.0": 0.1666, "688.0": 0.1851, "711.0": 0.1075, "658.0": 0.317, "715.0": 0.0998, "691.0": 0.1722, "656.0": 0.3208, "687.0": 0.1906, "650.0": 0.3501, "649.0": 0.355, "694.0": 0.1584, "665.0": 0.2871, "666.0": 0.2821, "645.0": 0.3746, "683.0": 0.2076, "673.0": 0.2542, "655.0": 0.3257, "654.0": 0.3305, "693.0": 0.1641, "644.0": 0.3795, "689.0": 0.1797, "697.0": 0.1482, "659.0": 0.312, "671.0": 0.2645, "700.0": 0.1373, "682.0": 0.2129, "677.0": 0.2335, "674.0": 0.249, "652.0": 0.3403, "719.0": 0.0946, "684.0": 0.2023, "701.0": 0.134, "680.0": 0.2235, "679.0": 0.2288, "713.0": 0.1036, "676.0": 0.2387, "670.0": 0.2696, "672.0": 0.2593, "681.0": 0.2182, "718.0": 0.0958, "698.0": 0.1443, "660.0": 0.3122, "690.0": 0.1778, "667.0": 0.277, "712.0": 0.1053, "708.0": 0.1149, "643.0": 0.3761, "661.0": 0.3072, "648.0": 0.3599}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1876, "long_delta": 0.0859, "short_iv": 0.1075, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.496368, "long_quote_age": 0.610788, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 717.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.83 (gross $-101.83 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:25:00.551925+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum with 1D +0.02% and 5D +0.19% gains while IV of 9.21% trades below RV20 of 13.54%, supporting a bullish put credit spread across 4 to 7 DTE.", "invalidation": "QQQ spot price reverses below the short strike as 1D and 5D returns turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"647.0": 0.3645, "696.0": 0.1516, "676.0": 0.2384, "713.0": 0.1034, "673.0": 0.2539, "709.0": 0.1118, "693.0": 0.1637, "669.0": 0.2745, "690.0": 0.1775, "716.0": 0.0984, "695.0": 0.155, "700.0": 0.1369, "714.0": 0.1018, "661.0": 0.3069, "659.0": 0.3118, "678.0": 0.2281, "662.0": 0.3019, "715.0": 0.0998, "721.0": 0.093, "666.0": 0.2818, "720.0": 0.0933, "707.0": 0.1174, "664.0": 0.2918, "655.0": 0.3254, "717.0": 0.0971, "674.0": 0.2487, "697.0": 0.1479, "668.0": 0.2717, "671.0": 0.2642, "656.0": 0.3205, "648.0": 0.3596, "710.0": 0.1099, "689.0": 0.1794, "681.0": 0.2179, "684.0": 0.202, "708.0": 0.1144, "704.0": 0.1247, "719.0": 0.0947, "670.0": 0.2694, "703.0": 0.1271, "644.0": 0.3792, "694.0": 0.158, "649.0": 0.3547, "660.0": 0.3119, "683.0": 0.2073, "667.0": 0.2768, "680.0": 0.2232, "651.0": 0.3449, "646.0": 0.3694, "682.0": 0.2126, "672.0": 0.2591, "687.0": 0.1903, "692.0": 0.1663, "712.0": 0.1056, "653.0": 0.3352, "702.0": 0.1313, "657.0": 0.3156, "711.0": 0.1079, "658.0": 0.3167, "643.0": 0.3758, "645.0": 0.3743, "650.0": 0.3498, "675.0": 0.2436, "691.0": 0.1719, "701.0": 0.1337, "706.0": 0.1196, "705.0": 0.1225, "699.0": 0.1397, "663.0": 0.2969, "718.0": 0.0958, "698.0": 0.1439, "652.0": 0.34, "686.0": 0.1957, "665.0": 0.2868, "677.0": 0.2332, "679.0": 0.2285, "685.0": 0.1967, "654.0": 0.3303, "688.0": 0.1848}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1905, "long_delta": 0.119, "short_iv": 0.1079, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.01980198019801982, "short_quote_age": 0.880715, "long_quote_age": 0.615718, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 717.73}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.70 (gross $-59.70 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:26:20.210775+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays positive 5-day performance of +0.20% and a stable 1-day return of +0.02% with ATM IV at 9.21% relative to RV20 of 13.54%.", "invalidation": "QQQ spot price declines sharply below the short put strike erasing 5-day gains."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"687.0": 0.1908, "644.0": 0.3797, "653.0": 0.3356, "709.0": 0.1121, "691.0": 0.1724, "668.0": 0.2722, "642.0": 0.3811, "672.0": 0.2596, "714.0": 0.1016, "659.0": 0.3122, "654.0": 0.3307, "678.0": 0.2286, "712.0": 0.1057, "645.0": 0.3748, "646.0": 0.3699, "671.0": 0.2647, "708.0": 0.1146, "676.0": 0.2389, "679.0": 0.229, "658.0": 0.3112, "677.0": 0.2338, "704.0": 0.1254, "667.0": 0.2773, "643.0": 0.3763, "684.0": 0.2026, "710.0": 0.1097, "701.0": 0.1343, "690.0": 0.178, "675.0": 0.2441, "648.0": 0.3601, "669.0": 0.275, "663.0": 0.2973, "670.0": 0.2699, "666.0": 0.2823, "721.0": 0.093, "647.0": 0.365, "711.0": 0.1079, "680.0": 0.2238, "702.0": 0.1306, "681.0": 0.2185, "692.0": 0.1669, "715.0": 0.0997, "696.0": 0.1522, "674.0": 0.2492, "665.0": 0.2873, "705.0": 0.1223, "716.0": 0.0981, "650.0": 0.3503, "720.0": 0.0933, "664.0": 0.2923, "699.0": 0.1403, "694.0": 0.1586, "652.0": 0.3405, "718.0": 0.0957, "703.0": 0.1278, "717.0": 0.0969, "660.0": 0.3124, "655.0": 0.3259, "685.0": 0.1972, "651.0": 0.3454, "683.0": 0.2079, "719.0": 0.0944, "656.0": 0.321, "662.0": 0.3024, "673.0": 0.2544, "661.0": 0.3074, "682.0": 0.2132, "713.0": 0.1037, "689.0": 0.1799, "657.0": 0.3161, "688.0": 0.1854, "695.0": 0.1556, "706.0": 0.1195, "698.0": 0.1445, "649.0": 0.3552, "693.0": 0.1643, "697.0": 0.1485, "686.0": 0.1962, "707.0": 0.1167, "700.0": 0.1376}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.48, "short_delta": 0.187, "long_delta": 0.0857, "short_iv": 0.1079, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.668768, "long_quote_age": 0.626217, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 717.855}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.62 (gross $-101.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:26:38.157674+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows positive momentum across 1-day (+0.02%) and 5-day (+0.20%) windows with 4-day ATM IV at 9.21% against an RV20 of 13.54%.", "invalidation": "A decline in QQQ spot price towards or below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"648.0": 0.36, "706.0": 0.1194, "703.0": 0.1277, "666.0": 0.2822, "674.0": 0.2492, "685.0": 0.1972, "673.0": 0.2543, "679.0": 0.229, "654.0": 0.3307, "700.0": 0.1375, "717.0": 0.0967, "684.0": 0.2025, "646.0": 0.3698, "649.0": 0.3551, "678.0": 0.2285, "680.0": 0.2237, "718.0": 0.0956, "688.0": 0.1853, "707.0": 0.1166, "719.0": 0.0942, "682.0": 0.2131, "658.0": 0.3111, "701.0": 0.1342, "708.0": 0.1144, "720.0": 0.0932, "661.0": 0.3073, "655.0": 0.3258, "712.0": 0.1056, "695.0": 0.1555, "702.0": 0.1305, "689.0": 0.1798, "668.0": 0.2722, "672.0": 0.2595, "645.0": 0.3747, "699.0": 0.1402, "687.0": 0.1907, "705.0": 0.1222, "671.0": 0.2646, "715.0": 0.0998, "664.0": 0.2923, "694.0": 0.1585, "696.0": 0.1521, "670.0": 0.2698, "710.0": 0.1096, "690.0": 0.1779, "675.0": 0.244, "663.0": 0.2973, "709.0": 0.1119, "677.0": 0.2337, "698.0": 0.1444, "651.0": 0.3453, "652.0": 0.3404, "647.0": 0.3649, "721.0": 0.0926, "659.0": 0.3122, "714.0": 0.1015, "650.0": 0.3502, "693.0": 0.1642, "656.0": 0.3209, "697.0": 0.1484, "665.0": 0.2872, "660.0": 0.3123, "644.0": 0.3796, "669.0": 0.2749, "676.0": 0.2388, "657.0": 0.316, "713.0": 0.1035, "716.0": 0.0979, "683.0": 0.2078, "692.0": 0.1668, "691.0": 0.1724, "711.0": 0.1072, "662.0": 0.3023, "681.0": 0.2184, "686.0": 0.1962, "653.0": 0.3356, "704.0": 0.1242, "667.0": 0.2772}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1861, "long_delta": 0.117, "short_iv": 0.1072, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.602359, "long_quote_age": 0.785491, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.9786}, "spot": 717.915}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.67 (gross $-60.67 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:27:59.377321+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits relative stability with positive 5-day performance (+0.18%) and flat 1-day return (+0.01%) alongside low implied volatility relative to realized volatility (IV/RV 0.68).", "invalidation": "QQQ spot price declines sharply erasing its 5-day gain of +0.18% and penetrating the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1189, "653.0": 0.3352, "711.0": 0.1071, "705.0": 0.1217, "678.0": 0.2282, "701.0": 0.1338, "704.0": 0.1248, "687.0": 0.1904, "648.0": 0.3597, "682.0": 0.2127, "709.0": 0.1114, "700.0": 0.1371, "718.0": 0.0951, "703.0": 0.1272, "641.0": 0.3856, "717.0": 0.0964, "688.0": 0.1849, "664.0": 0.2919, "649.0": 0.3548, "670.0": 0.2694, "708.0": 0.1139, "666.0": 0.2819, "710.0": 0.1095, "650.0": 0.3499, "683.0": 0.2074, "721.0": 0.0922, "676.0": 0.2385, "647.0": 0.3646, "651.0": 0.345, "696.0": 0.1517, "694.0": 0.1582, "669.0": 0.2746, "659.0": 0.3118, "713.0": 0.1032, "707.0": 0.1168, "699.0": 0.1407, "720.0": 0.0931, "677.0": 0.2333, "695.0": 0.1551, "715.0": 0.0993, "697.0": 0.148, "661.0": 0.307, "714.0": 0.101, "716.0": 0.0977, "646.0": 0.3695, "691.0": 0.172, "692.0": 0.1664, "680.0": 0.2233, "690.0": 0.1776, "671.0": 0.2643, "689.0": 0.1795, "672.0": 0.2591, "652.0": 0.3401, "673.0": 0.254, "665.0": 0.2869, "654.0": 0.3304, "644.0": 0.3793, "655.0": 0.3255, "702.0": 0.1301, "675.0": 0.2437, "645.0": 0.3744, "684.0": 0.2021, "667.0": 0.2769, "719.0": 0.094, "668.0": 0.2718, "657.0": 0.3218, "642.0": 0.3807, "662.0": 0.302, "712.0": 0.1049, "660.0": 0.312, "643.0": 0.3759, "663.0": 0.297, "656.0": 0.3206, "674.0": 0.2488, "686.0": 0.1958, "693.0": 0.1638, "685.0": 0.1968, "679.0": 0.2286, "698.0": 0.144, "681.0": 0.218, "658.0": 0.3168}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1881, "long_delta": 0.086, "short_iv": 0.1071, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.842336, "long_quote_age": 0.657174, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 717.725}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.04 (gross $-103.04 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:28:14.463543+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates stability with positive 1-day (+0.01%) and 5-day (+0.18%) returns, supporting a short-term put credit spread.", "invalidation": "QQQ spot price breaks downward below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"684.0": 0.2021, "700.0": 0.137, "718.0": 0.0953, "697.0": 0.1479, "655.0": 0.3254, "717.0": 0.0966, "693.0": 0.1638, "649.0": 0.3548, "678.0": 0.2281, "698.0": 0.144, "708.0": 0.1138, "677.0": 0.2333, "702.0": 0.13, "688.0": 0.1849, "705.0": 0.1217, "712.0": 0.1053, "706.0": 0.1188, "680.0": 0.2233, "685.0": 0.1968, "682.0": 0.2127, "716.0": 0.0979, "672.0": 0.2591, "666.0": 0.2818, "704.0": 0.1247, "676.0": 0.2385, "720.0": 0.0934, "707.0": 0.1168, "667.0": 0.2768, "714.0": 0.1011, "715.0": 0.0996, "686.0": 0.1957, "662.0": 0.3019, "664.0": 0.2919, "656.0": 0.3206, "670.0": 0.2694, "711.0": 0.107, "665.0": 0.2869, "648.0": 0.3596, "709.0": 0.1119, "661.0": 0.307, "694.0": 0.1581, "681.0": 0.218, "647.0": 0.3645, "642.0": 0.3807, "691.0": 0.1719, "719.0": 0.0942, "669.0": 0.2745, "657.0": 0.3217, "643.0": 0.3759, "644.0": 0.3792, "660.0": 0.312, "673.0": 0.2539, "703.0": 0.1271, "687.0": 0.1903, "679.0": 0.2286, "690.0": 0.1775, "652.0": 0.3401, "721.0": 0.0925, "658.0": 0.3168, "650.0": 0.3499, "695.0": 0.155, "699.0": 0.1407, "654.0": 0.3303, "659.0": 0.3118, "668.0": 0.2718, "651.0": 0.345, "701.0": 0.1337, "710.0": 0.1094, "696.0": 0.1516, "646.0": 0.3694, "645.0": 0.3743, "689.0": 0.1794, "674.0": 0.2488, "692.0": 0.1664, "653.0": 0.3352, "713.0": 0.1031, "683.0": 0.2074, "675.0": 0.2436, "663.0": 0.2969, "671.0": 0.2643}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.7, "short_delta": 0.2555, "long_delta": 0.1176, "short_iv": 0.1031, "short_rel_spread": 0.008368200836820092, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.49957, "long_quote_age": 0.538402, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 430.0, "total_risk": 10320.0, "buying_power_used_pct": 0.9698}, "spot": 717.795}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-96.82 (gross $-95.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:29:35.706531+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ maintains positive 5-day performance of +0.15% and minor 1-day pullback of -0.03%, supporting an upside bias with low IV relative to RV at 0.68.", "invalidation": "QQQ spot price declines sharply below the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"672.0": 0.2578, "710.0": 0.1096, "713.0": 0.1037, "679.0": 0.2272, "666.0": 0.2805, "646.0": 0.3682, "650.0": 0.3486, "692.0": 0.1679, "717.0": 0.0977, "681.0": 0.2166, "664.0": 0.2906, "670.0": 0.2681, "709.0": 0.1119, "688.0": 0.1834, "651.0": 0.3437, "648.0": 0.3584, "686.0": 0.1943, "668.0": 0.2705, "691.0": 0.1704, "700.0": 0.1369, "698.0": 0.1433, "673.0": 0.2526, "643.0": 0.3747, "708.0": 0.1142, "685.0": 0.1953, "645.0": 0.3731, "662.0": 0.3006, "702.0": 0.1308, "696.0": 0.15, "684.0": 0.2007, "657.0": 0.3144, "716.0": 0.0989, "647.0": 0.3633, "719.0": 0.0953, "660.0": 0.3107, "697.0": 0.1463, "694.0": 0.1579, "641.0": 0.3843, "720.0": 0.094, "655.0": 0.3242, "665.0": 0.2856, "693.0": 0.1623, "674.0": 0.2474, "682.0": 0.2113, "642.0": 0.3795, "677.0": 0.2319, "687.0": 0.1889, "689.0": 0.1816, "661.0": 0.3057, "669.0": 0.2732, "715.0": 0.1004, "671.0": 0.2629, "699.0": 0.1399, "644.0": 0.3699, "703.0": 0.1276, "653.0": 0.334, "659.0": 0.3105, "675.0": 0.2423, "706.0": 0.1192, "690.0": 0.176, "695.0": 0.1535, "721.0": 0.0941, "652.0": 0.3389, "704.0": 0.1249, "663.0": 0.2956, "667.0": 0.2755, "718.0": 0.0963, "711.0": 0.1078, "707.0": 0.1168, "714.0": 0.1021, "654.0": 0.3291, "705.0": 0.1215, "676.0": 0.2371, "656.0": 0.3193, "658.0": 0.3155, "712.0": 0.1058, "683.0": 0.206, "678.0": 0.2268, "680.0": 0.2219, "649.0": 0.3535, "701.0": 0.1334}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.52, "short_delta": 0.1994, "long_delta": 0.0919, "short_iv": 0.1078, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.470181, "long_quote_age": 0.8269, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 717.515}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.02 (gross $-100.02 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:29:51.509593+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ maintains positive 5-day performance of +0.15% alongside modest 1-day change of -0.03%, favoring a put credit spread over a 2 to 5 DTE window.", "invalidation": "QQQ spot price declines significantly below 717.49 as short-term downward momentum accelerates."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"712.0": 0.1056, "674.0": 0.2474, "690.0": 0.176, "715.0": 0.1004, "673.0": 0.2526, "706.0": 0.1192, "703.0": 0.1276, "707.0": 0.1168, "705.0": 0.1215, "670.0": 0.2681, "716.0": 0.0989, "658.0": 0.3155, "678.0": 0.2268, "661.0": 0.3057, "721.0": 0.0939, "657.0": 0.3144, "687.0": 0.1889, "711.0": 0.1078, "680.0": 0.2219, "645.0": 0.3731, "685.0": 0.1953, "660.0": 0.3107, "719.0": 0.0952, "668.0": 0.2705, "693.0": 0.1623, "655.0": 0.3242, "688.0": 0.1834, "709.0": 0.1119, "682.0": 0.2113, "646.0": 0.3682, "714.0": 0.1021, "654.0": 0.3291, "700.0": 0.1369, "663.0": 0.2956, "694.0": 0.1579, "717.0": 0.0974, "650.0": 0.3486, "671.0": 0.2629, "666.0": 0.2805, "653.0": 0.334, "698.0": 0.1433, "665.0": 0.2856, "662.0": 0.3006, "667.0": 0.2755, "702.0": 0.1308, "664.0": 0.2906, "681.0": 0.2166, "677.0": 0.2319, "649.0": 0.3535, "689.0": 0.1816, "643.0": 0.3747, "696.0": 0.15, "718.0": 0.0963, "647.0": 0.3633, "656.0": 0.3193, "699.0": 0.1399, "669.0": 0.2732, "644.0": 0.3699, "686.0": 0.1943, "697.0": 0.1463, "720.0": 0.094, "708.0": 0.1142, "710.0": 0.1096, "652.0": 0.3389, "648.0": 0.3584, "691.0": 0.1704, "651.0": 0.3437, "695.0": 0.1535, "684.0": 0.2007, "675.0": 0.2423, "701.0": 0.1334, "692.0": 0.1679, "672.0": 0.2578, "713.0": 0.1037, "676.0": 0.2371, "683.0": 0.206, "659.0": 0.3105, "679.0": 0.2272, "704.0": 0.1249}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1994, "long_delta": 0.125, "short_iv": 0.1078, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.018691588785046745, "short_quote_age": 0.443663, "long_quote_age": 0.422521, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9886}, "spot": 717.515}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.61 (gross $-58.61 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:31:19.788882+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows relative stability with a positive 5D return of +0.13% and a low IV/RV ratio of 0.70.", "invalidation": "QQQ spot price declines sharply below the short strike as short-term volatility expands beyond implied levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"700.0": 0.1373, "657.0": 0.3137, "649.0": 0.3528, "691.0": 0.1727, "702.0": 0.1309, "656.0": 0.3186, "667.0": 0.2789, "643.0": 0.374, "693.0": 0.1641, "714.0": 0.1029, "684.0": 0.1998, "720.0": 0.095, "719.0": 0.0959, "675.0": 0.2415, "682.0": 0.2104, "698.0": 0.1432, "641.0": 0.3836, "655.0": 0.3234, "660.0": 0.3099, "658.0": 0.3147, "712.0": 0.1066, "663.0": 0.2948, "648.0": 0.3577, "653.0": 0.3332, "708.0": 0.1154, "669.0": 0.2724, "687.0": 0.188, "699.0": 0.1405, "695.0": 0.155, "692.0": 0.167, "666.0": 0.2798, "710.0": 0.1109, "671.0": 0.2621, "661.0": 0.3049, "688.0": 0.1825, "690.0": 0.1751, "647.0": 0.3626, "677.0": 0.2311, "689.0": 0.1807, "696.0": 0.1513, "676.0": 0.2363, "651.0": 0.343, "681.0": 0.2157, "650.0": 0.3479, "679.0": 0.2263, "673.0": 0.2518, "680.0": 0.221, "709.0": 0.1133, "659.0": 0.3098, "685.0": 0.1945, "715.0": 0.1012, "644.0": 0.3691, "717.0": 0.0983, "713.0": 0.1047, "668.0": 0.2776, "718.0": 0.0972, "674.0": 0.2466, "645.0": 0.3724, "646.0": 0.3675, "652.0": 0.3381, "683.0": 0.2051, "665.0": 0.2848, "694.0": 0.1583, "705.0": 0.123, "716.0": 0.0996, "703.0": 0.1287, "707.0": 0.1176, "662.0": 0.2999, "704.0": 0.1257, "706.0": 0.1203, "642.0": 0.3788, "664.0": 0.2898, "678.0": 0.2316, "697.0": 0.1474, "670.0": 0.2673, "654.0": 0.3283, "711.0": 0.1087, "686.0": 0.1934, "672.0": 0.2569, "701.0": 0.1337}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2074, "long_delta": 0.0971, "short_iv": 0.1087, "short_rel_spread": 0.020833333333333353, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.613746, "long_quote_age": 0.539722, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.26}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.91 (gross $-99.41 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:31:31.120897+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 350, "thesis": "QQQ maintains positive 5D returns of +0.13% and modest 1D change of -0.05% alongside IV/RV at 0.70.", "invalidation": "QQQ spot price declines below 717.35 reversing recent 5D positive performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"653.0": 0.3334, "689.0": 0.1809, "703.0": 0.1279, "688.0": 0.1828, "715.0": 0.1013, "664.0": 0.29, "680.0": 0.2213, "712.0": 0.1065, "642.0": 0.379, "663.0": 0.2951, "661.0": 0.3051, "717.0": 0.0983, "668.0": 0.2778, "641.0": 0.3838, "701.0": 0.134, "710.0": 0.1106, "679.0": 0.2266, "676.0": 0.2365, "681.0": 0.216, "683.0": 0.2054, "684.0": 0.2001, "682.0": 0.2107, "698.0": 0.1435, "674.0": 0.2469, "644.0": 0.3693, "713.0": 0.1044, "645.0": 0.3726, "647.0": 0.3628, "692.0": 0.1673, "716.0": 0.0996, "686.0": 0.1937, "685.0": 0.1947, "651.0": 0.3432, "672.0": 0.2572, "669.0": 0.2726, "643.0": 0.3742, "720.0": 0.0952, "678.0": 0.2319, "654.0": 0.3285, "696.0": 0.1516, "690.0": 0.1754, "704.0": 0.125, "694.0": 0.1586, "667.0": 0.2791, "711.0": 0.1085, "699.0": 0.1408, "687.0": 0.1882, "649.0": 0.353, "671.0": 0.2623, "673.0": 0.252, "655.0": 0.3237, "650.0": 0.3481, "675.0": 0.2417, "665.0": 0.285, "691.0": 0.1729, "706.0": 0.1199, "714.0": 0.1029, "646.0": 0.3677, "705.0": 0.1224, "656.0": 0.3188, "718.0": 0.0972, "659.0": 0.31, "670.0": 0.2675, "658.0": 0.3149, "702.0": 0.1312, "708.0": 0.1151, "662.0": 0.3001, "695.0": 0.1552, "693.0": 0.1644, "652.0": 0.3383, "719.0": 0.0959, "666.0": 0.28, "697.0": 0.1477, "648.0": 0.3579, "707.0": 0.118, "660.0": 0.3101, "709.0": 0.1131, "657.0": 0.3139, "677.0": 0.2314, "700.0": 0.1376}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2052, "long_delta": 0.0954, "short_iv": 0.1085, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.024691358024691242, "short_quote_age": 1.07321, "long_quote_age": 0.622544, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.345}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.50 (gross $-98.50 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:32:50.712516+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits muted short-term price movement with a +0.11% 5-day change and low ATM IV of 9.43% relative to its 13.54% RV20.", "invalidation": "A sharp downward move accelerating beyond recent 1-day decline of -0.06% and expanding realized volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"702.0": 0.1305, "648.0": 0.3574, "645.0": 0.3721, "647.0": 0.3623, "669.0": 0.2721, "694.0": 0.1579, "685.0": 0.1941, "660.0": 0.3096, "682.0": 0.2101, "695.0": 0.1546, "684.0": 0.1995, "650.0": 0.3476, "680.0": 0.2207, "642.0": 0.3785, "704.0": 0.1252, "690.0": 0.1747, "693.0": 0.1637, "654.0": 0.328, "668.0": 0.2772, "658.0": 0.3144, "720.0": 0.0948, "663.0": 0.2945, "641.0": 0.3833, "699.0": 0.1401, "662.0": 0.2995, "651.0": 0.3427, "686.0": 0.1931, "691.0": 0.1723, "679.0": 0.226, "649.0": 0.3525, "666.0": 0.2875, "705.0": 0.1225, "687.0": 0.1876, "703.0": 0.1282, "672.0": 0.2566, "700.0": 0.1369, "689.0": 0.1803, "677.0": 0.2308, "711.0": 0.1087, "665.0": 0.2845, "676.0": 0.236, "709.0": 0.1132, "661.0": 0.3046, "710.0": 0.1106, "673.0": 0.2515, "697.0": 0.147, "674.0": 0.2463, "692.0": 0.1666, "688.0": 0.1858, "715.0": 0.1012, "717.0": 0.0983, "644.0": 0.3688, "656.0": 0.3183, "643.0": 0.3737, "716.0": 0.0998, "718.0": 0.0971, "712.0": 0.107, "708.0": 0.1154, "707.0": 0.1178, "670.0": 0.2669, "696.0": 0.1509, "706.0": 0.1198, "681.0": 0.2154, "683.0": 0.2048, "646.0": 0.3672, "671.0": 0.2618, "657.0": 0.3134, "698.0": 0.1428, "678.0": 0.2313, "714.0": 0.103, "655.0": 0.3231, "701.0": 0.1333, "652.0": 0.3378, "667.0": 0.2824, "653.0": 0.3329, "713.0": 0.1047, "664.0": 0.2895, "675.0": 0.2411, "719.0": 0.0961, "659.0": 0.3095}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2099, "long_delta": 0.0975, "short_iv": 0.1087, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.476185, "long_quote_age": 0.590626, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.215}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.76 (gross $-97.76 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:33:02.226228+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ maintains positive 5-day performance of +0.11% with ATM IV at 9.43%, supporting premium capture via put credit spreads.", "invalidation": "A downward shift widening beyond the 1-day decline of -0.06%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"664.0": 0.2896, "705.0": 0.1226, "718.0": 0.0966, "651.0": 0.3428, "698.0": 0.1429, "697.0": 0.1471, "668.0": 0.2773, "656.0": 0.3183, "711.0": 0.1087, "685.0": 0.1942, "653.0": 0.333, "703.0": 0.1283, "647.0": 0.3624, "700.0": 0.137, "708.0": 0.1156, "671.0": 0.2619, "702.0": 0.1306, "693.0": 0.1638, "677.0": 0.2309, "644.0": 0.3689, "646.0": 0.3673, "655.0": 0.3232, "716.0": 0.0995, "689.0": 0.1804, "720.0": 0.0948, "717.0": 0.0981, "709.0": 0.1129, "691.0": 0.1724, "674.0": 0.2464, "645.0": 0.3722, "699.0": 0.1402, "663.0": 0.2946, "650.0": 0.3477, "661.0": 0.3047, "704.0": 0.1253, "667.0": 0.2745, "701.0": 0.1334, "707.0": 0.1179, "694.0": 0.158, "692.0": 0.1667, "666.0": 0.2795, "675.0": 0.2412, "687.0": 0.1877, "665.0": 0.2846, "649.0": 0.3526, "696.0": 0.151, "679.0": 0.2261, "680.0": 0.2208, "670.0": 0.267, "658.0": 0.3145, "654.0": 0.3281, "648.0": 0.3575, "713.0": 0.1045, "715.0": 0.1011, "706.0": 0.1199, "676.0": 0.236, "688.0": 0.186, "710.0": 0.1107, "714.0": 0.1027, "686.0": 0.1932, "695.0": 0.1547, "660.0": 0.3097, "682.0": 0.2102, "652.0": 0.3379, "690.0": 0.1748, "684.0": 0.204, "672.0": 0.2567, "662.0": 0.2996, "659.0": 0.3095, "681.0": 0.2155, "669.0": 0.2722, "657.0": 0.3135, "719.0": 0.0956, "643.0": 0.3737, "683.0": 0.2049, "712.0": 0.1068, "673.0": 0.2515, "678.0": 0.2314}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.47, "short_delta": 0.2425, "long_delta": 0.1542, "short_iv": 0.1068, "short_rel_spread": 0.008658008658008667, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.577034, "long_quote_age": 0.88937, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 253.0, "total_risk": 10626.0, "buying_power_used_pct": 0.9986}, "spot": 717.24}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-55.82 (gross $-54.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:34:22.123353+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY is consolidating with flat 5-day performance (+0.03%) and low 4-day implied volatility (6.19%), favoring premium capture via an out-of-the-money put spread.", "invalidation": "SPY spot price breaks significantly below 769.54 accompanied by an expansion beyond its 20-day realized volatility of 8.27%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"756.0": 0.0939, "725.0": 0.2203, "766.0": 0.0712, "771.0": 0.065, "769.0": 0.0665, "753.0": 0.1042, "754.0": 0.1011, "728.0": 0.2067, "773.0": 0.0655, "690.0": 0.361, "752.0": 0.1095, "705.0": 0.2957, "719.0": 0.235, "762.0": 0.0789, "770.0": 0.0656, "710.0": 0.274, "763.0": 0.077, "732.0": 0.1885, "772.0": 0.0652, "723.0": 0.2294, "736.0": 0.1771, "726.0": 0.2158, "742.0": 0.1486, "720.0": 0.2307, "755.0": 0.0977, "750.0": 0.1171, "765.0": 0.0732, "741.0": 0.1533, "737.0": 0.1723, "744.0": 0.139, "730.0": 0.1976, "760.0": 0.0833, "738.0": 0.1676, "715.0": 0.2524, "767.0": 0.0695, "743.0": 0.1438, "747.0": 0.1288, "758.0": 0.0882, "695.0": 0.3392, "721.0": 0.2385, "724.0": 0.2249, "739.0": 0.1628, "751.0": 0.1119, "764.0": 0.0754, "768.0": 0.0681, "735.0": 0.1818, "748.0": 0.1238, "746.0": 0.1337, "729.0": 0.2022, "759.0": 0.0856, "757.0": 0.0914, "733.0": 0.184, "734.0": 0.1794, "722.0": 0.2339, "749.0": 0.1188, "740.0": 0.1581, "727.0": 0.2113, "761.0": 0.0816, "718.0": 0.2394, "700.0": 0.3174, "745.0": 0.1386, "731.0": 0.1931}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908P00765000", "long_symbol": "SPY260908P00760000", "short_strike": 765.0, "long_strike": 760.0, "width": 5.0, "credit": 0.47, "short_delta": 0.2033, "long_delta": 0.069, "short_iv": 0.0732, "short_rel_spread": 0.014814814814814828, "long_rel_spread": 0.04878048780487795, "short_quote_age": 0.418943, "long_quote_age": 0.442963, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 769.555}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-85.11 (gross $-84.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:34:34.205047+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilience with a mild 1-day change of -0.08% and positive 5-day momentum of +0.09%, supporting defined-risk premium collection via a put credit spread.", "invalidation": "A sharp decline turning QQQ's positive 5-day return of +0.09% significantly negative would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"655.0": 0.3223, "664.0": 0.2886, "715.0": 0.1012, "701.0": 0.1334, "668.0": 0.2763, "696.0": 0.1519, "702.0": 0.1304, "659.0": 0.3086, "649.0": 0.3516, "685.0": 0.1975, "660.0": 0.3087, "698.0": 0.1435, "671.0": 0.2609, "704.0": 0.1248, "644.0": 0.368, "716.0": 0.0996, "699.0": 0.1398, "710.0": 0.1113, "712.0": 0.1071, "709.0": 0.1135, "670.0": 0.266, "705.0": 0.1228, "665.0": 0.2836, "708.0": 0.1157, "688.0": 0.1848, "651.0": 0.3419, "713.0": 0.1049, "695.0": 0.1535, "706.0": 0.1199, "719.0": 0.0955, "683.0": 0.2038, "652.0": 0.337, "675.0": 0.2402, "681.0": 0.2144, "672.0": 0.2557, "677.0": 0.2299, "694.0": 0.1594, "700.0": 0.1365, "657.0": 0.3125, "684.0": 0.2029, "678.0": 0.2303, "666.0": 0.2786, "714.0": 0.1029, "674.0": 0.2454, "648.0": 0.3565, "654.0": 0.3272, "653.0": 0.3321, "693.0": 0.1626, "707.0": 0.1183, "682.0": 0.2091, "690.0": 0.1737, "711.0": 0.1092, "687.0": 0.1866, "658.0": 0.3136, "667.0": 0.2735, "663.0": 0.2936, "646.0": 0.3663, "717.0": 0.0982, "697.0": 0.1478, "680.0": 0.2197, "676.0": 0.235, "662.0": 0.2987, "645.0": 0.3712, "689.0": 0.1793, "720.0": 0.0946, "656.0": 0.3174, "669.0": 0.2712, "650.0": 0.3467, "643.0": 0.3728, "692.0": 0.1656, "673.0": 0.2505, "647.0": 0.3614, "686.0": 0.1921, "703.0": 0.128, "691.0": 0.1713, "661.0": 0.3037, "718.0": 0.0968, "679.0": 0.225}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1877, "long_delta": 0.1196, "short_iv": 0.1113, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.45489, "long_quote_age": 0.560279, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 266.0, "total_risk": 10640.0, "buying_power_used_pct": 0.9999}, "spot": 717.055}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.23 (gross $-59.23 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:35:56.170554+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY is consolidating near flat over 5 days (+0.03%) despite a minor 1-day decline of -0.47%, supporting premium collection via put credit spreads.", "invalidation": "SPY downward momentum sharpens with negative returns expanding well below the current 1-day -0.47% decline."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"752.0": 0.1101, "725.0": 0.2209, "736.0": 0.1776, "745.0": 0.1392, "719.0": 0.2355, "753.0": 0.1048, "742.0": 0.1491, "730.0": 0.1982, "727.0": 0.2118, "720.0": 0.2312, "718.0": 0.2398, "765.0": 0.0738, "744.0": 0.1441, "743.0": 0.1443, "700.0": 0.3179, "695.0": 0.3396, "759.0": 0.0875, "732.0": 0.1891, "764.0": 0.0758, "768.0": 0.0683, "758.0": 0.0902, "761.0": 0.0825, "729.0": 0.2027, "722.0": 0.2344, "751.0": 0.1125, "690.0": 0.3614, "760.0": 0.085, "750.0": 0.1177, "739.0": 0.1634, "754.0": 0.1018, "715.0": 0.2528, "746.0": 0.1343, "723.0": 0.2299, "757.0": 0.0921, "766.0": 0.0716, "771.0": 0.0655, "726.0": 0.2163, "741.0": 0.1539, "710.0": 0.2745, "734.0": 0.187, "756.0": 0.0946, "755.0": 0.0984, "767.0": 0.07, "749.0": 0.1194, "762.0": 0.0798, "738.0": 0.1681, "747.0": 0.1293, "740.0": 0.1586, "705.0": 0.2962, "770.0": 0.0661, "763.0": 0.0779, "773.0": 0.0659, "748.0": 0.1244, "735.0": 0.1823, "728.0": 0.2072, "769.0": 0.0672, "731.0": 0.1936, "772.0": 0.0651, "721.0": 0.239, "733.0": 0.1845, "724.0": 0.2254, "737.0": 0.1729}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908P00765000", "long_symbol": "SPY260908P00760000", "short_strike": 765.0, "long_strike": 760.0, "width": 5.0, "credit": 0.45, "short_delta": 0.1996, "long_delta": 0.0706, "short_iv": 0.0738, "short_rel_spread": 0.015037593984962419, "long_rel_spread": 0.046511627906976785, "short_quote_age": 0.420736, "long_quote_age": 1.067032, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 455.0, "total_risk": 10465.0, "buying_power_used_pct": 0.9835}, "spot": 769.64}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-86.35 (gross $-85.35 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:36:09.377123+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "With QQQ holding steady over the 5-day window at +0.09% and showing a modest 1-day change of -0.08%, selling an out-of-the-money put credit spread captures premium under relatively stable price action.", "invalidation": "A sharp downward acceleration in QQQ violating the short put strike before expiration would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"703.0": 0.1282, "655.0": 0.3231, "645.0": 0.3721, "676.0": 0.236, "718.0": 0.0965, "713.0": 0.1043, "659.0": 0.3095, "665.0": 0.2845, "663.0": 0.2945, "657.0": 0.3134, "712.0": 0.1065, "661.0": 0.3046, "693.0": 0.1637, "669.0": 0.2721, "710.0": 0.1106, "705.0": 0.1225, "690.0": 0.1747, "667.0": 0.2744, "692.0": 0.1666, "698.0": 0.1428, "715.0": 0.1005, "652.0": 0.3378, "653.0": 0.3329, "677.0": 0.2308, "697.0": 0.147, "674.0": 0.2463, "707.0": 0.1178, "706.0": 0.1198, "716.0": 0.0989, "666.0": 0.2794, "709.0": 0.1132, "701.0": 0.1333, "708.0": 0.1154, "662.0": 0.2995, "648.0": 0.3574, "686.0": 0.1931, "671.0": 0.2618, "668.0": 0.2772, "700.0": 0.1369, "664.0": 0.2895, "695.0": 0.1546, "654.0": 0.328, "670.0": 0.2669, "711.0": 0.1087, "650.0": 0.3476, "702.0": 0.1305, "685.0": 0.1985, "720.0": 0.0938, "660.0": 0.3096, "687.0": 0.1876, "682.0": 0.2101, "699.0": 0.1401, "646.0": 0.3672, "647.0": 0.3623, "673.0": 0.2515, "684.0": 0.2039, "719.0": 0.0947, "658.0": 0.3144, "681.0": 0.2154, "678.0": 0.2313, "714.0": 0.1026, "672.0": 0.2566, "649.0": 0.3525, "683.0": 0.2048, "675.0": 0.2411, "680.0": 0.2207, "704.0": 0.1252, "696.0": 0.1509, "694.0": 0.1604, "691.0": 0.1723, "651.0": 0.3427, "656.0": 0.3183, "644.0": 0.3688, "643.0": 0.3737, "717.0": 0.0973, "688.0": 0.1858, "679.0": 0.226, "689.0": 0.1803}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2099, "long_delta": 0.1333, "short_iv": 0.1087, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.479, "long_quote_age": 0.507089, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9811}, "spot": 717.22}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.31 (gross $-58.31 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:37:35.282400+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows steady consolidation with a 5D change of +0.11% alongside compressed implied volatility relative to realized volatility (IV/RV of 0.70), favoring short-term premium collection.", "invalidation": "A sharp downward break in QQQ spot price below 717.22 accompanied by volatility expansion."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"650.0": 0.347, "716.0": 0.1001, "670.0": 0.2663, "658.0": 0.3138, "710.0": 0.1114, "672.0": 0.256, "655.0": 0.3226, "701.0": 0.1338, "696.0": 0.1502, "706.0": 0.1203, "686.0": 0.1924, "674.0": 0.2457, "646.0": 0.3666, "642.0": 0.3779, "652.0": 0.3372, "679.0": 0.2253, "653.0": 0.3323, "685.0": 0.1978, "718.0": 0.0972, "665.0": 0.2839, "663.0": 0.2939, "666.0": 0.2788, "678.0": 0.2306, "657.0": 0.3128, "677.0": 0.2301, "673.0": 0.2508, "660.0": 0.309, "720.0": 0.0953, "664.0": 0.2889, "715.0": 0.1016, "702.0": 0.1308, "703.0": 0.1273, "693.0": 0.163, "694.0": 0.1597, "714.0": 0.1036, "649.0": 0.3519, "707.0": 0.1181, "690.0": 0.174, "681.0": 0.2147, "644.0": 0.3683, "662.0": 0.2989, "675.0": 0.2405, "689.0": 0.1796, "698.0": 0.1439, "643.0": 0.3731, "654.0": 0.3275, "648.0": 0.3568, "651.0": 0.3421, "691.0": 0.1716, "699.0": 0.1393, "656.0": 0.3177, "682.0": 0.2094, "647.0": 0.3617, "717.0": 0.0986, "645.0": 0.3715, "709.0": 0.1138, "713.0": 0.1052, "668.0": 0.2766, "688.0": 0.1852, "697.0": 0.1462, "687.0": 0.1869, "669.0": 0.2715, "705.0": 0.1224, "704.0": 0.1252, "695.0": 0.1538, "712.0": 0.1073, "684.0": 0.2032, "659.0": 0.3089, "641.0": 0.3827, "692.0": 0.1659, "680.0": 0.22, "667.0": 0.2738, "683.0": 0.2041, "719.0": 0.0961, "676.0": 0.2353, "671.0": 0.2611, "711.0": 0.1093, "661.0": 0.304, "708.0": 0.1156, "700.0": 0.1361}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1859, "long_delta": 0.086, "short_iv": 0.1114, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.465855, "long_quote_age": 0.57531, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 717.195}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-98.52 (gross $-97.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00710000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,373.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-98.52 (gross $-97.52 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1859, "long_delta": 0.086, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8141, "edge_pp": -8.79, "ev_implied_usd": -18.97, "realized_vol": 0.1777, "atm_iv": 0.0986, "vrp_ratio": 1.8022, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -105.85, "ev_at_half_drift_usd": -101.66, "ev_gross_usd": -97.52, "expected_loss_real_usd": 146.52, "friction_usd": 1.0, "ev_net_usd": -98.52, "total_risk_usd": 10373.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 509}
{"ts": "2026-09-04T17:37:48.943124+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows resilient 5-day performance of +0.11% with ATM IV at 9.46% relative to 20-day realized volatility of 13.54%.", "invalidation": "QQQ spot declines significantly below the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"711.0": 0.1092, "705.0": 0.1229, "644.0": 0.3686, "648.0": 0.3572, "651.0": 0.3425, "696.0": 0.1506, "712.0": 0.1073, "697.0": 0.1467, "676.0": 0.2357, "668.0": 0.277, "698.0": 0.1443, "678.0": 0.231, "685.0": 0.1982, "661.0": 0.3043, "719.0": 0.0963, "692.0": 0.1664, "687.0": 0.1874, "695.0": 0.1543, "657.0": 0.3131, "682.0": 0.2098, "655.0": 0.3229, "664.0": 0.2893, "707.0": 0.118, "681.0": 0.2151, "646.0": 0.367, "680.0": 0.2204, "666.0": 0.2792, "693.0": 0.1634, "694.0": 0.1601, "714.0": 0.1033, "642.0": 0.3783, "647.0": 0.3621, "667.0": 0.2742, "665.0": 0.2842, "701.0": 0.1343, "654.0": 0.3278, "720.0": 0.095, "663.0": 0.2943, "715.0": 0.1015, "704.0": 0.1258, "674.0": 0.246, "669.0": 0.2718, "672.0": 0.2564, "713.0": 0.1053, "689.0": 0.18, "686.0": 0.1928, "700.0": 0.1366, "677.0": 0.2305, "708.0": 0.1162, "673.0": 0.2512, "649.0": 0.3523, "660.0": 0.3094, "656.0": 0.318, "716.0": 0.0999, "699.0": 0.1398, "641.0": 0.3831, "662.0": 0.2993, "658.0": 0.3142, "702.0": 0.1313, "706.0": 0.1206, "650.0": 0.3474, "688.0": 0.1856, "703.0": 0.1278, "683.0": 0.2045, "653.0": 0.3327, "691.0": 0.172, "671.0": 0.2615, "652.0": 0.3376, "684.0": 0.2037, "718.0": 0.0976, "670.0": 0.2667, "659.0": 0.3092, "645.0": 0.3719, "709.0": 0.1139, "679.0": 0.2257, "675.0": 0.2409, "643.0": 0.3734, "690.0": 0.1745, "717.0": 0.0984, "710.0": 0.1116}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2126, "long_delta": 0.0998, "short_iv": 0.1092, "short_rel_spread": 0.010050251256281416, "long_rel_spread": 0.046511627906976785, "short_quote_age": 0.444124, "long_quote_age": 0.583498, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.17}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.13 (gross $-98.63 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 4.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,212.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-100.13 (gross $-98.63 - friction $1.50) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2126, "long_delta": 0.0998, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7874, "edge_pp": -10.06, "ev_implied_usd": -22.1, "realized_vol": 0.1777, "atm_iv": 0.0984, "vrp_ratio": 1.8059, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -107.28, "ev_at_half_drift_usd": -102.93, "ev_gross_usd": -98.63, "expected_loss_real_usd": 154.63, "friction_usd": 1.5, "ev_net_usd": -100.13, "total_risk_usd": 10212.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 414}
{"ts": "2026-09-04T17:39:09.290203+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ is exhibiting short-term price stability with a 5D return of +0.10% and a mild 1D change of -0.07%, while ATM IV at 9.46% trades at a low IV/RV ratio of 0.70.", "invalidation": "A sharp downward acceleration in spot below 717.14 that drives realized volatility significantly higher."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"682.0": 0.2099, "709.0": 0.1134, "661.0": 0.3044, "715.0": 0.1011, "676.0": 0.2358, "660.0": 0.3094, "650.0": 0.3474, "655.0": 0.323, "691.0": 0.1721, "645.0": 0.3719, "669.0": 0.2719, "698.0": 0.1444, "713.0": 0.1047, "671.0": 0.2616, "712.0": 0.1068, "649.0": 0.3523, "701.0": 0.1343, "652.0": 0.3376, "697.0": 0.1468, "679.0": 0.2258, "659.0": 0.3093, "646.0": 0.367, "694.0": 0.159, "665.0": 0.2843, "675.0": 0.2409, "673.0": 0.2513, "642.0": 0.3783, "706.0": 0.1203, "680.0": 0.2205, "651.0": 0.3425, "688.0": 0.1838, "641.0": 0.3831, "658.0": 0.3142, "696.0": 0.1507, "711.0": 0.1088, "705.0": 0.123, "656.0": 0.3181, "695.0": 0.1543, "654.0": 0.3278, "674.0": 0.2461, "699.0": 0.1399, "719.0": 0.0953, "657.0": 0.3132, "687.0": 0.1874, "710.0": 0.1112, "692.0": 0.1664, "670.0": 0.2667, "678.0": 0.2311, "648.0": 0.3572, "663.0": 0.2943, "684.0": 0.2015, "672.0": 0.2564, "668.0": 0.277, "662.0": 0.2994, "717.0": 0.0977, "718.0": 0.0966, "714.0": 0.1029, "700.0": 0.1367, "704.0": 0.1249, "664.0": 0.2893, "643.0": 0.3735, "653.0": 0.3327, "686.0": 0.1929, "708.0": 0.1157, "685.0": 0.1983, "693.0": 0.1635, "644.0": 0.3768, "690.0": 0.1745, "707.0": 0.1181, "716.0": 0.0992, "683.0": 0.2046, "689.0": 0.1801, "647.0": 0.3621, "677.0": 0.2306, "681.0": 0.2152, "702.0": 0.1314, "666.0": 0.2792, "720.0": 0.0943, "667.0": 0.2784, "703.0": 0.1279}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2115, "long_delta": 0.0991, "short_iv": 0.1088, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.023529411764705903, "short_quote_age": 0.507858, "long_quote_age": 0.518373, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.225}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.51 (gross $-98.51 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:39:23.351921+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ shows relative stability with a positive 5-day return of +0.10% and a minor 1-day decline of -0.07%, supporting a short-dated put credit spread.", "invalidation": "A drop in QQQ spot price below 717.14 that accelerates the 1-day decline."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 454}
{"ts": "2026-09-04T17:40:43.905679+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 400, "thesis": "QQQ is consolidating with a 5-day return of +0.08% and mild 1-day change of -0.09% while 4-day ATM IV trades at 9.46%.", "invalidation": "A sharp downward decline in QQQ spot price breaching the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"676.0": 0.2348, "695.0": 0.1532, "697.0": 0.1475, "665.0": 0.2834, "685.0": 0.1973, "699.0": 0.1395, "701.0": 0.1331, "647.0": 0.3612, "689.0": 0.179, "705.0": 0.1224, "648.0": 0.3563, "720.0": 0.0945, "703.0": 0.1276, "650.0": 0.3465, "677.0": 0.2296, "706.0": 0.1195, "711.0": 0.1084, "645.0": 0.371, "692.0": 0.1653, "694.0": 0.1591, "679.0": 0.2248, "707.0": 0.1172, "666.0": 0.2783, "712.0": 0.1066, "661.0": 0.3035, "649.0": 0.3514, "675.0": 0.24, "664.0": 0.2884, "668.0": 0.2761, "700.0": 0.1361, "702.0": 0.1301, "708.0": 0.1152, "710.0": 0.1109, "653.0": 0.3319, "663.0": 0.2934, "656.0": 0.3233, "688.0": 0.1846, "678.0": 0.2301, "680.0": 0.2195, "713.0": 0.1044, "669.0": 0.2709, "674.0": 0.2451, "693.0": 0.1624, "716.0": 0.0992, "670.0": 0.2658, "686.0": 0.1918, "658.0": 0.3133, "687.0": 0.1864, "683.0": 0.2036, "690.0": 0.1735, "654.0": 0.327, "715.0": 0.1009, "717.0": 0.0979, "644.0": 0.3759, "718.0": 0.0967, "651.0": 0.3416, "673.0": 0.2503, "691.0": 0.171, "719.0": 0.095, "672.0": 0.2555, "652.0": 0.3367, "671.0": 0.2606, "698.0": 0.1432, "696.0": 0.1495, "667.0": 0.2774, "646.0": 0.3661, "655.0": 0.3221, "657.0": 0.3183, "714.0": 0.1027, "660.0": 0.3085, "682.0": 0.2089, "681.0": 0.2142, "659.0": 0.3084, "709.0": 0.1128, "684.0": 0.2005, "704.0": 0.1245, "662.0": 0.2984}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 60, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00708000", "short_strike": 710.0, "long_strike": 708.0, "width": 2.0, "credit": 0.25, "short_delta": 0.1883, "long_delta": 0.139, "short_iv": 0.1109, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.506148, "long_quote_age": 0.404714, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 60, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 175.0, "total_risk": 10500.0, "buying_power_used_pct": 0.9867}, "spot": 717.005}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-39.79 (gross $-38.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 60 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:41:00.309305+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ remains steady with a 5D return of +0.08% and a modest 1D dip of -0.09%, supporting an out-of-the-money put credit spread.", "invalidation": "A decisive break lower in QQQ spot below the short strike during the 2-5 DTE window."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"656.0": 0.3239, "681.0": 0.2149, "653.0": 0.3325, "718.0": 0.0967, "692.0": 0.1661, "697.0": 0.1464, "670.0": 0.2664, "691.0": 0.1718, "664.0": 0.289, "673.0": 0.251, "719.0": 0.0953, "652.0": 0.3374, "706.0": 0.1198, "676.0": 0.2355, "675.0": 0.2406, "710.0": 0.1107, "657.0": 0.3189, "701.0": 0.134, "680.0": 0.2202, "685.0": 0.198, "708.0": 0.1152, "663.0": 0.2941, "690.0": 0.1742, "671.0": 0.2613, "703.0": 0.1275, "678.0": 0.2308, "686.0": 0.1925, "645.0": 0.3716, "704.0": 0.1254, "716.0": 0.0989, "698.0": 0.144, "643.0": 0.3732, "648.0": 0.3569, "667.0": 0.2781, "662.0": 0.2991, "666.0": 0.279, "658.0": 0.314, "702.0": 0.131, "679.0": 0.2255, "654.0": 0.3276, "651.0": 0.3423, "712.0": 0.1064, "682.0": 0.2096, "707.0": 0.1176, "677.0": 0.2303, "650.0": 0.3471, "693.0": 0.1631, "699.0": 0.1395, "696.0": 0.1503, "714.0": 0.1025, "705.0": 0.1226, "720.0": 0.0942, "655.0": 0.3227, "659.0": 0.309, "674.0": 0.2458, "660.0": 0.3091, "695.0": 0.154, "646.0": 0.3667, "709.0": 0.1129, "715.0": 0.1006, "669.0": 0.2716, "683.0": 0.2043, "717.0": 0.0976, "713.0": 0.1044, "665.0": 0.284, "649.0": 0.352, "700.0": 0.1363, "668.0": 0.2768, "672.0": 0.2561, "688.0": 0.1853, "647.0": 0.3618, "711.0": 0.1082, "689.0": 0.1798, "661.0": 0.3041, "694.0": 0.1586, "644.0": 0.3765, "687.0": 0.1871, "684.0": 0.2012}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2124, "long_delta": 0.1354, "short_iv": 0.1082, "short_rel_spread": 0.0101522842639594, "long_rel_spread": 0.016806722689075647, "short_quote_age": 0.585377, "long_quote_age": 0.589159, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9811}, "spot": 717.015}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.27 (gross $-59.27 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:42:22.274349+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY has remained stable with a +0.01% 5-day return and 4-day ATM IV at 6.20%, supporting credit collection below current spot levels.", "invalidation": "A sharp downward decline in SPY spot price below 769.45 exceeding the short put buffer."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"722.0": 0.2334, "728.0": 0.2062, "695.0": 0.3387, "718.0": 0.2515, "743.0": 0.1479, "762.0": 0.08, "720.0": 0.2425, "733.0": 0.1906, "747.0": 0.1282, "690.0": 0.3605, "719.0": 0.247, "749.0": 0.1216, "765.0": 0.0738, "763.0": 0.0777, "729.0": 0.2017, "752.0": 0.1088, "744.0": 0.143, "740.0": 0.1575, "725.0": 0.2198, "715.0": 0.2519, "742.0": 0.1528, "738.0": 0.167, "766.0": 0.072, "727.0": 0.2107, "723.0": 0.2289, "773.0": 0.0658, "710.0": 0.2735, "770.0": 0.0659, "735.0": 0.1812, "700.0": 0.3169, "724.0": 0.2243, "746.0": 0.1331, "759.0": 0.087, "753.0": 0.1059, "764.0": 0.0758, "739.0": 0.1623, "757.0": 0.0921, "751.0": 0.1141, "730.0": 0.1971, "726.0": 0.2153, "761.0": 0.0823, "755.0": 0.0989, "745.0": 0.138, "705.0": 0.2952, "748.0": 0.1267, "756.0": 0.0949, "772.0": 0.0651, "758.0": 0.0899, "731.0": 0.2, "741.0": 0.1577, "760.0": 0.0843, "769.0": 0.0673, "734.0": 0.1859, "736.0": 0.1765, "767.0": 0.0702, "721.0": 0.2379, "768.0": 0.0687, "737.0": 0.1718, "750.0": 0.1164, "771.0": 0.0654, "754.0": 0.1026, "732.0": 0.1953}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908P00765000", "long_symbol": "SPY260908P00760000", "short_strike": 765.0, "long_strike": 760.0, "width": 5.0, "credit": 0.49, "short_delta": 0.2113, "long_delta": 0.0739, "short_iv": 0.0738, "short_rel_spread": 0.013986013986014, "long_rel_spread": 0.04444444444444448, "short_quote_age": 0.437923, "long_quote_age": 0.414138, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 769.45}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-82.81 (gross $-81.81 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:42:39.383656+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ exhibits resilient 5D performance at +0.06% despite a mild 1D dip of -0.11% and compressed ATM IV of 9.46% relative to 13.54% RV20.", "invalidation": "QQQ declines further, accelerating 1D losses beyond -0.11% toward the short strike."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 451}
{"ts": "2026-09-04T17:44:08.016700+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable short-term performance with a 5-day change of +0.07% and low ATM IV of 9.53% (IV/RV 0.70), favoring premium collection via an out-of-the-money put credit spread.", "invalidation": "A sharp downward acceleration in QQQ spot price that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"672.0": 0.2552, "686.0": 0.1916, "660.0": 0.3083, "674.0": 0.2449, "711.0": 0.1095, "665.0": 0.2831, "695.0": 0.1529, "655.0": 0.3219, "652.0": 0.3365, "663.0": 0.2932, "696.0": 0.1513, "680.0": 0.2193, "677.0": 0.2323, "642.0": 0.3772, "701.0": 0.134, "687.0": 0.188, "719.0": 0.0966, "643.0": 0.3724, "648.0": 0.3561, "646.0": 0.3659, "709.0": 0.114, "647.0": 0.361, "718.0": 0.0976, "717.0": 0.0989, "649.0": 0.3512, "684.0": 0.2024, "661.0": 0.3032, "651.0": 0.3414, "683.0": 0.2033, "671.0": 0.2604, "641.0": 0.3821, "708.0": 0.116, "658.0": 0.3131, "644.0": 0.3757, "688.0": 0.1843, "714.0": 0.1035, "706.0": 0.1206, "659.0": 0.3081, "690.0": 0.1748, "716.0": 0.1002, "691.0": 0.1707, "657.0": 0.3181, "705.0": 0.1229, "704.0": 0.126, "682.0": 0.2086, "693.0": 0.1621, "715.0": 0.102, "685.0": 0.197, "712.0": 0.1075, "675.0": 0.2397, "679.0": 0.2245, "645.0": 0.3708, "650.0": 0.3463, "666.0": 0.2781, "710.0": 0.1114, "670.0": 0.2655, "698.0": 0.1429, "668.0": 0.2758, "703.0": 0.1283, "673.0": 0.2501, "702.0": 0.1309, "697.0": 0.1472, "664.0": 0.2882, "689.0": 0.1788, "667.0": 0.2731, "678.0": 0.2298, "713.0": 0.1056, "654.0": 0.3267, "720.0": 0.0955, "653.0": 0.3316, "669.0": 0.2707, "676.0": 0.2345, "662.0": 0.2982, "707.0": 0.1181, "656.0": 0.323, "699.0": 0.14, "694.0": 0.1588, "681.0": 0.2139, "692.0": 0.1665, "700.0": 0.1366}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1911, "long_delta": 0.0897, "short_iv": 0.1114, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.497098, "long_quote_age": 1.631109, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 716.96}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.55 (gross $-98.55 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:44:21.029526+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY has remained flat over 5 days (+0.01%) with ATM IV of 6.33% relative to 20-day realized volatility of 8.27%, supporting a neutral put credit spread across 5 to 7 DTE.", "invalidation": "A drop in SPY spot below 769.42 with realized volatility expanding beyond 8.27%."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1072, "smile": {"726.0": 0.2062, "740.0": 0.153, "746.0": 0.1307, "721.0": 0.2211, "739.0": 0.1541, "732.0": 0.1804, "727.0": 0.2019, "772.0": 0.0751, "735.0": 0.1718, "729.0": 0.1933, "753.0": 0.1091, "728.0": 0.1976, "771.0": 0.0756, "773.0": 0.0751, "722.0": 0.2169, "743.0": 0.1423, "736.0": 0.1674, "758.0": 0.097, "734.0": 0.1762, "695.0": 0.3032, "764.0": 0.0851, "742.0": 0.144, "766.0": 0.0816, "752.0": 0.1117, "765.0": 0.0834, "767.0": 0.0801, "737.0": 0.1629, "755.0": 0.1038, "745.0": 0.133, "749.0": 0.1204, "738.0": 0.1585, "719.0": 0.2295, "723.0": 0.2128, "760.0": 0.0929, "730.0": 0.189, "748.0": 0.1233, "715.0": 0.2374, "759.0": 0.0947, "762.0": 0.0888, "710.0": 0.2576, "763.0": 0.0867, "733.0": 0.1761, "769.0": 0.0773, "724.0": 0.2086, "770.0": 0.0763, "725.0": 0.2044, "754.0": 0.1072, "757.0": 0.0993, "761.0": 0.0908, "690.0": 0.3227, "756.0": 0.1019, "720.0": 0.2253, "747.0": 0.1282, "705.0": 0.2779, "751.0": 0.1154, "750.0": 0.1189, "731.0": 0.1847, "744.0": 0.1376, "718.0": 0.2336, "700.0": 0.2838, "741.0": 0.1485, "768.0": 0.0786}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260909P00763000", "long_symbol": "SPY260909P00758000", "short_strike": 763.0, "long_strike": 758.0, "width": 5.0, "credit": 0.47, "short_delta": 0.189, "long_delta": 0.0856, "short_iv": 0.0867, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.02898550724637668, "short_quote_age": 1.104421, "long_quote_age": 1.23417, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 769.44}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-70.93 (gross $-69.93 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:45:42.849624+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows flat 5-day performance (+0.03%) alongside an IV/RV ratio of 0.70, favoring short-term defined-risk premium collection.", "invalidation": "A rapid downward acceleration in QQQ spot price breaching the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"687.0": 0.1884, "710.0": 0.1122, "717.0": 0.1003, "716.0": 0.1016, "700.0": 0.1369, "679.0": 0.2232, "640.0": 0.3857, "684.0": 0.201, "676.0": 0.2332, "652.0": 0.3353, "648.0": 0.3549, "641.0": 0.3809, "712.0": 0.1081, "683.0": 0.2065, "707.0": 0.1192, "667.0": 0.2797, "655.0": 0.3207, "671.0": 0.2591, "720.0": 0.0969, "699.0": 0.1398, "658.0": 0.3119, "685.0": 0.1956, "719.0": 0.0982, "694.0": 0.1573, "675.0": 0.2384, "663.0": 0.2919, "702.0": 0.1313, "665.0": 0.2819, "645.0": 0.3696, "644.0": 0.3745, "649.0": 0.35, "668.0": 0.2746, "662.0": 0.297, "709.0": 0.1147, "690.0": 0.1749, "693.0": 0.1606, "691.0": 0.1693, "703.0": 0.1284, "659.0": 0.3069, "666.0": 0.2768, "651.0": 0.3402, "711.0": 0.1103, "650.0": 0.3451, "654.0": 0.3256, "689.0": 0.1773, "643.0": 0.3794, "697.0": 0.1475, "646.0": 0.3647, "714.0": 0.1045, "686.0": 0.1902, "669.0": 0.2694, "674.0": 0.2436, "701.0": 0.1335, "696.0": 0.1498, "688.0": 0.1829, "657.0": 0.3169, "677.0": 0.2338, "647.0": 0.3598, "672.0": 0.2539, "673.0": 0.2488, "705.0": 0.1233, "681.0": 0.2126, "680.0": 0.2179, "704.0": 0.1258, "682.0": 0.2073, "698.0": 0.143, "695.0": 0.1537, "715.0": 0.1028, "713.0": 0.1065, "678.0": 0.2285, "706.0": 0.1214, "718.0": 0.0992, "692.0": 0.1664, "664.0": 0.2869, "661.0": 0.302, "670.0": 0.2642, "642.0": 0.3761, "708.0": 0.1166, "660.0": 0.307, "653.0": 0.3304, "656.0": 0.3218}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2017, "long_delta": 0.0952, "short_iv": 0.1122, "short_rel_spread": 0.010471204188481685, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.660926, "long_quote_age": 0.582668, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 716.645}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-97.71 (gross $-96.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:45:54.084501+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable 5-day performance of +0.03% and subdued ATM IV of 9.53% with IV/RV at 0.70, supporting an extended duration put credit spread.", "invalidation": "QQQ spot price breaks downward below the short put strike as 1D losses worsen beyond -0.14%."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"713.0": 0.122, "676.0": 0.2265, "687.0": 0.1863, "663.0": 0.278, "661.0": 0.2845, "702.0": 0.1443, "666.0": 0.2664, "649.0": 0.3332, "640.0": 0.3701, "679.0": 0.2149, "645.0": 0.3472, "658.0": 0.2986, "664.0": 0.276, "688.0": 0.183, "699.0": 0.1512, "647.0": 0.3381, "715.0": 0.1187, "692.0": 0.1709, "690.0": 0.1757, "719.0": 0.1132, "659.0": 0.2939, "644.0": 0.3518, "709.0": 0.1297, "681.0": 0.2079, "685.0": 0.1925, "697.0": 0.1567, "678.0": 0.22, "710.0": 0.1276, "642.0": 0.361, "716.0": 0.117, "680.0": 0.2129, "662.0": 0.2828, "651.0": 0.324, "701.0": 0.1468, "694.0": 0.1648, "717.0": 0.1157, "655.0": 0.3093, "707.0": 0.1339, "641.0": 0.3655, "691.0": 0.1735, "674.0": 0.2363, "652.0": 0.3194, "689.0": 0.1795, "686.0": 0.1895, "708.0": 0.1316, "672.0": 0.2422, "671.0": 0.247, "660.0": 0.2892, "665.0": 0.2712, "700.0": 0.1491, "704.0": 0.1397, "695.0": 0.1619, "667.0": 0.2617, "683.0": 0.2004, "673.0": 0.2373, "653.0": 0.3148, "693.0": 0.168, "712.0": 0.1237, "646.0": 0.3427, "718.0": 0.1143, "643.0": 0.3564, "670.0": 0.2519, "669.0": 0.2545, "654.0": 0.3139, "703.0": 0.1422, "675.0": 0.2314, "657.0": 0.3033, "714.0": 0.1203, "650.0": 0.3286, "677.0": 0.2233, "684.0": 0.1977, "682.0": 0.2055, "696.0": 0.1592, "705.0": 0.1378, "656.0": 0.308, "720.0": 0.1122, "711.0": 0.1257, "648.0": 0.3335, "668.0": 0.2569, "706.0": 0.1356, "698.0": 0.1542}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00703000", "short_strike": 708.0, "long_strike": 703.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2043, "long_delta": 0.1166, "short_iv": 0.1316, "short_rel_spread": 0.023529411764705906, "long_rel_spread": 0.014598540145985252, "short_quote_age": 0.434111, "long_quote_age": 0.680264, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 441.0, "total_risk": 10584.0, "buying_power_used_pct": 0.9946}, "spot": 716.65}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-85.73 (gross $-83.73 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:47:15.180308+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays relative price stability with a +0.06% 5-day return despite a -0.11% 1-day decline, supporting short-dated put spread premium collection.", "invalidation": "A sustained decline in QQQ spot price that turns the 5-day return decisively negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"662.0": 0.2976, "664.0": 0.2875, "704.0": 0.125, "679.0": 0.2239, "648.0": 0.3555, "706.0": 0.1202, "703.0": 0.1273, "643.0": 0.38, "711.0": 0.1095, "689.0": 0.178, "647.0": 0.3604, "688.0": 0.1836, "700.0": 0.1357, "709.0": 0.1138, "651.0": 0.3408, "687.0": 0.1873, "669.0": 0.27, "697.0": 0.1473, "705.0": 0.1226, "652.0": 0.3359, "710.0": 0.1115, "712.0": 0.1074, "656.0": 0.3164, "663.0": 0.2925, "665.0": 0.2825, "686.0": 0.1908, "661.0": 0.3026, "717.0": 0.0989, "678.0": 0.2291, "673.0": 0.2494, "659.0": 0.3075, "719.0": 0.0963, "693.0": 0.1613, "681.0": 0.2132, "716.0": 0.1003, "714.0": 0.1036, "696.0": 0.1505, "645.0": 0.3702, "694.0": 0.158, "718.0": 0.0978, "672.0": 0.2545, "657.0": 0.3115, "708.0": 0.1157, "682.0": 0.2079, "650.0": 0.3457, "666.0": 0.2774, "715.0": 0.1018, "671.0": 0.2597, "658.0": 0.3066, "701.0": 0.1331, "680.0": 0.2186, "683.0": 0.2049, "698.0": 0.1438, "702.0": 0.13, "699.0": 0.1391, "649.0": 0.3506, "720.0": 0.0957, "684.0": 0.2017, "685.0": 0.1963, "668.0": 0.2752, "654.0": 0.3261, "695.0": 0.1544, "667.0": 0.2766, "644.0": 0.3751, "675.0": 0.239, "674.0": 0.2442, "713.0": 0.1055, "646.0": 0.3653, "691.0": 0.17, "692.0": 0.1671, "707.0": 0.1177, "690.0": 0.1741, "653.0": 0.331, "660.0": 0.3076, "677.0": 0.2317, "670.0": 0.2649, "655.0": 0.3212, "676.0": 0.2339}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1959, "long_delta": 0.1239, "short_iv": 0.1115, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.414017, "long_quote_age": 0.414112, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9886}, "spot": 716.865}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-57.94 (gross $-56.94 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:47:29.434309+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates resilience with a positive 5D return of +0.06% despite a minor 1D decline of -0.11%.", "invalidation": "QQQ spot price experiences a sharp decline expanding beyond recent negative 1D drift."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"676.0": 0.2347, "652.0": 0.3367, "709.0": 0.1132, "685.0": 0.1972, "677.0": 0.2325, "705.0": 0.1223, "645.0": 0.371, "673.0": 0.2502, "707.0": 0.1178, "716.0": 0.0995, "658.0": 0.3074, "657.0": 0.3122, "653.0": 0.3318, "647.0": 0.3612, "690.0": 0.175, "662.0": 0.2984, "704.0": 0.1253, "689.0": 0.179, "683.0": 0.2058, "713.0": 0.1048, "693.0": 0.1623, "668.0": 0.2682, "644.0": 0.3759, "674.0": 0.2451, "701.0": 0.133, "648.0": 0.3563, "682.0": 0.2088, "672.0": 0.2554, "720.0": 0.0953, "681.0": 0.2141, "661.0": 0.3034, "719.0": 0.0958, "686.0": 0.1917, "717.0": 0.098, "651.0": 0.3416, "691.0": 0.1709, "697.0": 0.1474, "643.0": 0.3808, "692.0": 0.1652, "659.0": 0.3083, "714.0": 0.103, "655.0": 0.322, "649.0": 0.3514, "680.0": 0.2194, "679.0": 0.2247, "698.0": 0.1431, "665.0": 0.2833, "684.0": 0.2005, "654.0": 0.3269, "678.0": 0.2273, "699.0": 0.1402, "712.0": 0.1068, "687.0": 0.1882, "650.0": 0.3465, "671.0": 0.2606, "696.0": 0.1505, "694.0": 0.159, "706.0": 0.1201, "670.0": 0.2581, "675.0": 0.2399, "702.0": 0.13, "711.0": 0.109, "664.0": 0.2883, "695.0": 0.1543, "669.0": 0.2632, "715.0": 0.1012, "646.0": 0.3661, "700.0": 0.1368, "660.0": 0.3084, "708.0": 0.1154, "667.0": 0.2732, "666.0": 0.2783, "703.0": 0.1275, "663.0": 0.2933, "710.0": 0.1112, "688.0": 0.1845, "656.0": 0.3171, "718.0": 0.0968}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1896, "long_delta": 0.1201, "short_iv": 0.1112, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.553857, "long_quote_age": 0.479177, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 716.895}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.11 (gross $-59.11 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:48:58.485302+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ exhibits muted short-term price movement with 1D at -0.10% and 5D at +0.07%, supporting range-bound premium collection across a 5 to 7 DTE horizon.", "invalidation": "A sharp continuation of the negative 1D return breaking below the strike delta threshold."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"714.0": 0.119, "673.0": 0.239, "657.0": 0.2979, "715.0": 0.1173, "689.0": 0.1805, "700.0": 0.1487, "672.0": 0.2439, "676.0": 0.2282, "664.0": 0.2749, "681.0": 0.2082, "655.0": 0.3072, "685.0": 0.1943, "674.0": 0.2361, "709.0": 0.1289, "644.0": 0.3533, "649.0": 0.3348, "677.0": 0.2233, "671.0": 0.2465, "708.0": 0.1313, "701.0": 0.1467, "684.0": 0.197, "647.0": 0.3396, "702.0": 0.1441, "710.0": 0.1271, "695.0": 0.1622, "659.0": 0.2955, "667.0": 0.2633, "696.0": 0.1586, "665.0": 0.2702, "692.0": 0.1699, "705.0": 0.1377, "651.0": 0.3256, "719.0": 0.1124, "682.0": 0.2046, "650.0": 0.3302, "678.0": 0.2201, "683.0": 0.2009, "694.0": 0.1643, "675.0": 0.2312, "643.0": 0.3579, "711.0": 0.1249, "717.0": 0.1146, "656.0": 0.3025, "670.0": 0.2513, "704.0": 0.1396, "720.0": 0.1113, "663.0": 0.2797, "716.0": 0.1159, "654.0": 0.3118, "648.0": 0.3351, "645.0": 0.3488, "707.0": 0.1333, "687.0": 0.1872, "653.0": 0.3164, "646.0": 0.3442, "669.0": 0.2561, "699.0": 0.151, "679.0": 0.2167, "680.0": 0.2117, "718.0": 0.1135, "693.0": 0.1672, "666.0": 0.2681, "713.0": 0.121, "662.0": 0.2844, "658.0": 0.2969, "660.0": 0.2908, "691.0": 0.1739, "706.0": 0.1353, "697.0": 0.1558, "661.0": 0.2861, "698.0": 0.1536, "703.0": 0.1417, "652.0": 0.321, "668.0": 0.2585, "690.0": 0.1759, "688.0": 0.1839, "686.0": 0.1903, "712.0": 0.1229}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00705000", "short_strike": 708.0, "long_strike": 705.0, "width": 3.0, "credit": 0.37, "short_delta": 0.1944, "long_delta": 0.1386, "short_iv": 0.1313, "short_rel_spread": 0.02510460251046028, "long_rel_spread": 0.024390243902438907, "short_quote_age": 0.543745, "long_quote_age": 0.462005, "friction_usd": 2.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9886}, "spot": 717.005}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-53.72 (gross $-51.22 - friction $2.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:50:40.860951+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.22, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates stability with a +0.08% 5-day return and IV of 9.39% trading below RV20 of 13.54%.", "invalidation": "QQQ spot declines sharply below 717.01."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"719.0": 0.095, "708.0": 0.1148, "703.0": 0.1267, "685.0": 0.1973, "699.0": 0.1387, "669.0": 0.2633, "695.0": 0.1545, "678.0": 0.2274, "677.0": 0.2327, "672.0": 0.2555, "644.0": 0.376, "683.0": 0.206, "649.0": 0.3515, "689.0": 0.1791, "690.0": 0.1752, "659.0": 0.3084, "656.0": 0.3173, "667.0": 0.2734, "675.0": 0.24, "655.0": 0.3221, "647.0": 0.3613, "680.0": 0.2196, "715.0": 0.1007, "665.0": 0.2834, "670.0": 0.2583, "663.0": 0.2935, "717.0": 0.0978, "676.0": 0.2349, "681.0": 0.2143, "687.0": 0.1865, "645.0": 0.3711, "698.0": 0.1433, "648.0": 0.3564, "688.0": 0.1847, "706.0": 0.1189, "662.0": 0.2985, "697.0": 0.1467, "714.0": 0.1025, "651.0": 0.3417, "696.0": 0.1507, "653.0": 0.3319, "701.0": 0.1318, "658.0": 0.3075, "710.0": 0.1105, "707.0": 0.1167, "709.0": 0.1124, "694.0": 0.1592, "674.0": 0.2452, "720.0": 0.0947, "711.0": 0.1084, "668.0": 0.2683, "654.0": 0.327, "693.0": 0.1625, "646.0": 0.3662, "692.0": 0.1654, "650.0": 0.3466, "652.0": 0.3368, "702.0": 0.129, "684.0": 0.2006, "691.0": 0.1711, "657.0": 0.3124, "700.0": 0.137, "682.0": 0.209, "704.0": 0.1236, "713.0": 0.1043, "673.0": 0.2504, "664.0": 0.2885, "666.0": 0.2784, "679.0": 0.2249, "712.0": 0.1059, "671.0": 0.2607, "705.0": 0.1217, "661.0": 0.3035, "718.0": 0.0963, "660.0": 0.3086, "716.0": 0.0991, "686.0": 0.1919, "643.0": 0.3809}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 41, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.41, "short_delta": 0.2172, "long_delta": 0.1377, "short_iv": 0.1084, "short_rel_spread": 0.00985221674876848, "long_rel_spread": 0.016528925619834725, "short_quote_age": 0.413837, "long_quote_age": 0.423308, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 41, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 259.0, "total_risk": 10619.0, "buying_power_used_pct": 0.9979}, "spot": 716.985}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-58.21 (gross $-57.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 41 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:52:04.875824+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.18, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY is flat over the 5-day period at -0.00% with low ATM IV of 6.25% relative to its 20-day realized volatility of 8.27%.", "invalidation": "A sharp downward decline that exceeds short-term implied volatility and breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"728.0": 0.2059, "769.0": 0.0659, "757.0": 0.0916, "736.0": 0.1761, "732.0": 0.195, "723.0": 0.2285, "737.0": 0.1714, "700.0": 0.3166, "725.0": 0.2195, "747.0": 0.1313, "690.0": 0.3602, "710.0": 0.2732, "755.0": 0.0985, "729.0": 0.2013, "718.0": 0.2512, "764.0": 0.0746, "754.0": 0.1021, "722.0": 0.2331, "753.0": 0.1055, "733.0": 0.1903, "724.0": 0.224, "762.0": 0.0787, "760.0": 0.0837, "756.0": 0.0945, "719.0": 0.2467, "746.0": 0.1327, "695.0": 0.3384, "763.0": 0.0771, "740.0": 0.1622, "766.0": 0.0708, "767.0": 0.069, "731.0": 0.1997, "773.0": 0.0649, "752.0": 0.1109, "765.0": 0.0727, "726.0": 0.2149, "768.0": 0.0674, "721.0": 0.2376, "751.0": 0.1137, "749.0": 0.1212, "738.0": 0.1667, "734.0": 0.1856, "727.0": 0.2104, "759.0": 0.0865, "745.0": 0.1377, "741.0": 0.1573, "715.0": 0.2515, "744.0": 0.1426, "771.0": 0.0641, "748.0": 0.1263, "730.0": 0.2044, "743.0": 0.1475, "772.0": 0.0641, "705.0": 0.2949, "735.0": 0.1809, "750.0": 0.1189, "770.0": 0.0646, "742.0": 0.1524, "761.0": 0.081, "739.0": 0.1619, "720.0": 0.2421, "758.0": 0.0895}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 22, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908P00764000", "long_symbol": "SPY260908P00759000", "short_strike": 764.0, "long_strike": 759.0, "width": 5.0, "credit": 0.37, "short_delta": 0.1717, "long_delta": 0.0613, "short_iv": 0.0746, "short_rel_spread": 0.018018018018018032, "long_rel_spread": 0.054054054054054106, "short_quote_age": 0.602501, "long_quote_age": 0.820948, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 22, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 463.0, "total_risk": 10186.0, "buying_power_used_pct": 0.9572}, "spot": 769.335}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-87.22 (gross $-86.22 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 22 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:52:20.940652+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates stable 5-day performance of +0.07% alongside an ATM IV of 9.39%, favoring short-duration put credit spreads.", "invalidation": "QQQ spot declines sharply below 716.93 reversing recent 5-day gains."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 426}
{"ts": "2026-09-04T17:53:43.677431+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady price action with a 5-day return of +0.09% and IV/RV of 0.69, supporting an income-generating neutral put credit spread.", "invalidation": "A sharp downward decline from spot 717.09 breaching the short strike delta threshold."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"692.0": 0.166, "704.0": 0.1234, "647.0": 0.3617, "652.0": 0.3373, "682.0": 0.2095, "651.0": 0.3422, "641.0": 0.3828, "663.0": 0.294, "642.0": 0.378, "714.0": 0.1015, "700.0": 0.1362, "715.0": 0.0998, "664.0": 0.2889, "668.0": 0.2688, "660.0": 0.309, "686.0": 0.1924, "687.0": 0.187, "693.0": 0.163, "717.0": 0.0969, "707.0": 0.1161, "669.0": 0.2638, "719.0": 0.0945, "690.0": 0.1741, "676.0": 0.2354, "713.0": 0.1034, "678.0": 0.2279, "675.0": 0.2405, "706.0": 0.1189, "650.0": 0.3471, "694.0": 0.1585, "711.0": 0.1076, "695.0": 0.1539, "659.0": 0.3089, "699.0": 0.1394, "697.0": 0.1463, "718.0": 0.0957, "696.0": 0.1502, "662.0": 0.299, "649.0": 0.352, "657.0": 0.3128, "708.0": 0.1138, "665.0": 0.2839, "705.0": 0.1216, "712.0": 0.1053, "702.0": 0.1297, "684.0": 0.2011, "645.0": 0.3715, "701.0": 0.1325, "679.0": 0.2254, "709.0": 0.1116, "666.0": 0.2789, "654.0": 0.3275, "655.0": 0.3226, "673.0": 0.2509, "689.0": 0.1797, "688.0": 0.1834, "720.0": 0.0939, "681.0": 0.2148, "691.0": 0.1716, "646.0": 0.3666, "685.0": 0.1979, "680.0": 0.2201, "670.0": 0.2664, "710.0": 0.1095, "671.0": 0.2612, "661.0": 0.304, "643.0": 0.3814, "667.0": 0.2738, "698.0": 0.1421, "677.0": 0.2332, "672.0": 0.256, "653.0": 0.3324, "703.0": 0.1263, "644.0": 0.3765, "656.0": 0.3177, "658.0": 0.308, "674.0": 0.2457, "683.0": 0.2065, "648.0": 0.3568, "716.0": 0.0982}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2117, "long_delta": 0.0981, "short_iv": 0.1076, "short_rel_spread": 0.010256410256410265, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.390329, "long_quote_age": 0.445431, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.74 (gross $-99.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:53:54.915813+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits relative stability with a 1D change of -0.08% and positive 5D return of +0.09% around spot 717.09, favoring put credit spreads at 5-7 DTE.", "invalidation": "QQQ breaks downward materially below 717.09 as 5D performance turns negative."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"694.0": 0.1638, "683.0": 0.201, "701.0": 0.1454, "697.0": 0.1555, "702.0": 0.143, "705.0": 0.1363, "678.0": 0.2202, "646.0": 0.3443, "641.0": 0.3672, "686.0": 0.1904, "656.0": 0.3063, "703.0": 0.1407, "713.0": 0.1199, "707.0": 0.1321, "711.0": 0.124, "708.0": 0.1301, "716.0": 0.115, "679.0": 0.2152, "644.0": 0.3535, "691.0": 0.1732, "668.0": 0.2587, "655.0": 0.3073, "660.0": 0.291, "669.0": 0.2563, "676.0": 0.2284, "661.0": 0.2863, "670.0": 0.2515, "658.0": 0.297, "693.0": 0.1667, "684.0": 0.1972, "710.0": 0.1257, "642.0": 0.3626, "659.0": 0.2924, "720.0": 0.1101, "698.0": 0.1529, "719.0": 0.1111, "690.0": 0.177, "685.0": 0.1933, "672.0": 0.244, "677.0": 0.2234, "687.0": 0.1863, "682.0": 0.2047, "662.0": 0.2845, "648.0": 0.3352, "653.0": 0.3165, "689.0": 0.1797, "709.0": 0.1277, "645.0": 0.3489, "688.0": 0.1831, "652.0": 0.3211, "666.0": 0.2682, "696.0": 0.1582, "664.0": 0.2751, "647.0": 0.3398, "712.0": 0.1219, "699.0": 0.1503, "718.0": 0.1122, "675.0": 0.2314, "695.0": 0.1612, "674.0": 0.2343, "681.0": 0.2084, "714.0": 0.1182, "717.0": 0.1135, "671.0": 0.2467, "650.0": 0.3303, "649.0": 0.3349, "643.0": 0.358, "657.0": 0.3017, "654.0": 0.3119, "700.0": 0.1477, "692.0": 0.1701, "665.0": 0.2703, "663.0": 0.2798, "706.0": 0.1343, "680.0": 0.2119, "667.0": 0.2635, "673.0": 0.2392, "704.0": 0.1384, "715.0": 0.1167, "651.0": 0.3257}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00703000", "short_strike": 708.0, "long_strike": 703.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1913, "long_delta": 0.1076, "short_iv": 0.1301, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.016260162601626032, "short_quote_age": 0.730683, "long_quote_age": 0.542047, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.015}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-88.18 (gross $-86.68 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:55:16.811174+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits flat 5-day performance of +0.07% and subdued ATM IV of 9.39% versus RV20 of 13.54% (IV/RV 0.69), supporting an out-of-the-money put credit spread.", "invalidation": "A sharp decline in QQQ spot below current levels accompanied by a rapid expansion in short-term implied volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"667.0": 0.273, "651.0": 0.3414, "697.0": 0.1452, "712.0": 0.1055, "662.0": 0.2982, "645.0": 0.3708, "685.0": 0.1969, "711.0": 0.1076, "664.0": 0.2881, "696.0": 0.1492, "703.0": 0.1261, "717.0": 0.0972, "649.0": 0.3512, "680.0": 0.2192, "672.0": 0.2552, "718.0": 0.096, "644.0": 0.3757, "658.0": 0.3131, "684.0": 0.2024, "650.0": 0.3463, "699.0": 0.1383, "719.0": 0.095, "670.0": 0.2655, "713.0": 0.1037, "665.0": 0.2831, "686.0": 0.1915, "654.0": 0.3267, "675.0": 0.2397, "693.0": 0.162, "671.0": 0.2603, "659.0": 0.3081, "715.0": 0.0997, "648.0": 0.3561, "641.0": 0.382, "710.0": 0.1098, "669.0": 0.2706, "653.0": 0.3316, "674.0": 0.2448, "698.0": 0.1428, "714.0": 0.1018, "705.0": 0.1211, "677.0": 0.2323, "683.0": 0.2056, "695.0": 0.1529, "673.0": 0.25, "691.0": 0.1707, "706.0": 0.1183, "689.0": 0.1787, "702.0": 0.1285, "655.0": 0.3218, "688.0": 0.1843, "704.0": 0.1231, "720.0": 0.094, "657.0": 0.318, "692.0": 0.165, "646.0": 0.3659, "694.0": 0.1575, "656.0": 0.3169, "701.0": 0.1313, "668.0": 0.268, "666.0": 0.278, "687.0": 0.1861, "709.0": 0.1117, "708.0": 0.1141, "663.0": 0.2931, "682.0": 0.2086, "690.0": 0.1731, "700.0": 0.135, "643.0": 0.3806, "707.0": 0.1161, "652.0": 0.3365, "681.0": 0.2139, "647.0": 0.361, "661.0": 0.3032, "660.0": 0.3082, "678.0": 0.2298, "679.0": 0.2245, "642.0": 0.3772, "716.0": 0.0985, "676.0": 0.2345}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.49, "short_delta": 0.188, "long_delta": 0.0868, "short_iv": 0.1098, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.726618, "long_quote_age": 0.844112, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 716.965}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-100.48 (gross $-99.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:55:33.097114+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ shows relative stability with a +0.07% 5-day return and mild -0.10% 1-day change, supporting short-duration premium collection via put credit spread.", "invalidation": "QQQ spot price declines sharply below 716.97 breaking short-term stability."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 461}
{"ts": "2026-09-04T17:57:04.501456+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY shows stable 5-day performance at +0.01% with 4-day ATM IV at 6.22% trading at an IV/RV ratio of 0.75 against 8.27% 20-day realized volatility, supporting put credit spread premium capture above downside buffer levels.", "invalidation": "SPY spot price breaks sharply downward from 769.42 with realized volatility accelerating beyond the 8.27% baseline."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"758.0": 0.0882, "771.0": 0.0648, "746.0": 0.1327, "740.0": 0.1621, "763.0": 0.077, "748.0": 0.1262, "764.0": 0.0746, "741.0": 0.1573, "727.0": 0.2104, "736.0": 0.1761, "761.0": 0.0809, "757.0": 0.0916, "728.0": 0.2058, "762.0": 0.0787, "749.0": 0.1211, "768.0": 0.0676, "770.0": 0.0653, "719.0": 0.2466, "773.0": 0.0654, "733.0": 0.1902, "734.0": 0.1855, "720.0": 0.2421, "732.0": 0.1949, "750.0": 0.1189, "755.0": 0.0984, "731.0": 0.1996, "726.0": 0.2149, "724.0": 0.224, "739.0": 0.1619, "772.0": 0.0648, "690.0": 0.3601, "744.0": 0.1425, "723.0": 0.2285, "759.0": 0.0864, "710.0": 0.2732, "747.0": 0.1313, "721.0": 0.2376, "760.0": 0.0837, "738.0": 0.1666, "743.0": 0.1475, "756.0": 0.0944, "737.0": 0.1714, "745.0": 0.1376, "725.0": 0.2194, "765.0": 0.0726, "722.0": 0.233, "729.0": 0.2013, "695.0": 0.3383, "754.0": 0.1021, "705.0": 0.2949, "735.0": 0.1808, "753.0": 0.1054, "752.0": 0.1108, "700.0": 0.3166, "742.0": 0.1524, "766.0": 0.0711, "715.0": 0.2515, "769.0": 0.0664, "718.0": 0.2511, "730.0": 0.2043, "751.0": 0.1136, "767.0": 0.0692}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908P00765000", "long_symbol": "SPY260908P00760000", "short_strike": 765.0, "long_strike": 760.0, "width": 5.0, "credit": 0.48, "short_delta": 0.2118, "long_delta": 0.0744, "short_iv": 0.0726, "short_rel_spread": 0.014184397163120581, "long_rel_spread": 0.04444444444444448, "short_quote_age": 0.455538, "long_quote_age": 0.47537, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 769.33}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-85.36 (gross $-84.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:57:19.778890+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays steady short-term consolidation with a 5D return of +0.08% and mild 1D pullback of -0.09%.", "invalidation": "A sharp downward acceleration in QQQ spot price below short strike levels."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"641.0": 0.3821, "699.0": 0.1385, "702.0": 0.1287, "701.0": 0.1315, "689.0": 0.1789, "651.0": 0.3415, "656.0": 0.3171, "712.0": 0.1054, "670.0": 0.2656, "683.0": 0.2057, "691.0": 0.1708, "644.0": 0.3758, "694.0": 0.1577, "705.0": 0.1213, "716.0": 0.0984, "661.0": 0.3033, "676.0": 0.2346, "642.0": 0.3773, "714.0": 0.1016, "687.0": 0.1862, "720.0": 0.0947, "688.0": 0.1844, "652.0": 0.3366, "667.0": 0.2732, "695.0": 0.153, "650.0": 0.3464, "647.0": 0.3611, "668.0": 0.2681, "660.0": 0.3084, "709.0": 0.1114, "678.0": 0.2299, "703.0": 0.1264, "674.0": 0.245, "663.0": 0.2933, "707.0": 0.1163, "706.0": 0.1185, "643.0": 0.3807, "717.0": 0.097, "655.0": 0.3219, "679.0": 0.2246, "645.0": 0.3709, "648.0": 0.3562, "666.0": 0.2782, "696.0": 0.1494, "713.0": 0.1033, "718.0": 0.096, "665.0": 0.2832, "681.0": 0.214, "711.0": 0.1075, "710.0": 0.1096, "673.0": 0.2502, "684.0": 0.2025, "693.0": 0.1622, "715.0": 0.0998, "646.0": 0.366, "653.0": 0.3317, "672.0": 0.2553, "680.0": 0.2194, "690.0": 0.1733, "708.0": 0.1138, "662.0": 0.2983, "654.0": 0.3268, "649.0": 0.3513, "658.0": 0.3132, "704.0": 0.1233, "719.0": 0.0949, "664.0": 0.2882, "675.0": 0.2398, "669.0": 0.2708, "698.0": 0.1412, "692.0": 0.1652, "657.0": 0.3122, "677.0": 0.2324, "700.0": 0.1352, "697.0": 0.1454, "659.0": 0.3082, "685.0": 0.1971, "686.0": 0.1917, "682.0": 0.2087, "671.0": 0.2605}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1866, "long_delta": 0.0866, "short_iv": 0.1096, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.459587, "long_quote_age": 0.459505, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 716.95}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.79 (gross $-100.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:58:38.828026+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY is consolidating near flat over 5 days (+0.01%) with ATM implied volatility at 6.22% trading at a discount to 20-day realized volatility of 8.27% (IV/RV 0.75).", "invalidation": "SPY spot declines sharply below the short put strike as the 1-day decline of -0.49% extends."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"751.0": 0.1143, "710.0": 0.2737, "740.0": 0.1628, "754.0": 0.1028, "769.0": 0.066, "771.0": 0.0642, "739.0": 0.1625, "725.0": 0.22, "773.0": 0.0648, "730.0": 0.2049, "715.0": 0.252, "753.0": 0.1061, "723.0": 0.229, "729.0": 0.2018, "759.0": 0.0862, "762.0": 0.079, "767.0": 0.0689, "765.0": 0.0725, "756.0": 0.0951, "718.0": 0.2517, "763.0": 0.0769, "746.0": 0.1333, "705.0": 0.2954, "748.0": 0.1269, "761.0": 0.0811, "728.0": 0.2064, "700.0": 0.3171, "768.0": 0.0672, "732.0": 0.1955, "749.0": 0.1218, "757.0": 0.0923, "745.0": 0.1382, "736.0": 0.1767, "744.0": 0.1432, "743.0": 0.1481, "760.0": 0.0836, "727.0": 0.2109, "734.0": 0.1861, "764.0": 0.0747, "770.0": 0.0647, "741.0": 0.1579, "724.0": 0.2245, "772.0": 0.0643, "731.0": 0.2002, "755.0": 0.0991, "690.0": 0.3606, "747.0": 0.1319, "752.0": 0.1115, "719.0": 0.2472, "722.0": 0.2336, "726.0": 0.2154, "766.0": 0.0708, "738.0": 0.1672, "750.0": 0.1195, "737.0": 0.1719, "695.0": 0.3388, "720.0": 0.2426, "721.0": 0.2381, "758.0": 0.089, "735.0": 0.1814, "742.0": 0.153, "733.0": 0.1908}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908P00765000", "long_symbol": "SPY260908P00760000", "short_strike": 765.0, "long_strike": 760.0, "width": 5.0, "credit": 0.46, "short_delta": 0.205, "long_delta": 0.0716, "short_iv": 0.0725, "short_rel_spread": 0.014814814814814828, "long_rel_spread": 0.046511627906976785, "short_quote_age": 0.742146, "long_quote_age": 1.675249, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 769.455}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-86.43 (gross $-85.43 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T17:58:54.501028+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits sideways consolidation with a 5-day return of +0.08% and a minor 1-day decline of -0.10%, supporting an ultra-short-dated put credit spread.", "invalidation": "A sharp downward expansion below the 1-day return level of -0.10% would invalidate this neutral thesis."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 477}
{"ts": "2026-09-04T18:00:14.550045+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "SPY shows rangebound behavior with a flat 5D return of +0.01% and an IV/RV ratio of 0.75, making out-of-the-money put spread selling favorable.", "invalidation": "A continued downward acceleration beyond the 1D decline of -0.48% accompanied by rising volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"735.0": 0.1816, "730.0": 0.2051, "736.0": 0.1768, "748.0": 0.127, "759.0": 0.0864, "737.0": 0.1721, "752.0": 0.1092, "764.0": 0.074, "690.0": 0.3608, "754.0": 0.103, "773.0": 0.0648, "760.0": 0.083, "771.0": 0.064, "772.0": 0.064, "744.0": 0.1434, "743.0": 0.1483, "770.0": 0.0646, "761.0": 0.0805, "723.0": 0.2292, "739.0": 0.1626, "750.0": 0.1197, "729.0": 0.202, "728.0": 0.2065, "763.0": 0.0761, "720.0": 0.2428, "731.0": 0.2004, "745.0": 0.1384, "753.0": 0.1063, "719.0": 0.2473, "765.0": 0.0724, "733.0": 0.191, "726.0": 0.2156, "747.0": 0.1321, "725.0": 0.2202, "757.0": 0.0926, "767.0": 0.0686, "769.0": 0.0656, "758.0": 0.0892, "700.0": 0.3172, "718.0": 0.2518, "746.0": 0.1335, "710.0": 0.2738, "732.0": 0.1957, "734.0": 0.1863, "768.0": 0.067, "741.0": 0.1581, "724.0": 0.2247, "727.0": 0.2111, "740.0": 0.1629, "721.0": 0.2383, "705.0": 0.2955, "755.0": 0.0993, "749.0": 0.122, "715.0": 0.2522, "722.0": 0.2337, "756.0": 0.0954, "695.0": 0.339, "751.0": 0.1145, "766.0": 0.0704, "738.0": 0.1674, "762.0": 0.0786, "742.0": 0.1532}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908P00765000", "long_symbol": "SPY260908P00760000", "short_strike": 765.0, "long_strike": 760.0, "width": 5.0, "credit": 0.46, "short_delta": 0.2028, "long_delta": 0.0692, "short_iv": 0.0724, "short_rel_spread": 0.015037593984962419, "long_rel_spread": 0.04878048780487795, "short_quote_age": 0.982359, "long_quote_age": 0.770239, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 769.455}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-86.30 (gross $-85.30 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:00:25.937685+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "QQQ shows relative resilience with a 5-day return of +0.09% and only a minor 1-day decline of -0.08%, supporting a bullish put credit spread.", "invalidation": "A sustained decline in QQQ spot price below 717.11."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"662.0": 0.2824, "691.0": 0.1742, "692.0": 0.1711, "666.0": 0.2691, "665.0": 0.2712, "684.0": 0.1981, "718.0": 0.1113, "702.0": 0.1429, "660.0": 0.2918, "669.0": 0.2548, "715.0": 0.1155, "673.0": 0.24, "689.0": 0.1807, "711.0": 0.1229, "687.0": 0.1872, "657.0": 0.3025, "688.0": 0.1841, "705.0": 0.1358, "707.0": 0.1318, "655.0": 0.3118, "680.0": 0.2127, "714.0": 0.1173, "676.0": 0.2292, "664.0": 0.2759, "681.0": 0.2093, "653.0": 0.3173, "685.0": 0.1954, "700.0": 0.1477, "701.0": 0.1451, "699.0": 0.1506, "677.0": 0.2243, "690.0": 0.1771, "686.0": 0.1902, "720.0": 0.1095, "663.0": 0.2806, "719.0": 0.1104, "658.0": 0.3012, "651.0": 0.3265, "642.0": 0.3634, "649.0": 0.3357, "647.0": 0.3449, "648.0": 0.3403, "712.0": 0.121, "710.0": 0.1248, "682.0": 0.2057, "698.0": 0.153, "708.0": 0.1293, "650.0": 0.3311, "706.0": 0.1338, "670.0": 0.2523, "704.0": 0.1379, "717.0": 0.1125, "656.0": 0.3071, "713.0": 0.119, "644.0": 0.3542, "671.0": 0.2475, "654.0": 0.3164, "695.0": 0.1616, "668.0": 0.2595, "643.0": 0.3588, "675.0": 0.2323, "652.0": 0.3219, "703.0": 0.14, "683.0": 0.2019, "716.0": 0.1142, "696.0": 0.1588, "667.0": 0.2643, "709.0": 0.1269, "659.0": 0.2965, "678.0": 0.2211, "697.0": 0.1561, "674.0": 0.2352, "693.0": 0.1677, "694.0": 0.1648, "661.0": 0.2871, "672.0": 0.2449, "645.0": 0.3497, "646.0": 0.3451, "679.0": 0.2178}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 30, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00705000", "short_strike": 709.0, "long_strike": 705.0, "width": 4.0, "credit": 0.49, "short_delta": 0.2068, "long_delta": 0.1311, "short_iv": 0.1269, "short_rel_spread": 0.016000000000000014, "long_rel_spread": 0.013245033112582794, "short_quote_age": 0.549929, "long_quote_age": 0.42135, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 30, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 351.0, "total_risk": 10530.0, "buying_power_used_pct": 0.9896}, "spot": 717.2}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-72.06 (gross $-70.56 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 30 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:01:57.172280+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stability with a +0.07% 5-day return and a mild -0.11% 1-day change while 4-day ATM IV trades at 9.31% relative to a 13.54% 20-day realized volatility.", "invalidation": "QQQ spot price drops substantially below the current 716.90 level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"716.0": 0.0981, "710.0": 0.1088, "686.0": 0.1929, "700.0": 0.1358, "676.0": 0.234, "678.0": 0.2292, "670.0": 0.265, "664.0": 0.2919, "706.0": 0.1182, "719.0": 0.0948, "720.0": 0.094, "642.0": 0.385, "646.0": 0.3654, "671.0": 0.2598, "689.0": 0.1781, "685.0": 0.1964, "713.0": 0.1028, "715.0": 0.0993, "679.0": 0.2239, "712.0": 0.1048, "657.0": 0.3228, "656.0": 0.3278, "662.0": 0.2977, "682.0": 0.208, "677.0": 0.2345, "668.0": 0.2753, "672.0": 0.2546, "705.0": 0.1203, "692.0": 0.1672, "693.0": 0.1614, "660.0": 0.3077, "680.0": 0.2187, "709.0": 0.1108, "707.0": 0.1159, "695.0": 0.1545, "650.0": 0.3458, "643.0": 0.3801, "647.0": 0.3605, "673.0": 0.2495, "661.0": 0.3027, "691.0": 0.1701, "687.0": 0.1892, "703.0": 0.1264, "649.0": 0.3507, "684.0": 0.2018, "688.0": 0.1837, "698.0": 0.1422, "690.0": 0.1757, "711.0": 0.1065, "667.0": 0.2804, "655.0": 0.3329, "681.0": 0.2133, "648.0": 0.3556, "704.0": 0.1233, "714.0": 0.1009, "697.0": 0.1465, "669.0": 0.2701, "654.0": 0.3379, "652.0": 0.3424, "701.0": 0.132, "659.0": 0.3127, "718.0": 0.0958, "675.0": 0.2451, "645.0": 0.3703, "653.0": 0.3429, "663.0": 0.2926, "699.0": 0.1392, "665.0": 0.2868, "717.0": 0.0968, "666.0": 0.2856, "696.0": 0.1506, "694.0": 0.1581, "658.0": 0.3178, "641.0": 0.3899, "683.0": 0.2072, "674.0": 0.2504, "702.0": 0.129, "644.0": 0.3752, "708.0": 0.1132, "651.0": 0.3409}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1895, "long_delta": 0.0873, "short_iv": 0.1088, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.445054, "long_quote_age": 0.443955, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 716.815}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.76 (gross $-100.76 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:02:10.282789+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits relative stability with a 5D return of +0.07% and 1D return of -0.11%, supporting a neutral short put credit spread across 4 to 7 DTE.", "invalidation": "A downward price decline expanding beyond the 13.54% RV20 level invalidates the neutral thesis."}, "intent_error": "chain rejected for 2026-09-08: 2/77 monotonicity violations (2.6%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 463}
{"ts": "2026-09-04T18:03:39.138725+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "SPY is experiencing mild downward momentum with a 1D return of -0.50% and 5D return of -0.01% under low ATM IV of 6.19%.", "invalidation": "SPY spot price moves sharply upward above the short call strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"777.0": 0.0566, "778.0": 0.0571, "779.0": 0.0589, "773.0": 0.0551, "780.0": 0.0616, "775.0": 0.0555, "774.0": 0.055, "781.0": 0.0635, "787.0": 0.086, "767.0": 0.0594, "771.0": 0.056, "782.0": 0.0683, "769.0": 0.0578, "776.0": 0.056, "770.0": 0.0569, "784.0": 0.0728, "772.0": 0.0557, "785.0": 0.0772, "783.0": 0.073, "766.0": 0.0601, "768.0": 0.0588, "786.0": 0.0816}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908C00773000", "long_symbol": "SPY260908C00778000", "short_strike": 773.0, "long_strike": 778.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2264, "long_delta": 0.0357, "short_iv": 0.0551, "short_rel_spread": 0.03448275862068969, "long_rel_spread": 0.15384615384615397, "short_quote_age": 0.849194, "long_quote_age": 1.101415, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 769.355}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.59 (gross $-101.09 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260908C00773000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 15.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $449/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,327.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return +1.05% >= -1.00% floor"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-102.59 (gross $-101.09 - friction $1.50) > $0.00"}], "economics": {"credit": 0.51, "width": 5.0, "short_delta": 0.2264, "long_delta": 0.0357, "max_profit_usd": 51.0, "max_loss_usd": 449.0, "breakeven_wr": 0.898, "implied_wr": 0.7736, "edge_pp": -12.44, "ev_implied_usd": -14.52, "realized_vol": 0.1072, "atm_iv": 0.0578, "vrp_ratio": 1.8547, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -84.64, "ev_at_half_drift_usd": -92.76, "ev_gross_usd": -101.09, "expected_loss_real_usd": 152.09, "friction_usd": 1.5, "ev_net_usd": -102.59, "total_risk_usd": 10327.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 426}
{"ts": "2026-09-04T18:03:52.259999+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows relative stability with a 5D return of +0.05% and IV/RV of 0.69 (ATM IV 9.33% vs RV20 13.54%), supporting a short put credit spread over a 4 to 7 DTE window.", "invalidation": "A sharp downward break in QQQ spot below 716.79 that drives realized volatility higher."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"662.0": 0.2973, "658.0": 0.3174, "719.0": 0.095, "697.0": 0.1461, "671.0": 0.2594, "718.0": 0.0959, "699.0": 0.1388, "683.0": 0.2068, "689.0": 0.181, "705.0": 0.1206, "651.0": 0.3406, "679.0": 0.2236, "660.0": 0.3074, "674.0": 0.25, "712.0": 0.1048, "702.0": 0.1296, "678.0": 0.2289, "645.0": 0.37, "650.0": 0.3455, "696.0": 0.1502, "665.0": 0.2904, "666.0": 0.2852, "646.0": 0.3651, "661.0": 0.3023, "676.0": 0.2394, "693.0": 0.1636, "694.0": 0.1577, "647.0": 0.3602, "717.0": 0.0968, "654.0": 0.3376, "701.0": 0.1328, "667.0": 0.2801, "655.0": 0.3325, "656.0": 0.3275, "695.0": 0.1541, "691.0": 0.1697, "714.0": 0.1011, "700.0": 0.1353, "659.0": 0.3124, "670.0": 0.2646, "720.0": 0.0945, "675.0": 0.2447, "673.0": 0.2553, "698.0": 0.1434, "681.0": 0.2177, "682.0": 0.2077, "672.0": 0.2543, "716.0": 0.098, "657.0": 0.3225, "643.0": 0.3798, "704.0": 0.1237, "715.0": 0.0993, "685.0": 0.196, "703.0": 0.1259, "664.0": 0.2916, "648.0": 0.3552, "668.0": 0.2749, "680.0": 0.2183, "690.0": 0.1753, "644.0": 0.3749, "687.0": 0.1888, "711.0": 0.1067, "677.0": 0.2342, "684.0": 0.2014, "669.0": 0.2698, "706.0": 0.1176, "707.0": 0.1153, "688.0": 0.1833, "663.0": 0.2967, "653.0": 0.3426, "709.0": 0.1112, "649.0": 0.3504, "686.0": 0.1944, "652.0": 0.3476, "710.0": 0.1086, "692.0": 0.1668, "713.0": 0.1027, "708.0": 0.1132}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1915, "long_delta": 0.1203, "short_iv": 0.1086, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.419941, "long_quote_age": 0.42033, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 716.755}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.50 (gross $-59.50 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:05:11.419722+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable 5-day performance (+0.05%) alongside subdued 4-day ATM IV at 9.33% and an IV/RV ratio of 0.69, supporting a defined-risk put credit spread.", "invalidation": "A sharp downward acceleration in QQQ spot price below the short put strike before expiry."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"669.0": 0.2696, "694.0": 0.1575, "653.0": 0.3424, "699.0": 0.1385, "718.0": 0.0955, "714.0": 0.1008, "651.0": 0.3404, "679.0": 0.2234, "681.0": 0.2175, "647.0": 0.36, "667.0": 0.2799, "702.0": 0.1293, "710.0": 0.1087, "644.0": 0.3747, "672.0": 0.2541, "662.0": 0.2971, "649.0": 0.3502, "663.0": 0.2921, "709.0": 0.1108, "674.0": 0.2438, "684.0": 0.2012, "693.0": 0.1633, "698.0": 0.1415, "645.0": 0.3698, "641.0": 0.3894, "666.0": 0.285, "675.0": 0.2445, "713.0": 0.1027, "659.0": 0.3122, "708.0": 0.1128, "720.0": 0.0934, "716.0": 0.0977, "704.0": 0.1234, "683.0": 0.2066, "682.0": 0.2121, "706.0": 0.1181, "711.0": 0.1063, "689.0": 0.1808, "701.0": 0.1325, "712.0": 0.1044, "656.0": 0.3273, "688.0": 0.1831, "690.0": 0.1751, "685.0": 0.1958, "646.0": 0.3649, "715.0": 0.0991, "642.0": 0.3845, "678.0": 0.2287, "671.0": 0.2593, "673.0": 0.2489, "680.0": 0.2181, "665.0": 0.2902, "650.0": 0.3453, "643.0": 0.3796, "652.0": 0.3355, "668.0": 0.2747, "691.0": 0.1694, "703.0": 0.1257, "658.0": 0.3173, "660.0": 0.3072, "676.0": 0.2392, "695.0": 0.1539, "677.0": 0.234, "705.0": 0.1203, "692.0": 0.1666, "686.0": 0.1942, "719.0": 0.0948, "648.0": 0.3551, "655.0": 0.3324, "654.0": 0.3374, "717.0": 0.0965, "664.0": 0.2914, "696.0": 0.15, "661.0": 0.3022, "700.0": 0.1351, "707.0": 0.1156, "697.0": 0.1458, "657.0": 0.3223, "670.0": 0.2644, "687.0": 0.1886}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1931, "long_delta": 0.0893, "short_iv": 0.1087, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.422699, "long_quote_age": 0.696908, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 716.715}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-101.83 (gross $-100.83 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:05:22.886301+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays flat 5-day performance of +0.05% and ATM IV of 9.33% trading below RV20 of 13.54%, supporting a neutral short put spread.", "invalidation": "QQQ spot price declining significantly below 716.75 invalidates the neutral expectation."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"705.0": 0.12, "686.0": 0.194, "659.0": 0.3121, "687.0": 0.1884, "715.0": 0.099, "710.0": 0.1083, "679.0": 0.2232, "691.0": 0.1693, "712.0": 0.1044, "700.0": 0.1349, "669.0": 0.2694, "651.0": 0.3402, "701.0": 0.1323, "653.0": 0.3423, "708.0": 0.1131, "657.0": 0.3221, "716.0": 0.0977, "720.0": 0.0934, "658.0": 0.3171, "711.0": 0.1064, "709.0": 0.1105, "689.0": 0.1806, "703.0": 0.1264, "663.0": 0.2919, "673.0": 0.2488, "684.0": 0.201, "656.0": 0.3272, "648.0": 0.3549, "685.0": 0.1956, "695.0": 0.1537, "694.0": 0.1573, "693.0": 0.1631, "697.0": 0.1456, "672.0": 0.2539, "664.0": 0.2912, "692.0": 0.1664, "670.0": 0.2642, "678.0": 0.2285, "702.0": 0.1291, "704.0": 0.1231, "713.0": 0.1023, "680.0": 0.2179, "675.0": 0.2444, "668.0": 0.2746, "676.0": 0.2391, "660.0": 0.307, "646.0": 0.3647, "690.0": 0.1749, "671.0": 0.2591, "643.0": 0.3794, "652.0": 0.3353, "649.0": 0.35, "665.0": 0.29, "688.0": 0.1829, "674.0": 0.2436, "647.0": 0.3598, "714.0": 0.1005, "666.0": 0.2849, "706.0": 0.1178, "696.0": 0.1498, "683.0": 0.2065, "661.0": 0.302, "718.0": 0.0955, "719.0": 0.0948, "654.0": 0.3372, "645.0": 0.3696, "717.0": 0.0964, "681.0": 0.2173, "644.0": 0.3745, "655.0": 0.3322, "698.0": 0.1413, "682.0": 0.2119, "650.0": 0.3451, "707.0": 0.1153, "662.0": 0.297, "699.0": 0.1383, "667.0": 0.2797, "677.0": 0.2338}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1936, "long_delta": 0.1222, "short_iv": 0.1083, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.533034, "long_quote_age": 0.532931, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 716.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.97 (gross $-59.97 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:06:45.786314+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ has held relatively flat over the 5-day window (+0.05%) with short-term ATM IV at 9.33% below its 20-day realized volatility of 13.54%, supporting a defined-risk put credit spread.", "invalidation": "A sharp downward decline in QQQ spot price from 716.75 breaching the short strike would invalidate this position."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"662.0": 0.297, "650.0": 0.3452, "670.0": 0.2643, "645.0": 0.3697, "642.0": 0.3844, "666.0": 0.2849, "660.0": 0.3071, "696.0": 0.1498, "668.0": 0.2746, "669.0": 0.2695, "652.0": 0.3354, "702.0": 0.128, "644.0": 0.3746, "717.0": 0.0959, "715.0": 0.0986, "675.0": 0.2385, "648.0": 0.355, "671.0": 0.2591, "647.0": 0.3599, "720.0": 0.0935, "676.0": 0.2391, "694.0": 0.1573, "708.0": 0.1126, "677.0": 0.2338, "710.0": 0.1084, "705.0": 0.1201, "649.0": 0.3501, "679.0": 0.2233, "695.0": 0.1537, "673.0": 0.2488, "692.0": 0.1664, "718.0": 0.0949, "693.0": 0.1619, "716.0": 0.0972, "683.0": 0.2065, "714.0": 0.1003, "691.0": 0.1693, "700.0": 0.1349, "661.0": 0.302, "658.0": 0.3171, "643.0": 0.3795, "655.0": 0.3322, "711.0": 0.106, "685.0": 0.1957, "689.0": 0.179, "686.0": 0.1922, "706.0": 0.1171, "664.0": 0.287, "665.0": 0.2819, "663.0": 0.292, "704.0": 0.1232, "687.0": 0.1885, "709.0": 0.1106, "701.0": 0.1311, "680.0": 0.218, "651.0": 0.3403, "690.0": 0.175, "654.0": 0.3373, "657.0": 0.3222, "699.0": 0.1384, "659.0": 0.3121, "653.0": 0.3305, "646.0": 0.3648, "656.0": 0.3272, "682.0": 0.2073, "688.0": 0.1829, "719.0": 0.0938, "712.0": 0.1041, "684.0": 0.2011, "681.0": 0.2126, "640.0": 0.3942, "672.0": 0.254, "703.0": 0.1255, "641.0": 0.3893, "707.0": 0.1147, "678.0": 0.2285, "713.0": 0.102, "674.0": 0.2436, "698.0": 0.1413, "667.0": 0.2798, "697.0": 0.1457}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1934, "long_delta": 0.0894, "short_iv": 0.1084, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.465653, "long_quote_age": 0.763091, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 716.655}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.54 (gross $-101.54 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:06:57.012973+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits relative stability with a 5-day return of +0.05% and an IV/RV ratio of 0.69, supporting premium collection via a put credit spread across the 5 to 7 DTE window.", "invalidation": "A sustained downward price move in QQQ beyond the 1-day decline of -0.13% would invalidate the bullish stance."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"666.0": 0.2672, "661.0": 0.2883, "712.0": 0.12, "693.0": 0.1669, "711.0": 0.1219, "697.0": 0.1546, "672.0": 0.243, "714.0": 0.1162, "658.0": 0.2994, "685.0": 0.1933, "719.0": 0.1097, "720.0": 0.1085, "686.0": 0.1904, "677.0": 0.2241, "698.0": 0.152, "660.0": 0.29, "651.0": 0.3286, "670.0": 0.2504, "654.0": 0.3147, "709.0": 0.1257, "643.0": 0.3571, "680.0": 0.2123, "649.0": 0.334, "652.0": 0.324, "671.0": 0.2478, "668.0": 0.2601, "708.0": 0.1279, "645.0": 0.3479, "673.0": 0.2401, "704.0": 0.1367, "713.0": 0.118, "678.0": 0.2208, "667.0": 0.2624, "689.0": 0.1804, "688.0": 0.1829, "656.0": 0.3054, "703.0": 0.139, "716.0": 0.1132, "705.0": 0.1346, "691.0": 0.1736, "663.0": 0.2788, "695.0": 0.1605, "718.0": 0.1105, "707.0": 0.1303, "648.0": 0.3386, "647.0": 0.3432, "683.0": 0.2012, "696.0": 0.1575, "717.0": 0.1117, "657.0": 0.3007, "701.0": 0.1439, "675.0": 0.2322, "706.0": 0.1323, "669.0": 0.2553, "676.0": 0.2273, "690.0": 0.1767, "679.0": 0.2158, "694.0": 0.1638, "687.0": 0.1872, "659.0": 0.2947, "684.0": 0.1973, "646.0": 0.3434, "700.0": 0.1466, "710.0": 0.1238, "699.0": 0.1493, "665.0": 0.272, "715.0": 0.1148, "681.0": 0.2087, "662.0": 0.2835, "692.0": 0.1696, "702.0": 0.1414, "664.0": 0.2741, "650.0": 0.3294, "655.0": 0.31, "682.0": 0.205, "653.0": 0.3193, "674.0": 0.2352, "644.0": 0.3525}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00708000", "long_symbol": "QQQ260909P00705000", "short_strike": 708.0, "long_strike": 705.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1933, "long_delta": 0.1371, "short_iv": 0.1279, "short_rel_spread": 0.025974025974026, "long_rel_spread": 0.025316455696202552, "short_quote_age": 0.482581, "long_quote_age": 0.439822, "friction_usd": 2.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 716.815}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-55.79 (gross $-53.29 - friction $2.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:08:19.795999+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY shows short-term softness with a 1-day return of -0.49% and flat 5-day performance of +0.01% with IV/RV at 0.75.", "invalidation": "SPY spot moving strongly upward above 769.40."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"780.0": 0.0613, "782.0": 0.068, "774.0": 0.0545, "778.0": 0.0568, "773.0": 0.0548, "766.0": 0.0604, "775.0": 0.0551, "779.0": 0.0586, "787.0": 0.0857, "785.0": 0.077, "767.0": 0.0596, "771.0": 0.0556, "769.0": 0.0573, "786.0": 0.0813, "768.0": 0.0586, "784.0": 0.0726, "770.0": 0.0566, "777.0": 0.0562, "776.0": 0.0556, "772.0": 0.055, "781.0": 0.0632, "783.0": 0.0727}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "call_credit_spread", "expiry": "2026-09-08", "qty": 41, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908C00773000", "long_symbol": "SPY260908C00776000", "short_strike": 773.0, "long_strike": 776.0, "width": 3.0, "credit": 0.42, "short_delta": 0.229, "long_delta": 0.0812, "short_iv": 0.0548, "short_rel_spread": 0.01709401709401711, "long_rel_spread": 0.060606060606060656, "short_quote_age": 0.908153, "long_quote_age": 1.009329, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 41, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 258.0, "total_risk": 10578.0, "buying_power_used_pct": 0.9941}, "spot": 769.445}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.03 (gross $-60.03 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 41 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "SPY260908C00773000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 6.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $258/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,578.00 (41 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return +1.05% >= -1.00% floor"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-61.03 (gross $-60.03 - friction $1.00) > $0.00"}], "economics": {"credit": 0.42, "width": 3.0, "short_delta": 0.229, "long_delta": 0.0812, "max_profit_usd": 42.0, "max_loss_usd": 258.0, "breakeven_wr": 0.86, "implied_wr": 0.771, "edge_pp": -8.9, "ev_implied_usd": -4.53, "realized_vol": 0.1072, "atm_iv": 0.0573, "vrp_ratio": 1.8709, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -49.51, "ev_at_half_drift_usd": -54.71, "ev_gross_usd": -60.03, "expected_loss_real_usd": 102.03, "friction_usd": 1.0, "ev_net_usd": -61.03, "total_risk_usd": 10578.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 383}
{"ts": "2026-09-04T18:08:32.544192+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative strength with a positive 5D return of +0.06% and a mild 1D change of -0.12%, supporting a short-duration put credit spread.", "invalidation": "A sharp downward acceleration in QQQ spot below 716.84 breaking the 5-day positive performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"703.0": 0.1256, "655.0": 0.3215, "680.0": 0.2188, "714.0": 0.0999, "694.0": 0.1583, "708.0": 0.1123, "717.0": 0.096, "695.0": 0.1547, "683.0": 0.2074, "718.0": 0.0946, "665.0": 0.2827, "689.0": 0.18, "669.0": 0.2703, "663.0": 0.2928, "678.0": 0.2294, "709.0": 0.11, "646.0": 0.3655, "704.0": 0.1226, "697.0": 0.1467, "707.0": 0.1148, "685.0": 0.1966, "662.0": 0.2978, "701.0": 0.1322, "643.0": 0.3803, "675.0": 0.2393, "671.0": 0.26, "664.0": 0.2878, "661.0": 0.3028, "699.0": 0.1394, "667.0": 0.2806, "659.0": 0.3129, "692.0": 0.1674, "670.0": 0.2651, "668.0": 0.2754, "666.0": 0.2777, "698.0": 0.1424, "653.0": 0.3313, "647.0": 0.3606, "676.0": 0.2341, "705.0": 0.1197, "700.0": 0.136, "677.0": 0.2347, "702.0": 0.1292, "690.0": 0.1759, "658.0": 0.3179, "649.0": 0.3508, "684.0": 0.202, "650.0": 0.3459, "654.0": 0.3264, "711.0": 0.1055, "691.0": 0.1703, "679.0": 0.2241, "682.0": 0.2082, "642.0": 0.3852, "660.0": 0.3079, "715.0": 0.0984, "710.0": 0.1076, "674.0": 0.2445, "672.0": 0.2548, "644.0": 0.3753, "652.0": 0.3362, "716.0": 0.0972, "713.0": 0.1015, "648.0": 0.3557, "706.0": 0.117, "688.0": 0.1839, "656.0": 0.328, "651.0": 0.341, "657.0": 0.323, "687.0": 0.1894, "719.0": 0.0941, "681.0": 0.2135, "696.0": 0.1508, "693.0": 0.1616, "641.0": 0.3817, "673.0": 0.2496, "720.0": 0.0933, "645.0": 0.3704, "686.0": 0.1931, "712.0": 0.1035}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00710000", "long_symbol": "QQQ260908P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1858, "long_delta": 0.0856, "short_iv": 0.1076, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.581704, "long_quote_age": 0.590976, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 716.855}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.37 (gross $-102.37 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:10:11.399622+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows steady 5D performance at +0.08% with IV/RV of 0.68, favoring premium collection via defined-risk put spreads across a 4-7 DTE window.", "invalidation": "QQQ breaks downward accelerating beyond the short strike buffer."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"659.0": 0.3137, "697.0": 0.1477, "652.0": 0.3369, "689.0": 0.1792, "716.0": 0.0969, "713.0": 0.1016, "695.0": 0.1557, "679.0": 0.2249, "687.0": 0.1903, "683.0": 0.2083, "673.0": 0.2504, "674.0": 0.2453, "658.0": 0.3187, "701.0": 0.1319, "692.0": 0.1683, "691.0": 0.1712, "644.0": 0.3761, "696.0": 0.1518, "643.0": 0.381, "677.0": 0.2298, "705.0": 0.1201, "707.0": 0.1147, "671.0": 0.2608, "649.0": 0.3516, "690.0": 0.1768, "710.0": 0.1076, "647.0": 0.3614, "686.0": 0.192, "682.0": 0.209, "648.0": 0.3565, "699.0": 0.1388, "668.0": 0.2684, "688.0": 0.1847, "656.0": 0.3173, "717.0": 0.0957, "718.0": 0.0947, "709.0": 0.1097, "684.0": 0.2028, "664.0": 0.2885, "665.0": 0.2835, "702.0": 0.1291, "645.0": 0.3712, "700.0": 0.1356, "672.0": 0.2556, "678.0": 0.2302, "714.0": 0.0997, "708.0": 0.1118, "675.0": 0.2401, "685.0": 0.1974, "720.0": 0.0929, "681.0": 0.2143, "704.0": 0.1228, "667.0": 0.2734, "711.0": 0.1053, "650.0": 0.3467, "662.0": 0.2986, "653.0": 0.332, "694.0": 0.1592, "661.0": 0.3036, "670.0": 0.2659, "669.0": 0.2711, "666.0": 0.2785, "651.0": 0.3418, "706.0": 0.1174, "663.0": 0.2935, "693.0": 0.1625, "715.0": 0.0985, "680.0": 0.2196, "703.0": 0.1257, "655.0": 0.3222, "676.0": 0.2349, "712.0": 0.1035, "654.0": 0.3271, "660.0": 0.3086, "698.0": 0.1434, "657.0": 0.3124, "719.0": 0.0938, "646.0": 0.3663}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2101, "long_delta": 0.1311, "short_iv": 0.1053, "short_rel_spread": 0.010582010582010592, "long_rel_spread": 0.018018018018018032, "short_quote_age": 0.42441, "long_quote_age": 0.744785, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9811}, "spot": 717.035}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-59.69 (gross $-58.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:11:30.118169+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits modest 5-day gains of +0.11% and low 1-day movement of -0.06%, supporting range-bound stability for put premium collection.", "invalidation": "A sharp drop in QQQ spot price breaching the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"707.0": 0.1143, "700.0": 0.1349, "668.0": 0.269, "714.0": 0.0994, "652.0": 0.3374, "685.0": 0.1981, "699.0": 0.1396, "680.0": 0.2203, "666.0": 0.279, "718.0": 0.0939, "674.0": 0.2459, "678.0": 0.2309, "677.0": 0.2304, "687.0": 0.1872, "706.0": 0.1168, "663.0": 0.2941, "692.0": 0.1662, "657.0": 0.313, "647.0": 0.3619, "667.0": 0.274, "696.0": 0.1504, "693.0": 0.1632, "656.0": 0.3179, "682.0": 0.2097, "648.0": 0.357, "681.0": 0.215, "641.0": 0.3829, "659.0": 0.3142, "719.0": 0.093, "704.0": 0.1226, "683.0": 0.2089, "694.0": 0.1587, "653.0": 0.3325, "709.0": 0.1097, "715.0": 0.0978, "701.0": 0.1313, "643.0": 0.3815, "658.0": 0.314, "684.0": 0.2035, "689.0": 0.1798, "646.0": 0.3668, "712.0": 0.1031, "695.0": 0.1541, "686.0": 0.1926, "644.0": 0.3766, "650.0": 0.3472, "710.0": 0.1072, "716.0": 0.0963, "698.0": 0.1423, "690.0": 0.1743, "702.0": 0.1287, "654.0": 0.3277, "713.0": 0.1012, "688.0": 0.1854, "720.0": 0.0926, "705.0": 0.1192, "660.0": 0.3092, "662.0": 0.2992, "665.0": 0.2841, "675.0": 0.2407, "642.0": 0.3781, "671.0": 0.2614, "672.0": 0.2562, "717.0": 0.095, "655.0": 0.3228, "670.0": 0.2665, "703.0": 0.1254, "673.0": 0.251, "645.0": 0.3717, "708.0": 0.1119, "711.0": 0.1051, "669.0": 0.2639, "651.0": 0.3423, "679.0": 0.2256, "697.0": 0.1465, "661.0": 0.3042, "664.0": 0.2891, "649.0": 0.3521, "676.0": 0.2355, "691.0": 0.1718}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2051, "long_delta": 0.0935, "short_iv": 0.1051, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.539818, "long_quote_age": 0.568628, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 717.215}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.10 (gross $-101.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:11:44.476425+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows relative stability with a positive 5D return of +0.11% and minor 1D pullback of -0.06%, favoring an out-of-the-money put credit spread.", "invalidation": "A sharp drop in QQQ spot price eroding the short strike buffer prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"648.0": 0.3569, "651.0": 0.3422, "682.0": 0.2095, "692.0": 0.166, "665.0": 0.284, "713.0": 0.1011, "656.0": 0.3178, "666.0": 0.2789, "645.0": 0.3716, "679.0": 0.2254, "695.0": 0.1539, "647.0": 0.3618, "672.0": 0.2561, "644.0": 0.3765, "702.0": 0.1285, "681.0": 0.2148, "655.0": 0.3227, "654.0": 0.3275, "680.0": 0.2201, "701.0": 0.1312, "674.0": 0.2458, "706.0": 0.1174, "720.0": 0.0925, "653.0": 0.3324, "650.0": 0.3471, "684.0": 0.2033, "696.0": 0.1503, "698.0": 0.1422, "661.0": 0.3041, "664.0": 0.289, "669.0": 0.2638, "697.0": 0.1463, "690.0": 0.1742, "714.0": 0.0994, "709.0": 0.1095, "705.0": 0.1199, "687.0": 0.1871, "658.0": 0.3139, "673.0": 0.2509, "689.0": 0.1797, "710.0": 0.1075, "657.0": 0.3129, "685.0": 0.1979, "646.0": 0.3667, "707.0": 0.1141, "686.0": 0.1925, "708.0": 0.112, "677.0": 0.2302, "668.0": 0.2689, "711.0": 0.1053, "718.0": 0.0943, "667.0": 0.2739, "659.0": 0.3141, "693.0": 0.1631, "688.0": 0.1853, "694.0": 0.1598, "699.0": 0.1394, "671.0": 0.2612, "703.0": 0.1253, "663.0": 0.294, "676.0": 0.2354, "649.0": 0.352, "704.0": 0.1225, "660.0": 0.3091, "670.0": 0.2664, "700.0": 0.1347, "662.0": 0.299, "719.0": 0.0932, "675.0": 0.2406, "678.0": 0.2307, "643.0": 0.3814, "712.0": 0.1031, "716.0": 0.0963, "715.0": 0.0977, "691.0": 0.1717, "652.0": 0.3373, "717.0": 0.0949, "683.0": 0.2088}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2065, "long_delta": 0.129, "short_iv": 0.1053, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.018348623853211024, "short_quote_age": 0.442246, "long_quote_age": 0.45141, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9849}, "spot": 717.095}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-60.74 (gross $-59.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:13:03.467912+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "With QQQ showing stable price action (+0.10% 5D, -0.07% 1D) and low ATM IV of 9.19% relative to RV20 of 13.54%, an out-of-the-money put credit spread benefits from range-bound consolidation.", "invalidation": "A sharp drop in QQQ spot price below the short strike level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"669.0": 0.2639, "666.0": 0.279, "716.0": 0.0961, "708.0": 0.1114, "684.0": 0.2034, "654.0": 0.3276, "678.0": 0.2308, "677.0": 0.2303, "650.0": 0.3471, "651.0": 0.3423, "668.0": 0.2689, "701.0": 0.1313, "671.0": 0.2613, "680.0": 0.2202, "699.0": 0.1395, "703.0": 0.1253, "713.0": 0.1006, "676.0": 0.2355, "670.0": 0.2664, "689.0": 0.1798, "658.0": 0.3192, "718.0": 0.094, "719.0": 0.0929, "663.0": 0.2941, "643.0": 0.3814, "694.0": 0.1599, "681.0": 0.2149, "652.0": 0.3374, "661.0": 0.3041, "696.0": 0.1503, "655.0": 0.3227, "645.0": 0.3716, "653.0": 0.3325, "710.0": 0.1068, "646.0": 0.3667, "641.0": 0.3829, "679.0": 0.2255, "644.0": 0.3765, "664.0": 0.289, "717.0": 0.0949, "688.0": 0.1853, "685.0": 0.198, "704.0": 0.1225, "712.0": 0.1025, "706.0": 0.1167, "691.0": 0.1718, "693.0": 0.1631, "672.0": 0.2561, "695.0": 0.154, "711.0": 0.1045, "683.0": 0.2088, "687.0": 0.1871, "714.0": 0.0992, "707.0": 0.1142, "662.0": 0.2991, "697.0": 0.1464, "660.0": 0.3091, "647.0": 0.3618, "673.0": 0.251, "648.0": 0.3569, "702.0": 0.1286, "665.0": 0.284, "709.0": 0.109, "659.0": 0.3142, "649.0": 0.352, "686.0": 0.1925, "675.0": 0.2406, "690.0": 0.1742, "657.0": 0.3129, "698.0": 0.1422, "720.0": 0.0926, "700.0": 0.1348, "705.0": 0.1191, "692.0": 0.1661, "674.0": 0.2458, "656.0": 0.3178, "667.0": 0.2739, "642.0": 0.378, "682.0": 0.2096, "715.0": 0.0974}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2043, "long_delta": 0.0936, "short_iv": 0.1045, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.474837, "long_quote_age": 0.735585, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 717.155}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.43 (gross $-102.43 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.6% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,304.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-103.43 (gross $-102.43 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.2043, "long_delta": 0.0936, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.7957, "edge_pp": -10.03, "ev_implied_usd": -22.48, "realized_vol": 0.1777, "atm_iv": 0.0949, "vrp_ratio": 1.8725, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -111.12, "ev_at_half_drift_usd": -106.75, "ev_gross_usd": -102.43, "expected_loss_real_usd": 154.43, "friction_usd": 1.0, "ev_net_usd": -103.43, "total_risk_usd": 10304.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 471}
{"ts": "2026-09-04T18:13:13.784615+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains a positive 5-day return of +0.10% with a minor 1-day dip of -0.07%, supporting a bullish put credit spread over a 5 to 7 DTE window.", "invalidation": "QQQ spot declines sharply below 717.14 turning the 5-day performance negative."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"689.0": 0.1801, "669.0": 0.2542, "679.0": 0.2156, "659.0": 0.296, "695.0": 0.1603, "648.0": 0.3398, "658.0": 0.2973, "707.0": 0.1291, "644.0": 0.3538, "643.0": 0.3583, "683.0": 0.2014, "700.0": 0.1461, "699.0": 0.1489, "690.0": 0.1765, "647.0": 0.3401, "645.0": 0.3492, "661.0": 0.2866, "657.0": 0.302, "677.0": 0.2238, "666.0": 0.2659, "672.0": 0.2422, "720.0": 0.1077, "665.0": 0.2707, "693.0": 0.1664, "656.0": 0.3066, "682.0": 0.2051, "708.0": 0.1267, "680.0": 0.2122, "696.0": 0.1575, "686.0": 0.1908, "701.0": 0.1436, "702.0": 0.141, "649.0": 0.3352, "718.0": 0.1097, "681.0": 0.2087, "688.0": 0.1834, "654.0": 0.3159, "715.0": 0.114, "711.0": 0.121, "664.0": 0.2754, "706.0": 0.1315, "653.0": 0.3168, "663.0": 0.2801, "646.0": 0.3446, "710.0": 0.1227, "703.0": 0.1385, "675.0": 0.2317, "685.0": 0.1936, "673.0": 0.2395, "652.0": 0.3214, "674.0": 0.2346, "691.0": 0.1728, "712.0": 0.1189, "713.0": 0.1171, "709.0": 0.125, "655.0": 0.3113, "662.0": 0.2819, "667.0": 0.2638, "719.0": 0.1086, "671.0": 0.247, "704.0": 0.1362, "660.0": 0.2913, "650.0": 0.3306, "717.0": 0.1112, "714.0": 0.1158, "716.0": 0.1125, "670.0": 0.2518, "678.0": 0.2205, "687.0": 0.1866, "642.0": 0.3629, "694.0": 0.1635, "684.0": 0.1975, "676.0": 0.2287, "668.0": 0.259, "651.0": 0.326, "705.0": 0.1338, "641.0": 0.3623, "698.0": 0.1513, "692.0": 0.1697, "697.0": 0.1543}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00704000", "short_strike": 709.0, "long_strike": 704.0, "width": 5.0, "credit": 0.58, "short_delta": 0.2066, "long_delta": 0.1157, "short_iv": 0.125, "short_rel_spread": 0.016260162601626032, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.511695, "long_quote_age": 0.527246, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 442.0, "total_risk": 10608.0, "buying_power_used_pct": 0.9969}, "spot": 717.115}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-90.34 (gross $-88.34 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:14:36.551680+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows stable 5-day performance of +0.10% and compressed implied volatility relative to realized volatility with an IV/RV ratio of 0.68.", "invalidation": "A sharp downward acceleration below spot 717.12 expanding short-term volatility beyond ATM IV of 9.19%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"708.0": 0.1111, "689.0": 0.1795, "688.0": 0.1851, "644.0": 0.3763, "671.0": 0.2611, "679.0": 0.2253, "667.0": 0.2737, "655.0": 0.3225, "694.0": 0.1584, "661.0": 0.3039, "647.0": 0.3616, "643.0": 0.3813, "692.0": 0.1658, "665.0": 0.2838, "717.0": 0.0945, "642.0": 0.3862, "716.0": 0.0957, "701.0": 0.131, "684.0": 0.2032, "648.0": 0.3567, "660.0": 0.3089, "650.0": 0.3469, "715.0": 0.097, "662.0": 0.2989, "652.0": 0.3372, "706.0": 0.1156, "659.0": 0.314, "668.0": 0.2687, "685.0": 0.1977, "695.0": 0.1537, "681.0": 0.2147, "713.0": 0.1001, "680.0": 0.22, "666.0": 0.2788, "710.0": 0.1062, "687.0": 0.1869, "719.0": 0.0927, "704.0": 0.1212, "673.0": 0.2508, "664.0": 0.2888, "645.0": 0.3714, "677.0": 0.2301, "669.0": 0.2637, "654.0": 0.3274, "653.0": 0.3323, "707.0": 0.1131, "697.0": 0.1461, "641.0": 0.3911, "658.0": 0.319, "690.0": 0.174, "703.0": 0.125, "699.0": 0.1375, "711.0": 0.1041, "714.0": 0.0987, "663.0": 0.2938, "674.0": 0.2456, "649.0": 0.3518, "678.0": 0.2306, "675.0": 0.2404, "712.0": 0.1021, "676.0": 0.2353, "698.0": 0.142, "718.0": 0.0936, "683.0": 0.2086, "702.0": 0.1283, "691.0": 0.1715, "720.0": 0.0923, "700.0": 0.1345, "651.0": 0.3421, "657.0": 0.3127, "693.0": 0.1629, "709.0": 0.1083, "670.0": 0.2662, "705.0": 0.1188, "686.0": 0.1923, "672.0": 0.2559, "682.0": 0.2094, "656.0": 0.3176, "696.0": 0.1501, "646.0": 0.3665}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.53, "short_delta": 0.205, "long_delta": 0.0923, "short_iv": 0.1041, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.39489, "long_quote_age": 0.395261, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 717.105}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-102.71 (gross $-101.71 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:14:48.839751+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows steady 5-day performance of +0.10% with IV/RV compressed at 0.68, favoring an out-of-the-money put credit spread.", "invalidation": "A sharp downturn expanding 1-day losses beyond -0.08% would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"677.0": 0.2233, "685.0": 0.1932, "654.0": 0.3155, "648.0": 0.3351, "650.0": 0.3302, "643.0": 0.3579, "662.0": 0.2815, "679.0": 0.2151, "684.0": 0.1971, "645.0": 0.3488, "666.0": 0.2655, "676.0": 0.2283, "644.0": 0.3534, "660.0": 0.2909, "673.0": 0.239, "672.0": 0.2417, "703.0": 0.1379, "683.0": 0.2009, "646.0": 0.3442, "647.0": 0.3397, "704.0": 0.1355, "709.0": 0.1242, "712.0": 0.1185, "697.0": 0.1532, "671.0": 0.2466, "719.0": 0.1082, "687.0": 0.1862, "667.0": 0.2634, "720.0": 0.1074, "707.0": 0.1286, "655.0": 0.3109, "698.0": 0.1507, "668.0": 0.2586, "656.0": 0.3062, "664.0": 0.275, "663.0": 0.2797, "689.0": 0.1786, "696.0": 0.1563, "690.0": 0.176, "699.0": 0.1483, "701.0": 0.143, "686.0": 0.1903, "693.0": 0.1651, "715.0": 0.1133, "718.0": 0.1093, "708.0": 0.1264, "714.0": 0.115, "691.0": 0.1723, "694.0": 0.1623, "665.0": 0.2702, "653.0": 0.3164, "688.0": 0.1819, "675.0": 0.2313, "659.0": 0.2956, "716.0": 0.1118, "713.0": 0.1167, "710.0": 0.1222, "695.0": 0.1591, "682.0": 0.2046, "705.0": 0.1331, "658.0": 0.2969, "649.0": 0.3348, "680.0": 0.2117, "692.0": 0.1692, "678.0": 0.2201, "711.0": 0.1205, "652.0": 0.321, "651.0": 0.3256, "717.0": 0.1107, "657.0": 0.3016, "674.0": 0.2342, "670.0": 0.2514, "661.0": 0.2862, "700.0": 0.1455, "681.0": 0.2082, "669.0": 0.2538, "706.0": 0.1308, "702.0": 0.1403}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00706000", "short_strike": 709.0, "long_strike": 706.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2077, "long_delta": 0.1466, "short_iv": 0.1242, "short_rel_spread": 0.016260162601626032, "long_rel_spread": 0.011976047904191628, "short_quote_age": 0.519278, "long_quote_age": 1.084006, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 260.0, "total_risk": 10400.0, "buying_power_used_pct": 0.9773}, "spot": 717.015}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-53.72 (gross $-52.22 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:16:16.831137+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ displays flat 5D performance (+0.08%) and low IV relative to realized volatility (IV/RV 0.67), favoring short-term premium collection below spot 717.01.", "invalidation": "A significant downward move in QQQ spot well below 717.01."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"694.0": 0.1584, "652.0": 0.3371, "686.0": 0.1923, "690.0": 0.1739, "672.0": 0.2559, "705.0": 0.1178, "685.0": 0.1977, "681.0": 0.2146, "710.0": 0.1056, "682.0": 0.2093, "678.0": 0.2305, "717.0": 0.0936, "700.0": 0.1345, "662.0": 0.2989, "714.0": 0.0977, "656.0": 0.3176, "704.0": 0.1212, "708.0": 0.1104, "675.0": 0.2404, "650.0": 0.3469, "644.0": 0.3763, "641.0": 0.3911, "654.0": 0.3274, "684.0": 0.2031, "707.0": 0.1131, "691.0": 0.1715, "651.0": 0.342, "695.0": 0.1537, "663.0": 0.2938, "671.0": 0.2611, "667.0": 0.2737, "649.0": 0.3518, "680.0": 0.2199, "720.0": 0.0914, "642.0": 0.3861, "676.0": 0.2352, "679.0": 0.2252, "709.0": 0.108, "669.0": 0.2636, "645.0": 0.3714, "670.0": 0.2662, "689.0": 0.1795, "702.0": 0.127, "706.0": 0.1155, "674.0": 0.2456, "673.0": 0.2507, "655.0": 0.3225, "666.0": 0.2787, "713.0": 0.0993, "712.0": 0.1014, "687.0": 0.1868, "643.0": 0.3812, "703.0": 0.1239, "698.0": 0.1419, "718.0": 0.093, "657.0": 0.3127, "701.0": 0.1309, "653.0": 0.3323, "696.0": 0.15, "646.0": 0.3665, "648.0": 0.3567, "683.0": 0.204, "697.0": 0.1461, "661.0": 0.3039, "677.0": 0.2301, "711.0": 0.1036, "688.0": 0.1851, "699.0": 0.1375, "660.0": 0.3089, "658.0": 0.319, "659.0": 0.3139, "693.0": 0.1629, "692.0": 0.1658, "664.0": 0.2888, "668.0": 0.2687, "665.0": 0.2838, "719.0": 0.0922, "715.0": 0.0961, "716.0": 0.0947, "647.0": 0.3616}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.52, "short_delta": 0.204, "long_delta": 0.0924, "short_iv": 0.1036, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.38752, "long_quote_age": 0.388149, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 717.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.03 (gross $-104.03 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $448/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,304.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-105.03 (gross $-104.03 - friction $1.00) > $0.00"}], "economics": {"credit": 0.52, "width": 5.0, "short_delta": 0.204, "long_delta": 0.0924, "max_profit_usd": 52.0, "max_loss_usd": 448.0, "breakeven_wr": 0.896, "implied_wr": 0.796, "edge_pp": -10.0, "ev_implied_usd": -22.1, "realized_vol": 0.1777, "atm_iv": 0.0936, "vrp_ratio": 1.8985, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -112.72, "ev_at_half_drift_usd": -108.35, "ev_gross_usd": -104.03, "expected_loss_real_usd": 156.03, "friction_usd": 1.0, "ev_net_usd": -105.03, "total_risk_usd": 10304.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 435}
{"ts": "2026-09-04T18:16:27.562166+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bearish", "strategy": "call_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits negative 1-day momentum at -0.09% alongside suppressed IV/RV of 0.67, favoring an out-of-the-money call credit spread over an extended DTE window.", "invalidation": "QQQ spot rises significantly above 717.01 reversing the 1-day decline."}, "intent_error": "chain rejected for 2026-09-09: 1/34 monotonicity violations (2.9%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 451}
{"ts": "2026-09-04T18:17:49.687415+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "SPY", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "SPY displays range-bound 5D performance (+0.04%) with low 4-day ATM IV of 5.91% and IV/RV at 0.71, supporting a short-duration defined-risk put spread.", "invalidation": "An acceleration of the 1-day decline beyond -0.45% that pushes spot below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1072, "smile": {"726.0": 0.2246, "762.0": 0.0778, "767.0": 0.0673, "770.0": 0.0632, "690.0": 0.3615, "746.0": 0.1381, "733.0": 0.1918, "749.0": 0.1228, "727.0": 0.2199, "730.0": 0.2059, "758.0": 0.0877, "729.0": 0.2106, "700.0": 0.3179, "771.0": 0.0629, "759.0": 0.0853, "752.0": 0.1102, "750.0": 0.1177, "695.0": 0.3397, "741.0": 0.1589, "731.0": 0.2012, "751.0": 0.1154, "735.0": 0.1824, "745.0": 0.1431, "768.0": 0.0658, "721.0": 0.239, "754.0": 0.1019, "742.0": 0.154, "761.0": 0.0801, "723.0": 0.23, "753.0": 0.1049, "705.0": 0.2962, "720.0": 0.2436, "765.0": 0.0713, "738.0": 0.1735, "744.0": 0.1442, "736.0": 0.1777, "764.0": 0.0734, "722.0": 0.2345, "737.0": 0.1784, "766.0": 0.0694, "715.0": 0.2662, "760.0": 0.0822, "739.0": 0.1686, "769.0": 0.0642, "772.0": 0.0628, "710.0": 0.2746, "743.0": 0.1491, "763.0": 0.075, "718.0": 0.2526, "757.0": 0.0906, "740.0": 0.1638, "732.0": 0.1965, "725.0": 0.2209, "734.0": 0.1871, "724.0": 0.2254, "728.0": 0.2153, "747.0": 0.133, "773.0": 0.0637, "748.0": 0.1279, "719.0": 0.2481, "755.0": 0.0984, "756.0": 0.0947}, "vol_profile": {"ewma": 0.1072, "windows": {"5d": 0.1089, "10d": 0.0835, "20d": 0.0827, "40d": 0.1154, "60d": 0.13}, "used": "ewma(lambda=0.94)", "n_returns": 82, "latest_1d_return": 0.010468}, "underlying": "SPY", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "SPY260908P00765000", "long_symbol": "SPY260908P00762000", "short_strike": 765.0, "long_strike": 762.0, "width": 3.0, "credit": 0.31, "short_delta": 0.1906, "long_delta": 0.0992, "short_iv": 0.0713, "short_rel_spread": 0.016528925619834725, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.452579, "long_quote_age": 0.601463, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 269.0, "total_risk": 10491.0, "buying_power_used_pct": 0.9859}, "spot": 769.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-54.39 (gross $-53.39 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "SPY in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:18:01.121053+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows steady 5-day performance of +0.09% alongside an IV/RV ratio of 0.67, making a 5-7 DTE put credit spread attractive for premium collection.", "invalidation": "QQQ spot declining sharply below 717.10 would invalidate this bullish bias."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"714.0": 0.1152, "663.0": 0.2802, "689.0": 0.1792, "719.0": 0.1082, "717.0": 0.1106, "694.0": 0.163, "648.0": 0.3356, "699.0": 0.1482, "706.0": 0.1315, "690.0": 0.1757, "716.0": 0.1119, "653.0": 0.3169, "715.0": 0.1134, "676.0": 0.2288, "713.0": 0.1169, "696.0": 0.1571, "720.0": 0.1075, "665.0": 0.2708, "675.0": 0.2319, "712.0": 0.1187, "656.0": 0.3068, "650.0": 0.3307, "674.0": 0.2348, "645.0": 0.3493, "698.0": 0.1515, "655.0": 0.3114, "651.0": 0.3261, "644.0": 0.3539, "718.0": 0.1095, "646.0": 0.3447, "657.0": 0.3021, "710.0": 0.1228, "661.0": 0.2867, "668.0": 0.2591, "673.0": 0.2396, "664.0": 0.2755, "709.0": 0.1249, "693.0": 0.1665, "688.0": 0.1826, "701.0": 0.143, "660.0": 0.2914, "705.0": 0.1337, "702.0": 0.1408, "647.0": 0.3402, "662.0": 0.282, "652.0": 0.3215, "695.0": 0.1599, "685.0": 0.1938, "682.0": 0.2052, "681.0": 0.2088, "684.0": 0.1977, "703.0": 0.1381, "669.0": 0.2544, "672.0": 0.2423, "677.0": 0.2239, "678.0": 0.2207, "711.0": 0.1206, "666.0": 0.266, "671.0": 0.2471, "670.0": 0.2519, "683.0": 0.2015, "643.0": 0.3584, "654.0": 0.3161, "700.0": 0.1454, "707.0": 0.1294, "691.0": 0.1729, "680.0": 0.2123, "687.0": 0.1868, "692.0": 0.1698, "649.0": 0.3311, "659.0": 0.2961, "708.0": 0.127, "679.0": 0.2157, "658.0": 0.2975, "686.0": 0.1909, "697.0": 0.1534, "704.0": 0.1358, "667.0": 0.2639}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00706000", "short_strike": 709.0, "long_strike": 706.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2055, "long_delta": 0.1453, "short_iv": 0.1249, "short_rel_spread": 0.016393442622950834, "long_rel_spread": 0.024096385542168697, "short_quote_age": 0.403197, "long_quote_age": 0.536376, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9811}, "spot": 717.165}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-54.82 (gross $-52.82 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:19:22.658928+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "With QQQ holding a +0.13% 5-day return and a minimal 1-day change of -0.04%, range-bound consolidation supports an out-of-the-money put credit spread.", "invalidation": "A sharp downward decline in QQQ spot price breaching the short strike level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"655.0": 0.3241, "669.0": 0.2653, "716.0": 0.095, "642.0": 0.3877, "698.0": 0.1422, "648.0": 0.3583, "663.0": 0.2955, "673.0": 0.2525, "659.0": 0.3156, "705.0": 0.1185, "707.0": 0.1136, "666.0": 0.2804, "679.0": 0.227, "653.0": 0.3338, "649.0": 0.3534, "678.0": 0.2266, "656.0": 0.3192, "670.0": 0.2679, "677.0": 0.2318, "645.0": 0.373, "672.0": 0.2576, "661.0": 0.3055, "662.0": 0.3005, "699.0": 0.1379, "719.0": 0.0915, "686.0": 0.1941, "717.0": 0.0936, "658.0": 0.3206, "703.0": 0.1251, "682.0": 0.2111, "714.0": 0.0979, "680.0": 0.2217, "675.0": 0.2421, "654.0": 0.329, "718.0": 0.0924, "697.0": 0.1472, "657.0": 0.3143, "689.0": 0.1814, "665.0": 0.2854, "712.0": 0.1017, "701.0": 0.1318, "693.0": 0.1635, "706.0": 0.1157, "710.0": 0.1062, "687.0": 0.1887, "641.0": 0.3926, "709.0": 0.1081, "691.0": 0.1719, "700.0": 0.1351, "692.0": 0.1678, "660.0": 0.3106, "674.0": 0.2473, "711.0": 0.1036, "684.0": 0.2028, "646.0": 0.3681, "688.0": 0.1852, "720.0": 0.0911, "647.0": 0.3632, "685.0": 0.1996, "683.0": 0.2058, "708.0": 0.1107, "715.0": 0.0964, "681.0": 0.2164, "668.0": 0.2703, "695.0": 0.1558, "694.0": 0.1591, "676.0": 0.237, "696.0": 0.151, "651.0": 0.3436, "650.0": 0.3485, "690.0": 0.1759, "702.0": 0.128, "664.0": 0.2905, "667.0": 0.2754, "671.0": 0.2628, "704.0": 0.1216, "643.0": 0.3828, "644.0": 0.3779, "713.0": 0.0998, "652.0": 0.3387}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1913, "long_delta": 0.086, "short_iv": 0.1036, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.428443, "long_quote_age": 0.546996, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 717.395}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.83 (gross $-104.83 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:19:35.413268+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows modest 5-day stability (+0.13%) with low 1-day change (-0.04%) and ATM IV of 9.05%, supporting an out-of-the-money put credit spread across 3 to 7 DTE.", "invalidation": "QQQ spot declines significantly below 717.39 with expanding 1-day negative returns."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"669.0": 0.2652, "707.0": 0.1135, "662.0": 0.3004, "700.0": 0.135, "659.0": 0.3155, "658.0": 0.3205, "689.0": 0.1813, "717.0": 0.0936, "698.0": 0.142, "651.0": 0.3435, "702.0": 0.1279, "676.0": 0.2369, "704.0": 0.1214, "668.0": 0.2703, "643.0": 0.3827, "699.0": 0.1378, "701.0": 0.1317, "685.0": 0.1995, "679.0": 0.2269, "673.0": 0.2524, "695.0": 0.1556, "664.0": 0.2904, "671.0": 0.2627, "677.0": 0.2317, "687.0": 0.1886, "710.0": 0.106, "711.0": 0.1039, "665.0": 0.2853, "720.0": 0.091, "715.0": 0.0964, "686.0": 0.194, "693.0": 0.1634, "684.0": 0.2027, "697.0": 0.1471, "681.0": 0.2163, "670.0": 0.2678, "682.0": 0.211, "657.0": 0.3142, "680.0": 0.2216, "648.0": 0.3582, "663.0": 0.2954, "660.0": 0.3105, "641.0": 0.3925, "655.0": 0.324, "656.0": 0.3191, "719.0": 0.0915, "672.0": 0.2575, "694.0": 0.159, "706.0": 0.1155, "708.0": 0.1105, "705.0": 0.1184, "647.0": 0.3631, "644.0": 0.3778, "688.0": 0.185, "709.0": 0.1082, "690.0": 0.1758, "642.0": 0.3876, "653.0": 0.3337, "718.0": 0.0926, "678.0": 0.2265, "654.0": 0.3289, "721.0": 0.0908, "674.0": 0.2472, "713.0": 0.0998, "675.0": 0.242, "692.0": 0.1677, "714.0": 0.0979, "652.0": 0.3386, "667.0": 0.2753, "716.0": 0.0947, "650.0": 0.3484, "696.0": 0.1509, "649.0": 0.3533, "703.0": 0.125, "691.0": 0.1718, "712.0": 0.1015, "666.0": 0.2803, "645.0": 0.3729, "683.0": 0.2057, "661.0": 0.3054, "646.0": 0.368}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1927, "long_delta": 0.0861, "short_iv": 0.1039, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.461498, "long_quote_age": 0.459631, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 717.415}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.58 (gross $-103.58 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.9% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $451/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,373.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-104.58 (gross $-103.58 - friction $1.00) > $0.00"}], "economics": {"credit": 0.49, "width": 5.0, "short_delta": 0.1927, "long_delta": 0.0861, "max_profit_usd": 49.0, "max_loss_usd": 451.0, "breakeven_wr": 0.902, "implied_wr": 0.8073, "edge_pp": -9.47, "ev_implied_usd": -20.7, "realized_vol": 0.1777, "atm_iv": 0.0936, "vrp_ratio": 1.8985, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -112.17, "ev_at_half_drift_usd": -107.85, "ev_gross_usd": -103.58, "expected_loss_real_usd": 152.58, "friction_usd": 1.0, "ev_net_usd": -104.58, "total_risk_usd": 10373.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 477}
{"ts": "2026-09-04T18:21:00.905172+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive 5D performance of +0.14% and modest 1D change of -0.03% with ATM IV at 9.05%.", "invalidation": "A downward price move in QQQ that drives spot toward and through the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"645.0": 0.3735, "670.0": 0.2685, "708.0": 0.1109, "692.0": 0.1684, "653.0": 0.3343, "701.0": 0.131, "712.0": 0.1015, "661.0": 0.306, "707.0": 0.113, "693.0": 0.1641, "650.0": 0.349, "649.0": 0.3539, "696.0": 0.1505, "674.0": 0.2478, "677.0": 0.2323, "719.0": 0.0913, "666.0": 0.2809, "663.0": 0.296, "658.0": 0.3211, "662.0": 0.301, "655.0": 0.3246, "704.0": 0.1223, "691.0": 0.1725, "669.0": 0.2658, "697.0": 0.1468, "679.0": 0.2276, "695.0": 0.1552, "654.0": 0.3294, "648.0": 0.3588, "659.0": 0.3161, "705.0": 0.1193, "686.0": 0.1947, "689.0": 0.182, "681.0": 0.217, "683.0": 0.2064, "709.0": 0.1084, "718.0": 0.0921, "685.0": 0.2001, "657.0": 0.3148, "678.0": 0.2272, "699.0": 0.1386, "715.0": 0.096, "710.0": 0.1061, "641.0": 0.3931, "682.0": 0.2117, "700.0": 0.1358, "675.0": 0.2427, "703.0": 0.1246, "642.0": 0.3882, "706.0": 0.1156, "644.0": 0.3784, "672.0": 0.2582, "667.0": 0.2759, "676.0": 0.2375, "664.0": 0.291, "688.0": 0.1857, "651.0": 0.3441, "716.0": 0.0948, "717.0": 0.0934, "687.0": 0.1893, "665.0": 0.2859, "668.0": 0.2709, "673.0": 0.253, "643.0": 0.3833, "646.0": 0.3686, "720.0": 0.0907, "652.0": 0.3392, "702.0": 0.1287, "721.0": 0.0906, "680.0": 0.2223, "660.0": 0.3111, "698.0": 0.1428, "714.0": 0.0977, "694.0": 0.1597, "656.0": 0.3197, "671.0": 0.2633, "684.0": 0.2034, "647.0": 0.3637, "690.0": 0.1765, "713.0": 0.0997, "711.0": 0.1037}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1875, "long_delta": 0.0839, "short_iv": 0.1037, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.753589, "long_quote_age": 1.154911, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 717.525}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.09 (gross $-106.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:21:12.951932+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "call_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.15, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows flat short-term momentum with a 1D change of -0.03% and 5D change of +0.14% alongside an ATM IV of 9.05%.", "invalidation": "A strong upward surge in QQQ spot price that breaches the short call strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"714.0": 0.09, "725.0": 0.0806, "733.0": 0.0947, "727.0": 0.0816, "742.0": 0.1231, "734.0": 0.0965, "737.0": 0.1005, "721.0": 0.0826, "717.0": 0.0867, "735.0": 0.0972, "739.0": 0.1096, "728.0": 0.0813, "741.0": 0.1186, "732.0": 0.0894, "716.0": 0.0882, "740.0": 0.1141, "723.0": 0.0816, "715.0": 0.0889, "738.0": 0.1051, "726.0": 0.0809, "724.0": 0.0809, "736.0": 0.102, "719.0": 0.0846, "720.0": 0.0836, "722.0": 0.082, "731.0": 0.0867, "718.0": 0.0854, "730.0": 0.0855, "729.0": 0.0831}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "call_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908C00724000", "long_symbol": "QQQ260908C00729000", "short_strike": 724.0, "long_strike": 729.0, "width": 5.0, "credit": 0.4, "short_delta": 0.1563, "long_delta": 0.0381, "short_iv": 0.0809, "short_rel_spread": 0.02020202020202022, "long_rel_spread": 0.10526315789473693, "short_quote_age": 0.539614, "long_quote_age": 0.469213, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 460.0, "total_risk": 10580.0, "buying_power_used_pct": 0.9943}, "spot": 717.525}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-109.74 (gross $-108.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908C00724000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 10.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $460/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,580.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return +0.15% >= -1.00% floor"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-109.74 (gross $-108.74 - friction $1.00) > $0.00"}], "economics": {"credit": 0.4, "width": 5.0, "short_delta": 0.1563, "long_delta": 0.0381, "max_profit_usd": 40.0, "max_loss_usd": 460.0, "breakeven_wr": 0.92, "implied_wr": 0.8437, "edge_pp": -7.63, "ev_implied_usd": -8.6, "realized_vol": 0.1777, "atm_iv": 0.0854, "vrp_ratio": 2.0808, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -98.63, "ev_at_half_drift_usd": -103.64, "ev_gross_usd": -108.74, "expected_loss_real_usd": 148.74, "friction_usd": 1.0, "ev_net_usd": -109.74, "total_risk_usd": 10580.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 413}
{"ts": "2026-09-04T18:22:40.755154+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable short-term consolidation with a +0.16% 5-day return and a flat -0.01% 1-day return, supporting an out-of-the-money put credit spread.", "invalidation": "A downward price drop in QQQ moving spot toward or below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"696.0": 0.1509, "675.0": 0.243, "711.0": 0.1043, "689.0": 0.1823, "697.0": 0.1472, "708.0": 0.1114, "654.0": 0.3297, "702.0": 0.1278, "694.0": 0.1601, "719.0": 0.0922, "692.0": 0.1687, "642.0": 0.3885, "656.0": 0.32, "649.0": 0.3542, "671.0": 0.2636, "661.0": 0.3063, "655.0": 0.3248, "685.0": 0.2005, "682.0": 0.212, "662.0": 0.3013, "670.0": 0.2688, "650.0": 0.3493, "646.0": 0.3689, "690.0": 0.1768, "705.0": 0.1188, "713.0": 0.1004, "644.0": 0.3787, "672.0": 0.2585, "714.0": 0.0985, "693.0": 0.1631, "659.0": 0.3164, "720.0": 0.0914, "704.0": 0.1217, "718.0": 0.0931, "721.0": 0.0909, "648.0": 0.3591, "715.0": 0.0968, "677.0": 0.2327, "663.0": 0.2963, "710.0": 0.1066, "684.0": 0.2037, "676.0": 0.2378, "716.0": 0.0954, "673.0": 0.2533, "645.0": 0.3738, "686.0": 0.1951, "641.0": 0.3934, "651.0": 0.3444, "687.0": 0.1896, "698.0": 0.1432, "647.0": 0.364, "660.0": 0.3114, "652.0": 0.3395, "668.0": 0.2712, "653.0": 0.3346, "712.0": 0.1021, "703.0": 0.1251, "680.0": 0.2226, "678.0": 0.2275, "683.0": 0.2067, "679.0": 0.2279, "717.0": 0.0942, "706.0": 0.1161, "643.0": 0.3836, "669.0": 0.2661, "691.0": 0.1728, "658.0": 0.3102, "674.0": 0.2481, "665.0": 0.2862, "657.0": 0.3151, "667.0": 0.2762, "709.0": 0.1089, "695.0": 0.1555, "701.0": 0.1314, "681.0": 0.2173, "666.0": 0.2812, "700.0": 0.1345, "699.0": 0.139, "664.0": 0.2913, "707.0": 0.1135, "688.0": 0.1879}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1867, "long_delta": 0.0836, "short_iv": 0.1043, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.481964, "long_quote_age": 0.438461, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 717.615}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.69 (gross $-104.69 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:22:57.141478+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilience with a +0.16% 5-day return and a flat -0.01% 1-day change, supporting short-duration credit collection.", "invalidation": "A rapid decline in QQQ spot price breaching the short put strike."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 429}
{"ts": "2026-09-04T18:24:17.868454+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient 5-day performance of +0.16% and minimal 1-day decline of -0.01% alongside low ATM IV of 8.89% relative to its 20-day realized volatility of 13.54% (IV/RV 0.66).", "invalidation": "QQQ spot price declines significantly toward the short put strike before option expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"659.0": 0.3052, "676.0": 0.2377, "664.0": 0.2912, "690.0": 0.1767, "680.0": 0.2225, "711.0": 0.1041, "708.0": 0.1113, "688.0": 0.1878, "693.0": 0.163, "721.0": 0.0907, "683.0": 0.2066, "717.0": 0.0936, "661.0": 0.3063, "696.0": 0.1508, "651.0": 0.3443, "662.0": 0.3012, "671.0": 0.2635, "719.0": 0.0916, "692.0": 0.1686, "677.0": 0.2326, "698.0": 0.1431, "682.0": 0.2119, "645.0": 0.3737, "656.0": 0.3199, "655.0": 0.3248, "697.0": 0.1471, "691.0": 0.1728, "673.0": 0.2532, "649.0": 0.3541, "718.0": 0.0923, "665.0": 0.2862, "709.0": 0.1088, "646.0": 0.3688, "658.0": 0.3101, "703.0": 0.1249, "704.0": 0.1227, "667.0": 0.2761, "710.0": 0.1065, "684.0": 0.2036, "657.0": 0.315, "672.0": 0.2584, "707.0": 0.1141, "700.0": 0.1361, "670.0": 0.2687, "666.0": 0.2811, "642.0": 0.3884, "654.0": 0.3297, "675.0": 0.2429, "686.0": 0.195, "679.0": 0.2278, "702.0": 0.1284, "678.0": 0.2274, "699.0": 0.1389, "701.0": 0.1313, "663.0": 0.2962, "650.0": 0.3492, "687.0": 0.1895, "653.0": 0.3345, "652.0": 0.3394, "712.0": 0.102, "669.0": 0.2661, "685.0": 0.2004, "641.0": 0.3933, "720.0": 0.0905, "689.0": 0.1823, "713.0": 0.1, "694.0": 0.16, "660.0": 0.3113, "643.0": 0.3835, "706.0": 0.1169, "647.0": 0.3639, "644.0": 0.3786, "681.0": 0.2172, "705.0": 0.1196, "674.0": 0.2481, "715.0": 0.0963, "648.0": 0.359, "714.0": 0.0981, "695.0": 0.1554, "668.0": 0.2711, "716.0": 0.0948}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1869, "long_delta": 0.0852, "short_iv": 0.1041, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.67447, "long_quote_age": 0.595455, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 717.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.98 (gross $-106.98 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:24:29.178540+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 400, "thesis": "QQQ exhibits relative stability with a positive 5D return of +0.16% and minimal 1D pullback of -0.01%, making short put credit spreads viable across the 4 to 7 DTE window.", "invalidation": "A breakdown in QQQ spot price reversing the positive 5D return would invalidate this bullish bias."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"699.0": 0.1387, "655.0": 0.3246, "682.0": 0.2118, "660.0": 0.3112, "721.0": 0.0905, "646.0": 0.3687, "650.0": 0.3491, "677.0": 0.2324, "671.0": 0.2634, "659.0": 0.3051, "654.0": 0.3295, "697.0": 0.1469, "713.0": 0.1001, "708.0": 0.111, "703.0": 0.1247, "704.0": 0.1225, "643.0": 0.3834, "689.0": 0.1821, "675.0": 0.2428, "681.0": 0.2171, "693.0": 0.1628, "698.0": 0.1429, "666.0": 0.281, "700.0": 0.1359, "642.0": 0.3883, "676.0": 0.2376, "720.0": 0.0914, "701.0": 0.1311, "715.0": 0.0966, "674.0": 0.2479, "687.0": 0.1894, "647.0": 0.3638, "690.0": 0.1765, "707.0": 0.1139, "661.0": 0.3061, "684.0": 0.2035, "672.0": 0.2582, "649.0": 0.354, "652.0": 0.3393, "719.0": 0.092, "710.0": 0.1068, "680.0": 0.2224, "706.0": 0.1166, "670.0": 0.2685, "702.0": 0.1282, "667.0": 0.276, "665.0": 0.286, "685.0": 0.2002, "658.0": 0.31, "664.0": 0.2911, "714.0": 0.0983, "651.0": 0.3442, "686.0": 0.1948, "648.0": 0.3589, "653.0": 0.3344, "712.0": 0.1021, "692.0": 0.1685, "663.0": 0.2961, "644.0": 0.3785, "662.0": 0.3011, "673.0": 0.2531, "657.0": 0.3149, "688.0": 0.1876, "669.0": 0.2659, "668.0": 0.271, "679.0": 0.2277, "717.0": 0.0939, "696.0": 0.1506, "716.0": 0.0953, "678.0": 0.2273, "683.0": 0.2065, "718.0": 0.093, "709.0": 0.1092, "656.0": 0.3198, "691.0": 0.1726, "645.0": 0.3736, "711.0": 0.1043, "705.0": 0.1194, "695.0": 0.1553, "694.0": 0.1598}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 29, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00707000", "short_strike": 711.0, "long_strike": 707.0, "width": 4.0, "credit": 0.41, "short_delta": 0.1884, "long_delta": 0.0996, "short_iv": 0.1043, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.024691358024691242, "short_quote_age": 0.52072, "long_quote_age": 0.985096, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 29, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 359.0, "total_risk": 10411.0, "buying_power_used_pct": 0.9784}, "spot": 717.565}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-84.68 (gross $-83.68 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 29 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:25:50.536635+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive 5-day momentum (+0.16%) and steady 1-day performance (-0.01%), supporting a short-duration put credit spread.", "invalidation": "A sharp downward break in QQQ spot price below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"660.0": 0.311, "679.0": 0.2275, "656.0": 0.3196, "651.0": 0.344, "669.0": 0.2657, "710.0": 0.1064, "704.0": 0.1222, "642.0": 0.3881, "693.0": 0.1626, "681.0": 0.2169, "700.0": 0.1356, "694.0": 0.1596, "697.0": 0.1467, "657.0": 0.3147, "674.0": 0.2477, "696.0": 0.1504, "707.0": 0.1136, "717.0": 0.0939, "670.0": 0.2684, "695.0": 0.1551, "661.0": 0.3059, "711.0": 0.1045, "659.0": 0.3049, "689.0": 0.1819, "672.0": 0.258, "652.0": 0.3391, "671.0": 0.2632, "682.0": 0.2116, "720.0": 0.0913, "719.0": 0.0921, "683.0": 0.2063, "715.0": 0.0968, "646.0": 0.3685, "650.0": 0.3489, "699.0": 0.1385, "714.0": 0.0984, "665.0": 0.2858, "654.0": 0.3293, "677.0": 0.2322, "658.0": 0.3098, "687.0": 0.1892, "706.0": 0.1163, "643.0": 0.3832, "649.0": 0.3538, "698.0": 0.1427, "675.0": 0.2426, "708.0": 0.1114, "648.0": 0.3587, "705.0": 0.1192, "716.0": 0.0952, "645.0": 0.3734, "713.0": 0.1003, "655.0": 0.3245, "688.0": 0.1856, "647.0": 0.3636, "662.0": 0.3009, "644.0": 0.3783, "685.0": 0.2, "684.0": 0.2033, "709.0": 0.1088, "686.0": 0.1946, "668.0": 0.2708, "678.0": 0.2271, "663.0": 0.2959, "676.0": 0.2374, "667.0": 0.2758, "712.0": 0.1022, "721.0": 0.091, "641.0": 0.393, "666.0": 0.2808, "680.0": 0.2222, "692.0": 0.1683, "701.0": 0.1309, "691.0": 0.1724, "690.0": 0.1763, "664.0": 0.2909, "703.0": 0.1245, "718.0": 0.0929, "673.0": 0.2529, "653.0": 0.3342, "702.0": 0.1279}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1901, "long_delta": 0.0856, "short_iv": 0.1045, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.417447, "long_quote_age": 0.457323, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 717.535}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.63 (gross $-104.63 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:26:06.573610+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows steady 5-day returns of +0.16% and flat 1-day change of -0.01% with IV/RV at 0.66, favoring a neutral put credit spread across short-dated expirations.", "invalidation": "A sharp drop reversing the 5-day gain of +0.16% would invalidate this neutral stance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"691.0": 0.1709, "676.0": 0.2375, "684.0": 0.2034, "695.0": 0.1552, "668.0": 0.2709, "714.0": 0.0982, "654.0": 0.3295, "709.0": 0.1085, "682.0": 0.2117, "673.0": 0.253, "670.0": 0.2685, "660.0": 0.3111, "651.0": 0.3441, "717.0": 0.0937, "646.0": 0.3686, "661.0": 0.3061, "652.0": 0.3393, "680.0": 0.2223, "664.0": 0.291, "712.0": 0.102, "655.0": 0.3246, "662.0": 0.3011, "705.0": 0.1194, "720.0": 0.0909, "688.0": 0.1839, "663.0": 0.296, "699.0": 0.1386, "656.0": 0.3197, "715.0": 0.0965, "687.0": 0.1893, "702.0": 0.1275, "671.0": 0.2633, "649.0": 0.3539, "653.0": 0.3344, "690.0": 0.1765, "672.0": 0.2582, "659.0": 0.3051, "703.0": 0.1247, "658.0": 0.31, "666.0": 0.281, "657.0": 0.3148, "696.0": 0.1506, "678.0": 0.2272, "677.0": 0.2324, "648.0": 0.3588, "710.0": 0.1061, "674.0": 0.2479, "643.0": 0.3833, "716.0": 0.0951, "665.0": 0.286, "692.0": 0.1684, "701.0": 0.131, "675.0": 0.2427, "708.0": 0.1109, "704.0": 0.1213, "669.0": 0.2659, "694.0": 0.1598, "647.0": 0.3637, "667.0": 0.2759, "713.0": 0.1, "693.0": 0.1627, "689.0": 0.182, "719.0": 0.0918, "681.0": 0.217, "697.0": 0.1468, "645.0": 0.3735, "644.0": 0.3784, "685.0": 0.2002, "700.0": 0.1342, "698.0": 0.1429, "721.0": 0.0902, "711.0": 0.1042, "686.0": 0.1948, "679.0": 0.2276, "706.0": 0.1157, "650.0": 0.349, "718.0": 0.0926, "683.0": 0.2064, "707.0": 0.113}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1886, "long_delta": 0.1161, "short_iv": 0.1042, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.473519, "long_quote_age": 0.893177, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 266.0, "total_risk": 10640.0, "buying_power_used_pct": 0.9999}, "spot": 717.555}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.78 (gross $-61.78 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:27:28.976638+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive 5-day return of +0.14% and minimal 1-day decline of -0.03% with short-term ATM IV at 8.89%.", "invalidation": "QQQ spot falls sharply below 717.45 alongside accelerating downward momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"680.0": 0.2219, "687.0": 0.1889, "663.0": 0.2956, "690.0": 0.176, "659.0": 0.3047, "657.0": 0.3144, "645.0": 0.3731, "647.0": 0.3633, "684.0": 0.203, "648.0": 0.3584, "683.0": 0.206, "715.0": 0.0957, "693.0": 0.1623, "706.0": 0.1151, "697.0": 0.1463, "701.0": 0.1305, "717.0": 0.0932, "710.0": 0.1054, "650.0": 0.3486, "691.0": 0.1704, "675.0": 0.2423, "700.0": 0.1336, "712.0": 0.1011, "692.0": 0.1679, "699.0": 0.1381, "644.0": 0.378, "662.0": 0.3006, "708.0": 0.1102, "695.0": 0.1547, "702.0": 0.1269, "707.0": 0.1124, "709.0": 0.1077, "716.0": 0.0944, "669.0": 0.2655, "652.0": 0.3389, "678.0": 0.2268, "718.0": 0.0919, "719.0": 0.0907, "671.0": 0.2629, "642.0": 0.3878, "682.0": 0.2113, "666.0": 0.2805, "667.0": 0.2755, "705.0": 0.1178, "689.0": 0.1798, "643.0": 0.3829, "704.0": 0.1207, "646.0": 0.3682, "655.0": 0.3242, "677.0": 0.2319, "674.0": 0.2474, "665.0": 0.2856, "694.0": 0.1593, "711.0": 0.1034, "686.0": 0.1943, "664.0": 0.2906, "672.0": 0.2578, "703.0": 0.1241, "698.0": 0.1423, "649.0": 0.3535, "679.0": 0.2272, "714.0": 0.0975, "673.0": 0.2526, "654.0": 0.3291, "676.0": 0.2371, "658.0": 0.3096, "696.0": 0.15, "721.0": 0.0896, "641.0": 0.3843, "661.0": 0.3057, "681.0": 0.2166, "713.0": 0.0993, "670.0": 0.2604, "653.0": 0.334, "688.0": 0.1834, "685.0": 0.1976, "668.0": 0.2705, "660.0": 0.2998, "720.0": 0.0903, "656.0": 0.3193, "651.0": 0.3437}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1898, "long_delta": 0.0843, "short_iv": 0.1034, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.317443, "long_quote_age": 0.529788, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 717.495}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.73 (gross $-103.73 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:27:40.412672+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates resilient 5-day momentum at +0.14% with modest 1-day decline of -0.03%, supporting premium collection via put credit spreads in the 5-7 DTE window.", "invalidation": "A breakdown in QQQ spot price below the short put strike or an increase in downward momentum invalidates the bullish premise."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"654.0": 0.3177, "721.0": 0.1056, "687.0": 0.1865, "720.0": 0.1063, "663.0": 0.2819, "644.0": 0.3554, "686.0": 0.1905, "682.0": 0.2056, "683.0": 0.202, "671.0": 0.2488, "677.0": 0.2238, "716.0": 0.1113, "680.0": 0.2125, "651.0": 0.3277, "713.0": 0.1162, "707.0": 0.1284, "717.0": 0.1095, "706.0": 0.1307, "669.0": 0.2561, "681.0": 0.2091, "718.0": 0.1083, "700.0": 0.1451, "668.0": 0.2608, "643.0": 0.36, "703.0": 0.1376, "678.0": 0.2207, "695.0": 0.16, "649.0": 0.3326, "688.0": 0.1834, "698.0": 0.1507, "711.0": 0.1201, "648.0": 0.3372, "710.0": 0.1218, "675.0": 0.2316, "646.0": 0.3463, "662.0": 0.2837, "672.0": 0.244, "645.0": 0.3509, "653.0": 0.3185, "656.0": 0.3084, "709.0": 0.1241, "655.0": 0.313, "664.0": 0.2772, "691.0": 0.1723, "715.0": 0.1128, "699.0": 0.1481, "657.0": 0.3037, "692.0": 0.1694, "708.0": 0.1262, "647.0": 0.3417, "673.0": 0.2414, "701.0": 0.143, "667.0": 0.263, "712.0": 0.1179, "674.0": 0.2365, "685.0": 0.1944, "693.0": 0.1663, "650.0": 0.3281, "659.0": 0.2944, "676.0": 0.2306, "694.0": 0.1629, "697.0": 0.1539, "690.0": 0.1758, "666.0": 0.2677, "658.0": 0.2991, "679.0": 0.2175, "652.0": 0.3231, "714.0": 0.1143, "684.0": 0.1982, "705.0": 0.133, "719.0": 0.1071, "670.0": 0.2513, "661.0": 0.2884, "702.0": 0.1404, "689.0": 0.1792, "660.0": 0.2898, "665.0": 0.2725, "696.0": 0.1568, "704.0": 0.1353}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00706000", "short_strike": 709.0, "long_strike": 706.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1938, "long_delta": 0.1359, "short_iv": 0.1241, "short_rel_spread": 0.0088888888888887, "long_rel_spread": 0.026315789473684233, "short_quote_age": 0.406548, "long_quote_age": 0.86392, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 717.535}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-56.27 (gross $-54.77 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:29:09.468985+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ maintains an overall positive 5D return of +0.14% alongside a minimal 1D dip of -0.03% and 4D ATM IV of 8.89%.", "invalidation": "A continuation of downward momentum that wipes out the positive 5D return."}, "intent_error": "chain rejected for 2026-09-08: 2/78 monotonicity violations (2.6%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 421}
{"ts": "2026-09-04T18:29:21.596978+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive 5D performance (+0.14%) and low implied volatility relative to historical realized volatility (IV/RV 0.66), favoring an out-of-the-money put credit spread targeting expirations beyond the 4D cycle.", "invalidation": "QQQ spot declines sharply through the short put strike prior to expiration."}, "intent_error": "chain rejected for 2026-09-09: 3/80 monotonicity violations (3.8%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 524}
{"ts": "2026-09-04T18:30:41.208693+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient short-term momentum with a +0.17% 5-day gain and flat 1-day return while IV trades at a discount to 20-day realized volatility at an IV/RV ratio of 0.66.", "invalidation": "QQQ spot declines sharply below short strike support accompanied by an increase in realized volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"699.0": 0.1375, "665.0": 0.2865, "669.0": 0.2664, "647.0": 0.3563, "706.0": 0.1157, "686.0": 0.1933, "690.0": 0.1736, "655.0": 0.3251, "663.0": 0.2861, "657.0": 0.3154, "653.0": 0.3349, "708.0": 0.1105, "700.0": 0.1349, "680.0": 0.2174, "716.0": 0.0938, "710.0": 0.1055, "717.0": 0.0923, "681.0": 0.2122, "715.0": 0.0954, "692.0": 0.166, "672.0": 0.2513, "676.0": 0.2381, "644.0": 0.3708, "713.0": 0.099, "661.0": 0.2958, "714.0": 0.0972, "705.0": 0.1183, "697.0": 0.1465, "662.0": 0.291, "641.0": 0.3852, "649.0": 0.3544, "660.0": 0.3007, "704.0": 0.121, "643.0": 0.3838, "678.0": 0.2278, "674.0": 0.2413, "675.0": 0.2433, "721.0": 0.0893, "694.0": 0.1577, "701.0": 0.1302, "664.0": 0.2812, "685.0": 0.1964, "682.0": 0.2123, "707.0": 0.1132, "683.0": 0.207, "696.0": 0.1512, "658.0": 0.3105, "695.0": 0.1546, "654.0": 0.33, "720.0": 0.0893, "671.0": 0.2564, "698.0": 0.1415, "659.0": 0.3056, "667.0": 0.2765, "656.0": 0.3202, "703.0": 0.1242, "688.0": 0.1845, "711.0": 0.1034, "651.0": 0.3447, "718.0": 0.0911, "648.0": 0.3593, "709.0": 0.1082, "691.0": 0.1716, "687.0": 0.19, "679.0": 0.2226, "673.0": 0.2463, "719.0": 0.09, "646.0": 0.3611, "702.0": 0.1282, "670.0": 0.2614, "677.0": 0.233, "652.0": 0.3398, "684.0": 0.2017, "689.0": 0.1791, "650.0": 0.3496, "666.0": 0.2815, "645.0": 0.3659, "642.0": 0.3804, "712.0": 0.1009, "693.0": 0.1634, "668.0": 0.2715}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2134, "long_delta": 0.096, "short_iv": 0.1009, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.426337, "long_quote_age": 0.510236, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.695}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.70 (gross $-105.70 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:30:52.428302+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates relative strength with a flat 1D return of -0.00% and positive 5D return of +0.17%, supporting a put credit spread over a 4 to 7 DTE window.", "invalidation": "A downward turn in QQQ erasing the positive 5D return of +0.17% would invalidate this thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"715.0": 0.0953, "707.0": 0.1129, "664.0": 0.2811, "692.0": 0.1658, "711.0": 0.1031, "651.0": 0.3445, "660.0": 0.3006, "712.0": 0.1011, "706.0": 0.1155, "695.0": 0.1545, "672.0": 0.2512, "683.0": 0.2069, "704.0": 0.1208, "685.0": 0.1963, "716.0": 0.0937, "668.0": 0.2713, "674.0": 0.2411, "655.0": 0.325, "657.0": 0.3152, "702.0": 0.128, "667.0": 0.2763, "643.0": 0.3837, "701.0": 0.1301, "676.0": 0.238, "689.0": 0.1789, "665.0": 0.2864, "698.0": 0.1414, "718.0": 0.0911, "671.0": 0.2562, "686.0": 0.1931, "703.0": 0.124, "691.0": 0.1714, "710.0": 0.1053, "696.0": 0.1511, "653.0": 0.3348, "650.0": 0.3494, "678.0": 0.2276, "699.0": 0.1373, "670.0": 0.2613, "673.0": 0.2462, "647.0": 0.3562, "656.0": 0.3201, "661.0": 0.2957, "714.0": 0.0969, "654.0": 0.3299, "688.0": 0.1844, "677.0": 0.2328, "687.0": 0.1898, "648.0": 0.3592, "666.0": 0.2814, "662.0": 0.2908, "659.0": 0.3055, "717.0": 0.0924, "646.0": 0.361, "721.0": 0.0886, "645.0": 0.3658, "720.0": 0.0893, "708.0": 0.1103, "675.0": 0.2431, "713.0": 0.0987, "697.0": 0.1463, "709.0": 0.1074, "694.0": 0.1575, "684.0": 0.2016, "680.0": 0.2173, "649.0": 0.3543, "719.0": 0.0901, "652.0": 0.3396, "682.0": 0.2122, "681.0": 0.2121, "700.0": 0.1347, "705.0": 0.118, "658.0": 0.3104, "693.0": 0.1632, "669.0": 0.2663, "690.0": 0.1734, "663.0": 0.286, "679.0": 0.2225, "644.0": 0.3706}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.4, "short_delta": 0.2149, "long_delta": 0.1314, "short_iv": 0.1011, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.018691588785046745, "short_quote_age": 0.421731, "long_quote_age": 0.5049, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 260.0, "total_risk": 10400.0, "buying_power_used_pct": 0.9773}, "spot": 717.675}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.29 (gross $-60.29 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:32:13.087237+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates short-term price stability with a 5-day gain of +0.17% and flat 1-day return (-0.00%) in an IV/RV regime of 0.66.", "invalidation": "QQQ spot declines sharply below the current level of 717.66."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"696.0": 0.1513, "663.0": 0.2861, "670.0": 0.2614, "706.0": 0.1157, "644.0": 0.3708, "697.0": 0.1476, "677.0": 0.233, "709.0": 0.1077, "713.0": 0.099, "661.0": 0.2959, "641.0": 0.3852, "662.0": 0.291, "711.0": 0.1029, "719.0": 0.0906, "708.0": 0.1105, "701.0": 0.1318, "658.0": 0.3105, "698.0": 0.1416, "703.0": 0.1243, "659.0": 0.3056, "715.0": 0.0955, "712.0": 0.101, "720.0": 0.0899, "679.0": 0.2226, "686.0": 0.1911, "643.0": 0.3839, "710.0": 0.1056, "695.0": 0.1547, "654.0": 0.33, "645.0": 0.366, "691.0": 0.1716, "689.0": 0.1791, "669.0": 0.2665, "656.0": 0.3203, "682.0": 0.2124, "675.0": 0.2433, "646.0": 0.3612, "650.0": 0.3496, "692.0": 0.166, "668.0": 0.2715, "683.0": 0.2071, "699.0": 0.1394, "642.0": 0.3804, "688.0": 0.1845, "684.0": 0.2018, "664.0": 0.2867, "680.0": 0.2174, "681.0": 0.2123, "690.0": 0.1736, "704.0": 0.121, "671.0": 0.2564, "648.0": 0.3515, "653.0": 0.3349, "649.0": 0.3545, "672.0": 0.2514, "714.0": 0.0973, "652.0": 0.3398, "667.0": 0.2765, "705.0": 0.1183, "694.0": 0.1577, "721.0": 0.0891, "647.0": 0.3563, "673.0": 0.2463, "676.0": 0.2381, "707.0": 0.1124, "717.0": 0.0927, "666.0": 0.2815, "678.0": 0.2278, "657.0": 0.3154, "655.0": 0.3251, "693.0": 0.1634, "660.0": 0.3007, "718.0": 0.0916, "665.0": 0.2866, "716.0": 0.0942, "685.0": 0.1964, "651.0": 0.3447, "700.0": 0.1349, "687.0": 0.19, "674.0": 0.2413, "702.0": 0.1282}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2133, "long_delta": 0.0944, "short_iv": 0.101, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.787563, "long_quote_age": 1.160085, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9618}, "spot": 717.705}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.91 (gross $-103.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:32:24.878956+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative stability with a 5D return of +0.17% and flat 1D performance at -0.00%, supporting a short put credit spread.", "invalidation": "A decline in QQQ spot price that breaches the short put strike would invalidate this bullish bias."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"717.0": 0.0929, "649.0": 0.3543, "666.0": 0.2814, "647.0": 0.3562, "695.0": 0.1545, "685.0": 0.1963, "715.0": 0.0956, "673.0": 0.2462, "712.0": 0.1011, "719.0": 0.0908, "711.0": 0.1031, "650.0": 0.3494, "705.0": 0.118, "681.0": 0.2121, "721.0": 0.0892, "664.0": 0.2866, "710.0": 0.1053, "663.0": 0.286, "686.0": 0.1909, "704.0": 0.1208, "656.0": 0.3201, "660.0": 0.3006, "662.0": 0.2908, "713.0": 0.0991, "669.0": 0.2663, "699.0": 0.1392, "665.0": 0.2864, "714.0": 0.0973, "652.0": 0.3396, "687.0": 0.1898, "667.0": 0.2763, "703.0": 0.124, "672.0": 0.2512, "645.0": 0.3658, "682.0": 0.2122, "659.0": 0.3055, "718.0": 0.0916, "679.0": 0.2225, "707.0": 0.1129, "670.0": 0.2613, "644.0": 0.3706, "689.0": 0.1789, "702.0": 0.128, "716.0": 0.0941, "643.0": 0.3837, "706.0": 0.1155, "657.0": 0.3152, "693.0": 0.1632, "676.0": 0.238, "668.0": 0.2713, "708.0": 0.1103, "655.0": 0.325, "700.0": 0.1347, "680.0": 0.2173, "688.0": 0.1844, "684.0": 0.2016, "678.0": 0.2276, "694.0": 0.1575, "709.0": 0.108, "677.0": 0.2328, "653.0": 0.3348, "642.0": 0.3803, "675.0": 0.2361, "690.0": 0.1734, "696.0": 0.1511, "654.0": 0.3299, "661.0": 0.2957, "651.0": 0.3445, "674.0": 0.2411, "683.0": 0.2069, "658.0": 0.3104, "646.0": 0.361, "671.0": 0.2562, "698.0": 0.1414, "691.0": 0.1714, "697.0": 0.1474, "648.0": 0.3514, "720.0": 0.09, "701.0": 0.1316, "641.0": 0.3851, "692.0": 0.1658}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2149, "long_delta": 0.0961, "short_iv": 0.1011, "short_rel_spread": 0.010695187165775291, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.482866, "long_quote_age": 0.483952, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9618}, "spot": 717.655}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.43 (gross $-104.43 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:33:43.718421+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits relative strength with a positive 5D return of +0.17% and flat 1D performance at 717.66 spot.", "invalidation": "A downward break in QQQ spot price turning the 5D return negative."}, "intent_error": "chain rejected for 2026-09-08: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 405}
{"ts": "2026-09-04T18:33:55.905098+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilience with a 5-day return of +0.17% and flat 1-day return of -0.00%, supporting a bullish put credit spread while targeting 5 to 7 DTE to avoid the corrupted 4 DTE option chain.", "invalidation": "QQQ spot price breaking down below 717.66."}, "intent_error": "chain rejected for 2026-09-09: 3/80 monotonicity violations (3.8%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 474}
{"ts": "2026-09-04T18:35:21.364581+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ maintains positive short-term momentum with 1D at +0.01% and 5D at +0.18% alongside an IV/RV ratio of 0.65.", "invalidation": "QQQ breaks downward past the short put strike before expiration."}, "intent_error": "chain rejected for 2026-09-08: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 396}
{"ts": "2026-09-04T18:35:32.292932+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates stable positive momentum with 1D +0.01% and 5D +0.18% while expanding dte_range to 5-7 days avoids the corrupted 4-day option chain.", "invalidation": "QQQ spot price declines significantly below 717.73."}, "intent_error": "chain rejected for 2026-09-09: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 433}
{"ts": "2026-09-04T18:36:52.499434+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady consolidation with a 5-day return of +0.15% and a minor 1-day change of -0.03%, supporting premium collection via a put credit spread.", "invalidation": "A sharp downward move in QQQ spot price well below 717.47 would invalidate this neutral thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"718.0": 0.0918, "715.0": 0.0952, "708.0": 0.1092, "678.0": 0.227, "687.0": 0.1849, "666.0": 0.2707, "650.0": 0.332, "691.0": 0.1707, "653.0": 0.3268, "652.0": 0.3316, "664.0": 0.2805, "665.0": 0.2756, "662.0": 0.2902, "704.0": 0.1199, "698.0": 0.1406, "658.0": 0.3097, "648.0": 0.3413, "711.0": 0.1023, "676.0": 0.2304, "689.0": 0.1782, "669.0": 0.2656, "673.0": 0.2455, "693.0": 0.1595, "668.0": 0.2707, "713.0": 0.0985, "692.0": 0.1651, "695.0": 0.1537, "663.0": 0.2853, "696.0": 0.1479, "720.0": 0.0901, "714.0": 0.0965, "645.0": 0.3652, "657.0": 0.3146, "660.0": 0.3, "703.0": 0.1231, "677.0": 0.2321, "716.0": 0.0936, "701.0": 0.1292, "643.0": 0.3649, "684.0": 0.2009, "647.0": 0.346, "721.0": 0.0905, "699.0": 0.1365, "719.0": 0.091, "706.0": 0.1145, "712.0": 0.1002, "690.0": 0.1727, "700.0": 0.1339, "672.0": 0.2505, "709.0": 0.1068, "659.0": 0.3048, "674.0": 0.2405, "667.0": 0.2711, "644.0": 0.3602, "682.0": 0.2089, "680.0": 0.2166, "697.0": 0.1444, "651.0": 0.3273, "681.0": 0.2114, "717.0": 0.0929, "679.0": 0.2218, "685.0": 0.1955, "641.0": 0.3743, "655.0": 0.3244, "646.0": 0.3604, "686.0": 0.1902, "671.0": 0.2556, "649.0": 0.3367, "656.0": 0.3195, "702.0": 0.1257, "694.0": 0.1568, "675.0": 0.2354, "670.0": 0.2606, "683.0": 0.2062, "707.0": 0.1111, "710.0": 0.1046, "654.0": 0.322, "661.0": 0.2951, "705.0": 0.1171, "642.0": 0.3696, "688.0": 0.1836}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1858, "long_delta": 0.0825, "short_iv": 0.1023, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.479698, "long_quote_age": 0.458813, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 717.44}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.70 (gross $-105.70 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:37:06.938846+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ exhibits relative stability with a 1D change of -0.03% and a positive 5D return of +0.15%.", "invalidation": "QQQ spot price breaks significantly lower erasing the 5D gain of +0.15%."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 399}
{"ts": "2026-09-04T18:38:26.366945+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates steady price action with a positive 5D return of +0.15% and negligible 1D decline of -0.03%, supporting a short-dated put credit spread.", "invalidation": "A sharp downward move in QQQ spot price below 717.49 accompanied by an expansion in realized volatility beyond 13.54%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"692.0": 0.1649, "642.0": 0.3694, "675.0": 0.2353, "690.0": 0.1725, "656.0": 0.3123, "679.0": 0.2216, "667.0": 0.2657, "698.0": 0.1404, "660.0": 0.2998, "658.0": 0.3096, "721.0": 0.089, "681.0": 0.2113, "687.0": 0.1847, "691.0": 0.1705, "708.0": 0.1089, "705.0": 0.1169, "652.0": 0.3315, "683.0": 0.206, "693.0": 0.1593, "715.0": 0.0951, "678.0": 0.2201, "700.0": 0.1337, "680.0": 0.2164, "646.0": 0.3506, "697.0": 0.1442, "655.0": 0.3171, "661.0": 0.295, "669.0": 0.2655, "654.0": 0.3219, "686.0": 0.1901, "648.0": 0.3412, "674.0": 0.2403, "647.0": 0.3459, "662.0": 0.2901, "707.0": 0.1117, "644.0": 0.36, "649.0": 0.3365, "664.0": 0.2803, "704.0": 0.1197, "677.0": 0.2252, "717.0": 0.0925, "659.0": 0.3047, "641.0": 0.3742, "653.0": 0.3267, "676.0": 0.2302, "672.0": 0.2504, "663.0": 0.2852, "673.0": 0.2454, "665.0": 0.2754, "711.0": 0.102, "709.0": 0.1066, "645.0": 0.3553, "643.0": 0.3647, "688.0": 0.1835, "684.0": 0.2007, "682.0": 0.2061, "694.0": 0.1566, "685.0": 0.1954, "720.0": 0.0897, "699.0": 0.1363, "702.0": 0.1256, "710.0": 0.1043, "706.0": 0.1143, "650.0": 0.3318, "696.0": 0.1477, "703.0": 0.1229, "668.0": 0.2608, "712.0": 0.0999, "670.0": 0.2605, "714.0": 0.0965, "671.0": 0.2554, "651.0": 0.3271, "666.0": 0.2706, "716.0": 0.0937, "713.0": 0.0981, "657.0": 0.3075, "701.0": 0.129, "689.0": 0.178, "695.0": 0.1535, "719.0": 0.0903, "718.0": 0.0913}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1862, "long_delta": 0.0826, "short_iv": 0.102, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.514506, "long_quote_age": 1.001969, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 717.485}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.62 (gross $-105.62 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:38:38.914860+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains a positive 5D return of +0.15% alongside modest 1D change of -0.03% with 4D ATM IV at 8.77% relative to RV20 of 13.54%.", "invalidation": "A sharp drop in QQQ spot price breaching the short put strike level would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"667.0": 0.2658, "684.0": 0.2008, "677.0": 0.2253, "694.0": 0.1567, "670.0": 0.2606, "679.0": 0.2217, "719.0": 0.0901, "678.0": 0.2202, "721.0": 0.0891, "663.0": 0.2853, "644.0": 0.3601, "695.0": 0.1536, "690.0": 0.1727, "701.0": 0.1291, "642.0": 0.3695, "645.0": 0.3554, "647.0": 0.346, "687.0": 0.1848, "697.0": 0.1443, "674.0": 0.2404, "686.0": 0.1902, "658.0": 0.3097, "650.0": 0.3319, "649.0": 0.3366, "671.0": 0.2555, "705.0": 0.117, "668.0": 0.2609, "680.0": 0.2165, "699.0": 0.1364, "656.0": 0.3124, "657.0": 0.3076, "711.0": 0.1022, "653.0": 0.3267, "673.0": 0.2455, "707.0": 0.111, "700.0": 0.1338, "665.0": 0.2755, "716.0": 0.0936, "696.0": 0.1478, "689.0": 0.1781, "662.0": 0.2902, "655.0": 0.3172, "698.0": 0.1405, "666.0": 0.2707, "706.0": 0.1144, "651.0": 0.3272, "661.0": 0.295, "682.0": 0.2062, "718.0": 0.0913, "652.0": 0.3315, "664.0": 0.2804, "688.0": 0.1836, "691.0": 0.1706, "685.0": 0.1955, "681.0": 0.2114, "712.0": 0.1001, "702.0": 0.1257, "676.0": 0.2303, "643.0": 0.3648, "693.0": 0.1594, "692.0": 0.165, "669.0": 0.2656, "648.0": 0.3413, "672.0": 0.2505, "641.0": 0.3742, "710.0": 0.1045, "683.0": 0.2061, "675.0": 0.2354, "659.0": 0.3048, "720.0": 0.0894, "646.0": 0.3507, "713.0": 0.0983, "717.0": 0.0923, "703.0": 0.1231, "660.0": 0.2999, "654.0": 0.322, "708.0": 0.1091, "704.0": 0.1198, "715.0": 0.095, "709.0": 0.1068, "714.0": 0.0965}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.46, "short_delta": 0.186, "long_delta": 0.0826, "short_iv": 0.1022, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.683769, "long_quote_age": 0.683734, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 717.465}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.01 (gross $-106.01 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:39:58.580503+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ maintains a positive 5-day return of +0.15% and nearly flat 1-day return of -0.02% alongside an IV/RV ratio of 0.65, supporting range-bound price action above lower strike thresholds.", "invalidation": "A downward price move in QQQ that exceeds recent 1-day and 5-day performance trends toward the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"649.0": 0.3369, "692.0": 0.1654, "696.0": 0.1482, "648.0": 0.3416, "695.0": 0.154, "715.0": 0.0945, "673.0": 0.2458, "705.0": 0.1165, "647.0": 0.3463, "645.0": 0.3557, "681.0": 0.2117, "653.0": 0.327, "721.0": 0.0884, "652.0": 0.3318, "708.0": 0.1089, "660.0": 0.3002, "688.0": 0.1839, "668.0": 0.2612, "642.0": 0.3698, "706.0": 0.114, "697.0": 0.1447, "646.0": 0.351, "717.0": 0.0915, "644.0": 0.3604, "678.0": 0.2206, "689.0": 0.1785, "671.0": 0.2559, "643.0": 0.3651, "709.0": 0.1061, "676.0": 0.2307, "664.0": 0.2807, "674.0": 0.2408, "711.0": 0.1018, "658.0": 0.31, "684.0": 0.2012, "699.0": 0.1368, "704.0": 0.1203, "669.0": 0.2659, "682.0": 0.2065, "719.0": 0.0893, "654.0": 0.3223, "662.0": 0.2905, "670.0": 0.2609, "691.0": 0.171, "663.0": 0.2856, "675.0": 0.2357, "650.0": 0.3322, "651.0": 0.3275, "656.0": 0.3127, "714.0": 0.096, "694.0": 0.1571, "665.0": 0.2759, "655.0": 0.3175, "683.0": 0.2065, "707.0": 0.1116, "710.0": 0.104, "701.0": 0.1296, "666.0": 0.271, "703.0": 0.1235, "718.0": 0.0908, "687.0": 0.1852, "657.0": 0.3079, "698.0": 0.1409, "667.0": 0.2661, "677.0": 0.2256, "700.0": 0.1342, "693.0": 0.1598, "661.0": 0.2954, "641.0": 0.3745, "713.0": 0.0978, "702.0": 0.1261, "685.0": 0.1959, "679.0": 0.2221, "680.0": 0.2169, "659.0": 0.3051, "686.0": 0.1905, "690.0": 0.173, "716.0": 0.0927, "672.0": 0.2508, "712.0": 0.0999, "720.0": 0.0886}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2152, "long_delta": 0.095, "short_iv": 0.0999, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.02666666666666669, "short_quote_age": 0.425687, "long_quote_age": 0.438934, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9618}, "spot": 717.545}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.07 (gross $-105.07 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00712000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $445/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,235.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-106.07 (gross $-105.07 - friction $1.00) > $0.00"}], "economics": {"credit": 0.55, "width": 5.0, "short_delta": 0.2152, "long_delta": 0.095, "max_profit_usd": 55.0, "max_loss_usd": 445.0, "breakeven_wr": 0.89, "implied_wr": 0.7848, "edge_pp": -10.52, "ev_implied_usd": -22.55, "realized_vol": 0.1777, "atm_iv": 0.0908, "vrp_ratio": 1.957, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -113.91, "ev_at_half_drift_usd": -109.47, "ev_gross_usd": -105.07, "expected_loss_real_usd": 160.07, "friction_usd": 1.0, "ev_net_usd": -106.07, "total_risk_usd": 10235.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 532}
{"ts": "2026-09-04T18:40:10.448197+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates relative stability with a positive 5D return of +0.15% and a minimal 1D dip of -0.02%, supporting an out-of-the-money put credit spread over 5 to 7 DTE.", "invalidation": "QQQ spot declining significantly below 717.53 would invalidate this bullish stance."}, "intent_error": "chain rejected for 2026-09-09: 2/78 monotonicity violations (2.6%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 485}
{"ts": "2026-09-04T18:41:37.457199+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits price stability with a positive 5-day return of +0.16% and a minor 1-day decline of -0.02% in an environment where ATM IV is 8.65% relative to an RV20 of 13.54%.", "invalidation": "A sharp downward acceleration in QQQ spot price pushing the contract delta significantly against the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"675.0": 0.2357, "645.0": 0.3557, "709.0": 0.106, "689.0": 0.1784, "669.0": 0.2563, "698.0": 0.1409, "647.0": 0.3463, "677.0": 0.2256, "699.0": 0.1368, "678.0": 0.2272, "667.0": 0.266, "649.0": 0.3369, "642.0": 0.3698, "644.0": 0.3604, "711.0": 0.1012, "685.0": 0.1958, "719.0": 0.0894, "682.0": 0.2065, "718.0": 0.0903, "720.0": 0.0884, "655.0": 0.3174, "693.0": 0.1598, "717.0": 0.0913, "695.0": 0.1513, "694.0": 0.1571, "671.0": 0.2558, "661.0": 0.2953, "665.0": 0.2758, "703.0": 0.1222, "705.0": 0.1164, "652.0": 0.3318, "662.0": 0.2904, "683.0": 0.2013, "653.0": 0.327, "704.0": 0.1191, "663.0": 0.2856, "658.0": 0.31, "692.0": 0.1653, "686.0": 0.1905, "691.0": 0.1675, "651.0": 0.3275, "687.0": 0.1851, "660.0": 0.3002, "712.0": 0.0993, "670.0": 0.2608, "657.0": 0.3078, "697.0": 0.1447, "668.0": 0.2612, "708.0": 0.1082, "654.0": 0.3222, "656.0": 0.3126, "716.0": 0.0925, "710.0": 0.1034, "714.0": 0.0955, "713.0": 0.0973, "672.0": 0.2508, "715.0": 0.094, "676.0": 0.2306, "706.0": 0.114, "679.0": 0.222, "690.0": 0.173, "707.0": 0.1107, "688.0": 0.1839, "674.0": 0.2407, "646.0": 0.351, "641.0": 0.3745, "721.0": 0.0878, "666.0": 0.2709, "681.0": 0.2117, "702.0": 0.1261, "701.0": 0.1295, "664.0": 0.2807, "680.0": 0.2168, "684.0": 0.2011, "696.0": 0.1482, "650.0": 0.3322, "659.0": 0.3051, "700.0": 0.1342, "648.0": 0.3416, "643.0": 0.3651, "673.0": 0.2457}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2144, "long_delta": 0.0935, "short_iv": 0.0993, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.409445, "long_quote_age": 0.603751, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9618}, "spot": 717.545}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.09 (gross $-105.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00712000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $445/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,235.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-106.09 (gross $-105.09 - friction $1.00) > $0.00"}], "economics": {"credit": 0.55, "width": 5.0, "short_delta": 0.2144, "long_delta": 0.0935, "max_profit_usd": 55.0, "max_loss_usd": 445.0, "breakeven_wr": 0.89, "implied_wr": 0.7856, "edge_pp": -10.44, "ev_implied_usd": -21.98, "realized_vol": 0.1777, "atm_iv": 0.0903, "vrp_ratio": 1.9679, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -113.93, "ev_at_half_drift_usd": -109.49, "ev_gross_usd": -105.09, "expected_loss_real_usd": 160.09, "friction_usd": 1.0, "ev_net_usd": -106.09, "total_risk_usd": 10235.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 509}
{"ts": "2026-09-04T18:41:50.352920+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows steady performance with a 5D gain of +0.16% and mild 1D change of -0.02% against an ATM IV of 8.65%, supporting a put credit spread across 5-7 DTE.", "invalidation": "A sharp decline in QQQ spot below 717.55 that breaches the short put strike."}, "intent_error": "chain rejected for 2026-09-09: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 454}
{"ts": "2026-09-04T18:43:12.604289+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ shows positive 5-day performance of +0.16% and minimal 1-day drawdown of -0.01%, supporting short put credit spread positioning.", "invalidation": "QQQ spot price declines sharply, reversing the positive 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"695.0": 0.1515, "649.0": 0.337, "653.0": 0.3271, "708.0": 0.1084, "696.0": 0.1483, "706.0": 0.1132, "672.0": 0.2509, "644.0": 0.3605, "673.0": 0.2459, "669.0": 0.2615, "686.0": 0.1906, "720.0": 0.0888, "650.0": 0.3323, "683.0": 0.2014, "709.0": 0.1062, "694.0": 0.1572, "712.0": 0.0996, "661.0": 0.2954, "671.0": 0.2559, "675.0": 0.2358, "711.0": 0.1015, "657.0": 0.3079, "658.0": 0.3101, "648.0": 0.3417, "679.0": 0.2221, "688.0": 0.184, "700.0": 0.1343, "687.0": 0.1853, "662.0": 0.2905, "716.0": 0.0929, "664.0": 0.2808, "647.0": 0.3464, "652.0": 0.3319, "699.0": 0.1369, "674.0": 0.2408, "684.0": 0.2013, "651.0": 0.3276, "676.0": 0.2307, "666.0": 0.271, "690.0": 0.1731, "698.0": 0.141, "665.0": 0.2759, "654.0": 0.3223, "719.0": 0.0896, "670.0": 0.261, "702.0": 0.1262, "689.0": 0.1786, "693.0": 0.1599, "717.0": 0.0914, "655.0": 0.3175, "692.0": 0.1655, "714.0": 0.0958, "659.0": 0.3052, "668.0": 0.2613, "721.0": 0.0883, "660.0": 0.3003, "703.0": 0.1224, "710.0": 0.1036, "691.0": 0.1676, "645.0": 0.3558, "682.0": 0.2066, "705.0": 0.1166, "656.0": 0.3127, "677.0": 0.2257, "704.0": 0.1192, "715.0": 0.0943, "643.0": 0.3652, "663.0": 0.2857, "701.0": 0.1297, "667.0": 0.2662, "681.0": 0.2118, "718.0": 0.0905, "680.0": 0.217, "678.0": 0.2273, "707.0": 0.1109, "713.0": 0.0976, "646.0": 0.3511, "697.0": 0.1448, "685.0": 0.1959}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2139, "long_delta": 0.1306, "short_iv": 0.0996, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.690607, "long_quote_age": 0.620597, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9811}, "spot": 717.575}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.47 (gross $-61.47 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:43:24.577263+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.18, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilient 5D return of +0.16% and near-flat 1D change of -0.01%, favoring a put credit spread across the 5 to 7 DTE window.", "invalidation": "QQQ spot falls sharply below the short put strike."}, "intent_error": "chain rejected for 2026-09-09: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 423}
{"ts": "2026-09-04T18:44:46.074302+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows steady positive short-term momentum with a 5D return of +0.20% and 1D return of +0.03% while ATM IV of 8.65% reflects low implied volatility relative to RV20.", "invalidation": "A reversal in QQQ spot price that breaches the short strike delta buffer."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"716.0": 0.0923, "642.0": 0.3708, "720.0": 0.088, "691.0": 0.1687, "664.0": 0.2818, "673.0": 0.2469, "693.0": 0.161, "656.0": 0.3137, "702.0": 0.1261, "687.0": 0.1864, "667.0": 0.2671, "686.0": 0.1917, "708.0": 0.1086, "703.0": 0.1224, "696.0": 0.1495, "700.0": 0.1339, "669.0": 0.2574, "643.0": 0.3661, "685.0": 0.197, "711.0": 0.1014, "657.0": 0.3089, "705.0": 0.117, "717.0": 0.0909, "718.0": 0.09, "648.0": 0.3426, "659.0": 0.3061, "649.0": 0.3379, "645.0": 0.3567, "712.0": 0.0993, "707.0": 0.1108, "697.0": 0.1437, "670.0": 0.2525, "713.0": 0.0973, "676.0": 0.2318, "721.0": 0.0875, "654.0": 0.3232, "666.0": 0.272, "692.0": 0.165, "652.0": 0.3328, "688.0": 0.1851, "658.0": 0.311, "695.0": 0.1527, "704.0": 0.1195, "699.0": 0.1362, "706.0": 0.1138, "690.0": 0.1742, "662.0": 0.2915, "646.0": 0.352, "682.0": 0.2076, "675.0": 0.2368, "694.0": 0.1554, "650.0": 0.3332, "672.0": 0.2519, "680.0": 0.218, "684.0": 0.2023, "651.0": 0.3285, "710.0": 0.1037, "661.0": 0.2964, "698.0": 0.1401, "674.0": 0.2418, "678.0": 0.2217, "681.0": 0.2128, "683.0": 0.2024, "644.0": 0.3614, "679.0": 0.2232, "689.0": 0.1797, "709.0": 0.106, "655.0": 0.3185, "677.0": 0.2267, "671.0": 0.2569, "663.0": 0.2866, "701.0": 0.1294, "715.0": 0.094, "668.0": 0.2623, "660.0": 0.3013, "719.0": 0.0891, "714.0": 0.0955, "647.0": 0.3473, "665.0": 0.2769, "653.0": 0.328}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2051, "long_delta": 0.0891, "short_iv": 0.0993, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.456023, "long_quote_age": 0.451483, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 717.835}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.79 (gross $-105.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:45:02.244146+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 4], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with 1D +0.03% and 5D +0.20% alongside an ATM IV of 8.65% versus RV20 of 13.54%.", "invalidation": "QQQ spot declines sharply below recent 5D performance levels toward the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"708.0": 0.1088, "674.0": 0.2419, "676.0": 0.2319, "665.0": 0.277, "686.0": 0.1918, "649.0": 0.338, "681.0": 0.2129, "664.0": 0.2819, "703.0": 0.1226, "711.0": 0.1016, "654.0": 0.3234, "720.0": 0.0884, "706.0": 0.114, "669.0": 0.2575, "667.0": 0.2672, "658.0": 0.3111, "716.0": 0.0926, "705.0": 0.1172, "646.0": 0.3521, "695.0": 0.1528, "661.0": 0.2965, "690.0": 0.1744, "692.0": 0.1634, "673.0": 0.247, "670.0": 0.2526, "644.0": 0.3615, "663.0": 0.2867, "652.0": 0.3329, "645.0": 0.3568, "683.0": 0.2026, "712.0": 0.0996, "672.0": 0.252, "702.0": 0.1263, "710.0": 0.1039, "700.0": 0.1341, "659.0": 0.3062, "657.0": 0.309, "696.0": 0.1497, "717.0": 0.0912, "648.0": 0.3427, "655.0": 0.3186, "707.0": 0.111, "660.0": 0.3014, "662.0": 0.2916, "691.0": 0.1689, "647.0": 0.3474, "680.0": 0.2181, "694.0": 0.1556, "693.0": 0.1612, "701.0": 0.1295, "650.0": 0.3333, "678.0": 0.2218, "715.0": 0.0943, "643.0": 0.3662, "697.0": 0.1438, "698.0": 0.1403, "684.0": 0.2025, "713.0": 0.0975, "656.0": 0.3138, "689.0": 0.1798, "699.0": 0.1364, "682.0": 0.2078, "668.0": 0.2624, "718.0": 0.09, "719.0": 0.0892, "671.0": 0.257, "688.0": 0.1853, "687.0": 0.1865, "679.0": 0.2233, "721.0": 0.0881, "666.0": 0.2721, "685.0": 0.1971, "675.0": 0.2369, "704.0": 0.1197, "709.0": 0.1062, "714.0": 0.0957, "651.0": 0.3286, "677.0": 0.2268, "653.0": 0.3282, "642.0": 0.3709}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.52, "short_delta": 0.2047, "long_delta": 0.089, "short_iv": 0.0996, "short_rel_spread": 0.011560693641618507, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.743767, "long_quote_age": 0.834712, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 717.83}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.01 (gross $-106.01 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:46:23.303089+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 300, "thesis": "QQQ demonstrates resilient momentum with positive 1-day (+0.03%) and 5-day (+0.20%) returns alongside low IV relative to realized volatility (IV/RV 0.64).", "invalidation": "QQQ spot price breaks downward below the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"685.0": 0.1975, "690.0": 0.1747, "649.0": 0.3383, "671.0": 0.2574, "695.0": 0.1532, "693.0": 0.1616, "709.0": 0.1062, "691.0": 0.1693, "716.0": 0.0925, "683.0": 0.2029, "669.0": 0.2578, "664.0": 0.2822, "658.0": 0.3045, "666.0": 0.2725, "715.0": 0.0941, "718.0": 0.0901, "667.0": 0.2676, "660.0": 0.3017, "705.0": 0.1167, "697.0": 0.1443, "674.0": 0.2423, "688.0": 0.1815, "714.0": 0.0958, "661.0": 0.2968, "721.0": 0.0879, "670.0": 0.2529, "699.0": 0.1368, "672.0": 0.2524, "687.0": 0.1869, "682.0": 0.2081, "677.0": 0.2272, "694.0": 0.156, "684.0": 0.2028, "719.0": 0.0892, "702.0": 0.1268, "700.0": 0.1345, "656.0": 0.3141, "654.0": 0.3149, "647.0": 0.3477, "681.0": 0.2133, "653.0": 0.3195, "708.0": 0.1086, "706.0": 0.1136, "651.0": 0.3289, "712.0": 0.0993, "646.0": 0.3524, "698.0": 0.1407, "679.0": 0.2171, "668.0": 0.2627, "657.0": 0.3008, "663.0": 0.2871, "655.0": 0.3102, "645.0": 0.3571, "676.0": 0.2322, "703.0": 0.1231, "659.0": 0.2997, "652.0": 0.3242, "648.0": 0.343, "713.0": 0.0975, "673.0": 0.2473, "720.0": 0.0882, "710.0": 0.104, "717.0": 0.0912, "686.0": 0.1922, "692.0": 0.1638, "650.0": 0.3336, "701.0": 0.13, "689.0": 0.1762, "665.0": 0.2773, "680.0": 0.2185, "662.0": 0.292, "675.0": 0.2373, "707.0": 0.1116, "696.0": 0.1475, "711.0": 0.1018, "704.0": 0.1202, "678.0": 0.2221}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 61, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00710000", "short_strike": 712.0, "long_strike": 710.0, "width": 2.0, "credit": 0.26, "short_delta": 0.2014, "long_delta": 0.145, "short_iv": 0.0993, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.01709401709401711, "short_quote_age": 0.403, "long_quote_age": 0.401297, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 61, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 174.0, "total_risk": 10614.0, "buying_power_used_pct": 0.9975}, "spot": 717.905}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-42.49 (gross $-41.49 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 61 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:46:34.597183+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilient momentum with positive 1D (+0.03%) and 5D (+0.20%) returns alongside an ATM IV of 8.65%.", "invalidation": "QQQ breaks below spot 717.88 reversing its positive 5D return."}, "intent_error": "chain rejected for 2026-09-08: 2/79 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 398}
{"ts": "2026-09-04T18:48:02.621783+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates steady upward momentum with a 5D return of +0.21% and 1D return of +0.03% at an ATM IV of 8.71%.", "invalidation": "A downward shift in QQQ spot price with negative daily returns breaking the 5D upward trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"684.0": 0.2031, "660.0": 0.3019, "669.0": 0.2581, "692.0": 0.164, "708.0": 0.109, "670.0": 0.2532, "694.0": 0.1562, "644.0": 0.362, "699.0": 0.1371, "685.0": 0.1978, "711.0": 0.1022, "702.0": 0.1256, "716.0": 0.093, "656.0": 0.3057, "673.0": 0.2476, "646.0": 0.3526, "647.0": 0.3479, "676.0": 0.2325, "689.0": 0.1764, "695.0": 0.1535, "653.0": 0.3198, "721.0": 0.0884, "717.0": 0.0919, "675.0": 0.2375, "662.0": 0.2922, "668.0": 0.2629, "705.0": 0.117, "703.0": 0.1234, "678.0": 0.2224, "713.0": 0.098, "652.0": 0.3244, "719.0": 0.0898, "683.0": 0.2032, "663.0": 0.2873, "720.0": 0.0891, "701.0": 0.1286, "642.0": 0.3714, "718.0": 0.0909, "707.0": 0.1111, "710.0": 0.1044, "688.0": 0.1818, "650.0": 0.3338, "690.0": 0.175, "691.0": 0.1695, "677.0": 0.2274, "661.0": 0.297, "645.0": 0.3573, "671.0": 0.2576, "693.0": 0.1618, "687.0": 0.1871, "672.0": 0.2526, "712.0": 0.0998, "681.0": 0.2136, "682.0": 0.2084, "696.0": 0.1478, "655.0": 0.3104, "648.0": 0.3432, "706.0": 0.114, "654.0": 0.3151, "709.0": 0.1066, "698.0": 0.141, "674.0": 0.2425, "658.0": 0.3047, "700.0": 0.1348, "715.0": 0.0943, "686.0": 0.1924, "680.0": 0.2187, "714.0": 0.0961, "679.0": 0.2173, "667.0": 0.2678, "649.0": 0.3385, "666.0": 0.2727, "704.0": 0.1193, "659.0": 0.2917, "651.0": 0.3291, "643.0": 0.3667, "664.0": 0.2824, "697.0": 0.1445, "665.0": 0.2776, "657.0": 0.301}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2006, "long_delta": 0.0867, "short_iv": 0.0998, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.418796, "long_quote_age": 0.874652, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 717.945}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.34 (gross $-105.34 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:48:13.323616+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 350, "thesis": "QQQ exhibits modest upward momentum with a 5D return of +0.21% and 1D return of +0.03%, favoring a put credit spread across a 5 to 7 DTE horizon.", "invalidation": "QQQ spot price declines significantly below the short strike as realized volatility expands beyond the 13.54% 20-day realized volatility."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"693.0": 0.1644, "701.0": 0.1413, "707.0": 0.1274, "656.0": 0.3024, "677.0": 0.2217, "662.0": 0.2788, "664.0": 0.273, "657.0": 0.2979, "718.0": 0.1076, "683.0": 0.1995, "667.0": 0.259, "668.0": 0.2573, "692.0": 0.1681, "706.0": 0.1295, "717.0": 0.1088, "651.0": 0.3205, "642.0": 0.3554, "663.0": 0.2776, "665.0": 0.2683, "674.0": 0.234, "684.0": 0.196, "673.0": 0.2364, "708.0": 0.1254, "688.0": 0.1809, "678.0": 0.2189, "695.0": 0.158, "658.0": 0.2933, "703.0": 0.1363, "699.0": 0.1464, "654.0": 0.3115, "715.0": 0.112, "705.0": 0.1317, "653.0": 0.3161, "698.0": 0.1491, "697.0": 0.152, "676.0": 0.2266, "660.0": 0.288, "691.0": 0.1706, "681.0": 0.2061, "643.0": 0.351, "650.0": 0.325, "721.0": 0.1047, "714.0": 0.1137, "694.0": 0.1605, "661.0": 0.2834, "669.0": 0.2526, "685.0": 0.1924, "652.0": 0.3206, "716.0": 0.1103, "644.0": 0.3465, "686.0": 0.1887, "719.0": 0.1064, "646.0": 0.3376, "720.0": 0.1058, "704.0": 0.1341, "713.0": 0.1154, "647.0": 0.3332, "712.0": 0.1174, "709.0": 0.1233, "655.0": 0.307, "689.0": 0.1769, "690.0": 0.1738, "648.0": 0.3287, "682.0": 0.2028, "645.0": 0.3421, "671.0": 0.2458, "675.0": 0.2292, "702.0": 0.1391, "710.0": 0.1211, "700.0": 0.1438, "649.0": 0.3295, "670.0": 0.2479, "687.0": 0.1848, "680.0": 0.211, "696.0": 0.1552, "666.0": 0.2637, "672.0": 0.2411, "659.0": 0.2888, "679.0": 0.214, "711.0": 0.1192}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2043, "long_delta": 0.1113, "short_iv": 0.1211, "short_rel_spread": 0.025531914893617048, "long_rel_spread": 0.03333333333333337, "short_quote_age": 0.490387, "long_quote_age": 0.579975, "friction_usd": 2.5, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 443.0, "total_risk": 10632.0, "buying_power_used_pct": 0.9991}, "spot": 717.935}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-93.64 (gross $-91.14 - friction $2.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:49:35.182833+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ maintains positive momentum with a 1-day return of +0.03% and 5-day return of +0.20% while trading at an ATM IV of 8.71%.", "invalidation": "A sharp downward price movement breaking below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"701.0": 0.1286, "676.0": 0.2324, "713.0": 0.0983, "702.0": 0.1255, "666.0": 0.2726, "656.0": 0.3057, "670.0": 0.2531, "691.0": 0.1695, "711.0": 0.1021, "720.0": 0.0891, "652.0": 0.3244, "647.0": 0.3478, "719.0": 0.0901, "712.0": 0.0997, "710.0": 0.1043, "673.0": 0.2475, "663.0": 0.2873, "678.0": 0.2223, "699.0": 0.1371, "697.0": 0.1445, "653.0": 0.3197, "688.0": 0.1817, "694.0": 0.1562, "645.0": 0.3572, "687.0": 0.1871, "696.0": 0.1477, "709.0": 0.1065, "650.0": 0.3338, "690.0": 0.175, "654.0": 0.315, "692.0": 0.164, "649.0": 0.3385, "683.0": 0.2031, "698.0": 0.1409, "669.0": 0.258, "682.0": 0.2083, "721.0": 0.0887, "708.0": 0.1089, "706.0": 0.1139, "686.0": 0.1924, "717.0": 0.0919, "679.0": 0.2173, "689.0": 0.1764, "659.0": 0.2916, "668.0": 0.2629, "644.0": 0.3619, "662.0": 0.2921, "693.0": 0.1618, "664.0": 0.2824, "646.0": 0.3525, "651.0": 0.3291, "667.0": 0.2678, "677.0": 0.2274, "685.0": 0.1977, "704.0": 0.1204, "705.0": 0.1169, "707.0": 0.1119, "715.0": 0.0946, "681.0": 0.2135, "661.0": 0.297, "716.0": 0.0931, "675.0": 0.2375, "674.0": 0.2425, "714.0": 0.0962, "665.0": 0.2775, "648.0": 0.3432, "672.0": 0.2526, "658.0": 0.3047, "700.0": 0.1347, "718.0": 0.0907, "684.0": 0.203, "671.0": 0.2532, "657.0": 0.301, "680.0": 0.2187, "695.0": 0.1534, "660.0": 0.3019, "703.0": 0.1233, "655.0": 0.3103}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2008, "long_delta": 0.1221, "short_iv": 0.0997, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.947326, "long_quote_age": 2.345714, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 717.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-63.52 (gross $-62.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:49:45.655753+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ exhibits positive 1D (+0.03%) and 5D (+0.20%) returns, supporting a bullish put credit spread position.", "invalidation": "A decline in QQQ spot price that breaches the short strike would invalidate this bullish posture."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"664.0": 0.2824, "659.0": 0.2916, "644.0": 0.3619, "685.0": 0.1977, "651.0": 0.3291, "667.0": 0.2678, "706.0": 0.1139, "692.0": 0.164, "680.0": 0.2187, "674.0": 0.2425, "707.0": 0.1119, "669.0": 0.258, "720.0": 0.0887, "665.0": 0.2775, "683.0": 0.2031, "696.0": 0.1477, "657.0": 0.301, "698.0": 0.1409, "662.0": 0.2921, "701.0": 0.1286, "646.0": 0.3525, "718.0": 0.0906, "694.0": 0.1562, "679.0": 0.2173, "654.0": 0.315, "695.0": 0.1534, "647.0": 0.3478, "719.0": 0.0896, "714.0": 0.0958, "717.0": 0.0916, "671.0": 0.2532, "649.0": 0.3385, "661.0": 0.297, "656.0": 0.3057, "663.0": 0.2873, "700.0": 0.1347, "721.0": 0.0882, "660.0": 0.3019, "677.0": 0.2274, "682.0": 0.2083, "712.0": 0.0997, "648.0": 0.3432, "690.0": 0.175, "653.0": 0.3197, "684.0": 0.203, "681.0": 0.2135, "675.0": 0.2375, "687.0": 0.1871, "655.0": 0.3103, "702.0": 0.1255, "645.0": 0.3572, "691.0": 0.1695, "686.0": 0.1924, "711.0": 0.1021, "699.0": 0.1371, "709.0": 0.1065, "666.0": 0.2726, "668.0": 0.2629, "678.0": 0.2223, "670.0": 0.2531, "713.0": 0.0979, "716.0": 0.0927, "704.0": 0.1204, "688.0": 0.1817, "703.0": 0.1233, "710.0": 0.1043, "689.0": 0.1764, "658.0": 0.3047, "652.0": 0.3244, "708.0": 0.1089, "693.0": 0.1618, "705.0": 0.1169, "673.0": 0.2475, "676.0": 0.2324, "697.0": 0.1445, "715.0": 0.0946, "650.0": 0.3338, "672.0": 0.2526}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2008, "long_delta": 0.1221, "short_iv": 0.0997, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.734046, "long_quote_age": 0.768221, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 717.965}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-63.34 (gross $-62.34 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:51:07.600516+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays steady upward momentum with positive 1-day (+0.04%) and 5-day (+0.21%) performance alongside low implied volatility relative to realized volatility (IV/RV 0.64).", "invalidation": "QQQ price falls significantly below current spot levels, reversing the positive 5-day trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"680.0": 0.2184, "652.0": 0.3242, "673.0": 0.2473, "672.0": 0.2523, "664.0": 0.2821, "690.0": 0.1747, "709.0": 0.1067, "660.0": 0.3016, "651.0": 0.3288, "678.0": 0.2288, "700.0": 0.1344, "681.0": 0.2132, "665.0": 0.2773, "697.0": 0.1442, "687.0": 0.1868, "689.0": 0.1761, "693.0": 0.1615, "691.0": 0.1692, "711.0": 0.1027, "666.0": 0.2724, "715.0": 0.0954, "670.0": 0.2579, "647.0": 0.3476, "702.0": 0.1259, "714.0": 0.0968, "719.0": 0.0905, "720.0": 0.0898, "694.0": 0.1559, "698.0": 0.1406, "650.0": 0.3335, "718.0": 0.0913, "701.0": 0.1299, "696.0": 0.1474, "654.0": 0.3148, "705.0": 0.1176, "710.0": 0.105, "695.0": 0.1531, "643.0": 0.3664, "675.0": 0.2372, "642.0": 0.3711, "717.0": 0.0925, "655.0": 0.3101, "668.0": 0.2626, "645.0": 0.357, "688.0": 0.1814, "671.0": 0.2529, "676.0": 0.2322, "663.0": 0.287, "658.0": 0.3045, "683.0": 0.2029, "669.0": 0.2629, "686.0": 0.1921, "661.0": 0.2968, "685.0": 0.1974, "704.0": 0.1201, "649.0": 0.3382, "644.0": 0.3617, "713.0": 0.0986, "657.0": 0.3092, "707.0": 0.1115, "682.0": 0.208, "712.0": 0.1006, "699.0": 0.1367, "659.0": 0.2997, "679.0": 0.2236, "708.0": 0.1092, "648.0": 0.3429, "674.0": 0.2422, "721.0": 0.0887, "703.0": 0.123, "716.0": 0.0938, "692.0": 0.1637, "653.0": 0.3195, "667.0": 0.2675, "662.0": 0.2919, "646.0": 0.3523, "656.0": 0.314, "706.0": 0.1144, "677.0": 0.2271, "684.0": 0.2028}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.53, "short_delta": 0.2049, "long_delta": 0.0887, "short_iv": 0.1006, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.786361, "long_quote_age": 0.787343, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 717.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.46 (gross $-103.46 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:51:19.086395+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates resilient momentum with positive 1D (+0.04%) and 5D (+0.21%) returns alongside 8.71% 4D ATM IV.", "invalidation": "QQQ spot price declines significantly below 717.93 breaching the short strike."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"720.0": 0.1059, "684.0": 0.1959, "703.0": 0.1363, "644.0": 0.3465, "721.0": 0.1054, "699.0": 0.1469, "674.0": 0.2339, "704.0": 0.1344, "673.0": 0.2363, "695.0": 0.158, "711.0": 0.1197, "702.0": 0.139, "656.0": 0.3024, "717.0": 0.1092, "654.0": 0.3115, "671.0": 0.2458, "688.0": 0.1809, "692.0": 0.168, "698.0": 0.1496, "696.0": 0.1551, "647.0": 0.3331, "664.0": 0.2729, "690.0": 0.1738, "712.0": 0.1178, "714.0": 0.1139, "653.0": 0.316, "687.0": 0.1848, "697.0": 0.1519, "680.0": 0.2091, "694.0": 0.1605, "677.0": 0.2217, "706.0": 0.13, "666.0": 0.2636, "710.0": 0.1216, "693.0": 0.1643, "705.0": 0.1325, "668.0": 0.2573, "715.0": 0.1124, "682.0": 0.2028, "670.0": 0.2479, "672.0": 0.2411, "645.0": 0.342, "678.0": 0.2189, "676.0": 0.2244, "658.0": 0.2933, "689.0": 0.1768, "679.0": 0.214, "718.0": 0.1079, "648.0": 0.3287, "716.0": 0.1108, "655.0": 0.3069, "663.0": 0.2776, "701.0": 0.1412, "650.0": 0.325, "662.0": 0.2788, "707.0": 0.1279, "719.0": 0.1071, "713.0": 0.1159, "651.0": 0.3205, "667.0": 0.259, "686.0": 0.1873, "683.0": 0.1994, "675.0": 0.2292, "685.0": 0.1909, "659.0": 0.2887, "646.0": 0.3376, "661.0": 0.2834, "652.0": 0.3206, "669.0": 0.2526, "660.0": 0.288, "681.0": 0.206, "700.0": 0.1438, "649.0": 0.3295, "657.0": 0.2978, "665.0": 0.2683, "708.0": 0.1258, "709.0": 0.1237, "691.0": 0.1705}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.39, "short_delta": 0.2056, "long_delta": 0.1434, "short_iv": 0.1216, "short_rel_spread": 0.016806722689075647, "long_rel_spread": 0.012578616352201269, "short_quote_age": 0.870799, "long_quote_age": 0.87286, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 261.0, "total_risk": 10440.0, "buying_power_used_pct": 0.9811}, "spot": 717.9300000000001}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-55.43 (gross $-53.93 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:52:40.167592+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits resilient positive returns across 1D (+0.04%) and 5D (+0.21%) timeframes with IV/RV at 0.64, supporting an income-generating put credit spread.", "invalidation": "A decline in QQQ spot below 717.93 reversing the positive 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"654.0": 0.3152, "644.0": 0.3621, "660.0": 0.302, "705.0": 0.1172, "674.0": 0.2427, "717.0": 0.0919, "646.0": 0.3527, "653.0": 0.3199, "687.0": 0.1872, "699.0": 0.1373, "706.0": 0.1141, "690.0": 0.1751, "685.0": 0.1979, "680.0": 0.2189, "655.0": 0.3105, "710.0": 0.1046, "720.0": 0.0889, "650.0": 0.3339, "671.0": 0.2577, "649.0": 0.3386, "698.0": 0.1411, "694.0": 0.1564, "702.0": 0.1272, "688.0": 0.1819, "642.0": 0.3715, "708.0": 0.1092, "661.0": 0.2972, "711.0": 0.1024, "691.0": 0.1697, "704.0": 0.1207, "648.0": 0.3433, "663.0": 0.2874, "665.0": 0.2777, "709.0": 0.1068, "659.0": 0.3001, "707.0": 0.1113, "716.0": 0.0932, "658.0": 0.3049, "657.0": 0.3096, "664.0": 0.2825, "689.0": 0.1765, "684.0": 0.2032, "682.0": 0.2085, "676.0": 0.2326, "673.0": 0.2477, "712.0": 0.1001, "715.0": 0.0946, "662.0": 0.2923, "686.0": 0.1926, "669.0": 0.2633, "656.0": 0.3144, "701.0": 0.1304, "679.0": 0.224, "719.0": 0.0896, "714.0": 0.0964, "667.0": 0.2679, "668.0": 0.263, "713.0": 0.0982, "695.0": 0.1536, "651.0": 0.3292, "692.0": 0.1642, "678.0": 0.2292, "718.0": 0.0908, "703.0": 0.1235, "683.0": 0.2033, "675.0": 0.2376, "643.0": 0.3668, "677.0": 0.2275, "645.0": 0.3574, "652.0": 0.3245, "693.0": 0.162, "672.0": 0.2527, "697.0": 0.1447, "681.0": 0.2137, "647.0": 0.348, "670.0": 0.2583, "700.0": 0.135, "666.0": 0.2728, "696.0": 0.1479, "721.0": 0.0881}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2002, "long_delta": 0.0866, "short_iv": 0.1001, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.839042, "long_quote_age": 0.684306, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 718.005}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.05 (gross $-105.05 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:52:57.256732+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 4], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ demonstrates resilience with positive 1-day (+0.04%) and 5-day (+0.21%) returns alongside RV20 of 13.54%.", "invalidation": "A sharp downward reversal erasing the +0.21% 5-day gain."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"711.0": 0.1019, "706.0": 0.1141, "686.0": 0.1926, "658.0": 0.3049, "651.0": 0.3292, "689.0": 0.1765, "678.0": 0.2292, "681.0": 0.2137, "645.0": 0.3574, "647.0": 0.348, "709.0": 0.1068, "710.0": 0.104, "682.0": 0.2085, "702.0": 0.1272, "707.0": 0.1113, "683.0": 0.2033, "661.0": 0.2972, "685.0": 0.1979, "697.0": 0.1447, "705.0": 0.1172, "656.0": 0.3144, "676.0": 0.2326, "671.0": 0.2577, "646.0": 0.3527, "698.0": 0.1411, "688.0": 0.1819, "693.0": 0.162, "714.0": 0.096, "662.0": 0.2923, "650.0": 0.3339, "716.0": 0.0932, "657.0": 0.3096, "665.0": 0.2777, "664.0": 0.2825, "694.0": 0.1564, "690.0": 0.1751, "679.0": 0.224, "680.0": 0.2189, "718.0": 0.0905, "667.0": 0.2679, "695.0": 0.1536, "649.0": 0.3386, "677.0": 0.2275, "653.0": 0.3199, "675.0": 0.2376, "660.0": 0.302, "674.0": 0.2427, "648.0": 0.3433, "654.0": 0.3152, "670.0": 0.2583, "668.0": 0.263, "673.0": 0.2477, "687.0": 0.1872, "717.0": 0.0917, "704.0": 0.1207, "700.0": 0.135, "713.0": 0.0978, "669.0": 0.2633, "701.0": 0.1304, "672.0": 0.2527, "712.0": 0.1001, "691.0": 0.1697, "721.0": 0.0879, "659.0": 0.3001, "715.0": 0.0946, "655.0": 0.3105, "684.0": 0.2032, "703.0": 0.1235, "666.0": 0.2728, "699.0": 0.1373, "696.0": 0.1479, "692.0": 0.1642, "720.0": 0.0886, "663.0": 0.2874, "644.0": 0.3621, "652.0": 0.3245, "708.0": 0.1092, "719.0": 0.0896}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.2002, "long_delta": 0.1218, "short_iv": 0.1001, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.020618556701030948, "short_quote_age": 0.416125, "long_quote_age": 0.638235, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 717.995}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-63.19 (gross $-62.19 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:54:21.977329+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits steady positive momentum with +0.04% 1-day and +0.22% 5-day returns alongside a low 4-day ATM IV of 8.70%.", "invalidation": "QQQ spot declining significantly below 717.98 would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"687.0": 0.1877, "694.0": 0.1568, "683.0": 0.2037, "710.0": 0.1048, "652.0": 0.3249, "702.0": 0.1262, "703.0": 0.1241, "688.0": 0.1823, "675.0": 0.238, "691.0": 0.1701, "681.0": 0.2141, "659.0": 0.3004, "721.0": 0.0889, "698.0": 0.1416, "646.0": 0.353, "680.0": 0.2193, "678.0": 0.2229, "656.0": 0.3148, "674.0": 0.2431, "651.0": 0.3296, "715.0": 0.0947, "657.0": 0.31, "682.0": 0.2089, "711.0": 0.1021, "663.0": 0.2878, "705.0": 0.1178, "719.0": 0.0901, "695.0": 0.1541, "665.0": 0.278, "708.0": 0.1098, "700.0": 0.1355, "714.0": 0.0963, "677.0": 0.2279, "645.0": 0.3577, "707.0": 0.1119, "718.0": 0.0908, "699.0": 0.1378, "667.0": 0.2683, "668.0": 0.2634, "661.0": 0.2975, "684.0": 0.2036, "649.0": 0.339, "690.0": 0.1756, "685.0": 0.1983, "654.0": 0.3155, "709.0": 0.1068, "673.0": 0.2481, "697.0": 0.1452, "712.0": 0.0999, "658.0": 0.3052, "672.0": 0.2531, "679.0": 0.2245, "701.0": 0.131, "660.0": 0.3024, "689.0": 0.177, "669.0": 0.2585, "650.0": 0.3343, "704.0": 0.12, "713.0": 0.0982, "692.0": 0.1646, "696.0": 0.1484, "720.0": 0.0891, "671.0": 0.2581, "644.0": 0.3624, "676.0": 0.233, "655.0": 0.3109, "662.0": 0.2927, "670.0": 0.2587, "706.0": 0.1147, "664.0": 0.2829, "648.0": 0.3437, "653.0": 0.3202, "717.0": 0.0919, "686.0": 0.193, "666.0": 0.2732, "693.0": 0.1624, "647.0": 0.3483, "716.0": 0.0932}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1967, "long_delta": 0.1197, "short_iv": 0.0999, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.02105263157894739, "short_quote_age": 0.41776, "long_quote_age": 0.631767, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 718.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-64.00 (gross $-63.00 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:54:34.861121+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive momentum with 1D return of +0.04% and 5D return of +0.22% at spot 717.98.", "invalidation": "QQQ spot price falls below 717.98 and turns 5D returns negative."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"658.0": 0.2937, "668.0": 0.2577, "696.0": 0.155, "665.0": 0.2687, "650.0": 0.3254, "660.0": 0.2884, "709.0": 0.1234, "712.0": 0.1175, "702.0": 0.1389, "686.0": 0.1878, "716.0": 0.1105, "669.0": 0.253, "699.0": 0.1465, "682.0": 0.2033, "654.0": 0.3119, "674.0": 0.2344, "642.0": 0.3558, "663.0": 0.278, "645.0": 0.3424, "708.0": 0.1254, "704.0": 0.1344, "711.0": 0.1193, "715.0": 0.112, "678.0": 0.2173, "647.0": 0.3335, "672.0": 0.2415, "680.0": 0.2096, "694.0": 0.161, "659.0": 0.2892, "644.0": 0.3469, "662.0": 0.2792, "718.0": 0.1075, "643.0": 0.3513, "655.0": 0.3074, "679.0": 0.2145, "703.0": 0.1366, "667.0": 0.2594, "673.0": 0.2368, "719.0": 0.1067, "687.0": 0.1853, "671.0": 0.2463, "681.0": 0.2065, "653.0": 0.3165, "649.0": 0.3299, "675.0": 0.2296, "664.0": 0.2734, "693.0": 0.164, "701.0": 0.1419, "652.0": 0.321, "646.0": 0.338, "691.0": 0.1711, "698.0": 0.1497, "685.0": 0.1914, "677.0": 0.2222, "670.0": 0.2483, "706.0": 0.1299, "684.0": 0.1964, "689.0": 0.1774, "713.0": 0.1155, "717.0": 0.109, "683.0": 0.1999, "692.0": 0.1686, "688.0": 0.1814, "707.0": 0.1276, "666.0": 0.2641, "714.0": 0.1139, "721.0": 0.1045, "656.0": 0.3028, "651.0": 0.3209, "690.0": 0.1743, "657.0": 0.2983, "695.0": 0.1578, "720.0": 0.1054, "648.0": 0.3291, "661.0": 0.2838, "705.0": 0.1323, "697.0": 0.1525, "700.0": 0.1444, "676.0": 0.2248, "710.0": 0.1212}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.56, "short_delta": 0.202, "long_delta": 0.1108, "short_iv": 0.1212, "short_rel_spread": 0.017241379310344845, "long_rel_spread": 0.03333333333333337, "short_quote_age": 1.317344, "long_quote_age": 1.311152, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 718.025}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-93.67 (gross $-91.67 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:55:56.703174+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates resilience with positive 1-day (+0.05%) and 5-day (+0.22%) returns while ATM IV sits at 8.70% with an IV/RV ratio of 0.64.", "invalidation": "QQQ spot price breaks downward reversing its positive 5-day return trend toward the short strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"693.0": 0.1624, "675.0": 0.2379, "721.0": 0.0874, "714.0": 0.0958, "700.0": 0.1335, "665.0": 0.278, "684.0": 0.2036, "655.0": 0.3108, "677.0": 0.2279, "687.0": 0.1876, "694.0": 0.1568, "681.0": 0.214, "652.0": 0.3248, "662.0": 0.2926, "659.0": 0.3004, "672.0": 0.253, "664.0": 0.2829, "643.0": 0.3671, "707.0": 0.111, "696.0": 0.1483, "682.0": 0.2088, "668.0": 0.2634, "701.0": 0.1292, "667.0": 0.2682, "685.0": 0.1958, "695.0": 0.1526, "646.0": 0.353, "691.0": 0.17, "699.0": 0.1356, "697.0": 0.1451, "666.0": 0.2731, "661.0": 0.2975, "654.0": 0.3155, "658.0": 0.3052, "702.0": 0.1262, "718.0": 0.0899, "670.0": 0.2536, "678.0": 0.2228, "645.0": 0.3577, "673.0": 0.248, "656.0": 0.3147, "712.0": 0.0998, "711.0": 0.102, "642.0": 0.3718, "710.0": 0.104, "644.0": 0.3624, "657.0": 0.3099, "719.0": 0.0889, "708.0": 0.109, "706.0": 0.1137, "715.0": 0.0943, "698.0": 0.1415, "704.0": 0.1199, "669.0": 0.2585, "651.0": 0.3295, "713.0": 0.0976, "653.0": 0.3202, "648.0": 0.3436, "680.0": 0.2192, "676.0": 0.2329, "650.0": 0.3342, "688.0": 0.1823, "647.0": 0.3483, "717.0": 0.091, "671.0": 0.2581, "683.0": 0.2036, "690.0": 0.1755, "709.0": 0.106, "720.0": 0.0881, "692.0": 0.1645, "703.0": 0.1226, "689.0": 0.1769, "649.0": 0.3389, "660.0": 0.3023, "663.0": 0.2877, "716.0": 0.0927, "686.0": 0.1929, "705.0": 0.1166, "679.0": 0.2178, "674.0": 0.243}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.5, "short_delta": 0.197, "long_delta": 0.0847, "short_iv": 0.0998, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.77289, "long_quote_age": 1.056865, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 718.085}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.80 (gross $-105.80 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:56:07.406024+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates resilient momentum with a +0.05% 1D and +0.22% 5D gain alongside an ATM IV of 8.70% relative to 13.54% RV20.", "invalidation": "QQQ spot price declines below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"680.0": 0.2194, "694.0": 0.157, "651.0": 0.3297, "659.0": 0.3006, "654.0": 0.3157, "668.0": 0.2635, "682.0": 0.209, "689.0": 0.1771, "714.0": 0.0958, "707.0": 0.1113, "685.0": 0.196, "688.0": 0.1825, "655.0": 0.311, "673.0": 0.2482, "686.0": 0.1931, "710.0": 0.1044, "652.0": 0.325, "669.0": 0.2587, "672.0": 0.2532, "648.0": 0.3438, "698.0": 0.1418, "713.0": 0.0976, "712.0": 0.0997, "718.0": 0.0899, "649.0": 0.3391, "720.0": 0.088, "666.0": 0.2733, "670.0": 0.2538, "687.0": 0.1878, "677.0": 0.2281, "675.0": 0.2381, "716.0": 0.0925, "653.0": 0.3203, "691.0": 0.1703, "703.0": 0.1229, "671.0": 0.2583, "676.0": 0.2331, "699.0": 0.1358, "663.0": 0.2879, "696.0": 0.1485, "674.0": 0.2432, "692.0": 0.1648, "662.0": 0.2928, "700.0": 0.1338, "644.0": 0.3626, "647.0": 0.3485, "645.0": 0.3579, "697.0": 0.1453, "721.0": 0.0877, "717.0": 0.0912, "678.0": 0.223, "702.0": 0.1264, "646.0": 0.3532, "715.0": 0.0941, "690.0": 0.1757, "693.0": 0.1626, "695.0": 0.1528, "679.0": 0.218, "657.0": 0.3101, "711.0": 0.1019, "719.0": 0.0888, "650.0": 0.3344, "658.0": 0.3053, "660.0": 0.3025, "701.0": 0.1294, "705.0": 0.1169, "709.0": 0.1064, "704.0": 0.1202, "706.0": 0.114, "661.0": 0.2977, "665.0": 0.2782, "708.0": 0.1093, "667.0": 0.2684, "683.0": 0.2039, "684.0": 0.2038, "664.0": 0.283, "681.0": 0.2142, "656.0": 0.3149}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1952, "long_delta": 0.118, "short_iv": 0.0997, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.532018, "long_quote_age": 0.440802, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 718.085}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-64.01 (gross $-63.01 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:57:29.840290+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ displays positive short-term momentum with 1D return of +0.08% and 5D return of +0.25% with 4D ATM IV at 8.70%.", "invalidation": "QQQ drops significantly and reverses its positive 5D return of +0.25%."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"660.0": 0.3031, "653.0": 0.3208, "697.0": 0.146, "681.0": 0.2148, "666.0": 0.2738, "665.0": 0.2787, "718.0": 0.0906, "677.0": 0.2286, "645.0": 0.3584, "684.0": 0.2044, "682.0": 0.2096, "706.0": 0.1148, "704.0": 0.1197, "700.0": 0.1326, "670.0": 0.2543, "679.0": 0.2185, "674.0": 0.2437, "657.0": 0.3106, "652.0": 0.3255, "705.0": 0.1177, "701.0": 0.1301, "676.0": 0.2337, "695.0": 0.1549, "694.0": 0.1576, "712.0": 0.1003, "680.0": 0.22, "685.0": 0.1991, "688.0": 0.1831, "644.0": 0.3631, "650.0": 0.3349, "699.0": 0.1365, "672.0": 0.2538, "714.0": 0.0965, "702.0": 0.1271, "716.0": 0.0933, "675.0": 0.2387, "715.0": 0.0951, "719.0": 0.0897, "658.0": 0.3058, "721.0": 0.0883, "648.0": 0.3443, "673.0": 0.2488, "709.0": 0.1066, "668.0": 0.2641, "678.0": 0.2236, "710.0": 0.1048, "647.0": 0.349, "656.0": 0.3068, "669.0": 0.2592, "649.0": 0.3396, "689.0": 0.1777, "686.0": 0.1937, "687.0": 0.1884, "690.0": 0.1763, "691.0": 0.1709, "708.0": 0.1094, "667.0": 0.2689, "703.0": 0.1236, "646.0": 0.3537, "661.0": 0.2982, "659.0": 0.3011, "693.0": 0.1632, "696.0": 0.1492, "698.0": 0.1424, "655.0": 0.3115, "711.0": 0.1023, "662.0": 0.2933, "663.0": 0.2884, "713.0": 0.0984, "717.0": 0.092, "651.0": 0.3302, "654.0": 0.3161, "692.0": 0.1654, "642.0": 0.3725, "720.0": 0.089, "707.0": 0.1121, "643.0": 0.3678, "671.0": 0.2588, "664.0": 0.2836, "683.0": 0.2044}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1924, "long_delta": 0.0839, "short_iv": 0.1003, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.605677, "long_quote_age": 3.577483, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 718.205}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.47 (gross $-106.47 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:57:40.806062+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with a 1D gain of +0.08% and 5D return of +0.25%, supporting a put credit spread over 4 to 7 DTE.", "invalidation": "QQQ spot price declines sharply below 718.23, reversing its positive 5D performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"692.0": 0.1653, "665.0": 0.2786, "660.0": 0.3029, "702.0": 0.127, "691.0": 0.1707, "695.0": 0.1548, "714.0": 0.0966, "648.0": 0.3442, "669.0": 0.2591, "655.0": 0.3114, "681.0": 0.2147, "701.0": 0.13, "680.0": 0.2199, "670.0": 0.2542, "698.0": 0.1423, "690.0": 0.1762, "704.0": 0.1208, "696.0": 0.149, "644.0": 0.3629, "674.0": 0.2436, "667.0": 0.2688, "705.0": 0.1175, "647.0": 0.3489, "694.0": 0.1575, "651.0": 0.3301, "710.0": 0.1046, "662.0": 0.2932, "686.0": 0.1936, "716.0": 0.0934, "683.0": 0.2043, "679.0": 0.2184, "697.0": 0.1458, "645.0": 0.3582, "657.0": 0.3105, "668.0": 0.264, "672.0": 0.2537, "675.0": 0.2386, "706.0": 0.1146, "653.0": 0.3207, "671.0": 0.2587, "700.0": 0.1324, "682.0": 0.2095, "654.0": 0.316, "708.0": 0.1092, "649.0": 0.3395, "711.0": 0.1027, "659.0": 0.301, "712.0": 0.1006, "656.0": 0.3067, "717.0": 0.0919, "719.0": 0.0896, "676.0": 0.2335, "718.0": 0.0907, "673.0": 0.2486, "713.0": 0.0985, "707.0": 0.1119, "664.0": 0.2835, "689.0": 0.1776, "703.0": 0.1235, "685.0": 0.1989, "652.0": 0.3254, "699.0": 0.1364, "684.0": 0.2042, "677.0": 0.2285, "693.0": 0.1631, "721.0": 0.0881, "678.0": 0.2235, "688.0": 0.1829, "709.0": 0.1071, "663.0": 0.2883, "715.0": 0.0948, "646.0": 0.3535, "658.0": 0.3057, "661.0": 0.2981, "720.0": 0.0887, "687.0": 0.1883, "666.0": 0.2737, "650.0": 0.3348}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1939, "long_delta": 0.1174, "short_iv": 0.1006, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.420056, "long_quote_age": 0.473883, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 718.195}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-63.20 (gross $-62.20 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:59:02.668075+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient short-term positive performance with 1D at +0.07% and 5D at +0.25% at an ATM IV of 8.70%.", "invalidation": "QQQ spot price declines sharply reversing the positive 5-day drift."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"647.0": 0.349, "642.0": 0.3725, "673.0": 0.2488, "690.0": 0.1764, "696.0": 0.1493, "713.0": 0.0989, "665.0": 0.2788, "666.0": 0.2739, "654.0": 0.3162, "706.0": 0.1149, "663.0": 0.2885, "683.0": 0.2045, "682.0": 0.2097, "668.0": 0.2641, "703.0": 0.1237, "698.0": 0.1402, "689.0": 0.1778, "651.0": 0.3303, "702.0": 0.1272, "699.0": 0.1366, "684.0": 0.2044, "643.0": 0.3678, "704.0": 0.1211, "715.0": 0.0956, "649.0": 0.3396, "695.0": 0.1536, "720.0": 0.0891, "709.0": 0.1074, "667.0": 0.269, "669.0": 0.2593, "712.0": 0.1009, "705.0": 0.1178, "716.0": 0.0939, "645.0": 0.3584, "691.0": 0.1709, "710.0": 0.1049, "652.0": 0.3256, "711.0": 0.103, "721.0": 0.0881, "680.0": 0.2201, "719.0": 0.0901, "700.0": 0.1327, "685.0": 0.1967, "717.0": 0.0925, "687.0": 0.1885, "656.0": 0.3069, "708.0": 0.1096, "675.0": 0.2388, "670.0": 0.2594, "697.0": 0.1461, "662.0": 0.2934, "686.0": 0.1938, "655.0": 0.3115, "671.0": 0.2589, "714.0": 0.0973, "693.0": 0.1633, "676.0": 0.2337, "661.0": 0.2982, "650.0": 0.3349, "674.0": 0.2438, "707.0": 0.1122, "679.0": 0.2186, "688.0": 0.1831, "692.0": 0.1655, "646.0": 0.3537, "648.0": 0.3443, "701.0": 0.1302, "644.0": 0.3631, "653.0": 0.3209, "718.0": 0.0912, "694.0": 0.1577, "657.0": 0.3107, "664.0": 0.2836, "678.0": 0.2236, "681.0": 0.2149, "677.0": 0.2287, "659.0": 0.3011, "672.0": 0.2539, "658.0": 0.3059, "660.0": 0.3031}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1933, "long_delta": 0.0838, "short_iv": 0.1009, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.464644, "long_quote_age": 2.019065, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 718.185}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.42 (gross $-105.42 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T18:59:20.147774+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 4], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ displays positive short-term momentum with 1D +0.07% and 5D +0.25% returns, supporting a near-term put credit spread.", "invalidation": "QQQ spot dropping sharply and reversing the positive 5D +0.25% return would invalidate this bullish bias."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"676.0": 0.2337, "689.0": 0.1778, "670.0": 0.2594, "710.0": 0.1055, "687.0": 0.1885, "675.0": 0.2388, "686.0": 0.1938, "678.0": 0.2236, "658.0": 0.3059, "661.0": 0.2982, "666.0": 0.2739, "682.0": 0.2097, "697.0": 0.1461, "671.0": 0.2589, "662.0": 0.2934, "709.0": 0.1074, "654.0": 0.3162, "719.0": 0.0903, "702.0": 0.1272, "717.0": 0.0925, "651.0": 0.3303, "683.0": 0.2045, "708.0": 0.1096, "698.0": 0.1402, "721.0": 0.0886, "656.0": 0.3069, "657.0": 0.3107, "685.0": 0.1967, "647.0": 0.349, "706.0": 0.1149, "705.0": 0.1178, "664.0": 0.2836, "655.0": 0.3115, "688.0": 0.1831, "645.0": 0.3584, "681.0": 0.2149, "691.0": 0.1709, "677.0": 0.2287, "673.0": 0.2488, "679.0": 0.2186, "712.0": 0.1009, "711.0": 0.103, "644.0": 0.3631, "652.0": 0.3256, "714.0": 0.0973, "659.0": 0.3011, "667.0": 0.269, "699.0": 0.1366, "720.0": 0.0895, "668.0": 0.2641, "718.0": 0.0912, "692.0": 0.1655, "690.0": 0.1764, "696.0": 0.1493, "713.0": 0.0989, "680.0": 0.2201, "695.0": 0.1536, "684.0": 0.2044, "707.0": 0.1122, "648.0": 0.3443, "653.0": 0.3209, "663.0": 0.2885, "704.0": 0.1211, "694.0": 0.1577, "672.0": 0.2539, "649.0": 0.3396, "674.0": 0.2438, "701.0": 0.1302, "669.0": 0.2593, "715.0": 0.0956, "646.0": 0.3537, "660.0": 0.3031, "693.0": 0.1633, "716.0": 0.0939, "700.0": 0.1327, "703.0": 0.1237, "665.0": 0.2788, "650.0": 0.3349}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.35, "short_delta": 0.1933, "long_delta": 0.1171, "short_iv": 0.1009, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.529327, "long_quote_age": 0.439409, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 265.0, "total_risk": 10600.0, "buying_power_used_pct": 0.9961}, "spot": 718.235}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.93 (gross $-61.93 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:00:53.118177+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays positive momentum with 1D return of +0.06% and 5D return of +0.24% at spot 718.12.", "invalidation": "QQQ spot price declines sharply below 718.12 or multi-day returns turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"672.0": 0.2533, "673.0": 0.2483, "642.0": 0.3721, "660.0": 0.3026, "684.0": 0.2039, "718.0": 0.0895, "656.0": 0.3064, "662.0": 0.2929, "663.0": 0.288, "696.0": 0.1487, "655.0": 0.3111, "697.0": 0.1454, "688.0": 0.1826, "644.0": 0.3627, "698.0": 0.1396, "667.0": 0.2685, "670.0": 0.2539, "646.0": 0.3533, "710.0": 0.104, "658.0": 0.3054, "704.0": 0.1191, "694.0": 0.1571, "653.0": 0.3204, "706.0": 0.1141, "652.0": 0.3251, "677.0": 0.2282, "649.0": 0.3392, "712.0": 0.0994, "690.0": 0.1758, "703.0": 0.123, "711.0": 0.1015, "681.0": 0.2143, "678.0": 0.2231, "651.0": 0.3298, "643.0": 0.3674, "707.0": 0.1114, "683.0": 0.204, "669.0": 0.2588, "695.0": 0.1515, "689.0": 0.1772, "654.0": 0.3157, "661.0": 0.2978, "675.0": 0.2382, "701.0": 0.1296, "709.0": 0.1065, "714.0": 0.0957, "693.0": 0.1627, "674.0": 0.2433, "705.0": 0.117, "720.0": 0.0871, "668.0": 0.2636, "664.0": 0.2831, "665.0": 0.2783, "687.0": 0.1879, "700.0": 0.132, "659.0": 0.3007, "686.0": 0.1933, "721.0": 0.0866, "645.0": 0.358, "682.0": 0.2092, "717.0": 0.0908, "666.0": 0.2734, "679.0": 0.2181, "715.0": 0.094, "719.0": 0.0884, "716.0": 0.0923, "713.0": 0.0974, "680.0": 0.2195, "692.0": 0.1649, "708.0": 0.1087, "691.0": 0.1704, "647.0": 0.3486, "702.0": 0.1266, "699.0": 0.136, "650.0": 0.3345, "671.0": 0.254, "657.0": 0.3102, "676.0": 0.2332, "685.0": 0.1962, "648.0": 0.3439}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.1937, "long_delta": 0.0844, "short_iv": 0.0994, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.415901, "long_quote_age": 0.415203, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 718.075}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-109.26 (gross $-108.26 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:01:06.678165+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum across 1D (+0.06%) and 5D (+0.24%) returns with an ATM IV of 8.71% relative to RV20 of 13.54%.", "invalidation": "A drop in QQQ spot price breaking below the short strike or 5D performance turning negative would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"673.0": 0.2489, "696.0": 0.1493, "700.0": 0.1327, "699.0": 0.1366, "676.0": 0.2338, "674.0": 0.2438, "686.0": 0.1939, "702.0": 0.1273, "694.0": 0.1578, "688.0": 0.1832, "672.0": 0.2539, "710.0": 0.105, "695.0": 0.1521, "664.0": 0.2837, "650.0": 0.335, "703.0": 0.1238, "668.0": 0.2642, "706.0": 0.115, "719.0": 0.0896, "716.0": 0.0933, "663.0": 0.2885, "670.0": 0.2544, "654.0": 0.3163, "713.0": 0.0986, "652.0": 0.3256, "711.0": 0.1026, "666.0": 0.2739, "689.0": 0.1778, "721.0": 0.0885, "708.0": 0.1096, "684.0": 0.2045, "656.0": 0.3069, "698.0": 0.1403, "648.0": 0.3444, "644.0": 0.3632, "645.0": 0.3585, "643.0": 0.3679, "657.0": 0.3107, "683.0": 0.2045, "712.0": 0.1005, "717.0": 0.092, "642.0": 0.3726, "705.0": 0.1178, "678.0": 0.2237, "665.0": 0.2788, "718.0": 0.0908, "647.0": 0.3491, "701.0": 0.1303, "669.0": 0.2593, "651.0": 0.3303, "707.0": 0.1123, "646.0": 0.3538, "682.0": 0.2097, "667.0": 0.2691, "677.0": 0.2287, "680.0": 0.2201, "687.0": 0.1885, "661.0": 0.2983, "690.0": 0.1765, "691.0": 0.171, "675.0": 0.2388, "693.0": 0.1634, "709.0": 0.1075, "659.0": 0.3012, "658.0": 0.306, "653.0": 0.3209, "720.0": 0.089, "715.0": 0.095, "649.0": 0.3397, "692.0": 0.1655, "679.0": 0.2186, "685.0": 0.1967, "714.0": 0.0966, "662.0": 0.2934, "671.0": 0.2545, "704.0": 0.1199, "655.0": 0.3116, "660.0": 0.3032, "697.0": 0.1461, "681.0": 0.2149}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.48, "short_delta": 0.192, "long_delta": 0.0838, "short_iv": 0.1005, "short_rel_spread": 0.012422360248447215, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.424696, "long_quote_age": 0.419445, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 452.0, "total_risk": 10396.0, "buying_power_used_pct": 0.977}, "spot": 718.26}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.07 (gross $-106.07 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:02:28.494394+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive momentum with 1D gain of +0.06% and 5D return of +0.24% while IV/RV remains compressed at 0.64.", "invalidation": "A downward price break in QQQ that breaches the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"696.0": 0.1488, "688.0": 0.1827, "645.0": 0.358, "698.0": 0.1397, "657.0": 0.3103, "674.0": 0.2434, "689.0": 0.1773, "642.0": 0.3722, "705.0": 0.1172, "669.0": 0.2589, "661.0": 0.2978, "686.0": 0.1934, "659.0": 0.3007, "695.0": 0.1516, "721.0": 0.0878, "662.0": 0.293, "708.0": 0.1089, "667.0": 0.2686, "709.0": 0.1067, "680.0": 0.2131, "676.0": 0.2333, "647.0": 0.3486, "687.0": 0.188, "703.0": 0.1232, "670.0": 0.254, "702.0": 0.1267, "656.0": 0.3065, "660.0": 0.3027, "716.0": 0.0929, "673.0": 0.2484, "646.0": 0.3533, "677.0": 0.2283, "693.0": 0.1612, "672.0": 0.2534, "692.0": 0.165, "671.0": 0.2541, "655.0": 0.3111, "648.0": 0.3439, "668.0": 0.2637, "678.0": 0.2232, "701.0": 0.1297, "644.0": 0.3627, "706.0": 0.1143, "694.0": 0.1572, "700.0": 0.1321, "681.0": 0.2144, "666.0": 0.2735, "650.0": 0.3346, "665.0": 0.2784, "718.0": 0.0903, "684.0": 0.204, "652.0": 0.3252, "685.0": 0.1963, "704.0": 0.1192, "719.0": 0.0892, "690.0": 0.174, "653.0": 0.3205, "713.0": 0.098, "714.0": 0.0963, "683.0": 0.2041, "699.0": 0.1361, "663.0": 0.2881, "720.0": 0.0883, "715.0": 0.0944, "658.0": 0.3055, "691.0": 0.1705, "711.0": 0.1022, "651.0": 0.3299, "697.0": 0.143, "679.0": 0.2182, "664.0": 0.2832, "682.0": 0.2092, "654.0": 0.3158, "643.0": 0.3674, "707.0": 0.1116, "649.0": 0.3393, "675.0": 0.2383, "710.0": 0.1041, "717.0": 0.0916, "712.0": 0.1001}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1946, "long_delta": 0.0843, "short_iv": 0.1001, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.804988, "long_quote_age": 0.844883, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 718.13}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.21 (gross $-106.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:02:39.789055+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient performance with positive 1D (+0.06%) and 5D (+0.24%) gains, supporting an out-of-the-money put credit spread across 4 to 7 DTE.", "invalidation": "A downward reversal breaking QQQ's positive 5-day trend would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"647.0": 0.3482, "712.0": 0.1, "707.0": 0.1108, "700.0": 0.1315, "652.0": 0.3247, "646.0": 0.3529, "715.0": 0.0944, "691.0": 0.1699, "654.0": 0.3154, "648.0": 0.3435, "679.0": 0.2176, "683.0": 0.2035, "716.0": 0.0929, "685.0": 0.1957, "678.0": 0.2227, "710.0": 0.1038, "692.0": 0.1644, "674.0": 0.2429, "699.0": 0.1354, "672.0": 0.2529, "713.0": 0.0978, "720.0": 0.0885, "650.0": 0.3341, "645.0": 0.3576, "721.0": 0.0877, "660.0": 0.3022, "714.0": 0.0961, "686.0": 0.1928, "643.0": 0.367, "705.0": 0.1164, "697.0": 0.1424, "675.0": 0.2378, "711.0": 0.1018, "702.0": 0.126, "657.0": 0.3098, "718.0": 0.0902, "706.0": 0.1135, "701.0": 0.129, "663.0": 0.2876, "661.0": 0.2974, "680.0": 0.2126, "642.0": 0.3717, "670.0": 0.2535, "644.0": 0.3623, "666.0": 0.273, "689.0": 0.1768, "695.0": 0.151, "677.0": 0.2277, "719.0": 0.0892, "656.0": 0.306, "681.0": 0.2139, "676.0": 0.2328, "662.0": 0.2925, "669.0": 0.2584, "653.0": 0.32, "688.0": 0.1821, "703.0": 0.1225, "668.0": 0.2632, "655.0": 0.3107, "673.0": 0.2479, "658.0": 0.305, "709.0": 0.1065, "665.0": 0.2779, "659.0": 0.3003, "698.0": 0.1391, "708.0": 0.1088, "651.0": 0.3294, "684.0": 0.1983, "696.0": 0.1482, "693.0": 0.1606, "671.0": 0.2536, "694.0": 0.1566, "682.0": 0.2087, "664.0": 0.2827, "690.0": 0.1734, "704.0": 0.1185, "667.0": 0.2681, "717.0": 0.0917, "687.0": 0.1875, "649.0": 0.3388}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1984, "long_delta": 0.0848, "short_iv": 0.1, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.413575, "long_quote_age": 0.427035, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 718.055}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.76 (gross $-104.76 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:04:02.667123+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ maintains positive short-term momentum with 5D performance at +0.19% and 1D at +0.02% while 4D ATM IV trades at 8.71% relative to RV20 of 13.54%.", "invalidation": "QQQ price drops sharply below spot 717.82 reversing recent 5D positive performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"682.0": 0.2075, "658.0": 0.304, "652.0": 0.3237, "662.0": 0.2914, "709.0": 0.1071, "666.0": 0.2719, "716.0": 0.094, "664.0": 0.2816, "661.0": 0.2962, "653.0": 0.319, "668.0": 0.2621, "671.0": 0.2524, "648.0": 0.3424, "718.0": 0.0915, "707.0": 0.1114, "678.0": 0.2215, "659.0": 0.2992, "651.0": 0.3284, "675.0": 0.2367, "710.0": 0.1046, "696.0": 0.1468, "669.0": 0.2572, "644.0": 0.3612, "704.0": 0.1193, "714.0": 0.0967, "655.0": 0.3096, "645.0": 0.3565, "680.0": 0.2179, "686.0": 0.1915, "649.0": 0.3377, "657.0": 0.3087, "701.0": 0.1292, "667.0": 0.267, "702.0": 0.1252, "690.0": 0.1741, "711.0": 0.1027, "699.0": 0.1361, "708.0": 0.1091, "679.0": 0.2165, "705.0": 0.1168, "665.0": 0.2767, "650.0": 0.3331, "681.0": 0.2127, "687.0": 0.1862, "691.0": 0.1686, "646.0": 0.3518, "715.0": 0.0955, "713.0": 0.0987, "719.0": 0.0904, "694.0": 0.1553, "672.0": 0.2518, "684.0": 0.1971, "676.0": 0.2316, "673.0": 0.2467, "677.0": 0.2266, "717.0": 0.0925, "692.0": 0.1631, "712.0": 0.1004, "654.0": 0.3143, "721.0": 0.0888, "660.0": 0.3011, "643.0": 0.3659, "695.0": 0.1525, "698.0": 0.1399, "703.0": 0.1222, "693.0": 0.1609, "720.0": 0.0896, "670.0": 0.2574, "642.0": 0.3707, "700.0": 0.1319, "647.0": 0.3471, "674.0": 0.2417, "656.0": 0.3049, "706.0": 0.1146, "663.0": 0.2865, "689.0": 0.1755, "685.0": 0.1969, "688.0": 0.1809, "683.0": 0.2023, "697.0": 0.1435}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2088, "long_delta": 0.0908, "short_iv": 0.1004, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.560637, "long_quote_age": 0.53004, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.56 (gross $-103.56 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:04:14.577355+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ shows steady positive 5-day performance of +0.19% with an IV/RV ratio of 0.64, favoring premium collection on the put side.", "invalidation": "A decline in QQQ spot price below 717.82 accompanied by sharp downward momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"693.0": 0.1609, "675.0": 0.2367, "650.0": 0.3331, "646.0": 0.3519, "660.0": 0.3012, "707.0": 0.1115, "647.0": 0.3472, "648.0": 0.3425, "706.0": 0.1146, "655.0": 0.3097, "717.0": 0.0926, "669.0": 0.2573, "681.0": 0.2127, "710.0": 0.1047, "701.0": 0.1293, "687.0": 0.1863, "697.0": 0.1436, "664.0": 0.2817, "709.0": 0.1072, "712.0": 0.1005, "662.0": 0.2914, "711.0": 0.1027, "686.0": 0.1916, "689.0": 0.1756, "657.0": 0.3088, "644.0": 0.3613, "692.0": 0.1632, "721.0": 0.0892, "720.0": 0.0895, "654.0": 0.3144, "673.0": 0.2468, "718.0": 0.0913, "668.0": 0.2622, "690.0": 0.1741, "670.0": 0.2574, "679.0": 0.2165, "682.0": 0.2075, "700.0": 0.132, "714.0": 0.0968, "677.0": 0.2266, "713.0": 0.0988, "663.0": 0.2865, "652.0": 0.3237, "665.0": 0.2768, "649.0": 0.3378, "684.0": 0.1971, "651.0": 0.3284, "702.0": 0.126, "696.0": 0.1468, "691.0": 0.1686, "705.0": 0.1169, "658.0": 0.304, "661.0": 0.2963, "666.0": 0.2719, "704.0": 0.1194, "671.0": 0.2525, "678.0": 0.2216, "676.0": 0.2317, "695.0": 0.1526, "716.0": 0.0938, "703.0": 0.1223, "715.0": 0.0952, "719.0": 0.0902, "708.0": 0.1092, "680.0": 0.2179, "653.0": 0.319, "659.0": 0.2992, "699.0": 0.1361, "685.0": 0.1969, "656.0": 0.305, "674.0": 0.2417, "698.0": 0.14, "667.0": 0.267, "694.0": 0.1553, "645.0": 0.3566, "683.0": 0.2023, "688.0": 0.1809, "672.0": 0.2518}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2087, "long_delta": 0.1276, "short_iv": 0.1005, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.423263, "long_quote_age": 0.450577, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9849}, "spot": 717.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.30 (gross $-61.30 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:05:36.402227+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable price action with flat 1D return and +0.17% 5D performance alongside ATM IV at 8.71% trading at an IV/RV ratio of 0.64.", "invalidation": "QQQ spot price drops significantly below 717.65 toward the short strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"714.0": 0.0972, "696.0": 0.1463, "691.0": 0.1681, "663.0": 0.2861, "697.0": 0.143, "713.0": 0.0985, "707.0": 0.1115, "680.0": 0.2174, "649.0": 0.3373, "651.0": 0.328, "704.0": 0.1198, "655.0": 0.3092, "699.0": 0.1355, "646.0": 0.3514, "690.0": 0.1736, "654.0": 0.3139, "650.0": 0.3327, "684.0": 0.1966, "685.0": 0.194, "712.0": 0.1004, "644.0": 0.3608, "695.0": 0.152, "664.0": 0.2812, "669.0": 0.2568, "660.0": 0.3007, "643.0": 0.3655, "710.0": 0.1044, "659.0": 0.2988, "692.0": 0.1626, "676.0": 0.2312, "657.0": 0.3083, "716.0": 0.0939, "648.0": 0.342, "642.0": 0.3703, "694.0": 0.1548, "683.0": 0.2018, "705.0": 0.1172, "720.0": 0.0894, "709.0": 0.1069, "674.0": 0.2412, "647.0": 0.3467, "652.0": 0.3233, "662.0": 0.291, "702.0": 0.1254, "706.0": 0.1139, "715.0": 0.0954, "703.0": 0.1229, "658.0": 0.3035, "672.0": 0.2513, "666.0": 0.2714, "718.0": 0.0912, "698.0": 0.1394, "708.0": 0.1091, "670.0": 0.2569, "717.0": 0.0926, "668.0": 0.2617, "681.0": 0.2122, "653.0": 0.3186, "675.0": 0.2362, "661.0": 0.2958, "673.0": 0.2463, "700.0": 0.1332, "671.0": 0.252, "677.0": 0.2261, "679.0": 0.2194, "719.0": 0.0901, "711.0": 0.1026, "645.0": 0.3561, "667.0": 0.2666, "701.0": 0.1286, "656.0": 0.3045, "689.0": 0.175, "641.0": 0.375, "721.0": 0.0889, "682.0": 0.207, "693.0": 0.1604, "665.0": 0.2763, "686.0": 0.1911, "687.0": 0.1857, "678.0": 0.2211, "688.0": 0.1804}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2125, "long_delta": 0.0929, "short_iv": 0.1004, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.672982, "long_quote_age": 0.908196, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9618}, "spot": 717.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.59 (gross $-103.59 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:05:49.632482+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays flat 1-day performance (-0.00%) alongside positive 5-day momentum (+0.17%), supporting premium capture via a put credit spread across 5 to 7 DTE.", "invalidation": "A sharp decline in QQQ spot price reversing the positive 5-day return would invalidate this bullish posture."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"641.0": 0.3588, "694.0": 0.1607, "708.0": 0.1259, "645.0": 0.341, "715.0": 0.1126, "688.0": 0.1796, "684.0": 0.1932, "683.0": 0.1966, "666.0": 0.2625, "721.0": 0.1056, "700.0": 0.1442, "655.0": 0.3059, "642.0": 0.3544, "697.0": 0.1517, "674.0": 0.2305, "668.0": 0.2533, "716.0": 0.1112, "647.0": 0.3321, "669.0": 0.2515, "681.0": 0.2048, "690.0": 0.1725, "644.0": 0.3455, "693.0": 0.1638, "680.0": 0.2079, "703.0": 0.1368, "675.0": 0.2257, "662.0": 0.2777, "720.0": 0.1061, "682.0": 0.1999, "706.0": 0.1301, "711.0": 0.1199, "689.0": 0.1767, "677.0": 0.2205, "698.0": 0.1493, "712.0": 0.1177, "692.0": 0.1667, "643.0": 0.3499, "710.0": 0.1217, "673.0": 0.2352, "657.0": 0.2968, "654.0": 0.3104, "672.0": 0.2399, "699.0": 0.1464, "686.0": 0.186, "695.0": 0.1573, "678.0": 0.2157, "702.0": 0.139, "707.0": 0.128, "659.0": 0.2877, "660.0": 0.2831, "679.0": 0.2109, "691.0": 0.1692, "713.0": 0.1162, "650.0": 0.324, "670.0": 0.2468, "656.0": 0.3013, "685.0": 0.1897, "661.0": 0.2823, "714.0": 0.1143, "717.0": 0.1097, "649.0": 0.3285, "671.0": 0.2447, "709.0": 0.1238, "653.0": 0.315, "663.0": 0.2731, "705.0": 0.1323, "676.0": 0.2232, "704.0": 0.1343, "665.0": 0.2672, "701.0": 0.1414, "664.0": 0.2718, "696.0": 0.155, "646.0": 0.3366, "667.0": 0.2579, "652.0": 0.315, "658.0": 0.2922, "648.0": 0.3277, "719.0": 0.1074, "687.0": 0.1823, "651.0": 0.3195, "718.0": 0.1085}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00704000", "short_strike": 709.0, "long_strike": 704.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1894, "long_delta": 0.1034, "short_iv": 0.1238, "short_rel_spread": 0.018348623853211024, "long_rel_spread": 0.035714285714285546, "short_quote_age": 0.492319, "long_quote_age": 0.496969, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 717.675}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-92.29 (gross $-90.29 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:07:18.851628+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows steady 5-day returns (+0.16%) and subdued short-term implied volatility relative to 20-day realized volatility (IV/RV 0.65), favoring defined-risk put credit collection in range-bound conditions.", "invalidation": "A sharp downward decline in QQQ spot price from 717.58 reversing the 5-day positive performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"682.0": 0.2071, "675.0": 0.2363, "716.0": 0.0941, "684.0": 0.1967, "654.0": 0.314, "641.0": 0.3751, "699.0": 0.1357, "689.0": 0.1751, "715.0": 0.0953, "649.0": 0.3375, "703.0": 0.1231, "712.0": 0.1007, "676.0": 0.2313, "660.0": 0.3008, "686.0": 0.1912, "652.0": 0.3234, "690.0": 0.1737, "719.0": 0.0904, "659.0": 0.2989, "680.0": 0.2175, "644.0": 0.3609, "674.0": 0.2414, "688.0": 0.1805, "642.0": 0.3704, "706.0": 0.1141, "673.0": 0.2464, "702.0": 0.1255, "666.0": 0.2716, "697.0": 0.1431, "711.0": 0.1025, "701.0": 0.1288, "647.0": 0.3468, "667.0": 0.2667, "714.0": 0.0971, "700.0": 0.1333, "720.0": 0.0899, "721.0": 0.0887, "658.0": 0.3037, "683.0": 0.2019, "643.0": 0.3657, "668.0": 0.2618, "687.0": 0.1858, "709.0": 0.1065, "707.0": 0.1117, "717.0": 0.0926, "692.0": 0.1627, "693.0": 0.1605, "718.0": 0.0915, "663.0": 0.2862, "705.0": 0.1164, "651.0": 0.3281, "657.0": 0.3084, "694.0": 0.1549, "662.0": 0.2911, "650.0": 0.3328, "695.0": 0.1521, "685.0": 0.1941, "661.0": 0.2959, "648.0": 0.3421, "681.0": 0.2123, "696.0": 0.1464, "645.0": 0.3562, "655.0": 0.3093, "704.0": 0.12, "713.0": 0.0988, "664.0": 0.2813, "708.0": 0.1093, "670.0": 0.252, "646.0": 0.3515, "671.0": 0.2521, "677.0": 0.2262, "691.0": 0.1682, "653.0": 0.3187, "698.0": 0.1395, "669.0": 0.2569, "672.0": 0.2514, "678.0": 0.2212, "710.0": 0.1046, "679.0": 0.2196, "656.0": 0.3047, "665.0": 0.2764}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2121, "long_delta": 0.0928, "short_iv": 0.1007, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.528486, "long_quote_age": 0.528266, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9618}, "spot": 717.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.46 (gross $-103.46 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:07:33.571701+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits steady 5-day performance at +0.16% and minimal 1-day decline of -0.01% with IV/RV at 0.65.", "invalidation": "QQQ breaking sharply downward below the spot level of 717.58."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 385}
{"ts": "2026-09-04T19:08:52.873048+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows relative stability with a flat 1D return of -0.02% and positive 5D return of +0.16% in an environment where ATM IV is subdued relative to realized volatility at an IV/RV of 0.65.", "invalidation": "QQQ spot price declines significantly below current levels as 1D and 5D performance turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"713.0": 0.0988, "661.0": 0.2953, "662.0": 0.2904, "711.0": 0.1028, "686.0": 0.1905, "643.0": 0.3651, "698.0": 0.1387, "644.0": 0.3604, "663.0": 0.2856, "680.0": 0.2168, "674.0": 0.2407, "647.0": 0.3463, "642.0": 0.3698, "681.0": 0.2117, "717.0": 0.0927, "645.0": 0.3557, "701.0": 0.1279, "641.0": 0.3745, "684.0": 0.196, "704.0": 0.1191, "658.0": 0.303, "707.0": 0.1115, "676.0": 0.2306, "660.0": 0.3002, "691.0": 0.1675, "651.0": 0.3275, "682.0": 0.2065, "670.0": 0.2514, "695.0": 0.1513, "673.0": 0.2457, "700.0": 0.1325, "710.0": 0.1045, "703.0": 0.1222, "655.0": 0.3087, "689.0": 0.1744, "650.0": 0.3322, "693.0": 0.1598, "687.0": 0.1851, "692.0": 0.162, "653.0": 0.3181, "706.0": 0.114, "678.0": 0.2205, "702.0": 0.1246, "716.0": 0.0939, "705.0": 0.1164, "677.0": 0.2256, "656.0": 0.3041, "675.0": 0.2357, "719.0": 0.0906, "679.0": 0.2189, "666.0": 0.2709, "696.0": 0.1456, "657.0": 0.3078, "652.0": 0.3228, "667.0": 0.266, "669.0": 0.2563, "697.0": 0.1423, "720.0": 0.0897, "718.0": 0.0916, "708.0": 0.1089, "664.0": 0.2807, "648.0": 0.3416, "694.0": 0.1541, "699.0": 0.1348, "683.0": 0.2013, "712.0": 0.1007, "649.0": 0.3369, "668.0": 0.2612, "690.0": 0.173, "685.0": 0.1934, "672.0": 0.2508, "715.0": 0.0954, "709.0": 0.1066, "646.0": 0.351, "654.0": 0.3134, "659.0": 0.2983, "721.0": 0.0893, "688.0": 0.1798, "714.0": 0.097, "671.0": 0.2465, "665.0": 0.2758}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1852, "long_delta": 0.0807, "short_iv": 0.1028, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.43189, "long_quote_age": 0.434006, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 717.535}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.10 (gross $-105.10 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:09:04.225641+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative stability with a positive 5D return of +0.16% and minimal 1D dip of -0.02%, supporting a short put spread across a 4-7 DTE window.", "invalidation": "QQQ spot price declines significantly below current levels, indicating accelerated downward momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"716.0": 0.0945, "684.0": 0.1961, "668.0": 0.2613, "644.0": 0.3604, "714.0": 0.0976, "676.0": 0.2307, "711.0": 0.1029, "658.0": 0.3031, "712.0": 0.1009, "652.0": 0.3229, "659.0": 0.2983, "718.0": 0.092, "692.0": 0.1621, "662.0": 0.2905, "649.0": 0.3369, "646.0": 0.351, "651.0": 0.3276, "650.0": 0.3323, "703.0": 0.1223, "680.0": 0.2169, "704.0": 0.1192, "717.0": 0.093, "657.0": 0.3079, "655.0": 0.3088, "678.0": 0.2206, "702.0": 0.1248, "709.0": 0.1068, "653.0": 0.3182, "656.0": 0.3041, "660.0": 0.3003, "705.0": 0.1166, "663.0": 0.2856, "679.0": 0.219, "693.0": 0.1599, "686.0": 0.1906, "664.0": 0.2808, "673.0": 0.2458, "706.0": 0.1141, "700.0": 0.1326, "682.0": 0.2066, "683.0": 0.2014, "691.0": 0.1676, "665.0": 0.2759, "643.0": 0.3652, "667.0": 0.2661, "707.0": 0.1116, "687.0": 0.1852, "713.0": 0.0992, "699.0": 0.135, "648.0": 0.3416, "690.0": 0.1731, "661.0": 0.2954, "715.0": 0.0957, "671.0": 0.2466, "675.0": 0.2358, "688.0": 0.1799, "672.0": 0.2509, "685.0": 0.1935, "719.0": 0.0905, "689.0": 0.1745, "674.0": 0.2408, "681.0": 0.2117, "721.0": 0.0889, "694.0": 0.1543, "720.0": 0.0899, "645.0": 0.3557, "670.0": 0.2515, "710.0": 0.1047, "666.0": 0.271, "695.0": 0.1515, "701.0": 0.128, "654.0": 0.3135, "677.0": 0.2257, "647.0": 0.3463, "698.0": 0.1388, "669.0": 0.2564, "696.0": 0.1457, "697.0": 0.1425, "708.0": 0.109}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00708000", "short_strike": 711.0, "long_strike": 708.0, "width": 3.0, "credit": 0.34, "short_delta": 0.1849, "long_delta": 0.1116, "short_iv": 0.1029, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.438124, "long_quote_age": 0.884942, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 266.0, "total_risk": 10640.0, "buying_power_used_pct": 0.9999}, "spot": 717.585}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.17 (gross $-61.17 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:10:26.626137+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows relative strength with a +0.15% 5-day return and an IV/RV ratio of 0.65 indicating contained near-term implied volatility.", "invalidation": "A swift decline in QQQ spot price that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"648.0": 0.3413, "707.0": 0.111, "698.0": 0.1383, "661.0": 0.295, "719.0": 0.0903, "645.0": 0.3554, "679.0": 0.2186, "656.0": 0.3038, "675.0": 0.2353, "712.0": 0.1004, "702.0": 0.1242, "649.0": 0.3366, "694.0": 0.1538, "674.0": 0.2404, "676.0": 0.2303, "716.0": 0.094, "686.0": 0.1901, "685.0": 0.1905, "650.0": 0.3319, "678.0": 0.2202, "652.0": 0.3225, "693.0": 0.1594, "642.0": 0.3695, "688.0": 0.1794, "651.0": 0.3272, "689.0": 0.1741, "673.0": 0.2454, "692.0": 0.1616, "670.0": 0.2511, "666.0": 0.2706, "681.0": 0.2113, "711.0": 0.1021, "684.0": 0.1957, "714.0": 0.0968, "659.0": 0.298, "717.0": 0.0923, "662.0": 0.2901, "718.0": 0.0913, "653.0": 0.3178, "668.0": 0.2609, "703.0": 0.1217, "709.0": 0.1067, "699.0": 0.1344, "663.0": 0.2852, "704.0": 0.1186, "655.0": 0.3084, "665.0": 0.2755, "647.0": 0.346, "641.0": 0.3742, "677.0": 0.2252, "687.0": 0.1848, "697.0": 0.1419, "660.0": 0.2999, "646.0": 0.3507, "658.0": 0.3027, "657.0": 0.3075, "701.0": 0.1275, "669.0": 0.256, "721.0": 0.0885, "683.0": 0.2009, "643.0": 0.3648, "720.0": 0.0893, "691.0": 0.1671, "715.0": 0.0953, "672.0": 0.2462, "695.0": 0.151, "682.0": 0.2061, "705.0": 0.1159, "713.0": 0.0987, "644.0": 0.3601, "667.0": 0.2657, "654.0": 0.3131, "690.0": 0.1726, "671.0": 0.2462, "696.0": 0.1452, "706.0": 0.1134, "708.0": 0.1083, "700.0": 0.132, "680.0": 0.2165, "664.0": 0.2804, "710.0": 0.1044}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00711000", "long_symbol": "QQQ260908P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1861, "long_delta": 0.081, "short_iv": 0.1021, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.435103, "long_quote_age": 0.439536, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 717.495}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.45 (gross $-104.45 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:10:37.032170+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.25, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates relative resilience with a 5D return of +0.15% and a nearly flat 1D return of -0.02% alongside an ATM IV of 8.77%.", "invalidation": "QQQ spot drops significantly below 717.52 reversing the positive 5-day performance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"664.0": 0.2808, "688.0": 0.1799, "710.0": 0.1042, "711.0": 0.102, "713.0": 0.0985, "683.0": 0.2014, "717.0": 0.0921, "684.0": 0.1962, "674.0": 0.2408, "686.0": 0.1906, "690.0": 0.1731, "678.0": 0.2207, "661.0": 0.2954, "673.0": 0.2459, "708.0": 0.1084, "705.0": 0.1156, "669.0": 0.2564, "665.0": 0.2759, "709.0": 0.1063, "699.0": 0.135, "680.0": 0.217, "697.0": 0.1425, "716.0": 0.0935, "644.0": 0.3605, "689.0": 0.1746, "696.0": 0.1458, "652.0": 0.3229, "647.0": 0.3464, "675.0": 0.2358, "682.0": 0.2066, "712.0": 0.1001, "676.0": 0.2308, "654.0": 0.3135, "721.0": 0.0888, "679.0": 0.219, "677.0": 0.2257, "707.0": 0.1109, "663.0": 0.2857, "658.0": 0.3032, "645.0": 0.3558, "691.0": 0.1676, "704.0": 0.1193, "698.0": 0.1389, "648.0": 0.3417, "657.0": 0.308, "667.0": 0.2662, "655.0": 0.3089, "685.0": 0.191, "706.0": 0.1133, "718.0": 0.091, "662.0": 0.2906, "703.0": 0.1224, "692.0": 0.1622, "666.0": 0.2711, "720.0": 0.0889, "643.0": 0.3652, "656.0": 0.3042, "714.0": 0.0966, "670.0": 0.2515, "715.0": 0.0951, "671.0": 0.2467, "646.0": 0.3511, "702.0": 0.1248, "659.0": 0.2984, "701.0": 0.1281, "668.0": 0.2613, "650.0": 0.3323, "695.0": 0.1515, "660.0": 0.3003, "694.0": 0.1543, "693.0": 0.1599, "642.0": 0.3699, "641.0": 0.3746, "649.0": 0.337, "681.0": 0.2118, "672.0": 0.2466, "700.0": 0.1326, "653.0": 0.3182, "719.0": 0.09, "687.0": 0.1853, "651.0": 0.3276}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.69, "short_delta": 0.2527, "long_delta": 0.1101, "short_iv": 0.0985, "short_rel_spread": 0.0088888888888887, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.410186, "long_quote_age": 0.425887, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 431.0, "total_risk": 10344.0, "buying_power_used_pct": 0.9721}, "spot": 717.595}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-99.56 (gross $-98.56 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:11:57.430117+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates resilience with a flat 1-day return and +0.17% 5-day gain in a low volatility environment where ATM IV of 8.77% trades below RV20 of 13.54%.", "invalidation": "A downward price movement in QQQ spot that breaches the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"703.0": 0.122, "672.0": 0.2425, "715.0": 0.0951, "645.0": 0.3564, "691.0": 0.1684, "667.0": 0.2669, "712.0": 0.1001, "644.0": 0.3611, "663.0": 0.2864, "716.0": 0.0936, "661.0": 0.2961, "710.0": 0.1044, "677.0": 0.2264, "700.0": 0.1317, "682.0": 0.2073, "683.0": 0.2021, "653.0": 0.3189, "674.0": 0.2416, "697.0": 0.1434, "666.0": 0.2717, "671.0": 0.2473, "718.0": 0.0913, "668.0": 0.262, "646.0": 0.3517, "705.0": 0.1166, "665.0": 0.2766, "658.0": 0.3038, "681.0": 0.2125, "695.0": 0.1523, "641.0": 0.3752, "708.0": 0.1088, "702.0": 0.1258, "652.0": 0.3236, "685.0": 0.1917, "707.0": 0.1112, "669.0": 0.2571, "692.0": 0.1629, "647.0": 0.347, "711.0": 0.1024, "688.0": 0.1807, "689.0": 0.1753, "680.0": 0.2113, "679.0": 0.2163, "690.0": 0.1739, "649.0": 0.3376, "714.0": 0.0967, "662.0": 0.2912, "659.0": 0.299, "676.0": 0.2315, "643.0": 0.3658, "709.0": 0.1068, "720.0": 0.0894, "657.0": 0.3001, "650.0": 0.3329, "678.0": 0.2214, "673.0": 0.2466, "694.0": 0.1551, "642.0": 0.3705, "719.0": 0.0903, "660.0": 0.2861, "654.0": 0.3142, "704.0": 0.1191, "713.0": 0.0984, "701.0": 0.129, "721.0": 0.0892, "651.0": 0.3282, "698.0": 0.1398, "656.0": 0.3048, "664.0": 0.2815, "684.0": 0.1969, "655.0": 0.3095, "693.0": 0.1607, "717.0": 0.0924, "699.0": 0.1359, "670.0": 0.2522, "675.0": 0.2365, "706.0": 0.1134, "648.0": 0.3423, "686.0": 0.1914, "696.0": 0.1466, "687.0": 0.186}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2093, "long_delta": 0.091, "short_iv": 0.1001, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.425436, "long_quote_age": 0.432706, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.685}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.48 (gross $-104.48 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:12:09.191362+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady performance with a positive 5D return of +0.17% and flat 1D performance alongside an ATM IV of 8.77%.", "invalidation": "QQQ spot falls significantly below the 717.67 level and breaches the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"665.0": 0.2765, "645.0": 0.3563, "666.0": 0.2716, "698.0": 0.1396, "644.0": 0.361, "647.0": 0.3469, "678.0": 0.2212, "691.0": 0.1682, "652.0": 0.3234, "713.0": 0.0984, "668.0": 0.2618, "676.0": 0.2313, "701.0": 0.1288, "649.0": 0.3375, "717.0": 0.0922, "692.0": 0.1628, "657.0": 0.3, "648.0": 0.3422, "683.0": 0.202, "659.0": 0.2989, "695.0": 0.1521, "670.0": 0.2521, "673.0": 0.2374, "653.0": 0.3187, "710.0": 0.1041, "681.0": 0.2124, "667.0": 0.2667, "712.0": 0.1003, "688.0": 0.1805, "669.0": 0.2569, "679.0": 0.2162, "719.0": 0.09, "707.0": 0.111, "693.0": 0.1605, "706.0": 0.1132, "674.0": 0.2414, "646.0": 0.3516, "702.0": 0.1255, "654.0": 0.314, "658.0": 0.3037, "677.0": 0.2263, "655.0": 0.3094, "703.0": 0.1218, "708.0": 0.1086, "699.0": 0.1357, "714.0": 0.0965, "642.0": 0.3704, "689.0": 0.1752, "685.0": 0.1916, "694.0": 0.1549, "682.0": 0.2072, "704.0": 0.1189, "675.0": 0.2363, "656.0": 0.3047, "697.0": 0.1432, "687.0": 0.1859, "721.0": 0.0883, "700.0": 0.1315, "720.0": 0.0891, "643.0": 0.3657, "661.0": 0.296, "684.0": 0.1968, "718.0": 0.0911, "671.0": 0.2472, "716.0": 0.0934, "672.0": 0.2423, "641.0": 0.3751, "663.0": 0.2862, "651.0": 0.3281, "662.0": 0.2911, "660.0": 0.286, "686.0": 0.1912, "705.0": 0.1164, "650.0": 0.3328, "690.0": 0.1737, "680.0": 0.2111, "696.0": 0.1464, "664.0": 0.2813, "711.0": 0.1021, "715.0": 0.095, "709.0": 0.1066}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.55, "short_delta": 0.2109, "long_delta": 0.0912, "short_iv": 0.1003, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.028169014084507067, "short_quote_age": 0.412437, "long_quote_age": 0.461644, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 445.0, "total_risk": 10235.0, "buying_power_used_pct": 0.9618}, "spot": 717.7}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.36 (gross $-103.36 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:13:35.269373+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows relative strength with a positive 5-day return of +0.17% and a resilient 1-day performance of -0.01%.", "invalidation": "A downward breakdown in QQQ spot price below 717.63 accompanied by expanding realized volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"721.0": 0.0883, "666.0": 0.2712, "670.0": 0.2517, "710.0": 0.1039, "647.0": 0.3465, "688.0": 0.1801, "707.0": 0.1104, "714.0": 0.0966, "662.0": 0.2907, "686.0": 0.1908, "687.0": 0.1855, "659.0": 0.2903, "699.0": 0.1352, "648.0": 0.3418, "709.0": 0.1059, "693.0": 0.1601, "704.0": 0.1184, "674.0": 0.2322, "646.0": 0.3512, "676.0": 0.2309, "690.0": 0.1733, "668.0": 0.2615, "645.0": 0.3559, "685.0": 0.1912, "711.0": 0.1018, "643.0": 0.3653, "695.0": 0.1517, "654.0": 0.3137, "650.0": 0.3324, "672.0": 0.2419, "705.0": 0.1158, "703.0": 0.1213, "641.0": 0.3748, "683.0": 0.2016, "700.0": 0.1311, "651.0": 0.3278, "680.0": 0.2107, "716.0": 0.0934, "698.0": 0.1391, "656.0": 0.3043, "660.0": 0.2856, "696.0": 0.146, "675.0": 0.236, "697.0": 0.1427, "661.0": 0.2809, "669.0": 0.2566, "715.0": 0.0948, "702.0": 0.125, "644.0": 0.3606, "658.0": 0.295, "678.0": 0.2208, "653.0": 0.3184, "684.0": 0.1964, "667.0": 0.2663, "671.0": 0.2468, "692.0": 0.1623, "681.0": 0.2057, "679.0": 0.2158, "657.0": 0.2997, "706.0": 0.1126, "655.0": 0.309, "694.0": 0.1545, "712.0": 0.0999, "682.0": 0.2068, "689.0": 0.1748, "691.0": 0.1678, "708.0": 0.108, "673.0": 0.2371, "663.0": 0.2859, "649.0": 0.3371, "652.0": 0.3231, "718.0": 0.091, "701.0": 0.1283, "665.0": 0.2761, "664.0": 0.281, "677.0": 0.2259, "717.0": 0.0923, "720.0": 0.0893, "719.0": 0.09, "713.0": 0.0984, "642.0": 0.37}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2133, "long_delta": 0.0916, "short_iv": 0.0999, "short_rel_spread": 0.010928961748633888, "long_rel_spread": 0.028169014084507067, "short_quote_age": 1.161761, "long_quote_age": 2.377144, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.65}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.54 (gross $-102.54 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:13:50.138660+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.18, "spread_width": 2, "max_loss_usd": 350, "thesis": "QQQ shows relative price stability with a 1-day change of -0.01% and positive 5-day momentum of +0.17% in a low short-term IV environment.", "invalidation": "QQQ spot drops significantly below 717.63 turning 5-day performance negative."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 436}
{"ts": "2026-09-04T19:15:14.245025+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable price action with a 5-day return of +0.16%, a flat 1-day return of -0.01%, and an IV/RV ratio of 0.65.", "invalidation": "A sharp drop in QQQ spot price violating the short put delta threshold would invalidate this neutral thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"675.0": 0.2319, "670.0": 0.2517, "706.0": 0.1135, "694.0": 0.1545, "714.0": 0.0966, "713.0": 0.0984, "654.0": 0.3137, "704.0": 0.1184, "681.0": 0.2057, "671.0": 0.2468, "721.0": 0.0891, "664.0": 0.281, "676.0": 0.2309, "680.0": 0.2107, "697.0": 0.1427, "647.0": 0.3465, "646.0": 0.3512, "685.0": 0.1912, "695.0": 0.1517, "708.0": 0.1087, "678.0": 0.2208, "658.0": 0.295, "687.0": 0.1855, "686.0": 0.1908, "717.0": 0.0922, "701.0": 0.1283, "657.0": 0.2997, "652.0": 0.3231, "642.0": 0.37, "644.0": 0.3606, "673.0": 0.2371, "688.0": 0.1801, "700.0": 0.1311, "691.0": 0.1678, "653.0": 0.3184, "705.0": 0.1158, "651.0": 0.3278, "659.0": 0.2903, "643.0": 0.3653, "682.0": 0.2068, "710.0": 0.1039, "679.0": 0.2158, "672.0": 0.2419, "689.0": 0.1748, "696.0": 0.146, "715.0": 0.095, "661.0": 0.2809, "711.0": 0.1023, "662.0": 0.2763, "718.0": 0.091, "648.0": 0.3418, "702.0": 0.125, "683.0": 0.2016, "666.0": 0.2712, "677.0": 0.2259, "656.0": 0.3043, "669.0": 0.2566, "663.0": 0.2859, "667.0": 0.2663, "645.0": 0.3559, "707.0": 0.1112, "716.0": 0.0936, "690.0": 0.1733, "699.0": 0.1352, "668.0": 0.2615, "674.0": 0.2322, "665.0": 0.2761, "655.0": 0.309, "719.0": 0.09, "703.0": 0.1213, "712.0": 0.1004, "709.0": 0.1065, "660.0": 0.2856, "649.0": 0.3371, "720.0": 0.089, "650.0": 0.3324, "693.0": 0.1601, "692.0": 0.1623, "698.0": 0.1391, "641.0": 0.3748, "684.0": 0.1964}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2143, "long_delta": 0.0932, "short_iv": 0.1004, "short_rel_spread": 0.01081081081081082, "long_rel_spread": 0.02739726027397263, "short_quote_age": 0.616533, "long_quote_age": 1.486906, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.6}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.44 (gross $-103.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:15:30.148509+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "call_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits flat momentum with a 1D change of -0.01% and 5D change of +0.16%, supporting a rangebound call credit spread.", "invalidation": "A sharp upward rally in QQQ spot breaching the short strike invalidates the neutral stance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"723.0": 0.0781, "727.0": 0.0773, "717.0": 0.0844, "728.0": 0.0775, "722.0": 0.0791, "726.0": 0.0771, "732.0": 0.0853, "730.0": 0.0802, "740.0": 0.1133, "731.0": 0.0832, "716.0": 0.0856, "721.0": 0.0802, "720.0": 0.0812, "739.0": 0.1088, "733.0": 0.0865, "724.0": 0.0777, "725.0": 0.0772, "737.0": 0.0997, "729.0": 0.0787, "715.0": 0.0864, "736.0": 0.0951, "735.0": 0.0905, "718.0": 0.0834, "719.0": 0.0823, "734.0": 0.0914, "738.0": 0.1043}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "call_credit_spread", "expiry": "2026-09-08", "qty": 41, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908C00723000", "long_symbol": "QQQ260908C00726000", "short_strike": 723.0, "long_strike": 726.0, "width": 3.0, "credit": 0.42, "short_delta": 0.1983, "long_delta": 0.085, "short_iv": 0.0781, "short_rel_spread": 0.015503875968992262, "long_rel_spread": 0.04444444444444448, "short_quote_age": 0.414429, "long_quote_age": 0.403052, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 41, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 258.0, "total_risk": 10578.0, "buying_power_used_pct": 0.9941}, "spot": 717.66}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.84 (gross $-60.84 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 41 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908C00723000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 4.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $258/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,578.00 (41 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "latest 1-day return +0.15% >= -1.00% floor"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-61.84 (gross $-60.84 - friction $1.00) > $0.00"}], "economics": {"credit": 0.42, "width": 3.0, "short_delta": 0.1983, "long_delta": 0.085, "max_profit_usd": 42.0, "max_loss_usd": 258.0, "breakeven_wr": 0.86, "implied_wr": 0.8017, "edge_pp": -5.83, "ev_implied_usd": -0.5, "realized_vol": 0.1777, "atm_iv": 0.0834, "vrp_ratio": 2.1307, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -54.21, "ev_at_half_drift_usd": -57.5, "ev_gross_usd": -60.84, "expected_loss_real_usd": 102.84, "friction_usd": 1.0, "ev_net_usd": -61.84, "total_risk_usd": 10578.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 447}
{"ts": "2026-09-04T19:16:52.902267+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits flat short-term momentum with 0.00% 1D change and +0.18% 5D change alongside a low IV/RV ratio of 0.65, indicating stable price action.", "invalidation": "A sharp downward decline in QQQ spot price that breaches the short strike as realized volatility exceeds the current 13.54% RV20 level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"651.0": 0.3276, "694.0": 0.1543, "709.0": 0.105, "661.0": 0.2808, "641.0": 0.3746, "667.0": 0.2662, "714.0": 0.0958, "706.0": 0.1124, "711.0": 0.101, "650.0": 0.3323, "665.0": 0.2759, "674.0": 0.232, "677.0": 0.2257, "679.0": 0.2156, "662.0": 0.2761, "645.0": 0.3558, "717.0": 0.0915, "698.0": 0.1389, "678.0": 0.2207, "692.0": 0.1622, "672.0": 0.2418, "666.0": 0.2711, "646.0": 0.3511, "644.0": 0.3605, "719.0": 0.0893, "702.0": 0.1248, "707.0": 0.1093, "658.0": 0.2948, "664.0": 0.2808, "696.0": 0.1458, "700.0": 0.1308, "704.0": 0.1181, "656.0": 0.3042, "668.0": 0.2613, "680.0": 0.2105, "713.0": 0.0976, "652.0": 0.3229, "712.0": 0.0991, "721.0": 0.0875, "642.0": 0.3699, "695.0": 0.1515, "689.0": 0.1746, "659.0": 0.2901, "691.0": 0.1676, "657.0": 0.2995, "654.0": 0.3135, "663.0": 0.2857, "705.0": 0.1146, "684.0": 0.1962, "683.0": 0.2014, "681.0": 0.2055, "690.0": 0.1731, "720.0": 0.0886, "701.0": 0.1281, "671.0": 0.2467, "669.0": 0.2564, "703.0": 0.1211, "718.0": 0.0906, "687.0": 0.1853, "676.0": 0.2308, "710.0": 0.1031, "715.0": 0.0943, "643.0": 0.3652, "648.0": 0.3417, "675.0": 0.2358, "655.0": 0.3089, "673.0": 0.2369, "670.0": 0.2515, "647.0": 0.3464, "649.0": 0.337, "660.0": 0.2855, "708.0": 0.1077, "686.0": 0.1858, "699.0": 0.135, "688.0": 0.1799, "653.0": 0.3182, "693.0": 0.1599, "716.0": 0.0929, "697.0": 0.1425, "685.0": 0.191, "682.0": 0.2066}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2128, "long_delta": 0.0902, "short_iv": 0.0991, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.02898550724637668, "short_quote_age": 0.470002, "long_quote_age": 0.674957, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.63}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-103.49 (gross $-102.49 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:17:06.667107+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient 5-day performance of +0.18% with ATM IV of 8.74% trading at an IV/RV ratio of 0.65.", "invalidation": "QQQ experiences downward momentum pushing spot price below 717.69."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"702.0": 0.1249, "700.0": 0.1309, "684.0": 0.1962, "688.0": 0.18, "663.0": 0.2857, "687.0": 0.1853, "646.0": 0.3511, "715.0": 0.0945, "697.0": 0.1426, "717.0": 0.0916, "683.0": 0.2015, "645.0": 0.3558, "685.0": 0.191, "693.0": 0.16, "694.0": 0.1544, "657.0": 0.2995, "721.0": 0.0879, "686.0": 0.1858, "666.0": 0.2711, "711.0": 0.1011, "677.0": 0.2258, "710.0": 0.1032, "716.0": 0.0931, "708.0": 0.107, "718.0": 0.0905, "712.0": 0.0992, "648.0": 0.3417, "647.0": 0.3464, "676.0": 0.2308, "650.0": 0.3323, "682.0": 0.2067, "659.0": 0.2902, "701.0": 0.1282, "655.0": 0.3089, "689.0": 0.1746, "690.0": 0.1732, "652.0": 0.323, "672.0": 0.2418, "667.0": 0.2662, "653.0": 0.3183, "641.0": 0.3747, "698.0": 0.139, "707.0": 0.1098, "649.0": 0.337, "674.0": 0.2321, "678.0": 0.2207, "675.0": 0.2359, "709.0": 0.1051, "699.0": 0.1351, "656.0": 0.3042, "691.0": 0.1677, "703.0": 0.1211, "669.0": 0.2565, "651.0": 0.3276, "695.0": 0.1516, "643.0": 0.3652, "719.0": 0.0895, "671.0": 0.2467, "664.0": 0.2809, "679.0": 0.2157, "696.0": 0.1458, "704.0": 0.1182, "705.0": 0.1146, "662.0": 0.2762, "642.0": 0.3699, "673.0": 0.2369, "670.0": 0.2516, "713.0": 0.0977, "660.0": 0.2855, "714.0": 0.0959, "680.0": 0.2106, "654.0": 0.3136, "681.0": 0.2055, "665.0": 0.276, "720.0": 0.0888, "644.0": 0.3605, "661.0": 0.2808, "692.0": 0.1622, "668.0": 0.2614, "658.0": 0.2949, "706.0": 0.1124}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.56, "short_delta": 0.2126, "long_delta": 0.0909, "short_iv": 0.0992, "short_rel_spread": 0.011049723756906087, "long_rel_spread": 0.05714285714285704, "short_quote_age": 0.434751, "long_quote_age": 0.695951, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 444.0, "total_risk": 10212.0, "buying_power_used_pct": 0.9597}, "spot": 717.595}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.41 (gross $-102.91 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00712000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.7% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $444/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,212.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-104.41 (gross $-102.91 - friction $1.50) > $0.00"}], "economics": {"credit": 0.56, "width": 5.0, "short_delta": 0.2126, "long_delta": 0.0909, "max_profit_usd": 56.0, "max_loss_usd": 444.0, "breakeven_wr": 0.888, "implied_wr": 0.7874, "edge_pp": -10.06, "ev_implied_usd": -19.88, "realized_vol": 0.1777, "atm_iv": 0.0905, "vrp_ratio": 1.9635, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -111.79, "ev_at_half_drift_usd": -107.32, "ev_gross_usd": -102.91, "expected_loss_real_usd": 158.91, "friction_usd": 1.5, "ev_net_usd": -104.41, "total_risk_usd": 10212.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 393}
{"ts": "2026-09-04T19:18:28.188758+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ maintains positive 1-day (+0.01%) and 5-day (+0.18%) returns with low implied volatility relative to realized volatility (IV/RV 0.65), favoring a defined-risk put credit spread.", "invalidation": "A downward price drop in QQQ moving against recent positive returns would invalidate this bullish stance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"663.0": 0.2863, "653.0": 0.3188, "711.0": 0.1013, "674.0": 0.2326, "655.0": 0.3095, "695.0": 0.1523, "691.0": 0.1684, "678.0": 0.2213, "705.0": 0.1145, "650.0": 0.3329, "712.0": 0.0993, "651.0": 0.3282, "667.0": 0.2668, "687.0": 0.186, "647.0": 0.347, "698.0": 0.1397, "661.0": 0.2814, "684.0": 0.1969, "715.0": 0.0944, "666.0": 0.2717, "719.0": 0.0893, "681.0": 0.2062, "668.0": 0.2619, "718.0": 0.0903, "683.0": 0.2021, "672.0": 0.2424, "713.0": 0.0976, "707.0": 0.1095, "702.0": 0.1242, "646.0": 0.3517, "704.0": 0.1179, "671.0": 0.2473, "660.0": 0.2861, "680.0": 0.2112, "659.0": 0.2907, "664.0": 0.2814, "675.0": 0.2365, "708.0": 0.1073, "649.0": 0.3376, "641.0": 0.3752, "657.0": 0.3001, "701.0": 0.1273, "703.0": 0.1206, "694.0": 0.1551, "710.0": 0.1031, "673.0": 0.2375, "699.0": 0.1358, "654.0": 0.3141, "697.0": 0.1433, "682.0": 0.2073, "670.0": 0.2522, "662.0": 0.2912, "688.0": 0.1807, "714.0": 0.096, "656.0": 0.3048, "685.0": 0.1917, "717.0": 0.0915, "644.0": 0.3611, "686.0": 0.1865, "720.0": 0.0884, "716.0": 0.0929, "665.0": 0.2766, "669.0": 0.2571, "642.0": 0.3705, "648.0": 0.3423, "696.0": 0.1466, "689.0": 0.1753, "645.0": 0.3564, "690.0": 0.1739, "693.0": 0.1607, "658.0": 0.2954, "679.0": 0.2163, "709.0": 0.1055, "700.0": 0.1317, "652.0": 0.3235, "721.0": 0.0878, "676.0": 0.2314, "677.0": 0.2264, "643.0": 0.3658, "706.0": 0.1124, "692.0": 0.1629}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2079, "long_delta": 0.0878, "short_iv": 0.0993, "short_rel_spread": 0.02272727272727275, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.412476, "long_quote_age": 0.423854, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.71}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.62 (gross $-104.12 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:18:43.488407+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits relative stability with positive 1D and 5D returns (+0.01% and +0.18%) while implied volatility trades at an IV/RV discount of 0.65.", "invalidation": "QQQ spot price declines below the short put strike as 1D and 5D momentum turns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"700.0": 0.1318, "665.0": 0.2767, "694.0": 0.1552, "644.0": 0.3612, "655.0": 0.3095, "653.0": 0.3189, "681.0": 0.2062, "693.0": 0.1608, "697.0": 0.1434, "645.0": 0.3564, "702.0": 0.1243, "706.0": 0.1126, "685.0": 0.1918, "666.0": 0.2718, "658.0": 0.2955, "699.0": 0.1359, "718.0": 0.0905, "682.0": 0.2074, "703.0": 0.1208, "643.0": 0.3659, "660.0": 0.2862, "648.0": 0.3424, "675.0": 0.2366, "712.0": 0.0993, "662.0": 0.2913, "664.0": 0.2815, "720.0": 0.0885, "672.0": 0.2425, "713.0": 0.0978, "669.0": 0.2571, "710.0": 0.1033, "641.0": 0.3753, "646.0": 0.3517, "708.0": 0.1075, "668.0": 0.262, "651.0": 0.3283, "721.0": 0.0878, "659.0": 0.2908, "652.0": 0.3236, "696.0": 0.1467, "701.0": 0.1274, "686.0": 0.1866, "683.0": 0.2022, "661.0": 0.2815, "704.0": 0.118, "705.0": 0.1146, "690.0": 0.174, "691.0": 0.1685, "647.0": 0.3471, "684.0": 0.197, "677.0": 0.2265, "679.0": 0.2164, "649.0": 0.3377, "711.0": 0.1014, "709.0": 0.1056, "716.0": 0.093, "719.0": 0.0893, "717.0": 0.0915, "707.0": 0.1096, "671.0": 0.2474, "714.0": 0.0961, "689.0": 0.1754, "695.0": 0.1524, "642.0": 0.3706, "654.0": 0.3142, "678.0": 0.2214, "698.0": 0.1398, "657.0": 0.3002, "650.0": 0.333, "680.0": 0.2113, "692.0": 0.163, "674.0": 0.2327, "676.0": 0.2315, "670.0": 0.2523, "667.0": 0.2669, "673.0": 0.2376, "687.0": 0.1861, "688.0": 0.1808, "715.0": 0.0945, "656.0": 0.3049, "663.0": 0.2864}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.207, "long_delta": 0.0877, "short_iv": 0.0993, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.802798, "long_quote_age": 0.730216, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.77}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.46 (gross $-103.46 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:20:09.319113+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits stable near-term price action with 5D return at +0.17% and 1D return flat at -0.00% alongside an IV/RV ratio of 0.64.", "invalidation": "QQQ spot declines significantly below 717.65 over the short-term holding period."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"642.0": 0.3702, "716.0": 0.092, "689.0": 0.175, "657.0": 0.2999, "686.0": 0.1862, "662.0": 0.2909, "661.0": 0.2811, "674.0": 0.2324, "669.0": 0.2568, "679.0": 0.216, "697.0": 0.143, "695.0": 0.152, "706.0": 0.112, "719.0": 0.089, "647.0": 0.3467, "664.0": 0.2812, "670.0": 0.2519, "690.0": 0.1735, "668.0": 0.2617, "649.0": 0.3373, "700.0": 0.1313, "643.0": 0.3655, "715.0": 0.0935, "685.0": 0.1914, "684.0": 0.1966, "698.0": 0.1394, "641.0": 0.375, "676.0": 0.2311, "663.0": 0.2861, "653.0": 0.3186, "656.0": 0.3045, "711.0": 0.1007, "673.0": 0.2373, "683.0": 0.2018, "655.0": 0.3092, "708.0": 0.1069, "659.0": 0.2905, "652.0": 0.3233, "665.0": 0.2763, "644.0": 0.3608, "654.0": 0.3139, "691.0": 0.1681, "651.0": 0.3279, "672.0": 0.2422, "703.0": 0.1203, "648.0": 0.342, "677.0": 0.2261, "681.0": 0.2059, "671.0": 0.247, "702.0": 0.1238, "693.0": 0.1604, "680.0": 0.2109, "667.0": 0.2666, "714.0": 0.0954, "705.0": 0.1141, "717.0": 0.0907, "721.0": 0.0877, "688.0": 0.1804, "713.0": 0.0968, "650.0": 0.3326, "720.0": 0.0877, "692.0": 0.1626, "658.0": 0.2952, "694.0": 0.1547, "675.0": 0.2362, "699.0": 0.1355, "646.0": 0.3514, "660.0": 0.2858, "666.0": 0.2714, "645.0": 0.3561, "712.0": 0.0986, "687.0": 0.1857, "707.0": 0.1091, "704.0": 0.1175, "709.0": 0.105, "696.0": 0.1462, "710.0": 0.1026, "718.0": 0.0898, "701.0": 0.1269, "678.0": 0.221, "682.0": 0.207}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2083, "long_delta": 0.0881, "short_iv": 0.0986, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.435934, "long_quote_age": 1.062457, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.675}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.52 (gross $-104.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:20:21.372875+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "neutral", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ exhibits stable price action with 1D change of 0.00% and 5D return of +0.17%, supporting premium collection across 5 to 7 DTE.", "invalidation": "A sharp downward move exceeding 5D gains and rising volatility."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"714.0": 0.1138, "689.0": 0.1755, "712.0": 0.1173, "649.0": 0.3232, "703.0": 0.136, "715.0": 0.112, "696.0": 0.1536, "694.0": 0.1599, "653.0": 0.3054, "682.0": 0.1999, "690.0": 0.1725, "654.0": 0.3059, "697.0": 0.1511, "700.0": 0.1432, "693.0": 0.1629, "643.0": 0.3435, "662.0": 0.274, "660.0": 0.279, "666.0": 0.2593, "675.0": 0.2257, "668.0": 0.2501, "652.0": 0.3099, "655.0": 0.3014, "679.0": 0.2108, "708.0": 0.1249, "648.0": 0.3216, "698.0": 0.1481, "709.0": 0.123, "685.0": 0.1896, "704.0": 0.1333, "676.0": 0.2232, "686.0": 0.186, "717.0": 0.1087, "705.0": 0.1316, "673.0": 0.2326, "651.0": 0.3143, "683.0": 0.1966, "646.0": 0.3304, "656.0": 0.2969, "718.0": 0.1075, "663.0": 0.2695, "644.0": 0.3391, "695.0": 0.1565, "710.0": 0.121, "691.0": 0.1692, "645.0": 0.3347, "672.0": 0.2373, "657.0": 0.2924, "671.0": 0.242, "680.0": 0.2079, "661.0": 0.2786, "670.0": 0.2467, "702.0": 0.1381, "713.0": 0.1156, "667.0": 0.2547, "677.0": 0.2184, "719.0": 0.106, "720.0": 0.105, "701.0": 0.1405, "669.0": 0.2486, "711.0": 0.1192, "699.0": 0.1453, "664.0": 0.2685, "687.0": 0.1822, "678.0": 0.2136, "716.0": 0.1103, "658.0": 0.288, "684.0": 0.1932, "650.0": 0.3187, "706.0": 0.1292, "721.0": 0.1043, "665.0": 0.2639, "647.0": 0.326, "688.0": 0.1795, "707.0": 0.1272, "674.0": 0.2279, "692.0": 0.1657, "681.0": 0.203, "659.0": 0.2835}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00709000", "long_symbol": "QQQ260909P00706000", "short_strike": 709.0, "long_strike": 706.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1882, "long_delta": 0.1306, "short_iv": 0.123, "short_rel_spread": 0.009302325581395356, "long_rel_spread": 0.013986013986014, "short_quote_age": 0.404665, "long_quote_age": 0.421129, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 717.67}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-54.95 (gross $-53.95 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:21:41.884640+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits resilient positive returns across 1D (+0.02%) and 5D (+0.19%) with ATM IV of 8.68% trailing RV20 of 13.54% (IV/RV 0.64), favoring an out-of-the-money put credit spread.", "invalidation": "QQQ reverses its 5D gain and falls below spot 717.82 with accelerating downside momentum."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"682.0": 0.2076, "683.0": 0.2024, "654.0": 0.3144, "703.0": 0.1211, "661.0": 0.2817, "653.0": 0.3191, "644.0": 0.3614, "710.0": 0.1031, "655.0": 0.3098, "662.0": 0.2915, "648.0": 0.3426, "667.0": 0.2671, "656.0": 0.3051, "685.0": 0.192, "647.0": 0.3473, "717.0": 0.0909, "715.0": 0.0936, "689.0": 0.1757, "677.0": 0.2267, "663.0": 0.2866, "688.0": 0.181, "674.0": 0.233, "701.0": 0.1277, "665.0": 0.2769, "664.0": 0.2818, "709.0": 0.1054, "642.0": 0.3708, "704.0": 0.1183, "669.0": 0.2574, "706.0": 0.1129, "714.0": 0.0955, "694.0": 0.1554, "650.0": 0.3332, "713.0": 0.0969, "660.0": 0.2864, "712.0": 0.0989, "651.0": 0.3285, "684.0": 0.1972, "719.0": 0.0886, "675.0": 0.2368, "693.0": 0.161, "681.0": 0.2065, "649.0": 0.3379, "707.0": 0.11, "718.0": 0.0898, "708.0": 0.1071, "680.0": 0.2115, "716.0": 0.0923, "687.0": 0.1864, "658.0": 0.2957, "711.0": 0.1009, "652.0": 0.3238, "686.0": 0.1868, "699.0": 0.1342, "670.0": 0.2525, "696.0": 0.1469, "659.0": 0.291, "646.0": 0.352, "676.0": 0.2318, "695.0": 0.1527, "721.0": 0.0875, "692.0": 0.1633, "671.0": 0.2476, "697.0": 0.1437, "700.0": 0.1321, "678.0": 0.2217, "690.0": 0.1742, "705.0": 0.1149, "672.0": 0.2427, "645.0": 0.3567, "702.0": 0.1246, "720.0": 0.0879, "668.0": 0.2623, "679.0": 0.2166, "691.0": 0.1687, "641.0": 0.3755, "673.0": 0.2379, "698.0": 0.139, "666.0": 0.272, "643.0": 0.3661, "657.0": 0.3004}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.52, "short_delta": 0.204, "long_delta": 0.0875, "short_iv": 0.0989, "short_rel_spread": 0.01169590643274855, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.588265, "long_quote_age": 0.986202, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 448.0, "total_risk": 10304.0, "buying_power_used_pct": 0.9683}, "spot": 717.78}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.84 (gross $-105.84 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:21:53.770448+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates positive momentum with 1-day (+0.02%) and 5-day (+0.19%) returns, supporting an out-of-the-money put credit spread in the 5-7 DTE window.", "invalidation": "A decline in QQQ spot price below 717.82 that breaches the short put strike before expiration."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"719.0": 0.1062, "674.0": 0.2284, "703.0": 0.136, "683.0": 0.1971, "651.0": 0.3147, "650.0": 0.3192, "693.0": 0.1635, "652.0": 0.3103, "682.0": 0.2004, "687.0": 0.1827, "663.0": 0.2699, "718.0": 0.1073, "665.0": 0.2644, "709.0": 0.1228, "668.0": 0.2506, "676.0": 0.2237, "672.0": 0.2378, "666.0": 0.2598, "681.0": 0.2035, "675.0": 0.2262, "704.0": 0.134, "680.0": 0.2084, "645.0": 0.3352, "686.0": 0.1865, "657.0": 0.2929, "669.0": 0.249, "694.0": 0.1604, "656.0": 0.2974, "701.0": 0.1411, "679.0": 0.2113, "673.0": 0.2331, "714.0": 0.1136, "644.0": 0.3396, "662.0": 0.2745, "695.0": 0.1571, "664.0": 0.269, "702.0": 0.1388, "660.0": 0.2794, "720.0": 0.1047, "706.0": 0.1294, "649.0": 0.3236, "700.0": 0.1438, "707.0": 0.1272, "658.0": 0.2884, "705.0": 0.1317, "646.0": 0.3308, "690.0": 0.173, "671.0": 0.2425, "717.0": 0.1088, "678.0": 0.2141, "713.0": 0.1155, "721.0": 0.1041, "654.0": 0.3064, "684.0": 0.1937, "667.0": 0.2552, "692.0": 0.1663, "661.0": 0.279, "712.0": 0.1172, "689.0": 0.1761, "716.0": 0.1101, "655.0": 0.3019, "647.0": 0.3264, "659.0": 0.2839, "696.0": 0.1543, "653.0": 0.3059, "677.0": 0.2189, "708.0": 0.1251, "697.0": 0.1511, "670.0": 0.2444, "688.0": 0.1801, "691.0": 0.1697, "710.0": 0.1211, "648.0": 0.322, "698.0": 0.1487, "685.0": 0.1902, "699.0": 0.146, "711.0": 0.1193, "715.0": 0.1117}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00707000", "short_strike": 710.0, "long_strike": 707.0, "width": 3.0, "credit": 0.4, "short_delta": 0.209, "long_delta": 0.1455, "short_iv": 0.1211, "short_rel_spread": 0.016528925619834725, "long_rel_spread": 0.012422360248447215, "short_quote_age": 2.189351, "long_quote_age": 0.568121, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 260.0, "total_risk": 10400.0, "buying_power_used_pct": 0.9773}, "spot": 717.785}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-55.15 (gross $-53.65 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:23:13.383473+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ maintains positive 1-day (+0.01%) and 5-day (+0.18%) performance alongside an IV/RV ratio of 0.64.", "invalidation": "QQQ spot price declines sharply, reversing the positive 5-day return into negative territory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"676.0": 0.2313, "674.0": 0.2325, "694.0": 0.1549, "654.0": 0.314, "673.0": 0.2374, "718.0": 0.09, "669.0": 0.2569, "702.0": 0.124, "649.0": 0.3375, "668.0": 0.2618, "651.0": 0.3281, "720.0": 0.0883, "648.0": 0.3421, "684.0": 0.1967, "690.0": 0.1737, "671.0": 0.2472, "698.0": 0.1384, "664.0": 0.2813, "692.0": 0.1627, "710.0": 0.1029, "697.0": 0.1431, "689.0": 0.1751, "712.0": 0.0988, "675.0": 0.2363, "717.0": 0.0911, "680.0": 0.2111, "721.0": 0.0876, "714.0": 0.0951, "713.0": 0.0969, "679.0": 0.2161, "693.0": 0.1605, "703.0": 0.1204, "652.0": 0.3234, "706.0": 0.1122, "663.0": 0.2862, "682.0": 0.2071, "691.0": 0.1682, "686.0": 0.1863, "661.0": 0.2813, "658.0": 0.2953, "650.0": 0.3328, "719.0": 0.0891, "667.0": 0.2667, "665.0": 0.2764, "666.0": 0.2716, "688.0": 0.1805, "701.0": 0.1271, "655.0": 0.3093, "646.0": 0.3515, "715.0": 0.0937, "659.0": 0.2906, "656.0": 0.3047, "704.0": 0.1177, "642.0": 0.3704, "709.0": 0.1046, "678.0": 0.2212, "643.0": 0.3657, "660.0": 0.2859, "687.0": 0.1858, "653.0": 0.3187, "705.0": 0.1143, "685.0": 0.1915, "695.0": 0.1521, "647.0": 0.3468, "699.0": 0.1336, "641.0": 0.3751, "645.0": 0.3562, "707.0": 0.1093, "670.0": 0.252, "677.0": 0.2262, "708.0": 0.1071, "716.0": 0.0923, "657.0": 0.3, "662.0": 0.2911, "711.0": 0.1005, "672.0": 0.2423, "681.0": 0.206, "683.0": 0.2019, "644.0": 0.3609, "696.0": 0.1464, "700.0": 0.1296}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.54, "short_delta": 0.2078, "long_delta": 0.088, "short_iv": 0.0988, "short_rel_spread": 0.011428571428571439, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.547513, "long_quote_age": 2.193708, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 717.715}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-104.95 (gross $-103.95 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:23:22.630302+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady performance with positive 1-day (+0.01%) and 5-day (+0.18%) returns alongside an ATM IV of 8.68%.", "invalidation": "A reversal in QQQ spot price below the short strike as IV expands relative to RV20."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"663.0": 0.2698, "694.0": 0.1603, "678.0": 0.2139, "689.0": 0.1759, "703.0": 0.1365, "682.0": 0.2002, "654.0": 0.3063, "661.0": 0.2789, "675.0": 0.226, "665.0": 0.2642, "705.0": 0.1321, "712.0": 0.1177, "718.0": 0.1082, "683.0": 0.197, "711.0": 0.1198, "657.0": 0.2928, "686.0": 0.1864, "647.0": 0.3263, "687.0": 0.1826, "700.0": 0.1436, "648.0": 0.3219, "688.0": 0.1799, "695.0": 0.157, "713.0": 0.1157, "714.0": 0.1139, "652.0": 0.3102, "653.0": 0.3057, "642.0": 0.3482, "691.0": 0.1696, "721.0": 0.1051, "716.0": 0.111, "667.0": 0.255, "669.0": 0.2489, "715.0": 0.1125, "659.0": 0.2838, "696.0": 0.1541, "693.0": 0.1634, "673.0": 0.233, "706.0": 0.13, "690.0": 0.1729, "644.0": 0.3394, "702.0": 0.139, "666.0": 0.2596, "692.0": 0.1661, "656.0": 0.2973, "680.0": 0.2083, "672.0": 0.2377, "658.0": 0.2883, "664.0": 0.2688, "697.0": 0.1515, "660.0": 0.2793, "699.0": 0.1469, "662.0": 0.2743, "708.0": 0.1258, "709.0": 0.1235, "719.0": 0.1069, "671.0": 0.2424, "684.0": 0.1936, "645.0": 0.3351, "704.0": 0.1345, "701.0": 0.141, "668.0": 0.2504, "707.0": 0.1278, "685.0": 0.19, "677.0": 0.2187, "720.0": 0.1061, "641.0": 0.3526, "651.0": 0.3146, "717.0": 0.1093, "698.0": 0.1486, "670.0": 0.2443, "679.0": 0.2112, "710.0": 0.1217, "655.0": 0.3018, "649.0": 0.3235, "643.0": 0.3438, "676.0": 0.2235, "681.0": 0.2034, "650.0": 0.3191, "674.0": 0.2283, "646.0": 0.3307}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.6, "short_delta": 0.2109, "long_delta": 0.1155, "short_iv": 0.1217, "short_rel_spread": 0.016260162601626032, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.473353, "long_quote_age": 0.441318, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 440.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 717.735}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-91.55 (gross $-89.55 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:24:45.197245+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates resilient upward drift with a 1D change of +0.03% and 5D change of +0.20% amid low 4D ATM IV of 8.68% relative to RV20.", "invalidation": "A downward price move in QQQ that reverses the positive 5D return."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"690.0": 0.1727, "669.0": 0.2577, "718.0": 0.0896, "699.0": 0.1346, "691.0": 0.1692, "644.0": 0.3617, "714.0": 0.0952, "717.0": 0.0907, "652.0": 0.3241, "687.0": 0.1868, "665.0": 0.2772, "712.0": 0.0987, "674.0": 0.2333, "682.0": 0.208, "646.0": 0.3523, "666.0": 0.2724, "668.0": 0.2626, "709.0": 0.1047, "707.0": 0.1098, "708.0": 0.107, "702.0": 0.1251, "672.0": 0.2431, "656.0": 0.3054, "693.0": 0.1582, "684.0": 0.1976, "706.0": 0.1125, "704.0": 0.1176, "655.0": 0.3101, "651.0": 0.3288, "715.0": 0.0938, "642.0": 0.3711, "663.0": 0.287, "657.0": 0.3007, "711.0": 0.1005, "721.0": 0.0873, "720.0": 0.0875, "662.0": 0.2919, "676.0": 0.2321, "696.0": 0.1474, "701.0": 0.1282, "695.0": 0.1502, "653.0": 0.3195, "661.0": 0.282, "670.0": 0.2529, "649.0": 0.3382, "643.0": 0.3664, "683.0": 0.2028, "692.0": 0.1637, "677.0": 0.2271, "658.0": 0.2961, "659.0": 0.2914, "700.0": 0.1307, "650.0": 0.3335, "647.0": 0.3476, "716.0": 0.0923, "703.0": 0.1216, "686.0": 0.1872, "681.0": 0.2069, "689.0": 0.1761, "685.0": 0.1924, "671.0": 0.248, "698.0": 0.1383, "705.0": 0.1155, "673.0": 0.2382, "664.0": 0.2821, "719.0": 0.0884, "645.0": 0.357, "675.0": 0.2372, "680.0": 0.2119, "713.0": 0.0968, "697.0": 0.1441, "660.0": 0.2867, "648.0": 0.3429, "694.0": 0.1559, "679.0": 0.217, "678.0": 0.222, "688.0": 0.1814, "654.0": 0.3148, "667.0": 0.2675, "710.0": 0.1026}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2006, "long_delta": 0.0855, "short_iv": 0.0987, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.4253, "long_quote_age": 0.442533, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 717.865}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.91 (gross $-105.91 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:24:55.882280+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits resilient short-term momentum with 1D +0.03% and 5D +0.20% while ATM IV of 8.68% trades below RV20 of 13.54%.", "invalidation": "A decline in QQQ spot below recent positive momentum would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"666.0": 0.2724, "720.0": 0.0877, "659.0": 0.2914, "714.0": 0.0953, "667.0": 0.2675, "649.0": 0.3382, "694.0": 0.1559, "680.0": 0.212, "691.0": 0.1692, "713.0": 0.0969, "670.0": 0.2529, "644.0": 0.3617, "653.0": 0.3195, "708.0": 0.1071, "679.0": 0.217, "647.0": 0.3476, "678.0": 0.2221, "693.0": 0.1582, "700.0": 0.1307, "651.0": 0.3289, "668.0": 0.2627, "705.0": 0.1155, "650.0": 0.3336, "697.0": 0.1442, "681.0": 0.2069, "677.0": 0.2271, "669.0": 0.2578, "717.0": 0.0908, "689.0": 0.1761, "698.0": 0.1384, "685.0": 0.1925, "702.0": 0.1252, "721.0": 0.0875, "661.0": 0.2821, "709.0": 0.1048, "692.0": 0.1637, "704.0": 0.1177, "660.0": 0.2868, "703.0": 0.1217, "718.0": 0.0896, "696.0": 0.1474, "674.0": 0.2334, "673.0": 0.2383, "655.0": 0.3101, "671.0": 0.248, "657.0": 0.3008, "701.0": 0.1282, "652.0": 0.3242, "683.0": 0.2029, "699.0": 0.1347, "665.0": 0.2773, "690.0": 0.1728, "710.0": 0.1027, "715.0": 0.0936, "706.0": 0.1126, "707.0": 0.1098, "656.0": 0.3055, "686.0": 0.1872, "682.0": 0.2081, "719.0": 0.0886, "675.0": 0.2372, "676.0": 0.2322, "664.0": 0.2822, "663.0": 0.287, "662.0": 0.2919, "645.0": 0.357, "712.0": 0.0988, "658.0": 0.2961, "695.0": 0.1503, "672.0": 0.2431, "716.0": 0.0922, "687.0": 0.1868, "654.0": 0.3148, "648.0": 0.3429, "684.0": 0.1977, "711.0": 0.1006, "646.0": 0.3523, "688.0": 0.1815}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2004, "long_delta": 0.1195, "short_iv": 0.0988, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.633966, "long_quote_age": 0.701742, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9886}, "spot": 717.885}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.65 (gross $-61.65 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:26:24.771607+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates stable positive momentum with a 1D return of +0.03% and 5D return of +0.20% amidst low short-term implied volatility (IV/RV at 0.64).", "invalidation": "A sharp downward price reversal breaking below the short put strike prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"694.0": 0.156, "645.0": 0.3571, "720.0": 0.0881, "695.0": 0.1504, "693.0": 0.1583, "706.0": 0.1127, "715.0": 0.0937, "679.0": 0.2171, "690.0": 0.1728, "649.0": 0.3383, "698.0": 0.1384, "658.0": 0.2961, "713.0": 0.097, "701.0": 0.1283, "662.0": 0.292, "705.0": 0.1151, "704.0": 0.1177, "686.0": 0.1873, "703.0": 0.1203, "709.0": 0.1049, "652.0": 0.3242, "699.0": 0.1347, "666.0": 0.2725, "671.0": 0.2481, "670.0": 0.2529, "710.0": 0.1028, "646.0": 0.3524, "692.0": 0.1638, "719.0": 0.0891, "669.0": 0.2578, "681.0": 0.207, "718.0": 0.0898, "683.0": 0.2029, "657.0": 0.3008, "653.0": 0.3195, "643.0": 0.3665, "661.0": 0.2902, "650.0": 0.3336, "688.0": 0.1815, "712.0": 0.0989, "642.0": 0.3712, "685.0": 0.1925, "711.0": 0.1007, "678.0": 0.2221, "700.0": 0.1308, "687.0": 0.1869, "655.0": 0.3102, "689.0": 0.1762, "708.0": 0.1071, "660.0": 0.295, "654.0": 0.3149, "707.0": 0.1099, "721.0": 0.0872, "672.0": 0.2432, "716.0": 0.0922, "648.0": 0.343, "717.0": 0.091, "682.0": 0.2081, "651.0": 0.3289, "676.0": 0.2322, "656.0": 0.3055, "673.0": 0.2383, "696.0": 0.1475, "675.0": 0.2373, "714.0": 0.0954, "665.0": 0.2773, "697.0": 0.143, "644.0": 0.3618, "663.0": 0.2871, "668.0": 0.2627, "659.0": 0.2915, "702.0": 0.1237, "674.0": 0.2381, "647.0": 0.3477, "667.0": 0.2676, "677.0": 0.2272, "664.0": 0.2822, "691.0": 0.1693, "684.0": 0.1977, "680.0": 0.212}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.2003, "long_delta": 0.0854, "short_iv": 0.0989, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.528173, "long_quote_age": 0.700478, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 717.925}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.28 (gross $-105.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:26:36.574821+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays positive returns over the 1D (+0.03%) and 5D (+0.20%) horizons, supporting a short put spread positioned below spot.", "invalidation": "QQQ spot falls sharply below the 717.89 level, turning the 5D return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"675.0": 0.2373, "691.0": 0.1693, "710.0": 0.1028, "684.0": 0.1977, "695.0": 0.1504, "687.0": 0.1869, "705.0": 0.1156, "670.0": 0.2529, "712.0": 0.0989, "685.0": 0.1925, "653.0": 0.3195, "659.0": 0.2997, "719.0": 0.0892, "649.0": 0.3383, "694.0": 0.156, "683.0": 0.2029, "709.0": 0.1049, "671.0": 0.2481, "669.0": 0.2578, "706.0": 0.1127, "707.0": 0.1099, "697.0": 0.143, "708.0": 0.1071, "701.0": 0.1283, "651.0": 0.3289, "660.0": 0.295, "678.0": 0.2221, "715.0": 0.0941, "663.0": 0.2871, "667.0": 0.2676, "681.0": 0.2103, "676.0": 0.2322, "703.0": 0.1217, "664.0": 0.2822, "720.0": 0.0882, "644.0": 0.3618, "698.0": 0.1384, "682.0": 0.2081, "689.0": 0.1762, "688.0": 0.1815, "647.0": 0.3477, "702.0": 0.1253, "704.0": 0.1177, "690.0": 0.1728, "714.0": 0.0954, "672.0": 0.2432, "718.0": 0.0903, "679.0": 0.2171, "692.0": 0.1638, "648.0": 0.343, "654.0": 0.3149, "655.0": 0.3102, "717.0": 0.0913, "693.0": 0.1583, "656.0": 0.3055, "696.0": 0.1475, "666.0": 0.2725, "721.0": 0.0872, "650.0": 0.3336, "716.0": 0.0925, "699.0": 0.1347, "665.0": 0.2773, "680.0": 0.212, "652.0": 0.3242, "657.0": 0.3008, "686.0": 0.1873, "661.0": 0.2902, "711.0": 0.1007, "677.0": 0.2272, "673.0": 0.2431, "674.0": 0.2381, "645.0": 0.3571, "668.0": 0.2627, "700.0": 0.1308, "662.0": 0.292, "713.0": 0.0972, "646.0": 0.3524, "658.0": 0.2961}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.37, "short_delta": 0.2003, "long_delta": 0.1195, "short_iv": 0.0989, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.460683, "long_quote_age": 0.416546, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 263.0, "total_risk": 10520.0, "buying_power_used_pct": 0.9886}, "spot": 717.92}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.09 (gross $-61.09 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:27:55.950549+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows resilient short-term positive performance with 1D +0.05% and 5D +0.23% gains in an environment where ATM IV(4D) sits at 8.65% with an IV/RV ratio of 0.64.", "invalidation": "QQQ spot price declines sharply below the short strike during the trade duration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"685.0": 0.1929, "683.0": 0.2033, "692.0": 0.1642, "701.0": 0.1288, "718.0": 0.0897, "662.0": 0.2923, "702.0": 0.1242, "656.0": 0.3058, "678.0": 0.2225, "689.0": 0.1766, "660.0": 0.2953, "671.0": 0.2484, "676.0": 0.2326, "713.0": 0.097, "653.0": 0.3199, "720.0": 0.0878, "661.0": 0.2972, "703.0": 0.1208, "706.0": 0.1122, "719.0": 0.0885, "681.0": 0.2107, "707.0": 0.1096, "695.0": 0.1508, "710.0": 0.1029, "708.0": 0.107, "687.0": 0.1873, "672.0": 0.2484, "682.0": 0.2085, "697.0": 0.1435, "680.0": 0.2124, "664.0": 0.2826, "647.0": 0.348, "688.0": 0.1819, "666.0": 0.2728, "645.0": 0.3574, "709.0": 0.1048, "686.0": 0.1877, "644.0": 0.3621, "696.0": 0.1479, "651.0": 0.3292, "675.0": 0.2376, "669.0": 0.2582, "715.0": 0.0936, "694.0": 0.1564, "677.0": 0.2276, "663.0": 0.2874, "665.0": 0.2777, "712.0": 0.0987, "642.0": 0.3715, "659.0": 0.3001, "668.0": 0.2631, "657.0": 0.3012, "704.0": 0.1183, "698.0": 0.1389, "705.0": 0.115, "711.0": 0.1009, "654.0": 0.3152, "655.0": 0.3105, "679.0": 0.2175, "649.0": 0.3386, "670.0": 0.2533, "717.0": 0.091, "721.0": 0.0868, "643.0": 0.3668, "700.0": 0.1313, "650.0": 0.3339, "652.0": 0.3246, "699.0": 0.1352, "716.0": 0.0922, "673.0": 0.2477, "690.0": 0.1732, "674.0": 0.2427, "648.0": 0.3433, "714.0": 0.0953, "684.0": 0.1981, "667.0": 0.2679, "646.0": 0.3527, "691.0": 0.1697, "658.0": 0.3049, "693.0": 0.1587}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1968, "long_delta": 0.0833, "short_iv": 0.0987, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.514263, "long_quote_age": 1.352113, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 717.985}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.78 (gross $-105.78 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:28:11.322582+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 400, "thesis": "QQQ demonstrates resilience with positive 1D (+0.05%) and 5D (+0.23%) performance, supporting a short-term bullish put credit spread.", "invalidation": "A decline in QQQ spot price below the short put strike invalidates this bullish thesis."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 441}
{"ts": "2026-09-04T19:29:33.620954+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive short-term momentum with gains of +0.05% on the 1D and +0.22% on the 5D timeframes.", "invalidation": "A downward price move in QQQ that reverses the 5D gain into negative territory."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"675.0": 0.2375, "694.0": 0.1562, "712.0": 0.0989, "697.0": 0.1433, "667.0": 0.2678, "721.0": 0.0873, "695.0": 0.1506, "672.0": 0.2483, "661.0": 0.297, "702.0": 0.124, "716.0": 0.0925, "663.0": 0.2873, "691.0": 0.1695, "660.0": 0.2952, "715.0": 0.0939, "682.0": 0.2084, "653.0": 0.3198, "678.0": 0.2224, "648.0": 0.3432, "699.0": 0.135, "666.0": 0.2727, "680.0": 0.2123, "701.0": 0.1286, "656.0": 0.3057, "703.0": 0.1206, "654.0": 0.3151, "677.0": 0.2274, "705.0": 0.1148, "657.0": 0.301, "665.0": 0.2776, "645.0": 0.3573, "647.0": 0.3479, "679.0": 0.2173, "669.0": 0.2581, "710.0": 0.1032, "685.0": 0.1928, "644.0": 0.362, "717.0": 0.091, "696.0": 0.1478, "686.0": 0.1924, "708.0": 0.1075, "676.0": 0.2325, "650.0": 0.3338, "690.0": 0.1731, "670.0": 0.2532, "674.0": 0.2425, "671.0": 0.2483, "687.0": 0.1871, "652.0": 0.3244, "714.0": 0.0955, "659.0": 0.3, "720.0": 0.0879, "688.0": 0.1818, "646.0": 0.3526, "698.0": 0.1387, "655.0": 0.3104, "651.0": 0.3291, "684.0": 0.198, "709.0": 0.1053, "713.0": 0.0971, "706.0": 0.112, "662.0": 0.2922, "718.0": 0.0901, "658.0": 0.3047, "719.0": 0.0888, "683.0": 0.2032, "673.0": 0.2476, "707.0": 0.1103, "692.0": 0.164, "664.0": 0.2824, "711.0": 0.1012, "649.0": 0.3385, "700.0": 0.1311, "704.0": 0.1181, "689.0": 0.1764, "668.0": 0.2629, "693.0": 0.1586, "681.0": 0.2105}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.36, "short_delta": 0.1984, "long_delta": 0.1191, "short_iv": 0.0989, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.021505376344085923, "short_quote_age": 0.436121, "long_quote_age": 0.449962, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 264.0, "total_risk": 10560.0, "buying_power_used_pct": 0.9924}, "spot": 717.9449999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-63.24 (gross $-62.24 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:29:44.685277+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ demonstrates resilient momentum with 1D +0.05% and 5D +0.22% gains alongside an ATM IV of 8.65%.", "invalidation": "QQQ spot drops significantly below 718.00 reversing its positive 5D trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"655.0": 0.3104, "667.0": 0.2678, "701.0": 0.1286, "671.0": 0.2483, "690.0": 0.1731, "666.0": 0.2727, "656.0": 0.3057, "674.0": 0.2425, "693.0": 0.1585, "713.0": 0.097, "697.0": 0.1433, "679.0": 0.2173, "645.0": 0.3573, "642.0": 0.3714, "715.0": 0.0939, "704.0": 0.118, "682.0": 0.2083, "676.0": 0.2324, "700.0": 0.131, "684.0": 0.1979, "652.0": 0.3244, "664.0": 0.2824, "692.0": 0.164, "658.0": 0.3047, "665.0": 0.2775, "649.0": 0.3385, "703.0": 0.1206, "661.0": 0.297, "718.0": 0.09, "710.0": 0.1032, "720.0": 0.088, "680.0": 0.2122, "646.0": 0.3526, "708.0": 0.1075, "660.0": 0.2951, "707.0": 0.1102, "705.0": 0.1148, "672.0": 0.2483, "688.0": 0.1817, "673.0": 0.2475, "650.0": 0.3338, "719.0": 0.0889, "644.0": 0.362, "685.0": 0.1927, "678.0": 0.2223, "699.0": 0.135, "691.0": 0.1695, "643.0": 0.3667, "717.0": 0.091, "668.0": 0.2629, "696.0": 0.1477, "689.0": 0.1764, "694.0": 0.1562, "647.0": 0.3479, "721.0": 0.0872, "662.0": 0.2922, "681.0": 0.2105, "686.0": 0.1924, "654.0": 0.315, "675.0": 0.2375, "657.0": 0.301, "712.0": 0.0993, "670.0": 0.2532, "706.0": 0.112, "663.0": 0.2873, "695.0": 0.1506, "683.0": 0.2031, "711.0": 0.1011, "653.0": 0.3197, "714.0": 0.0955, "716.0": 0.0924, "651.0": 0.3291, "659.0": 0.2999, "648.0": 0.3432, "677.0": 0.2274, "669.0": 0.258, "702.0": 0.124, "698.0": 0.1387, "709.0": 0.1052, "687.0": 0.1871}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1996, "long_delta": 0.0851, "short_iv": 0.0993, "short_rel_spread": 0.011976047904191628, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.434776, "long_quote_age": 2.025702, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 717.96}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.07 (gross $-105.07 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:31:06.304637+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits steady positive momentum with a 1D return of +0.04% and 5D return of +0.21% alongside an IV/RV ratio of 0.64.", "invalidation": "A sharp decline in QQQ spot below 717.97 reversing the 5-day gain."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"720.0": 0.088, "665.0": 0.2778, "704.0": 0.1185, "673.0": 0.2479, "687.0": 0.1874, "714.0": 0.0958, "661.0": 0.2973, "650.0": 0.3341, "660.0": 0.3022, "659.0": 0.3071, "678.0": 0.2227, "677.0": 0.2277, "718.0": 0.0901, "717.0": 0.0913, "663.0": 0.2876, "716.0": 0.0926, "709.0": 0.1058, "657.0": 0.3098, "656.0": 0.3146, "646.0": 0.3529, "688.0": 0.1821, "655.0": 0.3107, "668.0": 0.2632, "664.0": 0.2827, "706.0": 0.1135, "692.0": 0.1644, "643.0": 0.367, "644.0": 0.3623, "699.0": 0.1354, "689.0": 0.1768, "682.0": 0.2087, "715.0": 0.094, "697.0": 0.1449, "674.0": 0.2428, "654.0": 0.3153, "705.0": 0.1164, "648.0": 0.3435, "693.0": 0.1622, "702.0": 0.126, "701.0": 0.129, "698.0": 0.1413, "649.0": 0.3388, "721.0": 0.0874, "696.0": 0.1481, "671.0": 0.2535, "707.0": 0.1107, "658.0": 0.305, "645.0": 0.3576, "708.0": 0.108, "653.0": 0.32, "670.0": 0.2535, "710.0": 0.1032, "691.0": 0.1699, "683.0": 0.2035, "675.0": 0.2378, "719.0": 0.0893, "686.0": 0.1928, "652.0": 0.3247, "700.0": 0.1334, "642.0": 0.3717, "667.0": 0.2681, "676.0": 0.2328, "694.0": 0.1566, "669.0": 0.2583, "651.0": 0.3294, "685.0": 0.1981, "647.0": 0.3482, "703.0": 0.1224, "712.0": 0.0995, "684.0": 0.1983, "681.0": 0.2139, "666.0": 0.273, "679.0": 0.2176, "713.0": 0.0973, "711.0": 0.1012, "695.0": 0.1538, "672.0": 0.2529, "662.0": 0.2925, "680.0": 0.216, "690.0": 0.1753}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.5, "short_delta": 0.1974, "long_delta": 0.0848, "short_iv": 0.0995, "short_rel_spread": 0.012121212121212133, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.390059, "long_quote_age": 0.687459, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 450.0, "total_risk": 10350.0, "buying_power_used_pct": 0.9726}, "spot": 718.005}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-106.82 (gross $-105.82 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:31:20.863001+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 1D (+0.04%) and 5D (+0.21%) performance with ATM IV at 8.65% against an RV20 of 13.54%.", "invalidation": "QQQ spot price falls significantly below 717.97 and short-term returns turn negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"704.0": 0.1185, "676.0": 0.2328, "642.0": 0.3717, "668.0": 0.2632, "672.0": 0.2529, "646.0": 0.3529, "700.0": 0.1334, "693.0": 0.1622, "719.0": 0.0889, "708.0": 0.108, "673.0": 0.2479, "650.0": 0.3341, "705.0": 0.1164, "664.0": 0.2827, "701.0": 0.129, "696.0": 0.1482, "657.0": 0.3098, "661.0": 0.2974, "674.0": 0.2429, "683.0": 0.2035, "691.0": 0.1699, "680.0": 0.216, "717.0": 0.091, "652.0": 0.3247, "707.0": 0.1108, "648.0": 0.3435, "671.0": 0.2536, "653.0": 0.32, "684.0": 0.1983, "718.0": 0.09, "721.0": 0.0868, "703.0": 0.1225, "651.0": 0.3294, "688.0": 0.1821, "670.0": 0.2535, "713.0": 0.0974, "681.0": 0.2139, "662.0": 0.2925, "659.0": 0.3071, "689.0": 0.1768, "663.0": 0.2876, "667.0": 0.2681, "686.0": 0.1928, "706.0": 0.1135, "712.0": 0.099, "666.0": 0.273, "720.0": 0.0883, "695.0": 0.1539, "702.0": 0.126, "711.0": 0.1012, "655.0": 0.3107, "649.0": 0.3388, "669.0": 0.2584, "699.0": 0.1354, "687.0": 0.1875, "679.0": 0.2176, "690.0": 0.1754, "658.0": 0.305, "697.0": 0.1449, "677.0": 0.2277, "716.0": 0.0927, "698.0": 0.1414, "678.0": 0.2227, "644.0": 0.3623, "660.0": 0.3022, "665.0": 0.2779, "694.0": 0.1566, "714.0": 0.0955, "656.0": 0.3146, "645.0": 0.3576, "710.0": 0.1032, "643.0": 0.367, "647.0": 0.3482, "709.0": 0.1058, "715.0": 0.094, "654.0": 0.3154, "692.0": 0.1644, "682.0": 0.2087, "685.0": 0.1981, "675.0": 0.2378}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1962, "long_delta": 0.0848, "short_iv": 0.099, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.404034, "long_quote_age": 0.403786, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 718.03}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.65 (gross $-106.65 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:32:48.821638+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 1-day (+0.05%) and 5-day (+0.22%) performance, supporting a short-term bullish put credit spread.", "invalidation": "A reversal resulting in sustained downward price movement across the 1-day and 5-day horizon would invalidate the bullish thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"713.0": 0.0977, "692.0": 0.1644, "707.0": 0.1107, "649.0": 0.3388, "642.0": 0.3717, "708.0": 0.108, "654.0": 0.3153, "657.0": 0.3098, "711.0": 0.1012, "710.0": 0.1031, "652.0": 0.3247, "721.0": 0.0875, "667.0": 0.2681, "709.0": 0.1058, "698.0": 0.1413, "672.0": 0.2529, "666.0": 0.2729, "676.0": 0.2327, "699.0": 0.1354, "719.0": 0.0891, "664.0": 0.2827, "712.0": 0.099, "705.0": 0.1163, "704.0": 0.1197, "678.0": 0.2227, "659.0": 0.3071, "690.0": 0.1753, "681.0": 0.2138, "643.0": 0.3669, "655.0": 0.3106, "702.0": 0.1259, "660.0": 0.3022, "673.0": 0.2479, "695.0": 0.1538, "674.0": 0.2428, "658.0": 0.305, "644.0": 0.3622, "671.0": 0.2486, "646.0": 0.3528, "668.0": 0.2632, "661.0": 0.2973, "717.0": 0.0912, "720.0": 0.0881, "683.0": 0.2035, "716.0": 0.0924, "675.0": 0.2378, "718.0": 0.0899, "696.0": 0.1481, "677.0": 0.2277, "647.0": 0.3481, "679.0": 0.2176, "687.0": 0.1874, "663.0": 0.2876, "682.0": 0.2087, "684.0": 0.1983, "693.0": 0.1622, "706.0": 0.1134, "715.0": 0.0939, "691.0": 0.1698, "650.0": 0.3341, "694.0": 0.1566, "665.0": 0.2778, "648.0": 0.3434, "697.0": 0.1449, "653.0": 0.32, "701.0": 0.129, "669.0": 0.2583, "688.0": 0.1821, "689.0": 0.1808, "700.0": 0.1333, "670.0": 0.2534, "685.0": 0.1981, "686.0": 0.1927, "714.0": 0.0956, "651.0": 0.3294, "645.0": 0.3575, "662.0": 0.2924, "680.0": 0.2159, "656.0": 0.3146, "703.0": 0.1224}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1964, "long_delta": 0.0848, "short_iv": 0.099, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.532809, "long_quote_age": 0.890535, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 718.015}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.87 (gross $-106.87 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:32:59.797486+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 4, "max_loss_usd": 350, "thesis": "QQQ shows positive momentum with 1D (+0.05%) and 5D (+0.22%) returns, supporting a short-dated bullish put credit spread.", "invalidation": "A decline in QQQ spot price below the short put strike invalidates the thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"695.0": 0.1538, "679.0": 0.2176, "682.0": 0.2087, "678.0": 0.2227, "671.0": 0.2486, "651.0": 0.3294, "647.0": 0.3481, "721.0": 0.087, "653.0": 0.32, "696.0": 0.1481, "704.0": 0.1197, "715.0": 0.0939, "700.0": 0.1333, "706.0": 0.1134, "660.0": 0.3022, "697.0": 0.1449, "718.0": 0.0899, "675.0": 0.2378, "673.0": 0.2479, "708.0": 0.108, "648.0": 0.3434, "703.0": 0.1224, "658.0": 0.305, "666.0": 0.2729, "662.0": 0.2924, "710.0": 0.1031, "668.0": 0.2632, "712.0": 0.0992, "644.0": 0.3622, "716.0": 0.0922, "676.0": 0.2327, "654.0": 0.3153, "665.0": 0.2778, "661.0": 0.2973, "684.0": 0.1983, "707.0": 0.1107, "691.0": 0.1698, "664.0": 0.2827, "657.0": 0.3098, "720.0": 0.0878, "689.0": 0.1808, "649.0": 0.3388, "699.0": 0.1354, "646.0": 0.3528, "663.0": 0.2876, "680.0": 0.2159, "643.0": 0.3669, "652.0": 0.3247, "650.0": 0.3341, "667.0": 0.2681, "686.0": 0.1927, "688.0": 0.1821, "674.0": 0.2428, "690.0": 0.1753, "717.0": 0.0912, "645.0": 0.3575, "693.0": 0.1622, "713.0": 0.0973, "711.0": 0.1012, "719.0": 0.0887, "685.0": 0.1981, "683.0": 0.2035, "670.0": 0.2534, "655.0": 0.3106, "714.0": 0.0954, "656.0": 0.3146, "694.0": 0.1566, "692.0": 0.1644, "669.0": 0.2583, "705.0": 0.1163, "677.0": 0.2277, "709.0": 0.1058, "698.0": 0.1413, "681.0": 0.2138, "702.0": 0.1259, "701.0": 0.129, "659.0": 0.3071, "687.0": 0.1874, "672.0": 0.2529}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 29, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00708000", "short_strike": 712.0, "long_strike": 708.0, "width": 4.0, "credit": 0.44, "short_delta": 0.1969, "long_delta": 0.0998, "short_iv": 0.0992, "short_rel_spread": 0.024390243902438907, "long_rel_spread": 0.025974025974025997, "short_quote_age": 0.789964, "long_quote_age": 0.724526, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 29, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 356.0, "total_risk": 10324.0, "buying_power_used_pct": 0.9702}, "spot": 718.02}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-85.07 (gross $-83.57 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 29 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:34:20.028827+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays positive short-term momentum with 1D return of +0.08% and 5D return of +0.25% while IV/RV sits at 0.64.", "invalidation": "QQQ spot drops significantly reversing the positive 5-day return trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1132, "674.0": 0.244, "710.0": 0.1034, "651.0": 0.3304, "693.0": 0.1635, "642.0": 0.3727, "701.0": 0.1305, "692.0": 0.1657, "705.0": 0.1158, "682.0": 0.2099, "721.0": 0.0869, "666.0": 0.2741, "672.0": 0.254, "677.0": 0.2289, "673.0": 0.249, "644.0": 0.3633, "652.0": 0.3257, "704.0": 0.1201, "695.0": 0.1552, "683.0": 0.2047, "643.0": 0.368, "659.0": 0.3082, "650.0": 0.3351, "715.0": 0.0935, "717.0": 0.0905, "716.0": 0.0919, "676.0": 0.2339, "707.0": 0.1108, "664.0": 0.2838, "711.0": 0.1012, "687.0": 0.1887, "679.0": 0.2188, "699.0": 0.1368, "712.0": 0.0988, "648.0": 0.3445, "647.0": 0.3492, "697.0": 0.1463, "720.0": 0.0872, "685.0": 0.1993, "658.0": 0.3061, "654.0": 0.3164, "661.0": 0.2984, "714.0": 0.095, "686.0": 0.194, "649.0": 0.3398, "684.0": 0.1995, "655.0": 0.3117, "665.0": 0.2789, "645.0": 0.3586, "660.0": 0.3033, "694.0": 0.1579, "680.0": 0.2171, "713.0": 0.0971, "709.0": 0.1057, "663.0": 0.2887, "681.0": 0.2151, "719.0": 0.0883, "668.0": 0.2643, "691.0": 0.1712, "700.0": 0.1339, "690.0": 0.1766, "678.0": 0.2238, "702.0": 0.1259, "718.0": 0.0891, "653.0": 0.3211, "667.0": 0.2692, "688.0": 0.1833, "657.0": 0.3109, "698.0": 0.1427, "656.0": 0.3157, "703.0": 0.1226, "662.0": 0.2936, "689.0": 0.1821, "671.0": 0.2497, "708.0": 0.1083, "696.0": 0.1495, "670.0": 0.2546, "669.0": 0.2594, "646.0": 0.3539, "675.0": 0.239}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1869, "long_delta": 0.0804, "short_iv": 0.0988, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.487612, "long_quote_age": 0.479859, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 718.24}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-109.66 (gross $-108.66 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:34:31.322312+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.25, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates positive short-term momentum with a 1D gain of +0.08% and 5D gain of +0.25% with IV at 8.63% against RV20 of 13.54%.", "invalidation": "QQQ spot price reverses and breaks downward from 718.23."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"706.0": 0.1305, "668.0": 0.2557, "688.0": 0.1824, "711.0": 0.1198, "657.0": 0.2948, "673.0": 0.2352, "654.0": 0.3083, "709.0": 0.124, "669.0": 0.2511, "697.0": 0.1537, "674.0": 0.233, "692.0": 0.1687, "719.0": 0.1062, "647.0": 0.3283, "716.0": 0.1104, "680.0": 0.2106, "677.0": 0.221, "712.0": 0.1179, "651.0": 0.3166, "699.0": 0.1477, "715.0": 0.112, "664.0": 0.271, "661.0": 0.281, "652.0": 0.3173, "717.0": 0.1088, "670.0": 0.2493, "687.0": 0.185, "648.0": 0.3299, "663.0": 0.2755, "707.0": 0.1284, "685.0": 0.1924, "667.0": 0.2572, "714.0": 0.1138, "655.0": 0.3038, "700.0": 0.1452, "684.0": 0.1959, "690.0": 0.1754, "682.0": 0.2043, "660.0": 0.2855, "691.0": 0.1712, "710.0": 0.1218, "695.0": 0.1597, "653.0": 0.3128, "645.0": 0.337, "721.0": 0.104, "649.0": 0.3255, "675.0": 0.2306, "678.0": 0.2183, "704.0": 0.1352, "708.0": 0.1263, "672.0": 0.2399, "698.0": 0.1509, "694.0": 0.163, "683.0": 0.1993, "656.0": 0.2993, "665.0": 0.2664, "659.0": 0.2858, "671.0": 0.2446, "666.0": 0.2618, "713.0": 0.1159, "693.0": 0.166, "720.0": 0.1052, "705.0": 0.1329, "644.0": 0.3414, "689.0": 0.1784, "701.0": 0.1427, "658.0": 0.2903, "646.0": 0.3326, "702.0": 0.1402, "679.0": 0.2154, "686.0": 0.1888, "718.0": 0.1074, "662.0": 0.2801, "703.0": 0.1376, "650.0": 0.3211, "696.0": 0.1569, "676.0": 0.2258, "681.0": 0.2057}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 42, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00712000", "long_symbol": "QQQ260909P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.49, "short_delta": 0.2496, "long_delta": 0.1752, "short_iv": 0.1179, "short_rel_spread": 0.02020202020202022, "long_rel_spread": 0.02020202020202022, "short_quote_age": 0.437522, "long_quote_age": 0.475879, "friction_usd": 2.5, "kelly": {"mode": "full_buying_power", "contracts": 42, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 251.0, "total_risk": 10542.0, "buying_power_used_pct": 0.9907}, "spot": 718.25}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-53.94 (gross $-51.44 - friction $2.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 42 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:35:50.387021+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ maintains steady positive short-term returns (+0.09% 1D and +0.26% 5D) while trading at a subdued IV/RV of 0.64.", "invalidation": "A sharp reversal in QQQ spot price below current levels accompanied by a spike in short-term implied volatility."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"667.0": 0.2694, "661.0": 0.2986, "684.0": 0.1997, "670.0": 0.2598, "720.0": 0.0879, "642.0": 0.3729, "704.0": 0.1191, "668.0": 0.2645, "713.0": 0.0976, "701.0": 0.1307, "696.0": 0.1497, "681.0": 0.2153, "702.0": 0.1262, "649.0": 0.34, "700.0": 0.1332, "686.0": 0.1942, "688.0": 0.1836, "674.0": 0.2442, "712.0": 0.0993, "655.0": 0.3119, "645.0": 0.3588, "711.0": 0.1016, "660.0": 0.3035, "662.0": 0.2938, "677.0": 0.2291, "685.0": 0.1996, "714.0": 0.0957, "692.0": 0.1659, "710.0": 0.1038, "708.0": 0.1086, "653.0": 0.3212, "663.0": 0.2889, "705.0": 0.1161, "678.0": 0.224, "651.0": 0.3306, "689.0": 0.1803, "703.0": 0.1229, "669.0": 0.2596, "697.0": 0.1465, "676.0": 0.2341, "679.0": 0.219, "652.0": 0.3259, "666.0": 0.2743, "718.0": 0.0897, "691.0": 0.1714, "650.0": 0.3353, "693.0": 0.1638, "721.0": 0.0872, "699.0": 0.1371, "659.0": 0.3084, "683.0": 0.2049, "716.0": 0.0925, "644.0": 0.3635, "690.0": 0.1769, "675.0": 0.2392, "643.0": 0.3682, "695.0": 0.1554, "706.0": 0.1135, "709.0": 0.106, "719.0": 0.0886, "715.0": 0.094, "648.0": 0.3447, "698.0": 0.1407, "654.0": 0.3166, "694.0": 0.1582, "665.0": 0.2791, "664.0": 0.284, "680.0": 0.2174, "717.0": 0.091, "646.0": 0.3541, "687.0": 0.1889, "647.0": 0.3494, "673.0": 0.2492, "672.0": 0.2543, "657.0": 0.3111, "707.0": 0.1111, "682.0": 0.2101, "656.0": 0.3159, "658.0": 0.3063, "671.0": 0.2499}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1863, "long_delta": 0.0802, "short_iv": 0.0993, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.776143, "long_quote_age": 0.727072, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 718.3}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-108.79 (gross $-107.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:36:05.782491+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with 1D gain of +0.09% and 5D gain of +0.26% alongside an ATM IV of 8.63%.", "invalidation": "QQQ spot declining below the short put strike level before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"708.0": 0.1091, "652.0": 0.3262, "709.0": 0.1065, "684.0": 0.2, "710.0": 0.1043, "688.0": 0.1839, "648.0": 0.3449, "668.0": 0.2648, "703.0": 0.1232, "701.0": 0.1293, "651.0": 0.3309, "711.0": 0.1015, "677.0": 0.2294, "714.0": 0.0955, "681.0": 0.2156, "658.0": 0.3065, "700.0": 0.1335, "664.0": 0.2843, "718.0": 0.0898, "656.0": 0.3161, "649.0": 0.3402, "685.0": 0.1999, "666.0": 0.2745, "682.0": 0.2104, "691.0": 0.1717, "676.0": 0.2344, "653.0": 0.3215, "706.0": 0.1139, "721.0": 0.0873, "645.0": 0.359, "693.0": 0.1641, "698.0": 0.141, "680.0": 0.2176, "657.0": 0.3113, "663.0": 0.2892, "687.0": 0.1892, "712.0": 0.0993, "692.0": 0.1662, "672.0": 0.2545, "673.0": 0.2495, "697.0": 0.1469, "713.0": 0.0977, "702.0": 0.1265, "716.0": 0.0925, "719.0": 0.089, "674.0": 0.2445, "695.0": 0.1558, "675.0": 0.2394, "667.0": 0.2697, "720.0": 0.0882, "689.0": 0.1806, "705.0": 0.1165, "660.0": 0.3038, "715.0": 0.0939, "670.0": 0.2601, "671.0": 0.2502, "647.0": 0.3496, "669.0": 0.2599, "690.0": 0.1772, "699.0": 0.1374, "646.0": 0.3543, "704.0": 0.1195, "655.0": 0.3121, "686.0": 0.1945, "654.0": 0.3168, "683.0": 0.2052, "717.0": 0.0911, "650.0": 0.3356, "678.0": 0.2243, "694.0": 0.1585, "696.0": 0.1501, "662.0": 0.294, "707.0": 0.1115, "661.0": 0.2989, "679.0": 0.2193, "644.0": 0.3637, "659.0": 0.3086, "665.0": 0.2794}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.32, "short_delta": 0.1843, "long_delta": 0.1116, "short_iv": 0.0993, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.438107, "long_quote_age": 0.468381, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 268.0, "total_risk": 10452.0, "buying_power_used_pct": 0.9822}, "spot": 718.34}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-65.47 (gross $-64.47 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:37:28.668904+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum across 1D (+0.08%) and 5D (+0.26%) returns with ATM IV at 8.63% trading below realized volatility (IV/RV 0.64), supporting a short-dated put credit spread.", "invalidation": "A reversal turning 5D performance negative and driving spot below the short strike would invalidate the bullish stance."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"645.0": 0.3585, "672.0": 0.2539, "667.0": 0.2691, "658.0": 0.306, "696.0": 0.1493, "714.0": 0.095, "717.0": 0.0903, "662.0": 0.2934, "643.0": 0.3679, "683.0": 0.2046, "691.0": 0.171, "675.0": 0.2388, "686.0": 0.1939, "653.0": 0.321, "685.0": 0.1992, "676.0": 0.2338, "659.0": 0.3081, "703.0": 0.1224, "690.0": 0.1765, "680.0": 0.2201, "705.0": 0.1156, "707.0": 0.1106, "720.0": 0.0872, "649.0": 0.3397, "709.0": 0.1055, "652.0": 0.3256, "688.0": 0.1832, "701.0": 0.1286, "674.0": 0.2439, "715.0": 0.0935, "687.0": 0.1886, "719.0": 0.0882, "647.0": 0.3491, "695.0": 0.1536, "646.0": 0.3538, "708.0": 0.1081, "710.0": 0.1032, "718.0": 0.0894, "665.0": 0.2788, "702.0": 0.1258, "656.0": 0.3156, "693.0": 0.1634, "655.0": 0.3116, "666.0": 0.274, "661.0": 0.2983, "669.0": 0.2593, "664.0": 0.2837, "698.0": 0.1403, "642.0": 0.3726, "700.0": 0.1327, "682.0": 0.2098, "648.0": 0.3444, "678.0": 0.2237, "711.0": 0.101, "694.0": 0.1578, "644.0": 0.3632, "651.0": 0.3303, "681.0": 0.2149, "706.0": 0.113, "670.0": 0.2545, "712.0": 0.0991, "713.0": 0.0969, "650.0": 0.335, "663.0": 0.2886, "679.0": 0.2187, "654.0": 0.3163, "692.0": 0.1655, "716.0": 0.0919, "699.0": 0.1367, "677.0": 0.2288, "657.0": 0.3108, "704.0": 0.1186, "684.0": 0.1994, "671.0": 0.2496, "668.0": 0.2642, "673.0": 0.2489, "697.0": 0.1461, "660.0": 0.3032, "689.0": 0.18, "721.0": 0.0865}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1885, "long_delta": 0.0805, "short_iv": 0.0991, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.518779, "long_quote_age": 0.680877, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 718.255}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-108.07 (gross $-107.07 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:37:41.418489+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with 1D up +0.08% and 5D up +0.26% against an IV/RV ratio of 0.64.", "invalidation": "QQQ spot price falls sharply below 718.27 turning the 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"656.0": 0.3155, "685.0": 0.1992, "647.0": 0.3491, "693.0": 0.1634, "668.0": 0.2642, "721.0": 0.0869, "690.0": 0.1765, "666.0": 0.2739, "665.0": 0.2788, "716.0": 0.0922, "711.0": 0.1012, "714.0": 0.0953, "688.0": 0.1832, "677.0": 0.2287, "717.0": 0.0911, "694.0": 0.1578, "689.0": 0.1799, "667.0": 0.2691, "720.0": 0.0878, "715.0": 0.0935, "691.0": 0.171, "670.0": 0.2544, "681.0": 0.2149, "708.0": 0.1081, "676.0": 0.2338, "642.0": 0.3726, "653.0": 0.3209, "702.0": 0.1257, "699.0": 0.1366, "658.0": 0.306, "662.0": 0.2934, "704.0": 0.1186, "654.0": 0.3163, "697.0": 0.1461, "706.0": 0.113, "682.0": 0.2097, "719.0": 0.0886, "700.0": 0.1327, "705.0": 0.1156, "679.0": 0.2186, "652.0": 0.3256, "703.0": 0.1224, "687.0": 0.1885, "643.0": 0.3679, "710.0": 0.1031, "718.0": 0.0898, "651.0": 0.3303, "659.0": 0.308, "686.0": 0.1939, "707.0": 0.1105, "701.0": 0.1285, "692.0": 0.1655, "661.0": 0.2983, "655.0": 0.3116, "644.0": 0.3632, "712.0": 0.0991, "663.0": 0.2885, "709.0": 0.1054, "683.0": 0.2045, "673.0": 0.2489, "675.0": 0.2388, "650.0": 0.335, "678.0": 0.2237, "672.0": 0.2539, "657.0": 0.3107, "695.0": 0.1536, "649.0": 0.3397, "696.0": 0.1493, "684.0": 0.1993, "645.0": 0.3585, "680.0": 0.2201, "674.0": 0.2438, "660.0": 0.3032, "669.0": 0.2593, "713.0": 0.0971, "698.0": 0.1403, "646.0": 0.3538, "648.0": 0.3444, "671.0": 0.2496, "664.0": 0.2837}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1885, "long_delta": 0.0805, "short_iv": 0.0991, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.409634, "long_quote_age": 0.409319, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 718.245}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-107.74 (gross $-106.74 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:39:09.717634+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows steady upward drift with a +0.05% 1-day and +0.23% 5-day return alongside an IV/RV ratio of 0.63.", "invalidation": "QQQ breaks below recent price action, turning the 5-day return negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"685.0": 0.1983, "706.0": 0.1138, "716.0": 0.0922, "655.0": 0.3109, "664.0": 0.2829, "665.0": 0.2781, "647.0": 0.3484, "701.0": 0.1293, "718.0": 0.0894, "689.0": 0.1791, "709.0": 0.1062, "721.0": 0.087, "694.0": 0.1569, "670.0": 0.2537, "702.0": 0.1263, "686.0": 0.193, "676.0": 0.233, "672.0": 0.2531, "682.0": 0.2089, "667.0": 0.2683, "654.0": 0.3156, "651.0": 0.3296, "652.0": 0.3249, "713.0": 0.0974, "687.0": 0.1877, "714.0": 0.0956, "711.0": 0.1016, "658.0": 0.3052, "703.0": 0.1221, "715.0": 0.0938, "679.0": 0.2179, "642.0": 0.3719, "684.0": 0.1985, "691.0": 0.1701, "697.0": 0.1452, "673.0": 0.2481, "719.0": 0.0884, "666.0": 0.2732, "699.0": 0.1357, "663.0": 0.2878, "704.0": 0.1188, "671.0": 0.2488, "692.0": 0.1647, "717.0": 0.0906, "698.0": 0.1416, "705.0": 0.1167, "707.0": 0.1111, "693.0": 0.1625, "683.0": 0.2037, "712.0": 0.0995, "650.0": 0.3343, "690.0": 0.1756, "675.0": 0.238, "680.0": 0.2193, "657.0": 0.31, "645.0": 0.3578, "700.0": 0.1337, "696.0": 0.1484, "668.0": 0.2634, "674.0": 0.2431, "661.0": 0.2976, "648.0": 0.3437, "659.0": 0.3073, "660.0": 0.3024, "646.0": 0.3531, "677.0": 0.228, "720.0": 0.0873, "681.0": 0.2141, "669.0": 0.2586, "678.0": 0.2229, "649.0": 0.339, "695.0": 0.1541, "710.0": 0.1036, "688.0": 0.1824, "644.0": 0.3625, "656.0": 0.3148, "643.0": 0.3672, "653.0": 0.3202, "708.0": 0.1084, "662.0": 0.2927}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.49, "short_delta": 0.1955, "long_delta": 0.0846, "short_iv": 0.0995, "short_rel_spread": 0.012269938650306624, "long_rel_spread": 0.030769230769230795, "short_quote_age": 0.529477, "long_quote_age": 0.628118, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 451.0, "total_risk": 10373.0, "buying_power_used_pct": 0.9748}, "spot": 718.04}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-108.51 (gross $-107.51 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:39:20.159591+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.25, "spread_width": 4, "max_loss_usd": 350, "thesis": "QQQ exhibits resilient positive momentum with 1D +0.05% and 5D +0.23% gains alongside an ATM IV of 8.57%.", "invalidation": "A breakdown in QQQ spot price leading to negative 5D returns would invalidate the bullish posture."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"696.0": 0.1566, "710.0": 0.1218, "692.0": 0.1678, "662.0": 0.2757, "671.0": 0.2438, "686.0": 0.188, "721.0": 0.1042, "716.0": 0.1101, "704.0": 0.1354, "709.0": 0.124, "700.0": 0.1456, "705.0": 0.1332, "655.0": 0.3031, "652.0": 0.3166, "720.0": 0.1049, "698.0": 0.1505, "708.0": 0.1262, "719.0": 0.1062, "680.0": 0.2098, "667.0": 0.2564, "712.0": 0.1175, "660.0": 0.2848, "661.0": 0.2803, "685.0": 0.1916, "643.0": 0.3451, "693.0": 0.1651, "656.0": 0.2986, "714.0": 0.1137, "702.0": 0.1399, "658.0": 0.2896, "654.0": 0.3076, "646.0": 0.332, "713.0": 0.1156, "683.0": 0.1985, "695.0": 0.1595, "649.0": 0.3248, "717.0": 0.1086, "672.0": 0.2391, "674.0": 0.2322, "663.0": 0.2712, "675.0": 0.2275, "668.0": 0.255, "707.0": 0.1284, "677.0": 0.2202, "718.0": 0.1074, "711.0": 0.1196, "691.0": 0.1703, "648.0": 0.3293, "703.0": 0.138, "679.0": 0.2127, "681.0": 0.2067, "699.0": 0.1478, "645.0": 0.3363, "697.0": 0.1534, "650.0": 0.3204, "659.0": 0.2893, "706.0": 0.1307, "665.0": 0.2656, "670.0": 0.2457, "664.0": 0.2702, "690.0": 0.1745, "715.0": 0.112, "678.0": 0.2175, "676.0": 0.225, "684.0": 0.1951, "687.0": 0.1842, "666.0": 0.261, "673.0": 0.2344, "647.0": 0.3276, "689.0": 0.1776, "657.0": 0.2941, "653.0": 0.3121, "682.0": 0.2018, "688.0": 0.1816, "694.0": 0.1621, "669.0": 0.2503, "651.0": 0.3159, "701.0": 0.143, "644.0": 0.3407}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 31, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00712000", "long_symbol": "QQQ260909P00708000", "short_strike": 712.0, "long_strike": 708.0, "width": 4.0, "credit": 0.62, "short_delta": 0.2546, "long_delta": 0.1594, "short_iv": 0.1175, "short_rel_spread": 0.013157894736842117, "long_rel_spread": 0.011173184357541908, "short_quote_age": 0.780116, "long_quote_age": 1.557287, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 31, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 338.0, "total_risk": 10478.0, "buying_power_used_pct": 0.9847}, "spot": 718.075}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-71.69 (gross $-70.19 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 31 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:40:42.513130+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive 1D (+0.06%) and 5D (+0.23%) momentum at a spot price of 718.09.", "invalidation": "A reversal in QQQ spot price that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"706.0": 0.1138, "701.0": 0.1301, "671.0": 0.2494, "684.0": 0.1992, "705.0": 0.1165, "677.0": 0.2286, "667.0": 0.2689, "643.0": 0.3677, "676.0": 0.2336, "650.0": 0.3349, "649.0": 0.3395, "691.0": 0.1708, "642.0": 0.3724, "686.0": 0.1937, "647.0": 0.3489, "673.0": 0.2487, "652.0": 0.3255, "683.0": 0.2044, "702.0": 0.1271, "662.0": 0.2933, "665.0": 0.2787, "658.0": 0.3128, "700.0": 0.1345, "657.0": 0.3106, "709.0": 0.1059, "653.0": 0.3298, "670.0": 0.2594, "661.0": 0.2982, "682.0": 0.2096, "694.0": 0.1576, "690.0": 0.1763, "663.0": 0.2884, "695.0": 0.1549, "651.0": 0.3302, "711.0": 0.1012, "710.0": 0.1035, "707.0": 0.1112, "679.0": 0.222, "688.0": 0.183, "689.0": 0.1818, "645.0": 0.3583, "656.0": 0.3154, "680.0": 0.22, "681.0": 0.2148, "698.0": 0.1424, "668.0": 0.2641, "719.0": 0.0884, "704.0": 0.1197, "717.0": 0.0905, "654.0": 0.325, "666.0": 0.2738, "669.0": 0.2592, "655.0": 0.3202, "664.0": 0.2835, "674.0": 0.2437, "721.0": 0.0866, "685.0": 0.199, "644.0": 0.363, "646.0": 0.3536, "697.0": 0.1459, "692.0": 0.1688, "720.0": 0.087, "708.0": 0.1086, "715.0": 0.0935, "714.0": 0.0954, "716.0": 0.0922, "672.0": 0.2538, "660.0": 0.303, "675.0": 0.2387, "713.0": 0.0974, "712.0": 0.0993, "696.0": 0.1492, "687.0": 0.1884, "678.0": 0.2236, "718.0": 0.0894, "699.0": 0.1386, "703.0": 0.1222, "659.0": 0.3079, "693.0": 0.1632, "648.0": 0.3442}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.47, "short_delta": 0.1901, "long_delta": 0.0823, "short_iv": 0.0993, "short_rel_spread": 0.012738853503184724, "long_rel_spread": 0.03174603174603177, "short_quote_age": 0.751455, "long_quote_age": 1.05018, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 453.0, "total_risk": 10419.0, "buying_power_used_pct": 0.9791}, "spot": 718.16}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-109.28 (gross $-108.28 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:40:55.296978+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits relative stability with positive returns of +0.06% over 1D and +0.23% over 5D against an ATM IV of 8.57%.", "invalidation": "A breakdown in QQQ spot price below current levels toward the short strike would invalidate the thesis."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"677.0": 0.2286, "694.0": 0.1576, "644.0": 0.3631, "707.0": 0.1113, "717.0": 0.0903, "700.0": 0.1345, "687.0": 0.1884, "675.0": 0.2387, "699.0": 0.1386, "683.0": 0.2044, "645.0": 0.3584, "663.0": 0.2885, "693.0": 0.1632, "680.0": 0.22, "712.0": 0.0989, "715.0": 0.0936, "668.0": 0.2641, "684.0": 0.1993, "659.0": 0.308, "669.0": 0.2592, "664.0": 0.2836, "710.0": 0.1036, "654.0": 0.325, "681.0": 0.2148, "656.0": 0.3154, "706.0": 0.1138, "697.0": 0.146, "661.0": 0.2982, "653.0": 0.3298, "672.0": 0.2538, "721.0": 0.0861, "685.0": 0.1991, "665.0": 0.2787, "705.0": 0.1166, "696.0": 0.1492, "709.0": 0.106, "690.0": 0.1764, "714.0": 0.0951, "698.0": 0.1425, "711.0": 0.1013, "701.0": 0.1302, "704.0": 0.1198, "650.0": 0.3349, "702.0": 0.1272, "652.0": 0.3255, "713.0": 0.0971, "720.0": 0.0872, "691.0": 0.1709, "718.0": 0.0892, "670.0": 0.2594, "651.0": 0.3302, "673.0": 0.2488, "657.0": 0.3107, "688.0": 0.1831, "666.0": 0.2738, "708.0": 0.1079, "703.0": 0.1223, "716.0": 0.0916, "674.0": 0.2438, "667.0": 0.269, "671.0": 0.2495, "719.0": 0.088, "679.0": 0.222, "676.0": 0.2337, "658.0": 0.3128, "647.0": 0.349, "662.0": 0.2933, "682.0": 0.2096, "695.0": 0.1549, "648.0": 0.3443, "692.0": 0.1688, "649.0": 0.3396, "660.0": 0.3031, "689.0": 0.1818, "678.0": 0.2236, "646.0": 0.3537, "655.0": 0.3202, "686.0": 0.1938}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.33, "short_delta": 0.1888, "long_delta": 0.1142, "short_iv": 0.0989, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.02247191011235957, "short_quote_age": 0.721233, "long_quote_age": 1.048481, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 267.0, "total_risk": 10413.0, "buying_power_used_pct": 0.9786}, "spot": 718.23}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-65.23 (gross $-64.23 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:42:18.375798+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum across 1D (+0.07%) and 5D (+0.24%) intervals while trading at an IV/RV ratio of 0.63.", "invalidation": "A sharp decline in QQQ spot price breaching the short strike level prior to expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"700.0": 0.1347, "658.0": 0.313, "697.0": 0.1462, "663.0": 0.2886, "686.0": 0.1939, "672.0": 0.254, "688.0": 0.1832, "654.0": 0.3251, "683.0": 0.2046, "675.0": 0.2389, "667.0": 0.2691, "716.0": 0.0916, "707.0": 0.1106, "649.0": 0.3397, "703.0": 0.1225, "690.0": 0.1765, "655.0": 0.3204, "678.0": 0.2237, "715.0": 0.0932, "657.0": 0.3108, "687.0": 0.1886, "664.0": 0.2837, "674.0": 0.2439, "693.0": 0.1634, "660.0": 0.3032, "704.0": 0.1199, "695.0": 0.1551, "709.0": 0.1062, "689.0": 0.182, "677.0": 0.2288, "681.0": 0.215, "684.0": 0.2045, "702.0": 0.1258, "691.0": 0.1711, "698.0": 0.1426, "656.0": 0.3156, "710.0": 0.1032, "718.0": 0.089, "650.0": 0.335, "711.0": 0.101, "659.0": 0.3081, "721.0": 0.0866, "679.0": 0.2222, "669.0": 0.2645, "666.0": 0.274, "671.0": 0.259, "692.0": 0.169, "661.0": 0.2983, "645.0": 0.3585, "647.0": 0.3491, "694.0": 0.1578, "670.0": 0.2595, "705.0": 0.1168, "717.0": 0.0904, "685.0": 0.1992, "665.0": 0.2788, "680.0": 0.2202, "652.0": 0.3257, "653.0": 0.321, "706.0": 0.114, "712.0": 0.0992, "668.0": 0.2642, "713.0": 0.0974, "720.0": 0.087, "699.0": 0.1388, "646.0": 0.3538, "673.0": 0.2489, "682.0": 0.2098, "701.0": 0.1304, "719.0": 0.0882, "696.0": 0.1494, "714.0": 0.0952, "651.0": 0.3303, "676.0": 0.2338, "708.0": 0.1081, "648.0": 0.3444, "662.0": 0.2935}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 60, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00710000", "short_strike": 712.0, "long_strike": 710.0, "width": 2.0, "credit": 0.25, "short_delta": 0.1884, "long_delta": 0.1336, "short_iv": 0.0992, "short_rel_spread": 0.012903225806451623, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.538671, "long_quote_age": 0.672038, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 60, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 175.0, "total_risk": 10500.0, "buying_power_used_pct": 0.9867}, "spot": 718.1949999999999}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-42.52 (gross $-41.52 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 60 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:42:30.457397+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive 1D (+0.07%) and 5D (+0.24%) returns with spot at 718.14, supporting a bullish put credit spread over a longer 5-7 DTE window.", "invalidation": "QQQ spot price declines significantly below 718.14."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"704.0": 0.1355, "660.0": 0.2855, "679.0": 0.2154, "667.0": 0.2603, "642.0": 0.3502, "708.0": 0.126, "703.0": 0.1376, "699.0": 0.1482, "694.0": 0.163, "659.0": 0.29, "711.0": 0.1195, "705.0": 0.1331, "655.0": 0.3038, "695.0": 0.1604, "696.0": 0.1569, "648.0": 0.3299, "718.0": 0.1065, "692.0": 0.1687, "670.0": 0.2492, "713.0": 0.1155, "653.0": 0.3128, "697.0": 0.1543, "674.0": 0.233, "685.0": 0.1924, "676.0": 0.2258, "683.0": 0.1993, "682.0": 0.2043, "668.0": 0.2557, "654.0": 0.3083, "644.0": 0.3414, "720.0": 0.1045, "671.0": 0.2446, "652.0": 0.3173, "716.0": 0.1097, "688.0": 0.1824, "666.0": 0.2617, "673.0": 0.2377, "680.0": 0.2105, "677.0": 0.221, "675.0": 0.2306, "646.0": 0.3326, "721.0": 0.1036, "672.0": 0.2399, "715.0": 0.1115, "650.0": 0.321, "651.0": 0.3166, "647.0": 0.3344, "714.0": 0.1134, "701.0": 0.1432, "700.0": 0.1457, "669.0": 0.251, "649.0": 0.3255, "678.0": 0.2183, "706.0": 0.1308, "702.0": 0.1402, "686.0": 0.1888, "664.0": 0.2709, "689.0": 0.1784, "690.0": 0.1754, "712.0": 0.1176, "717.0": 0.1079, "656.0": 0.2993, "657.0": 0.2948, "645.0": 0.337, "661.0": 0.281, "662.0": 0.2801, "681.0": 0.2075, "710.0": 0.1215, "665.0": 0.2663, "658.0": 0.2946, "643.0": 0.3458, "709.0": 0.124, "693.0": 0.166, "684.0": 0.1959, "698.0": 0.1509, "707.0": 0.1284, "719.0": 0.1056, "691.0": 0.1711, "663.0": 0.2755, "687.0": 0.185}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1968, "long_delta": 0.1087, "short_iv": 0.1215, "short_rel_spread": 0.0088888888888887, "long_rel_spread": 0.0338983050847458, "short_quote_age": 0.497669, "long_quote_age": 0.918414, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 718.235}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.92 (gross $-93.42 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:43:52.030283+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ shows resilient upward momentum with a +0.08% 1-day and +0.25% 5-day gain, favoring a put credit spread.", "invalidation": "A downward price reversal in QQQ that breaches the short strike level."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"665.0": 0.2787, "698.0": 0.1425, "653.0": 0.3298, "696.0": 0.1492, "660.0": 0.3031, "687.0": 0.1884, "694.0": 0.1576, "718.0": 0.0885, "713.0": 0.0964, "669.0": 0.2644, "650.0": 0.3349, "674.0": 0.2438, "702.0": 0.1272, "721.0": 0.0864, "712.0": 0.0984, "684.0": 0.2044, "716.0": 0.0911, "711.0": 0.1008, "659.0": 0.308, "683.0": 0.2097, "663.0": 0.2885, "686.0": 0.1938, "680.0": 0.22, "717.0": 0.0896, "685.0": 0.1991, "688.0": 0.1873, "719.0": 0.0873, "649.0": 0.3396, "654.0": 0.325, "662.0": 0.2933, "672.0": 0.2538, "670.0": 0.2639, "700.0": 0.1345, "667.0": 0.2743, "715.0": 0.0929, "693.0": 0.1632, "706.0": 0.1138, "701.0": 0.1302, "679.0": 0.2252, "642.0": 0.3725, "678.0": 0.2271, "704.0": 0.1198, "644.0": 0.3631, "710.0": 0.103, "651.0": 0.3394, "699.0": 0.1386, "657.0": 0.3107, "656.0": 0.3154, "648.0": 0.3443, "720.0": 0.0862, "658.0": 0.3128, "681.0": 0.2148, "645.0": 0.3584, "671.0": 0.2588, "690.0": 0.1764, "695.0": 0.1549, "692.0": 0.1688, "682.0": 0.2096, "677.0": 0.2322, "664.0": 0.2836, "709.0": 0.1053, "707.0": 0.1104, "703.0": 0.1223, "652.0": 0.3346, "661.0": 0.2982, "646.0": 0.3634, "697.0": 0.146, "689.0": 0.1818, "705.0": 0.1166, "673.0": 0.2488, "647.0": 0.349, "655.0": 0.3202, "714.0": 0.0945, "668.0": 0.2693, "675.0": 0.2387, "643.0": 0.3678, "691.0": 0.1709, "708.0": 0.1079, "676.0": 0.2337, "666.0": 0.2738}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00707000", "short_strike": 712.0, "long_strike": 707.0, "width": 5.0, "credit": 0.46, "short_delta": 0.1876, "long_delta": 0.0806, "short_iv": 0.0984, "short_rel_spread": 0.013071895424836612, "long_rel_spread": 0.03278688524590167, "short_quote_age": 0.432231, "long_quote_age": 0.413383, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 454.0, "total_risk": 10442.0, "buying_power_used_pct": 0.9813}, "spot": 718.185}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-110.44 (gross $-109.44 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00712000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.3% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $454/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,442.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-110.44 (gross $-109.44 - friction $1.00) > $0.00"}], "economics": {"credit": 0.46, "width": 5.0, "short_delta": 0.1876, "long_delta": 0.0806, "max_profit_usd": 46.0, "max_loss_usd": 454.0, "breakeven_wr": 0.908, "implied_wr": 0.8124, "edge_pp": -9.56, "ev_implied_usd": -21.05, "realized_vol": 0.1777, "atm_iv": 0.0885, "vrp_ratio": 2.0079, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -118.04, "ev_at_half_drift_usd": -113.72, "ev_gross_usd": -109.44, "expected_loss_real_usd": 155.44, "friction_usd": 1.0, "ev_net_usd": -110.44, "total_risk_usd": 10442.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 411}
{"ts": "2026-09-04T19:44:08.657904+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [1, 3], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ demonstrates positive short-term momentum with 1D gain of +0.08% and 5D return of +0.25%, supporting a bullish put credit spread.", "invalidation": "A reversal in QQQ causing spot to break below the short put strike prior to expiration."}, "intent_error": "no tradeable put chain for QQQ in DTE 1-3", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 441}
{"ts": "2026-09-04T19:45:41.663131+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive short-term momentum with 1D at +0.09% and 5D at +0.26% alongside ATM IV of 8.55% and IV/RV of 0.63.", "invalidation": "A downward price reversal erasing positive 5D gains and breaking below spot 718.30."}, "intent_error": "chain rejected for 2026-09-08: 3/79 monotonicity violations (3.8%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 425}
{"ts": "2026-09-04T19:45:54.113231+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with 1D +0.09% and 5D +0.26% alongside IV/RV at 0.63, with DTE shifted to 5-7 days to avoid the corrupted 2026-09-08 expiration chain.", "invalidation": "A reversal in QQQ spot price that breaches the short put strike."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"657.0": 0.2996, "655.0": 0.3042, "685.0": 0.1929, "679.0": 0.2159, "668.0": 0.2562, "678.0": 0.2188, "689.0": 0.1789, "658.0": 0.295, "692.0": 0.1693, "643.0": 0.3462, "659.0": 0.2905, "695.0": 0.1603, "711.0": 0.1193, "664.0": 0.2714, "669.0": 0.2515, "693.0": 0.1666, "647.0": 0.3348, "684.0": 0.1964, "715.0": 0.1116, "701.0": 0.1429, "667.0": 0.2608, "661.0": 0.2814, "653.0": 0.3132, "650.0": 0.3215, "649.0": 0.3259, "656.0": 0.2997, "709.0": 0.1237, "662.0": 0.2806, "720.0": 0.1045, "719.0": 0.1055, "654.0": 0.3087, "712.0": 0.1173, "710.0": 0.1214, "696.0": 0.1568, "680.0": 0.2111, "666.0": 0.2654, "677.0": 0.2236, "688.0": 0.1829, "716.0": 0.1099, "706.0": 0.1304, "703.0": 0.1379, "699.0": 0.1483, "642.0": 0.357, "672.0": 0.2429, "705.0": 0.1326, "687.0": 0.1856, "671.0": 0.245, "652.0": 0.3177, "683.0": 0.2014, "704.0": 0.1355, "708.0": 0.1261, "673.0": 0.2382, "675.0": 0.2311, "691.0": 0.1717, "648.0": 0.3304, "663.0": 0.276, "714.0": 0.1134, "721.0": 0.1031, "645.0": 0.3437, "651.0": 0.317, "717.0": 0.1082, "698.0": 0.1515, "660.0": 0.286, "697.0": 0.1537, "682.0": 0.2048, "718.0": 0.1068, "707.0": 0.1284, "665.0": 0.2668, "700.0": 0.1454, "702.0": 0.1405, "646.0": 0.3392, "670.0": 0.2497, "690.0": 0.1748, "694.0": 0.1635, "686.0": 0.1893, "674.0": 0.2335, "713.0": 0.1153, "644.0": 0.3481, "676.0": 0.2263, "681.0": 0.208}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.53, "short_delta": 0.1936, "long_delta": 0.106, "short_iv": 0.1214, "short_rel_spread": 0.018181818181818195, "long_rel_spread": 0.035087719298245446, "short_quote_age": 0.53974, "long_quote_age": 0.891158, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 447.0, "total_risk": 10281.0, "buying_power_used_pct": 0.9662}, "spot": 718.375}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.87 (gross $-92.87 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260909P00710000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 3.5% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $447/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,281.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-94.87 (gross $-92.87 - friction $2.00) > $0.00"}], "economics": {"credit": 0.53, "width": 5.0, "short_delta": 0.1936, "long_delta": 0.106, "max_profit_usd": 53.0, "max_loss_usd": 447.0, "breakeven_wr": 0.894, "implied_wr": 0.8064, "edge_pp": -8.76, "ev_implied_usd": -21.9, "realized_vol": 0.1777, "atm_iv": 0.1068, "vrp_ratio": 1.6639, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -102.15, "ev_at_half_drift_usd": -97.48, "ev_gross_usd": -92.87, "expected_loss_real_usd": 145.87, "friction_usd": 2.0, "ev_net_usd": -94.87, "total_risk_usd": 10281.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 459}
{"ts": "2026-09-04T19:47:16.556655+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 500, "thesis": "QQQ exhibits steady positive momentum with a +0.10% 1D return and +0.28% 5D return in a low ATM IV environment of 8.55%.", "invalidation": "A sudden downward reversal in QQQ spot below recent levels would invalidate the bullish trend."}, "intent_error": "chain rejected for 2026-09-08: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 447}
{"ts": "2026-09-04T19:47:31.886757+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.10% and 5D gain of +0.28% alongside an IV/RV ratio of 0.63, while switching to QQQ avoids the stale chain rejected on the 2026-09-08 expiry.", "invalidation": "QQQ spot price declines below the short put strike prior to expiration."}, "intent_error": "chain rejected for 2026-09-08: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 496}
{"ts": "2026-09-04T19:48:53.394775+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive 1D (+0.11%) and 5D (+0.29%) momentum alongside a compressed IV/RV ratio of 0.63.", "invalidation": "A downward price break in QQQ that reverses the positive 5D return of +0.29%."}, "intent_error": "chain rejected for 2026-09-08: 2/80 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 404}
{"ts": "2026-09-04T19:49:04.567043+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady upward momentum with 1D return of +0.11% and 5D return of +0.29% alongside an IV/RV ratio of 0.63.", "invalidation": "QQQ spot price declines significantly below the short put strike."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"689.0": 0.1806, "706.0": 0.132, "657.0": 0.3, "662.0": 0.281, "699.0": 0.1495, "683.0": 0.2019, "700.0": 0.147, "686.0": 0.1898, "694.0": 0.1633, "679.0": 0.2164, "648.0": 0.3308, "702.0": 0.1415, "698.0": 0.1521, "720.0": 0.1054, "685.0": 0.1934, "667.0": 0.2613, "649.0": 0.3263, "712.0": 0.1191, "671.0": 0.2455, "692.0": 0.1698, "666.0": 0.2659, "710.0": 0.1231, "653.0": 0.3136, "715.0": 0.1134, "705.0": 0.1343, "678.0": 0.2193, "642.0": 0.3575, "722.0": 0.1037, "687.0": 0.1861, "680.0": 0.2115, "658.0": 0.2955, "659.0": 0.2909, "656.0": 0.3002, "681.0": 0.2085, "697.0": 0.1549, "645.0": 0.3441, "703.0": 0.139, "647.0": 0.3352, "663.0": 0.2764, "696.0": 0.1573, "673.0": 0.2387, "672.0": 0.2434, "709.0": 0.1252, "701.0": 0.144, "643.0": 0.3466, "669.0": 0.252, "677.0": 0.2241, "714.0": 0.115, "661.0": 0.2818, "651.0": 0.3175, "711.0": 0.1208, "690.0": 0.1765, "652.0": 0.3181, "654.0": 0.3092, "675.0": 0.2315, "668.0": 0.2566, "676.0": 0.2267, "644.0": 0.3486, "660.0": 0.2864, "691.0": 0.1722, "646.0": 0.3397, "682.0": 0.2053, "695.0": 0.1608, "670.0": 0.2502, "716.0": 0.1113, "665.0": 0.2672, "674.0": 0.2339, "713.0": 0.1169, "721.0": 0.1045, "707.0": 0.1297, "693.0": 0.1671, "704.0": 0.1366, "650.0": 0.3219, "655.0": 0.3047, "664.0": 0.2718, "708.0": 0.1272, "718.0": 0.1081, "688.0": 0.1835, "684.0": 0.1969, "717.0": 0.1098, "719.0": 0.107}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00710000", "long_symbol": "QQQ260909P00705000", "short_strike": 710.0, "long_strike": 705.0, "width": 5.0, "credit": 0.54, "short_delta": 0.1941, "long_delta": 0.1071, "short_iv": 0.1231, "short_rel_spread": 0.017857142857142672, "long_rel_spread": 0.05128205128205133, "short_quote_age": 0.413304, "long_quote_age": 0.457473, "friction_usd": 2.5, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 446.0, "total_risk": 10258.0, "buying_power_used_pct": 0.964}, "spot": 718.455}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-93.65 (gross $-91.15 - friction $2.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260909P00710000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 5.1% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $446/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,258.00 (23 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-93.65 (gross $-91.15 - friction $2.50) > $0.00"}], "economics": {"credit": 0.54, "width": 5.0, "short_delta": 0.1941, "long_delta": 0.1071, "max_profit_usd": 54.0, "max_loss_usd": 446.0, "breakeven_wr": 0.892, "implied_wr": 0.8059, "edge_pp": -8.61, "ev_implied_usd": -21.3, "realized_vol": 0.1777, "atm_iv": 0.1081, "vrp_ratio": 1.6438, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -100.41, "ev_at_half_drift_usd": -95.75, "ev_gross_usd": -91.15, "expected_loss_real_usd": 145.15, "friction_usd": 2.5, "ev_net_usd": -93.65, "total_risk_usd": 10258.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 408}
{"ts": "2026-09-04T19:50:23.014205+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with a +0.16% 1D and +0.34% 5D gain alongside an ATM IV of 8.55%.", "invalidation": "QQQ spot drops sharply below the 718.84 level turning short-term returns negative."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"702.0": 0.1284, "683.0": 0.2067, "693.0": 0.1657, "700.0": 0.1353, "684.0": 0.2015, "685.0": 0.1989, "673.0": 0.2509, "690.0": 0.1788, "664.0": 0.2856, "686.0": 0.1961, "678.0": 0.2326, "701.0": 0.1311, "671.0": 0.261, "698.0": 0.1428, "697.0": 0.146, "669.0": 0.271, "667.0": 0.2764, "653.0": 0.3228, "663.0": 0.2905, "692.0": 0.1696, "679.0": 0.2274, "695.0": 0.1545, "648.0": 0.3462, "658.0": 0.3149, "708.0": 0.1097, "682.0": 0.2119, "644.0": 0.375, "681.0": 0.2171, "668.0": 0.276, "722.0": 0.0866, "662.0": 0.2954, "696.0": 0.1517, "661.0": 0.3002, "670.0": 0.266, "719.0": 0.0897, "699.0": 0.1392, "677.0": 0.2377, "721.0": 0.0879, "688.0": 0.1854, "704.0": 0.1208, "694.0": 0.1601, "675.0": 0.2409, "707.0": 0.1128, "676.0": 0.2358, "711.0": 0.103, "720.0": 0.0889, "672.0": 0.256, "691.0": 0.1733, "660.0": 0.3051, "687.0": 0.1908, "689.0": 0.1801, "714.0": 0.0969, "654.0": 0.327, "657.0": 0.3126, "718.0": 0.0907, "715.0": 0.0952, "713.0": 0.0989, "655.0": 0.3222, "665.0": 0.2808, "666.0": 0.2759, "680.0": 0.2222, "706.0": 0.115, "656.0": 0.3174, "647.0": 0.3509, "649.0": 0.3415, "674.0": 0.2459, "645.0": 0.3702, "710.0": 0.1055, "646.0": 0.3654, "650.0": 0.3368, "705.0": 0.1185, "717.0": 0.0922, "716.0": 0.0936, "712.0": 0.1008, "651.0": 0.3321, "659.0": 0.31, "703.0": 0.1237, "709.0": 0.1074, "652.0": 0.3275}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2094, "long_delta": 0.1271, "short_iv": 0.0989, "short_rel_spread": 0.011299435028248598, "long_rel_spread": 0.01980198019801982, "short_quote_age": 0.452506, "long_quote_age": 0.45341, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9849}, "spot": 718.72}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.78 (gross $-61.78 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:50:35.376569+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D return of +0.16% and 5D return of +0.34% while IV/RV sits at 0.63.", "invalidation": "QQQ spot declines below recent levels reversing the positive 5D return of +0.34%."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"673.0": 0.24, "675.0": 0.2329, "688.0": 0.1837, "695.0": 0.161, "660.0": 0.2877, "689.0": 0.1822, "715.0": 0.113, "664.0": 0.2765, "701.0": 0.145, "712.0": 0.119, "645.0": 0.3453, "662.0": 0.2786, "681.0": 0.2099, "648.0": 0.332, "690.0": 0.178, "668.0": 0.2579, "649.0": 0.3276, "697.0": 0.1553, "657.0": 0.3013, "680.0": 0.2129, "656.0": 0.3058, "717.0": 0.1097, "653.0": 0.3098, "694.0": 0.1641, "705.0": 0.1355, "685.0": 0.1949, "650.0": 0.3231, "696.0": 0.1583, "686.0": 0.1913, "655.0": 0.3059, "710.0": 0.1235, "719.0": 0.1068, "691.0": 0.1738, "682.0": 0.205, "718.0": 0.1083, "652.0": 0.3143, "698.0": 0.1521, "663.0": 0.2777, "707.0": 0.1309, "658.0": 0.2967, "651.0": 0.3187, "722.0": 0.1032, "716.0": 0.1113, "703.0": 0.139, "659.0": 0.2922, "672.0": 0.2448, "670.0": 0.2515, "693.0": 0.1678, "708.0": 0.1283, "706.0": 0.1327, "643.0": 0.3542, "700.0": 0.1478, "674.0": 0.2353, "679.0": 0.2158, "671.0": 0.2468, "665.0": 0.2718, "704.0": 0.1376, "702.0": 0.1422, "677.0": 0.2255, "642.0": 0.3522, "711.0": 0.1217, "683.0": 0.2034, "709.0": 0.1258, "666.0": 0.2672, "647.0": 0.3364, "692.0": 0.1714, "720.0": 0.1059, "661.0": 0.2831, "654.0": 0.3054, "687.0": 0.1889, "721.0": 0.1043, "669.0": 0.2533, "713.0": 0.117, "684.0": 0.1984, "678.0": 0.2207, "676.0": 0.2281, "646.0": 0.3409, "667.0": 0.2626, "714.0": 0.1149, "699.0": 0.1502, "644.0": 0.3434}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.59, "short_delta": 0.2106, "long_delta": 0.1165, "short_iv": 0.1217, "short_rel_spread": 0.032520325203252064, "long_rel_spread": 0.03125000000000003, "short_quote_age": 0.404348, "long_quote_age": 0.454638, "friction_usd": 3.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 441.0, "total_risk": 10584.0, "buying_power_used_pct": 0.9946}, "spot": 718.765}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-94.94 (gross $-91.94 - friction $3.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:52:03.283690+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ displays consistent positive short-term momentum with a 1D return of +0.19% and 5D return of +0.37%.", "invalidation": "QQQ spot falls below 719.06 and negates the positive 5-day trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"654.0": 0.3199, "712.0": 0.1033, "685.0": 0.201, "662.0": 0.2972, "645.0": 0.372, "672.0": 0.2579, "653.0": 0.3245, "681.0": 0.2191, "705.0": 0.12, "703.0": 0.1262, "655.0": 0.324, "650.0": 0.3386, "704.0": 0.1227, "682.0": 0.2139, "719.0": 0.0911, "659.0": 0.3118, "678.0": 0.2346, "652.0": 0.3292, "708.0": 0.112, "673.0": 0.2529, "698.0": 0.1451, "713.0": 0.101, "651.0": 0.3339, "722.0": 0.0881, "716.0": 0.0958, "668.0": 0.278, "711.0": 0.1054, "688.0": 0.1875, "670.0": 0.2679, "677.0": 0.2364, "693.0": 0.1679, "696.0": 0.154, "687.0": 0.1929, "718.0": 0.0925, "691.0": 0.1755, "690.0": 0.1809, "683.0": 0.2087, "669.0": 0.273, "643.0": 0.3816, "707.0": 0.1148, "684.0": 0.2036, "674.0": 0.2479, "644.0": 0.3768, "697.0": 0.1496, "721.0": 0.0891, "709.0": 0.1099, "664.0": 0.2875, "648.0": 0.348, "661.0": 0.3021, "660.0": 0.307, "706.0": 0.1178, "656.0": 0.3192, "649.0": 0.3433, "666.0": 0.2778, "695.0": 0.1568, "714.0": 0.099, "694.0": 0.1624, "646.0": 0.3672, "665.0": 0.2826, "715.0": 0.0973, "702.0": 0.1293, "692.0": 0.17, "675.0": 0.2428, "689.0": 0.1822, "710.0": 0.1076, "647.0": 0.3623, "699.0": 0.1416, "679.0": 0.2294, "701.0": 0.1336, "686.0": 0.1982, "717.0": 0.0942, "667.0": 0.2783, "671.0": 0.2629, "720.0": 0.09, "700.0": 0.1377, "680.0": 0.2243, "663.0": 0.2924, "657.0": 0.3145, "658.0": 0.3167, "676.0": 0.2378}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 23, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00708000", "short_strike": 713.0, "long_strike": 708.0, "width": 5.0, "credit": 0.51, "short_delta": 0.1985, "long_delta": 0.0861, "short_iv": 0.101, "short_rel_spread": 0.011834319526627229, "long_rel_spread": 0.02985074626865674, "short_quote_age": 0.491199, "long_quote_age": 0.507288, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 23, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 449.0, "total_risk": 10327.0, "buying_power_used_pct": 0.9705}, "spot": 719.085}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-105.79 (gross $-104.79 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 23 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:52:15.946822+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 450, "thesis": "QQQ demonstrates positive momentum with a 1D gain of +0.19% and 5D gain of +0.37% alongside an ATM IV of 8.72%.", "invalidation": "A drop in QQQ spot price below the short put strike before expiration invalidates this thesis."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"697.0": 0.1574, "645.0": 0.3468, "709.0": 0.1273, "688.0": 0.1856, "670.0": 0.2531, "651.0": 0.3202, "722.0": 0.1047, "719.0": 0.1082, "678.0": 0.2224, "716.0": 0.1131, "663.0": 0.2793, "717.0": 0.1113, "652.0": 0.3157, "705.0": 0.137, "664.0": 0.2781, "695.0": 0.163, "686.0": 0.1931, "656.0": 0.3074, "667.0": 0.2642, "710.0": 0.1253, "661.0": 0.2847, "696.0": 0.1604, "718.0": 0.1097, "703.0": 0.1414, "668.0": 0.2595, "657.0": 0.3028, "683.0": 0.2051, "708.0": 0.1296, "649.0": 0.329, "662.0": 0.2801, "689.0": 0.1829, "647.0": 0.3379, "654.0": 0.3069, "700.0": 0.149, "711.0": 0.1233, "660.0": 0.2892, "713.0": 0.1193, "721.0": 0.1058, "669.0": 0.2549, "666.0": 0.2688, "676.0": 0.2298, "699.0": 0.1518, "659.0": 0.2938, "681.0": 0.2116, "712.0": 0.1211, "665.0": 0.2734, "704.0": 0.139, "707.0": 0.1322, "655.0": 0.3074, "674.0": 0.2369, "715.0": 0.1151, "691.0": 0.1757, "680.0": 0.2147, "643.0": 0.3493, "690.0": 0.1799, "714.0": 0.1168, "694.0": 0.1661, "658.0": 0.2983, "673.0": 0.2417, "702.0": 0.1437, "648.0": 0.3335, "684.0": 0.2002, "698.0": 0.1542, "679.0": 0.2175, "720.0": 0.1071, "692.0": 0.1734, "671.0": 0.2485, "653.0": 0.3113, "675.0": 0.2346, "672.0": 0.2464, "706.0": 0.1342, "650.0": 0.3246, "685.0": 0.1967, "677.0": 0.2272, "693.0": 0.1698, "687.0": 0.1907, "701.0": 0.1463, "644.0": 0.3449, "682.0": 0.2067, "646.0": 0.3424}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.57, "short_delta": 0.2032, "long_delta": 0.1124, "short_iv": 0.1233, "short_rel_spread": 0.016806722689075647, "long_rel_spread": 0.03225806451612906, "short_quote_age": 0.609046, "long_quote_age": 0.710531, "friction_usd": 2.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 443.0, "total_risk": 10632.0, "buying_power_used_pct": 0.9991}, "spot": 719.09}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-93.17 (gross $-91.17 - friction $2.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:53:38.189154+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ maintains positive momentum with a 1D gain of +0.16% and 5D gain of +0.33% alongside an IV/RV ratio of 0.64.", "invalidation": "QQQ spot price breaks downward below 718.81."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"698.0": 0.1439, "680.0": 0.2232, "648.0": 0.347, "719.0": 0.0913, "692.0": 0.1689, "679.0": 0.2284, "672.0": 0.2569, "686.0": 0.1971, "683.0": 0.2077, "697.0": 0.1471, "702.0": 0.128, "688.0": 0.1864, "673.0": 0.2519, "663.0": 0.2914, "669.0": 0.272, "665.0": 0.2817, "660.0": 0.306, "708.0": 0.112, "674.0": 0.2468, "653.0": 0.3236, "646.0": 0.3662, "681.0": 0.218, "710.0": 0.1078, "652.0": 0.3283, "656.0": 0.3183, "658.0": 0.3157, "714.0": 0.0996, "657.0": 0.3135, "701.0": 0.1323, "689.0": 0.1811, "691.0": 0.1743, "678.0": 0.2335, "645.0": 0.371, "647.0": 0.3517, "684.0": 0.2025, "670.0": 0.2669, "661.0": 0.3011, "717.0": 0.0941, "704.0": 0.122, "705.0": 0.1198, "687.0": 0.1918, "699.0": 0.1403, "721.0": 0.089, "715.0": 0.0977, "664.0": 0.2865, "711.0": 0.1053, "650.0": 0.3377, "654.0": 0.3189, "694.0": 0.1612, "716.0": 0.0958, "655.0": 0.3143, "695.0": 0.1556, "709.0": 0.1097, "685.0": 0.1999, "707.0": 0.1142, "713.0": 0.1013, "693.0": 0.1668, "718.0": 0.0928, "666.0": 0.2768, "675.0": 0.2418, "712.0": 0.1034, "690.0": 0.1798, "671.0": 0.2619, "667.0": 0.2719, "676.0": 0.2368, "659.0": 0.3109, "706.0": 0.1163, "649.0": 0.3424, "662.0": 0.2963, "682.0": 0.2129, "696.0": 0.1528, "700.0": 0.1365, "668.0": 0.277, "722.0": 0.0882, "651.0": 0.333, "720.0": 0.0901, "677.0": 0.2387, "703.0": 0.1249}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2072, "long_delta": 0.1269, "short_iv": 0.1013, "short_rel_spread": 0.011173184357541908, "long_rel_spread": 0.019417475728155355, "short_quote_age": 0.437635, "long_quote_age": 0.474556, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9849}, "spot": 718.895}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-62.03 (gross $-61.03 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:53:50.600355+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 7], "short_delta_target": 0.18, "spread_width": 3, "max_loss_usd": 350, "thesis": "QQQ exhibits positive short-term momentum with a 1D gain of +0.16% and 5D gain of +0.33%, favoring an out-of-the-money put credit spread.", "invalidation": "QQQ spot price declines below 718.81 and erases its positive 5-day trend."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"715.0": 0.0978, "649.0": 0.3423, "722.0": 0.0877, "675.0": 0.2417, "647.0": 0.3517, "656.0": 0.3182, "678.0": 0.2334, "672.0": 0.2568, "653.0": 0.3235, "689.0": 0.181, "711.0": 0.1057, "650.0": 0.3376, "701.0": 0.1322, "652.0": 0.3282, "706.0": 0.1172, "707.0": 0.114, "657.0": 0.3134, "646.0": 0.3661, "685.0": 0.1998, "691.0": 0.1742, "720.0": 0.0904, "697.0": 0.147, "668.0": 0.2769, "684.0": 0.2024, "659.0": 0.3108, "709.0": 0.1103, "717.0": 0.0946, "703.0": 0.1248, "651.0": 0.3329, "692.0": 0.1688, "704.0": 0.1219, "670.0": 0.2668, "682.0": 0.2128, "673.0": 0.2518, "705.0": 0.1197, "665.0": 0.2816, "690.0": 0.1797, "721.0": 0.0895, "681.0": 0.2179, "674.0": 0.2467, "702.0": 0.1278, "658.0": 0.3157, "710.0": 0.1076, "671.0": 0.2618, "716.0": 0.0963, "664.0": 0.2864, "700.0": 0.1363, "698.0": 0.1438, "695.0": 0.1555, "693.0": 0.1667, "644.0": 0.3757, "648.0": 0.347, "696.0": 0.1527, "694.0": 0.1611, "714.0": 0.0994, "660.0": 0.3059, "666.0": 0.2767, "654.0": 0.3189, "655.0": 0.3142, "699.0": 0.1402, "662.0": 0.2962, "718.0": 0.0932, "688.0": 0.1863, "645.0": 0.3709, "683.0": 0.2076, "713.0": 0.1015, "677.0": 0.2386, "679.0": 0.2283, "680.0": 0.2231, "663.0": 0.2913, "667.0": 0.2718, "686.0": 0.197, "719.0": 0.0917, "669.0": 0.2719, "708.0": 0.1119, "687.0": 0.1917, "676.0": 0.2367, "712.0": 0.1038, "661.0": 0.301}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 39, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00712000", "long_symbol": "QQQ260908P00709000", "short_strike": 712.0, "long_strike": 709.0, "width": 3.0, "credit": 0.32, "short_delta": 0.1779, "long_delta": 0.1084, "short_iv": 0.1038, "short_rel_spread": 0.013245033112582794, "long_rel_spread": 0.022988505747126457, "short_quote_age": 0.500779, "long_quote_age": 0.493269, "friction_usd": 1.0, "kelly": {"mode": "full_buying_power", "contracts": 39, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 268.0, "total_risk": 10452.0, "buying_power_used_pct": 0.9822}, "spot": 718.88}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-63.21 (gross $-62.21 - friction $1.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 39 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:55:11.555658+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ exhibits positive 1D (+0.21%) and 5D (+0.38%) momentum with an IV/RV ratio of 0.64, favoring a short-term put credit spread.", "invalidation": "QQQ spot falls significantly from 719.15 breaking the positive 5D trend."}, "intent_error": "chain rejected for 2026-09-08: 2/77 monotonicity violations (2.6%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 421}
{"ts": "2026-09-04T19:55:22.931018+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady momentum with 1D +0.21% and 5D +0.38% gains alongside an IV/RV ratio of 0.64, while shifting to 5-7 DTE avoids chain monotonicity issues on the 4 DTE expiry.", "invalidation": "QQQ spot declines below 715.00 or 1D return turns sharply negative."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"696.0": 0.1605, "686.0": 0.1946, "663.0": 0.2794, "661.0": 0.2848, "657.0": 0.2985, "656.0": 0.303, "706.0": 0.1358, "713.0": 0.1208, "692.0": 0.1725, "667.0": 0.261, "690.0": 0.1789, "653.0": 0.3114, "684.0": 0.2018, "666.0": 0.2656, "716.0": 0.1146, "689.0": 0.1841, "707.0": 0.1341, "673.0": 0.2392, "703.0": 0.1419, "704.0": 0.1398, "683.0": 0.2036, "643.0": 0.3493, "717.0": 0.1128, "719.0": 0.1094, "670.0": 0.2532, "718.0": 0.1108, "650.0": 0.3247, "672.0": 0.2439, "649.0": 0.3231, "702.0": 0.1442, "679.0": 0.2176, "695.0": 0.1631, "710.0": 0.1274, "712.0": 0.123, "644.0": 0.3513, "669.0": 0.255, "658.0": 0.2941, "674.0": 0.237, "646.0": 0.3424, "694.0": 0.167, "715.0": 0.1166, "655.0": 0.3075, "660.0": 0.2893, "688.0": 0.1869, "701.0": 0.1469, "680.0": 0.2148, "722.0": 0.1065, "682.0": 0.2085, "647.0": 0.338, "698.0": 0.1543, "677.0": 0.2251, "659.0": 0.2896, "654.0": 0.307, "664.0": 0.2748, "697.0": 0.1575, "662.0": 0.2802, "709.0": 0.1294, "648.0": 0.3275, "678.0": 0.2224, "652.0": 0.3158, "691.0": 0.1758, "681.0": 0.2099, "668.0": 0.2596, "687.0": 0.1895, "676.0": 0.2299, "711.0": 0.1251, "720.0": 0.108, "699.0": 0.1514, "685.0": 0.1968, "700.0": 0.1491, "651.0": 0.3203, "705.0": 0.1378, "645.0": 0.3469, "714.0": 0.1188, "671.0": 0.2485, "693.0": 0.169, "721.0": 0.1077, "675.0": 0.2347, "665.0": 0.2702, "708.0": 0.1318}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.58, "short_delta": 0.206, "long_delta": 0.1149, "short_iv": 0.1251, "short_rel_spread": 0.016260162601626032, "long_rel_spread": 0.015503875968992262, "short_quote_age": 0.422672, "long_quote_age": 0.491977, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 442.0, "total_risk": 10608.0, "buying_power_used_pct": 0.9969}, "spot": 719.225}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-91.01 (gross $-89.51 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 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{"ts": "2026-09-04T19:56:43.360879+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 3, "max_loss_usd": 300, "thesis": "QQQ displays positive momentum with a 1-day gain of +0.21% and 5-day gain of +0.38% while maintaining low implied volatility relative to realized volatility at an IV/RV ratio of 0.64.", "invalidation": "QQQ reverses its short-term upward trajectory and drops sharply below the short strike level before expiration."}, "intent_error": null, "spread": {"dte": 4, "realized_vol": 0.1777, "smile": {"695.0": 0.1602, "669.0": 0.2733, "672.0": 0.2583, "692.0": 0.1704, "666.0": 0.2781, "648.0": 0.3483, "683.0": 0.2091, "707.0": 0.1172, "649.0": 0.3436, "701.0": 0.1359, "690.0": 0.1813, "711.0": 0.1085, "655.0": 0.3244, "697.0": 0.1514, "691.0": 0.1759, "647.0": 0.3627, "674.0": 0.2482, "719.0": 0.0931, "688.0": 0.188, "645.0": 0.3723, "700.0": 0.1382, "717.0": 0.0966, "686.0": 0.1986, "712.0": 0.1066, "652.0": 0.3296, "693.0": 0.1684, "720.0": 0.0916, "698.0": 0.1479, "703.0": 0.1283, "716.0": 0.0983, "662.0": 0.2976, "709.0": 0.1127, "659.0": 0.3053, "680.0": 0.2247, "661.0": 0.3025, "685.0": 0.2014, "705.0": 0.123, "650.0": 0.3389, "654.0": 0.3202, "651.0": 0.3342, "660.0": 0.3073, "696.0": 0.1545, "656.0": 0.3196, "663.0": 0.2927, "689.0": 0.1826, "646.0": 0.3675, "667.0": 0.2786, "710.0": 0.1108, "677.0": 0.2332, "658.0": 0.31, "694.0": 0.1628, "681.0": 0.2195, "713.0": 0.1044, "714.0": 0.1022, "670.0": 0.2683, "671.0": 0.2633, "702.0": 0.1314, "665.0": 0.283, "653.0": 0.3249, "704.0": 0.1259, "676.0": 0.2382, "664.0": 0.2879, "678.0": 0.2317, "722.0": 0.0895, "668.0": 0.2737, "679.0": 0.2298, "684.0": 0.204, "706.0": 0.1204, "673.0": 0.2533, "715.0": 0.1002, "682.0": 0.2143, "718.0": 0.0947, "657.0": 0.3148, "687.0": 0.1933, "699.0": 0.1431, "708.0": 0.1151, "721.0": 0.0904, "675.0": 0.2432}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-08", "qty": 40, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260908P00713000", "long_symbol": "QQQ260908P00710000", "short_strike": 713.0, "long_strike": 710.0, "width": 3.0, "credit": 0.38, "short_delta": 0.2032, "long_delta": 0.1259, "short_iv": 0.1044, "short_rel_spread": 0.02222222222222224, "long_rel_spread": 0.019047619047619063, "short_quote_age": 0.415621, "long_quote_age": 0.526198, "friction_usd": 1.5, "kelly": {"mode": "full_buying_power", "contracts": 40, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 262.0, "total_risk": 10480.0, "buying_power_used_pct": 0.9849}, "spot": 719.175}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-61.41 (gross $-59.91 - friction $1.50) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 40 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260908P00713000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 1s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 2.2% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $262/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,480.00 (40 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-61.41 (gross $-59.91 - friction $1.50) > $0.00"}], "economics": {"credit": 0.38, "width": 3.0, "short_delta": 0.2032, "long_delta": 0.1259, "max_profit_usd": 38.0, "max_loss_usd": 262.0, "breakeven_wr": 0.8733, "implied_wr": 0.7968, "edge_pp": -7.65, "ev_implied_usd": -11.37, "realized_vol": 0.1777, "atm_iv": 0.0931, "vrp_ratio": 1.9087, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -65.27, "ev_at_half_drift_usd": -62.58, "ev_gross_usd": -59.91, "expected_loss_real_usd": 97.91, "friction_usd": 1.5, "ev_net_usd": -61.41, "total_risk_usd": 10480.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 515}
{"ts": "2026-09-04T19:56:56.887916+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [4, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ shows positive momentum with a 1D gain of +0.21% and a 5D gain of +0.38%, supporting a bullish put credit spread.", "invalidation": "QQQ spot price falls sharply, invalidating the positive 5D return profile."}, "intent_error": "chain rejected for 2026-09-08: 2/79 monotonicity violations (2.5%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 412}
{"ts": "2026-09-04T19:58:26.402930+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [2, 5], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates positive momentum with a 1D return of +0.23% and 5D return of +0.41% alongside an IV/RV ratio of 0.67.", "invalidation": "QQQ spot price declines sharply below recent 5D performance levels."}, "intent_error": "chain rejected for 2026-09-08: 3/79 monotonicity violations (3.8%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 407}
{"ts": "2026-09-04T19:58:39.466374+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady upward momentum with 1D +0.23% and 5D +0.41% gains while targeting an expiration beyond the stale 4 DTE chain.", "invalidation": "A downward price reversal in QQQ spot falling toward the short put strike."}, "intent_error": null, "spread": {"dte": 5, "realized_vol": 0.1777, "smile": {"693.0": 0.1706, "671.0": 0.2484, "670.0": 0.2531, "644.0": 0.3448, "704.0": 0.1421, "666.0": 0.2655, "699.0": 0.154, "673.0": 0.239, "649.0": 0.323, "712.0": 0.1253, "643.0": 0.3492, "703.0": 0.1445, "689.0": 0.1828, "647.0": 0.3379, "667.0": 0.2609, "683.0": 0.2035, "648.0": 0.3273, "695.0": 0.1645, "707.0": 0.1363, "663.0": 0.2793, "722.0": 0.1078, "653.0": 0.3113, "696.0": 0.1618, "669.0": 0.2549, "655.0": 0.3074, "701.0": 0.1491, "684.0": 0.2001, "646.0": 0.3423, "658.0": 0.2939, "692.0": 0.1733, "677.0": 0.225, "672.0": 0.2437, "659.0": 0.2894, "706.0": 0.138, "650.0": 0.3186, "720.0": 0.1101, "675.0": 0.2345, "714.0": 0.1212, "711.0": 0.1276, "682.0": 0.2084, "702.0": 0.1466, "645.0": 0.3405, "715.0": 0.1191, "717.0": 0.115, "680.0": 0.2146, "678.0": 0.2202, "709.0": 0.132, "713.0": 0.1233, "660.0": 0.285, "694.0": 0.1685, "656.0": 0.3029, "652.0": 0.3157, "697.0": 0.1593, "681.0": 0.2097, "676.0": 0.2297, "674.0": 0.2344, "710.0": 0.1296, "657.0": 0.2984, "688.0": 0.1868, "661.0": 0.2846, "708.0": 0.1342, "718.0": 0.113, "665.0": 0.2701, "719.0": 0.1119, "668.0": 0.2563, "698.0": 0.1566, "690.0": 0.1798, "705.0": 0.1403, "662.0": 0.2801, "687.0": 0.1907, "654.0": 0.3068, "664.0": 0.2747, "686.0": 0.193, "685.0": 0.1981, "679.0": 0.2195, "716.0": 0.1166, "721.0": 0.1087, "651.0": 0.3201, "691.0": 0.1767, "700.0": 0.152}, "vol_profile": {"ewma": 0.1777, "windows": {"5d": 0.1396, "10d": 0.1373, "20d": 0.1286, "40d": 0.2031, "60d": 0.2376}, "used": "ewma(lambda=0.94)", "n_returns": 83, "latest_1d_return": 0.001533}, "underlying": "QQQ", "strategy": "put_credit_spread", "expiry": "2026-09-09", "qty": 24, "legs_short": 1, "legs_long": 1, "order_type": "limit", "short_symbol": "QQQ260909P00711000", "long_symbol": "QQQ260909P00706000", "short_strike": 711.0, "long_strike": 706.0, "width": 5.0, "credit": 0.61, "short_delta": 0.2112, "long_delta": 0.1192, "short_iv": 0.1276, "short_rel_spread": 0.02316602316602319, "long_rel_spread": 0.043795620437956075, "short_quote_age": 0.420146, "long_quote_age": 0.482848, "friction_usd": 3.0, "kelly": {"mode": "full_buying_power", "contracts": 24, "options_buying_power": 10641.05, "utilization": 1.0, "usable_buying_power": 10641.05, "max_loss_per_contract": 439.0, "total_risk": 10536.0, "buying_power_used_pct": 0.9901}, "spot": 719.165}, "verdict": {"approved": false, "reason": "economic_ev: market-implied EV $-89.52 (gross $-86.52 - friction $3.00) > $0.00", "checks": [{"name": "defined_risk", "passed": true, "detail": "1 short / 1 long - no naked legs"}, {"name": "allowlist", "passed": true, "detail": "QQQ in ['SPY', 'QQQ']"}, {"name": "alpaca_options_eligible", "passed": true, "detail": "status=ACTIVE, approved=L3, enabled=L3, options BP=$94,390.92, blocked=False"}, {"name": "position_size", "passed": true, "detail": "qty 24 <= 1000"}, {"name": "open_positions", "passed": true, "detail": "0 open < 3"}, {"name": "daily_trade_limit", "passed": true, "detail": "0 today < 4"}, {"name": "annual_target_budget", "passed": true, "detail": "full-buying-power objective; 8%-annual benchmark is display-only (daily P&L $+4443.11)"}, {"name": "no_duplicate", "passed": true, "detail": "QQQ260909P00711000 not already held"}, {"name": "quote_freshness", "passed": true, "detail": "oldest quote 0s <= 120s"}, {"name": "liquidity", "passed": true, "detail": "worst leg bid/ask 4.4% of mid <= 25%"}, {"name": "max_loss_cap", "passed": true, "detail": "max loss $439/contract <= $500"}, {"name": "total_risk_cap", "passed": true, "detail": "total defined loss $10,536.00 (24 contracts) <= $10,641.05 Alpaca options-BP budget"}, {"name": "limit_order_only", "passed": true, "detail": "limit order - never market on a spread"}, {"name": "call_rebound_risk", "passed": true, "detail": "put spread - right-tail rebound gate not applicable"}, {"name": "reentry_quality", "passed": true, "detail": "first entry - lifecycle comparison not applicable"}, {"name": "economic_ev", "passed": false, "detail": "market-implied EV $-89.52 (gross $-86.52 - friction $3.00) > $0.00"}], "economics": {"credit": 0.61, "width": 5.0, "short_delta": 0.2112, "long_delta": 0.1192, "max_profit_usd": 61.0, "max_loss_usd": 439.0, "breakeven_wr": 0.878, "implied_wr": 0.7888, "edge_pp": -8.92, "ev_implied_usd": -21.6, "realized_vol": 0.1777, "atm_iv": 0.1119, "vrp_ratio": 1.588, "ev_basis": "skew+drift", "ev_at_zero_drift_usd": -95.85, "ev_at_half_drift_usd": -91.16, "ev_gross_usd": -86.52, "expected_loss_real_usd": 147.52, "friction_usd": 3.0, "ev_net_usd": -89.52, "total_risk_usd": 10536.0, "risk_cap_usd": 10641.05, "options_buying_power_usd": 94390.92, "spread_equity_budget_pct": 0.1, "sizing_mode": "full_buying_power"}}, "execution": null, "raw_reply_chars": 441}
{"ts": "2026-09-04T19:59:59.864144+00:00", "gate_version": "1.4.0", "attempt": 1, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [3, 6], "short_delta_target": 0.2, "spread_width": 5, "max_loss_usd": 400, "thesis": "QQQ demonstrates steady upward momentum with a 1D return of +0.19% and 5D return of +0.36% against an ATM IV of 9.04%.", "invalidation": "QQQ spot price declines below the 719.00 level alongside a reversal in short-term momentum."}, "intent_error": "chain rejected for 2026-09-08: 4/80 monotonicity violations (5.0%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 442}
{"ts": "2026-09-04T20:00:10.883944+00:00", "gate_version": "1.4.0", "attempt": 2, "intent": {"underlying": "QQQ", "direction": "bullish", "strategy": "put_credit_spread", "dte_range": [5, 7], "short_delta_target": 0.2, "spread_width": 2, "max_loss_usd": 400, "thesis": "QQQ exhibits positive momentum with a 1D gain of +0.19% and 5D gain of +0.36%, supporting a put credit spread shifted to a 5-7 DTE window to avoid stale chain expirations.", "invalidation": "QQQ spot price declines significantly below the short strike level."}, "intent_error": "chain rejected for 2026-09-09: 3/77 monotonicity violations (3.9%) - chain is stale or crossed", "spread": null, "verdict": null, "execution": null, "raw_reply_chars": 459}