Volatility Premium
Defined-risk SPY option structures under a pre-registered open/manage/close rule.
The position on the book
This sleeve holds at most one defined-risk structure at a time.
Paper account equity
On 2026-07-25 the manage rule was amended to match its registered intent (documented in a binding amendment) and the evaluation clock restarted at 2026-07-27.
What this strategy does
This sleeve is a forward experiment on the volatility risk premium — the well-documented tendency of index options to price in more turbulence than tends to arrive. It holds at most one defined-risk SPY option structure at a time, collecting a small premium in calm markets, with the maximum possible loss capped by construction on the day the trade is opened (the open position and its bounds are published below). The rules for opening, managing, and closing were registered before launch. They were amended once (2026-07-25) after live evidence showed the manage rule firing earlier than its registered intent; the amendment is documented, and the evaluation clock restarted rather than keeping the flattering early window.
Every submitted order
The complete paper order log for this sleeve, newest first.
| Date | Symbol | Side | Notional |
|---|---|---|---|
| Jul 23, 2026 | SPY | Sell | $77.00 |
| Jul 22, 2026 | SPY | Buy | $147.00 |
| Jul 13, 2026 | SPY | Sell | $147.00 |
See the methodology and the kill list for how this sleeve earned its place, or the machine-readable twin of this page for the same record as JSON.