| Structure | Expiry | Qty | Entry | Cost to Close | P&L | Max Loss | Buffer to Short Strike |
|---|---|---|---|---|---|---|---|
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| Position | Side | Qty | Avg Entry | Market Value | Unrealized P&L | P&L % |
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The core book sells short-dated credit spreads and iron condors on SPY, QQQ, IWM & DIA — short strikes at 15–25 delta. Every structure has a hard, known maximum loss before it is ever placed. Theta is earned daily whether the market trends or naps.
An LLM Strategist reads a machine-built brief and maps regime to structure: uptrend → put credit spread · downtrend → call credit spread · rangebound → iron condor · unclear → abstain. It can only pick from pre-priced candidates — never invent a strike or a price.
At most two small debit verticals on mega-caps (NVDA, AAPL, MSFT, META, AMZN, TSLA, GOOGL, AVGO, AMD) when momentum is strong — capped risk, capped count.
Pure deterministic code enforces 1% max loss per structure, 20% total open risk, daily-loss halt, equity kill floor, macro-event blackouts and a news-storm gate. The LLM proposes; code disposes. Every failure path degrades to “no trade”, never to an unchecked one.
Credits: take profit at 35% of credit, stop at 1.6×. Debits: +40% / −35%. Pin-risk rule closes anything hugging a short strike on expiry afternoon; everything flattens before the final deadline.
Every brief, decision, veto, order and exit is written to an append-only journal — the agent's full reasoning trail is auditable after the fact.