2-Week Long vs 1-Week Short — with the Week-1 Close Rule

Structure (per side): every Friday BUY a 2-week long (long_off strikes OTM); SELL a 1-week near-money short (short_off strikes OTM, inside the long). After 7 days short #1 settles.

The week-1 decision (3 rules tested):

base — sell a 2nd weekly short (re-struck at spot), hold the long to day 14. (the original cal2w)
close-if-DD — if short #1 went ITM (you're in DD), close the long after wk1 & skip the 2nd short; else continue. (Sven's "close on Friday if in DD" rule)
close-always — always close the long after wk1, never sell the 2nd short (= just a 1-week diagonal).

How to read

R = % of notional (campaign PnL ÷ BTC notional) — matches the 3-family chart metric. M2 = model 2024+ (by-year columns); Tardis = real 2026 marks.
Ret/DD high = flatter/smoother equity. Worst wk = the single worst campaign. ★ = the representative variant shown in the chart & ledger.
Green = good, red = negative.

Headline (honest, asymmetric):

CALL → use close-always. It is the drawdown killer: worst week −7% → −1.4%, ret/DD 2.4 → 12, and total even rises. The 2nd weekly short call is pure liability (it gets run over on week-2 moves/reversals). The long after wk1 carries the value.
PUT → keep base (do NOT always-close). The 2nd short put is profitable (put-selling premium in the down-biased 2024/25), so close-always halves the return (+62 → +34). Use base; close-if-DD ≈ base.
"close only if in DD" barely helps — the worst weeks come from week 2 (2nd short run over when week 1 was calm), which a day-7 DD-trigger doesn't catch. The fix is structural: just don't sell the 2nd short (calls), or keep it (puts).

Caveat: R is on notional, not posted margin. Tardis is 2026 only (n≈15, sign-check). Per-side rules differ — this is not symmetric.

Combined book — Call + Put together

The book = run BOTH sides each week with the per-side best rule (Call close-always + Put base), long 2 / short 1. Total +98 · worst week -5.3 · ret/DD 9.5 · win 72% · 2024 +51 / 2025 +36 / 2026 +11 · real Tardis 2026 tot +13. (% of notional, per 1 BTC unit each side.)

Top variants vs base — the numbers (combined Call+Put, long 2 / short 1)

combined book (Call rule + Put rule)	Total %	Win%	Worst wk	Ret/DD	2024	2025	2026	Tardis 2026
★ Recommended (Call close-always + Put base)	+98	72%	-5.3	9.5	+51	+36	+11	+13
All base (both 2-week)	+91	80%	-8.5	6.9	+50	+27	+14	+14
All close-always (both 1-week)	+71	63%	-2.0	9.9	+37	+26	+8	+5

Week-by-week — combined book (Call close-always + Put base), long 2 / short 1

Week / leg	Strike	In $	Out $	Net $
2024
2024-01-05 $43,918→$45,862→$41,292 \| Call +0.45 Put -4.20 Combined -3.75% Cum -3.8
CALL (close-always)
↳ LONG 14d closed @d7	46,000	-1,255	+1,355	+100
↳ SHORT#1 7d	45,000	+960	-862	+98
= subtotal				+198 R +0.45%
PUT (base)
↳ LONG 14d	41,000	-984	+0	-984
↳ SHORT#1 7d	42,000	+1,105	+0	+1,105
↳ SHORT#2 7d re-struck @d7	44,000	+741	-2,708	-1,967
= subtotal				-1,846 R -4.20%
2024-01-12 $45,862→$41,292→$40,134 \| Call -0.33 Put -2.15 Combined -2.48% Cum -6.2
CALL (close-always)
↳ LONG 14d closed @d7	48,000	-1,071	+17	-1,054
↳ SHORT#1 7d	47,000	+902	+0	+902
= subtotal				-152 R -0.33%
PUT (base)
↳ LONG 14d	43,000	-931	+2,866	+1,935
↳ SHORT#1 7d	44,000	+741	-2,708	-1,967
↳ SHORT#2 7d re-struck @d7	44,000	+2,912	-3,866	-954
= subtotal				-986 R -2.15%
2024-01-19 $41,292→$40,134→$43,028 \| Call +0.00 Put +1.96 Combined +1.96% Cum -4.3
CALL (close-always)
↳ LONG 14d closed @d7	44,000	-470	+53	-417
↳ SHORT#1 7d	43,000	+419	+0	+419
= subtotal				+2 R +0.00%
PUT (base)
↳ LONG 14d	39,000	-651	+0	-651
↳ SHORT#1 7d	40,000	+611	+0	+611
↳ SHORT#2 7d re-struck @d7	40,000	+849	+0	+849
= subtotal				+809 R +1.96%
2024-01-26 $40,134→$43,028→$46,650 \| Call -0.18 Put +1.27 Combined +1.08% Cum -3.2
CALL (close-always)
↳ LONG 14d closed @d7	43,000	-326	+1,010	+684
↳ SHORT#1 7d	42,000	+270	-1,028	-758
= subtotal				-74 R -0.18%
PUT (base)
↳ LONG 14d	38,000	-547	+0	-547
↳ SHORT#1 7d	39,000	+479	+0	+479
↳ SHORT#2 7d re-struck @d7	42,000	+577	+0	+577
= subtotal				+509 R +1.27%
2024-02-02 $43,028→$46,650→$51,855 \| Call -0.27 Put +1.36 Combined +1.09% Cum -2.1
CALL (close-always)
↳ LONG 14d closed @d7	46,000	-364	+1,605	+1,241
↳ SHORT#1 7d	45,000	+295	-1,650	-1,355
= subtotal				-114 R -0.26%
PUT (base)
↳ LONG 14d	41,000	-619	+0	-619
↳ SHORT#1 7d	42,000	+577	+0	+577
↳ SHORT#2 7d re-struck @d7	45,000	+628	+0	+628
= subtotal				+586 R +1.36%
2024-02-09 $46,650→$51,855→$50,966 \| Call -0.78 Put +1.78 Combined +1.00% Cum -1.1
CALL (close-always)
↳ LONG 14d closed @d7	49,000	-698	+3,549	+2,851
↳ SHORT#1 7d	48,000	+639	-3,855	-3,216
= subtotal				-365 R -0.78%
PUT (base)
↳ LONG 14d	44,000	-719	+0	-719
↳ SHORT#1 7d	45,000	+628	+0	+628
↳ SHORT#2 7d re-struck @d7	50,000	+921	+0	+921
= subtotal				+830 R +1.78%
2024-02-16 $51,855→$50,966→$61,952 \| Call +0.35 Put +1.49 Combined +1.84% Cum +0.7
CALL (close-always)
↳ LONG 14d closed @d7	54,000	-1,299	+408	-891
↳ SHORT#1 7d	53,000	+1,071	+0	+1,071
= subtotal				+180 R +0.35%
PUT (base)
↳ LONG 14d	49,000	-1,174	+0	-1,174
↳ SHORT#1 7d	50,000	+921	+0	+921
↳ SHORT#2 7d re-struck @d7	50,000	+1,025	+0	+1,025
= subtotal				+772 R +1.49%
2024-02-23 $50,966→$61,952→$67,249 \| Call -1.37 Put +3.19 Combined +1.82% Cum +2.6
CALL (close-always)
↳ LONG 14d closed @d7	53,000	-1,151	+9,430	+8,279
↳ SHORT#1 7d	52,000	+974	-9,952	-8,978
= subtotal				-699 R -1.37%
PUT (base)
↳ LONG 14d	48,000	-967	+0	-967
↳ SHORT#1 7d	49,000	+744	+0	+744
↳ SHORT#2 7d re-struck @d7	60,000	+1,851	+0	+1,851
= subtotal				+1,628 R +3.19%
2024-03-01 $61,952→$67,249→$67,096 \| Call +0.11 Put +3.02 Combined +3.13% Cum +5.7
CALL (close-always)
↳ LONG 14d closed @d7	64,000	-2,092	+4,830	+2,738
↳ SHORT#1 7d	63,000	+1,580	-4,249	-2,669
= subtotal				+69 R +0.11%
PUT (base)
↳ LONG 14d	59,000	-1,777	+0	-1,777
↳ SHORT#1 7d	60,000	+1,851	+0	+1,851
↳ SHORT#2 7d re-struck @d7	66,000	+1,796	+0	+1,796
= subtotal				+1,870 R +3.02%
2024-03-08 $67,249→$67,096→$65,864 \| Call +1.51 Put +2.95 Combined +4.46% Cum +10.2
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-2,075	+1,658	-417
↳ SHORT#1 7d	69,000	+1,436	+0	+1,436
= subtotal				+1,019 R +1.52%
PUT (base)
↳ LONG 14d	65,000	-2,311	+0	-2,311
↳ SHORT#1 7d	66,000	+1,796	+0	+1,796
↳ SHORT#2 7d re-struck @d7	66,000	+2,634	-136	+2,497
= subtotal				+1,982 R +2.95%
2024-03-15 $67,096→$65,864→$69,974 \| Call +1.00 Put +3.35 Combined +4.35% Cum +14.5
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-2,399	+1,324	-1,075
↳ SHORT#1 7d	69,000	+1,743	+0	+1,743
= subtotal				+668 R +1.00%
PUT (base)
↳ LONG 14d	65,000	-2,845	+0	-2,845
↳ SHORT#1 7d	66,000	+2,634	-136	+2,497
↳ SHORT#2 7d re-struck @d7	66,000	+2,598	+0	+2,598
= subtotal				+2,250 R +3.35%
2024-03-22 $65,864→$69,974→$67,158 \| Call +1.30 Put +0.79 Combined +2.09% Cum +16.6
CALL (close-always)
↳ LONG 14d closed @d7	68,000	-2,616	+3,938	+1,322
↳ SHORT#1 7d	67,000	+2,510	-2,974	-464
= subtotal				+858 R +1.30%
PUT (base)
↳ LONG 14d	63,000	-2,451	+0	-2,451
↳ SHORT#1 7d	64,000	+1,846	+0	+1,846
↳ SHORT#2 7d re-struck @d7	68,000	+1,964	-842	+1,122
= subtotal				+517 R +0.78%
2024-03-29 $69,974→$67,158→$70,790 \| Call +0.95 Put +2.90 Combined +3.85% Cum +20.4
CALL (close-always)
↳ LONG 14d closed @d7	72,000	-3,085	+1,008	-2,077
↳ SHORT#1 7d	71,000	+2,743	+0	+2,743
= subtotal				+666 R +0.95%
PUT (base)
↳ LONG 14d	67,000	-2,632	+0	-2,632
↳ SHORT#1 7d	68,000	+1,964	-842	+1,122
↳ SHORT#2 7d re-struck @d7	68,000	+3,536	+0	+3,536
= subtotal				+2,026 R +2.90%
2024-04-05 $67,158→$70,790→$64,628 \| Call +0.70 Put -3.63 Combined -2.93% Cum +17.5
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-2,424	+2,917	+493
↳ SHORT#1 7d	69,000	+1,768	-1,790	-21
= subtotal				+472 R +0.70%
PUT (base)
↳ LONG 14d	65,000	-2,821	+372	-2,449
↳ SHORT#1 7d	66,000	+2,608	+0	+2,608
↳ SHORT#2 7d re-struck @d7	69,000	+1,773	-4,372	-2,599
= subtotal				-2,440 R -3.63%
2024-04-12 $70,790→$64,628→$64,412 \| Call -0.23 Put -0.38 Combined -0.61% Cum +16.9
CALL (close-always)
↳ LONG 14d closed @d7	73,000	-2,441	+476	-1,964
↳ SHORT#1 7d	72,000	+1,801	+0	+1,801
= subtotal				-163 R -0.23%
PUT (base)
↳ LONG 14d	68,000	-2,258	+3,588	+1,330
↳ SHORT#1 7d	69,000	+1,773	-4,372	-2,599
↳ SHORT#2 7d re-struck @d7	69,000	+5,589	-4,588	+1,001
= subtotal				-268 R -0.38%
2024-04-19 $64,628→$64,412→$59,218 \| Call +0.54 Put -0.27 Combined +0.26% Cum +17.2
CALL (close-always)
↳ LONG 14d closed @d7	67,000	-2,464	+956	-1,508
↳ SHORT#1 7d	66,000	+1,855	+0	+1,855
= subtotal				+347 R +0.54%
PUT (base)
↳ LONG 14d	62,000	-2,480	+2,782	+302
↳ SHORT#1 7d	63,000	+1,895	+0	+1,895
↳ SHORT#2 7d re-struck @d7	63,000	+1,408	-3,782	-2,374
= subtotal				-177 R -0.27%
2024-04-26 $64,412→$59,218→$63,050 \| Call -0.42 Put +0.16 Combined -0.27% Cum +16.9
CALL (close-always)
↳ LONG 14d closed @d7	67,000	-1,638	+95	-1,544
↳ SHORT#1 7d	66,000	+1,270	+0	+1,270
= subtotal				-274 R -0.43%
PUT (base)
↳ LONG 14d	62,000	-1,828	+0	-1,828
↳ SHORT#1 7d	63,000	+1,408	-3,782	-2,374
↳ SHORT#2 7d re-struck @d7	63,000	+4,302	+0	+4,302
= subtotal				+100 R +0.16%
2024-05-03 $59,218→$63,050→$66,140 \| Call +0.06 Put +1.65 Combined +1.71% Cum +18.6
CALL (close-always)
↳ LONG 14d closed @d7	62,000	-1,376	+2,396	+1,020
↳ SHORT#1 7d	61,000	+1,066	-2,050	-984
= subtotal				+36 R +0.06%
PUT (base)
↳ LONG 14d	57,000	-1,681	+0	-1,681
↳ SHORT#1 7d	58,000	+1,327	+0	+1,327
↳ SHORT#2 7d re-struck @d7	62,000	+1,328	+0	+1,328
= subtotal				+974 R +1.64%
2024-05-10 $63,050→$66,140→$67,205 \| Call +1.04 Put +1.90 Combined +2.93% Cum +21.5
CALL (close-always)
↳ LONG 14d closed @d7	66,000	-1,288	+2,121	+833
↳ SHORT#1 7d	65,000	+959	-1,140	-180
= subtotal				+653 R +1.04%
PUT (base)
↳ LONG 14d	61,000	-1,715	+0	-1,715
↳ SHORT#1 7d	62,000	+1,328	+0	+1,328
↳ SHORT#2 7d re-struck @d7	65,000	+1,583	+0	+1,583
= subtotal				+1,196 R +1.90%
2024-05-17 $66,140→$67,205→$68,138 \| Call +1.12 Put +1.44 Combined +2.55% Cum +24.1
CALL (close-always)
↳ LONG 14d closed @d7	69,000	-1,615	+1,132	-483
↳ SHORT#1 7d	68,000	+1,223	+0	+1,223
= subtotal				+740 R +1.12%
PUT (base)
↳ LONG 14d	64,000	-2,013	+0	-2,013
↳ SHORT#1 7d	65,000	+1,583	+0	+1,583
↳ SHORT#2 7d re-struck @d7	66,000	+1,380	+0	+1,380
= subtotal				+950 R +1.44%
2024-05-24 $67,205→$68,138→$71,130 \| Call +1.17 Put +1.48 Combined +2.65% Cum +26.7
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-1,481	+1,133	-348
↳ SHORT#1 7d	69,000	+1,132	+0	+1,132
= subtotal				+784 R +1.17%
PUT (base)
↳ LONG 14d	65,000	-1,819	+0	-1,819
↳ SHORT#1 7d	66,000	+1,380	+0	+1,380
↳ SHORT#2 7d re-struck @d7	67,000	+1,434	+0	+1,434
= subtotal				+995 R +1.48%
2024-05-31 $68,138→$71,130→$67,144 \| Call +0.91 Put -2.62 Combined -1.71% Cum +25.0
CALL (close-always)
↳ LONG 14d closed @d7	71,000	-1,493	+2,108	+615
↳ SHORT#1 7d	70,000	+1,133	-1,130	+4
= subtotal				+619 R +0.91%
PUT (base)
↳ LONG 14d	66,000	-1,884	+0	-1,884
↳ SHORT#1 7d	67,000	+1,434	+0	+1,434
↳ SHORT#2 7d re-struck @d7	70,000	+1,521	-2,856	-1,334
= subtotal				-1,784 R -2.62%
2024-06-07 $71,130→$67,144→$63,638 \| Call -0.36 Put -1.03 Combined -1.39% Cum +23.6
CALL (close-always)
↳ LONG 14d closed @d7	74,000	-1,596	+129	-1,467
↳ SHORT#1 7d	73,000	+1,208	+0	+1,208
= subtotal				-259 R -0.36%
PUT (base)
↳ LONG 14d	69,000	-1,926	+5,362	+3,436
↳ SHORT#1 7d	70,000	+1,521	-2,856	-1,334
↳ SHORT#2 7d re-struck @d7	70,000	+3,529	-6,362	-2,833
= subtotal				-731 R -1.03%
2024-06-14 $67,144→$63,638→$61,482 \| Call -0.17 Put -0.79 Combined -0.96% Cum +22.7
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-1,179	+117	-1,062
↳ SHORT#1 7d	69,000	+947	+0	+947
= subtotal				-115 R -0.17%
PUT (base)
↳ LONG 14d	65,000	-1,539	+3,518	+1,979
↳ SHORT#1 7d	66,000	+1,286	-2,362	-1,075
↳ SHORT#2 7d re-struck @d7	66,000	+3,086	-4,518	-1,432
= subtotal				-528 R -0.79%
2024-06-21 $63,638→$61,482→$54,086 \| Call +0.11 Put +0.18 Combined +0.29% Cum +23.0
CALL (close-always)
↳ LONG 14d closed @d7	66,000	-1,222	+257	-965
↳ SHORT#1 7d	65,000	+1,032	+0	+1,032
= subtotal				+67 R +0.11%
PUT (base)
↳ LONG 14d	61,000	-1,240	+6,914	+5,674
↳ SHORT#1 7d	62,000	+1,017	-518	+498
↳ SHORT#2 7d re-struck @d7	62,000	+1,860	-7,914	-6,054
= subtotal				+118 R +0.19%
2024-06-28 $61,482→$54,086→$57,322 \| Call -0.25 Put -1.74 Combined -1.99% Cum +21.0
CALL (close-always)
↳ LONG 14d closed @d7	64,000	-1,108	+29	-1,079
↳ SHORT#1 7d	63,000	+927	+0	+927
= subtotal				-152 R -0.25%
PUT (base)
↳ LONG 14d	59,000	-1,221	+1,678	+457
↳ SHORT#1 7d	60,000	+1,020	-5,914	-4,895
↳ SHORT#2 7d re-struck @d7	60,000	+6,045	-2,678	+3,367
= subtotal				-1,071 R -1.74%
2024-07-05 $54,086→$57,322→$63,822 \| Call +0.22 Put +1.37 Combined +1.59% Cum +22.6
CALL (close-always)
↳ LONG 14d closed @d7	57,000	-987	+1,676	+690
↳ SHORT#1 7d	56,000	+749	-1,322	-573
= subtotal				+117 R +0.22%
PUT (base)
↳ LONG 14d	52,000	-1,344	+0	-1,344
↳ SHORT#1 7d	53,000	+1,112	+0	+1,112
↳ SHORT#2 7d re-struck @d7	56,000	+973	+0	+973
= subtotal				+741 R +1.37%
2024-07-12 $57,322→$63,822→$67,106 \| Call -0.67 Put +1.86 Combined +1.19% Cum +23.8
CALL (close-always)
↳ LONG 14d closed @d7	60,000	-937	+4,596	+3,658
↳ SHORT#1 7d	59,000	+779	-4,822	-4,043
= subtotal				-385 R -0.67%
PUT (base)
↳ LONG 14d	55,000	-1,136	+0	-1,136
↳ SHORT#1 7d	56,000	+973	+0	+973
↳ SHORT#2 7d re-struck @d7	62,000	+1,232	+0	+1,232
= subtotal				+1,069 R +1.86%
2024-07-19 $63,822→$67,106→$64,594 \| Call +0.80 Put +0.05 Combined +0.85% Cum +24.6
CALL (close-always)
↳ LONG 14d closed @d7	66,000	-1,757	+2,960	+1,203
↳ SHORT#1 7d	65,000	+1,412	-2,106	-694
= subtotal				+509 R +0.80%
PUT (base)
↳ LONG 14d	61,000	-1,646	+0	-1,646
↳ SHORT#1 7d	62,000	+1,232	+0	+1,232
↳ SHORT#2 7d re-struck @d7	66,000	+1,854	-1,406	+448
= subtotal				+34 R +0.05%
2024-07-26 $67,106→$64,594→$61,094 \| Call -0.65 Put -0.70 Combined -1.35% Cum +23.3
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-2,017	+199	-1,819
↳ SHORT#1 7d	69,000	+1,381	+0	+1,381
= subtotal				-438 R -0.65%
PUT (base)
↳ LONG 14d	65,000	-2,365	+3,906	+1,541
↳ SHORT#1 7d	66,000	+1,854	-1,406	+448
↳ SHORT#2 7d re-struck @d7	66,000	+2,449	-4,906	-2,457
= subtotal				-468 R -0.70%
2024-08-02 $64,594→$61,094→$58,362 \| Call +0.06 Put -0.26 Combined -0.19% Cum +23.1
CALL (close-always)
↳ LONG 14d closed @d7	67,000	-1,238	+239	-998
↳ SHORT#1 7d	66,000	+1,039	+0	+1,039
= subtotal				+41 R +0.06%
PUT (base)
↳ LONG 14d	62,000	-1,288	+3,638	+2,350
↳ SHORT#1 7d	63,000	+1,057	-1,906	-849
↳ SHORT#2 7d re-struck @d7	63,000	+2,971	-4,638	-1,667
= subtotal				-166 R -0.26%
2024-08-09 $61,094→$58,362→$61,314 \| Call -0.25 Put +0.96 Combined +0.71% Cum +23.8
CALL (close-always)
↳ LONG 14d closed @d7	64,000	-1,408	+177	-1,231
↳ SHORT#1 7d	63,000	+1,077	+0	+1,077
= subtotal				-154 R -0.25%
PUT (base)
↳ LONG 14d	59,000	-1,812	+0	-1,812
↳ SHORT#1 7d	60,000	+1,444	-1,638	-194
↳ SHORT#2 7d re-struck @d7	60,000	+2,591	+0	+2,591
= subtotal				+585 R +0.96%
2024-08-16 $58,362→$61,314→$59,448 \| Call +0.58 Put +0.67 Combined +1.25% Cum +25.0
CALL (close-always)
↳ LONG 14d closed @d7	61,000	-1,220	+1,919	+698
↳ SHORT#1 7d	60,000	+956	-1,314	-358
= subtotal				+340 R +0.58%
PUT (base)
↳ LONG 14d	56,000	-1,409	+0	-1,409
↳ SHORT#1 7d	57,000	+1,124	+0	+1,124
↳ SHORT#2 7d re-struck @d7	60,000	+1,227	-552	+674
= subtotal				+389 R +0.67%
2024-08-23 $61,314→$59,448→$55,781 \| Call +0.03 Put +0.21 Combined +0.23% Cum +25.3
CALL (close-always)
↳ LONG 14d closed @d7	64,000	-1,309	+309	-1,000
↳ SHORT#1 7d	63,000	+1,017	+0	+1,017
= subtotal				+17 R +0.03%
PUT (base)
↳ LONG 14d	59,000	-1,542	+3,219	+1,677
↳ SHORT#1 7d	60,000	+1,227	-552	+674
↳ SHORT#2 7d re-struck @d7	60,000	+1,995	-4,219	-2,224
= subtotal				+127 R +0.21%
2024-08-30 $59,448→$55,781→$57,963 \| Call -0.20 Put +0.82 Combined +0.62% Cum +25.9
CALL (close-always)
↳ LONG 14d closed @d7	62,000	-1,285	+153	-1,132
↳ SHORT#1 7d	61,000	+1,013	+0	+1,013
= subtotal				-119 R -0.20%
PUT (base)
↳ LONG 14d	57,000	-1,419	+0	-1,419
↳ SHORT#1 7d	58,000	+1,121	-2,219	-1,099
↳ SHORT#2 7d re-struck @d7	58,000	+3,043	-37	+3,007
= subtotal				+489 R +0.82%
2024-09-06 $55,781→$57,963→$63,311 \| Call +0.72 Put +1.21 Combined +1.94% Cum +27.8
CALL (close-always)
↳ LONG 14d closed @d7	58,000	-1,426	+1,635	+209
↳ SHORT#1 7d	57,000	+1,157	-963	+194
= subtotal				+403 R +0.72%
PUT (base)
↳ LONG 14d	53,000	-1,326	+0	-1,326
↳ SHORT#1 7d	54,000	+1,067	+0	+1,067
↳ SHORT#2 7d re-struck @d7	56,000	+935	+0	+935
= subtotal				+676 R +1.21%
2024-09-13 $57,963→$63,311→$65,730 \| Call -0.83 Put +1.71 Combined +0.88% Cum +28.7
CALL (close-always)
↳ LONG 14d closed @d7	60,000	-1,401	+4,061	+2,660
↳ SHORT#1 7d	59,000	+1,170	-4,311	-3,141
= subtotal				-481 R -0.83%
PUT (base)
↳ LONG 14d	55,000	-1,231	+0	-1,231
↳ SHORT#1 7d	56,000	+935	+0	+935
↳ SHORT#2 7d re-struck @d7	62,000	+1,285	+0	+1,285
= subtotal				+989 R +1.71%
2024-09-20 $63,311→$65,730→$61,450 \| Call +1.11 Put -2.68 Combined -1.57% Cum +27.1
CALL (close-always)
↳ LONG 14d closed @d7	66,000	-1,378	+1,746	+369
↳ SHORT#1 7d	65,000	+1,067	-730	+337
= subtotal				+706 R +1.12%
PUT (base)
↳ LONG 14d	61,000	-1,623	+0	-1,623
↳ SHORT#1 7d	62,000	+1,285	+0	+1,285
↳ SHORT#2 7d re-struck @d7	64,000	+1,190	-2,550	-1,360
= subtotal				-1,698 R -2.68%
2024-09-27 $65,730→$61,450→$60,669 \| Call -0.18 Put -0.75 Combined -0.93% Cum +26.2
CALL (close-always)
↳ LONG 14d closed @d7	68,000	-1,603	+192	-1,411
↳ SHORT#1 7d	67,000	+1,291	+0	+1,291
= subtotal				-120 R -0.18%
PUT (base)
↳ LONG 14d	63,000	-1,561	+2,331	+770
↳ SHORT#1 7d	64,000	+1,190	-2,550	-1,360
↳ SHORT#2 7d re-struck @d7	64,000	+3,428	-3,331	+97
= subtotal				-493 R -0.75%
2024-10-04 $61,450→$60,669→$67,927 \| Call +0.33 Put +1.70 Combined +2.03% Cum +28.2
CALL (close-always)
↳ LONG 14d closed @d7	64,000	-1,536	+542	-994
↳ SHORT#1 7d	63,000	+1,199	+0	+1,199
= subtotal				+205 R +0.33%
PUT (base)
↳ LONG 14d	59,000	-1,686	+0	-1,686
↳ SHORT#1 7d	60,000	+1,302	+0	+1,302
↳ SHORT#2 7d re-struck @d7	60,000	+1,425	+0	+1,425
= subtotal				+1,041 R +1.69%
2024-10-11 $60,669→$67,927→$67,670 \| Call -0.94 Put +1.65 Combined +0.71% Cum +28.9
CALL (close-always)
↳ LONG 14d closed @d7	63,000	-1,400	+5,634	+4,234
↳ SHORT#1 7d	62,000	+1,123	-5,927	-4,804
= subtotal				-570 R -0.94%
PUT (base)
↳ LONG 14d	58,000	-1,387	+0	-1,387
↳ SHORT#1 7d	59,000	+1,072	+0	+1,072
↳ SHORT#2 7d re-struck @d7	66,000	+1,316	+0	+1,316
= subtotal				+1,001 R +1.65%
2024-10-18 $67,927→$67,670→$69,375 \| Call +1.09 Put +1.39 Combined +2.47% Cum +31.4
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-1,958	+1,122	-836
↳ SHORT#1 7d	69,000	+1,574	+0	+1,574
= subtotal				+738 R +1.09%
PUT (base)
↳ LONG 14d	65,000	-1,781	+0	-1,781
↳ SHORT#1 7d	66,000	+1,316	+0	+1,316
↳ SHORT#2 7d re-struck @d7	66,000	+1,406	+0	+1,406
= subtotal				+941 R +1.39%
2024-10-25 $67,670→$69,375→$75,822 \| Call +1.62 Put +1.66 Combined +3.28% Cum +34.7
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-1,855	+1,860	+5
↳ SHORT#1 7d	69,000	+1,466	-375	+1,090
= subtotal				+1,095 R +1.62%
PUT (base)
↳ LONG 14d	65,000	-1,868	+0	-1,868
↳ SHORT#1 7d	66,000	+1,406	+0	+1,406
↳ SHORT#2 7d re-struck @d7	68,000	+1,583	+0	+1,583
= subtotal				+1,121 R +1.66%
2024-11-01 $69,375→$75,822→$88,101 \| Call -0.70 Put +1.39 Combined +0.69% Cum +35.4
CALL (close-always)
↳ LONG 14d closed @d7	72,000	-1,820	+4,758	+2,939
↳ SHORT#1 7d	71,000	+1,399	-4,822	-3,423
= subtotal				-484 R -0.70%
PUT (base)
↳ LONG 14d	67,000	-2,058	+0	-2,058
↳ SHORT#1 7d	68,000	+1,583	+0	+1,583
↳ SHORT#2 7d re-struck @d7	74,000	+1,439	+0	+1,439
= subtotal				+964 R +1.39%
2024-11-08 $75,822→$88,101→$98,880 \| Call -1.33 Put +2.39 Combined +1.06% Cum +36.4
CALL (close-always)
↳ LONG 14d closed @d7	78,000	-2,032	+10,528	+8,496
↳ SHORT#1 7d	77,000	+1,600	-11,101	-9,501
= subtotal				-1,005 R -1.33%
PUT (base)
↳ LONG 14d	73,000	-1,922	+0	-1,922
↳ SHORT#1 7d	74,000	+1,439	+0	+1,439
↳ SHORT#2 7d re-struck @d7	87,000	+2,295	+0	+2,295
= subtotal				+1,812 R +2.39%
2024-11-15 $88,101→$98,880→$96,000 \| Call +0.19 Put +1.17 Combined +1.36% Cum +37.8
CALL (close-always)
↳ LONG 14d closed @d7	91,000	-2,463	+9,670	+7,206
↳ SHORT#1 7d	90,000	+1,838	-8,880	-7,043
= subtotal				+163 R +0.19%
PUT (base)
↳ LONG 14d	86,000	-2,885	+0	-2,885
↳ SHORT#1 7d	87,000	+2,295	+0	+2,295
↳ SHORT#2 7d re-struck @d7	97,000	+2,623	-1,000	+1,623
= subtotal				+1,033 R +1.17%
2024-11-22 $98,880→$96,000→$98,342 \| Call +0.19 Put +1.75 Combined +1.93% Cum +39.7
CALL (close-always)
↳ LONG 14d closed @d7	101,000	-3,639	+1,072	-2,568
↳ SHORT#1 7d	100,000	+2,753	+0	+2,753
= subtotal				+185 R +0.19%
PUT (base)
↳ LONG 14d	96,000	-3,384	+0	-3,384
↳ SHORT#1 7d	97,000	+2,623	-1,000	+1,623
↳ SHORT#2 7d re-struck @d7	97,000	+3,486	+0	+3,486
= subtotal				+1,725 R +1.74%
2024-11-29 $96,000→$98,342→$100,273 \| Call +1.27 Put +1.75 Combined +3.02% Cum +42.7
CALL (close-always)
↳ LONG 14d closed @d7	98,000	-3,097	+3,221	+124
↳ SHORT#1 7d	97,000	+2,437	-1,342	+1,094
= subtotal				+1,218 R +1.27%
PUT (base)
↳ LONG 14d	93,000	-2,966	+0	-2,966
↳ SHORT#1 7d	94,000	+2,141	+0	+2,141
↳ SHORT#2 7d re-struck @d7	97,000	+2,510	+0	+2,510
= subtotal				+1,685 R +1.76%
2024-12-06 $98,342→$100,273→$95,493 \| Call +1.82 Put -1.13 Combined +0.69% Cum +43.4
CALL (close-always)
↳ LONG 14d closed @d7	101,000	-2,939	+2,767	-172
↳ SHORT#1 7d	100,000	+2,237	-273	+1,964
= subtotal				+1,792 R +1.82%
PUT (base)
↳ LONG 14d	96,000	-3,222	+507	-2,714
↳ SHORT#1 7d	97,000	+2,510	+0	+2,510
↳ SHORT#2 7d re-struck @d7	99,000	+2,603	-3,507	-905
= subtotal				-1,109 R -1.13%
2024-12-13 $100,273→$95,493→$95,729 \| Call +0.52 Put +0.68 Combined +1.20% Cum +44.6
CALL (close-always)
↳ LONG 14d closed @d7	103,000	-2,990	+1,245	-1,745
↳ SHORT#1 7d	102,000	+2,266	+0	+2,266
= subtotal				+521 R +0.52%
PUT (base)
↳ LONG 14d	98,000	-3,335	+2,271	-1,064
↳ SHORT#1 7d	99,000	+2,603	-3,507	-905
↳ SHORT#2 7d re-struck @d7	99,000	+5,926	-3,271	+2,654
= subtotal				+685 R +0.68%
2024-12-20 $95,493→$95,729→$96,144 \| Call +1.33 Put +1.95 Combined +3.28% Cum +47.9
CALL (close-always)
↳ LONG 14d closed @d7	98,000	-3,333	+2,125	-1,209
↳ SHORT#1 7d	97,000	+2,480	+0	+2,480
= subtotal				+1,271 R +1.33%
PUT (base)
↳ LONG 14d	93,000	-3,392	+0	-3,392
↳ SHORT#1 7d	94,000	+2,675	+0	+2,675
↳ SHORT#2 7d re-struck @d7	94,000	+2,579	+0	+2,579
= subtotal				+1,862 R +1.95%
2024-12-27 $95,729→$96,144→$94,670 \| Call +1.30 Put +1.54 Combined +2.84% Cum +50.8
CALL (close-always)
↳ LONG 14d closed @d7	98,000	-3,436	+2,096	-1,341
↳ SHORT#1 7d	97,000	+2,585	+0	+2,585
= subtotal				+1,244 R +1.30%
PUT (base)
↳ LONG 14d	93,000	-3,301	+0	-3,301
↳ SHORT#1 7d	94,000	+2,579	+0	+2,579
↳ SHORT#2 7d re-struck @d7	95,000	+2,531	-330	+2,201
= subtotal				+1,479 R +1.54%
2025
2025-01-03 $96,144→$94,670→$102,140 \| Call +0.60 Put +2.16 Combined +2.76% Cum +53.5
CALL (close-always)
↳ LONG 14d closed @d7	99,000	-2,778	+1,259	-1,519
↳ SHORT#1 7d	98,000	+2,096	+0	+2,096
= subtotal				+577 R +0.60%
PUT (base)
↳ LONG 14d	94,000	-3,214	+0	-3,214
↳ SHORT#1 7d	95,000	+2,531	-330	+2,201
↳ SHORT#2 7d re-struck @d7	95,000	+3,090	+0	+3,090
= subtotal				+2,077 R +2.16%
2025-01-10 $94,670→$102,140→$105,492 \| Call +0.33 Put +2.53 Combined +2.86% Cum +56.4
CALL (close-always)
↳ LONG 14d closed @d7	97,000	-2,915	+7,105	+4,190
↳ SHORT#1 7d	96,000	+2,260	-6,140	-3,879
= subtotal				+311 R +0.33%
PUT (base)
↳ LONG 14d	92,000	-2,925	+0	-2,925
↳ SHORT#1 7d	93,000	+2,248	+0	+2,248
↳ SHORT#2 7d re-struck @d7	101,000	+3,070	+0	+3,070
= subtotal				+2,393 R +2.53%
2025-01-17 $102,140→$105,492→$104,012 \| Call +1.06 Put +1.84 Combined +2.89% Cum +59.3
CALL (close-always)
↳ LONG 14d closed @d7	105,000	-3,497	+3,518	+21
↳ SHORT#1 7d	104,000	+2,552	-1,492	+1,060
= subtotal				+1,081 R +1.06%
PUT (base)
↳ LONG 14d	100,000	-3,863	+0	-3,863
↳ SHORT#1 7d	101,000	+3,070	+0	+3,070
↳ SHORT#2 7d re-struck @d7	104,000	+2,669	+0	+2,669
= subtotal				+1,876 R +1.84%
2025-01-24 $105,492→$104,012→$97,032 \| Call +0.55 Put +1.17 Combined +1.72% Cum +61.0
CALL (close-always)
↳ LONG 14d closed @d7	108,000	-3,283	+1,353	-1,930
↳ SHORT#1 7d	107,000	+2,508	+0	+2,508
= subtotal				+578 R +0.55%
PUT (base)
↳ LONG 14d	103,000	-3,465	+5,968	+2,503
↳ SHORT#1 7d	104,000	+2,669	+0	+2,669
↳ SHORT#2 7d re-struck @d7	104,000	+3,032	-6,968	-3,936
= subtotal				+1,236 R +1.17%
2025-01-31 $104,012→$97,032→$96,889 \| Call -0.44 Put -0.90 Combined -1.34% Cum +59.7
CALL (close-always)
↳ LONG 14d closed @d7	107,000	-2,788	+282	-2,505
↳ SHORT#1 7d	106,000	+2,050	+0	+2,050
= subtotal				-455 R -0.44%
PUT (base)
↳ LONG 14d	102,000	-3,219	+5,111	+1,892
↳ SHORT#1 7d	103,000	+2,539	-5,968	-3,428
↳ SHORT#2 7d re-struck @d7	103,000	+6,708	-6,111	+597
= subtotal				-939 R -0.90%
2025-02-07 $97,032→$96,889→$98,209 \| Call +0.82 Put +1.75 Combined +2.56% Cum +62.2
CALL (close-always)
↳ LONG 14d closed @d7	100,000	-2,501	+1,439	-1,063
↳ SHORT#1 7d	99,000	+1,856	+0	+1,856
= subtotal				+793 R +0.82%
PUT (base)
↳ LONG 14d	95,000	-2,993	+0	-2,993
↳ SHORT#1 7d	96,000	+2,297	+0	+2,297
↳ SHORT#2 7d re-struck @d7	96,000	+2,391	+0	+2,391
= subtotal				+1,695 R +1.75%
2025-02-14 $96,889→$98,209→$78,980 \| Call +1.35 Put -1.67 Combined -0.32% Cum +61.9
CALL (close-always)
↳ LONG 14d closed @d7	99,000	-2,852	+2,167	-685
↳ SHORT#1 7d	98,000	+2,206	-209	+1,998
= subtotal				+1,313 R +1.36%
PUT (base)
↳ LONG 14d	94,000	-2,628	+15,020	+12,392
↳ SHORT#1 7d	95,000	+1,928	+0	+1,928
↳ SHORT#2 7d re-struck @d7	97,000	+2,080	-18,020	-15,941
= subtotal				-1,621 R -1.67%
2025-02-21 $98,209→$78,980→$88,362 \| Call -0.40 Put -1.50 Combined -1.90% Cum +60.0
CALL (close-always)
↳ LONG 14d closed @d7	101,000	-2,171	+24	-2,147
↳ SHORT#1 7d	100,000	+1,752	+0	+1,752
= subtotal				-395 R -0.40%
PUT (base)
↳ LONG 14d	96,000	-2,561	+7,638	+5,076
↳ SHORT#1 7d	97,000	+2,080	-18,020	-15,941
↳ SHORT#2 7d re-struck @d7	97,000	+18,031	-8,638	+9,393
= subtotal				-1,472 R -1.50%
2025-02-28 $78,980→$88,362→$82,592 \| Call -0.95 Put -3.58 Combined -4.53% Cum +55.5
CALL (close-always)
↳ LONG 14d closed @d7	81,000	-2,403	+8,091	+5,688
↳ SHORT#1 7d	80,000	+1,922	-8,362	-6,440
= subtotal				-752 R -0.95%
PUT (base)
↳ LONG 14d	76,000	-2,233	+0	-2,233
↳ SHORT#1 7d	77,000	+1,629	+0	+1,629
↳ SHORT#2 7d re-struck @d7	87,000	+2,185	-4,408	-2,224
= subtotal				-2,828 R -3.58%
2025-03-07 $88,362→$82,592→$84,018 \| Call -0.40 Put -0.94 Combined -1.34% Cum +54.1
CALL (close-always)
↳ LONG 14d closed @d7	91,000	-2,548	+246	-2,302
↳ SHORT#1 7d	90,000	+1,952	+0	+1,952
= subtotal				-350 R -0.40%
PUT (base)
↳ LONG 14d	86,000	-2,784	+1,982	-803
↳ SHORT#1 7d	87,000	+2,185	-4,408	-2,224
↳ SHORT#2 7d re-struck @d7	87,000	+5,173	-2,982	+2,191
= subtotal				-836 R -0.95%
2025-03-14 $82,592→$84,018→$85,220 \| Call +1.44 Put +1.40 Combined +2.84% Cum +57.0
CALL (close-always)
↳ LONG 14d closed @d7	85,000	-2,200	+1,717	-483
↳ SHORT#1 7d	84,000	+1,694	-18	+1,676
= subtotal				+1,193 R +1.44%
PUT (base)
↳ LONG 14d	80,000	-2,284	+0	-2,284
↳ SHORT#1 7d	81,000	+1,651	+0	+1,651
↳ SHORT#2 7d re-struck @d7	83,000	+1,786	+0	+1,786
= subtotal				+1,153 R +1.40%
2025-03-21 $84,018→$85,220→$84,418 \| Call +1.24 Put +1.64 Combined +2.88% Cum +59.8
CALL (close-always)
↳ LONG 14d closed @d7	87,000	-1,657	+1,398	-259
↳ SHORT#1 7d	86,000	+1,298	+0	+1,298
= subtotal				+1,039 R +1.24%
PUT (base)
↳ LONG 14d	82,000	-2,138	+0	-2,138
↳ SHORT#1 7d	83,000	+1,786	+0	+1,786
↳ SHORT#2 7d re-struck @d7	84,000	+1,730	+0	+1,730
= subtotal				+1,378 R +1.64%
2025-03-28 $85,220→$84,418→$81,636 \| Call +0.75 Put +1.04 Combined +1.79% Cum +61.6
CALL (close-always)
↳ LONG 14d closed @d7	88,000	-1,761	+1,004	-757
↳ SHORT#1 7d	87,000	+1,398	+0	+1,398
= subtotal				+641 R +0.75%
PUT (base)
↳ LONG 14d	83,000	-2,098	+1,364	-735
↳ SHORT#1 7d	84,000	+1,730	+0	+1,730
↳ SHORT#2 7d re-struck @d7	84,000	+2,254	-2,364	-109
= subtotal				+886 R +1.04%
2025-04-04 $84,418→$81,636→$84,656 \| Call +0.07 Put +1.33 Combined +1.40% Cum +63.0
CALL (close-always)
↳ LONG 14d closed @d7	87,000	-2,176	+562	-1,614
↳ SHORT#1 7d	86,000	+1,676	+0	+1,676
= subtotal				+62 R +0.07%
PUT (base)
↳ LONG 14d	82,000	-2,330	+0	-2,330
↳ SHORT#1 7d	83,000	+1,773	-1,364	+410
↳ SHORT#2 7d re-struck @d7	83,000	+3,042	+0	+3,042
= subtotal				+1,122 R +1.33%
2025-04-11 $81,636→$84,656→$93,660 \| Call +0.51 Put +1.21 Combined +1.72% Cum +64.8
CALL (close-always)
↳ LONG 14d closed @d7	84,000	-2,181	+2,571	+390
↳ SHORT#1 7d	83,000	+1,685	-1,656	+30
= subtotal				+420 R +0.51%
PUT (base)
↳ LONG 14d	79,000	-2,227	+0	-2,227
↳ SHORT#1 7d	80,000	+1,679	+0	+1,679
↳ SHORT#2 7d re-struck @d7	83,000	+1,535	+0	+1,535
= subtotal				+987 R +1.21%
2025-04-18 $84,656→$93,660→$96,596 \| Call -0.85 Put +1.59 Combined +0.74% Cum +65.5
CALL (close-always)
↳ LONG 14d closed @d7	87,000	-1,893	+7,247	+5,354
↳ SHORT#1 7d	86,000	+1,587	-7,660	-6,073
= subtotal				-719 R -0.85%
PUT (base)
↳ LONG 14d	82,000	-1,959	+0	-1,959
↳ SHORT#1 7d	83,000	+1,535	+0	+1,535
↳ SHORT#2 7d re-struck @d7	92,000	+1,768	+0	+1,768
= subtotal				+1,344 R +1.59%
2025-04-25 $93,660→$96,596→$102,948 \| Call +0.95 Put +1.52 Combined +2.46% Cum +68.0
CALL (close-always)
↳ LONG 14d closed @d7	96,000	-2,185	+2,852	+668
↳ SHORT#1 7d	95,000	+1,814	-1,596	+218
= subtotal				+886 R +0.95%
PUT (base)
↳ LONG 14d	91,000	-2,219	+0	-2,219
↳ SHORT#1 7d	92,000	+1,768	+0	+1,768
↳ SHORT#2 7d re-struck @d7	95,000	+1,871	+0	+1,871
= subtotal				+1,420 R +1.52%
2025-05-02 $96,596→$102,948→$103,368 \| Call -0.12 Put +1.47 Combined +1.34% Cum +69.3
CALL (close-always)
↳ LONG 14d closed @d7	99,000	-2,257	+5,222	+2,966
↳ SHORT#1 7d	98,000	+1,862	-4,948	-3,086
= subtotal				-120 R -0.12%
PUT (base)
↳ LONG 14d	94,000	-2,347	+0	-2,347
↳ SHORT#1 7d	95,000	+1,871	+0	+1,871
↳ SHORT#2 7d re-struck @d7	101,000	+1,893	+0	+1,893
= subtotal				+1,417 R +1.47%
2025-05-09 $102,948→$103,368→$110,880 \| Call +1.06 Put +1.23 Combined +2.29% Cum +71.6
CALL (close-always)
↳ LONG 14d closed @d7	105,000	-2,704	+1,628	-1,075
↳ SHORT#1 7d	104,000	+2,167	+0	+2,167
= subtotal				+1,092 R +1.06%
PUT (base)
↳ LONG 14d	100,000	-2,429	+0	-2,429
↳ SHORT#1 7d	101,000	+1,893	+0	+1,893
↳ SHORT#2 7d re-struck @d7	102,000	+1,798	+0	+1,798
= subtotal				+1,262 R +1.23%
2025-05-16 $103,368→$110,880→$105,131 \| Call -0.30 Put -2.18 Combined -2.48% Cum +69.1
CALL (close-always)
↳ LONG 14d closed @d7	106,000	-2,134	+6,073	+3,939
↳ SHORT#1 7d	105,000	+1,628	-5,880	-4,252
= subtotal				-313 R -0.30%
PUT (base)
↳ LONG 14d	101,000	-2,313	+0	-2,313
↳ SHORT#1 7d	102,000	+1,798	+0	+1,798
↳ SHORT#2 7d re-struck @d7	109,000	+2,128	-3,869	-1,741
= subtotal				-2,256 R -2.18%
2025-05-23 $110,880→$105,131→$103,452 \| Call -0.17 Put -0.36 Combined -0.53% Cum +68.6
CALL (close-always)
↳ LONG 14d closed @d7	113,000	-2,948	+423	-2,526
↳ SHORT#1 7d	112,000	+2,340	+0	+2,340
= subtotal				-186 R -0.17%
PUT (base)
↳ LONG 14d	108,000	-2,734	+4,548	+1,814
↳ SHORT#1 7d	109,000	+2,128	-3,869	-1,741
↳ SHORT#2 7d re-struck @d7	109,000	+5,075	-5,548	-472
= subtotal				-399 R -0.36%
2025-05-30 $105,131→$103,452→$104,670 \| Call +0.27 Put +1.48 Combined +1.75% Cum +70.3
CALL (close-always)
↳ LONG 14d closed @d7	108,000	-2,366	+751	-1,615
↳ SHORT#1 7d	107,000	+1,894	+0	+1,894
= subtotal				+279 R +0.27%
PUT (base)
↳ LONG 14d	103,000	-2,840	+0	-2,840
↳ SHORT#1 7d	104,000	+2,299	-548	+1,751
↳ SHORT#2 7d re-struck @d7	104,000	+2,648	+0	+2,648
= subtotal				+1,559 R +1.48%
2025-06-06 $103,452→$104,670→$105,901 \| Call +1.23 Put +1.15 Combined +2.37% Cum +72.7
CALL (close-always)
↳ LONG 14d closed @d7	106,000	-2,167	+1,775	-392
↳ SHORT#1 7d	105,000	+1,663	+0	+1,663
= subtotal				+1,271 R +1.23%
PUT (base)
↳ LONG 14d	101,000	-2,282	+0	-2,282
↳ SHORT#1 7d	102,000	+1,765	+0	+1,765
↳ SHORT#2 7d re-struck @d7	103,000	+1,702	+0	+1,702
= subtotal				+1,185 R +1.15%
2025-06-13 $104,670→$105,901→$106,955 \| Call +1.32 Put +1.06 Combined +2.38% Cum +75.1
CALL (close-always)
↳ LONG 14d closed @d7	107,000	-2,285	+1,897	-388
↳ SHORT#1 7d	106,000	+1,775	+0	+1,775
= subtotal				+1,387 R +1.33%
PUT (base)
↳ LONG 14d	102,000	-2,233	+0	-2,233
↳ SHORT#1 7d	103,000	+1,702	+0	+1,702
↳ SHORT#2 7d re-struck @d7	104,000	+1,638	+0	+1,638
= subtotal				+1,107 R +1.06%
2025-06-20 $105,901→$106,955→$108,706 \| Call +1.02 Put +0.70 Combined +1.73% Cum +76.8
CALL (close-always)
↳ LONG 14d closed @d7	108,000	-2,444	+1,633	-811
↳ SHORT#1 7d	107,000	+1,897	+0	+1,897
= subtotal				+1,086 R +1.03%
PUT (base)
↳ LONG 14d	103,000	-2,182	+0	-2,182
↳ SHORT#1 7d	104,000	+1,638	+0	+1,638
↳ SHORT#2 7d re-struck @d7	105,000	+1,291	+0	+1,291
= subtotal				+747 R +0.71%
2025-06-27 $106,955→$108,706→$117,970 \| Call +0.76 Put +0.81 Combined +1.57% Cum +78.4
CALL (close-always)
↳ LONG 14d closed @d7	109,000	-2,108	+1,997	-110
↳ SHORT#1 7d	108,000	+1,633	-706	+927
= subtotal				+817 R +0.76%
PUT (base)
↳ LONG 14d	104,000	-1,841	+0	-1,841
↳ SHORT#1 7d	105,000	+1,291	+0	+1,291
↳ SHORT#2 7d re-struck @d7	107,000	+1,417	+0	+1,417
= subtotal				+867 R +0.81%
2025-07-04 $108,706→$117,970→$118,692 \| Call -0.98 Put +0.85 Combined -0.13% Cum +78.3
CALL (close-always)
↳ LONG 14d closed @d7	111,000	-2,049	+7,409	+5,361
↳ SHORT#1 7d	110,000	+1,544	-7,970	-6,427
= subtotal				-1,066 R -0.98%
PUT (base)
↳ LONG 14d	106,000	-1,981	+0	-1,981
↳ SHORT#1 7d	107,000	+1,417	+0	+1,417
↳ SHORT#2 7d re-struck @d7	116,000	+1,492	+0	+1,492
= subtotal				+928 R +0.85%
2025-07-11 $117,970→$118,692→$115,234 \| Call +0.99 Put -0.68 Combined +0.31% Cum +78.6
CALL (close-always)
↳ LONG 14d closed @d7	120,000	-2,411	+1,727	-684
↳ SHORT#1 7d	119,000	+1,852	+0	+1,852
= subtotal				+1,168 R +0.99%
PUT (base)
↳ LONG 14d	115,000	-2,137	+0	-2,137
↳ SHORT#1 7d	116,000	+1,492	+0	+1,492
↳ SHORT#2 7d re-struck @d7	117,000	+1,613	-1,766	-153
= subtotal				-798 R -0.68%
2025-07-18 $118,692→$115,234→$114,575 \| Call +0.07 Put +0.14 Combined +0.21% Cum +78.8
CALL (close-always)
↳ LONG 14d closed @d7	121,000	-2,324	+685	-1,639
↳ SHORT#1 7d	120,000	+1,727	+0	+1,727
= subtotal				+88 R +0.07%
PUT (base)
↳ LONG 14d	116,000	-2,264	+1,425	-839
↳ SHORT#1 7d	117,000	+1,613	-1,766	-153
↳ SHORT#2 7d re-struck @d7	117,000	+3,578	-2,425	+1,153
= subtotal				+161 R +0.14%
2025-07-25 $115,234→$114,575→$116,576 \| Call +0.29 Put +1.23 Combined +1.52% Cum +80.3
CALL (close-always)
↳ LONG 14d closed @d7	118,000	-2,440	+939	-1,501
↳ SHORT#1 7d	117,000	+1,836	+0	+1,836
= subtotal				+335 R +0.29%
PUT (base)
↳ LONG 14d	113,000	-2,696	+0	-2,696
↳ SHORT#1 7d	114,000	+2,131	+0	+2,131
↳ SHORT#2 7d re-struck @d7	114,000	+1,980	+0	+1,980
= subtotal				+1,415 R +1.23%
2025-08-01 $114,575→$116,576→$118,867 \| Call +0.77 Put +0.89 Combined +1.66% Cum +82.0
CALL (close-always)
↳ LONG 14d closed @d7	117,000	-2,157	+2,012	-145
↳ SHORT#1 7d	116,000	+1,603	-576	+1,027
= subtotal				+882 R +0.77%
PUT (base)
↳ LONG 14d	112,000	-2,194	+0	-2,194
↳ SHORT#1 7d	113,000	+1,581	+0	+1,581
↳ SHORT#2 7d re-struck @d7	115,000	+1,629	+0	+1,629
= subtotal				+1,016 R +0.89%
2025-08-08 $116,576→$118,867→$112,946 \| Call +0.71 Put -1.81 Combined -1.10% Cum +80.9
CALL (close-always)
↳ LONG 14d closed @d7	119,000	-2,151	+2,273	+123
↳ SHORT#1 7d	118,000	+1,571	-867	+704
= subtotal				+827 R +0.71%
PUT (base)
↳ LONG 14d	114,000	-2,285	+1,054	-1,231
↳ SHORT#1 7d	115,000	+1,629	+0	+1,629
↳ SHORT#2 7d re-struck @d7	117,000	+1,549	-4,054	-2,505
= subtotal				-2,107 R -1.81%
2025-08-15 $118,867→$112,946→$109,565 \| Call -0.28 Put -0.76 Combined -1.04% Cum +79.8
CALL (close-always)
↳ LONG 14d closed @d7	121,000	-2,396	+231	-2,165
↳ SHORT#1 7d	120,000	+1,827	+0	+1,827
= subtotal				-338 R -0.28%
PUT (base)
↳ LONG 14d	116,000	-2,201	+6,435	+4,234
↳ SHORT#1 7d	117,000	+1,549	-4,054	-2,505
↳ SHORT#2 7d re-struck @d7	117,000	+4,806	-7,435	-2,628
= subtotal				-899 R -0.76%
2025-08-22 $112,946→$109,565→$112,589 \| Call -0.06 Put +0.80 Combined +0.73% Cum +80.5
CALL (close-always)
↳ LONG 14d closed @d7	115,000	-2,266	+448	-1,818
↳ SHORT#1 7d	114,000	+1,745	+0	+1,745
= subtotal				-73 R -0.06%
PUT (base)
↳ LONG 14d	110,000	-2,008	+0	-2,008
↳ SHORT#1 7d	111,000	+1,406	-1,435	-28
↳ SHORT#2 7d re-struck @d7	111,000	+2,935	+0	+2,935
= subtotal				+899 R +0.80%
2025-08-29 $109,565→$112,589→$115,011 \| Call +0.41 Put +0.88 Combined +1.29% Cum +81.8
CALL (close-always)
↳ LONG 14d closed @d7	112,000	-2,020	+2,552	+532
↳ SHORT#1 7d	111,000	+1,505	-1,589	-84
= subtotal				+448 R +0.41%
PUT (base)
↳ LONG 14d	107,000	-2,059	+0	-2,059
↳ SHORT#1 7d	108,000	+1,488	+0	+1,488
↳ SHORT#2 7d re-struck @d7	111,000	+1,537	+0	+1,537
= subtotal				+966 R +0.88%
2025-09-05 $112,589→$115,011→$116,863 \| Call +0.61 Put +1.02 Combined +1.63% Cum +83.5
CALL (close-always)
↳ LONG 14d closed @d7	115,000	-2,109	+2,231	+123
↳ SHORT#1 7d	114,000	+1,571	-1,011	+560
= subtotal				+683 R +0.61%
PUT (base)
↳ LONG 14d	110,000	-2,134	+0	-2,134
↳ SHORT#1 7d	111,000	+1,537	+0	+1,537
↳ SHORT#2 7d re-struck @d7	114,000	+1,747	+0	+1,747
= subtotal				+1,150 R +1.02%
2025-09-12 $115,011→$116,863→$109,514 \| Call +0.98 Put -0.97 Combined +0.01% Cum +83.5
CALL (close-always)
↳ LONG 14d closed @d7	118,000	-1,910	+1,707	-203
↳ SHORT#1 7d	117,000	+1,335	+0	+1,335
= subtotal				+1,132 R +0.98%
PUT (base)
↳ LONG 14d	113,000	-2,386	+3,486	+1,100
↳ SHORT#1 7d	114,000	+1,747	+0	+1,747
↳ SHORT#2 7d re-struck @d7	115,000	+1,521	-5,486	-3,965
= subtotal				-1,118 R -0.97%
2025-09-19 $116,863→$109,514→$120,021 \| Call -0.41 Put -0.18 Combined -0.59% Cum +82.9
CALL (close-always)
↳ LONG 14d closed @d7	119,000	-2,302	+118	-2,184
↳ SHORT#1 7d	118,000	+1,707	+0	+1,707
= subtotal				-477 R -0.41%
PUT (base)
↳ LONG 14d	114,000	-2,181	+0	-2,181
↳ SHORT#1 7d	115,000	+1,521	-5,486	-3,965
↳ SHORT#2 7d re-struck @d7	115,000	+5,939	+0	+5,939
= subtotal				-207 R -0.18%
2025-09-26 $109,514→$120,021→$121,566 \| Call -1.09 Put +1.20 Combined +0.12% Cum +83.0
CALL (close-always)
↳ LONG 14d closed @d7	112,000	-2,000	+8,348	+6,347
↳ SHORT#1 7d	111,000	+1,484	-9,021	-7,537
= subtotal				-1,190 R -1.09%
PUT (base)
↳ LONG 14d	107,000	-2,077	+0	-2,077
↳ SHORT#1 7d	108,000	+1,507	+0	+1,507
↳ SHORT#2 7d re-struck @d7	119,000	+1,886	+0	+1,886
= subtotal				+1,316 R +1.20%
2025-10-03 $120,021→$121,566→$104,829 \| Call +0.94 Put -0.79 Combined +0.15% Cum +83.2
CALL (close-always)
↳ LONG 14d closed @d7	123,000	-2,101	+1,732	-370
↳ SHORT#1 7d	122,000	+1,497	+0	+1,497
= subtotal				+1,127 R +0.94%
PUT (base)
↳ LONG 14d	118,000	-2,550	+13,171	+10,621
↳ SHORT#1 7d	119,000	+1,886	+0	+1,886
↳ SHORT#2 7d re-struck @d7	120,000	+1,719	-15,171	-13,451
= subtotal				-944 R -0.79%
2025-10-10 $121,566→$104,829→$111,062 \| Call -0.45 Put -1.30 Combined -1.76% Cum +81.4
CALL (close-always)
↳ LONG 14d closed @d7	124,000	-2,340	+57	-2,283
↳ SHORT#1 7d	123,000	+1,732	+0	+1,732
= subtotal				-551 R -0.45%
PUT (base)
↳ LONG 14d	119,000	-2,394	+7,938	+5,544
↳ SHORT#1 7d	120,000	+1,719	-15,171	-13,451
↳ SHORT#2 7d re-struck @d7	120,000	+15,262	-8,938	+6,324
= subtotal				-1,583 R -1.30%
2025-10-17 $104,829→$111,062→$110,020 \| Call -0.60 Put +1.18 Combined +0.58% Cum +82.0
CALL (close-always)
↳ LONG 14d closed @d7	107,000	-3,130	+5,165	+2,034
↳ SHORT#1 7d	106,000	+2,400	-5,062	-2,662
= subtotal				-628 R -0.60%
PUT (base)
↳ LONG 14d	102,000	-2,964	+0	-2,964
↳ SHORT#1 7d	103,000	+2,173	+0	+2,173
↳ SHORT#2 7d re-struck @d7	110,000	+2,029	+0	+2,029
= subtotal				+1,238 R +1.18%
2025-10-24 $111,062→$110,020→$101,462 \| Call +0.38 Put +0.80 Combined +1.19% Cum +83.2
CALL (close-always)
↳ LONG 14d closed @d7	114,000	-2,253	+999	-1,254
↳ SHORT#1 7d	113,000	+1,680	+0	+1,680
= subtotal				+426 R +0.38%
PUT (base)
↳ LONG 14d	109,000	-2,637	+7,538	+4,902
↳ SHORT#1 7d	110,000	+2,029	+0	+2,029
↳ SHORT#2 7d re-struck @d7	110,000	+2,498	-8,538	-6,041
= subtotal				+890 R +0.80%
2025-10-31 $110,020→$101,462→$97,329 \| Call -0.39 Put -1.08 Combined -1.48% Cum +81.7
CALL (close-always)
↳ LONG 14d closed @d7	113,000	-2,207	+133	-2,074
↳ SHORT#1 7d	112,000	+1,642	+0	+1,642
= subtotal				-432 R -0.39%
PUT (base)
↳ LONG 14d	108,000	-2,622	+10,671	+8,049
↳ SHORT#1 7d	109,000	+2,024	-7,538	-5,515
↳ SHORT#2 7d re-struck @d7	109,000	+7,943	-11,671	-3,728
= subtotal				-1,194 R -1.09%
2025-11-07 $101,462→$97,329→$83,608 \| Call +0.02 Put -0.13 Combined -0.11% Cum +81.6
CALL (close-always)
↳ LONG 14d closed @d7	104,000	-2,366	+452	-1,914
↳ SHORT#1 7d	103,000	+1,930	+0	+1,930
= subtotal				+16 R +0.02%
PUT (base)
↳ LONG 14d	99,000	-2,572	+15,392	+12,820
↳ SHORT#1 7d	100,000	+2,056	-2,671	-615
↳ SHORT#2 7d re-struck @d7	100,000	+4,055	-16,392	-12,337
= subtotal				-132 R -0.13%
2025-11-14 $97,329→$83,608→$91,637 \| Call -0.38 Put -1.43 Combined -1.80% Cum +79.8
CALL (close-always)
↳ LONG 14d closed @d7	100,000	-2,185	+41	-2,144
↳ SHORT#1 7d	99,000	+1,776	+0	+1,776
= subtotal				-368 R -0.38%
PUT (base)
↳ LONG 14d	95,000	-2,480	+3,363	+882
↳ SHORT#1 7d	96,000	+2,004	-12,392	-10,388
↳ SHORT#2 7d re-struck @d7	96,000	+12,481	-4,363	+8,118
= subtotal				-1,388 R -1.43%
2025-11-21 $83,608→$91,637→$92,072 \| Call -1.14 Put +1.28 Combined +0.14% Cum +79.9
CALL (close-always)
↳ LONG 14d closed @d7	86,000	-2,449	+6,228	+3,779
↳ SHORT#1 7d	85,000	+1,909	-6,637	-4,729
= subtotal				-950 R -1.14%
PUT (base)
↳ LONG 14d	81,000	-2,585	+0	-2,585
↳ SHORT#1 7d	82,000	+1,929	+0	+1,929
↳ SHORT#2 7d re-struck @d7	90,000	+1,724	+0	+1,724
= subtotal				+1,068 R +1.28%
2025-11-28 $91,637→$92,072→$92,304 \| Call +1.26 Put +1.68 Combined +2.94% Cum +82.9
CALL (close-always)
↳ LONG 14d closed @d7	94,000	-2,111	+1,509	-603
↳ SHORT#1 7d	93,000	+1,754	+0	+1,754
= subtotal				+1,151 R +1.26%
PUT (base)
↳ LONG 14d	89,000	-2,157	+0	-2,157
↳ SHORT#1 7d	90,000	+1,724	+0	+1,724
↳ SHORT#2 7d re-struck @d7	91,000	+1,977	+0	+1,977
= subtotal				+1,544 R +1.68%
2025-12-05 $92,072→$92,304→$88,054 \| Call +0.64 Put +0.16 Combined +0.80% Cum +83.7
CALL (close-always)
↳ LONG 14d closed @d7	95,000	-1,928	+1,005	-923
↳ SHORT#1 7d	94,000	+1,509	+0	+1,509
= subtotal				+586 R +0.64%
PUT (base)
↳ LONG 14d	90,000	-2,401	+1,946	-454
↳ SHORT#1 7d	91,000	+1,977	+0	+1,977
↳ SHORT#2 7d re-struck @d7	91,000	+1,571	-2,946	-1,375
= subtotal				+148 R +0.16%
2025-12-12 $92,304→$88,054→$88,699 \| Call -0.11 Put -0.35 Combined -0.47% Cum +83.2
CALL (close-always)
↳ LONG 14d closed @d7	95,000	-1,783	+314	-1,470
↳ SHORT#1 7d	94,000	+1,365	+0	+1,365
= subtotal				-105 R -0.11%
PUT (base)
↳ LONG 14d	90,000	-1,989	+1,301	-689
↳ SHORT#1 7d	91,000	+1,571	-2,946	-1,375
↳ SHORT#2 7d re-struck @d7	91,000	+4,038	-2,301	+1,737
= subtotal				-327 R -0.35%
2025-12-19 $88,054→$88,699→$89,139 \| Call +0.76 Put +1.07 Combined +1.83% Cum +85.0
CALL (close-always)
↳ LONG 14d closed @d7	91,000	-1,795	+1,053	-742
↳ SHORT#1 7d	90,000	+1,406	+0	+1,406
= subtotal				+664 R +0.75%
PUT (base)
↳ LONG 14d	86,000	-2,266	+0	-2,266
↳ SHORT#1 7d	87,000	+1,878	+0	+1,878
↳ SHORT#2 7d re-struck @d7	87,000	+1,330	+0	+1,330
= subtotal				+942 R +1.07%
2025-12-26 $88,699→$89,139→$89,994 \| Call +0.93 Put +1.27 Combined +2.20% Cum +87.2
CALL (close-always)
↳ LONG 14d closed @d7	91,000	-1,816	+1,206	-610
↳ SHORT#1 7d	90,000	+1,436	+0	+1,436
= subtotal				+826 R +0.93%
PUT (base)
↳ LONG 14d	86,000	-1,773	+0	-1,773
↳ SHORT#1 7d	87,000	+1,330	+0	+1,330
↳ SHORT#2 7d re-struck @d7	88,000	+1,568	+0	+1,568
= subtotal				+1,125 R +1.27%
2026
2026-01-02 $89,139→$89,994→$95,629 \| Call +0.93 Put +0.98 Combined +1.91% Cum +89.1
CALL (close-always)
↳ LONG 14d closed @d7	92,000	-1,553	+1,174	-378
↳ SHORT#1 7d	91,000	+1,206	+0	+1,206
= subtotal				+828 R +0.93%
PUT (base)
↳ LONG 14d	87,000	-1,956	+0	-1,956
↳ SHORT#1 7d	88,000	+1,568	+0	+1,568
↳ SHORT#2 7d re-struck @d7	88,000	+1,263	+0	+1,263
= subtotal				+875 R +0.98%
2026-01-09 $89,994→$95,629→$89,166 \| Call -0.77 Put -4.53 Combined -5.31% Cum +83.8
CALL (close-always)
↳ LONG 14d closed @d7	92,000	-1,963	+4,313	+2,350
↳ SHORT#1 7d	91,000	+1,582	-4,629	-3,047
= subtotal				-697 R -0.77%
PUT (base)
↳ LONG 14d	87,000	-1,706	+0	-1,706
↳ SHORT#1 7d	88,000	+1,263	+0	+1,263
↳ SHORT#2 7d re-struck @d7	94,000	+1,198	-4,834	-3,636
= subtotal				-4,079 R -4.53%
2026-01-16 $95,629→$89,166→$82,624 \| Call -0.37 Put -1.19 Combined -1.56% Cum +82.3
CALL (close-always)
↳ LONG 14d closed @d7	98,000	-1,675	+55	-1,620
↳ SHORT#1 7d	97,000	+1,268	+0	+1,268
= subtotal				-352 R -0.37%
PUT (base)
↳ LONG 14d	93,000	-1,651	+10,376	+8,726
↳ SHORT#1 7d	94,000	+1,198	-4,834	-3,636
↳ SHORT#2 7d re-struck @d7	94,000	+5,150	-11,376	-6,227
= subtotal				-1,137 R -1.19%
2026-01-23 $89,166→$82,624→$64,860 \| Call -0.33 Put -1.21 Combined -1.54% Cum +80.7
CALL (close-always)
↳ LONG 14d closed @d7	92,000	-1,338	+68	-1,269
↳ SHORT#1 7d	91,000	+977	+0	+977
= subtotal				-292 R -0.33%
PUT (base)
↳ LONG 14d	87,000	-1,645	+22,140	+20,495
↳ SHORT#1 7d	88,000	+1,254	-5,376	-4,123
↳ SHORT#2 7d re-struck @d7	88,000	+5,692	-23,140	-17,448
= subtotal				-1,076 R -1.21%
2026-01-30 $82,624→$64,860→$66,670 \| Call -0.36 Put -1.56 Combined -1.92% Cum +78.8
CALL (close-always)
↳ LONG 14d closed @d7	85,000	-1,609	+39	-1,570
↳ SHORT#1 7d	84,000	+1,274	+0	+1,274
= subtotal				-296 R -0.36%
PUT (base)
↳ LONG 14d	80,000	-1,611	+13,330	+11,719
↳ SHORT#1 7d	81,000	+1,223	-16,140	-14,917
↳ SHORT#2 7d re-struck @d7	81,000	+16,238	-14,330	+1,908
= subtotal				-1,290 R -1.56%
2026-02-06 $64,860→$66,670→$67,852 \| Call +1.50 Put +1.00 Combined +2.51% Cum +81.3
CALL (close-always)
↳ LONG 14d closed @d7	67,000	-2,562	+1,746	-817
↳ SHORT#1 7d	66,000	+2,463	-670	+1,793
= subtotal				+976 R +1.50%
PUT (base)
↳ LONG 14d	62,000	-2,398	+0	-2,398
↳ SHORT#1 7d	63,000	+1,808	+0	+1,808
↳ SHORT#2 7d re-struck @d7	65,000	+1,239	+0	+1,239
= subtotal				+649 R +1.00%
2026-02-13 $66,670→$67,852→$67,900 \| Call +1.61 Put +1.24 Combined +2.84% Cum +84.2
CALL (close-always)
↳ LONG 14d closed @d7	69,000	-1,616	+1,395	-221
↳ SHORT#1 7d	68,000	+1,293	+0	+1,293
= subtotal				+1,072 R +1.61%
PUT (base)
↳ LONG 14d	64,000	-1,619	+0	-1,619
↳ SHORT#1 7d	65,000	+1,239	+0	+1,239
↳ SHORT#2 7d re-struck @d7	66,000	+1,204	+0	+1,204
= subtotal				+824 R +1.24%
2026-02-20 $67,852→$67,900→$70,756 \| Call +1.04 Put +1.17 Combined +2.21% Cum +86.4
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-1,723	+1,033	-690
↳ SHORT#1 7d	69,000	+1,395	+0	+1,395
= subtotal				+705 R +1.04%
PUT (base)
↳ LONG 14d	65,000	-1,599	+0	-1,599
↳ SHORT#1 7d	66,000	+1,204	+0	+1,204
↳ SHORT#2 7d re-struck @d7	66,000	+1,188	+0	+1,188
= subtotal				+793 R +1.17%
2026-02-27 $67,900→$70,756→$71,795 \| Call +0.55 Put +1.36 Combined +1.91% Cum +88.3
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-1,742	+2,452	+710
↳ SHORT#1 7d	69,000	+1,415	-1,756	-340
= subtotal				+370 R +0.54%
PUT (base)
↳ LONG 14d	65,000	-1,583	+0	-1,583
↳ SHORT#1 7d	66,000	+1,188	+0	+1,188
↳ SHORT#2 7d re-struck @d7	69,000	+1,322	+0	+1,322
= subtotal				+927 R +1.37%
2026-03-06 $70,756→$71,795→$71,011 \| Call +1.58 Put +1.28 Combined +2.87% Cum +91.1
CALL (close-always)
↳ LONG 14d closed @d7	73,000	-1,795	+1,480	-315
↳ SHORT#1 7d	72,000	+1,436	+0	+1,436
= subtotal				+1,121 R +1.58%
PUT (base)
↳ LONG 14d	68,000	-1,748	+0	-1,748
↳ SHORT#1 7d	69,000	+1,322	+0	+1,322
↳ SHORT#2 7d re-struck @d7	70,000	+1,336	+0	+1,336
= subtotal				+910 R +1.29%
2026-03-13 $71,795→$71,011→$67,874 \| Call +0.67 Put +0.18 Combined +0.85% Cum +92.0
CALL (close-always)
↳ LONG 14d closed @d7	74,000	-1,847	+851	-997
↳ SHORT#1 7d	73,000	+1,480	+0	+1,480
= subtotal				+483 R +0.67%
PUT (base)
↳ LONG 14d	69,000	-1,774	+1,126	-648
↳ SHORT#1 7d	70,000	+1,336	+0	+1,336
↳ SHORT#2 7d re-struck @d7	70,000	+1,569	-2,126	-557
= subtotal				+131 R +0.18%
2026-03-20 $71,011→$67,874→$66,941 \| Call -0.20 Put -0.53 Combined -0.73% Cum +91.3
CALL (close-always)
↳ LONG 14d closed @d7	74,000	-1,554	+245	-1,308
↳ SHORT#1 7d	73,000	+1,165	+0	+1,165
= subtotal				-143 R -0.20%
PUT (base)
↳ LONG 14d	69,000	-1,969	+2,059	+89
↳ SHORT#1 7d	70,000	+1,569	-2,126	-557
↳ SHORT#2 7d re-struck @d7	70,000	+3,153	-3,059	+95
= subtotal				-373 R -0.53%
2026-03-27 $67,874→$66,941→$71,581 \| Call +0.41 Put +1.43 Combined +1.85% Cum +93.1
CALL (close-always)
↳ LONG 14d closed @d7	70,000	-1,732	+609	-1,123
↳ SHORT#1 7d	69,000	+1,404	+0	+1,404
= subtotal				+281 R +0.41%
PUT (base)
↳ LONG 14d	65,000	-1,592	+0	-1,592
↳ SHORT#1 7d	66,000	+1,196	+0	+1,196
↳ SHORT#2 7d re-struck @d7	66,000	+1,366	+0	+1,366
= subtotal				+970 R +1.43%
2026-04-03 $66,941→$71,581→$75,739 \| Call -0.67 Put +1.12 Combined +0.45% Cum +93.6
CALL (close-always)
↳ LONG 14d closed @d7	69,000	-1,425	+3,302	+1,877
↳ SHORT#1 7d	68,000	+1,257	-3,581	-2,325
= subtotal				-448 R -0.67%
PUT (base)
↳ LONG 14d	64,000	-1,249	+0	-1,249
↳ SHORT#1 7d	65,000	+992	+0	+992
↳ SHORT#2 7d re-struck @d7	70,000	+1,006	+0	+1,006
= subtotal				+749 R +1.12%
2026-04-10 $71,581→$75,739→$77,746 \| Call -0.21 Put +1.06 Combined +0.85% Cum +94.4
CALL (close-always)
↳ LONG 14d closed @d7	74,000	-1,209	+2,773	+1,564
↳ SHORT#1 7d	73,000	+1,021	-2,739	-1,718
= subtotal				-154 R -0.22%
PUT (base)
↳ LONG 14d	69,000	-1,286	+0	-1,286
↳ SHORT#1 7d	70,000	+1,006	+0	+1,006
↳ SHORT#2 7d re-struck @d7	74,000	+1,041	+0	+1,041
= subtotal				+761 R +1.06%
2026-04-17 $75,739→$77,746→$77,326 \| Call +0.81 Put +1.01 Combined +1.82% Cum +96.2
CALL (close-always)
↳ LONG 14d closed @d7	78,000	-1,446	+1,636	+190
↳ SHORT#1 7d	77,000	+1,169	-746	+422
= subtotal				+612 R +0.81%
PUT (base)
↳ LONG 14d	73,000	-1,358	+0	-1,358
↳ SHORT#1 7d	74,000	+1,041	+0	+1,041
↳ SHORT#2 7d re-struck @d7	76,000	+1,083	+0	+1,083
= subtotal				+766 R +1.01%
2026-04-24 $77,746→$77,326→$79,850 \| Call +0.31 Put +0.81 Combined +1.12% Cum +97.4
CALL (close-always)
↳ LONG 14d closed @d7	80,000	-1,508	+537	-971
↳ SHORT#1 7d	79,000	+1,215	+0	+1,215
= subtotal				+244 R +0.31%
PUT (base)
↳ LONG 14d	75,000	-1,417	+0	-1,417
↳ SHORT#1 7d	76,000	+1,083	+0	+1,083
↳ SHORT#2 7d re-struck @d7	76,000	+965	+0	+965
= subtotal				+631 R +0.81%
2026-05-01 $77,326→$79,850→$80,614 \| Call +0.48 Put +0.66 Combined +1.15% Cum +98.5
CALL (close-always)
↳ LONG 14d closed @d7	80,000	-1,093	+1,498	+405
↳ SHORT#1 7d	79,000	+820	-850	-30
= subtotal				+375 R +0.48%
PUT (base)
↳ LONG 14d	75,000	-1,308	+0	-1,308
↳ SHORT#1 7d	76,000	+965	+0	+965
↳ SHORT#2 7d re-struck @d7	78,000	+854	+0	+854
= subtotal				+511 R +0.66%

CALL side

Best (long 2 / short 1): base tot +30 / worst -7.0 / ret-DD 2.4 → close-always tot +37 / worst -1.4 / ret-DD 11.9. Recommended for call: close-always.

BASE — hold 2 weeks, sell both weekly shorts

variant (long/short OTM strikes)	n	Avg/wk	Total	Win%	Ret/DD	Worst wk	2024	2025	2026	Tardis tot
long 1 / short 0	122	+0.14	+17	54%	1.4	-7.5	+10	+1	+6	+3
long 1 / short 1	122	+0.18	+22	57%	1.8	-7.0	+13	+2	+7	+3
long 2 / short 0	122	+0.12	+15	56%	0.8	-7.1	+5	+5	+5	+2
long 2 / short 1 ★	122	+0.24	+30	65%	2.4	-7.0	+14	+6	+9	+5
long 3 / short 0	122	+0.07	+8	53%	0.3	-6.7	-4	+8	+4	+2
long 3 / short 1	122	+0.17	+21	62%	1.3	-6.7	+5	+9	+7	+4

CLOSE-IF-DD — close the long after wk1 only IF short #1 went ITM

variant (long/short OTM strikes)	n	Avg/wk	Total	Win%	Ret/DD	Worst wk	2024	2025	2026	Tardis tot
long 1 / short 0	122	+0.18	+22	61%	1.8	-7.5	+11	+4	+8	+6
long 1 / short 1	122	+0.23	+28	64%	2.3	-7.0	+15	+5	+8	+6
long 2 / short 0	122	+0.13	+16	57%	1.1	-7.1	+5	+7	+5	+3
long 2 / short 1 ★	122	+0.27	+33	69%	2.7	-7.0	+14	+9	+11	+7
long 3 / short 0	122	+0.09	+11	53%	0.5	-6.7	+0	+8	+2	+2
long 3 / short 1	122	+0.23	+28	66%	2.3	-6.7	+8	+12	+8	+6

CLOSE-ALWAYS — always close after wk1, never sell the 2nd short (= 1-week diagonal)

variant (long/short OTM strikes)	n	Avg/wk	Total	Win%	Ret/DD	Worst wk	2024	2025	2026	Tardis tot
long 1 / short 0	122	+0.27	+32	62%	9.1	-1.4	+14	+14	+5	+3
long 1 / short 1	122	+0.27	+32	62%	9.1	-1.4	+14	+14	+5	+3
long 2 / short 0	122	+0.22	+26	68%	3.3	-2.4	+7	+14	+5	+2
long 2 / short 1 ★	122	+0.30	+37	63%	11.9	-1.4	+14	+16	+7	+4
long 3 / short 0	122	+0.17	+21	68%	1.7	-3.5	+2	+14	+4	+2
long 3 / short 1	122	+0.26	+31	70%	5.0	-2.4	+9	+16	+7	+4

Week-by-week — long 2 / short 1, close-always (recommended)

Week (Fri)	BTC spot	R %notional	Cum
2024
2024-01-05	$43,918	+0.45	+0.5	+0.45
2024-01-12	$45,862	-0.33	+0.1	-0.33
2024-01-19	$41,292	+0.00	+0.1	+0.00
2024-01-26	$40,134	-0.18	-0.1	-0.18
2024-02-02	$43,028	-0.27	-0.3	-0.27
2024-02-09	$46,650	-0.78	-1.1	-0.78
2024-02-16	$51,855	+0.35	-0.8	+0.35
2024-02-23	$50,966	-1.37	-2.1	-1.37
2024-03-01	$61,952	+0.11	-2.0	+0.11
2024-03-08	$67,249	+1.51	-0.5	+1.51
2024-03-15	$67,096	+1.00	+0.5	+1.00
2024-03-22	$65,864	+1.30	+1.8	+1.30
2024-03-29	$69,974	+0.95	+2.7	+0.95
2024-04-05	$67,158	+0.70	+3.4	+0.70
2024-04-12	$70,790	-0.23	+3.2	-0.23
2024-04-19	$64,628	+0.54	+3.8	+0.54
2024-04-26	$64,412	-0.42	+3.3	-0.42
2024-05-03	$59,218	+0.06	+3.4	+0.06
2024-05-10	$63,050	+1.04	+4.4	+1.04
2024-05-17	$66,140	+1.12	+5.5	+1.12
2024-05-24	$67,205	+1.17	+6.7	+1.17
2024-05-31	$68,138	+0.91	+7.6	+0.91
2024-06-07	$71,130	-0.36	+7.3	-0.36
2024-06-14	$67,144	-0.17	+7.1	-0.17
2024-06-21	$63,638	+0.11	+7.2	+0.11
2024-06-28	$61,482	-0.25	+6.9	-0.25
2024-07-05	$54,086	+0.22	+7.2	+0.22
2024-07-12	$57,322	-0.67	+6.5	-0.67
2024-07-19	$63,822	+0.80	+7.3	+0.80
2024-07-26	$67,106	-0.65	+6.6	-0.65
2024-08-02	$64,594	+0.06	+6.7	+0.06
2024-08-09	$61,094	-0.25	+6.4	-0.25
2024-08-16	$58,362	+0.58	+7.0	+0.58
2024-08-23	$61,314	+0.03	+7.1	+0.03
2024-08-30	$59,448	-0.20	+6.9	-0.20
2024-09-06	$55,781	+0.72	+7.6	+0.72
2024-09-13	$57,963	-0.83	+6.7	-0.83
2024-09-20	$63,311	+1.11	+7.9	+1.11
2024-09-27	$65,730	-0.18	+7.7	-0.18
2024-10-04	$61,450	+0.33	+8.0	+0.33
2024-10-11	$60,669	-0.94	+7.1	-0.94
2024-10-18	$67,927	+1.09	+8.2	+1.09
2024-10-25	$67,670	+1.62	+9.8	+1.62
2024-11-01	$69,375	-0.70	+9.1	-0.70
2024-11-08	$75,822	-1.33	+7.7	-1.33
2024-11-15	$88,101	+0.19	+7.9	+0.19
2024-11-22	$98,880	+0.19	+8.1	+0.19
2024-11-29	$96,000	+1.27	+9.4	+1.27
2024-12-06	$98,342	+1.82	+11.2	+1.82
2024-12-13	$100,273	+0.52	+11.7	+0.52
2024-12-20	$95,493	+1.33	+13.1	+1.33
2024-12-27	$95,729	+1.30	+14.4	+1.30
2025
2025-01-03	$96,144	+0.60	+15.0	+0.60
2025-01-10	$94,670	+0.33	+15.3	+0.33
2025-01-17	$102,140	+1.06	+16.4	+1.06
2025-01-24	$105,492	+0.55	+16.9	+0.55
2025-01-31	$104,012	-0.44	+16.5	-0.44
2025-02-07	$97,032	+0.82	+17.3	+0.82
2025-02-14	$96,889	+1.35	+18.6	+1.35
2025-02-21	$98,209	-0.40	+18.2	-0.40
2025-02-28	$78,980	-0.95	+17.3	-0.95
2025-03-07	$88,362	-0.40	+16.9	-0.40
2025-03-14	$82,592	+1.44	+18.3	+1.44
2025-03-21	$84,018	+1.24	+19.6	+1.24
2025-03-28	$85,220	+0.75	+20.3	+0.75
2025-04-04	$84,418	+0.07	+20.4	+0.07
2025-04-11	$81,636	+0.51	+20.9	+0.51
2025-04-18	$84,656	-0.85	+20.1	-0.85
2025-04-25	$93,660	+0.95	+21.0	+0.95
2025-05-02	$96,596	-0.12	+20.9	-0.12
2025-05-09	$102,948	+1.06	+21.9	+1.06
2025-05-16	$103,368	-0.30	+21.6	-0.30
2025-05-23	$110,880	-0.17	+21.5	-0.17
2025-05-30	$105,131	+0.27	+21.7	+0.27
2025-06-06	$103,452	+1.23	+23.0	+1.23
2025-06-13	$104,670	+1.32	+24.3	+1.32
2025-06-20	$105,901	+1.02	+25.3	+1.02
2025-06-27	$106,955	+0.76	+26.1	+0.76
2025-07-04	$108,706	-0.98	+25.1	-0.98
2025-07-11	$117,970	+0.99	+26.1	+0.99
2025-07-18	$118,692	+0.07	+26.2	+0.07
2025-07-25	$115,234	+0.29	+26.4	+0.29
2025-08-01	$114,575	+0.77	+27.2	+0.77
2025-08-08	$116,576	+0.71	+27.9	+0.71
2025-08-15	$118,867	-0.28	+27.6	-0.28
2025-08-22	$112,946	-0.06	+27.6	-0.06
2025-08-29	$109,565	+0.41	+28.0	+0.41
2025-09-05	$112,589	+0.61	+28.6	+0.61
2025-09-12	$115,011	+0.98	+29.6	+0.98
2025-09-19	$116,863	-0.41	+29.2	-0.41
2025-09-26	$109,514	-1.09	+28.1	-1.09
2025-10-03	$120,021	+0.94	+29.0	+0.94
2025-10-10	$121,566	-0.45	+28.6	-0.45
2025-10-17	$104,829	-0.60	+28.0	-0.60
2025-10-24	$111,062	+0.38	+28.3	+0.38
2025-10-31	$110,020	-0.39	+28.0	-0.39
2025-11-07	$101,462	+0.02	+28.0	+0.02
2025-11-14	$97,329	-0.38	+27.6	-0.38
2025-11-21	$83,608	-1.14	+26.5	-1.14
2025-11-28	$91,637	+1.26	+27.7	+1.26
2025-12-05	$92,072	+0.64	+28.4	+0.64
2025-12-12	$92,304	-0.11	+28.2	-0.11
2025-12-19	$88,054	+0.76	+29.0	+0.76
2025-12-26	$88,699	+0.93	+29.9	+0.93
2026
2026-01-02	$89,139	+0.93	+30.9	+0.93
2026-01-09	$89,994	-0.77	+30.1	-0.77
2026-01-16	$95,629	-0.37	+29.7	-0.37
2026-01-23	$89,166	-0.33	+29.4	-0.33
2026-01-30	$82,624	-0.36	+29.0	-0.36
2026-02-06	$64,860	+1.50	+30.5	+1.50
2026-02-13	$66,670	+1.61	+32.1	+1.61
2026-02-20	$67,852	+1.04	+33.2	+1.04
2026-02-27	$67,900	+0.55	+33.7	+0.55
2026-03-06	$70,756	+1.58	+35.3	+1.58
2026-03-13	$71,795	+0.67	+36.0	+0.67
2026-03-20	$71,011	-0.20	+35.8	-0.20
2026-03-27	$67,874	+0.41	+36.2	+0.41
2026-04-03	$66,941	-0.67	+35.5	-0.67
2026-04-10	$71,581	-0.21	+35.3	-0.21
2026-04-17	$75,739	+0.81	+36.1	+0.81
2026-04-24	$77,746	+0.31	+36.4	+0.31
2026-05-01	$77,326	+0.48	+36.9	+0.48

PUT side

Best (long 2 / short 1): base tot +62 / worst -4.5 / ret-DD 7.3 → close-always tot +34 / worst -1.7 / ret-DD 7.8. Recommended for put: base.

BASE — hold 2 weeks, sell both weekly shorts

variant (long/short OTM strikes)	n	Avg/wk	Total	Win%	Ret/DD	Worst wk	2024	2025	2026	Tardis tot
long 1 / short 0	122	+0.60	+73	65%	7.9	-5.2	+36	+26	+11	+16
long 1 / short 1	122	+0.53	+65	67%	7.6	-4.5	+34	+23	+8	+12
long 2 / short 0	122	+0.65	+79	63%	7.3	-5.6	+40	+26	+13	+18
long 2 / short 1 ★	122	+0.51	+62	70%	7.3	-4.5	+36	+21	+4	+9
long 3 / short 0	122	+0.68	+83	61%	6.7	-5.1	+44	+24	+15	+20
long 3 / short 1	122	+0.52	+64	64%	6.3	-4.2	+39	+20	+6	+11

CLOSE-IF-DD — close the long after wk1 only IF short #1 went ITM

variant (long/short OTM strikes)	n	Avg/wk	Total	Win%	Ret/DD	Worst wk	2024	2025	2026	Tardis tot
long 1 / short 0	122	+0.59	+72	65%	7.9	-5.2	+35	+26	+11	+16
long 1 / short 1	122	+0.52	+63	67%	7.6	-4.5	+32	+23	+8	+12
long 2 / short 0	122	+0.64	+78	62%	7.4	-5.6	+38	+26	+13	+18
long 2 / short 1 ★	122	+0.51	+62	70%	7.6	-4.5	+36	+20	+5	+10
long 3 / short 0	122	+0.70	+85	60%	7.1	-5.1	+44	+26	+15	+20
long 3 / short 1	122	+0.56	+68	66%	7.1	-4.2	+42	+20	+7	+12

CLOSE-ALWAYS — always close after wk1, never sell the 2nd short (= 1-week diagonal)

variant (long/short OTM strikes)	n	Avg/wk	Total	Win%	Ret/DD	Worst wk	2024	2025	2026	Tardis tot
long 1 / short 0	122	+0.34	+41	67%	10.0	-2.1	+23	+14	+5	+5
long 1 / short 1	122	+0.34	+41	67%	10.0	-2.1	+23	+14	+5	+5
long 2 / short 0	122	+0.36	+44	74%	7.6	-3.1	+25	+13	+6	+6
long 2 / short 1 ★	122	+0.28	+34	63%	7.8	-1.7	+22	+10	+1	+1
long 3 / short 0	122	+0.39	+47	73%	5.6	-4.2	+28	+13	+6	+7
long 3 / short 1	122	+0.30	+37	75%	5.3	-2.7	+26	+10	+1	+2

Week-by-week — long 2 / short 1, base (recommended)

Week (Fri)	BTC spot	R %notional	Cum
2024
2024-01-05	$43,918	-4.20	-4.2	-4.20
2024-01-12	$45,862	-2.15	-6.4	-2.15
2024-01-19	$41,292	+1.96	-4.4	+1.96
2024-01-26	$40,134	+1.27	-3.1	+1.27
2024-02-02	$43,028	+1.36	-1.8	+1.36
2024-02-09	$46,650	+1.78	+0.0	+1.78
2024-02-16	$51,855	+1.49	+1.5	+1.49
2024-02-23	$50,966	+3.19	+4.7	+3.19
2024-03-01	$61,952	+3.02	+7.7	+3.02
2024-03-08	$67,249	+2.95	+10.7	+2.95
2024-03-15	$67,096	+3.35	+14.0	+3.35
2024-03-22	$65,864	+0.79	+14.8	+0.79
2024-03-29	$69,974	+2.90	+17.7	+2.90
2024-04-05	$67,158	-3.63	+14.1	-3.63
2024-04-12	$70,790	-0.38	+13.7	-0.38
2024-04-19	$64,628	-0.27	+13.4	-0.27
2024-04-26	$64,412	+0.16	+13.6	+0.16
2024-05-03	$59,218	+1.65	+15.2	+1.65
2024-05-10	$63,050	+1.90	+17.1	+1.90
2024-05-17	$66,140	+1.44	+18.5	+1.44
2024-05-24	$67,205	+1.48	+20.0	+1.48
2024-05-31	$68,138	-2.62	+17.4	-2.62
2024-06-07	$71,130	-1.03	+16.4	-1.03
2024-06-14	$67,144	-0.79	+15.6	-0.79
2024-06-21	$63,638	+0.18	+15.8	+0.18
2024-06-28	$61,482	-1.74	+14.0	-1.74
2024-07-05	$54,086	+1.37	+15.4	+1.37
2024-07-12	$57,322	+1.86	+17.3	+1.86
2024-07-19	$63,822	+0.05	+17.3	+0.05
2024-07-26	$67,106	-0.70	+16.6	-0.70
2024-08-02	$64,594	-0.26	+16.4	-0.26
2024-08-09	$61,094	+0.96	+17.3	+0.96
2024-08-16	$58,362	+0.67	+18.0	+0.67
2024-08-23	$61,314	+0.21	+18.2	+0.21
2024-08-30	$59,448	+0.82	+19.0	+0.82
2024-09-06	$55,781	+1.21	+20.2	+1.21
2024-09-13	$57,963	+1.71	+21.9	+1.71
2024-09-20	$63,311	-2.68	+19.3	-2.68
2024-09-27	$65,730	-0.75	+18.5	-0.75
2024-10-04	$61,450	+1.70	+20.2	+1.70
2024-10-11	$60,669	+1.65	+21.9	+1.65
2024-10-18	$67,927	+1.39	+23.2	+1.39
2024-10-25	$67,670	+1.66	+24.9	+1.66
2024-11-01	$69,375	+1.39	+26.3	+1.39
2024-11-08	$75,822	+2.39	+28.7	+2.39
2024-11-15	$88,101	+1.17	+29.8	+1.17
2024-11-22	$98,880	+1.75	+31.6	+1.75
2024-11-29	$96,000	+1.75	+33.3	+1.75
2024-12-06	$98,342	-1.13	+32.2	-1.13
2024-12-13	$100,273	+0.68	+32.9	+0.68
2024-12-20	$95,493	+1.95	+34.9	+1.95
2024-12-27	$95,729	+1.54	+36.4	+1.54
2025
2025-01-03	$96,144	+2.16	+38.6	+2.16
2025-01-10	$94,670	+2.53	+41.1	+2.53
2025-01-17	$102,140	+1.84	+42.9	+1.84
2025-01-24	$105,492	+1.17	+44.1	+1.17
2025-01-31	$104,012	-0.90	+43.2	-0.90
2025-02-07	$97,032	+1.75	+44.9	+1.75
2025-02-14	$96,889	-1.67	+43.3	-1.67
2025-02-21	$98,209	-1.50	+41.8	-1.50
2025-02-28	$78,980	-3.58	+38.2	-3.58
2025-03-07	$88,362	-0.94	+37.2	-0.94
2025-03-14	$82,592	+1.40	+38.6	+1.40
2025-03-21	$84,018	+1.64	+40.3	+1.64
2025-03-28	$85,220	+1.04	+41.3	+1.04
2025-04-04	$84,418	+1.33	+42.7	+1.33
2025-04-11	$81,636	+1.21	+43.9	+1.21
2025-04-18	$84,656	+1.59	+45.4	+1.59
2025-04-25	$93,660	+1.52	+47.0	+1.52
2025-05-02	$96,596	+1.47	+48.4	+1.47
2025-05-09	$102,948	+1.23	+49.7	+1.23
2025-05-16	$103,368	-2.18	+47.5	-2.18
2025-05-23	$110,880	-0.36	+47.1	-0.36
2025-05-30	$105,131	+1.48	+48.6	+1.48
2025-06-06	$103,452	+1.15	+49.7	+1.15
2025-06-13	$104,670	+1.06	+50.8	+1.06
2025-06-20	$105,901	+0.70	+51.5	+0.70
2025-06-27	$106,955	+0.81	+52.3	+0.81
2025-07-04	$108,706	+0.85	+53.2	+0.85
2025-07-11	$117,970	-0.68	+52.5	-0.68
2025-07-18	$118,692	+0.14	+52.6	+0.14
2025-07-25	$115,234	+1.23	+53.9	+1.23
2025-08-01	$114,575	+0.89	+54.7	+0.89
2025-08-08	$116,576	-1.81	+52.9	-1.81
2025-08-15	$118,867	-0.76	+52.2	-0.76
2025-08-22	$112,946	+0.80	+53.0	+0.80
2025-08-29	$109,565	+0.88	+53.9	+0.88
2025-09-05	$112,589	+1.02	+54.9	+1.02
2025-09-12	$115,011	-0.97	+53.9	-0.97
2025-09-19	$116,863	-0.18	+53.7	-0.18
2025-09-26	$109,514	+1.20	+54.9	+1.20
2025-10-03	$120,021	-0.79	+54.1	-0.79
2025-10-10	$121,566	-1.30	+52.8	-1.30
2025-10-17	$104,829	+1.18	+54.0	+1.18
2025-10-24	$111,062	+0.80	+54.8	+0.80
2025-10-31	$110,020	-1.08	+53.7	-1.08
2025-11-07	$101,462	-0.13	+53.6	-0.13
2025-11-14	$97,329	-1.43	+52.2	-1.43
2025-11-21	$83,608	+1.28	+53.5	+1.28
2025-11-28	$91,637	+1.68	+55.1	+1.68
2025-12-05	$92,072	+0.16	+55.3	+0.16
2025-12-12	$92,304	-0.35	+54.9	-0.35
2025-12-19	$88,054	+1.07	+56.0	+1.07
2025-12-26	$88,699	+1.27	+57.3	+1.27
2026
2026-01-02	$89,139	+0.98	+58.3	+0.98
2026-01-09	$89,994	-4.53	+53.7	-4.53
2026-01-16	$95,629	-1.19	+52.5	-1.19
2026-01-23	$89,166	-1.21	+51.3	-1.21
2026-01-30	$82,624	-1.56	+49.8	-1.56
2026-02-06	$64,860	+1.00	+50.8	+1.00
2026-02-13	$66,670	+1.24	+52.0	+1.24
2026-02-20	$67,852	+1.17	+53.2	+1.17
2026-02-27	$67,900	+1.36	+54.5	+1.36
2026-03-06	$70,756	+1.28	+55.8	+1.28
2026-03-13	$71,795	+0.18	+56.0	+0.18
2026-03-20	$71,011	-0.53	+55.5	-0.53
2026-03-27	$67,874	+1.43	+56.9	+1.43
2026-04-03	$66,941	+1.12	+58.0	+1.12
2026-04-10	$71,581	+1.06	+59.1	+1.06
2026-04-17	$75,739	+1.01	+60.1	+1.01
2026-04-24	$77,746	+0.81	+60.9	+0.81
2026-05-01	$77,326	+0.66	+61.6	+0.66

Model vs Mid vs Execution — what you actually keep against the orderbook

The recommended book (Call close-always + Put base, long 2 / short 1) priced THREE ways over the Tardis window (2026-01-22 → 2026-05-23, n=15 weeks), combined: Model (M2) +16% · Mid (mark) +13% · Exec (against the book) +0%. Realistic half-spread ≈ +7%. Measured avg bid-ask on the legs: 12% of mark (typically 4–8%, wider in stressed weeks).

This is the money point. The Model→Mid gap is small (+16→+13). The Mid→Exec gap is huge (+13→+0) — if you cross the full spread on every leg (market-order each), the 4-month edge collapses to +0%. Per side at full-cross Exec: Call -2.4 (turns negative), Put +2.6 (survives — the deep-ITM long carries it). You cannot market-order this book. It's a multi-day carry: post limits at/near mid and wait. Plan on ~half-spread (+7%), not Mid (+13) and not 0.

Columns

Comb Model = M2 fair value · Comb Mid = Deribit mark (≈ mid) · Comb Exec = buy long at ask, sell shorts at bid (against the orderbook). Settlement at expiry is cash (intrinsic, no spread).
Cum columns = the three equity curves (Model grey, Mid grey, Exec bold). Spr% = avg quoted bid-ask on that week's legs, % of mark.

Week (Fri)	BTC spot	Comb Model	Comb Mid	Comb Exec	Cum Model	Cum Mid	Cum Exec	Spr%
2026-01-23	$89,166	-1.54	-1.46	-5.28	-1.5	-1.5	-5.3	12%
2026-01-30	$82,624	-1.92	-1.68	-1.91	-3.5	-3.1	-7.2	38%
2026-02-06	$64,860	+2.51	+1.96	+1.11	-0.9	-1.2	-6.1	13%
2026-02-13	$66,670	+2.84	+2.63	+2.32	+1.9	+1.4	-3.8	6%
2026-02-20	$67,852	+2.21	+1.93	+1.59	+4.1	+3.4	-2.2	7%
2026-02-27	$67,900	+1.91	+2.26	+1.93	+6.0	+5.6	-0.2	8%
2026-03-06	$70,756	+2.87	+2.89	+2.49	+8.9	+8.5	+2.2	6%
2026-03-13	$71,795	+0.85	+0.74	+0.41	+9.7	+9.3	+2.7	6%
2026-03-20	$71,011	-0.73	-1.11	-1.41	+9.0	+8.1	+1.3	7%
2026-03-27	$67,874	+1.85	+1.42	+0.96	+10.9	+9.6	+2.2	10%
2026-04-03	$66,941	+0.45	-0.26	-4.08	+11.3	+9.3	-1.9	25%
2026-04-10	$71,581	+0.85	+0.11	-0.26	+12.2	+9.4	-2.1	7%
2026-04-17	$75,739	+1.82	+1.56	+1.11	+14.0	+11.0	-1.0	9%
2026-04-24	$77,746	+1.12	+1.13	+0.69	+15.1	+12.1	-0.3	10%
2026-05-01	$77,326	+1.15	+0.91	+0.53	+16.2	+13.0	+0.2	10%
TOTAL (15 wks)		+16.2	+13.0	+0.2				12%

Source: run_cal2w_managed.py. PnL = −long_debit + long_intrinsic + Σ(short_credit − short_intrinsic); close-rules realise the long's mark at day 7. M2 bias-corrected (2024+), Tardis real (2026, nearest strike). Causal, intrinsics from clean OHLC bars. GRID $1000.