The Perfect 2wk/1wk Diagonal — before / after

One combined Call + Put book on BTC (long 2 strikes OTM / short 1 strike OTM, weekly roll), shown three ways so the effect of each rule is visible. R = % of notional, M2 2024+, Tardis 2026 as the real check.

1. Naive — the original cal2w: Call base + Put base, every week.
2. ★ +Rules — Call close-always (after week 1 close the long, never sell the 2nd short) + Put base (keep the 2nd short — it's profitable). This is the perfect variant.
3. +IV-filter — same rules, but only placed in low-IV weeks. Shown for completeness.

What you see:

• +Rules ≈ same return as naive (+78%) but markedly smoother: worst week −8.5% → −5.3%, ret/DD 6.0 → 7.6. The call close-rule removes the week-2 gamma run-over and the long-vega crush exposure (you're out after wk1) — for free.
• The IV-filter adds nothing on top (+78 → +50, ret/DD back to 6.0, same worst). The close-rule already fixed the vol-crush problem the filter was meant to solve, so filtering just throws away good weeks. One rule per problem. (The IV-filter was the right fix on the un-ruled base — see the Vol-Regime page — just redundant here.)
• Robust by year: +Rules = 2024 +30 / 2025 +36 / 2026 +11, real Tardis 2026 +13.

The book, in one line: 2-week long (2 strikes OTM) + weekly near-money short (1 strike OTM); each Friday — Call: after week 1 close the long, don't sell a 2nd short; Put: sell the 2nd weekly short and hold to day 14. Net credit, positive theta, the call close-rule caps the tail. R on notional; Tardis is 2026-only (sign-check); M2 uses flat DVOL (vega magnitude indicative).