Buy-write — forward-paper tracking (DIA Δ30 + QQQ Δ30)
Running record — per-trade Sortino, buy-write vs matched naked long
| Cell | n | Sortino bw/nk | Mean bw | Mean nk | Win | Worst | Gate |
|---|---|---|---|---|---|---|---|
| DIA-d30 | 0 | — | — | — | — | — | — |
| QQQ-d30 | 0 | — | — | — | — | — | — |
Open positions — held to expiry
| Signal | Cell | ETF entry | Strike | Δ | IV | Premium | Expiry |
|---|---|---|---|---|---|---|---|
| 2026-08-18 00:00:00 | QQQ-d30 | 712.32 | 733.00 | 0.30 | 19.25% | 7.56 | 2026-09-18 00:00:00 |
| 2026-08-17 00:00:00 | DIA-d30 | 535.17 | 545.00 | 0.30 | 11.78% | 3.35 | 2026-09-18 00:00:00 |
| 2026-07-24 00:00:00 | QQQ-d30 | 670.09 | 695.00 | 0.30 | 26.07% | 8.26 | 2026-08-21 00:00:00 |
| 2026-07-17 00:00:00 | DIA-d30 | 519.06 | 530.00 | 0.30 | 12.87% | 3.50 | 2026-08-21 00:00:00 |
| 2026-07-17 00:00:00 | QQQ-d30 | 704.71 | 732.00 | 0.30 | 22.83% | 8.49 | 2026-08-21 00:00:00 |
Entries are booked, but none has reached its expiry yet — the first settled trade appears here.
Forward-paper, not live. Real Tastytrade chains — real IV, skew, and a conservative bid fill on the written call — replace the flat-ATM-IV assumption of the modelled screen (which overstated the premium). The question: does the real premium still clear the matched naked long the way the model claimed? Gate inherits the S032 spec §9 (per-trade Sortino > matched naked long, tail-aware). Directional until the promotion horizon — frozen at ≥ 30 completed trades or 12 months, whichever first (0/30 trades · 1.6/12 months); nothing is promoted or called live before then. Low-alpha by design, risk-reducing, not tail-protected.