Paper Book

Read-only recorder. One entry condition: spot above pTrans at scan time, across both buckets. Fixed $1,000 target premium per name, rounded to whole contracts, minimum one — where a single contract costs more than the target it is still taken and the overshoot is recorded, so positions are unequally weighted in dollars. Percentage return per position is the comparable measure; every dollar total on this page is a sum over unequal sizes. Liquidity: two-sided quote, open interest ≥ 500, and spread within 10% of mid or within $0.25 absolute. Hold overnight, close at the next session's close. +20% on the contract mid is a marker and closes nothing. The seven rule columns are bookkeeping — what each exit rule would have produced on the same entry. They are shown side by side and not ranked: there is nothing like enough data to prefer one.