The second A14 campaign is now closed.
The final result was +$203.34 after commissions, exceeding the original $150.50 target. But the path was not clean: the automated review failed, both adjustments required manual execution decisions, and I ultimately chose not to follow the system’s exit recommendation.
The complete timeline is preserved in the public journal, making this trade more useful to document than a simple win.
✅ Recap: Sep 04 to Sep 11 — Target Reached
I opened two SPX Put Broken Wing Butterfly spreads on September 4, initially expiring September 18.
The starting position was:
Buy: 2 × 7,730 PUT @ 72.10
Sell: 4 × 7,690 PUT @ 55.30
Buy: 2 × 7,635 PUT @ 38.55
The initial structure was the intended 40/55 shape, and the first review required no action. On September 4, SPX was 7,714.08—above the 7,700 downside level and below the 7,730 upper long.
The position remained unchanged through the long weekend.
When the Automation Failed
The first real complication arrived on September 8.
SPX moved below the 7,700 downside level, but the automated analysis failed because required market data was unavailable. A second attempt also failed, so no normal system-generated order reached me.
I handled downside stage 1 manually and added one 7,660 put calendar:
Sell: 1 × Sep 18 7,660 PUT @ 54.80
Buy: 1 × Sep 25 7,660 PUT @ 70.80
Adjustment debit: $1,600
Commission: $3.26
Because the automated workflow had broken, I again used a market order rather than working a clean system-generated limit order. The adjustment was completed at 4:01 p.m. ET.
This was an operational failure, not a strategy decision. The trade still needed management, but the process did not work as designed.
A Second Adjustment — and Another Execution Compromise
At the September 9 review, SPX had fallen further to 7,645.84.
The system called for downside stage 2: rolling one of the two September 18 lower long puts at 7,635 into the September 25 expiration.
The recommended BAG limit was a 16.25 debit. IBKR did not fill the order at that price, so I raised the limit and completed the roll at 16.70 debit:
Sell: 1 × Sep 18 7,635 PUT @ 57.30
Buy: 1 × Sep 25 7,635 PUT @ 74.00
Adjustment debit: $1,670
Commission: $3.26
The difference between the recommended midpoint and the actual fill was $45 before commission. Some movement during execution is unavoidable, but this was another reminder that a theoretical midpoint is not always immediately tradable.
After the second adjustment, the position contained six open option legs across the September 18 and September 25 expirations.
The Exit Signal I Chose Not to Follow
The most important decision came on September 10.
At the 3:30 p.m. ET review, SPX was 7,588.76. The expected rebound had not occurred, and the system recommended closing the entire position.
Its midpoint estimate showed a net loss of approximately $756.76 if closed at that moment.
I decided not to follow that recommendation.
More than a week remained before the front expiration, and I made a discretionary judgment to give the position another session. This was an expert override—not the strategy’s prescribed action—and it increased the risk of a larger loss if the market continued lower.
The decision happened to work this time. That does not prove that ignoring an exit signal is generally correct.
On Friday morning, SPX rebounded sharply toward 7,671. At 10:17 a.m. ET, the Take Profit order in TWS filled, closing the entire position for a 35.15 credit.
Final Trade Numbers
Opened: Friday, September 4, 2026, at 11:04 a.m. ET
Closed: Friday, September 11, 2026, at 10:17 a.m. ET
Underlying: SPX
Options: SPXW puts
Expirations used: September 18 and September 25, 2026
Initial structure: Put Broken Wing Butterfly, shape 40/55
Size at entry: 2 butterfly spreads — 8 option contracts
Adjustments: 2 downside adjustments
Gross profit: +$235.00
Total commissions: $31.66
Final net profit: +$203.34
The final result exceeded the $150.50 target by $52.84 and represents approximately 6.76% of the original $3,010 modeled starting risk.
OptionStrat shows the same $235 gross result before commissions. The campaign journal’s $203.34 figure is the final net result after every recorded commission.
👉 View the completed position on OptionStrat
👉 Review the complete campaign history
A profitable result does not make every decision behind it correct.
The main lesson is to improve the process: build a reliable backup for failed alerts, stay disciplined with complex order execution, and clearly separate systematic decisions from personal judgment.
Two campaigns completed, with plenty still to learn.
Disclaimer
All content is for informational purposes only and does not constitute financial advice. Any trades or strategies should be tested in a simulated environment before use. Trading involves risk, and all decisions are the sole responsibility of the reader.