The first A14 campaign reached its take-profit target on September 4. The journal’s final result was +$249.74 after commissions, with a few useful lessons along the way.
✅ Recap: Aug 28 to Sep 04 Trade — Full Profit
I opened two SPX Put Broken Wing Butterfly spreads on August 28, initially expiring September 11.
The recommended setup was delta shape 40–55:
While entering the order in TWS, I selected the 7630 lower long put instead of 7635, leaving me with a 40–60 structure. Those numbers describe the distances between the central short strike and each wing.
A simple input mistake, but one that changed the position. I kept the actual strikes in the journal and used that configuration for the subsequent reviews and adjustments.
Execution was another lesson. I used market orders to get things done quickly. The system’s MID-based limit prices looked more attractive, and I could have given limit orders time to work.
For example, the second adjustment was quoted at 21.55 debit during the review and recorded at 22.20 when entered. The market moved between those timestamps, so the difference cannot all be attributed to execution quality. Still, it reinforced the value of controlling the price. I already used a limit order for the second campaign.
How SPX Moved
SPX was 7729.89 at the initial calculation. By the September 1 review, it had fallen to 7627.83 — a decline of roughly 102 points, or 1.32%.
It then rebounded sharply, reaching 7751.13 at the September 3 review, before pulling back to 7713.93 at the September 4 review. The final session closed at 7718.60, only about 0.15% below the starting reference.
The week ended close to where it began, but holding the position through it involved a meaningful drop, a rebound, and two adjustments.
Two Adjustments, Then Patience
On August 31, SPX fell below the 7700 downside trigger. I added one 7670 put calendar: short September 11 and long September 18, for a $2,120 debit.
On September 1, SPX was below the level recorded at the first adjustment. I completed downside stage 2 by rolling one of the two September 11 long 7630 puts to September 18, for a further $2,220 debit. That brought the position to six open legs.
The September 2 and 3 reviews required no action, so I continued to hold. I skipped posting updates on those two days because there was nothing new to report.
One detail worth remembering: on September 3, SPX had already rebounded, but the position’s estimated net P/L at the review was still around −$462. A rising index alone was not enough to reach the target.
On September 4, the 15:30 ET review triggered Take Profit. The journal records the close at 15:32 ET, with a final net result of +$249.74.
You can inspect the prices, adjustments, and daily decisions in the complete campaign history.
What Helped the Trade Work
By September 4, SPX had returned to a more favorable area for the adjusted position, and another day had passed. Changes in option prices across both expirations brought the combined position above the profit target.
The calendars changed how the trade responded to the market. Time decay also contributed, although this trade alone cannot tell us exactly how much profit came from each factor.
For me, the most useful part was having a clear routine: review once a day, adjust when the rules call for it, leave the position alone when they do not, and close when the target is reached.
Final Trade Numbers
Opened: Friday, August 28, 2026, at 10:34 AM ET
Closed: Friday, September 4, 2026, at 3:32 PM ET
Underlying: SPX
Options: SPXW puts
Expirations: September 11 and September 18, 2026
Initial structure: Put Broken Wing Butterfly, shape 40–60
Size: 2 butterfly spreads — 8 option contracts at entry
Buy: 2 × 7730 PUT @ 56.20
Sell: 4 × 7690 PUT @ 41.80
Buy: 2 × 7630 PUT @ 27.80
Opening Debit: $80.00
Adjustments: 2 downside adjustments
Cumulative Debit Before Closing: $4,420.00
Closing Proceeds: $4,700.00
Gross Profit: +$280.00
Total Commissions: $30.26
Net Profit: +$249.74
The target was 5% of the $4,080 modeled starting risk. The final result represents approximately 6.12% of that same starting basis. This percentage uses the initial risk calculation; account returns and the adjusted position’s risk require separate measures.
👉 View the completed position on OptionStrat
My Takeaway
Managing this many legs felt a little complicated, especially on the first attempt. There are strikes, expirations, quantities, and execution prices to keep straight. A careful order check is clearly worth the extra minute.
What keeps me interested is that I do not have to predict SPX’s next direction before entering. The strategy gives me a framework for responding as the market moves. Price, volatility, and the path SPX takes still matter, and losses remain possible.
The A14 public dashboard now shows the first campaign as closed, alongside the next trade.
A few rough edges, two adjustments, and a positive first result. I have lessons to carry forward — and the journey continues.
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.
Taking the first piece off is the trade nobody writes about.
I do the same thing in my options bucket. First third comes off on strength, and the rest gets a rule instead of an opinion.
The part that took me longest was accepting the trim will sometimes look wrong by Friday. It still beats deciding in the moment.