Today, I entered the second live campaign of my A14 Strategy.
This is the second trade in the public journal I started last week. As before, this opening post records the position as it was actually entered. I will follow it with a separate closing article when the campaign is complete.
The goal is to keep an honest record of the strategy in practice — from each entry and fill to the daily decisions, adjustments, costs, mistakes, and final outcome.
This Week’s Trade
Opened: Friday, September 4, 2026, at 11:04 a.m. ET
Underlying: SPX
Expiration: Friday, September 18, 2026
Structure: Put Broken Wing Butterfly
Quantity: 2 contracts
Buy: 2 × 7,730 PUT @ 72.10
Sell: 4 × 7,690 PUT @ 55.30
Buy: 2 × 7,635 PUT @ 38.55
Net debit: $10
Commission: $10.24
Modeled starting risk: $3,010
Target net profit: $150.50
The campaign’s target is 5% of the modeled starting risk—not 5% of the opening debit and not 5% of the account. The $150.50 target is measured after commissions.
👉 View the actual position on OptionStrat
Management Plan
This position will be actively managed rather than held unchanged until expiration.
I will review the campaign each trading day, normally at 3:30 p.m. New York time, using the current SPX level, the value of the full position, the relevant management thresholds, and the net result after commissions.
If the $150.50 net profit target is reached, I will close the campaign. A sufficiently large move in either direction may instead trigger a put-calendar adjustment or another predefined defensive action. The position may also be closed early if a mandatory exit condition is reached or further adjustment no longer makes economic sense.
I will record every actual adjustment, fill, and commission in the comments below. The complete trade will be covered in a separate article after the campaign ends.
Follow the Campaign
The complete factual state of this trade—including the actual contracts, executions, reviews, commissions, and eventual result—is available on the public dashboard:
After the position is closed, I will return with a full breakdown of the outcome and the decisions made along the way.
Campaign number two is now underway. Let’s see where it leads.
Disclaimer
All content is for informational purposes only and does not constitute financial advice. This is a personal trading journal, not a trade-alert service. Options involve substantial risk, and SPX contracts can produce large and rapid changes in value. Any strategy should be tested in a simulated environment before real capital is used. All trading decisions remain the sole responsibility of the reader.