Today, September 18, I opened the third live campaign of my A14 Strategy.
There was no new trade last Friday, September 11. My limit order never filled, and I decided not to switch to a market order to force an entry. With entries scheduled for Fridays, I let that week pass rather than move the trade to another day.
This Friday’s entry filled. Here is the position and the plan.
This Week’s Trade
Opened: Friday, September 18, 2026, at 10:30 a.m. ET
Underlying: SPX
Expiration: Friday, October 2, 2026
Structure: Put Broken Wing Butterfly
Quantity: 2 contracts
Buy: 2 × 7,630 PUT @ 67.30
Sell: 4 × 7,590 PUT @ 52.70
Buy: 2 × 7,540 PUT @ 39.60
Net debit: $300
Commission: $10.24
Modeled starting risk: $2,300
Target net profit: $115
The target is 5% of the starting risk, with profit measured after commissions.
This entry uses a 40/50 shape: 40 points between the upper long and short puts, and 50 points between the shorts and lower long. The system selected it from the eligible candidates, with nearly flat, slightly positive delta, positive theta, and negative vega at calculation time.
The preliminary midpoint was 0.65 debit per butterfly; my actual fill was 1.50. The risk and target above reflect that actual fill.
👉 View the actual position on OptionStrat
Management Plan
I will review the campaign each trading day at 3:30 p.m. New York time, checking SPX, the full position’s value, and the net result.
The opening management levels are 7,630 on the upside and 7,600 on the downside. At a scheduled review, a move above the upper level or to the lower level or below can call for a put-calendar adjustment under the strategy’s rules.
I will close the campaign if the $115 net target is reached. Defensive and time-based exit rules also apply; the plan is to exit before expiration.
Actual adjustments, fills, and commissions will go in the comments below.
Follow the Campaign
The public dashboard tracks the position, executions, reviews, and costs:
Once the campaign closes, I will publish a separate article covering the result and the decisions along the way.
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.