Today, September 25, I opened the fourth live campaign of my A14 Strategy.
This week, I deliberately chose a market order to test the execution. The system’s preliminary limit reference was 0.70 debit per butterfly; the entry recorded in the campaign is 1.60. Those prices come from different moments, so the gap alone does not measure the cost of using MKT.
This Week’s Trade
Opened: Friday, September 25, 2026, starting at 10:35 a.m. ET
Underlying: SPX
Expiration: Friday, October 9, 2026
Structure: Put Broken Wing Butterfly
Quantity: 2 contracts
Buy: 2 × 7,700 PUT
Sell: 4 × 7,660 PUT
Buy: 2 × 7,610 PUT
The campaign currently records:
Net debit: $320
Commission: $11.64
Modeled starting risk: $2,320
Target net profit: $116
The target is 5% of the recorded starting risk, with profit measured after commissions.
The system selected the 40/50 shape from four eligible candidates. It passed all six required conditions and had the lowest selection score, with nearly flat, slightly positive delta, positive theta, and negative vega at calculation time.
The upper long sits near SPX’s 7,704 selection-time level, with the short puts at 7,660. The lower wing is wider, leaving more downside risk than upside risk at expiration.
👉 View the position on OptionStrat
Management Plan
I will review the campaign each trading day at 3:30 p.m. New York time, checking SPX, the complete position, and net P/L.
The opening management levels are 7,700 on the upside and 7,670 on the downside. At a review, SPX above the upper level or at or below the lower level can call for a put-calendar adjustment under the strategy’s rules.
The recorded net profit target is $116. Defensive and time-based exit rules also apply; the plan is to close before expiration.
Follow the Campaign
I will add actual adjustments, fills, and commissions in the comments. The dashboard tracks the campaign’s recorded position and reviews:
A separate closing article will cover the final 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.