Convexity, with a leash.
Options are now an active research surface for the active-trader reset: the desk tracks defined-risk structures that can accelerate winners, hedge drawdowns, and avoid tying capital up in stale common-stock losers. Execution remains paper-only and gated by data quality, max-loss math, liquidity, and explicit risk clearance.
Reset hedge
SPY put debit spread. Portfolio insurance candidate after the fresh book redeploys. Watch only until new gross beta exists; max loss capped to the spread debit.
WATCH · DEFINED RISK ONLYRisk-on accelerator
QQQ call debit spread. Nasdaq upside structure only if 30m and 1h momentum confirm, breadth improves, and the common-share slate does not already max tech beta.
CONDITIONAL · NO NAKED CALLSCommodity convexity
GLD call debit spread. Gold/rates/geopolitical hedge candidate for the new cross-asset mandate. Requires liquid chain, tight spread, and explicit max premium.
WATCH · MACRO CONFIRMATIONAI re-entry convexity
AMD / META call debit spread watch. The repaired common-share slate now points to AMD and META as dry-run AI/growth candidates; options remain secondary until common-share confirmation, liquid chains, and capped debit math clear.
WATCH · FRESH SETUP REQUIREDCrash hedge
UVXY call spread or SPY put spread. Small capped-loss hedge if volatility regime worsens. No uncovered volatility exposure.
TAIL WATCH · SMALL PREMIUMCrypto sleeve
BTC / ETH / SOL. Watchlist-only until paper/data/execution support is verified. Initial sleeve capped at 0-10% gross with stop-defined tickets.
BLOCKED UNTIL EXECUTION SUPPORTPaper options trades require: liquid chain, tight spreads, defined max loss, DTE/expiry rule, stop/exit rule, portfolio heat check, and risk clearance. No naked calls, no naked puts, no oversized premium burn. As of the July 23 operating repair, options remain watchlist-only while the common-share slate stages SPY, AMD, META, XLF, and CPER candidates and the broker book still shows only XLV filled.