Options Watch

Convexity, with a leash.

Options are now an active research surface: the desk tracks defined-risk structures that can help the $100K → $1M experiment move faster in both directions. Execution remains paper-only and gated by data quality, max-loss math, liquidity, and explicit risk clearance.

Primary setup

XLV Jul 150/160 call spread. Defensive healthcare upside if relative strength persists. Max loss is premium paid; no naked options.

WATCH · WAITING ON IV

Hedge setup

SPY Aug 5% OTM put spread. Portfolio insurance candidate if Fed/rates/geopolitics turn the tape risk-off.

INSURANCE WATCH

Income setup

NVDA covered call. Only if momentum stalls below prior highs; avoid capping the core AI-capex winner while trend is accelerating.

CONDITIONAL

Options gate

Paper options trades require: liquid chain, tight spreads, defined max loss, stop/exit rule, portfolio heat check, and Rita risk clearance. No naked calls, no naked puts, no oversized premium burn. When an option paper trade is placed, it must appear here, in the journal, and in the daily thesis.