Volatility Premium

This sleeve is a forward experiment on the volatility risk premium — the well-documented tendency of index options to price in more turbulence than tends to arrive. It holds at most one defined-risk SPY option structure at a time, collecting a small premium in calm markets, with the maximum possible loss capped by construction on the day the trade is opened (the open position and its bounds are published below). The rules for opening, managing, and closing were registered before launch. They were amended once (2026-07-25) after live evidence showed the manage rule firing earlier than its registered intent; the amendment is documented, and the evaluation clock restarted rather than keeping the flattering early window.