1
Observe
Market evidence
SPY$760.730.38% implied0.47× richness
QQQ$706.440.22% implied0.15× richness
IWM$290.441.30% implied1.1× richness
Decision PassportOFFICIAL ALPACA PAPER
Abstain / dislocated
Cash won because every generated candidate was excluded by pending or existing-underlying portfolio state.
2
Auction
3 defined-risk candidates
qqq-put_debit_spread-20260902-706-701$153.00 max loss
iwm-put_debit_spread-20260902-290-285$77.00 max loss
spy-put_debit_spread-20260902-761-756$153.00 max loss
3
Select
100% model confidence
Provider: deterministic. Schema fallback used: false.
4
Govern
Entry refused · $0.00
model abstained
5
Execute & reconcile
pending new
limit · quantity 2 · reconciliation clean
6
Outcome
$99,717.02 equity
HYPOTHETICAL — EXCLUDED FROM OFFICIAL P&L. Replay values never enter official performance evidence; Alpaca remains authoritative.