1
Observe
Market evidence
SPY$762.100.65% implied1.01× richness
QQQ$707.981.07% implied0.87× richness
IWM$290.690.72% implied0.65× richness
Decision PassportOFFICIAL ALPACA PAPER
Abstain / dislocated
Cash won because every generated candidate was excluded by competition policy, confirmation, pending, or existing-underlying state.
2
Auction
0 defined-risk candidates
3
Select
100% model confidence
Provider: deterministic. Schema fallback used: false.
4
Govern
Entry refused · $0.00
model abstained
5
Execute & reconcile
not submitted
None · quantity 0 · reconciliation halted
6
Outcome
$99,843.69 equity
HYPOTHETICAL — EXCLUDED FROM OFFICIAL P&L. Replay values never enter official performance evidence; Alpaca remains authoritative.