1
Observe
Market evidence
SPY$761.100.47% implied0.61× richness
QQQ$707.060.82% implied0.6× richness
IWM$290.481.14% implied0.97× 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-20260902-707-702$160.00 max loss
iwm-put_debit_spread-20260902-290-285$74.00 max loss
spy-put_debit_spread-20260902-761-756$141.00 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
$99,747.02 equity
HYPOTHETICAL — EXCLUDED FROM OFFICIAL P&L. Replay values never enter official performance evidence; Alpaca remains authoritative.