1
Observe
Market evidence
SPY$760.190.85% implied0.95× richness
QQQ$705.630.24% implied0.16× richness
IWM$290.220.94% implied0.75× 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$172.00 max loss
iwm-put_debit_spread-20260902-290-285$86.00 max loss
spy-put_debit_spread-20260902-760-755$142.00 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
$99,645.02 equity
HYPOTHETICAL — EXCLUDED FROM OFFICIAL P&L. Replay values never enter official performance evidence; Alpaca remains authoritative.