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2026-08-11-SFY-IC-Debrief.md

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+# SPY Iron Condor Debrief — 2026-08-11
+
+## Trade Summary
+- **Ticker:** SPY
+- **Structure:** Iron Condor (8/14 expiry)
+  - 770P/760P (put side)
+  - 780C/785C (call side)
+- **Credit:** $2.44/contract
+- **Entry:** ~$773.70 at ~10:29 AM ET
+- **Exit:** ~11:30 AM ET (time exit)
+- **Result:** -$6 net loss
+
+## Plan
+- **Target:** 25% profit ($1.83 buyback)
+- **Time Exit:** 11:30 AM ET
+- **Guard:** Close if approaching breakevens ($768.44 / $782.44)
+
+## Observations
+- **Asymmetric Structure:** 10-wide put side, 5-wide call side
+  - Riskier put wing got more buffer
+  - Better credit optimization on the closer strike
+- **NL3 Feed Issue:** Institutional prints showing zero throughout session
+  - Feed likely stale/disconnected
+  - Normal SPY volume should show dozens of prints by 10:30 AM
+- **Price Action:** SPY drifted from $773.70 to around exit
+  - Put side was always the danger zone ($3.70 vs $6.30 to calls)
+  - Theta grind on 3-day 0DTE can be unforgiving
+
+## Key Takeaways
+1. **Asymmetric IC Design:** Good structure — wider put side matched the closer risk
+2. **Time Management:** Respected the 11:30 exit window cleanly
+3. **NL3 Reliability:** Feed issues need monitoring — toggle off/on when zero prints show
+4. **Small Losses:** -$6 on a $2.44 credit is noise, not strategy failure
+
+## Next Time
+- Consider waiting for more theta decay before entry
+- Monitor NL3 feed health at session start
+- Stick to the plan — execution was clean, just unfavorable drift
+
+---
+*Auto-debrief generated at exit*