# 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

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*Auto-debrief generated at exit*