Trade-log entries give a single defined-risk options structure the full anatomy treatment — P/L chart, thesis, risk table, greeks, management plan. Structures pages document each playbook structure's anatomy, strike selection, and adjustments. Playbook pages document the rules themselves: the exits, the math, the discipline.
Anatomy of a debit vertical spread: lower max-loss than a long call, capped upside, and the trade-off between risk reduction and profit potential. When the spread fits a directional thesis better than a single-leg long option.
Anatomy of a diagonal spread: long option at a longer expiration, short option at a shorter expiration, the structure's time-distributed payoff, and when the diagonal fits better than a vertical or a calendar.
Anatomy of an iron butterfly: short straddle with protective wings, very high probability of profit, defined risk, and the trade-off between premium collected and the cost of being wrong. When the structure fits a low-volatility regime better than an iron condor.
The five first-order greeks — what each measures, how they interact inside a multi-leg structure, and which ones the journal watches at entry and during the life of a position.
Expected value is the probability-weighted average of a trade's outcomes — and the single most important number in the journal's methodology. Every position opened here has a positive EV at entry.
The journal's adjustment rules are the most discretionary part of the playbook: defensive vs. offensive vs. exit adjustments, the 50% rules, rolling forward vs. rolling out, and when to simply accept the loss.
The journal's returns come from a small number of identifiable edges — structural, statistical, and informational. Each is documented, each is monitored for decay, and new edges require 12 months of trade-log evidence.
A portfolio of options positions is not a portfolio of independent bets. Name-level vs. market-level correlation, the 6% rule, basket exposure, and why the journal favors concentration over diversification.