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 "universe_status": [
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   "symbol": "SPY",
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   "kind": "broad",
   "scanned": true,
   "expiries": 17,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "QQQ",
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   "kind": "broad",
   "scanned": true,
   "expiries": 17,
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   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
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   "kind": "broad",
   "scanned": true,
   "expiries": 15,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "DIA",
   "asset_class": "equity",
   "kind": "broad",
   "scanned": true,
   "expiries": 11,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "EFA",
   "asset_class": "equity",
   "kind": "broad",
   "scanned": true,
   "expiries": 13,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "EEM",
   "asset_class": "equity",
   "kind": "broad",
   "scanned": true,
   "expiries": 13,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "XLF",
   "asset_class": "equity",
   "kind": "sector",
   "scanned": true,
   "expiries": 15,
   "candidates": 1,
   "best_idio": 0.0475,
   "allowed": false,
   "reasons": [
    "edge 0.71 vol points below 0.80 floor",
    "short leg 49d beyond 45d limit"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "XLE",
   "asset_class": "equity",
   "kind": "sector",
   "scanned": true,
   "expiries": 13,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "XLK",
   "asset_class": "equity",
   "kind": "sector",
   "scanned": true,
   "expiries": 9,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "XLV",
   "asset_class": "equity",
   "kind": "sector",
   "scanned": true,
   "expiries": 9,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "XLI",
   "asset_class": "equity",
   "kind": "sector",
   "scanned": true,
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   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "SMH",
   "asset_class": "equity",
   "kind": "sector",
   "scanned": true,
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   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "TLT",
   "asset_class": "rates",
   "kind": "non_equity",
   "scanned": true,
   "expiries": 14,
   "candidates": 1,
   "best_idio": 0.0433,
   "allowed": false,
   "reasons": [
    "edge 0.43 vol points below 0.80 floor"
   ],
   "earnings": null
  },
  {
   "symbol": "IEF",
   "asset_class": "rates",
   "kind": "non_equity",
   "scanned": true,
   "expiries": 9,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "SHY",
   "asset_class": "rates",
   "kind": "non_equity",
   "scanned": false,
   "expiries": 0,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no usable option chain on this scan"
   ],
   "earnings": null
  },
  {
   "symbol": "HYG",
   "asset_class": "rates",
   "kind": "non_equity",
   "scanned": true,
   "expiries": 5,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "LQD",
   "asset_class": "rates",
   "kind": "non_equity",
   "scanned": true,
   "expiries": 9,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "GLD",
   "asset_class": "commodity",
   "kind": "non_equity",
   "scanned": true,
   "expiries": 15,
   "candidates": 1,
   "best_idio": 0.037,
   "allowed": false,
   "reasons": [
    "too few peers at this expiration to estimate the macro component"
   ],
   "earnings": null
  },
  {
   "symbol": "SLV",
   "asset_class": "commodity",
   "kind": "non_equity",
   "scanned": true,
   "expiries": 13,
   "candidates": 1,
   "best_idio": 0.0609,
   "allowed": true,
   "reasons": [],
   "earnings": null
  },
  {
   "symbol": "USO",
   "asset_class": "commodity",
   "kind": "non_equity",
   "scanned": true,
   "expiries": 10,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "UNG",
   "asset_class": "commodity",
   "kind": "non_equity",
   "scanned": true,
   "expiries": 8,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": null
  },
  {
   "symbol": "AAPL",
   "asset_class": "equity",
   "kind": "single",
   "scanned": true,
   "expiries": 11,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "MSFT",
   "asset_class": "equity",
   "kind": "single",
   "scanned": true,
   "expiries": 11,
   "candidates": 1,
   "best_idio": 0.0848,
   "allowed": false,
   "reasons": [
    "idio 8.5% above the 8.0% ceiling: edges this large behave like structure, not mispricing",
    "short leg 77d beyond 45d limit"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "NVDA",
   "asset_class": "equity",
   "kind": "single",
   "scanned": true,
   "expiries": 11,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "AMD",
   "asset_class": "equity",
   "kind": "single",
   "scanned": true,
   "expiries": 11,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "TSLA",
   "asset_class": "equity",
   "kind": "single",
   "scanned": true,
   "expiries": 11,
   "candidates": 0,
   "best_idio": null,
   "allowed": false,
   "reasons": [
    "no expiration stood above the curve its neighbours imply"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "META",
   "asset_class": "equity",
   "kind": "single",
   "scanned": true,
   "expiries": 11,
   "candidates": 1,
   "best_idio": 0.07,
   "allowed": false,
   "reasons": [
    "short leg 77d beyond 45d limit"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "AMZN",
   "asset_class": "equity",
   "kind": "single",
   "scanned": true,
   "expiries": 11,
   "candidates": 1,
   "best_idio": 0.0741,
   "allowed": false,
   "reasons": [
    "short leg 77d beyond 45d limit"
   ],
   "earnings": "no earnings scheduled in this window"
  },
  {
   "symbol": "GOOGL",
   "asset_class": "equity",
   "kind": "single",
   "scanned": true,
   "expiries": 11,
   "candidates": 1,
   "best_idio": 0.0682,
   "allowed": false,
   "reasons": [
    "short leg 77d beyond 45d limit"
   ],
   "earnings": "no earnings scheduled in this window"
  }
 ],
 "journal": [
  {
   "time": "14:55",
   "kind": "cycle",
   "message": "deadline: flattened"
  },
  {
   "time": "14:45",
   "kind": "cycle",
   "message": "deadline: flattened"
  },
  {
   "time": "14:35",
   "kind": "cycle",
   "message": "deadline: flattened"
  },
  {
   "time": "14:26",
   "kind": "cycle",
   "message": "deadline: flattened"
  },
  {
   "time": "14:15",
   "kind": "cycle",
   "message": "deadline: flattened"
  },
  {
   "time": "14:15",
   "kind": "command",
   "message": "alpaca order submit --order-class mleg --qty 7 --time-in-force day --legs '[{\"symbol\": \"SLV260916C00059000\", \"side\": \"buy\", \"ratio_qty\": \"1\", \"position_intent\": \"buy_to_close\"}, {\"symbol\": \"SLV261016C"
  },
  {
   "time": "14:15",
   "kind": "manage",
   "message": "SLV: competition deadline: flattening"
  },
  {
   "time": "14:06",
   "kind": "cycle",
   "message": "open: scanned and traded"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "AAPL: short leg 77d beyond 45d limit"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "EEM: edge 0.60 vol points below 0.80 floor; short leg spread 26.3% exceeds 25% cap"
  },
  {
   "time": "14:05",
   "kind": "command",
   "message": "alpaca order submit --order-class mleg --qty 7 --type limit --limit-price 2.04 --time-in-force day --legs '[{\"symbol\": \"SLV260916C00059000\", \"side\": \"sell\", \"ratio_qty\": \"1\", \"position_intent\": \"sell_"
  },
  {
   "time": "14:05",
   "kind": "intent",
   "message": "SLV 7x @ 2.04 - SLV: 12d IV 39.5% vs curve 37.4% (raw +5.8%, cohort +1.7%, idio +4.0%, +1.51pts, z +1.3) -- sell 12d / buy 42d [vega $+4/pt]"
  },
  {
   "time": "14:05",
   "kind": "adjudication",
   "message": "SLV TRADE - The dossier explicitly states that SLV is a diversified fund with no company-specific calendar and lists no dated corporate actions for the window, while the pr"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "XLF: edge 0.74 vol points below 0.80 floor"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "META: short leg 77d beyond 45d limit"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "XLF: adjudicator HTTP 429"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "TLT: edge 0.58 vol points below 0.80 floor; too few peers at this expiration to estimate the macro component"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "GOOGL: short leg 77d beyond 45d limit"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "AMZN: z +1.0 below +1.0: normal for this name; short leg 77d beyond 45d limit"
  },
  {
   "time": "14:05",
   "kind": "refusal",
   "message": "MSFT: idio 9.2% above the 8.0% ceiling: edges this large behave like structure, not mispricing; short leg 77d beyond 45d limit"
  },
  {
   "time": "14:05",
   "kind": "scan",
   "message": "210 raw kinks, 10 idiosyncratic"
  },
  {
   "time": "13:56",
   "kind": "cycle",
   "message": "open: scanned and traded"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "AAPL: edge 0.80 vol points below 0.80 floor; short leg 77d beyond 45d limit"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "EEM: edge 0.65 vol points below 0.80 floor; z +0.9 below +1.0: normal for this name"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "XLE: adjudicator HTTP 429"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "TSLA: adjudicator HTTP 429"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "GOOGL: z +1.0 below +1.0: normal for this name; short leg 77d beyond 45d limit"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "META: z +0.9 below +1.0: normal for this name; short leg 77d beyond 45d limit"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "TLT: edge 0.53 vol points below 0.80 floor; too few peers at this expiration to estimate the macro component"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "AMZN: short leg 77d beyond 45d limit"
  },
  {
   "time": "13:55",
   "kind": "refusal",
   "message": "MSFT: short leg 77d beyond 45d limit"
  },
  {
   "time": "13:55",
   "kind": "scan",
   "message": "209 raw kinks, 9 idiosyncratic"
  },
  {
   "time": "13:55",
   "kind": "command",
   "message": "alpaca order cancel --order-id 3cb6bfd0-bf46-42bf-a38a-e22f6286114c --quiet"
  },
  {
   "time": "13:55",
   "kind": "command",
   "message": "alpaca order submit --order-class mleg --qty 7 --time-in-force day --legs '[{\"symbol\": \"SLV260916C00059000\", \"side\": \"buy\", \"ratio_qty\": \"1\", \"position_intent\": \"buy_to_close\"}, {\"symbol\": \"SLV261016C"
  },
  {
   "time": "13:55",
   "kind": "manage",
   "message": "SLV: thesis broken: edge widened 3.1% -> 6.4%"
  },
  {
   "time": "13:46",
   "kind": "cycle",
   "message": "open: scanned and traded"
  },
  {
   "time": "13:45",
   "kind": "command",
   "message": "alpaca order submit --order-class mleg --qty 7 --type limit --limit-price 2.03 --time-in-force day --legs '[{\"symbol\": \"SLV260916C00059000\", \"side\": \"sell\", \"ratio_qty\": \"1\", \"position_intent\": \"sell_"
  },
  {
   "time": "13:45",
   "kind": "intent",
   "message": "SLV 7x @ 2.03 - SLV: 12d IV 40.1% vs curve 37.7% (raw +6.2%, cohort +3.1%, idio +3.1%, +1.18pts, z +1.5) -- sell 12d / buy 42d [vega $+4/pt]"
  },
  {
   "time": "13:45",
   "kind": "adjudication",
   "message": "SLV TRADE - The dossier explicitly states there are no dated corporate actions on file for the window and identifies the instrument as a diversified fund with no company-sp"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "XLF: edge 0.47 vol points below 0.80 floor; z +0.9 below +1.0: normal for this name; short leg 49d beyond 45d limit"
  },
  {
   "time": "13:45",
   "kind": "command",
   "message": "alpaca order submit --order-class mleg --qty 2 --type limit --limit-price 6.30 --time-in-force day --legs '[{\"symbol\": \"AMD260916C00465000\", \"side\": \"sell\", \"ratio_qty\": \"1\", \"position_intent\": \"sell_"
  },
  {
   "time": "13:45",
   "kind": "intent",
   "message": "AMD 2x @ 6.3 - AMD: 12d IV 45.6% vs curve 42.8% (raw +6.7%, cohort +3.0%, idio +3.6%, +1.56pts, z +1.7) -- sell 12d / buy 21d [vega $+11/pt]"
  },
  {
   "time": "13:45",
   "kind": "adjudication",
   "message": "AMD TRADE - The dossier explicitly states no earnings are scheduled and no dated corporate actions are on file, while the headlines contain only general news or undated ann"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "AAPL: short leg 77d beyond 45d limit"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "GLD: too few peers at this expiration to estimate the macro component"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "HYG: edge 0.17 vol points below 0.80 floor; z +0.5 below +1.0: normal for this name; a 2-point vol move costs $9,690, over 35% of the $1,500 at risk"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "TLT: edge 0.50 vol points below 0.80 floor; z +1.0 below +1.0: normal for this name; too few peers at this expiration to estimate the macro component"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "UNG: z +0.7 below +1.0: normal for this name; short leg spread 39.0% exceeds 25% cap; long leg spread 53.5% exceeds 25% cap"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "META: short leg 77d beyond 45d limit"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "GOOGL: short leg 77d beyond 45d limit"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "AMZN: idio 8.5% above the 8.0% ceiling: edges this large behave like structure, not mispricing; short leg 77d beyond 45d limit"
  },
  {
   "time": "13:45",
   "kind": "refusal",
   "message": "MSFT: idio 8.6% above the 8.0% ceiling: edges this large behave like structure, not mispricing; short leg 77d beyond 45d limit"
  },
  {
   "time": "13:45",
   "kind": "scan",
   "message": "210 raw kinks, 12 idiosyncratic"
  },
  {
   "time": "13:35",
   "kind": "cycle",
   "message": "warmup: managed positions, not opening"
  },
  {
   "time": "13:35",
   "kind": "command",
   "message": "alpaca position close --symbol-or-asset-id SLV261016C00061000 --quiet"
  },
  {
   "time": "13:35",
   "kind": "command",
   "message": "alpaca position close --symbol-or-asset-id SLV260925C00060000 --quiet"
  },
  {
   "time": "13:35",
   "kind": "command",
   "message": "alpaca position close --symbol-or-asset-id SLV260916C00061000 --quiet"
  },
  {
   "time": "13:35",
   "kind": "command",
   "message": "alpaca position close --symbol-or-asset-id SLV260916C00060000 --quiet"
  },
  {
   "time": "13:25",
   "kind": "cycle",
   "message": "market closed"
  },
  {
   "time": "13:16",
   "kind": "cycle",
   "message": "market closed"
  }
 ],
 "learning": {
  "observations": 17830,
  "scored": 2534,
  "calibration": [
   {
    "label": "0%-3%",
    "n": 1799,
    "hit_rate": 0.744,
    "mean_decay": 0.574
   },
   {
    "label": "3%-6%",
    "n": 485,
    "hit_rate": 0.654,
    "mean_decay": 0.408
   },
   {
    "label": "6%-10%",
    "n": 228,
    "hit_rate": 0.469,
    "mean_decay": 0.104
   },
   {
    "label": "10%+",
    "n": 20,
    "hit_rate": 0.95,
    "mean_decay": 0.652
   }
  ],
  "monotonic": false,
  "threshold_suggestion": null,
  "threshold_reason": "larger edges did NOT decay more than smaller ones -- the signal is not behaving as the thesis predicts; do not widen exposure",
  "fills": [
   {
    "label": "mid+0% to +5%",
    "lo": 0.0,
    "n": 5,
    "filled": 4,
    "fill_rate": 0.8
   },
   {
    "label": "mid+5% to +12%",
    "lo": 0.05,
    "n": 17,
    "filled": 11,
    "fill_rate": 0.6470588235294118
   },
   {
    "label": "mid+12% to +20%",
    "lo": 0.12,
    "n": 41,
    "filled": 10,
    "fill_rate": 0.24390243902439024
   },
   {
    "label": "mid+20% and up",
    "lo": 0.2,
    "n": 1,
    "filled": 0,
    "fill_rate": 0.0
   }
  ],
  "slippage_suggestion": 0.0,
  "slippage_reason": "cheapest bucket that fills: mid+0% to +5%, 4/5 filled (80%)",
  "baselines": [
   {
    "key": "USO|monthly",
    "n": 169,
    "mean": 0.0138,
    "stdev": 0.0177
   },
   {
    "key": "SLV|monthly",
    "n": 191,
    "mean": 0.0104,
    "stdev": 0.0089
   },
   {
    "key": "GOOGL|monthly",
    "n": 138,
    "mean": 0.0074,
    "stdev": 0.068
   },
   {
    "key": "XLE|monthly",
    "n": 191,
    "mean": 0.0068,
    "stdev": 0.0102
   },
   {
    "key": "MSFT|monthly",
    "n": 138,
    "mean": 0.0067,
    "stdev": 0.0873
   },
   {
    "key": "IWM|weekly",
    "n": 835,
    "mean": 0.0066,
    "stdev": 0.0404
   },
   {
    "key": "SMH|weekly",
    "n": 679,
    "mean": 0.0064,
    "stdev": 0.0316
   },
   {
    "key": "AMZN|monthly",
    "n": 138,
    "mean": 0.0064,
    "stdev": 0.0867
   },
   {
    "key": "SPY|weekly",
    "n": 986,
    "mean": 0.0063,
    "stdev": 0.0326
   },
   {
    "key": "META|monthly",
    "n": 138,
    "mean": 0.0062,
    "stdev": 0.0729
   },
   {
    "key": "XLI|weekly",
    "n": 230,
    "mean": 0.006,
    "stdev": 0.0117
   },
   {
    "key": "QQQ|weekly",
    "n": 973,
    "mean": 0.0059,
    "stdev": 0.0294
   },
   {
    "key": "XLF|monthly",
    "n": 191,
    "mean": 0.0058,
    "stdev": 0.0196
   },
   {
    "key": "EEM|weekly",
    "n": 625,
    "mean": 0.0056,
    "stdev": 0.0431
   },
   {
    "key": "SLV|weekly",
    "n": 625,
    "mean": 0.0056,
    "stdev": 0.0389
   },
   {
    "key": "XLE|weekly",
    "n": 614,
    "mean": 0.0054,
    "stdev": 0.0343
   }
  ]
 },
 "outcomes": [
  {
   "underlying": "SPY",
   "pnl": -255.0,
   "reason": "thesis played out: edge 8.0% -> 0.0% (0% remaining)",
   "held_hours": 0.3
  },
  {
   "underlying": "SPY",
   "pnl": -260.0,
   "reason": "thesis played out: edge 7.1% -> 0.0% (0% remaining)",
   "held_hours": 0.1
  },
  {
   "underlying": "NVDA",
   "pnl": -164.5,
   "reason": "thesis played out: edge 4.5% -> 0.6% (14% remaining)",
   "held_hours": 0.2
  },
  {
   "underlying": "SLV",
   "pnl": -276.0,
   "reason": "thesis broken: edge widened 3.9% -> 9.3%",
   "held_hours": 0.2
  },
  {
   "underlying": "SMH",
   "pnl": -138.0,
   "reason": "thesis broken: edge widened 3.5% -> 7.6%",
   "held_hours": 0.8
  },
  {
   "underlying": "SLV",
   "pnl": -241.5,
   "reason": "thesis broken: edge widened 4.4% -> 9.4%",
   "held_hours": 1.3
  },
  {
   "underlying": "SLV",
   "pnl": -230.0,
   "reason": "thesis broken: edge widened 3.1% -> 7.7%",
   "held_hours": 0.2
  },
  {
   "underlying": "XLE",
   "pnl": -36.0,
   "reason": "thesis played out: edge 5.0% -> 0.0% (0% remaining)",
   "held_hours": 19.5
  },
  {
   "underlying": "GLD",
   "pnl": -252.5,
   "reason": "thesis played out: edge 3.5% -> 0.6% (18% remaining)",
   "held_hours": 0.3
  },
  {
   "underlying": "IWM",
   "pnl": -126.5,
   "reason": "thesis played out: edge 5.4% -> 1.6% (29% remaining)",
   "held_hours": 20.2
  },
  {
   "underlying": "GLD",
   "pnl": -287.0,
   "reason": "thesis played out: edge 3.8% -> -0.1% (-2% remaining)",
   "held_hours": 1.2
  },
  {
   "underlying": "GLD",
   "pnl": -137.5,
   "reason": "thesis played out: edge 3.7% -> 1.3% (34% remaining)",
   "held_hours": 0.7
  },
  {
   "underlying": "SLV",
   "pnl": -108.0,
   "reason": "thesis broken: edge widened 3.4% -> 7.2%",
   "held_hours": 1.2
  },
  {
   "underlying": "SLV",
   "pnl": -42.0,
   "reason": "thesis broken: edge widened 3.1% -> 6.4%",
   "held_hours": 0.2
  },
  {
   "underlying": "SLV",
   "pnl": -31.5,
   "reason": "competition deadline: flattening",
   "held_hours": 0.2
  }
 ]
}