2026-08-28 · midday

The same four structural rails, unchanged, and the runbook is clear on every row of Parts 2 through 4. The standing long-leg close reprices to $36.29 net, the cheapest it has been in the nine runs on record. This morning's two vanished position labels came back on their own, which makes that fault intermittent rather than settled.

What to do

280P x5 sit above the $260 long-leg ceiling.
BUY TO CLOSE 5 GOOGL Dec15'28 360 PUT / SELL TO CLOSE 5 GOOGL Dec15'28 280 PUT
one spread, limit, day · ~$18,145 debit ($36.29 net per spread on this run's marks)
Your playbook: “long leg never above $260 (must sit at/above the $230-250 floor zone, never below $230 where protection stops paying before history bottoms)”
The same standing order as prior runs, repriced from the book's own marks. $36.29 against $37.41 at this morning's open, $37.29 on 08-27 midday, $37.93 on 08-27 open. It is the lowest net in the nine runs recorded, below the prior low of $36.40 on 08-25 midday, and $1.12 cheaper than six hours ago: the short 360P gave back $1.55 of its morning mark while the long 280P gave back only $0.43 as GOOGL rallied 2.0%. Closing the pair also cuts defined max loss, so it moves the program_cap rail the same direction rather than against it. The 8x Dec-28 300P also trip this rail and remain the separate matter; no order is proposed against them.

Still over, unchanged

These fire every run until you act on them. No order attached.
rail now limit
program_cap $175,059 $100,000 cap 1.8x, $75,059 over
gross_leverage 1.699x 1.50 red / 1.30 amber red
net_cash / NLV -0.070 -0.05 amber / -0.10 red amber

rail	now	limit
program_cap	$175,059	$100,000 cap	1.8x, $75,059 over
gross_leverage	1.699x	1.50 red / 1.30 amber	red
net_cash / NLV	-0.070	-0.05 amber / -0.10 red	amber

Why each one reads the way it does

program_cap
Unchanged to the dollar. Defined max loss is a function of strikes and entry credits, not current marks, so it moves only when a position actually closes. Nothing closed. This is also the number this morning's run found had been silently understated by $48,337 when two position labels went missing; it prints correctly again here.
gross_leverage
Down from 1.710x yesterday midday, on NLV rising to $1,420,639. The IPS row this proxies measures total DELTA notional / NLV; this rail measures GROSS position value. rails.json carries its own note, '1.57 at signing on gross; true delta leverage ~1.0x'. A red here is not the same statement as the policy row being red. See plumbing.
net_cash / NLV
Cash is -$99,195 on NLV $1,420,639, the cash line unchanged to the cent since 08-26. Signed at -14.8% and already red that day, so this is the improved end of a known accepted state, not a new break. The IPS written amber action is: no new leverage, no new delta in the top two names.

Everything else clear

Nearest trigger is tranche 3 confirm at $360, 4% away.

All 15 triggers swept, with today's number

price trigger	now	fires at	distance
GOOGL · tranche 3 confirm	$347.50	≥ $360	3.6% up
GOOGL · tranche 2 weakness	$347.50	≤ $317	8.8% down
GOOGL · Rule 6 close every short put	$347.50	≥ $434	24.9% up
GOOGL · Rule 8 crash powder	$347.50	≤ $260	25.2% down
MU · roll the collar	$928.00	≥ $1,250	34.7% up

level trigger	now	fires at	distance
Dec-28 30-delta put IV	36.1%	> 43%	+6.9 pt
GOOGL Dec-28 340P extrinsic	$55.41	< $5	+$50.41
Dec-28 300/400 call spread vs width	43.4%	>= 90%	+46.6 pt
Dec-28 350/500 call spread vs width	30.5%	>= 90%	+59.5 pt
Excess liquidity / NLV	74.9%	< 40%	+34.9 pt
NLV change over one week	+0.53%	-8% in one week	+8.5 pt

calendar	date	away
Wash-sale window opens for the 6/05 GOOG loss lots	2026-09-17	20d
Q3 print, the first scheduled adjudicator	2026-10-28	61d
Deploy the $100k reserve at market if no crash by then	2026-10-29	62d
First GOOG vest collar leg (leg 9, +66 sh)	2027-03-13	197d

Spot prices

	last	day
GOOG	$343.76	+1.8%
GOOGL	$347.50	+2.0%
AMZN	$265.93	+3.8%
BRK B	$505.65	+0.4%
DIS	$108.04	+1.1%
EQT	$54.52	-0.5%
INTC	$89.63	-2.7%
META	$576.91	+1.0%
MU	$928.00	-0.8%
NVDA	$217.40	-4.6%
RDDT	$153.30	-0.4%
TSLA	$346.72	-2.3%
VOO	$707.09	-0.2%

The check itself

will happen again the missing position labels came back on their own, so the fault is intermittent.
This morning get_account_positions returned two option rows with contract_description absent, 844316135 (short 10x GOOG Dec-28 335P) and 730765160 (long 1x NVDA Jan-27 190P), which dropped the whole GOOG 335/260 spread out of the program and printed defined max loss as $126,722 instead of $175,059. This run both rows carry their descriptions again, with contract id, quantity and average price unchanged, and the program prints $175,059. Nothing was fixed at this end. That makes it an intermittent connector fault rather than a settled schema change, which is the worse version: rails.py still keys every leg match on that string, still has no contract_id fallback and no completeness check, so the same silent understatement can land on any future run and would only be noticed by the same luck that caught it today, a number that had been identical for eight runs.
will happen again the gross_leverage rail has never measured the policy row it cites.
rails.json maps gross_leverage to gross_position_value / net_liquidation and takes its 1.30 amber / 1.50 red thresholds from the IPS. But the IPS row carrying those thresholds is 'Total delta notional / NLV', shown at ~1.2x at signing, and the IPS separately states effective leverage is '~1.0x on a beta basis (not the 1.57x IBKR reports)'. So the rail applies delta-notional thresholds to a gross-notional quantity. rails.json's own note admits the mismatch. Either the rail needs its own thresholds or it needs per-leg deltas, the same input top2_name_delta_ratio is already blocked on.
will happen again rails.py reads the GOOGL spot rails off the GOOG quote.
Every spot rail in the program names GOOGL, but the script evaluates them against GOOG $343.76 rather than GOOGL $347.50. Today both quotes agree that tranche-3 confirmation at $360 is the nearest trigger, so the substitution only shifts the distance, 4.7% on GOOG against 3.6% on GOOGL. On Thursday midday it flipped which direction the book was closest to acting in. The report's watch table uses GOOGL, the script's clear list uses GOOG, and neither is wrong about its own number.

Rails that could not be evaluated

stressed_excess_liquidity - needs IBKR Risk Navigator (-30% price, +50% IV) with the TWS gateway up. Never yet measured.
top2_name_delta_ratio - needs per-leg option deltas, which summary.json does not carry. ~0.90 at signing and already red.
short_dec28_340p_extrinsic - rails.json still classes this unmeasured pending a live Dec-2028 chain pull, but the position mark answers it: $55.41 of extrinsic against the <$5 watch, with the put $7.50 out of the money at GOOGL $347.50.
SemiAnalysis has published no composite since 2026-04 $2.82, so the monthly GPU anchor is four months stale. The GPU pull is a 6:35-only job and did not run here.

Where the numbers came from

get_account_positions and get_account_summary: succeeded first call.
get_price_snapshot: working, all 13 underlyings plus the GOOGL Dec-28 340P returned at 12:37 PT. Third consecutive healthy run after Thursday morning's total outage.
prior_close came back populated for only one of thirteen tickers (BRK B $503.70); the other twelve were derived as last minus the broker's own change field. All thirteen were then checked two independent ways: they match this morning's separately-derived priors to the cent, and each stock's prior re-derived from its own positions.json market_price minus daily-P&L-per-share matches to the cent.
Dec-28 30-delta put IV: GOOGL Dec15'28 340 PUT option-midpoint-iv annualIv 0.36107 (implied_vol annual 0.35884), live with is_close false.
Runbook Parts 2-4 swept row by row against these numbers: clear.
moves: empty. The widest was NVDA -4.64%, inside the 5% line.