RECORDED PAPER RUNSEPT 3, 2026

Research a signal.
Trade only if it earns trust.

Gemma turns market evidence into testable factors. Deterministic code backtests, chooses a defined-risk option, and lets Alpaca execute only after every hard check.

EXECUTED RUNAB-20260903-01

FILLED

Generated factors15

Risk checks16 / 16

Max loss$414

OrderFilled

Paper position is being monitored

Best observed unrealized paper P&L: +$4.94 at a recorded point in time. Experimental forward-paper run; P&L is volatile.

AGENT PIPELINE

One decision, six inspectable stages

✓Observe

✓Hypothesize

✓Factor

✓Backtest

✓Plan

✓Risk

FACTOR EVALUATION

Holdout performance

87 sessions

sub(returns(close, 60), returns(close, 20))

Holdout return+9.45%

vs benchmark+2.47%

Sharpe1.36

Max drawdown-6.05%

Factor

9.45%

Equal weight

6.98%

Includes 5 bps estimated transaction cost. The holdout is a recent time split, not a claim of future profitability.

EXECUTED PAPER ORDER

IWM long call

CALL

IWM 25 SEP 2026 296 C

$4.14filled limit
$414 max loss

Signal strength: 0.65
Delta: +0.4858
Bid / ask: $4.11 / $4.16
Spread: 1.2%
Quantity: 1 contract
Best unrealized gain: +$4.94 observed

MCP

Official Alpaca MCPplace_option_order · paper=true

→

RISK SANDBOX

Test the maximum-loss gate

PASSES

Adjust the per-trade account risk limit. The contract premium is always the maximum loss for this long-option strategy.

Risk per trade0.50% · $500

0.20%1.00%

✓

$414 is inside the limit$86 risk capacity remains

EXECUTION CHECKS

16 passed · 0 blocked

16/16

✓Paper account activeACTIVE

✓Paper-only tradingLive trading disabled

✓Options permissionLevel 3

✓Contract quantity1 / 1

✓Market openYes

✓No duplicate exposureNone

✓Single-trade maximum loss$414 / $500

✓Portfolio option exposure$414 / $2,000

✓Options buying power$414 / $100,000

✓Daily loss kill switch0.00% / 2.00%

✓Quote freshness0s / 900s

✓Bid-ask spread1.2% / 20.0%

✓Holdout sample87 / 60

✓Holdout Sharpe1.36 / 0.50

✓Holdout excess return+2.47% / > 0%

✓Holdout drawdown-6.05% / -15.0%

AUTONOMOUS MONITOR

It watches after the order too.

-25%Stop lossSell to close

+40%Take profitLock gains

7 DTEExpiry exitAvoid final week

15 MINStale orderCancel entry