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Jade Lizard
income Uncapped riskShort premium with no upside risk.
When to use it
Mildly bullish with high IV. A short put plus a short call spread sized so total credit ≥ the call-spread width — eliminating all upside risk.
Max profit
Total credit collected.
Max loss
Downside only (like a CSP below the put).
Payoff at expiry
illustrative shape — not to scale
■ profit zone
■ loss zone
X axis = stock price at expiry →
How it's built
Strikes shown low→high. Sell = collect premium · Buy = pay premium for protection or upside.
Hermes-evaluated setups
High-conviction per-ticker applications — setups with a confidence-adjusted win rate ≥ 80% over ≥20 backtested trades (95% lower bound — honest for the sample size, never a raw 100%). Avg P/L is the mean profit/loss per one-contract position.
| Ticker | Win Rate | Avg P/L / contract | Sharpe | Trades | DTE |
|---|---|---|---|---|---|
| GEV | 90% | +$771.00 | 6.0 | 35 | 11 |
| CAT | 85% | +$510.00 | 3.4 | 33 | 21 |
| CLS | 81% | +$467.00 | 2.3 | 41 | 9 |
| AXP | 83% | +$291.00 | 2.6 | 30 | 21 |
| CVX | 82% | +$232.00 | 3.5 | 36 | 18 |
| QCOM | 83% | +$181.00 | 1.5 | 38 | 26 |
Backtested results are not a guarantee of future performance.