Universe: a fixed, admin-managed Approved List of Stocks (editable from Portfolio Operations without a redeploy), covering major index/sector ETFs and a curated set of liquid, optionable large- and mid-cap names — including several higher-volatility, richer-premium names deliberately chosen for real income opportunities rather than screened for traditional fundamentals. Narrowed daily by a live liquidity/safety screen: average daily volume ≥ 750,000 shares, option open interest ≥ 150 contracts on the nearest 20-45 DTE put, bid-ask spread ≤ 12%, no earnings within 7 calendar days of the nearest 20-45 DTE expiration. Entry: sell a single cash-secured put, 20-45 days to expiration, targeting approximately 0.20-0.35 delta (a guideline, not a hard rule). On assignment: sell a single covered call on the assigned shares, 20-45 DTE, similarly targeting approximately 0.20-0.35 delta, until called away, then return to selling cash-secured puts. No multi-leg structures. Position sizing: no single put's strike-based collateral may exceed 20% of total portfolio notional; at least 10% of total notional held in uncommitted cash at all times. No new put on an underlying with a scheduled earnings report inside the option's expiration window. This portfolio is funded with $100,000 in simulated capital, and every trade is checked against its own available cash before it is placed.

Why this changed: Raised the per-trade collateral cap from 15% to 20% of total portfolio notional ($15,000 to $20,000 on the $100,000 notional) — the prior cap was excluding or distorting trades on higher-priced quality large-caps, where even a properly out-of-the-money 0.20-0.35 delta put strike requires substantial collateral per contract. 20% was chosen over a larger increase to keep single-trade concentration well short of a third of the portfolio. Liquidity/safety screen, delta targeting, cash-reserve floor, and every other term are unchanged from revision 5.

Universe: a fixed, admin-managed Approved List of Stocks (editable from Portfolio Operations without a redeploy), covering major index/sector ETFs and a curated set of liquid, optionable large- and mid-cap names — including several higher-volatility, richer-premium names deliberately chosen for real income opportunities rather than screened for traditional fundamentals. Narrowed daily by a live liquidity/safety screen: average daily volume ≥ 750,000 shares, option open interest ≥ 150 contracts on the nearest 20-45 DTE put, bid-ask spread ≤ 12%, no earnings within 7 calendar days of the nearest 20-45 DTE expiration. Entry: sell a single cash-secured put, 20-45 days to expiration, targeting approximately 0.20-0.35 delta (a guideline, not a hard rule). On assignment: sell a single covered call on the assigned shares, 20-45 DTE, similarly targeting approximately 0.20-0.35 delta, until called away, then return to selling cash-secured puts. No multi-leg structures. Position sizing: no single put's strike-based collateral may exceed 15% of total portfolio notional; at least 10% of total notional held in uncommitted cash at all times. No new put on an underlying with a scheduled earnings report inside the option's expiration window. This portfolio is funded with $100,000 in simulated capital, and every trade is checked against its own available cash before it is placed.

Why this changed: Replaced the automatic fundamentals screen (debt/equity, free-cash-flow yield, market-cap floor) with an admin-curated Approved List of Stocks — those fundamentals checks were structurally unable to pass many liquid, high-premium names real wheel traders use (leveraged miners, fintechs, index ETFs) without adding real selectivity once liquidity/safety checks already applied. Liquidity, spread, volume, and earnings-blackout checks are unchanged. The universe is now editable by a PortfolioManager/Admin without a code change.

Universe: a fixed, DB-configurable watchlist of liquid, optionable large-cap names, narrowed daily by a live batch quality screen whose exact numeric bar is set by this portfolio's risk tier (Moderate): debt/equity < 2.5x, free-cash-flow yield ≥ 1.0%, market cap ≥ $10B, average daily volume ≥ 750,000 shares, option open interest ≥ 150 contracts on the nearest 20-45 DTE put, bid-ask spread ≤ 12%, no earnings within 7 calendar days of the nearest 20-45 DTE expiration. Entry: sell a single cash-secured put, 20-45 days to expiration, targeting approximately 0.20-0.35 delta (a guideline, not a hard rule — the daily research-and-planning process has real discretion within these structural bounds, scaled to the portfolio's risk tier). On assignment: sell a single covered call on the assigned shares, 20-45 DTE, similarly targeting approximately 0.20-0.35 delta, until the shares are called away, then return to selling cash-secured puts. No multi-leg structures. Position sizing: no single put's strike-based collateral may exceed 15% of total portfolio notional; at least 10% of total notional held in uncommitted cash at all times. No new put on an underlying with a scheduled earnings report inside the option's expiration window. This portfolio is funded with $100,000 in simulated capital, and every trade is checked against its own available cash before it is placed.

Why this changed: Recalibrated the quality/liquidity screen for realism (debt/equity 2.0x to 2.5x, free-cash-flow yield 1.5% to 1.0%, average daily volume 1,000,000 to 750,000 shares, option open interest 250 to 150, bid-ask spread 10% to 12%) and adopted a RiskTier-driven threshold profile (see ScreenerThresholdProfile) so a Moderate-tier portfolio's bar is now explicit and distinct from a more aggressive one, rather than every portfolio sharing one fixed bar. Alongside this, the strategist and auditor personas were rewritten to treat placing no trade as the rare exception rather than a routinely acceptable default outcome. Market-cap and earnings-safety checks are unchanged.

Universe: a fixed, DB-configurable watchlist of liquid, optionable large-cap names, narrowed daily by a live batch quality screen (debt/equity < 2.0x, free-cash-flow yield ≥ 1.5%, market cap ≥ $10B, average daily volume ≥ 1,000,000 shares, option open interest ≥ 250 contracts on the nearest 20-45 DTE put, bid-ask spread ≤ 10%, no earnings within 7 calendar days of the nearest 20-45 DTE expiration). Entry: sell a single cash-secured put, 20-45 days to expiration, targeting approximately 0.20-0.35 delta (a guideline, not a hard rule — the daily research-and-planning process has discretion within these structural bounds). On assignment: sell a single covered call on the assigned shares, 20-45 DTE, similarly targeting approximately 0.20-0.35 delta, until the shares are called away, then return to selling cash-secured puts. No multi-leg structures. Position sizing: no single put's strike-based collateral may exceed 15% of total portfolio notional; at least 10% of total notional held in uncommitted cash at all times. No new put on an underlying with a scheduled earnings report inside the option's expiration window. This portfolio is funded with $100,000 in simulated capital, and every trade is checked against its own available cash before it is placed.

Why this changed: Eased the quality/liquidity screen (debt/equity 1.5x to 2.0x, free-cash-flow yield 3% to 1.5%, option open interest 500 to 250, bid-ask spread 6% to 10%) after 3 consecutive trading days with zero qualifying candidates across the 41-symbol universe. The market-cap, volume, and earnings-safety checks are unchanged.

Universe: a fixed, DB-configurable watchlist of liquid, optionable large-cap names, narrowed daily by a live batch quality screen (debt/equity < 1.5x, free-cash-flow yield ≥ 3%, market cap ≥ $10B, average daily volume ≥ 1,000,000 shares, option open interest ≥ 500 contracts on the nearest 20-45 DTE put, bid-ask spread ≤ 6%, no earnings within 7 calendar days of the nearest 20-45 DTE expiration). Entry: sell a single cash-secured put, 20-45 days to expiration, targeting approximately 0.20-0.35 delta (a guideline, not a hard rule — the daily research-and-planning process has discretion within these structural bounds). On assignment: sell a single covered call on the assigned shares, 20-45 DTE, similarly targeting approximately 0.20-0.35 delta, until the shares are called away, then return to selling cash-secured puts. No multi-leg structures. Position sizing: no single put's strike-based collateral may exceed 15% of total portfolio notional; at least 10% of total notional held in uncommitted cash at all times. No new put on an underlying with a scheduled earnings report inside the option's expiration window. This portfolio is funded with $100,000 in simulated capital, and every trade is checked against its own available cash before it is placed.

Why this changed: A live batch quality screen (fundamentals, liquidity, earnings-safety) now runs before any candidate reaches the daily research/strike-selection step. This revision corrects the published rule to match reality.