{ "model": "qwen/qwen3.6-35b-a3b", "started_at": "2026-05-28T13:33:29.794Z", "system_prompt": "You are Wheel Analyst — the income-rubric scoring stage.\n\nYou receive a wheel-dossier from Wheel Scout. Your job is to score it\n0-100 against the INCOME rubric (DIFFERENT from the asymmetric rubric).\n\nIncome/Wheel scoring rubric (100 pts total — different from asymmetric):\n - IV rank (max 25 pts): IV percentile vs 1y range.\n >80 = rich premium territory (full points). 60-80 partial. <40 = skip — no edge.\n - Annualized yield (max 25 pts): premium / strike / DTE × 365.\n CSP: ≥15% ann required, ≥20% = full points. CC: ≥12% ann if-called.\n - Strike margin of safety (max 20 pts): distance from current price.\n CSP strike: 5-10% OTM = baseline; below 200DMA + below ATH-pullback support = full points.\n CC strike: at-or-above resistance = full points.\n - Liquidity (max 15 pts): bid-ask spread <2% of premium, OI ≥500, daily contract volume ≥50.\n - Quality floor (max 15 pts): NOT a quality grade — a binary safety check.\n Full points if: no anti-signals (concentration, fraud flags), no earnings within DTE,\n not a busted IPO / sub-$5 / penny-stock-equivalent. Sub-15 means SKIP regardless of other points.\n\nWheel sizing bands by score:\n 80-100: max conf 5, max size 3.0%\n 70- 79: max conf 4, max size 2.5%\n 60- 69: max conf 4, max size 2.0%\n 50- 59: max conf 3, max size 1.5%\n 0- 49: max conf 2, max size 0.0%\n\nPUBLISH FLOOR is 50 (lower than asymmetric 60). Cap at 3% even on best setup.\n\nDECIDE:\n - If composite score < 50 → skip with reason\n - If composite score 50-59 → draft a PAPER-TRACKED wheel idea using the\n recommended structure only if it is measurable, source-backed, and not\n blocked by a hard gate\n - If composite score ≥ 60 → draft a normal wheel idea using the recommended structure\n - If structure is not in {csp, cc, strangle, naked_put} → skip\n - If anti_signals_present is non-empty → skip\n - If earnings_in_window is true → skip (IV crush risk)\n\nPAPER-TRACKING LANE:\n - draft.paper_track MUST be true\n - headline MUST begin with \"Paper Track:\"\n - thesis_short MUST explicitly say this is a paper-tracked income setup,\n not an actionable recommendation\n - risk.position_size_pct MUST be 0\n - confidence MUST be 1 or 2\n - exit.max_hold_dte MUST be present so Monitor/Reviewer can judge outcome\n - Do not use paper_track to rescue bad liquidity, earnings-window, or\n anti-signal setups. Those still skip.\n\nOUTPUT FORMAT (strict JSON, output ONLY this object — no prose, no fences):\n\nIf skipping:\n{\n \"skip\": true,\n \"score\": ,\n \"score_breakdown\": {\n \"iv_rank\": ,\n \"annualized_yield\": ,\n \"strike_safety\": ,\n \"liquidity\": ,\n \"quality_floor\": \n },\n \"reason\": \"Brief reason\"\n}\n\nIf drafting:\n{\n \"skip\": false,\n \"score\": ,\n \"score_breakdown\": { ... same fields },\n \"draft\": {\n \"paper_track\": ,\n \"symbol\": \"NVDA\",\n \"company\": \"NVIDIA Corporation\",\n \"sector\": \"\",\n \"headline\": \"Sell NVDA $X CSP into elevated IV — ~Y% annualized at Z% margin of safety\",\n \"thesis_short\": \"1-2 sentence summary of the income setup\",\n \"thesis_long\": [\n \"Paragraph 1: IV rank context — why premium is rich now.\",\n \"Paragraph 2: Strike rationale — why this strike has margin of safety.\",\n \"Paragraph 3: Risk: assignment scenario. Is owning this stock at this basis acceptable?\",\n \"Paragraph 4: Exit / management plan. Roll? Take profit at 50%?\"\n ],\n \"structure\": {\n \"type\": \"csp\" | \"cc\" | \"strangle\" | \"naked_put\",\n \"csp\": { \"strike\": , \"expiry\": \"YYYY-MM-DD\", \"premium_target\": , \"annualized_yield_pct\": , \"if_assigned_basis\": },\n \"cc\": { \"underlying_basis\": , \"strike\": , \"expiry\": \"YYYY-MM-DD\", \"premium_target\": , \"if_called_return_pct\": },\n \"strangle\": { \"call_strike\": , \"put_strike\": , \"expiry\": \"YYYY-MM-DD\", \"call_premium_target\": , \"put_premium_target\": , \"total_premium_target\": , \"breakeven_high\": , \"breakeven_low\": , \"annualized_yield_pct\": , \"max_loss_note\": \"...\" }\n },\n \"entry\": { \"price_at_idea\": , \"iv_rank_at_idea\": , \"trigger_window\": \"now-2d\" },\n \"exit\": {\n \"primary_target\": \"Buy back at 50% of credit collected\",\n \"stop_or_roll\": \"Roll down/out if tested at 21 DTE OR break of \",\n \"max_hold_dte\": \n },\n \"risk\": {\n \"position_size_pct\": ,\n \"max_loss_per_unit\": ,\n \"max_loss_note\": \"...\"\n },\n \"sources\": ,\n \"confidence\": 1-5,\n \"risk_class\": \"core\",\n \"pipeline\": \"wheel\"\n }\n}\n\nONLY ONE STRUCTURE TYPE. Pick csp, cc, OR strangle and only fill that field.\nPosition size MUST respect the wheel sizing band for the score.", "user_prompt": "WHEEL DOSSIER:\n{\n \"symbol\": \"BLD\",\n \"company\": \"TopBuild Corp\",\n \"investigation_summary\": \"TopBuild is a large-cap specialty construction company (insulation installation + building materials distribution) trading ~7% below its 200DMA at $396. The IV rank sits elevated at ~54-58th percentile — rich enough for premium collection but not extreme. With 49 DTE CSPs showing ~46.9% annualized yield on a ~$400 strike (currently ATM/slightly OTM), the setup checks the box. Earnings fall after Nov expiry, so no earnings risk in standard wheel tenors. The company is profitable, FCF-positive, and has no material Edgar filing red flags over the last 90 days.\",\n \"verdict\": \"csp_setup\",\n \"confidence_in_data\": 4,\n \"structure_recommendation\": \"csp\",\n \"price_context\": {\n \"last_close\": 396.12,\n \"ma_50\": 408.85,\n \"ma_200\": 425.73,\n \"yhigh_52w\": 515.34,\n \"ylow_52w\": 309.1,\n \"from_high_pct\": -23.1,\n \"from_200dma_pct\": -6.95,\n \"rsi_14\": 43\n },\n \"iv_context\": {\n \"iv_rank_pct\": 54,\n \"iv_percentile_pct\": 58,\n \"iv_atm_30d\": null,\n \"iv_history_summary\": \"IV rank at ~54th percentile — elevated but not in crush territory. ATM IV running roughly 38-42% depending on expiry, well above the trailing 1-year average of ~32%. The stock's pullback from $515 high has expanded implied vol as range-bound price action persists.\"\n },\n \"candidate_strikes\": [\n {\n \"structure\": \"csp\",\n \"expiry\": \"2025-11-15\",\n \"dte\": 49,\n \"strike\": 395,\n \"premium\": 19.5,\n \"annualized_yield_pct\": 36.7,\n \"strike_distance_from_price_pct\": -0.28,\n \"strike_vs_200dma_pct\": -7.22,\n \"open_interest\": 413,\n \"bid_ask_spread_pct\": 1.8,\n \"if_assigned_basis\": 395\n },\n {\n \"structure\": \"csp\",\n \"expiry\": \"2025-11-15\",\n \"dte\": 49,\n \"strike\": 385,\n \"premium\": 16.8,\n \"annualized_yield_pct\": 32.6,\n \"strike_distance_from_price_pct\": -2.81,\n \"strike_vs_200dma_pct\": -9.57,\n \"open_interest\": 218,\n \"bid_ask_spread_pct\": 1.9,\n \"if_assigned_basis\": 385\n },\n {\n \"structure\": \"csp\",\n \"expiry\": \"2025-11-15\",\n \"dte\": 49,\n \"strike\": 375,\n \"premium\": 14.2,\n \"annualized_yield_pct\": 27.7,\n \"strike_distance_from_price_pct\": -5.33,\n \"strike_vs_200dma_pct\": -11.92,\n \"open_interest\": 157,\n \"bid_ask_spread_pct\": 2.1,\n \"if_assigned_basis\": 375\n }\n ],\n \"earnings_in_window\": false,\n \"anti_signals_present\": [],\n \"competitive_landscape\": \"TopBuild operates in insulation (57% of revenue) and specialty building products distribution — a duopolistic market alongside Installed Building Products (IBP). Both benefit from new construction tailwinds and repair/remodel demand. BLD's scale advantage ($3.4B+ market cap) vs smaller IBP makes it the cleaner wheel candidate on liquidity.\",\n \"key_risks\": [\n \"Residential construction slowdown — housing starts declining YoY could compress insulation install volumes\",\n \"BLD has underperformed as mortgage rates elevated; price recovery depends on rate normalization\",\n \"Materials cost inflation ( fiberglass, spray foam) can pressure margins if not fully passed through\",\n \"If stock breaks below $375 support with volume, assignment basis may be underwater vs fair value\"\n ],\n \"sources\": [\n {\n \"label\": \"BLD Yahoo Finance\",\n \"url\": \"https://finance.yahoo.com/quote/BLD\"\n },\n {\n \"label\": \"TopBuild Q3 2024 10-Q Edgar\",\n \"url\": \"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001660440&type=10-Q\"\n },\n {\n \"label\": \"BLD Options Chain CBOE\",\n \"url\": \"https://www.cboe.com/tradable_products/vix/\"\n }\n ]\n}\n\nScore this against the INCOME rubric. If composite < 50, skip. Otherwise\ndraft a wheel idea. Output ONLY the JSON object described in the system\nprompt. Do NOT include ... blocks — pure JSON only.", "completions": [ { "ts": "2026-05-28T13:35:28.038Z", "raw_content": "The user wants me to score the provided wheel dossier for BLD (TopBuild Corp) against the INCOME rubric and output a JSON object.\n\nLet's break down the scoring based on the rubric:\n\n1. **IV rank (max 25 pts)**:\n - IV percentile vs 1y range: 58th percentile.\n - Rubric: >80 = rich (25), 60-80 partial, <40 = skip (0).\n - 58 is slightly below 60. I'll score it around 10-12 out of 25. Let's say 12.\n\n2. **Annualized yield (max 25 pts)**:\n - CSP: ≥15% ann required, ≥20% = full points.\n - The best candidate is 395 strike with 36.7% ann yield.\n - Since it's >20%, it gets full points: 25.\n\n3. **Strike margin of safety (max 20 pts)**:\n - CSP strike: 5-10% OTM = baseline; below 200DMA + below ATH-pullback support = full points.\n - Current price: ~396.12.\n - Strike 395 is ATM/slightly OTM (-0.28%).\n - Strike 385 is -2.81%.\n - Strike 375 is -5.33% (closest to 5-10% OTM baseline).\n - 200DMA is 425.73. All strikes are below 200DMA.\n - ATH pullback support: ATH is 515.34. 515 * 0.8 = 412. It's already pulled back ~23%.\n - The prompt says \"below 200DMA + below ATH-pullback support = full points\". Since it's trading at 396, it's already below the 200DMA and below typical pullback support. Selling a 375 put gives ~5.3% OTM. I'll score it around 12/20 for baseline, maybe 14/20 since it's a quality company pulling back. Let's stick to 12.\n\n4. **Liquidity (max 15 pts)**:\n - Bid-ask spread <2% of premium, OI ≥500, daily contract volume ≥50.\n - Best strike (395): OI 413 (below 500), spread 1.8% (meets <2%), volume not explicitly given but OI is low.\n - Since OI < 500, it fails the strict liquidity check. I'll score it around 8/15.\n\n5. **Quality floor (max 15 pts)**:\n - Binary safety check: no anti-signs, no earnings within DTE, not busted IPO/penny.\n - Dossier says: \"earnings_in_window\": false, \"anti_signals_present\": [], profitable, FCF-positive.\n - Full points: 15.\n\nTotal Score: 12 + 25 + 12 + 8 + 15 = 72.\nWait, let's re-evaluate IV rank. 58 is close to 60. I'll give 12.\nYield: 36.7% > 20% -> 25.\nStrike safety: 375 is -5.33% OTM. Baseline 5-10% OTM gets points. Below 200DMA gets points. I'll give 14.\nLiquidity: OI 413 < 500, spread 1.8%. Fails OI strict check. 7/15.\nQuality: 15.\nTotal: 12+25+14+7+15 = 73.\nScore range 70-79 -> max conf 4, max size 2.5%.\nPUBLISH FLOOR is 50. Score is 73. Draft a normal wheel idea (score >= 60).\nStructure: CSP.\nI will draft using the 375 strike for better margin of safety, or stick to the 395 as recommended? The dossier recommends csp_setup and highlights 49 DTE CSPs. I'll use the 375 strike for better safety, or the 395 as it's the primary candidate. Actually, the dossier says \"49 DTE CSPs showing ~46.9% annualized yield on a ~$400 strike\". I'll use the 395 strike as it's the recommended one, but note the safety. Wait, the rubric says \"CSP strike: 5-10% OTM = baseline\". 395 is ATM. I'll adjust the draft to use the 375 strike for better safety, or just use 395 and acknowledge it. I'll stick to 395 as per dossier's candidate list, but calculate metrics carefully. Actually, I'll use the 375 strike in the draft for better rubric alignment, or just use the 395 and score accordingly. The prompt says \"Pick csp, cc, OR strangle and only fill that field.\" I'll use the 395 strike as it's the first candidate.\n\nLet's calculate annualized yield for 395: (19.5 / 395) / 49 * 365 = 36.68% -> 36.7%. Matches dossier.\nIf assigned basis: 395.\nPosition size: 2.5% (score 70-79).\nConfidence: 4.\nPaper track: false (score >= 60).\n\nCheck liquidity strictness: OI 413 < 500. I'll deduct points for liquidity. Score 70-79 band is fine.\nCheck IV rank: 58. Rubric says >80 full, 60-80 partial, <40 skip. 58 is slightly below 60. I'll give 10/25.\nTotal: 10 + 25 + 12 + 7 + 15 = 69.\nScore 60-69 -> max conf 4, max size 2.0%.\nStill >= 60, so draft normal wheel idea.\n\nLet's refine scores:\nIV Rank: 58th percentile. Rubric: 60-80 partial. I'll give 12/25.\nYield: 36.7% > 20%. Full 25/25.\nStrike Safety: 395 is -0.28% OTM. Below 200DMA. I'll give 10/20 (baseline is 5-10% OTM, this is ATM, so slightly below baseline).\nLiquidity: OI 413, spread 1.8%. Fails OI >= 500. I'll give 8/15.\nQuality: 15/15.\nTotal: 12+25+10+8+15 = 70.\nBand 70-79 -> size 2.5%, conf 4.\n\nWait, the rubric says \"CSP strike: 5-10% OTM = baseline; below 200DMA + below ATH-pullback support = full points.\"\nSince it's trading at 396, 5-10% OTM would be ~366-376. The 375 strike is -5.33% OTM. I will use the 375 strike in the draft to better align with the safety rubric, or just use 395 and score it honestly. I'll stick to 395 as it's the primary candidate, but I'll note the margin. Actually, I'll use the 375 strike in the draft because it fits the \"5-10% OTM\" baseline better and improves the safety score. But the dossier says \"49 DTE CSPs showing ~46.9% annualized yield on a ~$400 strike\". I'll just use the 395 strike as recommended.\n\nLet's calculate carefully:\nIV Rank: 58 -> 12 pts.\nYield: 36.7% -> 25 pts.\nStrike Safety: 395 is ATM. Below 200DMA. I'll give 12 pts.\nLiquidity: OI 413, spread 1.8% -> 8 pts.\nQuality: 15 pts.\nTotal: 72.\nBand 70-79: max conf 4, max size 2.5%.\n\nDraft structure:\nsymbol: BLD\ncompany: TopBuild Corp\nsector: construction_materials\nheadline: Sell BLD $395 CSP into elevated IV — ~37% annualized at ~0% margin of safety\nthesis_short: Paper-tracked? No, score >= 60. \"Income setup selling a slightly OTM CSP on TopBuild into elevated IV, targeting 50% profit with assignment risk managed at 21 DTE.\"\nthesis_long:\n1. IV context: IV rank ~58, ATM IV ~38-42%, elevated vs 32% avg due to construction slowdown & rate fears.\n2. Strike rationale: $395 strike aligns with current price, below 200DMA ($426) and 52-week high ($515), capturing premium in a pullback phase.\n3. Risk: Assignment at $395 is acceptable as a long-term hold basis given FCF-positive fundamentals and duopolistic market position.\n4. Exit: Buy back at 50% credit. Roll down/out if tested at 21 DTE or break of $375 support.\nstructure: csp\ncsp: strike 395, expiry 2025-11-15, premium 19.5, ann yield 36.7, basis 395\nentry: price 396.12, ivr 58, trigger now-2d\nexit: primary 50%, stop/roll 21 DTE or break $375, max_hold_dte 49\nrisk: size 2.5%, max_loss_per_unit 395 - 19.5 = 375.5, max_loss_note: \"Assignment risk if BLD drops below $375.50 before expiry.\"\nsources: pass through\nconfidence: 4\nrisk_class: core\npipeline: wheel\n\nCheck rubric constraints:\n- \"If composite score ≥ 60 → draft a normal wheel idea\" -> Yes.\n- \"Position size MUST respect the wheel sizing band for the score.\" -> 70-79 band -> 2.5%.\n- \"PUBLISH FLOOR is 50\" -> 72 > 50.\n- \"If structure is not in {csp, cc, strangle, naked_put} → skip\" -> It's csp.\n- \"If anti_signals_present is non-empty → skip\" -> Empty.\n- \"If earnings_in_window is true → skip\" -> False.\n- Output format strict JSON.\n\nLet's double check the liquidity score. OI 413 < 500. Rubric says \"OI ≥500\". I'll give it 7/15.\nIV rank 58. Rubric says \">80 full, 60-80 partial, <40 skip\". I'll give 12/25.\nYield 36.7% >= 20% -> 25/25.\nStrike safety: 395 is -0.28% OTM. Below 200DMA. I'll give 12/20.\nQuality: 15/15.\nTotal: 71.\nBand 70-79 -> size 2.5%, conf 4.\n\nWait, the prompt says \"CSP strike: 5-10% OTM = baseline; below 200DMA + below ATH-pullback support = full points.\"\nSince 395 is ATM, it doesn't meet the 5-10% OTM baseline. I'll score it honestly at 10/20.\nTotal score: 12 + 25 + 10 + 7 + 15 = 69.\n69 falls in 60-69 band -> max conf 4, max size 2.0%.\nI will adjust size to 2.0% and confidence to 4.\nScore breakdown: iv_rank: 12, annualized_yield: 25, strike_safety: 10, liquidity: 7, quality_floor: 15. Total: 69.\n\nLet's verify the \"paper_track\" lane conditions. Score is 69, so normal draft. paper_track: false.\nHeadline: \"Sell BLD $395 CSP into elevated IV — ~37% annualized at ~0% margin of safety\"\nThesis short: \"Income setup selling a slightly OTM CSP on TopBuild into elevated IV, targeting 50% profit with assignment risk managed at 21 DTE.\"\nThesis long: 4 paragraphs as requested.\nStructure: csp.\nEntry: price 396.12, ivr 58, trigger \"now-2d\".\nExit: primary \"Buy back at 50% of credit collected\", stop_or_roll \"Roll down/out if tested at 21 DTE OR break of $375 support\", max_hold_dte 49.\nRisk: position_size_pct 2.0, max_loss_per_unit 375.5, max_loss_note \"Assignment risk if BLD drops below $375.50 before expiry.\"\nSources: from dossier.\nConfidence: 4.\nRisk class: core.\nPipeline: wheel.\n\nOne detail: \"strike_safety\" rubric says \"CSP strike: 5-10% OTM = baseline; below 200DMA + below ATH-pullback support = full points.\"\nSince it's ATM, I'll give 8/20.\nLiquidity: OI 413 < 500, spread 1.8%. I'll give 6/15.\nTotal: 12+25+8+6+15 = 66.\n66 is in 60-69 band -> size 2.0%, conf 4.\nI'll stick with 66.\n\nLet's recalculate carefully:\nIV Rank: 58 -> 12\nYield: 36.7% -> 25\nStrike Safety: 395 is -0.28% OTM. Below 200DMA. -> 10\nLiquidity: OI 413, spread 1.8% -> 7\nQuality: 15\nTotal: 69.\nI'll go with 69. Band 60-69 -> size 2.0%, conf 4.\n\nWait, the prompt says \"CSP strike: 5-10% OTM = baseline\". The 375 strike is -5.33% OTM. I could use 375 in the draft to get better scores, but the dossier recommends the ~$400 strike. I'll stick to 395 as it's the primary candidate. I'll score it honestly.\n\nLet's construct the JSON carefully.\nCheck fields:\n\"skip\": false\n\"score\": 69\n\"score_breakdown\": { \"iv_rank\": 12, \"annualized_yield\": 25, \"strike_safety\": 10, \"liquidity\": 7, \"quality_floor\": 15 }\n\"draft\": {\n \"paper_track\": false,\n \"symbol\": \"BLD\",\n \"company\": \"TopBuild Corp\",\n \"sector\": \"construction_materials\",\n \"headline\": \"Sell BLD $395 CSP into elevated IV — ~37% annualized at ~0% margin of safety\",\n \"thesis_short\": \"Income setup selling a slightly OTM CSP on TopBuild into elevated IV, targeting 50% profit with assignment risk managed at 21 DTE.\",\n \"thesis_long\": [\n \"IV rank sits at ~58th percentile with ATM IV running 38-42%, elevated above the 1-year average of ~32%. The pullback from the $515 high has expanded implied vol, providing a favorable entry for premium collection without extreme crush risk.\",\n \"The $395 strike is ATM/slightly OTM (-0.28%) and sits well below the 200DMA ($426) and 52-week high, capturing premium during a structural pullback. While not meeting the 5-10% OTM baseline, it aligns with current price action and offers a reasonable entry for a quality, FCF-positive company.\",\n \"Assignment at $395 establishes a cost basis that is ~23% below the 52-week high and ~7% below the 200DMA. Given TopBuild's duopolistic market position, profitable FCF, and lack of material red flags, owning the stock at this basis is acceptable for a long-term wheel strategy.\",\n \"Exit plan targets buying back the premium at 50% profit. If the position is tested near the strike or approaches 21 DTE, the premium will be rolled down and out to extend collection. A hard stop/roll trigger is a break below $375 support with volume.\"\n ],\n \"structure\": {\n \"type\": \"csp\",\n \"csp\": { \"strike\": 395, \"expiry\": \"2025-11-15\", \"premium_target\": 19.5, \"annualized_yield_pct\": 36.7, \"if_assigned_basis\": 395 }\n },\n \"entry\": { \"price_at_idea\": 396.12, \"iv_rank_at_idea\": 58, \"trigger_window\": \"now-2d\" },\n \"exit\": {\n \"primary_target\": \"Buy back at 50% of credit collected\",\n \"stop_or_roll\": \"Roll down/out if tested at 21 DTE OR break of $375 support\",\n \"max_hold_dte\": 49\n },\n \"risk\": {\n \"position_size_pct\": 2.0,\n \"max_loss_per_unit\": 375.5,\n \"max_loss_note\": \"Assignment risk if BLD drops below $375.50 before expiry.\"\n },\n \"sources\": [\n { \"label\": \"BLD Yahoo Finance\", \"url\": \"https://finance.yahoo.com/quote/BLD\" },\n { \"label\": \"TopBuild Q3 2024 10-Q Edgar\", \"url\": \"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001660440&type=10-Q\" },\n { \"label\": \"BLD Options Chain CBOE\", \"url\": \"https://www.cboe.com/tradable_products/vix/\" }\n ],\n \"confidence\": 4,\n \"risk_class\": \"core\",\n \"pipeline\": \"wheel\"\n}\n\nCheck constraints:\n- \"Position size MUST respect the wheel sizing band for the score.\" -> Score 69 -> 60-69 band -> max size 2.0%. Used 2.0%. Correct.\n- \"If composite score ≥ 60 → draft a normal wheel idea\" -> Yes.\n- \"PUBLISH FLOOR is 50\" -> 69 > 50.\n- \"If structure is not in {csp, cc, strangle, naked_put} → skip\" -> csp.\n- \"If anti_signals_present is non-empty → skip\" -> empty.\n- \"If earnings_in_window is true → skip\" -> false.\n- \"OUTPUT FORMAT (strict JSON, output ONLY this object — no prose, no fences)\" -> Will output raw JSON.\n- \"ONLY ONE STRUCTURE TYPE. Pick csp, cc, OR strangle and only fill that field.\" -> Only csp filled.\n- \"confidence MUST be 1 or 2\" -> Only for paper_track. Here paper_track is false, so confidence can be 1-5. I'll use 4.\n- \"risk.position_size_pct MUST be 0\" -> Only for paper_track. Here false, so 2.0 is fine.\n- \"exit.max_hold_dte MUST be present\" -> 49.\n- All good.\n\nOne minor thing: \"strike_safety\" score. The rubric says \"CSP strike: 5-10% OTM = baseline; below 200DMA + below ATH-pullback support = full points.\" Since 395 is ATM, it's below baseline. I'll score it 8/20. Total becomes 67. Band 60-69 still applies. Size 2.0%.\nI'll adjust strike_safety to 8.\nTotal: 12+25+8+7+15 = 67.\nBand 60-69 -> size 2.0%, conf 4.\nMatches.\n\nLet's verify liquidity score: OI 413 < 500, spread 1.8% < 2%. Fails OI. 7/15 is fair.\nIV rank: 58. Rubric: >80 full, 60-80 partial, <40 skip. 58 is just below 60. I'll give 12/25.\nYield: 36.7% >= 20%. 25/25.\nQuality: 15/15.\nTotal: 67.\n\nAll checks pass. I will generate the JSON.\nOne detail: \"thesis_short\" should be 1-2 sentences. It is.\n\"thesis_long\" should be 4 paragraphs matching the prompt's structure. It is.\n\"max_loss_per_unit\" for CSP is Strike - Premium = 395 - 19.5 = 375.5. Correct.\n\"if_assigned_basis\" is 395. Correct.\n\"annualized_yield_pct\" is 36.7. Correct.\n\"expiry\" is \"2025-11-15\". Correct.\n\"trigger_window\" is \"now-2d\". Correct.\n\"max_hold_dte\" is 49. Correct.\n\"position_size_pct\" is 2.0. Correct.\n\"confidence\" is 4. Correct.\n\"risk_class\" is \"core\". Correct.\n\"pipeline\" is \"wheel\". Correct.\n\"paper_track\" is false. Correct.\n\"skip\" is false. Correct.\n\"score\" is 67. Correct.\n\"score_breakdown\" matches. Correct.\nEverything looks solid.\nProceed. \nOutput matches exactly the requested format.\nI will produce the JSON now. \nSelf-Correction/Refinement during thought: \nWait, the prompt says \"CSP strike: 5-10% OTM = baseline; below 200DMA + below ATH-pullback support = full points.\" \nSince the stock is at 396, 5-10% OTM is ~366-376. The 375 strike is -5.33% OTM. I could use 375 in the draft to get a higher strike_safety score (e.g., 14/20), which would push the total to 71, moving it to the 70-79 band (size 2.5%). This aligns better with the rubric's preference for OTM strikes. However, the dossier explicitly highlights the ~$400 strike candidates. I'll stick to 395 as it's the recommended candidate, but I'll score it honestly at 8/20. The total 67 is fine. I'll keep it as is.\n\nActually, let's look at the liquidity score again. OI 413 is below 500. The rubric says \"OI ≥500\". I'll give it 6/15.\nTotal: 12+25+8+6+15 = 66.\nBand 60-69 -> size 2.0%.\nI'll output 66.\n\nFinal check of the JSON structure against prompt:\n{\n \"skip\": false,\n \"score\": 66,\n \"score_breakdown\": {\n \"iv_rank\": 12,\n \"annualized_yield\": 25,\n \"strike_safety\": 8,\n \"liquidity\": 6,\n \"quality_floor\": 15\n },\n \"draft\": { ... }\n}\nMatches perfectly.\nProceeds. \nOutput generation. \n(Note: I will ensure strict JSON formatting without markdown fences as requested: \"output ONLY this object — no prose, no fences\")\nWait, the prompt says \"output ONLY this object — no prose, no fences\". I will output raw JSON.\nAll good. \nProceed. \n[Output Generation] -> *Self-Correction/Verification during generation prep*: \nThe prompt says \"If composite score ≥ 60 → draft a normal wheel idea using the recommended structure\". \nI have score 66. \nI will produce the JSON exactly. \nOne detail: \"thesis_short\" says \"1-2 sentence summary...\". I'll make it concise.\n\"thesis_long\" paragraphs match the requested topics.\n\"structure\" object matches exactly.\n\"entry\", \"exit\", \"risk\", \"sources\", \"confidence\", \"risk_class\", \"pipeline\" all present.\nReady. \nOutput matches response. \nProceeds. \n[Output Generation]\n\n\n{\n \"skip\": false,\n \"score\": 66,\n \"score_breakdown\": {\n \"iv_rank\": 12,\n \"annualized_yield\": 25,\n \"strike_safety\": 8,\n \"liquidity\": 6,\n \"quality_floor\": 15\n },\n \"draft\": {\n \"paper_track\": false,\n \"symbol\": \"BLD\",\n \"company\": \"TopBuild Corp\",\n \"sector\": \"construction_materials\",\n \"headline\": \"Sell BLD $395 CSP into elevated IV — ~37% annualized at ~0% margin of safety\",\n \"thesis_short\": \"Income setup selling a slightly OTM CSP on TopBuild into elevated IV, targeting 50% profit with assignment risk managed at 21 DTE.\",\n \"thesis_long\": [\n \"IV rank sits at ~58th percentile with ATM IV running 38-42%, elevated above the 1-year average of ~32%. The pullback from the $515 high has expanded implied vol, providing a favorable entry for premium collection without extreme crush risk.\",\n \"The $395 strike is ATM/slightly OTM (-0.28%) and sits well below the 200DMA ($426) and 52-week high, capturing premium during a structural pullback. While not meeting the 5-10% OTM baseline, it aligns with current price action and offers a reasonable entry for a quality, FCF-positive company.\",\n \"Assignment at $395 establishes a cost basis that is ~23% below the 52-week high and ~7% below the 200DMA. Given TopBuild's duopolistic market position, profitable FCF, and lack of material red flags, owning the stock at this basis is acceptable for a long-term wheel strategy.\",\n \"Exit plan targets buying back the premium at 50% profit. If the position is tested near the strike or approaches 21 DTE, the premium will be rolled down and out to extend collection. A hard stop/roll trigger is a break below $375 support with volume.\"\n ],\n \"structure\": {\n \"type\": \"csp\",\n \"csp\": {\n \"strike\": 395,\n \"expiry\": \"2025-11-15\",\n \"premium_target\": 19.5,\n \"annualized_yield_pct\": 36.7,\n \"if_assigned_basis\": 395\n }\n },\n \"entry\": {\n \"price_at_idea\": 396.12,\n \"iv_rank_at_idea\": 58,\n \"trigger_window\": \"now-2d\"\n },\n \"exit\": {\n \"primary_target\": \"Buy back at 50% of credit collected\",\n \"stop_or_roll\": \"Roll down/out if tested at 21 DTE OR break of $375 support\",\n \"max_hold_dte\": 49\n },\n \"risk\": {\n \"position_size_pct\": 2.0,\n \"max_loss_per_unit\": 375.5,\n \"max_loss_note\": \"Assignment risk if BLD drops below $375.50 before expiry.\"\n },\n \"sources\": [\n {\n \"label\": \"BLD Yahoo Finance\",\n \"url\": \"https://finance.yahoo.com/quote/BLD\"\n },\n {\n \"label\": \"TopBuild Q3 2024 10-Q Edgar\",\n \"url\": \"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001660440&type=10-Q\"\n },\n {\n \"label\": \"BLD Options Chain CBOE\",\n \"url\": \"https://www.cboe.com/tradable_products/vix/\"\n }\n ],\n \"confidence\": 4,\n \"risk_class\": \"core\",\n \"pipeline\": \"wheel\"\n }\n}", "cleaned_content": "{\n \"skip\": false,\n \"score\": 66,\n \"score_breakdown\": {\n \"iv_rank\": 12,\n \"annualized_yield\": 25,\n \"strike_safety\": 8,\n \"liquidity\": 6,\n \"quality_floor\": 15\n },\n \"draft\": {\n \"paper_track\": false,\n \"symbol\": \"BLD\",\n \"company\": \"TopBuild Corp\",\n \"sector\": \"construction_materials\",\n \"headline\": \"Sell BLD $395 CSP into elevated IV — ~37% annualized at ~0% margin of safety\",\n \"thesis_short\": \"Income setup selling a slightly OTM CSP on TopBuild into elevated IV, targeting 50% profit with assignment risk managed at 21 DTE.\",\n \"thesis_long\": [\n \"IV rank sits at ~58th percentile with ATM IV running 38-42%, elevated above the 1-year average of ~32%. The pullback from the $515 high has expanded implied vol, providing a favorable entry for premium collection without extreme crush risk.\",\n \"The $395 strike is ATM/slightly OTM (-0.28%) and sits well below the 200DMA ($426) and 52-week high, capturing premium during a structural pullback. While not meeting the 5-10% OTM baseline, it aligns with current price action and offers a reasonable entry for a quality, FCF-positive company.\",\n \"Assignment at $395 establishes a cost basis that is ~23% below the 52-week high and ~7% below the 200DMA. Given TopBuild's duopolistic market position, profitable FCF, and lack of material red flags, owning the stock at this basis is acceptable for a long-term wheel strategy.\",\n \"Exit plan targets buying back the premium at 50% profit. If the position is tested near the strike or approaches 21 DTE, the premium will be rolled down and out to extend collection. A hard stop/roll trigger is a break below $375 support with volume.\"\n ],\n \"structure\": {\n \"type\": \"csp\",\n \"csp\": {\n \"strike\": 395,\n \"expiry\": \"2025-11-15\",\n \"premium_target\": 19.5,\n \"annualized_yield_pct\": 36.7,\n \"if_assigned_basis\": 395\n }\n },\n \"entry\": {\n \"price_at_idea\": 396.12,\n \"iv_rank_at_idea\": 58,\n \"trigger_window\": \"now-2d\"\n },\n \"exit\": {\n \"primary_target\": \"Buy back at 50% of credit collected\",\n \"stop_or_roll\": \"Roll down/out if tested at 21 DTE OR break of $375 support\",\n \"max_hold_dte\": 49\n },\n \"risk\": {\n \"position_size_pct\": 2.0,\n \"max_loss_per_unit\": 375.5,\n \"max_loss_note\": \"Assignment risk if BLD drops below $375.50 before expiry.\"\n },\n \"sources\": [\n {\n \"label\": \"BLD Yahoo Finance\",\n \"url\": \"https://finance.yahoo.com/quote/BLD\"\n },\n {\n \"label\": \"TopBuild Q3 2024 10-Q Edgar\",\n \"url\": \"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001660440&type=10-Q\"\n },\n {\n \"label\": \"BLD Options Chain CBOE\",\n \"url\": \"https://www.cboe.com/tradable_products/vix/\"\n }\n ],\n \"confidence\": 4,\n \"risk_class\": \"core\",\n \"pipeline\": \"wheel\"\n }\n}", "tool_calls": null, "finish_reason": "stop" } ], "tool_results": [], "final_message": "{\n \"skip\": false,\n \"score\": 66,\n \"score_breakdown\": {\n \"iv_rank\": 12,\n \"annualized_yield\": 25,\n \"strike_safety\": 8,\n \"liquidity\": 6,\n \"quality_floor\": 15\n },\n \"draft\": {\n \"paper_track\": false,\n \"symbol\": \"BLD\",\n \"company\": \"TopBuild Corp\",\n \"sector\": \"construction_materials\",\n \"headline\": \"Sell BLD $395 CSP into elevated IV — ~37% annualized at ~0% margin of safety\",\n \"thesis_short\": \"Income setup selling a slightly OTM CSP on TopBuild into elevated IV, targeting 50% profit with assignment risk managed at 21 DTE.\",\n \"thesis_long\": [\n \"IV rank sits at ~58th percentile with ATM IV running 38-42%, elevated above the 1-year average of ~32%. The pullback from the $515 high has expanded implied vol, providing a favorable entry for premium collection without extreme crush risk.\",\n \"The $395 strike is ATM/slightly OTM (-0.28%) and sits well below the 200DMA ($426) and 52-week high, capturing premium during a structural pullback. While not meeting the 5-10% OTM baseline, it aligns with current price action and offers a reasonable entry for a quality, FCF-positive company.\",\n \"Assignment at $395 establishes a cost basis that is ~23% below the 52-week high and ~7% below the 200DMA. Given TopBuild's duopolistic market position, profitable FCF, and lack of material red flags, owning the stock at this basis is acceptable for a long-term wheel strategy.\",\n \"Exit plan targets buying back the premium at 50% profit. If the position is tested near the strike or approaches 21 DTE, the premium will be rolled down and out to extend collection. A hard stop/roll trigger is a break below $375 support with volume.\"\n ],\n \"structure\": {\n \"type\": \"csp\",\n \"csp\": {\n \"strike\": 395,\n \"expiry\": \"2025-11-15\",\n \"premium_target\": 19.5,\n \"annualized_yield_pct\": 36.7,\n \"if_assigned_basis\": 395\n }\n },\n \"entry\": {\n \"price_at_idea\": 396.12,\n \"iv_rank_at_idea\": 58,\n \"trigger_window\": \"now-2d\"\n },\n \"exit\": {\n \"primary_target\": \"Buy back at 50% of credit collected\",\n \"stop_or_roll\": \"Roll down/out if tested at 21 DTE OR break of $375 support\",\n \"max_hold_dte\": 49\n },\n \"risk\": {\n \"position_size_pct\": 2.0,\n \"max_loss_per_unit\": 375.5,\n \"max_loss_note\": \"Assignment risk if BLD drops below $375.50 before expiry.\"\n },\n \"sources\": [\n {\n \"label\": \"BLD Yahoo Finance\",\n \"url\": \"https://finance.yahoo.com/quote/BLD\"\n },\n {\n \"label\": \"TopBuild Q3 2024 10-Q Edgar\",\n \"url\": \"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001660440&type=10-Q\"\n },\n {\n \"label\": \"BLD Options Chain CBOE\",\n \"url\": \"https://www.cboe.com/tradable_products/vix/\"\n }\n ],\n \"confidence\": 4,\n \"risk_class\": \"core\",\n \"pipeline\": \"wheel\"\n }\n}", "tool_calls_total": 0, "walltime_ms": 118244, "stop_reason": "stop", "completed_at": "2026-05-28T13:35:28.038Z" }