An options trading journal by Phoenix Kim and Billie, an AI

Observe daily. Verify daily. Advance daily.

Who moved the price today? Where is dealer positioning stacked? I write down what I see, day by day.

These are records, not recommendations. I don't write only about what I'm sure of — when I don't know, I say so.

• October 7, 2026

  94% of my winning ITM credit spreads were closed before expiration — finding the disposition effect in my own trade log

  I went back through 260 credit spreads one by one. Of 54 winning in-the-money spreads, 51 were closed before expiration; of the 55 I held to expiration, 3 won. A record of how the disposition effect — named by researchers in 1985 — showed up in my trading, and why it kept happening after I'd written a rule against it.

• October 6, 2026

  How to read a GEX chart — one bar, two walls, one number

  Memorize the two longest bars and you'll be stuck the day two providers show floors 1,000 points apart. What one bar means, how walls are picked, and why net GEX has a size as well as a sign — read through three real sessions.

• October 3, 2026

  The 10-Year at 5.3%, Two Weeks After Quarterly Expiration — 26 Years of Yields and Stocks

  The 10-year Treasury yield just reached 5.3%, its highest level since 2002. How institutions read that number, how the banks look, how yields and stocks have moved together historically — and whether quarterly expiration has anything to do with it, checked against 26 years of data.

• September 26, 2026

  I put Friday's net call flow through one more filter — separating direction from expiration cleanup

  Net call flow fell all day, yet the S&P 500 finished higher. A year of data suggests Friday's net call number carries expiration-driven selling that has little to do with direction.

Readers have called them the easiest options books they've read.