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.

• 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.

• September 23, 2026

  Two days with the same gamma — the two measurements that separated a trend from a range

  Both sessions were solidly in positive gamma. One climbed 87 points; the next spent the day inside 25.9 points and closed where it started. I measured how persistent the flow was and how thick the put gamma sat next to price.

• September 20, 2026

  Max pain and the butterfly on expiration day — I close while price passes the center

  On August expiration, max pain landed within 4 points of the close, and with my center 110 points below it that was exactly why the position went to zero. Three others aimed at the same expiration followed max pain instead, and that number was 218 points wrong. Seven positions, written down.

• September 16, 2026

  On a trend day, I put credit spreads on the side price has already left

  Put credit in the path of a downtrend, call credit partway up a rally. Three days of my own trades, and where I now place credit spreads on trend days.

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