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Jade Lizard

income Uncapped risk

Short 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 Sharpe Trades DTE
AMAT 95% +$400 4.6 73 19
KLAC 93% +$1457 4.8 52 21
LLY 91% +$1129 4.6 39 30
TSM 91% +$321 6.6 37 26
QCOM 91% +$398 7.9 37 33
GEV 91% +$1242 4.7 37 13
XYZ 90% +$563 6.7 36 12
SMH 90% +$420 8.5 34 25
AVGO 89% +$613 6.4 31 19
VRTX 89% +$381 1.8 46 21
FFIV 88% +$279 2.5 45 25
GOOG 88% +$352 4.2 42 33
TSLA 88% +$793 3.2 42 21
BRK-B 87% +$407 5.9 39 10
DLR 87% +$284 3.5 38 16
SAP 87% +$425 2.1 38 25
VST 86% +$474 4.3 37 7
IWM 85% +$370 3.0 35 44
CME 85% +$315 2.3 54 33
BKNG 85% +$178 1.8 44 33
COHR 85% +$589 4.0 33 22
STRL 85% +$928 3.6 33 8
POWL 85% +$258 2.1 43 7
DIS 84% +$355 3.9 32 22
UNH 84% +$702 3.3 32 45
HD 84% +$612 2.2 32 53
PH 84% +$415 1.4 32 21
CBOE 84% +$457 5.6 31 40
ARM 83% +$605 5.7 30 12
LITE 83% +$909 2.2 30 24
QQQ 83% +$624 2.2 30 54
CLS 83% +$447 1.4 47 7
GSHD 82% +$193 2.1 92 7
CRM 81% +$343 1.6 34 30
APP 81% +$1571 4.6 41 11
ASML 80% +$743 1.9 48 21
TMO 80% +$279 0.9 55 21
DXPE 80% +$190 2.3 33 8

Backtested results are not a guarantee of future performance.