ApexAlgo FX — Account II

Hedged = rule-enforced series: trading P&L with every doubled position force-closed in the model at its option expiry (30 days), minus the net cost of a 30-day 1% OTM strangle bought lot-for-lot at every doubling. Options priced with recorded implied vols where available (event-time snapshot), executed at mid — the midpoint of Saxo's recorded bid/ask. A worst-case variant crossing the full retail spread both ways is reported separately as an execution sensitivity.

Loss on a doubled position is capped at ~3% of the doubled notional plus the hedge premium, enforced by the mandatory close at option expiry. Worst-case single event at current sizing: $61,843 (GBPCAD 13.05 lots — 3% of doubled notional + premium, 34.9% of account equity at event time).

Premium = put + call bought at the double (lot-for-lot on total position), priced at the bid/ask midpoint. Settlement = option value returned (sold back at close, or intrinsic at the 30-day expiry). Negative net cost = the hedge made money. * pair-mean IV = no recorded quote near the event (IV logging starts 2026-05-05); premium is an estimate. "Actual vs Model" = how the real position (held past expiry, against the rule) compares with the enforced model close; positive means the real account did better than the rule allows.