ApexAlgo FX

Identical model logic runs on Account I (live) and Account II (demo). A double is a same-pair, same-direction scale-in of exactly 2× a still-open leg. At each double a 30-day 1% OTM strangle (put 1% below / call 1% above the double-open spot) is bought lot-for-lot on the total position. IV: iv-history.json (first snapshot <=48h after the double, else nearest <=3d before, else pair mean). Events priced from the pair's mean recorded IV are marked "pair mean*" — treat those premiums as estimates. Execution: all published figures price entry and sell-back at mid — the midpoint of Saxo's recorded bid/ask. A worst-case variant charging the measured per-pair half-spread (median from recorded Saxo 1M tradable quotes, e.g. EURUSD 0.20, USDCAD 0.25, EURAUD 0.34, USDMXN 0.49 vol points) on entry and again on sell-back is shown in the Execution sensitivity box below. 30-day rule (enforced): any doubled position still open at option expiry is force-closed in the model at the spot price on the expiry date, with the option settled at intrinsic value. Real spot fills are never altered; the actual-vs-model divergence is reported per event below. Force-closes count as Category C events. The "single option" variant prices only the protective leg (put for longs, call for shorts) under the same rules.

Execution sensitivity: the published overlay figures assume mid-price execution — orders worked between Saxo's bid and ask. The worst case (every option bought at the full retail ask and sold back at the full bid) gives: Account I straddle +$18,855 (published mid +$56,036), single option +$25,190 (+$42,798); Account II straddle +$30,310 (+$47,455), single +$36,525 (+$44,384). Real fills land between the two bounds — and the ranking flips with execution quality: at mid the straddle's reversion leg is profitable and the straddle beats the single option; crossing the full spread, the single option wins.

Loss cap, stated precisely: 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. It is not a flat "3%" of the account. At current sizing the worst-case single event is $61,843 (GBPCAD 13.05 lots, 34.9% of account equity at event time).

Concurrency: maximum simultaneous open doubles: 4. Overlapping doubles sharing a currency: GBPCAD + GBPCAD (2025-01-10, shared CAD/GBP); GBPCAD + GBPCAD (2025-01-10, shared CAD/GBP); GBPCAD + GBPCAD (2025-01-10, shared CAD/GBP); GBPCAD + GBPCAD (2025-01-10, shared CAD/GBP); GBPCAD + GBPCAD (2025-01-10, shared CAD/GBP); GBPCAD + GBPCAD (2025-01-10, shared CAD/GBP); EURAUD + GBPAUD (2025-03-17, shared AUD); USDJPY + USDCHF (2025-04-03, shared USD); USDJPY + USDCAD (2025-04-03, shared USD); USDCHF + USDCAD (2025-04-03, shared USD); EURAUD + EURUSD (2026-04-10, shared EUR); CHFJPY + CHFJPY (2026-04-20, shared CHF/JPY); USDCAD + USDCAD (2026-04-27, shared CAD/USD). Worst-case exposure per event = 3% of doubled notional + hedge premium, shown against account equity at event time in the table above.

These positions were (or still are) held past their option's expiry on the real account, violating the strategy's 30-day rule. All headline figures above use the model close at expiry; the actual outcomes are shown for full disclosure. Positive divergence means the real account did better than the enforced model — i.e. the account was compensated for running unhedged risk the strategy does not permit.

* "pair mean" IV = no recorded quote exists near that event (IV logging starts 2026-05-05); the pair's mean recorded 1M IV is used and the premium is an estimate. Hedge P&L is settlement minus premium (negative = the hedge cost money). Account II's line-by-line hedge table is on the Account II page.