Notes

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"MARA","occ":"MARA260918C00016000","S":11.31,"K":16.0,"T":0.0383561644,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.06,"ask":0.07,"bs":584,"as":29,"quote_time":"2026-09-04T19:59:59.883844751Z","fair_low":0.0095716645,"fair":0.0395821519,"fair_high":0.0961138237,"hurdle":0.077,"surplus":-0.0374178481,"surplus_low":-0.0674283355,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"MARA","occ":"MARA260925C00021000","S":11.31,"K":21.0,"T":0.0575342466,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.03,"ask":0.04,"bs":183,"as":947,"quote_time":"2026-09-04T19:59:59.888198255Z","fair_low":0.0004455315,"fair":0.0054665635,"fair_high":0.0239644457,"hurdle":0.047,"surplus":-0.0415334365,"surplus_low":-0.0465544685,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"MARA","occ":"MARA261016P00004000","S":11.31,"K":4.0,"T":0.1150684932,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.03,"ask":0.04,"bs":37,"as":100,"quote_time":"2026-09-04T19:59:50.298497665Z","fair_low":2.0258e-05,"fair":0.0005770802,"fair_high":0.0040446197,"hurdle":0.047,"surplus":-0.0464229198,"surplus_low":-0.046979742,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"MARA","occ":"MARA260925P00006500","S":11.31,"K":6.5,"T":0.0575342466,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.03,"bs":107,"as":223,"quote_time":"2026-09-04T19:59:59.888003303Z","fair_low":0.0008098124,"fair":0.0066725393,"fair_high":0.0238088211,"hurdle":0.042,"surplus":-0.0353274607,"surplus_low":-0.0411901876,"fullrisk":3.2,"required_bid_target":0.08}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

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 QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"MARA","occ":"MARA260911C00016500","S":11.31,"K":16.5,"T":0.0191780822,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.05,"bs":557,"as":844,"quote_time":"2026-09-04T19:59:59.882990718Z","fair_low":0.0001109637,"fair":0.0017104974,"fair_high":0.0085178008,"hurdle":0.072,"surplus":-0.0702895026,"surplus_low":-0.0718890363,"fullrisk":5.2,"required_bid_target":0.13},{"symbol":"MARA","occ":"MARA261002C00024000","S":11.31,"K":24.0,"T":0.0767123288,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.03,"ask":0.08,"bs":84,"as":677,"quote_time":"2026-09-04T19:59:59.893523127Z","fair_low":0.000286418,"fair":0.0043151122,"fair_high":0.0211106764,"hurdle":0.107,"surplus":-0.1026848878,"surplus_low":-0.106713582,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"MARA","occ":"MARA261009P00007000","S":11.31,"K":7.0,"T":0.095890411,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.06,"ask":0.08,"bs":85,"as":120,"quote_time":"2026-09-04T19:59:59.37566197Z","fair_low":0.0201572564,"fair":0.0666887503,"fair_high":0.1443170059,"hurdle":0.092,"surplus":-0.0253112497,"surplus_low":-0.0718427436,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"MARA","occ":"MARA260918C00017000","S":11.31,"K":17.0,"T":0.0383561644,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.05,"ask":0.06,"bs":898,"as":332,"quote_time":"2026-09-04T19:59:59.884251819Z","fair_low":0.0030220168,"fair":0.0178546956,"fair_high":0.0534276722,"hurdle":0.067,"surplus":-0.0491453044,"surplus_low":-0.0639779832,"fullrisk":6.2,"required_bid_target":0.155}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

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 QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"MARA","occ":"MARA261002P00006000","S":11.31,"K":6.0,"T":0.0767123288,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.03,"ask":0.05,"bs":469,"as":205,"quote_time":"2026-09-04T19:59:59.490972493Z","fair_low":0.0009715509,"fair":0.0077876414,"fair_high":0.0275090756,"hurdle":0.062,"surplus":-0.0542123586,"surplus_low":-0.0610284491,"fullrisk":5.2,"required_bid_target":0.13},{"symbol":"MARA","occ":"MARA260925C00018000","S":11.31,"K":18.0,"T":0.0575342466,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.03,"ask":0.08,"bs":927,"as":50,"quote_time":"2026-09-04T19:59:59.887241435Z","fair_low":0.0067035829,"fair":0.0333839401,"fair_high":0.0903901869,"hurdle":0.107,"surplus":-0.0736160599,"surplus_low":-0.1002964171,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"MARA","occ":"MARA260918C00030000","S":11.31,"K":30.0,"T":0.0383561644,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.03,"ask":0.04,"bs":231,"as":249,"quote_time":"2026-09-04T19:59:59.937487154Z","fair_low":0.0,"fair":1.407e-07,"fair_high":1.24267e-05,"hurdle":0.047,"surplus":-0.0469998593,"surplus_low":-0.047,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"MARA","occ":"MARA261016C00022000","S":11.31,"K":22.0,"T":0.1150684932,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.08,"bs":845,"as":690,"quote_time":"2026-09-04T19:59:59.888635801Z","fair_low":0.0097070604,"fair":0.0487112963,"fair_high":0.134458076,"hurdle":0.117,"surplus":-0.0682887037,"surplus_low":-0.1072929396,"fullrisk":8.2,"required_bid_target":0.205}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

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 QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"MARA","occ":"MARA261002P00007000","S":11.31,"K":7.0,"T":0.0767123288,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.07,"bs":574,"as":229,"quote_time":"2026-09-04T19:59:59.88755347Z","fair_low":0.0096445464,"fair":0.0387660945,"fair_high":0.0927425947,"hurdle":0.102,"surplus":-0.0632339055,"surplus_low":-0.0923554536,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"MARA","occ":"MARA260925C00023000","S":11.31,"K":23.0,"T":0.0575342466,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.03,"bs":14,"as":32,"quote_time":"2026-09-04T19:59:59.491232043Z","fair_low":6.95808e-05,"fair":0.0015449447,"fair_high":0.0098046249,"hurdle":0.042,"surplus":-0.0404550553,"surplus_low":-0.0419304192,"fullrisk":3.2,"required_bid_target":0.08},{"symbol":"MARA","occ":"MARA260925C00016000","S":11.31,"K":16.0,"T":0.0575342466,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.05,"ask":0.08,"bs":328,"as":169,"quote_time":"2026-09-04T19:59:59.888047905Z","fair_low":0.0354775968,"fair":0.1054180309,"fair_high":0.2123345728,"hurdle":0.097,"surplus":0.0084180309,"surplus_low":-0.0615224032,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"MARA","occ":"MARA260918C00023000","S":11.31,"K":23.0,"T":0.0383561644,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.05,"bs":20,"as":1838,"quote_time":"2026-09-04T19:59:59.490040661Z","fair_low":1.108e-06,"fair":9.55501e-05,"fair_high":0.0012306919,"hurdle":0.072,"surplus":-0.0719044499,"surplus_low":-0.071998892,"fullrisk":5.2,"required_bid_target":0.13}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

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 QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"MARA","occ":"MARA261002C00019000","S":11.31,"K":19.0,"T":0.0767123288,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.07,"bs":799,"as":730,"quote_time":"2026-09-04T19:59:59.520785173Z","fair_low":0.0102523397,"fair":0.0471065939,"fair_high":0.1208882989,"hurdle":0.102,"surplus":-0.0548934061,"surplus_low":-0.0917476603,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"MARA","occ":"MARA261009C00023000","S":11.31,"K":23.0,"T":0.095890411,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.04,"ask":0.07,"bs":256,"as":1333,"quote_time":"2026-09-04T19:59:58.455324022Z","fair_low":0.0023141269,"fair":0.0180412188,"fair_high":0.0626657485,"hurdle":0.087,"surplus":-0.0689587812,"surplus_low":-0.0846858731,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"MARA","occ":"MARA260911P00009500","S":11.31,"K":9.5,"T":0.0191780822,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.05,"ask":0.06,"bs":1505,"as":605,"quote_time":"2026-09-04T19:59:59.884353866Z","fair_low":0.0269419441,"fair":0.0682471657,"fair_high":0.126826755,"hurdle":0.067,"surplus":0.0012471657,"surplus_low":-0.0400580559,"fullrisk":6.2,"required_bid_target":0.155},{"symbol":"MARA","occ":"MARA261009P00005000","S":11.31,"K":5.0,"T":0.095890411,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.04,"bs":7,"as":500,"quote_time":"2026-09-04T19:59:59.488271095Z","fair_low":0.0001973931,"fair":0.0026556574,"fair_high":0.0124961354,"hurdle":0.057,"surplus":-0.0543443426,"surplus_low":-0.0568026069,"fullrisk":4.2,"required_bid_target":0.105}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

dV5zL6//L5uGaawUJS4QQ4w2tXkXj/QHAWM64Mno2E9oryMh5tFnFyhgfPHHAQHc0xKr8i+pgX5oun19RqDkGaKqf9h5ZOsbFCGtxvfOJHBxoewb63JLfJOBo7izXfdP11CUByWqZqEpE5FaveRnoTQFCtfPQQ+d6ZGFVOtiaXhmvvwGG6yQoT3Fv5lsTaoMTkF3DM142LWWkgvhEAw/z3gXHOgEhzmXwDuLqDKRQ5EmehJPG7gYzf7ijI51rr+/Xs1TqL3VQYpZ6WvkwrEfsx1T7mi0SfceGByoo1Y7CofMSBdtCiY1rXV69KNV7hTPgRoA7emrpYT20vGEeuC+zs4vVeti427eAxugdWy8bh71emlISDeBLMLMDGBcJpp8Sc6R7MjncyH48VsxMTP2mGNoPSsydxhSx+/Cdg9XL+uWuQlN+hLNDv9nQaFyUl7YNfxmMxOGGcX6x9C3aemEMLlWw3CcEkf9Yy+fVhHHXRrSWvuVS+ltPGYHmDrfw6Kot/pckqT3OFUe4+wasHOr2+KTZgCVWomhE0O9OdlNsXXPfhPlCQtL603R84oFbWP0jLw43rq+f0ZVi5zyb5ckhvgQipO9BoLdiwFRihWu4xmQwbPnh9YdGhxDJHYak3HsBIVsnfZXb3KrfWqyykihL9Pjd5M32rNdRoDCXfdOFhW/CnB/6hxA6qNXU1vCUnobCye2bGqDB2srj0ilEsV0EdWGFk2Foeze6w0HLSRpMHQn6ZsOMvI33rqBJ4OaxuxQknY9Sf2PEJBJ50EFpihfaroHas1RL3VbFAsQ3fXyFHhxjvYGiohev8UfTWQK/L95Sj6bXg4xlqNTHi+gjzaQ0md1OtSc7wkgRmsny5k0L0oWrNmYb0aDyMnm/6Tzo56H6BsjB8YIcur59Gv1RyHII6B5zn9PnYj2uIHTcplglSzQ5fJoFf0D+HoX+v6ALjZMboxXTjQeaucNc1HtPlKFBGkAupbNjs+vjCkhycXZ7cY+lQrqA+GzNUn04YjclkkI3PtY/fAR5ohRIlmju1r3HetViHOPkdkI1cNSlKEm0/YbVIAnX1dxfxyHL2qRXDK+WiVyiX2AtX31LmKaFaxdE8X36p+M2m1XkUkQgdmgkjLfun6ULI8C2Tevyc9iHGNhp8j7195pvCuJ7Pt5IYJX1mY/TOgwM2kQHsjQIN5gdFDhRiInx5Jt4vNRqQLrHfsqw5rAuVN5IeOoo0Le22AjVFT+NxuzSKTmaBVkVWqfSm0qo2p3BEKBLJFWgVP9+y2/PamVWeah3gw/D7cAVJOvXT7cK8T2MZvivl+MQK29QaXx5oz1iiXD8mLhqnZPytkRRWmIO4ws4+MashtbhXYYL1+hQAcOVPE5SAZ5grHRcbzIuPx10EtUYABnJ3cV+d7PKq6ufMOCrpfs2gMiJFDOmMRL7uo6C8i6wNL36Bzt1y4j8XoKFicUwMfhUp6NszfcjAqAXnzzX6FuwkRux2/7UCs3B9NMAjRgFuJ8OV4+ihC4T05mfp85qQt9w0XOnx2c8BnHoIclGQjsdDdQ2oMUUIVLIXUhyGFjRGEgnM2sq3dj0rAgHdB7tGeFleNlTvNmHoJriREP8MirrzncFXci272POoCuTl34PgrOsba8Q6FAMmaG3BSm5IMq28z7ny1FsESVAMz/3yCj/YquIDYtVJA47b6CfGCAvz+F8szqyr0c2GmjuX3VaC9/Fhmxd2UZc1q39oF+KL4lN25ybkZ4xHHvBgsP119rPRRgCR5+wjip2O77Bw7uwEwY0tvejrY2TpUT9ws0px+OtpfUUMvtCWkL//wzkbpRo8civC8+g5PmfiXXa0bm1dj0Dn4VAY13K0/pYBC9Oft9SSZbrnGrYXyhecodlRjBnuruHBeBYYulEDIn1D4FANI677GZ6puUFTQzs/K6y7ymy+s/N0LwDMhflDuyihW7sTzEzB5Clw+5z0pfcA83by2lKwLytC5l3RkISf QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"MARA","occ":"MARA260925C00022000","S":11.31,"K":22.0,"T":0.0575342466,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.04,"bs":27,"as":60,"quote_time":"2026-09-04T19:59:59.887207233Z","fair_low":0.0001796722,"fair":0.0029367707,"fair_high":0.0153605394,"hurdle":0.057,"surplus":-0.0540632293,"surplus_low":-0.0568203278,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"MARA","occ":"MARA260925P00007500","S":11.31,"K":7.5,"T":0.0575342466,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.04,"ask":0.06,"bs":184,"as":181,"quote_time":"2026-09-04T19:59:59.888013556Z","fair_low":0.0092937418,"fair":0.0365754934,"fair_high":0.0865113377,"hurdle":0.072,"surplus":-0.0354245066,"surplus_low":-0.0627062582,"fullrisk":6.2,"required_bid_target":0.155},{"symbol":"MARA","occ":"MARA261002C00017000","S":11.31,"K":17.0,"T":0.0767123288,"sigma":0.9935342097,"iv":0.94,"greeks":{"delta":0.0635,"gamma":0.0448,"rho":0.0004,"theta":-0.007,"vega":0.0037},"bid":0.06,"ask":0.08,"bs":447,"as":278,"quote_time":"2026-09-04T19:59:59.883297892Z","fair_low":0.0389753336,"fair":0.1189102922,"fair_high":0.2415680384,"hurdle":0.092,"surplus":0.0269102922,"surplus_low":-0.0530246664,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"MARA","occ":"MARA261009P00006500","S":11.31,"K":6.5,"T":0.095890411,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.07,"bs":475,"as":164,"quote_time":"2026-09-04T19:59:59.887207233Z","fair_low":0.0083171934,"fair":0.0359957624,"fair_high":0.0894374694,"hurdle":0.102,"surplus":-0.0660042376,"surplus_low":-0.0936828066,"fullrisk":7.2,"required_bid_target":0.18}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

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 QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"MARA","occ":"MARA260911C00013500","S":11.31,"K":13.5,"T":0.0191780822,"sigma":0.9935342097,"iv":1.0808,"greeks":{"delta":0.0654,"gamma":0.0996,"rho":0.0001,"theta":-0.0204,"vega":0.0015},"bid":0.03,"ask":0.04,"bs":895,"as":790,"quote_time":"2026-09-04T19:59:59.624695504Z","fair_low":0.0314748159,"fair":0.0801095301,"fair_high":0.1492014301,"hurdle":0.047,"surplus":0.0331095301,"surplus_low":-0.0155251841,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"MARA","occ":"MARA260911C00015500","S":11.31,"K":15.5,"T":0.0191780822,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.01,"ask":0.03,"bs":602,"as":541,"quote_time":"2026-09-04T19:59:59.884353866Z","fair_low":0.0008866593,"fair":0.0068489169,"fair_high":0.0237950398,"hurdle":0.042,"surplus":-0.0351510831,"surplus_low":-0.0411133407,"fullrisk":3.2,"required_bid_target":0.08},{"symbol":"MARA","occ":"MARA260925C00016500","S":11.31,"K":16.5,"T":0.0575342466,"sigma":0.9935342097,"iv":null,"greeks":null,"bid":0.04,"ask":0.07,"bs":282,"as":479,"quote_time":"2026-09-04T19:59:59.884574844Z","fair_low":0.0234893108,"fair":0.0794264526,"fair_high":0.1718558304,"hurdle":0.087,"surplus":-0.0075735474,"surplus_low":-0.0635106892,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"MARA","occ":"MARA260925P00008000","S":11.31,"K":8.0,"T":0.0575342466,"sigma":0.9935342097,"iv":1.0271,"greeks":{"delta":-0.0508,"gamma":0.0405,"rho":-0.0003,"theta":-0.0074,"vega":0.0026},"bid":0.05,"ask":0.07,"bs":588,"as":294,"quote_time":"2026-09-04T19:59:59.88797342Z","fair_low":0.0238577854,"fair":0.0718607422,"fair_high":0.146065864,"hurdle":0.082,"surplus":-0.0101392578,"surplus_low":-0.0581422146,"fullrisk":7.2,"required_bid_target":0.18}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

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 QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"KRE","occ":"KRE260911C00080000","S":75.27,"K":80.0,"T":0.0191780822,"sigma":0.158723679,"iv":0.3395,"greeks":{"delta":0.0459,"gamma":0.036,"rho":0.0004,"theta":-0.0326,"vega":0.0076},"bid":0.03,"ask":0.07,"bs":37,"as":357,"quote_time":"2026-09-04T19:59:58.713591893Z","fair_low":0.0001023877,"fair":0.0015629942,"fair_high":0.0078248477,"hurdle":0.092,"surplus":-0.0904370058,"surplus_low":-0.0918976123,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"KRE","occ":"KRE260911P00070000","S":75.27,"K":70.0,"T":0.0191780822,"sigma":0.158723679,"iv":0.3545,"greeks":{"delta":-0.0236,"gamma":0.0199,"rho":-0.0002,"theta":-0.0192,"vega":0.0044},"bid":0.01,"ask":0.04,"bs":249,"as":663,"quote_time":"2026-09-04T19:59:58.757270621Z","fair_low":3.6536e-06,"fair":0.0001679318,"fair_high":0.0015250057,"hurdle":0.057,"surplus":-0.0568320682,"surplus_low":-0.0569963464,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"KRE","occ":"KRE260930P00060000","S":75.27,"K":60.0,"T":0.0712328767,"sigma":0.158723679,"iv":0.4381,"greeks":{"delta":-0.0163,"gamma":0.0049,"rho":-0.0008,"theta":-0.0072,"vega":0.0077},"bid":0.03,"ask":0.07,"bs":20,"as":8,"quote_time":"2026-09-04T19:59:39.558975481Z","fair_low":0.0,"fair":1.01e-08,"fair_high":1.8596e-06,"hurdle":0.092,"surplus":-0.0919999899,"surplus_low":-0.092,"fullrisk":7.2,"required_bid_target":0.18}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

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 QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"IREN","occ":"IREN261002P00019000","S":44.68,"K":19.0,"T":0.0767123288,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.03,"ask":0.08,"bs":21,"as":20,"quote_time":"2026-09-04T19:59:59.58007679Z","fair_low":7.42813e-05,"fair":0.0021067189,"fair_high":0.014689249,"hurdle":0.107,"surplus":-0.1048932811,"surplus_low":-0.1069257187,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"IREN","occ":"IREN260918P00019000","S":44.68,"K":19.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.04,"ask":0.07,"bs":27,"as":25,"quote_time":"2026-09-04T19:59:58.638430014Z","fair_low":1.29e-08,"fair":6.3725e-06,"fair_high":0.0002119149,"hurdle":0.087,"surplus":-0.0869936275,"surplus_low":-0.0869999871,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"IREN","occ":"IREN260911P00031500","S":44.68,"K":31.5,"T":0.0191780822,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.04,"bs":80,"as":740,"quote_time":"2026-09-04T19:59:58.991481349Z","fair_low":0.0008649447,"fair":0.0094364533,"fair_high":0.0393614124,"hurdle":0.057,"surplus":-0.0475635467,"surplus_low":-0.0561350553,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"KRE","occ":"KRE260930C00085000","S":75.27,"K":85.0,"T":0.0712328767,"sigma":0.158723679,"iv":0.2497,"greeks":{"delta":0.0307,"gamma":0.0147,"rho":0.0014,"theta":-0.0073,"vega":0.0131},"bid":0.03,"ask":0.08,"bs":235,"as":180,"quote_time":"2026-09-04T19:59:59.593784662Z","fair_low":0.0001455594,"fair":0.0024763638,"fair_high":0.0130900341,"hurdle":0.107,"surplus":-0.1045236362,"surplus_low":-0.1068544406,"fullrisk":8.2,"required_bid_target":0.205}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

80T/U/4inb/Us1yzLkX33LaVQSck7kzJTNVhl6Y4KrsZIDYZWuwLmXdZhVMaSnns1umXg0f2I2lmTBzUnDuY7nz2hmGVOBKY29o464TTTMmTdbfCfiKv52NkY2jtmYFFdvXJDXMKHajpq6iz59ER5++CrxhYmRpNIkbxJzLZVtc7k2AYuWGzVr5hRLd4qgR7HsHSxs/HKNrtRBgUsRPLqN2WqBv/PwgyR4LQjx60KcfJE5QHTjEppK1ND+T/17m2hgTSPR6rbnwT4M0M2qqC/GchBQIElWCgR0z55IBxt8l+PIJzttFYyVcgVI7dry1ZBrZkgp61KB7s0IxhfzrFD19aB1bE3YsWO5A6iw4fLkYIfPZoYGwKPpXSWw90e+csOaopnKNkZTM/raZGsZkEnCuIEKuExLJrA+p851gUCTnHz095LGfkc920jrvLuJni0cKNfl1nC3ID5NFpiHx28HQ5MJ9plEKcM8Vi7aAMwEE8mvNKaALEq17L9YcZ+kOUu6emskqDpzZcYSWp9z3KScGYSXTOHYf+sqmApJsE3Rcjxcxrgku6pa0qgDqrfFzAKm1ECZZMUdMPb/lnPuN4uEMbofbcHw9dZGhENgWW2uHfdaiklHvpjoe9xTrOhqG1B2I7jtUoURqB3nSRIhC35y8K/3/C8tWGo4de6b1vlRfC+zIdU5YFipBslA7VnVetLYDp7ayhVXIoPWSrMWZBZw6utqD2lCtwFMfTPxSEnefKrsXVRFjvdSqq/vdikvVs1VVcWCcqhwvy7zg94qB07i1W7hYuI+0mwQD7RdCsHJiOt0DlMmYbNG9vUKsMUfXFaE0tjhbJO6U1W86f5lNIbdQC1nz94m6trCLMgPVwrN6imMzoVI2iFxm2lty8jFjcJqNFYvjc5NLvoV2tJu65FlQXLpQByfS+A3k9bsZtd8obt/R/ywmThyvJAzKw5Ja69aaGefueH0XDOryLUKVUbQKrT6+P3P28S0/r6cTtmt/yHVHQHl9F57p6LbWuKbWvhB1Jk+Lb+gyfqt6m5y+FZzp3Hb41XckrRMOZdwZ3BQohQAvkw+g8+J5Ok2aNl8/QjmccENN4E9c7bRH+PY8pthJOZ3h0VCzwnysQkHFsKcZbMAIKOjbklgxUrTpKxamEjd9RLlJCS81Xu9YYuR8eiqJ96G8i4WDWwNaLA7U5NRYimqNmldRzLgNAieabp+h05bl5QQD4Yk76RKxyALYRccu+eR598DC3ABQAGeV8k9fLCRuJIXkMge5g2Cz/xgD7nalrjVg4pT/I9EuK3WEYEoWPtMk+2oRjJLgyyCplvOMyjuhWosWB1OBf0KU+A48Eawp8ebbaF/IZq9DjmPxgRm6O+wkAchoEELlaVJPNyjWCQckXoVidXHRz/553S/SfYQDVQ8vTfdNxLDaYq6U/bmETYkT5oGcCfn1c1uUTxIWP+A7nic0TCJpNZm55i4TPh08d7mA3VXzKzMVttWXxdcYHOcHQ4b5f6uH93fpqcNr/b03pxdRVJvXWHFnzzM5W5JwP7yYAojPN3xAHXtpEQ/Z8HLct1lomjkCZC9zYv/V2RwvaHtuTtgmVCOZ9sS6bIRTm6jKSUE5EAMRt10PP5WC83LN6Yu1RNFt7dT7uvwaFEQxWAk+J4aKAz6rKeeEp2cj9pwI9xJqhzkNOBfkMfzPHRWIIrACEQYw8Od18QnTyXhmrDyqLr20sgjFF4YqeNhr6XRVFm7FhDOmA2tx4M4nodiXvkZJbjVecam9e/IIxre7sE2BclW747esG6R7HLQHWRtxEC11v97xcWrb4hkt7SY8wKcKWrkRd3xRRuYTkQ6DVdekAQrjog/+ihXAdulDPhZg01qaeOKY6BQPYly53+OlJI1DoQarQb2uGEzzHu0WncNamJeqdMb58yi8Q85w/NfrGn7+MClPyTCpj+g/bb8nYWkZLVdSdatAkNFnesfsLRGWa2eTL8gDcjcP7jssldE QLV90802 reproducibility archive: SIP /data/stock-bars; NasdaqTrader census; Yahoo world; Alpaca crypto; code

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"IREN","occ":"IREN260911P00035500","S":44.68,"K":35.5,"T":0.0191780822,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.04,"ask":0.05,"bs":166,"as":15,"quote_time":"2026-09-04T19:59:59.576594018Z","fair_low":0.0301021849,"fair":0.1100602659,"fair_high":0.2498329736,"hurdle":0.057,"surplus":0.0530602659,"surplus_low":-0.0268978151,"fullrisk":5.2,"required_bid_target":0.13},{"symbol":"IREN","occ":"IREN260918P00020000","S":44.68,"K":20.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.02,"bs":9,"as":20,"quote_time":"2026-09-04T19:59:59.624231652Z","fair_low":8.85e-08,"fair":2.2248e-05,"fair_high":0.0005194811,"hurdle":0.027,"surplus":-0.026977752,"surplus_low":-0.0269999115,"fullrisk":2.2,"required_bid_target":0.055},{"symbol":"IREN","occ":"IREN260925P00020000","S":44.68,"K":20.0,"T":0.0575342466,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.03,"ask":0.07,"bs":92,"as":61,"quote_time":"2026-09-04T19:59:58.638721308Z","fair_low":1.50334e-05,"fair":0.0007008001,"fair_high":0.0064384791,"hurdle":0.092,"surplus":-0.0912991999,"surplus_low":-0.0919849666,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"IREN","occ":"IREN260918C00085000","S":44.68,"K":85.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.03,"ask":0.07,"bs":462,"as":80,"quote_time":"2026-09-04T19:59:58.6457266Z","fair_low":3.96256e-05,"fair":0.0016141354,"fair_high":0.0137444987,"hurdle":0.092,"surplus":-0.0903858646,"surplus_low":-0.0919603744,"fullrisk":7.2,"required_bid_target":0.18}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

Aug5issuerreleaseQ2endedJune30, retrievedSep8. USDmrevenue3583vs2680,grossprofit1708vs1302,operatingincome488vs291,OCF658lesscapex4=FCF654vs422;GMV115567vs87837. Revenuegrowth34%,FCFmargin18%. Q3expectsrevenuegrowthlow30s,grossprofitmid-high20s,SBC150m. Forecastsnotrealized. CanadianscreenSHOP.TOlocalCADreturns notUSDandnotindependentsource. https://www.shopify.com/investors/press-releases/shopify-delivers-big-30-growth-across-gmv-revenue-gross-profit

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"IREN","occ":"IREN260911P00034000","S":44.68,"K":34.0,"T":0.0191780822,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.02,"ask":0.08,"bs":11,"as":10,"quote_time":"2026-09-04T19:59:59.58885348Z","fair_low":0.0094358906,"fair":0.0484095559,"fair_high":0.1350655503,"hurdle":0.112,"surplus":-0.0635904441,"surplus_low":-0.1025641094,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"IREN","occ":"IREN260911P00029500","S":44.68,"K":29.5,"T":0.0191780822,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.08,"bs":3,"as":456,"quote_time":"2026-09-04T19:59:59.713496281Z","fair_low":7.90038e-05,"fair":0.0018512646,"fair_high":0.0119903197,"hurdle":0.117,"surplus":-0.1151487354,"surplus_low":-0.1169209962,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"IREN","occ":"IREN260918C00105000","S":44.68,"K":105.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.07,"bs":26,"as":22,"quote_time":"2026-09-04T19:59:58.638613832Z","fair_low":3.48e-08,"fair":1.64466e-05,"fair_high":0.0005317614,"hurdle":0.102,"surplus":-0.1019835534,"surplus_low":-0.1019999652,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"IREN","occ":"IREN260918C00100000","S":44.68,"K":100.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.02,"bs":44,"as":20,"quote_time":"2026-09-04T19:59:59.488016761Z","fair_low":2.084e-07,"fair":5.09907e-05,"fair_high":0.0011902632,"hurdle":0.027,"surplus":-0.0269490093,"surplus_low":-0.0269997916,"fullrisk":2.2,"required_bid_target":0.055}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

Aug7issuerQ2release, retrievedSep8. Operatingprofit4.9bnEUR+10.6%;H1operating9.4bn+8.6%;Q2coreincome2.6bn-12.7% includescomparisondivestment/offseteffects;claimedunderlyinggrowth10%. P&Ccombinedratio91.9%vs91.2%;SolvencyII225% withquarterlydividendaccrual,fullannualdividendaccrualwouldreduce7points. Strongoperatingprofitandweakerunderwritingratioarecompatible;notindependentcorroboration. https://www.allianz.com/en/mediacenter/news/media-releases/financials/260807-2q-2026-earnings-release.html

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"IREN","occ":"IREN261016P00018000","S":44.68,"K":18.0,"T":0.1150684932,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.02,"ask":0.04,"bs":52,"as":300,"quote_time":"2026-09-04T19:59:58.170659206Z","fair_low":0.0007320911,"fair":0.0101092575,"fair_high":0.0488665591,"hurdle":0.052,"surplus":-0.0418907425,"surplus_low":-0.0512679089,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"IREN","occ":"IREN260918C00080000","S":44.68,"K":80.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.04,"bs":47,"as":183,"quote_time":"2026-09-04T19:59:58.645670974Z","fair_low":0.000220194,"fair":0.004833069,"fair_high":0.0306174593,"hurdle":0.057,"surplus":-0.052166931,"surplus_low":-0.056779806,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"IREN","occ":"IREN260918P00022000","S":44.68,"K":22.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.05,"ask":0.07,"bs":11,"as":10,"quote_time":"2026-09-04T19:59:59.302154049Z","fair_low":2.451e-06,"fair":0.0002072946,"fair_high":0.0025540963,"hurdle":0.082,"surplus":-0.0817927054,"surplus_low":-0.081997549,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"IREN","occ":"IREN260925P00018000","S":44.68,"K":18.0,"T":0.0575342466,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.08,"bs":3,"as":5,"quote_time":"2026-09-04T19:59:59.625886256Z","fair_low":9.069e-07,"fair":0.0001083337,"fair_high":0.0016581549,"hurdle":0.117,"surplus":-0.1168916663,"surplus_low":-0.1169990931,"fullrisk":8.2,"required_bid_target":0.205}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars

Issuer Q2/June30 2026release, retrievedSep8. AFFO/share1.09vs1.05,Q2AFFO1022.1m;raised2026AFFO4.44-4.45 from4.41-4.44;GAAPnetEPSguide1.59-1.60 downfrom1.60-1.63. Occupancy98.8%vsMarch98.9/yearago98.6. AtSep4price61.25,forwardAFFOmultiple13.7795 andGAAPmultiple38.4013;differentearningsdefinitions,notapricingarbitrage. AFFOissuer-definednonGAAP. https://www.sec.gov/Archives/edgar/data/726728/000072672826000044/o-991q22026.htm

Sep8 calculation; Sep4 quotes as timestamped, not executable. CRR200,r.04,q0 assumed,sigma.5RV20var+.5EWMAvar;low/high=.8/1.2sigma,fee.20USD assumed. [{"symbol":"IREN","occ":"IREN260918P00015000","S":44.68,"K":15.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.07,"bs":26,"as":1110,"quote_time":"2026-09-04T19:59:58.638619034Z","fair_low":0.0,"fair":7e-09,"fair_high":1.6809e-06,"hurdle":0.102,"surplus":-0.101999993,"surplus_low":-0.102,"fullrisk":7.2,"required_bid_target":0.18},{"symbol":"IREN","occ":"IREN260911P00028500","S":44.68,"K":28.5,"T":0.0191780822,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.04,"bs":26,"as":29,"quote_time":"2026-09-04T19:59:59.511048358Z","fair_low":1.94978e-05,"fair":0.0007219447,"fair_high":0.0059572794,"hurdle":0.057,"surplus":-0.0562780553,"surplus_low":-0.0569805022,"fullrisk":4.2,"required_bid_target":0.105},{"symbol":"IREN","occ":"IREN260918C00095000","S":44.68,"K":95.0,"T":0.0383561644,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.08,"bs":8,"as":25,"quote_time":"2026-09-04T19:59:58.645675101Z","fair_low":1.1906e-06,"fair":0.0001657268,"fair_high":0.0027315243,"hurdle":0.117,"surplus":-0.1168342732,"surplus_low":-0.1169988094,"fullrisk":8.2,"required_bid_target":0.205},{"symbol":"IREN","occ":"IREN260911P00030500","S":44.68,"K":30.5,"T":0.0191780822,"sigma":1.0017887326,"iv":null,"greeks":null,"bid":0.01,"ask":0.04,"bs":84,"as":231,"quote_time":"2026-09-04T19:59:59.717671381Z","fair_low":0.0002776193,"fair":0.0043926435,"fair_high":0.0222480801,"hurdle":0.057,"surplus":-0.0526073565,"surplus_low":-0.0567223807,"fullrisk":4.2,"required_bid_target":0.105}] https://runway.adityaperswal.workers.dev/data/option-chain/<symbol>?feed=indicative ; https://runway.adityaperswal.workers.dev/data/stock-bars