Kalshi Politics — Mispricing Audit Anchor · NO-side structural

Report date 2026-10-22 · generated 2026-10-22 16:40 UTC · strategy=Anchor · audit_version=anchor · horizon 45 days · capital $2,500 · focus category: Politics

0picks

46logged rejects

$0allocated

100%cash ($2,500)

120allowlisted series

879open markets scanned

Summary

No trade this run. Cash is the position. The Stage-0 allowlist (120 series, 72 Tier 1 and 48 Tier 2) holds 879 open markets, but only 46 of them expire inside the 45-day horizon, and every one of those fails at least one mechanical cut before any thesis is formed. Zero Stage-2 candidates means zero picks, which the Anchor methodology treats as a normal, correct result.

The allowlist is dominated by year-end contracts. The next liquid wave of Anchor-shaped markets (departures, charges, pardons, bills, Iran deal, Alito) all expire on or after Jan 1, 2027, which is ~71 days out. They enter the horizon on roughly Nov 17, 2026. Until then the in-horizon universe is the Nov 3 election-day cluster and two short-dated scheduled-process ladders, and all of those are structurally excluded.

Stage 0 — Universe and funnel

Candidate universe = open markets in the allowlisted series with expected_expiration_time within 45 days (cutoff 2026-12-06). Mechanical cuts applied in spec order using live public-API numbers (*_fp / *_dollars fields).

Funnel step	Markets
Open markets across allowlisted series	879
Expiring within 45 days	46
Survive all mechanical cuts (→ Stage 1/2 candidates)	0

Primary reject reason among the 46 in-horizon markets:

Primary reason	n
close after expiration	27
inside 7d	13
volume24h 0 < 500	3
YES ask ≤ 5¢	1
volume24h 150 < 500	1
already an active pick	1

Close after expiration (27). The Nov 3 election-day cluster (California billionaire wealth tax, California Voter ID, Virginia/Nevada/Missouri reproductive-rights measures, Montana measures, Alberta referendum questions) and all eleven KXIMPEACH-27/28 rungs carry an expected_expiration_time of 2026-11-03 but a close_time months to a year later. Verified live: KXCAWEALTHTAX-26 closes 2027-11-03T04:59Z with latest expiration 2027-11-03, i.e. a twelve-month resolution window; KXIMPEACH-27-AUG01 closes 2027-08-01 against the same Nov 3 expected expiration. The spec's hard rule rejects these regardless of thesis quality.
Inside 7d (13). The Suez weekly transit ladder (expires Oct 27) and the Bank of Canada Oct 28 decision ladder. The Suez ladder is also a continuous-number market, and the precedent store notes it settles on the IMF PortWatch feed when that feed updates, not at expiration.
Price / volume cuts. McConnell early resignation (YES ask 1.2¢), Pelosi early resignation, Neal Dunn, Max Miller, October judge-confirmation count: all at or below 5¢ on YES, several with trivial 24h volume. The NO side on these would also be a deep-favorite-band reject (≥90¢).
Already an active pick (1). KXDIESELEXPORTBAN-26 (NO) is live and is excluded; it would in any case fail the volume and YES-ask cuts today.

Stage 1 — Precedents consulted

Queried resolution_precedents for every series with an in-horizon market. The store has rows for KXCBDECISIONCANADA (6: every >25bp rung resolved NO; the hold rung is resolver-safe but carries only 1–3¢ of YES premium) and KXSUEZWEEKLY (2: only the PortWatch total counts; settlement lands when the feed updates). It has nothing for KXIMPEACH, KXCAWEALTHTAX, KXCAVOTERID, KXRETIREMM, KXALBERTAREFS or KXSTATEBALLOTMEASURE, so any future thesis on those series would be derived cold. Archetype-level rows (KXBILLS, KXAGCONF, KXRECNCH) were read for context but no candidate reached Stage 2, so none is cited on a pick.

Stage 2–3.5 — Diligence, thesis shape, rejects

Not run: no market survived Stage 0. No pre-market probability was committed on any market this run, so no reject below carries a side or a model_prob_pct. These should not be scored on the passed-on scoreboard.

For the operator's eye only, not a thesis: KXCAWEALTHTAX-26 (YES 24/25¢, 24h volume ~10.7k, OI ~717k) is the single in-horizon market that would otherwise have an Anchor shape (status-quo NO on a ballot initiative, effective NO entry ~76¢, inside the core 60–84¢ band, election Nov 3). It is excluded solely by the close-after-expiration rule, because Kalshi has given it a one-year close and early resolution only on a media-consensus call. If the rule is ever relaxed for election-day measures, this is the first market to diligence.

Logged rejects (46)

Market	Archetype	Days to exp	YES bid/ask ¢	Vol 24h	OI	Cuts failed
`KXSUEZWEEKLY-26OCT25-T260` Will there be more than 260 transit calls through the Suez Canal from Oct 19, 20	legal-action	4.9	97.0/98.0	0	1,101	volume24h 0 < 500; YES bid ≥ 95¢; inside 7d; continuous-number market
`KXSUEZWEEKLY-26OCT25-T270` Will there be more than 270 transit calls through the Suez Canal from Oct 19, 20	legal-action	4.9	96.0/97.0	673	2,812	YES bid ≥ 95¢; inside 7d; continuous-number market
`KXSUEZWEEKLY-26OCT25-T280` Will there be more than 280 transit calls through the Suez Canal from Oct 19, 20	legal-action	4.9	89.0/90.0	2,199	4,335	inside 7d; continuous-number market
`KXSUEZWEEKLY-26OCT25-T290` Will there be more than 290 transit calls through the Suez Canal from Oct 19, 20	legal-action	4.9	64.0/65.0	1,103	5,436	inside 7d; continuous-number market
`KXSUEZWEEKLY-26OCT25-T300` Will there be more than 300 transit calls through the Suez Canal from Oct 19, 20	legal-action	4.9	39.0/40.0	253	2,902	volume24h 253 < 500; inside 7d; continuous-number market
`KXSUEZWEEKLY-26OCT25-T310` Will there be more than 310 transit calls through the Suez Canal from Oct 19, 20	legal-action	4.9	15.0/16.0	3,186	3,604	inside 7d; continuous-number market
`KXSUEZWEEKLY-26OCT25-T320` Will there be more than 320 transit calls through the Suez Canal from Oct 19, 20	legal-action	4.9	4.0/5.0	349	2,060	volume24h 349 < 500; YES ask ≤ 5¢; inside 7d; continuous-number market
`KXSUEZWEEKLY-26OCT25-T330` Will there be more than 330 transit calls through the Suez Canal from Oct 19, 20	legal-action	4.9	2.0/3.0	0	1,806	volume24h 0 < 500; YES ask ≤ 5¢; inside 7d; continuous-number market
`KXCBDECISIONCANADA-26OCT-C25` Will Bank of Canada cut rates by 25bps at their October 2026 meeting?	scheduled-process	5.9	0.0/1.0	1,994	16,123	YES ask ≤ 5¢; inside 7d
`KXCBDECISIONCANADA-26OCT-C26` Will Bank of Canada cut rates by >25bps at their October 2026 meeting?	scheduled-process	5.9	0.0/1.0	1,804	6,381	YES ask ≤ 5¢; inside 7d
`KXCBDECISIONCANADA-26OCT-H0` Will Bank of Canada maintain the current rate at their October 2026 meeting?	scheduled-process	5.9	16.0/17.0	55,563	85,356	inside 7d
`KXCBDECISIONCANADA-26OCT-H25` Will Bank of Canada hike rates by 25bps at their October 2026 meeting?	scheduled-process	5.9	82.0/83.0	29,973	76,401	inside 7d
`KXCBDECISIONCANADA-26OCT-H26` Will Bank of Canada hike rates by >25bps at their October 2026 meeting?	scheduled-process	5.9	0.0/1.0	1,804	4,571	YES ask ≤ 5¢; inside 7d
`KXJUDGECOUNT-26OCT-0` Will any federal judges be confirmed in Oct 2026?	confirmation/enact	9.9	0.0/1.0	0	36,480	volume24h 0 < 500; YES ask ≤ 5¢
`KXCAVOTERID-26` Will the 2026 California Voter ID initiative pass?	confirmation/enact	11.9	14.0/16.0	520	14,595	close after expiration (close 2027-11-03 vs expected expiration 2026-11-03)
`KXCAWEALTHTAX-26` Will a one-time tax on billionaires ballot initiative in California pass?	confirmation/enact	11.9	24.0/25.0	10,740	716,875	close after expiration (close 2027-11-03 vs expected expiration 2026-11-03)
`KXIMPEACH-27-APR01` Will the President be impeached before Apr 1, 2027?	legal-action	11.9	34.0/35.0	14	846	volume24h 14 < 500; close after expiration (close 2027-04-01 vs expected expiration 2026-11-03)
`KXIMPEACH-27-AUG01` Will the President be impeached before Aug 1, 2027?	legal-action	11.9	52.0/54.0	1,245	3,344	close after expiration (close 2027-08-01 vs expected expiration 2026-11-03)
`KXIMPEACH-27-FEB01` Will the President be impeached before Feb 1, 2027?	legal-action	11.9	15.0/16.0	1,052	14,192	close after expiration (close 2027-02-01 vs expected expiration 2026-11-03)
`KXIMPEACH-27-JAN01` Will the President be impeached before Jan 1, 2027?	legal-action	11.9	3.5/3.7	4,198	554,118	YES ask ≤ 5¢; close after expiration (close 2027-01-01 vs expected expiration 2026-11-03)
`KXIMPEACH-27-JUL01` Will the President be impeached before Jul 1, 2027?	legal-action	11.9	48.0/49.0	2,233	10,931	close after expiration (close 2027-07-01 vs expected expiration 2026-11-03)
`KXIMPEACH-27-JUN01` Will the President be impeached before Jun 1, 2027?	legal-action	11.9	42.0/43.0	382	1,094	volume24h 382 < 500; close after expiration (close 2027-06-01 vs expected expiration 2026-11-03)
`KXIMPEACH-27-MAR01` Will the President be impeached before Mar 1, 2027?	legal-action	11.9	26.0/27.0	2,653	174,452	close after expiration (close 2027-03-01 vs expected expiration 2026-11-03)
`KXIMPEACH-27-MAY01` Will the President be impeached before May 1, 2027?	legal-action	11.9	39.0/40.0	0	1,920	volume24h 0 < 500; close after expiration (close 2027-05-01 vs expected expiration 2026-11-03)
`KXIMPEACH-27-OCT01` Will the President be impeached before Oct 1, 2027?	legal-action	11.9	64.0/65.0	84	8,362	volume24h 84 < 500; close after expiration (close 2027-10-01 vs expected expiration 2026-11-03)
`KXIMPEACH-28-JAN01` Will the President be impeached before Jan 1, 2028?	legal-action	11.9	65.0/66.0	1,913	392,180	close after expiration (close 2028-01-01 vs expected expiration 2026-11-03)
`KXLEAVEDUNN` Will Neal Dunn leave Congress before the midterms?	departure/ouster	11.9	0.5/4.3	0	6,623	volume24h 0 < 500; YES ask ≤ 5¢
`KXREPRODUCTIVEMEASURES-26-MO` Will Missouri Amendment 3 in Missouri pass?	confirmation/enact	11.9	49.0/54.0	32	4,437	volume24h 32 < 500; close after expiration (close 2027-11-03 vs expected expiration 2026-11-03)
`KXREPRODUCTIVEMEASURES-26-NV` Will Nevada Question 6 (Right to Abortion Initiative) in Nevada pass?	confirmation/enact	11.9	90.0/98.7	0	18	volume24h 0 < 500; spread 9¢ > 5¢; close after expiration (close 2027-11-03 vs expected expiration 2026-11-03)
`KXREPRODUCTIVEMEASURES-26-VA` Will the Virginia Right to Reproductive Freedom Amendment in Virginia pass?	confirmation/enact	11.9	90.0/94.3	10	3,896	volume24h 10 < 500; close after expiration (close 2027-11-03 vs expected expiration 2026-11-03)
`KXRETIREMM-26` Will Mitch McConnell resign his office early?	departure/ouster	11.9	1.0/1.2	22,177	1,412,159	YES ask ≤ 5¢
`KXRETIREPELOSI-26` Will Nancy Pelosi resign her office early?	departure/ouster	11.9	1.2/1.8	150	102,112	volume24h 150 < 500; YES ask ≤ 5¢
`KXDIESELEXPORTBAN-26` Will it be reported by any of the Source Agencies that the United States has imp	multi-news-other	18.9	3.0/5.0	163	76,665	already an active pick; volume24h 163 < 500; YES ask ≤ 5¢
`KXMILLEROUT-26JUL-26NOV03` Will Max Miller be out as U.S. representative before Nov 3, 2026?	multi-news-other	18.9	1.0/2.0	0	46,336	volume24h 0 < 500; YES ask ≤ 5¢
`KXALBERTAREFS-26OCT19-Q01` Will Question 1 pass?	confirmation/enact	27.9	96.0/100.0	200	220	volume24h 200 < 500; YES bid ≥ 95¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXALBERTAREFS-26OCT19-Q02` Will Question 2 pass?	confirmation/enact	27.9	86.0/100.0	201	226	volume24h 201 < 500; spread 14¢ > 5¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXALBERTAREFS-26OCT19-Q03` Will Question 3 pass?	confirmation/enact	27.9	60.0/100.0	0	2	volume24h 0 < 500; spread 40¢ > 5¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXALBERTAREFS-26OCT19-Q04` Will Question 4 pass?	confirmation/enact	27.9	99.0/100.0	200	202	volume24h 200 < 500; YES bid ≥ 95¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXALBERTAREFS-26OCT19-Q05` Will Question 5 pass?	confirmation/enact	27.9	85.0/100.0	0	1,274	volume24h 0 < 500; spread 15¢ > 5¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXALBERTAREFS-26OCT19-Q06` Will Question 6 pass?	confirmation/enact	27.9	0.0/6.0	359	353	volume24h 359 < 500; spread 6¢ > 5¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXALBERTAREFS-26OCT19-Q07` Will Question 7 pass?	confirmation/enact	27.9	0.0/91.0	859	997	spread 91¢ > 5¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXALBERTAREFS-26OCT19-Q08` Will Question 8 pass?	confirmation/enact	27.9	0.0/49.0	1,259	3,916	spread 49¢ > 5¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXALBERTAREFS-26OCT19-Q09` Will Question 9 pass?	confirmation/enact	27.9	1.0/58.0	353	1,620	volume24h 353 < 500; spread 57¢ > 5¢; close after expiration (close 2027-10-19 vs expected expiration 2026-11-19)
`KXSTATEBALLOTMEASURE-MT-CI132` Will CI-132 pass?	confirmation/enact	32.9	70.0/80.0	0	42	volume24h 0 < 500; spread 10¢ > 5¢; close after expiration (close 2027-11-03 vs expected expiration 2026-11-24)
`KXSTATEBALLOTMEASURE-MT-CI133` Will CI-133 pass?	confirmation/enact	32.9	69.0/79.0	0	12	volume24h 0 < 500; spread 10¢ > 5¢; close after expiration (close 2027-11-03 vs expected expiration 2026-11-24)
`KXSTATEBALLOTMEASURE-MT-I194` Will I-194 pass?	confirmation/enact	32.9	45.0/54.0	15	31	volume24h 15 < 500; spread 9¢ > 5¢; close after expiration (close 2027-11-03 vs expected expiration 2026-11-24)

Stage 4 — Sizing, clusters, risk profile

Item	Value
Capital	$2,500
Deployed	$0 (0 contracts)
Reserve	$2,500 (100%, ≥10% required)
Clusters with a leg	none
Max loss	$0
EV for the record	n/a

Execution notes. Nothing to execute. The existing live pick (KXDIESELEXPORTBAN-26 NO) is unaffected by this run.

Forward look — what enters the horizon next

Allowlisted markets with 24h volume ≥ 500 expiring between 45 and 80 days out. These become Stage-0 candidates once expected_expiration_time is within 45 days (the Jan 1 cohort crosses on ~Nov 17; the Jan 4–8 cohort on ~Nov 20–24). Several already sit in the NO-side core band and warrant precedent retrieval and news diligence on the next run.

Market	Archetype	Expires	Days	YES bid/ask ¢	Vol 24h	OI
`KXOMARCITIZENSHIP-27-IOMA` Will Ilhan Omar's U.S. citizenship be revoked before Jan 1, 2027?	multi-news-other	2027-01-01	71	7.0/8.0	56,959	159,651
`KXSAVEACT-27-JAN04` Will "SAVE Act" (H.R. 22) becomes law before Jan 4, 2027?	confirmation/enact	2027-01-04	74	2.6/3.5	24,119	4,689,962
`KXUSAIRANAGREEMENT-27-26DEC` Will the US agree to a new Iranian nuclear deal this year?	scheduled-process	2027-01-01	71	7.0/8.0	14,977	175,982
`KXFEDERALCHARGE-27JAN01-IOMA` Will Ilhan Omar be charged with a any crime before Jan 1, 2027?	legal-action	2027-01-01	71	41.0/43.0	12,208	142,976
`KXPAHLAVIHEAD-27JAN-RPAH` Who will be the next the head of state or government of Iran?	multi-news-other	2027-01-01	71	4.0/5.0	9,491	552,124
`KXACQANNOUNCEEBAY-27JAN01-JAN01` Will GameStop announce acquisition of eBay before Jan 1, 2027?	corporate-event	2027-01-01	71	6.0/7.0	5,944	1,193,316
`KXTRUMPADMINLEAVE-26DEC31-SWIL` Will Susie WIles leaves Chief of Staff in before 2027?	departure/ouster	2027-01-07	77	38.0/40.0	4,971	112,738
`KXTRUMPADMINLEAVE-26DEC31-PHEG` Will Pete Hegseth leaves Secretary of Defense in before 2027?	departure/ouster	2027-01-07	77	24.0/25.0	4,865	497,839
`KXCALIFORNIALEAVE-27-MZUC` Will Mark Zuckerberg announce they're leaving California?	departure/ouster	2027-01-01	71	5.5/13.0	4,089	3,657
`KXIPO-26-ANTHROPIC` Who will IPO before 2027?	corporate-event	2027-01-01	71	84.0/86.0	3,460	90,895
`KXIPO-26-OPENAI` Who will IPO before 2027?	corporate-event	2027-01-01	71	1.0/3.0	2,567	90,633
`KXARREST-27JAN-IOMA` Will Ilhan Omar be arrested before Jan 2027?	legal-action	2027-01-01	71	33.0/35.0	1,966	10,741
`KXBTCVSGOLD-26` Will Bitcoin outperform gold in 2026?	multi-news-other	2027-01-01	71	37.0/41.6	1,897	76,622
`KXTRUMPADMINLEAVE-26DEC31-KPAT` Will Kash Patel leaves Director of the FBI in before 2027?	departure/ouster	2027-01-07	77	16.0/17.0	1,607	402,428
`KX250DOLLARBILL-27-JAN01` Will bill that mandates the creation and issuance of a $250 U.S. bill featuring	confirmation/enact	2027-01-01	71	2.6/3.3	1,563	371,407
`KXALITOANNOUNCERETIRE-26JUN-JAN01` Will Samuel Alito announce their departure as Supreme Court justice before Jan 1	departure/ouster	2027-01-08	78	16.0/18.0	1,492	46,585
`KXLEAVEPOWELLGOV-28JAN31` Will Jerome Powell leave Member of the Board of Governors of the Federal Reserve	departure/ouster	2027-01-01	71	69.0/72.0	1,448	6,913
`KXUSAIRANAGREEMENT-27-26NOV` Will the US agree to a new Iranian nuclear deal this year?	scheduled-process	2027-01-01	71	0.0/1.0	1,436	981,092
`KXTRUMPOUT27-27-DJT` Donald Trump out before 2027?	departure/ouster	2027-01-01	71	3.7/4.0	1,381	2,443,408
`KXACQANNOUNCEANNUAL-27JAN01-ANYVIKI` Will any company announce acquisition of Viking Therapeutics before Jan 1, 2027?	corporate-event	2027-01-01	71	10.0/14.0	1,323	2,480
`KXLEAVEWALZ-27JAN01-TWAL-27JAN01` Will Tim Walz leave the governorship of Minnesota after Issuance and before 2027	departure/ouster	2027-01-08	78	6.0/6.3	1,247	256,301
`KXTRUMPADMINLEAVE-26DEC31-HLUT` Will Howard Lutnick leaves Secretary of Commerce in before 2027?	departure/ouster	2027-01-07	77	16.0/18.0	1,042	99,914
`KXPAHLAVIVISITA-27JAN01` Will Reza Pahlavi visit Iran before Jan 1, 2027?	multi-news-other	2027-01-01	71	5.1/5.7	1,026	741,284
`KXFEDERALCHARGE-27JAN01-BOBA` Will Barack Obama be charged with a any crime before Jan 1, 2027?	legal-action	2027-01-01	71	4.5/4.6	982	61,116
`KXUSAIRANAGREEMENT-27-27FEB` Will the US agree to a new Iranian nuclear deal this year?	scheduled-process	2027-01-01	71	12.0/15.0	842	16,661
`KXFEDERALCHARGE-27JAN01-JPOW` Will Jerome Powell be charged with a any crime before Jan 1, 2027?	legal-action	2027-01-01	71	2.4/3.0	757	13,625
`KXTRUMPPARDON-27JAN01-SCOM` Will Sean Combs receive a presidential pardon before Jan 1, 2027?	legal-action	2027-01-01	71	8.3/9.0	729	24,038
`KXARREST-27JAN-BOM` Will Barack Obama be arrested before Jan 2027?	legal-action	2027-01-01	71	2.0/3.0	699	81,675
`KXTRUMPDIVIDEND-27-YES` Will it be reported by any of the Source Agencies that at least 1,000,000 people	multi-news-other	2027-01-08	78	10.0/11.0	690	33,778
`KXALITOANNOUNCERETIRE-26JUN-27JUL01` Will Samuel Alito announce their departure as Supreme Court justice before Jul 1	departure/ouster	2027-01-08	78	44.0/46.0	688	9,854
`KXMTGSWITCH-27JAN-JFET` Will JFET leave the John Fetterman?	multi-news-other	2027-01-01	71	9.0/12.0	678	25,335
`KXALITOOUT-27JAN01` Will Samuel Alito retires the Supreme Court in before 2027?	departure/ouster	2027-01-01	71	9.9/11.0	665	153,986
`KXUSAIRANAGREEMENT-27` Will the US agree to a new Iranian nuclear deal this year?	scheduled-process	2027-01-01	71	7.5/9.9	637	479,906
`KXUSAIRANAGREEMENT-27-28` Will the US agree to a new Iranian nuclear deal this year?	scheduled-process	2027-01-01	71	28.0/31.0	606	43,663
`KXTRUMPPARDON-27JAN01-GMAX` Will Ghislaine Maxwell receive a presidential pardon before Jan 1, 2027?	legal-action	2027-01-01	71	4.2/6.9	591	28,789
`KXLEAVEPOWELLGOV-26AUG01-27` Will Jerome Powell leave Member of the Board of Governors of the Federal Reserve	departure/ouster	2027-01-01	71	5.6/7.5	569	42,487
`KXEBOLACOUNTRY-27-TANZ` Will a human case of Ebola disease in Tanzania be reported before Jan 1, 2027?	multi-news-other	2027-01-01	71	14.0/19.0	568	3,901
`KXARREST-27JAN-BCLIN` Will Bill Clinton be arrested before Jan 2027?	legal-action	2027-01-01	71	2.5/4.4	549	18,710
`KXBILLS-DATA` Will legislation that prohibits data center power usage from increasing consumer	confirmation/enact	2027-01-01	71	15.0/19.0	534	6,703
`KXACQANNOUNCEANNUAL-27JAN01-ANYPAYP` Will any company announce acquisition of PayPal before Jan 1, 2027?	corporate-event	2027-01-01	71	10.0/13.0	503	9,593

Method

Anchor keeps the Keel v4 plumbing (Stage-0 allowlist from targets.json, probability before price, precedent retrieval, resolver-risk pricing, book-derived no-trade band, one leg per cluster, live-book liquidity floor, logged rejects, cash-is-a-position) and restricts the side and the thesis shape: NO is the default; YES only on already-happened or process-in-motion; rejects for continuous-number theses, continuation tails and rules-reading edges; entry band 60–84¢ core, 85–89¢ at half size, ≥90¢ and <60¢ rejected; flat 10%-of-capital sizing with a one-third-of-visible-depth cap and a 7-day minimum to expiration.