20% OTM · ~60 days · rolled every 30 · 1.5%/yr budget · monetized at 5x — the white paper's single largest finding: harvesting into panic is worth more than strike selection.

This sleeve's backtest is priced on a model (Black-Scholes + an assumed volatility-risk premium), not on historical option chains — the one part of the book we could not validate on real data. Until real chains prove it, the 3% budget sits in T-bills, the intended position is published here, and the HARVEST alarm fires when the 5x rule triggers. Honest numbers or no numbers.