SPY PUT +$3.88 (+55F) in 2h35m — volatility expanded, clean flush down
Put trade triggered at 11:35am at $711.80 and exited 2:10pm at $707.93 after bands started widening right after entry. Volume led with a bear anchor at 11:30am above the opening balance high, DI- took control by 11:45am, and call-to-put flow flipped at 11:50am as price slid through the below opening-range area.
SPY put entry hit at $711.80 at 11:35am and covered at $707.93 at 2:10pm for a clean +$3.88, with a 2 hour 35 minute hold and solid efficiency at +$1.50 per hour. Z3 flashed bearish fast at 11:45am, just two bars after entry, then stayed active for 10 favorable bars with a peak read of -8.00, which is real downside momentum, not noise. Options flow leaned against the trade at entry with calls still in control, but it flipped to puts at 11:50am and stayed bearish into the exit, while the $710 call wall overhead helped keep pressure on price. Momentum confirmed almost immediately as volatility expanded one bar after entry, DI- took control by 11:45am, and a fresh bearish volume anchor printed at 11:30am above the initial balance high with no bullish anchor underneath, while price later flushed all the way from above the opening range to below its low. This was a strong, efficient short with almost no heat, low theta risk, and enough follow-through to justify the hold even though it still gave back a chunk versus the $9.46 max gain.