How the Cycle Behaves Between Entry and Expiry

The engine is rules-based and disciplined. It will not "chase" a losing cycle by stacking on more risk to try to win it back, and it will not pay friction costs without a clear premium-positive reason. The design philosophy is that the strategy makes its money by being patient and structurally on the right side of the volatility risk premium, not by being clever inside any single cycle.

For single-name equities, the engine does not run cycles through earnings. The cycle that would overlap an earnings release is skipped, the collateral remains in place, and the cycle resumes the following week. This protects every participant from the worst of gap risk.