F Searing page — cyclical ZMI byproduct spread flip (capital-bound) killed

ZMI-runebook byproduct (searing page) cycles 16700-19400 over the 30d history. Daily block-avg high-low spread ~150-300gp persistent. Range-bound, currently mid-band at 18000 after bottoming on Jul 29-30 (~17000) and rebounding. The 98gp margin × 11000 buy limit = 1.08M gp/cycle at full size, but the high unit price means capital is the binding constraint at 2,849 units (50M cap). Still clears 200k gp/cycle floor comfortably.

Entry: Place a buy offer at 17,542 gp. Refresh every 4h until filled. Cap at 2,849 units (50M capital cap).
Exit: When filled, immediately place a sell offer at 17,999 gp. Refresh every 4h until filled.

Kill switch: Close >19500 (top of band) on a daily block-avg suggests a band break — the spread may compress to noise. Stand down if margin (quote.margin) <50gp on two consecutive 4h checks.

From run 465 · F-searing-page-20260801