Options Strategy

Assembles a position out of legs and shows its expiry payoff, its breakevens, and what it risks against what it can make. The structure is the subject: what you buy, at which strikes, and what shape that makes.

Names the shape back to you. Change a strike, flip a side, or delete a leg and the structure re-reads itself — an iron condor whose short strikes meet becomes an iron butterfly, and one missing a wing becomes Custom.

Searches as well as builds. The Optimize tab enumerates every template at plausible strikes, scores them against a stated view, and ranks them, so a shortlist can be reached without constructing candidates one at a time.

The construction tab. Structure sits on top — strategy, expiry, the strike ladder and the legs; payoff and position metrics sit beneath it. Everything below reacts to every edit above.

Six common templates as chips, with all twenty-four behind the overflow, grouped by outlook. Choosing one seeds legs around the money at the selected expiry. A chip is lit because the legs currently form that structure, not because you picked it — edit them and the highlight follows, or a Custom marker appears if the shape has no name. The shape row adjusts the whole structure at once by short delta and wing width, and withdraws those handles once the legs no longer match the template they came from.

A spatial read of the position. Colour is the instrument — calls green, puts red — and side of the axis is direction, long above and short below, so a four-leg structure reads in one glance. Open interest sits behind it as a backdrop. Two legs sharing a strike and a direction stack at that price — a straddle shows two pills, not one. The ladder is a display, not a control: strikes are edited in the leg rows, where they can be typed or stepped exactly.

One row per leg: side, strike, call or put, expiry, quantity, then its delta, implied volatility and mark, with open interest and quoted width on the right. Any row can be removed, and single calls or puts can be added to a template to make something the templates do not cover.

Graph plots profit and loss against price, shaded green above the zero line and red below, with the strikes, the current price and the expiry breakevens marked. Move the Date slider and the expiry curve stays behind as a dashed reference. Table gives the same curve as numbers; Scenarios crosses price against implied volatility.

Net credit or debit, the most it can make and lose, chance of profit, expected value, breakevens, return on risk, and the collateral it is measured against — with net delta, gamma, theta, vega and rho pinned beneath.

State a view — a sentiment, a target price, an objective, and a risk ceiling — and every template is enumerated at plausible strikes and ranked. Columns sort, so the same candidate set can be re-read by return, by chance, or by expected value per unit of risk. Any row opens in Build.

Pick a template chip to seed a structure, or open the full list to browse all twenty-four by outlook. Save as preset keeps the structure you have built; it lists under Saved in that picker, recalls like a template, and is deleted from the same row.

Change the expiry from the strip: with a leg selected it retimes that leg alone, with none it moves the whole structure and keeps the gaps between legs. Either way your edits are kept, and the legs are re-priced for the new date.

Edit a strike by typing or stepping it (one step is one strike interval), and flip Buy/Sell or C/P on any leg; the header re-reads the structure as you go.

Use the shape row to move the whole structure at once by short delta and wing width, Re-centre on spot to bring it back around the price, and add or remove single legs to go beyond a template.

Drag Date and IV to read the position before expiry or at another level of volatility; in Optimize, sort by any column and Open in Build to load a candidate.