alphameta-options-strategy

name

alphameta-options-strategy

description

Options strategy recommendation via AlphaMeta (IBKR) — selects and explains covered calls, protective puts, straddles, strangles, bull/bear spreads, iron condors, and butterflies based on market view (bullish/bearish/neutral) and IV environment (rich/cheap). Fetches live option chain, IV, Greeks, and max pain to recommend the right strategy with specific legs. Triggers: "期权策略", "备兑开仓", "保护性看跌", "跨式策略", "宽跨式", "牛市价差", "熊市价差", "铁鹰", "蝶式", "期权组合", "买入期权", "卖出期权", "看涨期权", "看跌期权", "options strategy", "covered call", "protective put", "straddle", "strangle", "bull spread", "bear spread", "iron condor", "butterfly", "option strategy", "what option should I", "how to play", "options recommendation".

AlphaMeta Options Strategies

Recommend and explain options strategies based on the user's market view (bullish/bearish/neutral) and current IV environment — grounded in live IBKR data via AlphaMeta.

When to Use

• "我看涨 NVDA，想用期权放大收益，有什么策略？" / "I'm bullish on NVDA, what option strategy fits?"
• "TSLA 财报前波动率很高，我该怎么操作？" / "TSLA IV is high before earnings, what should I do?"
• "我持有 AAPL，想买个保险" / "I hold AAPL and want downside protection"
• "跨式和宽跨式有什么区别？" / "Straddle vs strangle — which is better and when?"
• "SPY 现在是该卖波动率还是买波动率？" / "Should I be short or long vol on SPY right now?"
• "帮我看看这个期权组合的风险收益" / "Analyze this options combo for me"

For execution (placing the actual order) route to alphameta-trading. For P&L/Greeks analysis of existing positions route to alphameta-technical.

Workflow

1. Clarify the user's market view (direction + conviction), time horizon, and whether they want income, protection, or speculation.
2. Fetch live data via AlphaMeta:
   • quote <SYMBOL> — spot price, IV, HV
   • chain <SYMBOL> — available expiry dates
   • chain <SYMBOL> <MM-DD> — strikes and OCC symbols for nearest expiry
   • info <OCC> — IV, Greeks, premium for specific contracts
   • maxpain <SYMBOL> <MM-DD> — max pain strike for additional context
   • align <SYMBOL> [width] — batch add ATM straddle/strangle/spread quotes
   • straddle <SYMBOL> <widths...> — generate ATM straddle, strangle, iron condor, vertical spread quotes (fastest way to evaluate multi-leg combo bids/asks)
3. Assess IV environment: compare ATM IV from chain vs HV (from quote). IV/HV > 1.3 → rich, < 0.8 → cheap.
4. Select 1-2 strategies from the strategy matrix; determine approximate strikes (e.g., ATM, ±$5 wide).
5. Verify prices before showing legs:
   • Run add <short_leg_OCC> <long_leg_OCC> to subscribe to the candidate contracts
   • Run info <OCC> or quote <OCC> to get real bid/ask prices
   • Confirm the net credit/debit makes sense for the strategy (e.g., Bull Put Spread must net a credit)
   • If the spread is too narrow (bid/ask too wide) or net price is adverse, adjust strikes and re-verify
   • Never estimate prices from IV alone — real bid/ask can differ from theoretical price by 20%+
6. Output structured recommendation with REAL verified prices (template below).

Common Rationalizations

Rationalization	Reality
"I'll skip fetching IV data, the strategy matrix doesn't need it"	IV level determines whether to buy or sell premium. Without it, you'll recommend the wrong strategy. Always assess IV/HV ratio.
"I'll just use the first expiry I find"	Strategy choice depends on time horizon. Match expiry to the user's expected move timeline.
"I don't need to verify the OCC symbol exists"	Always run chain <SYMBOL> <MM-DD> to confirm the strike is liquid before showing example legs.
"I can estimate the option price from IV and skip add/info"	IV gives a theoretical mid price, NOT real bid/ask. Without add + info, you'll quote prices that don't exist. The market's bid/ask spread can change the net credit by 20-50%. Always verify.
"maxpain is irrelevant for directional strategies"	Max pain is a magnet at expiry — it affects short-term positioning even for directional plays.
"I'll recommend a strategy without clarifying direction or risk tolerance"	Never guess. A covered call and a long call serve very different purposes. Clarify first.

Red Flags

• User says "I don't know my market view" — they are not ready for options. Guide them to alphameta-market-data and alphameta-technical for market context first.
• IV/HV ratio is missing from the recommendation — incomplete analysis. Always compute it.
• Recommending short options (naked calls/puts) without warning about unlimited risk — must flag.
• Using IV from a single OTM strike instead of ATM — ATM IV is the standard reference.
• No clear recommendation tie-breaker when multiple strategies fit — present top 2 with trade-offs.
• Recommending specific option legs without running add + info to verify actual bid/ask prices — estimated prices can differ from real quotes by 20%+, leading to wrong net credit/debit calculations.

Strategy Matrix

Market view	IV level	Recommended strategy	Risk profile
Bullish	Any	Long call / bull call spread	Limited loss, capped or unlimited gain
Bullish	Any	Short put / Cash-secured put	Collect premium, obligated to buy stock at strike
Bullish	Rich	Bull put spread / Short put spread	Collect premium, limited risk
Bearish	Any	Long put / bear put spread	Limited loss, capped or large gain
Bearish	Rich	Bear call spread / Short call spread	Collect premium, limited risk
Neutral (range-bound)	Rich	Short strangle / short straddle	Collect premium, unlimited risk
Neutral (range-bound)	Rich	Iron condor	Collect premium, defined risk both sides
Neutral (vol expansion)	Cheap	Long straddle / long strangle	Pay premium, profit from large move
Income on holding	Any	Covered call	Reduce cost basis, cap upside
Downside protection	Any	Protective put	Insurance premium, preserve upside
Directional with precision	Any	Call/Put butterfly	Fixed risk, defined range, lower cost
Hold stock, cheap protection	Any	Collar	Premium collected or small cost, defined range
Neutral (time decay)	Rich near / fair far	Calendar spread	Limited loss, profit from time decay differential
Directional, longer time	Any	Diagonal spread	Defined risk, leveraged directional exposure
Strong directional	Any	Risk reversal	Synthetic position, defined or unlimited risk
Strong directional, lower cost	Any	Call/Put ratio spread / backspread	Defined risk, non-linear payoff

Output

Present results in markdown-native format with a structured recommendation.

Strategy Recommendation Template

{Symbol} options strategy recommendation — Source: AlphaMeta / IBKR

[Market context]
- Spot: ${S}  |  Nearest expiry: {date}  |  ATM IV: ~X%
- HV20: X%  |  IV/HV ratio: {X} → {rich / fair / cheap}
- Max pain: ${X}  |  GEX: {bullish / bearish / neutral}

[Recommended strategy: {Name}]
Structure:
  Leg 1: {Buy/Sell} {N} {OCC} @ ${prem} (IV: X%)
  Leg 2: {Buy/Sell} {N} {OCC} @ ${prem} (IV: X%)

Key metrics:
  Net {debit/credit}: ${X}
  Max profit: ${X} (at S {condition})
  Max loss:   ${X} (at S {condition})
  Breakeven:  ${X}
  Theta:      ${X}/day
  Vega:       ${X}/1% IV change

Why this fits: {2-sentence rationale linking market view + IV + time horizon}

Risk note: {key risk of this strategy}

[Alternative: {Name}]
{Brief description, key trade-offs vs primary recommendation}

[How to execute]
Run `alphameta-trading` with the legs above, or use /alphameta-trading for natural-language order placement.

⚠️ 以上分析仅供参考，不构成投资建议。For reference only. Not investment advice.

Strategy Quick-Reference Table

Strategy	When	Structure	Max Loss	Max Profit	Breakeven
Short Put / Cash-Secured Put	Willing to buy stock at lower price	Sell 1 OTM/ATM put + hold cash to cover	Strike − premium (if assigned)	Net premium received	Strike − premium
Covered Call	Hold stock, mild bullish	Hold 100 shares + Sell 1 OTM call	Stock drop to 0	Premium + (strike − stock)	Stock price − premium
Protective Put	Hold stock, fear downside	Hold 100 shares + Buy 1 OTM put	Put premium + (stock − strike)	Unlimited (stock upside)	Stock price + premium
Long Call	Bullish, defined risk	Buy 1 call	Premium paid	Unlimited	Strike + premium
Long Put	Bearish, defined risk	Buy 1 put	Premium paid	Strike − premium	Strike − premium
Bull Call Spread	Bullish, capped gain	Buy low call + Sell high call	Net debit	(High − low) − debit	Low strike + debit
Bear Put Spread	Bearish, capped gain	Buy high put + Sell low put	Net debit	(High − low) − debit	High strike − debit
Bull Put Spread	Bullish, collect premium	Sell high put + Buy low put	(High − low) − credit	Net credit	High strike − credit
Bear Call Spread	Bearish, collect premium	Sell low call + Buy high call	(High − low) − credit	Net credit	Low strike + credit
Long Straddle	Big move expected	Buy ATM call + Buy ATM put	Combined premium paid	Unlimited (either direction)	Strike ± premium
Long Strangle	Big move, cheaper	Buy OTM call + Buy OTM put	Combined premium paid	Unlimited (either direction)	Low strike − prem / High strike + prem
Short Straddle	Range-bound, collect prem	Sell ATM call + Sell ATM put	Unlimited	Net credit received	Strike ± credit
Short Strangle	Range-bound, wider range	Sell OTM call + Sell OTM put	Unlimited (wider than straddle)	Net credit received	Wide range
Iron Condor	Range-bound, defined risk	Bear call spread + Bull put spread	Width − net credit	Net credit	Between short strikes
Butterfly	Pinpoint target	Buy low + Sell 2 mid + Buy high	Net debit	(Mid − low) − debit	At middle strike
Collar	Hedge stock at low cost	Hold 100 shares + Buy OTM put + Sell OTM call	(Stock − Put strike) + Put premium − Call premium	(Call strike − Stock) − Put premium + Call premium	Stock price + Put premium − Call premium
Calendar Spread	Time decay, same strike	Sell near-month + Buy far-month (same strike)	Net debit paid	Max at strike at near expiry	Near strike (approx)
Diagonal Spread	Time decay + direction	Sell near-month + Buy far-month (different strikes)	Net debit paid	Capped or large	Between strikes
Risk Reversal	Synthetic long / short	Sell OTM put + Buy OTM call (bullish) / Buy OTM put + Sell OTM call (bearish)	Put strike − credit (bullish)	Unlimited (bullish)	Call strike + debit (or − credit)
Ratio Spread	Reduced cost directional	Buy 1 ATM call + Sell 2 OTM calls	Limited (short strikes width)	Max at short strike	Between strikes

See the alphameta skill for server setup and command execution syntax.

Command Index

Category	Commands	Use For
Live Quotes	add, quote, chain, info, align, straddle, range	Spot price, option chain, IV, Greeks, multi-leg combo bids
Technical Indicators	maxpain, gex	Max pain, gamma exposure analysis
Contract Details	details, info	Contract metadata with Greeks

For full command reference, see alphameta-market-data and alphameta-technical.

Key Concepts

OCC Symbol Format

SYMBOL + YYMMDD + C|P + 8-DIGIT_STRIKE

Example: NVDA260501C00175000
  NVDA    → AAPL
  260501  → May 1, 2026
  C       → Call
  00175000 → $175.00 (price × 1000, 8 digits)

Always run chain <SYMBOL> <MM-DD> to discover valid OCC symbols before using them in strategies.

IV Environment Assessment

IV/HV Ratio	Signal	Strategy Bias
< 0.8	Cheap IV	Favor buying premium (long options, long straddle/strangle)
0.8 – 1.2	Fair IV	Neutral — use directional strategies
> 1.3	Rich IV	Favor selling premium (credit spreads, iron condor, covered call)

Options Order Routing

For strategy execution, see alphameta-trading with multi-leg syntax:

# Bull Call Spread
buy "bto 1 <low_call_OCC> sto 1 <high_call_OCC>" <qty> AF @ <net_debit>

# Roll position
buy "btc 1 <old_OCC> sto 1 <new_OCC>" <qty> AF @ -<net_credit>

See ref-multi-leg.md for full syntax.

Error Handling

Situation	Reply
Service not running (health fails)	Start the service: alphameta start
quote returns no data for symbol	Ask user to verify the ticker symbol
chain returns empty	No option chain available; stock may not have listed options
No liquid options near requested strike	Suggest widening the strike range or using a different expiry
User's market view is unclear	Ask clarifying questions: bullish/bearish/neutral? Time horizon? Risk tolerance?
IV/Greeks unavailable (market closed)	Use last available snapshot; note that IV may be stale

Related Skills

• "What's this stock's current price?" → alphameta-market-data
• "What are the Greeks for this option?" → alphameta-technical
• "Execute this strategy as an order" → alphameta-trading
• "What's my current option position P&L?" → alphameta-portfolio
• "Set a stop-loss or conditional exit" → alphameta-predicate