option-strategies

name

option-strategies

description

Use when placing or managing MULTI-LEG option positions and the option lifecycle in QuantConnect/LEAN — the `OptionStrategies` factory + `buy/sell` route, combo orders (`combo_market_order`, `combo_limit_order`, `combo_leg_limit_order`), position-group margin, early assignment, exercise, and expiry cleanup. Triggers — iron condor / straddle / strangle / spread / butterfly / calendar / collar / covered-call code; questions like "how do I place all four legs at once", "why was my short option assigned", "what happens to my position at expiry", "why did my algorithm stop trading after expiry". Skip when — chain subscriptions and greeks freshness (see equity-options), single-leg orders (see orders), historical option data (see historical-data-equity-options).

Option strategies and the option lifecycle — QuantConnect / LEAN

Placing multi-leg positions: two documented routes, no third

Route A — OptionStrategies factory + buy. One call builds the whole structure from the canonical option symbol (saved from option = self.add_option(...); self._symbol = option.symbol) plus strikes/expiries — no contract symbols needed, all legs placed atomically:

strategy = OptionStrategies.iron_condor(self._symbol, far_put, near_put, near_call, far_call, expiry)
self.buy(strategy, 2)     # 2 condors; sell(strategy, q) inverts every leg

Both directions of every structure have their own factory (straddle / short_straddle, iron_condor / short_iron_condor) and a "short_" factory is still placed with buy. The catalogue (snake_case members of OptionStrategies): bear/bull call/put spreads; long/short call/put butterflies (strike order ); long/short call/put calendar spreads (); covered/naked/protective calls and puts; protective collar; conversion/reverse conversion; long/short straddles and strangles; long/short iron butterflies and iron condors (strikes ascending); long/short box spreads; long/short jelly rolls; bear/bull call/put ladders; long/short call/put backspreads. Covered/protective/conversion structures embed the underlying — buying one unit of is long 100 shares + short 1 call.