Alphameta Options Strategy

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 — spot price, IV, HV
• chain — available expiry dates
• chain — strikes and OCC symbols for nearest expiry
• info — IV, Greeks, premium for specific contracts
• maxpain — max pain strike for additional context
• align [width] — batch add ATM straddle/strangle/spread quotes
• straddle — generate ATM straddle, strangle, iron condor, vertical spread quotes (fastest way to evaluate multi-leg combo bids/asks)

1. Assess IV environment: compare ATM IV from chain vs HV (from quote). IV/HV > 1.3 → rich, ` to subscribe to the candidate contracts

• Run info or quote 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%+

1. 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 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](../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 to discover valid OCC symbols before using them in strategies.

IV Environment Assessment

| IV/HV Ratio | Signal | Strategy Bias | |---|---|---| | 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  sto 1 "  AF @ 

# Roll position
buy "btc 1  sto 1 "  AF @ -

See [ref-multi-leg.md](../alphameta-trading/references/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

Source & license

This open-source skill is cataloged on AgentStack and links to its original source — we do not rehost the code.

• Author: intelliscale
• Source: intelliscale/alphameta-skills
• License: MIT
• Homepage: https://alphameta.app

Install and usage instructions live in the source repository linked above.