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Tool: compare_options Ask this before price_options when somebody wants to know what their options are. Pricing nine structures one at a time costs nine model turns and about a tenth of a second of actual work. This returns the comparison in one call: measured at 295ms for all nine.

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What it answers

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Cover/roll is the number to compare

It nets every leg, as a share of the position: negative is premium paid out, positive is premium taken in. Both halves of that matter. Reading only the first leg made the collar rank as the most expensive protection on the board. A collar is a long put paid for by a short call, and it is the one structure whose selling point is costing nothing. Ignoring which legs are short reported the four premium-selling structures as costs. The collar reading near zero is the answer somebody asking for cheap protection usually wants, and it is invisible if you price the structures one at a time and stop at the first.

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Total is not comparable down the column

A structure that only buys premium exhausts its budget and stops early: the protective put runs 3 years where the rest run 5. The table says so, and prints the hold figure only when every row shares a window. Cover/roll is per-roll and is comparable, which is why it sorts the table.