> ## Documentation Index
> Fetch the complete documentation index at: https://docs.defiloops.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Comparing every structure

> All nine option structures priced at once: the right first call when somebody wants to know their options

**Tool:** `compare_options`

Ask this **before** [price\_options](/tools/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.

## What it answers

```
9 structures on ETH. 365d rolls, $1,000, priced together.

  structure      legs                               cover/roll     total   years
  shortstraddle  short put 1x, short call 1x           +88.8%    149.9%     5.0
  shortstrangle  short put 0.85x, short call 1.15x     +74.4%    163.3%     5.0
  coveredcall    strike 1.1x spot                      +39.8%     49.6%     5.0
  cashput        strike 0.85x spot                     +36.8%     77.6%     5.0
  collar         long put 0.9x, short call 1.1x         +0.6%    -24.6%     5.0
  putspread      long put 0.9x, short put 0.7x          -9.6%      6.3%     5.0
  put            strike 0.8x spot                      -34.3%   -100.0%     3.0
  strangle       long put 0.9x, long call 1.1x         -79.1%    -97.4%     5.0
  straddle       long put 1x, long call 1x             -88.8%    -92.8%     5.0
```

## 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.

## 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.


## Related topics

- [Option structures](/tools/list-option-structures.md)
- [Every tool](/tools/reference.md)
- [Pricing a hedge](/tools/price-options.md)
- [Slippage and price impact](/slippage.md)
- [What we hold](/data/streams.md)