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In short: you want to hedge your crypto or earn income with options, and need to know which setups exist. This tool lists the nine setups that can be priced, from a protective put (insurance that only pays in a fall) to a covered call, with each part and what it is for. Strikes, the prices where an option starts to pay, are written as a share of today’s price, so 0.8 means twenty percent below. Tool: list_option_structures list_option_structures returns the nine shapes price_options can cost out, each with its legs and a sentence on what it is for. To price all nine at once, ask compare_options: it is one call where nine separate ones are nine model turns.

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Strikes are moneyness, not prices

A strike of 0.8 is twenty percent below spot, not a price of eighty cents. Every structure is written this way so one shape prices on BTC at $90,000 and on ETH at $3,000 without being rewritten.

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The strikes belong to the structure

They are not an argument. collar is a 0.9 put against a 1.1 call and nothing else; putspread is 0.9 against 0.7. The pricer ignores a strike asked for any other way, so a structure described with strikes of your own is one that cannot be built or priced. The nine shapes are the strike menu. This page is where you choose.

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The nine, in two halves

Paying for protection. These cost premium on every roll and pay in a move. Being paid to take risk. These collect premium and lose in a move. The second half is the mirror of the first, which matters given what the history says about the first.
Every structure in the top table lost money across every strike, spend and tenor measured. See backtest_options for the history, and price_options for what it costs today and whether that is dear or cheap.

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Legs

Each structure returns its legs: whether each is a put or a call, long or short, its strike as a multiple of spot, and its quantity. A collar is a long put at 0.8 and a short call at 1.2. The answer describes each shape by its legs, so you can read it directly instead of trusting a name.