Option structures

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.

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.

The nine, in two halves

Paying for protection. These cost premium on every roll and pay in a move.


`put`	One put below spot. Insurance, not a trade — it costs money every roll and only pays in a fall.
`putspread`	A put, funded partly by selling a lower one. Cheaper, and it stops paying past the floor.
`collar`	A put below, paid for by selling a call above. Cheap or free, and it caps the upside.
`straddle`	A put and a call at spot. A bet on movement in either direction.
`strangle`	The same, both out of the money. Cheaper, needs a bigger move.

Being paid to take risk. These collect premium and lose in a move.


`coveredcall`	Sell a call against coins you hold. Income, and the coins leave if it runs.
`cashput`	Sell a put against cash. Income, and you buy the dip whether you want it or not.
`shortstraddle`	Sell both at spot. Paid well, ruined by a large move.
`shortstrangle`	The same further out. Paid less, ruined less often.

The second half is the mirror of the first. That matters, because of what the history says about the first.

Every structure in the top table lost money across every strike, spend and tenor measured. See price_options.

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 shape is the data, not a label.

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Reference

Strikes are moneyness, not prices

The nine, in two halves

Legs

​Strikes are moneyness, not prices

​The nine, in two halves

​Legs

Strikes are moneyness, not prices

The nine, in two halves

Legs