> ## 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.

# Option structures

> The nine option shapes that can be priced, each with what it is for

**Tool:** `list_option_structures`

`list_option_structures` returns the nine shapes
[price\_options](/tools/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.

<Warning>
  Every structure in the top table **lost money** across every strike, spend and
  tenor measured. See [price\_options](/tools/price-options).
</Warning>

## 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.


## Related topics

- [Pricing a hedge](/tools/price-options.md)
- [What we hold](/data/streams.md)
- [Every tool](/tools/reference.md)
- [Using a Safe wallet](/safe.md)
- [LP strategies](/tools/list-lp-strategies.md)