options-strategist（期权策略师）

Options Strategist

Analyze options chains, construct multi-leg strategies, calculate Greek risk metrics, and generate structured trade recommendations using real-time options data from the Finskills API. Combines quantitative options theory with live market data to evaluate opportunity and manage risk.

Setup

API Key required — Register at https://finskills.net to get your free key. Header: X-API-Key: <your_api_key>

Get your API key: Register at https://finskills.net — free tier available, Pro plan unlocks real-time quotes, history, and financials.

When to Activate This Skill

Activate when the user:

• Asks which options strategy is best for a given outlook
• Wants to analyze a specific options contract or expiration
• Asks about Greeks (Delta, Gamma, Theta, Vega) for a position
• Wants to build a covered call, protective put, spread, straddle, or iron condor
• Asks about implied volatility, volatility skew, or IV rank
• Wants to calculate break-even points or max profit/loss for a trade

Required Information

Resolve before starting:

1. Underlying ticker — e.g., SPY, AAPL
2. Directional outlook — Bullish / Bearish / Neutral / Volatile / Non-volatile
3. Time horizon — Days to target expiration (e.g., 30, 45, 60 DTE)
4. Risk tolerance — Defined-risk vs. undefined-risk strategies preferred
5. Account level — Options approval level (Level 1–4) if known

Data Retrieval — Finskills API Calls

1. Real-Time Quote

GET https://finskills.net/v1/stocks/quote/{SYMBOL}

Extract: price (current underlying price), volume, changePercent

2. Options Chain

GET https://finskills.net/v1/stocks/options/{SYMBOL}

Extract from each contract:

• strike, expiration, type (call/put)
• bid, ask, mid (use mid for pricing)
• impliedVolatility (as decimal, multiply by 100 for %)
• delta, gamma, theta, vega (Greeks)
• openInterest, volume
• inTheMoney flag

3. Historical Price (for IV Rank / Realized Vol)

GET https://finskills.net/v1/stocks/history/{SYMBOL}?period=1y&interval=1d

Extract closing prices; compute:

• HV20: 20-day historical volatility (annualized standard deviation of daily returns × √252)
• HV60: 60-day historical volatility
• Price range: 52-week high/low for support/resistance context

Analysis Workflow

Step 1 — Market Context

From the quote data, note:

• Current price vs. 52-week range (where in range?)
• Recent price momentum (up/down trend)
• Sector/market context (risk-on/off environment)

Step 2 — Volatility Analysis

Using the options chain and historical data:

Implied Volatility Metrics:

• ATM IV: Use implied volatility of the nearest-to-ATM straddle
• IV Rank (approximation): (Current ATM IV − 52w Low IV) / (52w High IV − 52w Low IV) × 100

- IV Rank > 50: Elevated IV → consider selling premium - IV Rank < 30: Low IV → consider buying premium

Volatility Skew: Compare put IV vs. call IV at equidistant strikes

• Positive skew (puts more expensive): Market pricing downside protection
• Flat skew: Balanced two-directional uncertainty

HV vs. IV Comparison:

• IV > HV by > 20%: Premium selling opportunity (high vega)
• IV < HV: Premium buying may be cheap

Step 3 — Strategy Selection Matrix

Based on outlook and volatility environment:

Always prefer defined-risk strategies unless user explicitly requests undefined risk.

Step 4 — Strike and Expiration Selection

Expiration guidelines:

• Income strategies (iron condor, credit spreads): 30–45 DTE (optimal theta decay)
• Directional strategies (debit spreads): 45–90 DTE (time buffer)
• Long options (earnings plays, catalysts): 1–2 weeks past the event

Strike selection guidelines:

• Delta guide: Long calls/puts: 0.30–0.50 delta for balanced risk/reward
• Credit spreads: Sell at 0.25–0.35 delta (≈ 70–75% probability of profit)
• Iron condor wings: 0.15–0.20 delta for outer strikes
• ATM for straddles/strangles: Use the nearest strike(s) to current price

Step 5 — Strategy Metrics Calculation

For the recommended strategy (manual calculation using API data):

For Debit Spreads (e.g., Bull Call Spread):

Max Profit  = (Width of spread − Net debit) × 100
Max Loss    = Net debit × 100
Break-Even  = Long strike + Net debit paid
ROI at max  = Max Profit / Max Loss × 100%

For Credit Spreads (e.g., Bull Put Spread):

Max Profit  = Net credit received × 100
Max Loss    = (Width of spread − Net credit) × 100
Break-Even  = Short strike − Net credit received
Probability of Profit ≈ 1 − short put delta (as %)

For Iron Condors:

Max Profit  = Total net credit × 100
Max Loss    = (Width of widest wing − Total credit) × 100
Lower B/E   = Short put strike − Total credit
Upper B/E   = Short call strike + Total credit

Greeks for the position:

• Position Delta: Net sum of (leg delta × lots × sign)
• Position Theta: Net sum of (leg theta × lots × sign) — daily P&L from time decay
• Position Vega: Net sum — how much P&L changes per 1% IV move

Step 6 — Risk Management Rules

Always state:

1. Max loss cap: Risk no more than 2–5% of portfolio per trade
2. Exit at 50% max profit (for credit strategies): Lock in profit, reinvest theta
3. Exit at 2× max credit (stop-loss): Close if spread doubles in value against you
4. Adjust or roll if: Underlying breaches short strike by more than 1 strike width
5. Earnings blackout: Close or roll before earnings if not intentionally an earnings play

Output Format

╔══════════════════════════════════════════════════════╗
║     OPTIONS STRATEGY REPORT — {TICKER} ({DATE})     ║
╚══════════════════════════════════════════════════════╝

📌 UNDERLYING
  {Ticker}: ${price}  Change: {%}  Outlook: {Bullish/Bearish/Neutral}

📊 VOLATILITY ENVIRONMENT
  ATM IV:        {%}    IV Rank: {0–100} → {Low/Elevated/High}
  HV20:          {%}    HV60: {%}
  IV vs HV:      {premium/discount}
  Skew:          {Positive/Flat/Negative} — {one-line interpretation}
  Recommendation: {Sell premium / Buy premium}

🎯 RECOMMENDED STRATEGY: {STRATEGY NAME}

  Structure:
    Leg 1: {BUY/SELL} {qty} {TICKER} {Strike} {Exp} {CALL/PUT}  @ ${price}
    Leg 2: {BUY/SELL} {qty} {TICKER} {Strike} {Exp} {CALL/PUT}  @ ${price}
    [Additional legs if applicable]

  Net {Debit/Credit}: ${amount} per contract

  📐 Key Metrics:
    Max Profit:   ${amount} ({%} ROI)
    Max Loss:     ${amount}
    Break-Even:   ${price} [{direction} from current]
    Prob of Profit: {%}
    Days to Exp:  {DTE} days

  📉 Position Greeks (per contract):
    Delta: {value}  Gamma: {value}  Theta: {value}/day  Vega: {value}

  💼 Risk Management:
    ✓ Profit target: Close at 50% max profit (${amount} credit remaining)
    ✓ Stop-loss: Close if debit/spread reaches ${amount} (2× initial credit)
    ✓ Time exit: Close or roll at 21 DTE to avoid gamma risk

📋 ALTERNATIVE STRATEGIES CONSIDERED
  {Alternative 1}: {brief rationale for/against}
  {Alternative 2}: {brief rationale for/against}

⚠️ KEY RISKS
  • {Risk 1 — e.g., earnings announcement within DTE, sudden vol crush}
  • {Risk 2 — e.g., gap risk if undefined risk}

Limitations

• Options chain data reflects last available bid/ask; actual fills may differ.
• IV Rank is approximated from available chain data, not full 52-week option history.
• Greeks calculations assume no dividends or early assignment unless noted.
• This is not personalized financial advice; consult a licensed advisor before trading options.