AlphaMeta Options Strategies

Recommend and explain options strategies based on the user's market view (bullish/bearish/neutral) and current IV environment — grounded in live IBKR data via AlphaMeta.

When to Use

• "我看涨 NVDA，想用期权放大收益，有什么策略？" / "I'm bullish on NVDA, what option strategy fits?"
• "TSLA 财报前波动率很高，我该怎么操作？" / "TSLA IV is high before earnings, what should I do?"
• "我持有 AAPL，想买个保险" / "I hold AAPL and want downside protection"
• "跨式和宽跨式有什么区别？" / "Straddle vs strangle — which is better and when?"
• "SPY 现在是该卖波动率还是买波动率？" / "Should I be short or long vol on SPY right now?"
• "帮我看看这个期权组合的风险收益" / "Analyze this options combo for me"

For execution (placing the actual order) route to alphameta-orders. For P&L/Greeks analysis of existing positions route to alphameta-technical.

Workflow

1. Clarify the user's market view (direction + conviction), time horizon, and whether they want income, protection, or speculation.
2. Fetch live data via AlphaMeta:

• quote <SYMBOL> — spot price, IV, HV
• chain <SYMBOL> — available expiry dates
• chain <SYMBOL> <MM-DD> — strikes and OCC symbols for nearest expiry
• info <OCC> — IV, Greeks, premium for specific contracts
• maxpain <SYMBOL> <MM-DD> — max pain strike for additional context
• align <SYMBOL> [width] — batch add ATM straddle/strangle/spread quotes
• straddle <SYMBOL> <widths...> — generate ATM straddle, strangle, iron condor, vertical spread quotes (fastest way to evaluate multi-leg combo bids/asks)

1. Assess IV environment: compare ATM IV from chain vs HV (from quote). IV/HV > 1.3 → rich, < 0.8 → cheap.
2. Select 1-2 strategies from the strategy matrix; determine approximate strikes (e.g., ATM, ±$5 wide).
3. Verify prices before showing legs:

• Run add <short_leg_OCC> <long_leg_OCC> to subscribe to the candidate contracts
• Run info <OCC> or quote <OCC> to get real bid/ask prices
• Confirm the net credit/debit makes sense for the strategy (e.g., Bull Put Spread must net a credit)
• If the spread is too narrow (bid/ask too wide) or net price is adverse, adjust strikes and re-verify
• Never estimate prices from IV alone — real bid/ask can differ from theoretical price by 20%+

1. Output structured recommendation with REAL verified prices (template below).

Common Rationalizations

Red Flags

• User says "I don't know my market view" — they are not ready for options. Guide them to alphameta-quote and alphameta-technical for market context first.
• IV/HV ratio is missing from the recommendation — incomplete analysis. Always compute it.
• Recommending short options (naked calls/puts) without warning about unlimited risk — must flag.
• Using IV from a single OTM strike instead of ATM — ATM IV is the standard reference.
• No clear recommendation tie-breaker when multiple strategies fit — present top 2 with trade-offs.
• Recommending specific option legs without running add + info to verify actual bid/ask prices — estimated prices can differ from real quotes by 20%+, leading to wrong net credit/debit calculations.

Strategy Matrix

Output

Present results in markdown-native format with a structured recommendation.

Strategy Recommendation Template

{Symbol} options strategy recommendation — Source: AlphaMeta / IBKR

[Market context]
- Spot: ${S}  |  Nearest expiry: {date}  |  ATM IV: ~X%
- HV20: X%  |  IV/HV ratio: {X} → {rich / fair / cheap}
- Max pain: ${X}  |  GEX: {bullish / bearish / neutral}

[Recommended strategy: {Name}]
Structure:
  Leg 1: {Buy/Sell} {N} {OCC} @ ${prem} (IV: X%)
  Leg 2: {Buy/Sell} {N} {OCC} @ ${prem} (IV: X%)

Key metrics:
  Net {debit/credit}: ${X}
  Max profit: ${X} (at S {condition})
  Max loss:   ${X} (at S {condition})
  Breakeven:  ${X}
  Theta:      ${X}/day
  Vega:       ${X}/1% IV change

Why this fits: {2-sentence rationale linking market view + IV + time horizon}

Risk note: {key risk of this strategy}

[Alternative: {Name}]
{Brief description, key trade-offs vs primary recommendation}

[How to execute]
Run `alphameta-orders` with the legs above, or use /alphameta-orders for natural-language order placement.

⚠️ 以上分析仅供参考，不构成投资建议。For reference only. Not investment advice.

Strategy Quick-Reference Table

See the alphameta skill for server setup and command execution syntax.

Command Index

For full command reference, see alphameta-quote and alphameta-technical.

Key Concepts

OCC Symbol Format

SYMBOL + YYMMDD + C|P + 8-DIGIT_STRIKE

Example: NVDA260501C00175000
  NVDA    → AAPL
  260501  → May 1, 2026
  C       → Call
  00175000 → $175.00 (price × 1000, 8 digits)

Always run `chain <SYMBOL> <MM-DD>` to discover valid OCC symbols before using them in strategies.

IV Environment Assessment

Options Order Routing

For strategy execution, see alphameta-orders with multi-leg syntax:

# Bull Call Spread
buy "bto 1 <low_call_OCC> sto 1 <high_call_OCC>" <qty> AF @ <net_debit>

# Roll position
buy "btc 1 <old_OCC> sto 1 <new_OCC>" <qty> AF @ -<net_credit>

See ref-multi-leg.md for full syntax.

Error Handling

Related Skills

• "What's this stock's current price?" → alphameta-quote
• "What are the Greeks for this option?" → alphameta-technical
• "Execute this strategy as an order" → alphameta-orders
• "What's my current option position P&L?" → alphameta-portfolio
• "Set a stop-loss or conditional exit" → alphameta-predicate