Expand model tag support: add GLM-5.1, simplify Anthropic IDs, scan tags anywhere in message

- Flink update_bars debouncing
- update_bars subscription idempotency bugfix
- Price decimal correction bugfix of previous commit
- Add GLM-5.1 model tag alongside renamed GLM-5
- Use short Anthropic model IDs (sonnet/haiku/opus) instead of full version strings
- Allow @tags anywhere in message content, not just at start
- Return hasOtherContent flag instead of trimmed rest string
- Only trigger greeting stream when tag has no other content
- Update workspace knowledge base references to platform/workspace and platform/shapes
- Hierarchical knowledge base catalog
- 151 Trading Strategies knowledge base articles
- Shapes knowledge base article
- MutateShapes tool instead of workspace patch
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---
description: "A bearish capital-gain strategy (bear put spread financed by a short OTM call) selling an OTM call at K3, buying an ATM put at K2, and selling an OTM put at K1, ideally structured at zero cost."
tags: [options, speculation, bearish, seagull]
---
# Bearish Short Seagull Spread
**Section**: 2.56 | **Asset Class**: Options | **Type**: Speculation
## Overview
The bearish short seagull spread is a bear put spread financed with a sale of an OTM call option. It amounts to a short position in an OTM put at K1, a long position in an ATM put at K2, and a short position in an OTM call at K3 (K1 < K2 < K3). Ideally, the trade is structured to have zero cost. The trader's outlook is bearish. This is a capital gain strategy.
## Construction
- Sell 1 OTM put option at strike K1 (lowest)
- Buy 1 ATM put option at strike K2 (middle)
- Sell 1 OTM call option at strike K3 (highest, K3 > K2 > K1)
- All same expiry; ideally zero net premium (H = 0)
Net debit or credit H
## Payoff Profile
f_T = -(K1 - S_T)+ + (K2 - S_T)+ - (S_T - K3)+ - H
Breakeven depends on sign of H:
- S* = K2 - H (if H > 0)
- S* = K3 - H (if H < 0)
- K2 <= S* <= K3 (if H = 0)
- Max profit: P_max = K2 - K1 - H (if S_T <= K1; bear put spread at max, put not needed)
- Max loss: L_max = unlimited (stock rises without bound above K3; short call exposed)
## Key Conditions / Signals
- Bearish outlook; expects stock to fall below K2 toward K1
- Ideally zero-cost (H = 0): the short call premium finances the bear put spread
- Short call at K3 creates unlimited upside risk above K3
## Notes
Unlike the bearish long seagull (which buys a call to cap upside), the bearish short seagull sells a call at K3 to finance the bear put spread, resulting in unlimited upside loss. The short put at K1 caps the downside profit. Requires careful stop-loss management above K3.