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 sell-write strategy combining short stock with a short put at strike K, generating income while maintaining a neutral-to-bearish position."
tags: [options, income, covered, bearish]
---
# Covered Put
**Section**: 2.3 | **Asset Class**: Options | **Type**: Income
## Overview
The covered put (a.k.a. "sell-write") strategy amounts to shorting stock and writing a put option with strike K against the short stock position. The trader's outlook is neutral to bearish. It has the same payoff as writing a naked call and allows the trader to generate income by periodically selling OTM put options while maintaining the short stock position.
## Construction
- Short 1 share of stock at price S0
- Sell 1 put option at strike K, receiving net credit C
Net position: short stock + short put
## Payoff Profile
f_T = S0 - S_T - (K - S_T)+ + C = S0 - K - (S_T - K)+ + C
- Breakeven: S* = S0 + C
- Max profit: P_max = S0 - K + C (achieved when S_T <= K)
- Max loss: L_max = unlimited (stock can rise without bound)
## Key Conditions / Signals
- Neutral to mildly bearish outlook on the underlying
- Elevated implied volatility makes collected premium more attractive
- Suitable for income generation when the trader is comfortable with unlimited upside risk
## Notes
The covered put strategy is symmetrical to the covered call strategy. The short stock position carries unlimited loss potential if the stock rises; the collected put premium provides only limited cushion.