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 bullish income strategy augmenting a covered call by also writing an ATM put at the same strike K, increasing income at the cost of additional downside exposure."
tags: [options, income, bullish, covered, straddle]
---
# Covered Short Straddle
**Section**: 2.32 | **Asset Class**: Options | **Type**: Income
## Overview
The covered short straddle amounts to augmenting a covered call by writing a put option with the same strike K and TTM as the sold call option, thereby increasing the income. The trader's outlook is bullish. This is a combination of: long stock + short call at K + short put at K.
## Construction
- Buy 1 share of stock at S0
- Sell 1 call option at strike K, receiving credit
- Sell 1 put option at strike K (same strike and expiry), receiving additional credit
Net credit: C (total premium from both short options)
## Payoff Profile
f_T = S_T - S0 - (S_T - K)+ - (K - S_T)+ + C
- Breakeven: S* = (1/2)(S0 + K - C)
- Max profit: P_max = K - S0 + C (if S_T = K at expiry)
- Max loss: L_max = S0 + K - C (if stock goes to zero; put assignment + stock loss)
## Key Conditions / Signals
- Bullish to neutral; expects stock to remain near or above K
- High implied volatility; writing both options collects more premium
- The additional short put increases income but also increases downside risk significantly
## Notes
The downside risk is substantially higher than a plain covered call because the short put adds to the loss if the stock falls below K. The maximum loss occurs if the stock goes to zero (stock loss + put assignment at K).