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 neutral low-cost debit strategy using four calls with equidistant strikes K1 < K2 < K3 < K4, profiting if the stock stays between K2 and K3 at expiry."
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tags: [options, income, neutral, condor]
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# Long Call Condor
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**Section**: 2.46 | **Asset Class**: Options | **Type**: Income
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## Overview
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The long call condor is a sideways strategy consisting of a long ITM call at K1, a short ITM call at K2 (higher), a short OTM call at K3, and a long OTM call at K4 (higher). All strikes are equidistant: K4 - K3 = K3 - K2 = K2 - K1 = kappa. This is a relatively low cost net debit trade. The trader's outlook is neutral. This is a capital gain strategy.
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## Construction
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- Buy 1 call option at strike K1 (ITM, lowest)
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- Sell 1 call option at strike K2 (ITM, K2 > K1)
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- Sell 1 call option at strike K3 (OTM, K3 > K2)
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- Buy 1 call option at strike K4 (OTM, highest, K4 > K3)
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- All same expiry; K2 - K1 = K3 - K2 = K4 - K3 = kappa (equidistant)
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Net debit: D
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## Payoff Profile
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f_T = (S_T - K1)+ - (S_T - K2)+ - (S_T - K3)+ + (S_T - K4)+ - D
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- Upper breakeven: S*_up = K4 - D
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- Lower breakeven: S*_down = K1 + D
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- Max profit: P_max = kappa - D (if K2 <= S_T <= K3 at expiry)
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- Max loss: L_max = D (if S_T <= K1 or S_T >= K4)
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## Key Conditions / Signals
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- Neutral; expects stock to remain in the middle zone [K2, K3] at expiry
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- Low implied volatility after entry; wider profit zone than a butterfly
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- Low cost entry makes it efficient for betting on a range-bound stock
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## Notes
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The condor is a wider version of the butterfly: it has a flat profit plateau between K2 and K3 instead of a single peak. The tradeoff is that the maximum profit (kappa - D) is the same as the butterfly but requires K2 != K3 (four distinct strikes).
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