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
This commit is contained in:
36
gateway/knowledge/trading/strategies/options/long-combo.md
Normal file
36
gateway/knowledge/trading/strategies/options/long-combo.md
Normal file
@@ -0,0 +1,36 @@
|
||||
---
|
||||
description: "A bullish capital-gain strategy (long risk reversal) buying an OTM call at K1 and selling an OTM put at K2 < K1, profiting from a strong upward move."
|
||||
tags: [options, speculation, bullish, risk-reversal]
|
||||
---
|
||||
|
||||
# Long Combo
|
||||
|
||||
**Section**: 2.12 | **Asset Class**: Options | **Type**: Speculation
|
||||
|
||||
## Overview
|
||||
The long combo (a.k.a. "long risk reversal") amounts to buying an OTM call option with strike K1 and selling an OTM put option with strike K2, where K1 > K2. The trader's outlook is bullish. This is a capital gain strategy.
|
||||
|
||||
## Construction
|
||||
- Buy 1 OTM call option at strike K1
|
||||
- Sell 1 OTM put option at strike K2 (K2 < K1), same expiry
|
||||
|
||||
Net debit or credit H (H = D if net debit, H = -C if net credit; K1 > K2)
|
||||
|
||||
## Payoff Profile
|
||||
f_T = (S_T - K1)+ - (K2 - S_T)+ - H
|
||||
|
||||
Breakeven depends on sign of H:
|
||||
- S* = K1 + H (if H > 0, net debit)
|
||||
- S* = K2 + H (if H < 0, net credit)
|
||||
- K2 <= S* <= K1 (if H = 0, zero-cost)
|
||||
|
||||
- Max profit: P_max = unlimited
|
||||
- Max loss: L_max = K2 + H
|
||||
|
||||
## Key Conditions / Signals
|
||||
- Strongly bullish outlook
|
||||
- Traders often structure as zero-cost (H = 0) by selecting K1 and K2 such that premiums offset
|
||||
- Profits from a large upward move; loses if stock falls below K2
|
||||
|
||||
## Notes
|
||||
Unlike the long synthetic forward (where K1 = K2 = S0), the long combo uses out-of-the-money strikes on both legs, creating a gap zone [K2, K1] where the payoff is flat (equal to -H). Downside is limited to K2 + H if S_T goes to zero.
|
||||
Reference in New Issue
Block a user