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 volatility strategy buying one ATM call and two ATM puts at strike K, profiting more from a downward move than an upward move of equal magnitude."
tags: [options, volatility, bearish, strip]
---
# Strip
**Section**: 2.35 | **Asset Class**: Options | **Type**: Volatility
## Overview
The strip is a volatility strategy consisting of a long position in one ATM call option and a long position in two ATM put options with strike K. This is a net debit trade. The trader's outlook is bearish (skewed toward downside). This is a capital gain strategy that profits from a large move in either direction but gains more from a downward move.
## Construction
- Buy 1 ATM call option at strike K
- Buy 2 ATM put options at strike K, same expiry
Net debit: D
## Payoff Profile
f_T = (S_T - K)+ + 2 × (K - S_T)+ - D
- Upper breakeven: S*_up = K + D
- Lower breakeven: S*_down = K - D/2
- Max profit: P_max = unlimited (especially strong on downside due to 2 puts)
- Max loss: L_max = D (if S_T = K at expiry)
## Key Conditions / Signals
- Bearish but uncertain of direction; expects a large move with downside bias
- Low implied volatility environment is ideal (cheaper debit to enter)
- The lower breakeven (D/2 below K) is closer to K than the upper breakeven (D above K)
## Notes
The strip is a modified straddle with bearish skew: two puts vs. one call. The downside potential is doubled relative to the upside (per unit of move). Maximum loss is capped at the net debit D.