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Overview

The Option Strategy Builder is the core workspace where you construct and manage your option positions. It features a professional T-quote style interface that displays calls and puts side-by-side, making it easy to build spreads, straddles, iron condors, and any custom multi-leg strategy.

Real-Time Pricing

Live bid/ask spreads from market data with volume and open interest metrics

Multi-Leg Support

Build strategies with unlimited legs including stocks, calls, and puts

Multiple Expirations

Switch between all available expiration dates for the underlying ticker

Smart Strike Selection

Automatically displays the 10 strikes closest to the current spot price

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Building Your First Strategy

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1. Select a Ticker

Enter a ticker symbol in the main search bar to load the option chain. The system will automatically fetch:
  • Current spot price
  • All available expiration dates
  • Option chain with Greeks, volume, and open interest
The builder displays the 10 strikes closest to the spot price for optimal visibility. You can switch expiration dates to access different strike ranges.

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2. Understanding the T-Quote Layout

The option chain uses a professional T-quote format: 
[CALL BID] [CALL ASK] [V/OI] [STRIKE] [V/OI] [PUT BID] [PUT ASK]
  • Left side: Call options (green bid buttons, red ask buttons)
  • Center: Strike price
  • Right side: Put options (green bid buttons, red ask buttons)
  • V/OI: Volume (top) and Open Interest (bottom)

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3. Adding Legs to Your Strategy

1

Click to Add

Click any Bid button to SELL that option (credit)Click any Ask button to BUY that option (debit)
2

Review Active Positions

Your active legs appear in the “Opciones Activas” section above the chainEach leg shows:
  • Action (BUY/SELL)
  • Quantity
  • Type (CALL/PUT/STOCK)
  • Strike price
  • Premium
  • Expiration date
3

Remove Legs

Click the ✕ button on any active leg to remove it from your strategy

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4. Adding Stock Positions

For covered calls or protective strategies, use the stock buttons:
  • +100 Acciones (Covered): Adds 100 shares long at the current spot price
  • -100 Acciones (Short): Adds 100 shares short at the current spot price
Covered calls are popular strategies that combine 100 shares long with 1 short call option. Use the +100 Acciones button, then sell an OTM call.

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Advanced Features

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Multiple Expirations

The expiration dropdown displays all available dates for the ticker. When you change the expiration:
  1. The option chain reloads automatically
  2. New Greeks and pricing are calculated
  3. Your existing legs remain unchanged (they retain their original expirations)
Each leg can have a different expiration date, allowing you to build calendar spreads and diagonal strategies.

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Volume and Open Interest

Each strike displays volume and open interest metrics:
  • Volume: Number of contracts traded today (white text)
  • Open Interest: Total open contracts (gray text)
Higher volume and open interest typically indicate better liquidity and tighter bid-ask spreads.

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Understanding Bid/Ask Colors

  • Green buttons (Bid): SELL options - you receive premium (credit)
  • Red buttons (Ask): BUY options - you pay premium (debit)
The color coding helps you quickly identify whether you’re entering a credit or debit position.

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Common Strategy Examples

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Bull Put Spread (Bullish, Credit)

  1. Find a put strike below the current price
  2. Click the Bid button to SELL the put (receive premium)
  3. Find a lower put strike as protection
  4. Click the Ask button to BUY that put (pay premium)
  5. Net result: You receive a credit

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Iron Condor (Neutral, Credit)

  1. Build a Bull Put Spread below the current price
  2. Build a Bear Call Spread above the current price
  3. All four legs should have the same expiration
  4. Net result: You receive a credit from both spreads

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Long Straddle (Volatility Play, Debit)

  1. Select an ATM strike (near the spot price)
  2. Click the Ask button on the CALL to BUY it
  3. Click the Ask button on the PUT (same strike) to BUY it
  4. Net result: You pay a debit, profit from large moves in either direction

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Best Practices

Check Liquidity

Look for strikes with decent volume and open interest to ensure you can exit the position

Mind the Spread

Wide bid-ask spreads increase your cost. Favor strikes with tighter spreads

Use Expiration Wisely

Shorter expirations have faster theta decay. Longer expirations give more time for your thesis to play out

Review All Legs

Double-check each leg before moving to simulation. One wrong click can flip your entire risk profile

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What Happens Next?

Once you’ve built your strategy:
  1. The Payoff Simulator automatically calculates profit/loss across price ranges
  2. The AI Insights panel evaluates your Greeks and risk metrics
  3. You can adjust parameters like volatility shock and days to expiration
Start simple with 2-leg spreads before building complex 4+ leg strategies. Master the basics first.

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Keyboard Shortcuts

While the Builder is focused:
  • Arrow keys navigate through strikes
  • Tab cycles between calls and puts
  • ESC clears the active strategy

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Next Steps

Simulate Your Strategy

Visualize profit/loss with the Payoff Simulator

Get AI Analysis

Understand your Greeks and risk exposure

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