1. Bull put spread
Sell a put and buy a lower-strike put for protection. Collects a net premium and favours the price staying above the sold strike.
Systematic options. Long and short volatility.
Systematic options in isolated managed accounts, with portfolio risk checks, continuous reconciliation and controlled execution. Each account trades only within its approved mandate. Profitability remains unproven.
The Strategy
The wider strategy catalogue covers long and short volatility across 26 defined option structures. Current reported mandates on Deribit and Coincall authorise specific long- and short-volatility structures including credit spreads, iron structures and long straddles; the full catalogue remains broader than the strategies enabled for any individual account.
Structure selection, hedge sizing, margin defence and unwind behaviour follow explicit rules. Availability in the catalogue does not establish trading permission, deployment readiness or investment edge.
The 26 strategies
22 single-expiry structures and four protected multi-expiry structures. These brief explanations describe the intended payoff; premiums, strike spacing, settlement currency, costs and hedge management affect realised results.
Catalogue membership is not trading approval. Every candidate must pass portfolio delta, vega, loss, liquidity and account-specific margin checks. The operating overview below is separate from this catalogue; account permissions determine what can be traded and profitability remains unproven.
Vertical spreads
2. Bear call spread
Sell a call and buy a higher-strike call for protection. Collects a net premium and favours the price staying below the sold strike.
3. Bull call spread
Buy a call and sell a higher-strike call. Pays a net premium for a bullish position, with the sold call capping the potential gain.
4. Bear put spread
Buy a put and sell a lower-strike put. Pays a net premium for a bearish position, with the sold put capping the potential gain.
Iron structures
5. Iron condor
Combine a bull put spread and a bear call spread, with protective outer wings. Collects premium and favours expiry between the two sold strikes.
6. Iron butterfly
Sell a call and put at the same strike, with purchased outer wings. Favours expiry close to that central strike rather than a broad price range.
7. Reverse iron condor
Buy an inner put and call, then sell further-out wings. Favours a sufficiently large move in either direction; the sold wings cap the gain.
8. Reverse iron butterfly
Buy a call and put at the same strike, then sell outer wings. Favours a move away from the centre, with a capped payoff in either direction.
Butterflies
9. Call butterfly
Buy lower- and higher-strike calls and sell two middle-strike calls. Uses calls alone to concentrate the expiry payoff around the middle strike.
10. Put butterfly
Buy lower- and higher-strike puts and sell two middle-strike puts. Uses puts alone to concentrate the expiry payoff around the middle strike.
11. Reverse call butterfly
Sell the outer calls and buy two middle-strike calls. Reverses the call butterfly, favouring expiry away from the middle strike.
12. Reverse put butterfly
Sell the outer puts and buy two middle-strike puts. Reverses the put butterfly, favouring expiry away from the middle strike.
All-call / all-put condors
13. Call condor
Buy the outer calls and sell the inner calls across four strikes. Favours expiry between the inner strikes, giving a wider target range than a butterfly.
14. Put condor
Buy the outer puts and sell the inner puts across four strikes. Creates the corresponding range-focused expiry payoff using puts alone.
15. Reverse call condor
Sell the outer calls and buy the inner calls across four strikes. Favours a move beyond the central range rather than expiry inside it.
16. Reverse put condor
Sell the outer puts and buy the inner puts across four strikes. Uses puts alone to favour a move beyond the central range.
Long options and combinations
17. Long call
Buy a call for upside exposure. The option premium is at risk; a rise must be large enough to cover that premium and costs to profit at expiry.
18. Long put
Buy a put for downside exposure. The option premium is at risk; a fall must be large enough to cover that premium and costs to profit at expiry.
19. Long straddle
Buy a call and put at the same strike and expiry. Seeks a large move in either direction, sufficient to overcome the combined premium and costs.
20. Long strangle
Buy a lower-strike put and a higher-strike call at the same expiry. Seeks a move beyond the intervening range, sufficient to cover both premiums and costs.
Ratio backspreads
21. Call backspread
Sell one lower-strike call and buy two higher-strike calls. Targets a strong upward move; a smaller rise towards the purchased strike can produce a loss.
22. Put backspread
Sell one higher-strike put and buy two lower-strike puts. Targets a strong downward move; a smaller fall towards the purchased strike can produce a loss.
Protected multi-expiry structures
Protected calendars and diagonals require a mandate-defined roll-or-close deadline before the front expiry. Protection does not remove margin, liquidity or lifecycle requirements.
23. Protected call calendar
Sell a nearer-expiry call and buy a later-expiry call at the same strike, plus a higher-strike front-expiry call for protection. Trades differences in time decay and volatility between expiries.
24. Protected put calendar
Sell a nearer-expiry put and buy a later-expiry put at the same strike, plus a lower-strike front-expiry put for protection. Trades differences in time decay and volatility between expiries.
25. Protected call diagonal
Sell a nearer-expiry call, buy a later-expiry call at a lower strike and add a higher-strike front-expiry protective call. Combines strike exposure with differences between expiries.
26. Protected put diagonal
Sell a nearer-expiry put, buy a later-expiry put at a higher strike and add a lower-strike front-expiry protective put. Combines strike exposure with differences between expiries.
System overview / Updated 27 October 2026
How the options system operates
Each managed account runs in an isolated trading environment with its own records, exchange connections and approved mandate. Account identity, permissions and live exchange balances are verified before trading can become ready, replacing static capital constants with reconciled account equity.
Deribit, Coincall dual-account and the OKX demo instance use venue-specific account and margin models. Reported mandates authorise specific long- and short-volatility structures including credit spreads, iron structures and long straddles; the broader 26-strategy catalogue remains a description of available designs rather than permission to trade every strategy.
Continuous reconciliation
Market data, balances, positions, orders and fills are kept in sync with the exchange. The engine compares that information with its own records; unexplained discrepancies block new risk until they are resolved.
Risk before entry
Portfolio exposure, volatility stress, margin, drawdown, market conditions and data freshness are checked throughout operation. A candidate must meet the account mandate and qualify after costs before it can enter.
Controlled order execution
Entries and exits use monitored limit orders, with repricing inside defined execution bounds. Order progress and fills are reconciled with the exchange. Limits can constrain execution; a fill at the intended price is not guaranteed.
Managed exits and hedges
Profit targets, loss limits, approaching expiry and risk-reduction decisions can trigger closing orders. The engine manages hedges and tracks each structure through its lifecycle, subject to the account mandate and available liquidity.
Operating modes follow risk conditions
- Normal: manage existing positions and assess qualifying new entries.
- Throttled: pause new structures while continuing to manage existing exposure, exits and hedges.
- Defensive: cancel pending entries and seek to reduce exposure when risk limits are breached.
- Halted or disabled: block trading activity when critical checks fail or the account is not enabled.
This is a summary of the latest reported system capabilities, not a live account audit. Account permissions, enabled strategies and operational readiness require separate confirmation. Controls cannot guarantee execution, uninterrupted operation or a maximum realised loss.
Profitability remains unproven. Engineering verification is not evidence of an investment edge.
The Engine
The engine separates account management, risk decisions and exchange execution, with checks throughout the trading lifecycle:
Isolated client accounts.
Each managed account has its own trading engine, records and approved mandate. Account identity and permissions are checked before the system can become ready.
Risk overrides strategy.
Candidates are assessed against portfolio delta, vega, loss, liquidity and account-specific margin. Family permissions do not override admission or lifecycle checks.
Exchange truth over internal state.
The engine checks its records against exchange positions, orders and fills. Unexplained differences block new risk until they are resolved.
Account-aware execution.
Exchange connections handle market data, balances and order execution. Capital and margin are valued according to the actual account setup, with controls against duplicate execution.
The Mandate Model (SMA)
Your account, your custody.
We trade via API keys on your own exchange sub-account. Funds never move to us.
Full transparency.
You see every position, every trade, in real time on your own exchange.
Profit share only.
No management fee on idle capital. We earn when you do.
Defined risk terms.
Drawdown thresholds, exposure caps and unwind rules are defined in the mandate. Control thresholds do not guarantee a maximum realised loss.
What we don't sell
The strategy is not for sale. It is not licensed, not white-labelled and not extractable from our infrastructure — because it was never in the infrastructure.
Capacity is limited by design.
Discuss the approved strategies, account setup and risk limits for your mandate. The reported system capabilities do not establish that every catalogue strategy is enabled or that returns are proven.
Discuss your requirementsFAQ
Options FAQ
Strategy permissions, account controls and execution risks
Are all 26 templates operating on both venues?
No. The catalogue describes potential structures rather than an active deployment inventory. Current reported mandates on Deribit and Coincall focus on credit spreads and iron structures. An account may trade only its approved strategies after the relevant risk and execution checks.
What must a candidate pass before entry?
Candidates need a qualifying opportunity after costs and must satisfy the account mandate, portfolio exposure, loss, liquidity, margin and data-freshness checks. Lifecycle rules also apply. If conditions do not qualify, the engine can pause new entries while continuing to manage existing exposure.
Do the drawdown controls guarantee a loss ceiling?
No. Mandate-defined controls can pause new entries or trigger risk reduction, but gaps, execution delays, limited liquidity and venue failures can worsen losses. Risk settings and capital valuation depend on the account. Control thresholds are not guaranteed realised-loss limits.
Has the expanded portfolio demonstrated profitability?
Profitability remains unproven. Engineering checks and reported operational capabilities are not evidence of investment edge. This overview is not a live audit, a guarantee of uninterrupted operation or confirmation that every catalogue strategy is trading.