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Optopsy Documentation

Overview

michaelchu/optopsy

Strategy Overview¶

Optopsy includes 38 built-in options strategies covering single-leg, multi-leg, ratio, and time-based strategies.

Strategy Categories¶

Single-Leg Strategies (4)¶

Basic directional plays with calls or puts.

Long Calls - Bullish directional bet
Short Calls - Bearish or neutral income
Long Puts - Bearish directional bet
Short Puts - Bullish income strategy

Straddles & Strangles (4)¶

Volatility-based strategies combining calls and puts.

Long Straddle - Profit from big moves
Short Straddle - Income from low volatility
Long Strangle - Lower-cost volatility play
Short Strangle - Wider profit zone income

Vertical Spreads (4)¶

Limited-risk directional strategies.

Long Call Spread - Bullish debit spread
Short Call Spread - Bearish credit spread
Long Put Spread - Bearish debit spread
Short Put Spread - Bullish credit spread

Ratio Spreads (4)¶

Unequal-quantity spreads for directional or neutral trades.

Call Back Spread - Bullish 1:2 ratio (short 1 ITM, long 2 OTM calls)
Put Back Spread - Bearish 1:2 ratio (short 1 ITM, long 2 OTM puts)
Call Front Spread - Neutral 1:2 ratio (long 1 ITM, short 2 OTM calls)
Put Front Spread - Neutral 1:2 ratio (long 1 ITM, short 2 OTM puts)

Butterfly Spreads (4)¶

Neutral strategies targeting specific price ranges.

Long Call Butterfly - Profit at middle strike
Short Call Butterfly - Profit from movement
Long Put Butterfly - Bearish butterfly
Short Put Butterfly - Inverse put butterfly

Iron Strategies (4)¶

Four-leg strategies with defined risk.

Iron Condor - Range-bound income
Reverse Iron Condor - Breakout play
Iron Butterfly - Tighter profit zone
Reverse Iron Butterfly - Long volatility

Condor Spreads (4)¶

Four-leg strategies using the same option type at four ascending strikes.

Long Call Condor - Neutral, all calls
Short Call Condor - Volatility play, all calls
Long Put Condor - Neutral, all puts
Short Put Condor - Volatility play, all puts

Covered & Collar Strategies (4)¶

Stock + option combinations. Supports actual stock data via yfinance or synthetic deep ITM calls.

Covered Call - Income on stock holdings
Protective Put - Downside insurance
Collar - Hedged income (stock + short call + long put)
Cash-Secured Put - Bullish income (alias for short puts)

Calendar Spreads (4)¶

Same strike, different expirations.

Long Call Calendar - Time decay play
Short Call Calendar - Opposite calendar
Long Put Calendar - Bearish time spread
Short Put Calendar - Reverse put calendar

Diagonal Spreads (4)¶

Different strikes and expirations.

Long Call Diagonal - Hybrid spread
Short Call Diagonal - Reverse call diagonal
Long Put Diagonal - Bearish diagonal
Short Put Diagonal - Bullish diagonal

Quick Reference Table¶

Strategy	Legs	Market View	Max Profit	Max Loss	Example Use
Long Call	1	Bullish	Unlimited	Premium paid	Betting on rally
Short Put	1	Bullish	Premium received	Substantial	Income generation
Iron Condor	4	Neutral	Net credit	Difference in strikes	Range-bound markets
Long Straddle	2	High volatility	Unlimited	Premiums paid	Before earnings
Call Butterfly	3	Neutral	Width of wing	Net debit	Pinning at strike
Call Back Spread	2 (1:2)	Very bullish	Unlimited	Limited	Large upside move
Call Front Spread	2 (1:2)	Neutral	Net credit	Unlimited	Time decay near strike
Collar	3	Neutral/Hedged	Short call strike	Put strike	Hedging stock position
Long Call Condor	4	Neutral	Net debit	Defined	Range-bound, all calls
Call Calendar	2	Neutral	Variable	Net debit	Time decay play

Strategy Selection Guide¶

If you think the market will...¶

Go Up Significantly - Long Calls - Long Call Spread - Call Back Spread

Go Down Significantly - Long Puts - Long Put Spread - Put Back Spread

Stay Flat - Short Straddle - Short Strangle - Iron Condor - Iron Butterfly - Call/Put Front Spread - Call/Put Condor

Move But Unsure Direction - Long Straddle - Long Strangle

Hedge an Existing Position - Collar - Protective Put

Stay Near Current Price - Calendar Spreads - Butterflies

By Risk/Reward Profile¶

Limited Risk, Limited Reward - All spreads (vertical, butterfly, iron condor)

Limited Risk, Unlimited Reward - Long calls/puts - Long straddles/strangles

Substantial Risk, Limited Reward - Short calls/puts - Short straddles/strangles

Common Parameters¶

All strategies accept these common parameters:

max_entry_dte - Maximum days to expiration at entry
exit_dte - Days to expiration at exit
dte_interval - Grouping interval for results
leg1_delta–leg4_delta - Per-leg delta targeting via TargetRange
delta_interval - Grouping interval for delta ranges
min_bid_ask - Minimum bid-ask spread filter
raw - Return raw trade data (default: aggregated stats)

See the Parameters Guide for complete details.

Next Steps¶

Dive into specific strategy categories
Learn about strategy parameters
See examples of real backtests
Check the API Reference for function signatures