Back to Details

longbridge-options-advanced

Compare original and translation side by side

🇺🇸

Original

English
🇨🇳

Translation

Chinese

longbridge-options-advanced

longbridge-options-advanced

Prompt-only analysis skill. Covers advanced options and volatility strategies for experienced traders — calendar/diagonal spreads, dynamic delta hedging, vol arbitrage, and skew trading — grounded in live Longbridge data.
Response language: match the user's input language — Simplified Chinese / Traditional Chinese / English.
仅基于提示词的分析Skill。为资深交易者提供进阶期权与波动率策略内容——包括日历/对角价差、动态Delta对冲、波动率套利以及偏斜交易——所有内容基于Longbridge实时数据。
回复语言：匹配用户输入语言——简体中文 / 繁体中文 / 英文。

When to use

使用场景

  • "我想做日历价差，近月和远月 IV 哪个贵？" / "Calendar spread — near vs far month IV?"
  • "TSLA 偏斜很陡，怎么交易 skew？" / "TSLA skew is steep, how to trade it?"
  • "如何做动态 Delta 对冲？" / "How do I dynamically delta-hedge?"
  • "什么情况下做 Long Vol vs Short Vol？" / "When to go long vol vs short vol?"
  • "SABR 模型是什么？" / "Explain the SABR model"
For basic strategies route to 
longbridge-options-strategy
. For P&L and Greeks route to 
longbridge-options-pnl
.
  • "我想做日历价差，近月和远月 IV 哪个贵？" / "Calendar spread — near vs far month IV?"
  • "TSLA 偏斜很陡，怎么交易 skew？" / "TSLA skew is steep, how to trade it?"
  • "如何做动态 Delta 对冲？" / "How do I dynamically delta-hedge?"
  • "什么情况下做 Long Vol vs Short Vol？" / "When to go long vol vs short vol?"
  • "SABR 模型是什么？" / "Explain the SABR model"
基础策略请转向
longbridge-options-strategy
。盈亏（P&L）与希腊值相关内容请转向
longbridge-options-pnl
。

CLI

命令行界面（CLI）

Run 
longbridge <subcommand> --help
to verify exact flags.
bash
undefined
运行
longbridge <subcommand> --help
查看具体参数。
bash
undefined

Option chain across expiries — compare IV term structure

Option chain across expiries — compare IV term structure

longbridge option chain <SYMBOL> --format json longbridge option chain <SYMBOL> --date <NEAR_EXPIRY> --format json longbridge option chain <SYMBOL> --date <FAR_EXPIRY> --format json
longbridge option chain <SYMBOL> --format json longbridge option chain <SYMBOL> --date <NEAR_EXPIRY> --format json longbridge option chain <SYMBOL> --date <FAR_EXPIRY> --format json

Historical price for realized vol and HV regime

Historical price for realized vol and HV regime

longbridge kline <SYMBOL> --period day --count 120 --format json
longbridge kline <SYMBOL> --period day --count 120 --format json

Underlying spot

Underlying spot

longbridge quote <SYMBOL> --format json
undefined
longbridge quote <SYMBOL> --format json
undefined

Strategy reference

策略参考

Calendar spread (时间价差 / 日曆價差)

Calendar spread (时间价差 / 日曆價差)

  • Structure: sell near-month option, buy same-strike far-month option (both calls or both puts).
  • Profit from: near-month IV rich vs far-month, or time decay differential.
  • Risk: large underlying move before near expiry; vega risk if far-month IV drops.
  • Check: compare ATM IV for near vs far expiry from chain; enter when near/far IV ratio > 1.1.
  • 结构：卖出近月期权，买入相同行权价的远月期权（均为看涨期权或均为看跌期权）。
  • 盈利逻辑：近月隐含波动率（IV）高于远月，或时间衰减差异。
  • 风险：近月到期前标的资产大幅波动；若远月IV下跌则面临Vega风险。
  • 入场信号：从期权链中对比近月与远月的平值IV；当近月/远月IV比值>1.1时入场。

Diagonal spread (对角价差 / 對角價差)

Diagonal spread (对角价差 / 對角價差)

  • Structure: sell near-month OTM option, buy far-month different-strike option.
  • vs Calendar: directional bias added via strike selection.
  • 结构：卖出近月虚值期权，买入远月不同行权价的期权。
  • 与日历价差的区别：通过行权价选择增加了方向性偏向。

Dynamic Delta hedging (动态 Delta 对冲 / 動態 Delta 對沖)

Dynamic Delta hedging (动态 Delta 对冲 / 動態 Delta 對沖)

  • Hold option position; hedge Delta with underlying shares or futures.
  • Re-hedge when Delta drifts beyond a threshold (e.g. ±0.05) or on a time schedule.
  • Gamma scalping: long gamma + delta-neutral → profit from re-hedging realised vol > IV paid.
  • Short gamma: short options + hedged → profit if realised vol < IV collected.
  • 持有期权头寸；通过标的股票或期货对冲Delta风险。
  • 当Delta偏离阈值（如±0.05）或按时间计划进行重新对冲。
  • Gamma scalping（伽马 scalp）：持有正Gamma且Delta中性→当实际波动率高于支付的IV时，通过重新对冲获利。
  • 负Gamma：卖出期权并对冲→当实际波动率低于收取的IV时获利。

Vol arbitrage — Long Vol / Short Vol

Vol arbitrage — Long Vol / Short Vol（波动率套利——做多波动率/做空波动率）

  • Long Vol: buy options (straddle/strangle) when IV cheap vs expected realised vol.
  • Short Vol: sell options (strangle/condor) when IV rich; manage gamma risk with hedges.
  • Signal: IV/HV ratio. IV/HV > 1.3 → rich (short vol candidate); < 0.8 → cheap (long vol candidate).
  • 做多波动率：当IV低于预期实际波动率时，买入期权（跨式/宽跨式）。
  • 做空波动率：当IV偏高时卖出期权（宽跨式/鹰式价差）；通过对冲管理Gamma风险。
  • 信号：IV/HV比值。IV/HV>1.3→IV偏高（做空波动率候选）；<0.8→IV偏低（做多波动率候选）。

Skew trade (偏斜交易 / 偏斜交易)

Skew trade (偏斜交易 / 偏斜交易)

  • OTM put IV > OTM call IV = positive skew (norm for equities, fear-driven).
  • Fade skew: sell OTM puts, buy OTM calls (risk-reversal) when skew excessive.
  • Follow skew: buy OTM puts when tail risk underpriced.
  • Measure: compare 25-delta put IV vs 25-delta call IV from the chain.
  • 虚值看跌期权IV>虚值看涨期权IV=正偏斜（股票类标的常见，由恐慌情绪驱动）。
  • 反向偏斜交易：当偏斜过度时，卖出虚值看跌期权，买入虚值看涨期权（风险逆转策略）。
  • 跟随偏斜交易：当尾部风险被低估时，买入虚值看跌期权。
  • 衡量方式：从期权链中对比25Delta看跌期权IV与25Delta看涨期权IV。

SABR model (conceptual)

SABR model (概念介绍)

  • Stochastic Alpha Beta Rho — captures vol smile dynamics analytically.
  • Parameters: α (vol level), β (CEV exponent), ρ (spot-vol correlation), ν (vol of vol).
  • Longbridge data supports manual calibration: extract IV smile from chain, fit SABR numerically.
  • Stochastic Alpha Beta Rho——通过解析方式捕捉波动率微笑动态。
  • 参数：α（波动率水平）、β（CEV指数）、ρ（标的-波动率相关性）、ν（波动率的波动率）。
  • Longbridge数据支持手动校准：从期权链提取IV微笑，通过数值方法拟合SABR模型。

Workflow

工作流程

  1. Identify the strategy type from the user's question.
  2. Fetch chain for relevant expiries + kline for HV calculation.
  3. Compute the key signal (IV term structure ratio / IV-HV ratio / skew spread).
  4. Explain structure, entry signal, risk, and exit criteria.
  5. Show example legs with live strikes from the chain.
  6. Output structured response (template below).
  1. 从用户问题中识别策略类型。
  2. 获取相关到期日的期权链 + 用于计算历史波动率（HV）的K线数据。
  3. 计算关键信号（IV期限结构比值 / IV-HV比值 / 偏斜差值）。
  4. 解释策略结构、入场信号、风险及退出标准。
  5. 展示基于期权链实时行权价的示例头寸。
  6. 输出结构化回复（模板如下）。

Output template

输出模板

{Symbol} advanced options analysis — Source: Longbridge Securities

[Vol regime]
- ATM near-month IV: X%  |  ATM far-month IV: X%  |  Term ratio: X
- 60-day HV: X%  |  IV/HV: X  → {rich / fair / cheap}
- Put skew (25Δ put − 25Δ call): +X pp

[Strategy: {Name}]
Rationale: {1-2 sentences}
Legs:
  Sell: {OCC} @ ${prem}  (IV: X%)
  Buy:  {OCC} @ ${prem}  (IV: X%)
Net debit/credit: ${X}
Max profit: ${X}  |  Max loss: ${X}
Key risk: {describe}
Re-hedge trigger (if delta-hedged): Delta drift ±{threshold}

⚠️ 以上分析仅供参考，不构成投资建议。/ 以上分析僅供參考，不構成投資建議。/ For reference only. Not investment advice.
{Symbol} advanced options analysis — Source: Longbridge Securities

[Vol regime]
- ATM near-month IV: X%  |  ATM far-month IV: X%  |  Term ratio: X
- 60-day HV: X%  |  IV/HV: X  → {rich / fair / cheap}
- Put skew (25Δ put − 25Δ call): +X pp

[Strategy: {Name}]
Rationale: {1-2 sentences}
Legs:
  Sell: {OCC} @ ${prem}  (IV: X%)
  Buy:  {OCC} @ ${prem}  (IV: X%)
Net debit/credit: ${X}
Max profit: ${X}  |  Max loss: ${X}
Key risk: {describe}
Re-hedge trigger (if delta-hedged): Delta drift ±{threshold}

⚠️ 以上分析仅供参考，不构成投资建议。/ 以上分析僅供參考，不構成投資建議。/ For reference only. Not investment advice.

Error handling

错误处理

Situation简体回复繁體回復English reply
command not found: longbridge
切换到 MCP；若不可用，请安装 longbridge-terminal切換至 MCP；若不可用，請安裝 longbridge-terminalFall back to MCP; if unavailable, install longbridge-terminal
stderr 
not logged in
请执行 
longbridge auth login
請執行 
longbridge auth login
Run 
longbridge auth login
Only one expiry available无法构建日历价差，仅有单一到期日無法構建日曆價差，僅有單一到期日Cannot build calendar spread — only one expiry available
Kline < 60 barsHV 样本不足，波动率比较仅供参考HV 樣本不足，波動率比較僅供參考HV sample insufficient; vol comparison is indicative only
Situation简体回复繁體回復English reply
command not found: longbridge
切换到 MCP；若不可用，请安装 longbridge-terminal切換至 MCP；若不可用，請安裝 longbridge-terminalFall back to MCP; if unavailable, install longbridge-terminal
stderr 
not logged in
请执行 
longbridge auth login
請執行 
longbridge auth login
Run 
longbridge auth login
Only one expiry available无法构建日历价差，仅有单一到期日無法構建日曆價差，僅有單一到期日Cannot build calendar spread — only one expiry available
Kline < 60 barsHV 样本不足，波动率比较仅供参考HV 樣本不足，波動率比較僅供參考HV sample insufficient; vol comparison is indicative only

MCP fallback

MCP备选方案

CLI commandMCP tool
longbridge option chain
mcp__longbridge__option_chain_expiry_date_list
longbridge option chain --date
mcp__longbridge__option_chain_info_by_date
longbridge kline
mcp__longbridge__candlesticks
longbridge quote
mcp__longbridge__quote
CLI commandMCP tool
longbridge option chain
mcp__longbridge__option_chain_expiry_date_list
longbridge option chain --date
mcp__longbridge__option_chain_info_by_date
longbridge kline
mcp__longbridge__candlesticks
longbridge quote
mcp__longbridge__quote

Related skills

相关Skill

  • IV percentile and smile → 
    longbridge-options-volatility
  • P&L and Greeks payoff → 
    longbridge-options-pnl
  • Basic strategies → 
    longbridge-options-strategy
  • Raw chain / quotes → 
    longbridge-derivatives
  • IV百分位与波动率微笑 → 
    longbridge-options-volatility
  • 盈亏与希腊值收益 → 
    longbridge-options-pnl
  • 基础策略 → 
    longbridge-options-strategy
  • 原始期权链/报价 → 
    longbridge-derivatives

File layout

文件结构

longbridge-options-advanced/
└── SKILL.md          # prompt-only, no scripts/
longbridge-options-advanced/
└── SKILL.md          # prompt-only, no scripts/