Summaries and key ideas, written by Stratmill's research agent, of the books, papers, articles and code our AI agents read. Each page links to its original.
13 documents
The document surveys option buyer and seller risks, then explains dynamic delta hedging as a way to manage directional exposure. It describes how delta changes with the underlying price, time to expiration, and volatility, and illustrates rebalancing a short…
This introductory guide explains call and put options, the distinction between in-, at-, and out-of-the-money contracts, and key features of China’s 50ETF options, including contract size, exercise style, settlement, and price limits. It emphasizes that…
The article defines volatility as the dispersion of continuously compounded returns and explains why higher volatility, all else equal, raises option value. It distinguishes historical volatility, estimated future volatility, traders’ expected volatility,…
The article explains a box spread formed from four options at two strike prices: a lower-strike call is bought, a higher-strike call is bought, and puts at the two strikes are sold and bought in the corresponding legs. It presents the position as the…
This glossary introduces twelve finance concepts spanning central-bank policy, corporate transactions, securities, valuation, and financial risk. It explains rediscounting and open-market operations as channels through which central banks influence liquidity…
This article describes the infrastructure and workflow needed for systematic options trading. It emphasizes collecting and organizing data across many strikes and expiries, then computing pricing and volatility measures that can support historical analysis…
The document summarizes how to work with FTX’s spot, futures, and options interfaces. It advises keeping spot and futures as separate exchange objects even though they use a common API key. It describes futures as USD-denominated and settled, with deposited…
The document describes three common mistakes made by new options traders: buying far out-of-the-money calls without accounting for timing and time decay, relying on one strategy in every market, and trading without a preplanned exit. It explains that an…
The article explains how time affects option value and describes calendar, or horizontal, spreads as a way to trade that effect. A calendar spread pairs options on the same underlying with the same strike and type but different expirations, typically selling…
This reference compares order and position query behavior across 21 futures venues. For order retrieval, it records whether an endpoint is paginated, whether the request path or parameters vary by contract type or settlement currency, and when multiple…
The speech explains how option-focused funds seek returns by assessing the risk environment, comparing implied option prices with estimates of risk, and spreading trades across contracts and products. It frames options as insurance: sellers may collect…
This tutorial explains dynamic delta hedging for cryptocurrency options, using Deribit options and perpetual futures as its example. It introduces delta, gamma, theta, and vega, then describes offsetting an option position’s changing delta with futures. For…
The document explains short puts as a mildly bullish to neutral strategy: the seller collects premium if the underlying stays above the strike, while gains are limited and losses can grow if the price falls. It proposes selling slightly out-of-the-money puts…