Options Session

An options research session: inspect the chain with BSM Greeks, ask positioning questions, and run deterministic options analysis. QuantLib must be installed (it is included in the default make setup).

1. View the options chain

# Default expiry (earliest date on or after today), all strikes, Greeks on
copinance market options AAPL
 
# Specific expiry, calls only
copinance market options AAPL -e 2026-06-19 -s call
 
# Two expiries (repeat -e); separate tables; --json returns multi_expiration payload
copinance market options AAPL -e 2026-06-19 -e 2026-09-18
 
# All sides, limit visible rows
copinance market options AAPL --side all --limit 30
 
# Hide Greek columns (narrow terminals)
copinance market options AAPL --no-greeks
 
# Bypass cache to get fresh data and recompute Greeks
copinance market options AAPL --no-cache

The table shows Strike, Last, Bid, Ask, IV, Open Interest, Volume, Delta, Gamma, Theta, Vega, Rho by default. See Options & Greeks for how to read each column.

2. Machine-readable chain

# Full chain as JSON
copinance market --json options AAPL > aapl_options.json
 
# Specific expiry
copinance market --json options AAPL -e 2026-06-19 > aapl_jun_options.json
 
# Extract call-side deltas
copinance market --json options AAPL | jq '.contracts[] | select(.option_type == "call") | {strike: .strike, delta: .greeks.delta}'

3. Run deterministic options analysis

# Runs the full deterministic pipeline: underlying quote + chain + OI summary + ATM contract
copinance analyze options AAPL
 
# With a specific expiry
copinance analyze options AAPL --expiration 2026-06-19
 
# Multiple expiries (repeat -e / --expiration); deterministic JSON includes per-expiry blocks
copinance analyze options AAPL -e 2026-06-19 -e 2026-09-18

Deterministic analysis saves a structured report to .copinance/results/v2/ and prints a Rich panel (one analysis panel per expiry when multiple). No LLM required.

4. Ask positioning questions

Add --question to switch to question-driven mode. The LLM calls options chain tools and interprets the results:

# Overall positioning
copinance analyze options AAPL --question "How is the options market positioned — is there elevated put or call activity?"
 
# Specific expiry, specific side
copinance analyze options AAPL \
  --question "What are the most active call strikes near the money?" \
  --expiration 2026-06-19 --side call
 
# Put/call open interest ratio
copinance analyze options AAPL --question "What's the put/call open interest ratio and what does it signal?"
 
# Stream the answer
copinance analyze --stream options AAPL --question "Summarize the implied volatility skew for AAPL options."
 
# SPY macro options context
copinance analyze options SPY --question "What does the put/call positioning on SPY suggest about market hedging activity?"

5. Understand Greeks on a specific contract

# Get the chain as JSON and inspect a specific strike's Greeks
copinance market --json options AAPL -e 2026-06-19 -s call | \
  jq '.contracts[] | select(.strike == 200) | {strike, last: .last_price, delta: .greeks.delta, gamma: .greeks.gamma, theta: .greeks.theta, vega: .greeks.vega}'

Or ask the model:

copinance analyze options AAPL \
  --question "For the 200-strike call expiring June 2026, what do the Greeks tell us about the risk profile?" \
  --expiration 2026-06-19 --side call

6. Tune BSM assumptions

If the default risk-free rate or dividend yield doesn’t match your view:

# In .env
COPINANCEOS_OPTION_GREEKS_RISK_FREE_RATE=0.05
COPINANCEOS_OPTION_GREEKS_DIVIDEND_YIELD_DEFAULT=0.006   # e.g. AAPL ~0.6%

Then re-fetch with --no-cache to trigger recomputation with the new inputs.

Library equivalent

import asyncio
from copinance_os.infra.di import get_container
from copinance_os.domain.models.job import Job, JobScope, JobTimeframe
from copinance_os.domain.models.market import MarketType
 
async def options_analysis():
    container = get_container()  # no LLM needed for deterministic
    orchestrator = container.research_orchestrator()
    provider = container.market_data_provider()
 
    # Deterministic options analysis
    job = Job(
        scope=JobScope.INSTRUMENT,
        market_type=MarketType.OPTIONS,
        instrument_symbol="AAPL",
        timeframe=JobTimeframe.SHORT_TERM,
        execution_type="deterministic_instrument_analysis",
    )
    result = await orchestrator.run_job(job, {})
    # Multi-expiry: use context e.g. {"expiration_dates": ["2026-06-19", "2026-09-18"], "option_side": "all"}
    if result.success and result.report:
        print(result.report.key_metrics)
 
    # Direct chain access with Greeks
    chain = await provider.get_options_chain("AAPL", "2026-06-19")
    for contract in chain.calls[:5]:
        g = contract.greeks
        if g:
            print(f"Strike {contract.strike}: delta={g.delta:.3f}, gamma={g.gamma:.4f}")
 
asyncio.run(options_analysis())

Interpreting what you see

High put OI relative to calls → elevated hedging. Under the contrarian framing: extreme put/call ratios historically mark potential bottoms (crowded hedging → short squeeze risk), not bearish confirmation. Surface the contrarian implication, not the literal direction.

IV skew (OTM puts priced richer than OTM calls) → typical for equity index options; reflects demand for downside protection. Steep skew → elevated tail-risk concern.

Theta near expiry → QuantLib’s theta is not literal daily dollar decay; see Options & Greeks — Theta caveat.