Automated Options
The most parameter-dense instruments a small operation can access, which is exactly why encoding the rules matters more here than anywhere else. Most of these strategies are insurance businesses; the ones that fail usually failed operationally, not analytically.
The Variance Risk Premium: Being Paid to Insure
Implied volatility exceeds realised volatility most of the time. Most is not always, and the exception is the entire risk.
Covered Calls: What You Are Actually Selling
The most widely recommended options income strategy, and the least widely understood trade-off.
Collars and Protective Structures: Paying for Sleep
Hedging a concentrated position costs return. The question is whether the return you keep is worth more.
Volatility Crush Around Earnings: A Known Pattern, Densely Crowded
Implied volatility rises into a scheduled event and collapses after it. Everyone can see this.
Assignment, Exercise, and the Plumbing Nobody Backtests
Options strategies fail operationally more often than they fail analytically.
The Greeks as a Control System, Not a Vocabulary
Delta, gamma, theta and vega are the instrument panel of an automated options book.