> ## Documentation Index
> Fetch the complete documentation index at: https://mathematicalcompany.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Options Trading

> Trade listed options via Interactive Brokers. Greeks, chains, and multi-leg strategies through the same engine.

# Options Trading

Horizon supports listed options via Interactive Brokers. The same engine handles options contracts using the `Market` struct's optional fields for strike, expiry, option type, and multiplier.

## Market Object for Options

Options use the extended `Market` fields:

```python theme={null}
import horizon as hz

call = hz.Market(
    id="265598",                    # IBKR conid
    name="AAPL Jan 2026 200 Call",
    exchange="ibkr",
    ticker="AAPL",
    asset_class="option",
    underlying="AAPL",
    strike_price=200.0,
    option_type="call",
    multiplier=100.0,               # 1 contract = 100 shares
    expiry="2026-01-16",
)
```

| Field          | Type    | Description                                     |
| -------------- | ------- | ----------------------------------------------- |
| `asset_class`  | `str`   | `"option"`                                      |
| `underlying`   | `str`   | Underlying symbol (e.g., `"AAPL"`)              |
| `strike_price` | `float` | Strike price                                    |
| `option_type`  | `str`   | `"call"` or `"put"`                             |
| `multiplier`   | `float` | Contract multiplier (100 for US equity options) |
| `expiry`       | `str`   | Expiration date                                 |

## Discovery

Find options contracts via IBKR symbol search:

```python theme={null}
contracts = hz.discover_markets(exchange="ibkr", query="AAPL", limit=20)
for c in contracts:
    print(f"{c.id}: {c.name} (asset_class={c.asset_class})")
```

## Options Data via CLI

The `equity` CLI group includes options tools powered by [Unusual Whales](/providers/unusual-whales):

```bash theme={null}
# Full options chain
horizon equity options-chain AAPL --expiry 2026-04-17

# Greek exposure (delta, gamma, vega, theta)
horizon equity greeks SPY

# Implied volatility term structure
horizon equity iv-surface TSLA
```

### Programmatic Access

```python theme={null}
from horizon.provider_tools import (
    uw_option_chains,
    uw_greek_exposure,
    uw_vol_term_structure,
    uw_max_pain,
    uw_iv_rank,
)

chain = uw_option_chains("AAPL")
greeks = uw_greek_exposure("SPY")
term = uw_vol_term_structure("TSLA")
pain = uw_max_pain("AAPL")
rank = uw_iv_rank("AAPL")
```

## Trading Options

Options use `Side.Long` like equities:

```python theme={null}
from horizon import Side, OrderSide, OrderRequest

# Buy 5 AAPL 200 calls
req = OrderRequest(
    market_id="265598",       # IBKR conid
    side=Side.Long,
    order_side=OrderSide.Buy,
    size=5,                   # 5 contracts
    price=3.50,               # per-share price ($350 per contract)
)
```

## Risk Configuration

Options need wider price ranges than prediction markets:

```python theme={null}
risk = hz.Risk.equity(
    max_position=50,          # max contracts
    max_notional=100_000,     # max total value
    max_order_size=20,
    price_min=0.01,
    price_max=100_000,
)
```

## Synthetic Options from Prediction Markets

Prediction markets are binary options. Horizon can extract implied volatility, Greeks, and build synthetic spread strategies from prediction market prices. See [Options Overlay](/options-overlay) for this.

## Enums

```python theme={null}
from horizon import AssetClass, OptionType

AssetClass.Option   # "option"
OptionType.Call     # "call"
OptionType.Put      # "put"
```

These are available for programmatic use but are not required — the `Market` fields use strings for flexibility.

## What Works the Same

All core SDK features work for options:

* Pipeline composition and `hz.run()`
* Risk pipeline (all 8 checks)
* Order management (submit, cancel, amend, bracket orders)
* Position tracking and P\&L
* SQLite persistence and crash recovery
* Monitoring, alerts, and TUI dashboard
* Autonomous fund management