After a few rolls an iron condor is not an iron condor anymore. Risk Illustrator reads what the position has become and prices hold, close, and roll on one basis before you commit more capital.
The gap
Risk Illustrator keeps the whole decision in one inspectable place.
How it works
Read the position
A reading names the components inside your legs and adds them back to exactly what you hold. The X-ray states a primary risk, a tested side, and a break-even against the expected move. Legs, fills, and the reconciliation stay one click away.
Stress the thesis
Re-price the position under named shocks: underlying ±5%, IV ±5 points, one day of decay. Read the result in signed dollars beside a plain-language briefing. Each bar states its assumption; none is a forecast.
Compare and record
Hold, close, and roll are priced on one basis: cash now, execution value, booked P&L, time left, what you would then hold, the most it could then lose, and the capital it ties up. Nothing is ranked. You choose, and record why.
Every branch you weighed, chosen or passed on, is held unchanged from that moment and valued at each market checkpoint since.
Whole-profile risk
Portfolio theta, vega, and capital roll up. Delta and gamma stay per underlying rather than summed into a number that means nothing. Then find which symbols dominate volatility and directional exposure.
Build from the chain
Price, liquidity, Greeks, payoff, and model evidence move together as you select each leg across expirations. Switch to the volatility view and the same position sits on its smiles, term structure, and expected moves.
Walkthrough
Why it’s different
| Aspect | A payoff calculator | Risk Illustrator |
|---|---|---|
| Starts from | A strategy catalog | The position you already hold, basis included |
| Shows | The expiration line | Price × time × volatility, with break-evens and the expected move |
| Complex structures | Five legs, five rows | Reconciled into components that add back to what you hold |
| Adjusting | Rebuild each alternative in a new tab | Hold, close, and roll priced side by side on one basis |
| Portfolio | One position at a time | Theta, vega, capital rolled up; delta and gamma kept per underlying |
| Assumptions | Hidden behind one number | Model values labelled apart from broker marks; source and vol model shown |
| Afterwards | Nothing | Every branch you weighed, valued at each checkpoint since |
For whom
Not for people looking for trade alerts.
A good fit
Not the product
Articles
Closed beta · US-listed options
We’re inviting a small group of active options traders to shape the adjustment workflow. Tell us how you trade and we’ll contact the best-fit participants first. No card required.
Before you join
No. It explains current risk and compares user-directed choices. The trader decides.
Active self-directed traders who understand basic options and regularly manage multi-leg positions or adjustments.
No. The current product focuses on analysis, read-only imports where available, and decision records.
The beta is built for US-listed, USD-denominated options positions. Broader market support is not yet promised.
It connects position decomposition, named-shock stress, adjustment comparison, lifecycle accounting, and portfolio context in one workflow, and keeps the model’s assumptions visible at each step.
Access is offered in small cohorts. Waitlist members are contacted as places open.
