# Phase 6 (planned) — Options trading

Prereq met: all 3 paper accounts are **options Level 3** (long calls/puts + spreads).
Build in two increments; ship 6a first.

## 6a — Single-leg long calls/puts
The smallest coherent options feature: an agent expresses a directional thesis by buying a
**call** (bullish) or **put** (bearish) instead of / alongside shares.

**Schema** (`agents/schemas.py`)
- Add `instrument: "equity" | "option"` to `Pick` (default equity — nothing else changes).
- Option fields: `option_right: "call"|"put"`, `expiry: date`, `strike: float`, and a derived
  OCC `contract_symbol` (e.g. `AAPL260717C00300000`). Validator: expiry in the future, strike > 0.

**Data tools** (`tools/options.py`, added to `build_toolset`)
- `get_option_chain(underlying, around="atm", dte=30..45)` → nearby strikes/expiries with
  bid/ask/last/IV/OI. Backend: alpaca-py `OptionHistoricalDataClient` / option chain endpoint.
- `get_option_quote(contract_symbol)` → latest premium.
- Prompt guidance: default ~30–45 DTE, near-the-money, adequate open interest/volume.

**Execution** (`execution/broker.py`, `guardrails.py`, `run_market_open.py`)
- `submit_option_order(contract_symbol, qty_contracts, side, limit_price)` — Alpaca
  `LimitOrderRequest` with the OCC symbol. ⚠️ **Verify** Alpaca supports bracket/OTO on options;
  if not, place entry + a separate take-profit limit (and optional stop) rather than a bracket.
- Guardrails: size by **premium × 100 × contracts** vs equity cap; `max_contracts`,
  `max_premium_pct`, min DTE / max DTE, liquidity floor. Whole contracts only.

**State/dashboard**
- `orders`/`positions` gain `instrument_type` + contract columns; dashboard shows options
  positions distinctly (premium, expiry, right/strike, Greeks if available).

**Verification**: place one live long call + one long put during market hours; confirm fills,
position, and that the chosen exit mechanism works.

## 6b — Spreads / multi-leg (later)
Vertical spreads (defined risk), greeks-aware strike selection, multi-leg order submission.
Much larger surface (leg pairing, spread margin, assignment/expiry handling) — do after 6a is solid.

## Open risks to resolve during build
- Alpaca options **bracket/OTO** support (drives the exit design above).
- Options market-data availability/latency on the paper plan.
- Expiry & assignment handling for positions held to/near expiration.