---
title: "Reference arithmetic for one to four proposed option legs: net debit or credit, payoff, breakevens and whole-position greeks. Long legs price at the ask and short legs at the bid; a leg without a usable quote falls back to its last trade, and `pricingIsExecutable` is then false. Legs in one expiration return a terminal payoff; legs in two return one result per path, since the back legs still carry time value at the front expiration; more than two is refused. This is a read, so legs travel as repeated `leg` values. Probability of profit is always null. Pro reads real-time quotes and Plus delayed indicative quotes; the Free plan covers end-of-day data only and receives 403. US listings only."
method: GET
path: "/v1/securities/{ticker}/options/strategy"
tags: ["Options"]
---

# Reference arithmetic for one to four proposed option legs: net debit or credit, payoff, breakevens and whole-position greeks. Long legs price at the ask and short legs at the bid; a leg without a usable quote falls back to its last trade, and \`pricingIsExecutable\` is then false. Legs in one expiration return a terminal payoff; legs in two return one result per path, since the back legs still carry time value at the front expiration; more than two is refused. This is a read, so legs travel as repeated \`leg\` values. Probability of profit is always null. Pro reads real-time quotes and Plus delayed indicative quotes; the Free plan covers end-of-day data only and receives 403. US listings only.

`GET /v1/securities/{ticker}/options/strategy`

## Request

- Base URL: `https://api.equibles.com`
- URL: `https://api.equibles.com/v1/securities/{ticker}/options/strategy`
- Auth: HTTP bearer
- TypeScript: <https://skmtc.dev/equibles/apis/equibles-api/docs/v1/securities/:ticker/options/strategy/get.ts> (a function with typed inputs; its response is checked against the schema)

## Path parameters

- `ticker` string, required

## Query parameters

- `leg` string[]

## Response `200`

OK

- OptionStrategyResponse
  - `ticker` string, nullable
  - `pricingIsExecutable` boolean: True when every leg priced from a real-time natural quote: ask for long legs, bid for short legs. Always false on delayed quotes.
  - `delayed` boolean
  - `legs` OptionStrategyLegDto[], nullable
    - `occTicker` string, nullable
    - `side` string, nullable
    - `quantity` integer
    - `contractType` string, nullable
    - `strikePrice` number, double
    - `expirationDate` string, date
    - `sharesPerContract` integer
    - `entryPremiumPerShare` number, double
    - `entryPriceBasis` string, nullable: `ask`, `bid` or `lastTrade`. A last trade cannot be executed at.
    - `quoteAsOf` string, date-time, nullable
    - `impliedVolatility` number, double, nullable
    - `delta` number, double, nullable
    - `gamma` number, double, nullable
    - `theta` number, double, nullable
    - `vega` number, double, nullable
  - `netDebitDollars` number, double: Positive is a debit, negative a credit.
  - `expiration` string, date, nullable
  - `maxProfitDollars` number, double, nullable
  - `maxProfitUnbounded` boolean, nullable
  - `maxLossDollars` number, double, nullable
  - `maxLossUnbounded` boolean, nullable
  - `breakevens` number[], nullable
  - `rewardToRisk` number, double, nullable
  - `frontExpiration` string, date, nullable
  - `backExpiration` string, date, nullable
  - `ifFrontLegsExpireWorthless` OptionStrategyWorthlessPathDto
    - `frontUnderlyingMin` number, double
    - `frontUnderlyingMax` number, double, nullable: Null when no front call caps the range.
    - `maxProfitDollars` number, double, nullable
    - `maxProfitUnbounded` boolean
    - `maxLossDollars` number, double, nullable
    - `maxLossUnbounded` boolean
    - `breakevensAtBackExpiration` number[], nullable
    - `rewardToRisk` number, double, nullable
  - `ifFrontLegsFinishInTheMoney` OptionStrategyInTheMoneyPathDto
    - `floorComputed` boolean: False when a back leg is short: its closing cost includes time value, so no floor exists.
    - `minimumPnlDollars` number, double, nullable
    - `minimumPnlUnbounded` boolean
    - `worstFrontUnderlying` number, double, nullable
  - `netDeltaShareEquivalent` number, double, nullable: Whole position, in shares. Exposure, not a forecast.
  - `netGammaPerDollar` number, double, nullable: Whole-position delta change per $1 underlying move.
  - `netThetaDollarsPerCalendarDay` number, double, nullable: Whole-position dollars per calendar day.
  - `netVegaDollarsPerIvPoint` number, double, nullable: Whole-position dollars per one percentage-point implied volatility move.
  - `impliedVolatilityMin` number, double, nullable
  - `impliedVolatilityMax` number, double, nullable
  - `probabilityOfProfit` number, double, nullable: Always null: contract delta is not a probability of profit.

## Other responses

- `400`: Bad Request
- `403`: Forbidden
- `404`: Not Found
- `503`: Service Unavailable

---

[API](https://skmtc.dev/equibles/apis/equibles-api.md) - [All operations](https://skmtc.dev/equibles/apis/equibles-api/llms.txt) - [OpenAPI document](https://skmtc.dev/equibles/apis/equibles-api/revisions/666e06778588?raw)