Tool guide
Hedge Shopper
Shop downside protection for shares you are up on: protective put, collar, put-spread collar and bear put spread, priced off the live chain, sized to the expected move, with anything that costs more than the loss it removes dropped and the rest ranked by cost per dollar protected.
Open the tool →What it is
Given what you hold (shares, optionally your cost basis and a daily ATR), the Hedge Shopper shops the live chain for downside protection: protective put, collar, put-spread collar and bear put spread. Each structure is priced on its own horizon (standing insurance longer, tactical cover shorter).
How it ranks
It sizes the move it protects against off the chain's expected move, floored by an ATR-scaled move so a quiet name is not under-hedged. Then it drops any structure that costs more than the loss it removes and ranks the survivors by cost per dollar protected — credits and zero-cost structures first.
When to use it
When you are sitting on a GAIN and want to keep it through a window. If you are underwater, start with the Position Doctor instead — the cheapest protection is the wrong question when the floor would sit below what you paid.
Concepts used here
- DeltaHow much an option moves per $1 move in the stock — and, summed up, how much of the move your whole position still owns.
- Implied volatilityThe market's expectation of future movement, baked into the option's price.
- DTEDays to Expiration — low DTE signals urgency; high DTE signals a longer-horizon thesis.