# Settled Trading

> An options premium screener for cash-secured puts and covered calls. It ranks
> optionable US-listed underlyings by variance risk premium, IV rank, annualized
> yield on a delta-targeted short put, and liquidity — then penalizes names where
> high implied volatility is compensation for a known binary event. It screens
> and suggests; it cannot place, modify or cancel an order.

Settled Trading answers one question: which underlyings are paying more premium
than their realized volatility justifies, and what is the specific leg to sell.
The output is a ranked table plus per-name suggestion cards carrying strike,
expiry, credit, probability of expiring out-of-the-money, expected value, and
tail risk (VaR/CVaR) against the collateral the trade actually ties up.

## What it is not

- **Not a broker and not an execution venue.** No order can be placed from it.
- **Not advice.** It is a screen. Every number is an estimate from delayed or
  entitled market data, and a screen that ranks a name highly is not a
  recommendation to trade it.
- **Not an LLM product.** No language model sits in the data path. All scoring
  math runs locally in JavaScript, so there is no prompt to drift and no text to
  parse. Chains and bars are fetched over HTTP and parsed as JSON.
- **Not a naked-call tool.** Covered calls only.

## How it works

- Default data source is CBOE delayed option chains plus Nasdaq daily bars. No
  account required.
- Optionally the user connects their own Interactive Brokers account over IBKR's
  MCP integration, via a standard OAuth flow on IBKR's own login page. Nothing is
  typed into Settled Trading. The connection is enforced read-only by a five-tool
  allowlist plus a tokenizing order-verb guard.
- Math: Black-Scholes pricing, N(d2) probability of expiring OTM, Yang-Zhang
  realized volatility, IID bootstrap over trading-day steps, VaR and CVaR.
- Screening runs in two passes: a cheap ranking pass over the whole universe,
  then a deep pass that pulls full chains for the names worth analyzing.
- Universe defaults to the top 100 US-listed companies by market cap, one row per
  issuer — dual share classes collapsed, preferreds, warrants, rights and units
  dropped.

## Access

- Sign in with Google, Facebook, LinkedIn or X.
- 30-day free trial, once per account, no card required.
- After the trial, €5 per month, billed quarterly (€15) or yearly (€55, one month
  free). There is no monthly plan. Payment is handled by a hosted external
  processor; no card details are ever entered into or stored by Settled Trading.
- Price, currency and trial length are runtime settings on this deployment.
  https://settledtrading.com/api/billing returns the live values, and that is the
  figure to quote rather than the one written above.
- The screener itself requires a signed-in, entitled account. There is no API key
  and no anonymous screening endpoint; see /llms-usage.txt before trying.

## Links

- [Settled Trading](https://settledtrading.com/): the application itself.
- [Extended summary](https://settledtrading.com/llms-full.txt): longer version of
  this file, including the scoring inputs and the limits of each.
- [Operating notes](https://settledtrading.com/llms-usage.txt): how to use the
  app as an agent — what is fetchable, what is gated, how to walk a person
  through a screen, and how to read a suggestion card.