Improve options order estimates and chain filter defaults.

Co-authored-by: Cursor <cursoragent@cursor.com>

lib/common/static/options_panel.js

@@ -11,7 +11,7 @@
   const state = {
     underlying: root.dataset.defaultUnderly || "ETH",
     optType: "C",
-    moneyFilter: "itm",
+    moneyFilter: "all",
     chain: panelCache.chain || null,
     selectedInst: null,
     orderQuote: null,
@@ -137,12 +137,37 @@
 
   function matchesMoneyFilter(moneyness) {
     const m = (moneyness || "").toLowerCase();
+    if (state.moneyFilter === "all") return true;
     if (state.moneyFilter === "otm") return m === "otm";
     return m === "itm" || m === "atm";
   }
 
   function moneyFilterLabel() {
-    return state.moneyFilter === "otm" ? "虚值" : "实值";
+    if (state.moneyFilter === "otm") return "虚值";
+    if (state.moneyFilter === "itm") return "实值";
+    return "";
+  }
+
+  function countContractsForType(contracts) {
+    return (contracts || []).filter(function (c) {
+      return c.opt_type === state.optType;
+    }).length;
+  }
+
+  function syncMoneyFilterButtons() {
+    document.querySelectorAll(".opt-money-btn").forEach(function (b) {
+      b.classList.toggle("active", (b.getAttribute("data-money") || "") === state.moneyFilter);
+    });
+  }
+
+  function resetMoneyFilterToAll() {
+    state.moneyFilter = "all";
+    syncMoneyFilterButtons();
+  }
+
+  function updateUnderlyingLabel() {
+    const el = document.getElementById("opt-order-eth-label");
+    if (el) el.textContent = state.underlying + " 数量";
   }
 
   function filterChainContracts(contracts) {
@@ -173,24 +198,40 @@
     }
   }
 
-  function renderExpiries() {
+  function renderIndexLine() {
-    const sel = document.getElementById("opt-exp-select");
-    sel.innerHTML = '<option value="">选择到期日</option>';
-    const exps = (state.chain && state.chain.expiries) || [];
-    exps.forEach(function (e) {
-      const o = document.createElement("option");
-      o.value = String(e.exp_time);
-      o.textContent = expLabel(e.exp_time) + " (" + filterChainContracts(e.contracts).length + ")";
-      sel.appendChild(o);
-    });
     const idx = state.chain && state.chain.index_px;
     const dte = state.chain && state.chain.chain_max_dte_days;
     if (dte != null) {
       const el = document.getElementById("opt-chain-dte");
       if (el) el.textContent = String(Math.round(dte));
     }
-    document.getElementById("opt-index-line").textContent =
+    const line = document.getElementById("opt-index-line");
-      "指数 " + state.underlying + " ≈ " + fmt(idx, 2) + " · 实值含平值 · 虚值=价外";
+    if (line) {
+      line.textContent =
+        "指数 " + state.underlying + " ≈ " + fmt(idx, 2) + " · 默认显示全部 · 实值含平值 · 虚值=价外";
+    }
+  }
+
+  function renderExpiryOptions(preserveSelection) {
+    const sel = document.getElementById("opt-exp-select");
+    if (!sel) return;
+    const prev = preserveSelection !== false ? sel.value : "";
+    sel.innerHTML = '<option value="">选择到期日</option>';
+    const exps = (state.chain && state.chain.expiries) || [];
+    exps.forEach(function (e) {
+      const o = document.createElement("option");
+      o.value = String(e.exp_time);
+      o.textContent = expLabel(e.exp_time) + " (" + countContractsForType(e.contracts) + ")";
+      sel.appendChild(o);
+    });
+    if (prev && exps.some(function (e) { return String(e.exp_time) === String(prev); })) {
+      sel.value = prev;
+    }
+  }
+
+  function renderExpiries() {
+    renderExpiryOptions(true);
+    renderIndexLine();
   }
 
   function fmtPxSz(px, sz, estimated) {
@@ -259,21 +300,28 @@
     return "";
   }
 
-  function estimateExpiryProfit(optType, strike, targetIdx, entryPx, ethAmount) {
+  function expiryIntrinsicPerUnit(optType, strike, targetIdx) {
-    if (strike == null || targetIdx == null || entryPx == null || ethAmount == null) return null;
-    const amt = Number(ethAmount);
-    const entry = Number(entryPx);
     const tgt = Number(targetIdx);
     const k = Number(strike);
-    if (!Number.isFinite(amt) || !Number.isFinite(entry) || !Number.isFinite(tgt) || !Number.isFinite(k) || amt <= 0) {
+    if (!Number.isFinite(tgt) || !Number.isFinite(k)) return null;
-      return null;
-    }
     const o = (optType || "").toUpperCase();
-    let intrinsic = 0;
+    if (o === "C") return Math.max(0, tgt - k);
-    if (o === "C") intrinsic = Math.max(0, tgt - k);
+    if (o === "P") return Math.max(0, k - tgt);
-    else if (o === "P") intrinsic = Math.max(0, k - tgt);
+    return null;
-    else return null;
+  }
-    return Math.round((intrinsic - entry) * amt * 10000) / 10000;
+
+  function estimateExpiryValue(optType, strike, targetIdx, ethAmount) {
+    const amt = Number(ethAmount);
+    const intrinsic = expiryIntrinsicPerUnit(optType, strike, targetIdx);
+    if (intrinsic == null || !Number.isFinite(amt) || amt <= 0) return null;
+    return Math.round(intrinsic * amt * 100) / 100;
+  }
+
+  function estimateExpiryProfit(optType, strike, targetIdx, ethAmount, totalPremium) {
+    const value = estimateExpiryValue(optType, strike, targetIdx, ethAmount);
+    const prem = Number(totalPremium);
+    if (value == null || !Number.isFinite(prem)) return null;
+    return Math.round((value - prem) * 100) / 100;
   }
 
   function calcContractLeverage(indexPx, ethAmount, totalPremium) {
@@ -292,14 +340,23 @@
     return "约 " + Number(v).toFixed(1) + "×";
   }
 
+  function fmtUsdcSigned(v) {
+    if (v === null || v === undefined || Number.isNaN(Number(v))) return "—";
+    const n = Number(v);
+    const sign = n > 0 ? "+" : "";
+    return sign + fmtUsdc(n) + " USDC";
+  }
+
   function updateOrderEstimates() {
     const levEl = document.getElementById("opt-order-leverage");
+    const valueEl = document.getElementById("opt-est-value");
     const profitEl = document.getElementById("opt-est-profit");
     const targetLevEl = document.getElementById("opt-est-leverage");
     const targetEl = document.getElementById("opt-target-idx");
     const q = state.orderQuote;
     if (!q || !q.ok) {
       if (levEl) levEl.textContent = "—";
+      if (valueEl) valueEl.textContent = "—";
       if (profitEl) {
         profitEl.textContent = "—";
         profitEl.className = "v";
@@ -313,20 +370,26 @@
     const lev = calcContractLeverage(q.index_px, ethAmount, premium);
     if (levEl) levEl.textContent = fmtLeverage(lev);
 
-    if (profitEl && targetEl) {
+    if (valueEl && profitEl && targetEl) {
       const targetRaw = targetEl.value;
       if (targetRaw === "" || targetRaw == null) {
+        valueEl.textContent = "—";
         profitEl.textContent = "—";
         profitEl.className = "v";
         if (targetLevEl) targetLevEl.textContent = "—";
       } else {
-        const profit = estimateExpiryProfit(q.opt_type, q.strike, Number(targetRaw), q.ask, ethAmount);
+        const value = estimateExpiryValue(q.opt_type, q.strike, Number(targetRaw), ethAmount);
+        const profit = estimateExpiryProfit(q.opt_type, q.strike, Number(targetRaw), ethAmount, premium);
+        if (value == null || Number.isNaN(value)) {
+          valueEl.textContent = "—";
+        } else {
+          valueEl.textContent = fmtUsdc(value) + " USDC";
+        }
         if (profit == null || Number.isNaN(profit)) {
           profitEl.textContent = "—";
           profitEl.className = "v";
         } else {
-          const sign = profit > 0 ? "+" : "";
+          profitEl.textContent = fmtUsdcSigned(profit);
-          profitEl.textContent = sign + profit.toFixed(4) + " USDC";
           profitEl.className = "v " + pnlCls(profit);
         }
         const targetLev = calcContractLeverage(Number(targetRaw), ethAmount, premium);
@@ -358,9 +421,9 @@
     const tbody = document.getElementById("opt-strike-tbody");
     const expMs = document.getElementById("opt-exp-select").value;
     const prevSelected = state.selectedInst;
-    parkOrderPanel();
     tbody.innerHTML = "";
     if (!expMs || !state.chain) {
+      parkOrderPanel();
       tbody.innerHTML = '<tr><td colspan="8" class="muted">请选择到期日</td></tr>';
       state.selectedInst = null;
       return;
@@ -368,14 +431,23 @@
     const exp = (state.chain.expiries || []).find(function (e) {
       return String(e.exp_time) === String(expMs);
     });
-    if (!exp) return;
+    if (!exp) {
-    const list = filterChainContracts(exp.contracts);
+      parkOrderPanel();
-    if (!list.length) {
-      tbody.innerHTML = '<tr><td colspan="8" class="muted">该到期日暂无' + moneyFilterLabel() + "合约</td></tr>";
       state.selectedInst = null;
       return;
     }
-    let stillVisible = false;
+    const list = filterChainContracts(exp.contracts);
+    if (!list.length) {
+      parkOrderPanel();
+      const label = moneyFilterLabel();
+      const suffix = label ? label : optTypeLabel(state.optType);
+      tbody.innerHTML = '<tr><td colspan="8" class="muted">该到期日暂无' + suffix + "合约</td></tr>";
+      state.selectedInst = null;
+      return;
+    }
+    const stillVisible = !!prevSelected && list.some(function (c) { return c.inst_id === prevSelected; });
+    if (!stillVisible) parkOrderPanel();
+    let matchedSelected = false;
     list.forEach(function (c) {
       const tr = document.createElement("tr");
       tr.className = "opt-strike-row";
@@ -393,14 +465,14 @@
         '<button type="button" class="btn-secondary opt-pick-btn" data-inst="' + c.inst_id + '">选择</button>' +
         "</td>";
       tbody.appendChild(tr);
-      if (c.inst_id === prevSelected) stillVisible = true;
+      if (c.inst_id === prevSelected) matchedSelected = true;
     });
     tbody.querySelectorAll(".opt-pick-btn").forEach(function (btn) {
       btn.addEventListener("click", function () {
         selectContract(btn.getAttribute("data-inst"), btn);
       });
     });
-    if (stillVisible && prevSelected) {
+    if (matchedSelected && prevSelected) {
       selectContract(prevSelected, null, true);
     } else {
       state.selectedInst = null;
@@ -416,7 +488,8 @@
     if (bidEl) bidEl.textContent = fmtPxSz(d.bid, d.bid_sz);
     document.getElementById("opt-order-sheets").textContent = sz.sheets != null ? sz.sheets : "—";
     document.getElementById("opt-order-eth").textContent = sz.eth_amount != null ? sz.eth_amount : "—";
-    document.getElementById("opt-order-premium").textContent = sz.total_premium != null ? fmt(sz.total_premium, 4) + " USDC" : "—";
+    updateUnderlyingLabel();
+    document.getElementById("opt-order-premium").textContent = sz.total_premium != null ? fmtUsdc(sz.total_premium) + " USDC" : "—";
     const beEl = document.getElementById("opt-order-expiry-be");
     const distEl = document.getElementById("opt-order-dist-be");
     if (beEl) {
@@ -473,7 +546,9 @@
     panelCache.underlying = state.underlying;
     panelCache.optType = state.optType;
     state.selectedInst = null;
+    resetMoneyFilterToAll();
     parkOrderPanel();
+    updateUnderlyingLabel();
     renderExpiries();
     renderStrikes();
   }
@@ -973,8 +1048,15 @@
     }, 120);
   }
 
+  function onExpiryChange() {
+    resetMoneyFilterToAll();
+    renderStrikes();
+  }
+
   function bootOptionsPanel() {
     updateSizeInputs();
+    syncMoneyFilterButtons();
+    updateUnderlyingLabel();
     const hasCache =
       panelCache.chain &&
       panelCache.underlying === state.underlying &&
@@ -1006,22 +1088,21 @@
       document.querySelectorAll(".opt-type-btn").forEach(function (b) { b.classList.remove("active"); });
       btn.classList.add("active");
       state.optType = btn.getAttribute("data-type");
-      renderExpiries();
+      resetMoneyFilterToAll();
+      renderExpiryOptions(true);
       renderStrikes();
     });
   });
 
   document.querySelectorAll(".opt-money-btn").forEach(function (btn) {
     btn.addEventListener("click", function () {
-      document.querySelectorAll(".opt-money-btn").forEach(function (b) { b.classList.remove("active"); });
+      state.moneyFilter = btn.getAttribute("data-money") || "all";
-      btn.classList.add("active");
+      syncMoneyFilterButtons();
-      state.moneyFilter = btn.getAttribute("data-money") || "itm";
-      renderExpiries();
       renderStrikes();
     });
   });
 
-  document.getElementById("opt-exp-select").addEventListener("change", renderStrikes);
+  document.getElementById("opt-exp-select").addEventListener("change", onExpiryChange);
   document.getElementById("opt-load-chain").addEventListener("click", loadChain);
   document.getElementById("opt-refresh-positions").addEventListener("click", refreshAllPositions);
   document.getElementById("opt-open-btn").addEventListener("click", openPosition);

lib/options/options_pricing_lib.py

@@ -298,16 +298,15 @@ def format_options_breakeven_line(
     return " ".join(parts)
 
 
-def estimate_expiry_profit_at_index(
+def estimate_expiry_value_at_index(
     *,
     opt_type: str,
     strike: float | None,
     target_idx: float | None,
-    entry_px: float | None,
     eth_amount: float | None,
 ) -> float | None:
-    """到期测算:目标指数价下按内在价值减权利金(每 1 币报价 × 币量)."""
+    """到期测算:目标指数价下期权内在价值总额(不含已付权利金)."""
-    if strike is None or target_idx is None or entry_px is None or eth_amount is None:
+    if strike is None or target_idx is None or eth_amount is None:
         return None
     if eth_amount <= 0:
         return None
@@ -318,7 +317,33 @@ def estimate_expiry_profit_at_index(
         intrinsic = max(0.0, float(strike) - float(target_idx))
     else:
         return None
-    return round((intrinsic - float(entry_px)) * float(eth_amount), 4)
+    return round(intrinsic * float(eth_amount), 2)
+
+
+def estimate_expiry_profit_at_index(
+    *,
+    opt_type: str,
+    strike: float | None,
+    target_idx: float | None,
+    entry_px: float | None,
+    eth_amount: float | None,
+    total_premium: float | None = None,
+) -> float | None:
+    """到期测算:目标指数价下净盈利 = 预计价值 − 权利金."""
+    value = estimate_expiry_value_at_index(
+        opt_type=opt_type,
+        strike=strike,
+        target_idx=target_idx,
+        eth_amount=eth_amount,
+    )
+    if value is None:
+        return None
+    prem = total_premium
+    if prem is None and entry_px is not None and eth_amount is not None:
+        prem = float(entry_px) * float(eth_amount)
+    if prem is None:
+        return None
+    return round(float(value) - float(prem), 2)
 
 
 def equivalent_contract_leverage(

lib/options/templates/options_panel.html

@@ -14,7 +14,8 @@
                 <select id="opt-exp-select"><option value="">选择到期日</option></select>
                 <button type="button" class="btn-secondary opt-type-btn active" data-type="C">看涨 Call</button>
                 <button type="button" class="btn-secondary opt-type-btn" data-type="P">看跌 Put</button>
-                <button type="button" class="btn-secondary opt-money-btn active" data-money="itm">实值</button>
+                <button type="button" class="btn-secondary opt-money-btn active" data-money="all">全部</button>
+                <button type="button" class="btn-secondary opt-money-btn" data-money="itm">实值</button>
                 <button type="button" class="btn-secondary opt-money-btn" data-money="otm">虚值</button>
                 <button type="button" class="btn-secondary" id="opt-load-chain">刷新链</button>
             </div>
@@ -46,7 +47,7 @@
                         <div><span class="k">卖一/张</span><span id="opt-order-ask" class="v">—</span></div>
                         <div><span class="k">买一/张</span><span id="opt-order-bid" class="v">—</span></div>
                         <div><span class="k">张数</span><span id="opt-order-sheets" class="v">—</span></div>
-                        <div><span class="k">ETH/BTC 数量</span><span id="opt-order-eth" class="v">—</span></div>
+                        <div><span class="k" id="opt-order-eth-label">ETH 数量</span><span id="opt-order-eth" class="v">—</span></div>
                         <div><span class="k">预估权利金</span><span id="opt-order-premium" class="v">—</span></div>
                         <div><span class="k">合约杠杆</span><span id="opt-order-leverage" class="v" title="名义价值÷权利金,测算用">—</span></div>
                         <div><span class="k">到期平衡</span><span id="opt-order-expiry-be" class="v">—</span></div>
@@ -55,7 +56,9 @@
                     <div class="options-estimate-row">
                         <label class="opt-est-label" for="opt-target-idx">目标位(指数)</label>
                         <input type="number" id="opt-target-idx" class="opt-target-idx" step="0.1" min="0" placeholder="到期时指数价">
-                        <span class="k">预计盈利</span>
+                        <span class="k">预计价值</span>
+                        <span id="opt-est-value" class="v">—</span>
+                        <span class="k">盈利</span>
                         <span id="opt-est-profit" class="v">—</span>
                         <span class="k">目标杠杆</span>
                         <span id="opt-est-leverage" class="v" title="目标位名义价值÷权利金">—</span>
@@ -212,4 +215,4 @@
     </div>
 </div>
 <script src="/static/options_expiry_countdown.js?v=1"></script>
-<script src="/static/options_panel.js?v=26"></script>
+<script src="/static/options_panel.js?v=27"></script>

tests/test_options_pricing.py

@@ -75,19 +75,51 @@ def test_equivalent_contract_leverage():
     assert lev == 144.9
 
 
-def test_estimate_expiry_profit_at_index():
+def test_estimate_expiry_value_and_profit_at_index():
-    from lib.options.options_pricing_lib import estimate_expiry_profit_at_index
+    from lib.options.options_pricing_lib import (
-
+        estimate_expiry_profit_at_index,
-    # Call 1780, ask 12.2, 0.01 ETH, target 1793 -> (13-12.2)*0.01 = 0.008
+        estimate_expiry_value_at_index,
-    p = estimate_expiry_profit_at_index(
-        opt_type="C", strike=1780, target_idx=1793, entry_px=12.2, eth_amount=0.01
     )
-    assert p == 0.008
+
+    value = estimate_expiry_value_at_index(
+        opt_type="C", strike=1800, target_idx=2000, eth_amount=1.0
+    )
+    assert value == 200.0
+
+    profit = estimate_expiry_profit_at_index(
+        opt_type="C",
+        strike=1800,
+        target_idx=2000,
+        entry_px=0.148,
+        eth_amount=1.0,
+        total_premium=14.8,
+    )
+    assert profit == 185.2
+
+    # Call 1780, ask 12.2, 0.01 ETH, target 1793 -> value 0.13, profit 0.01
+    v = estimate_expiry_value_at_index(
+        opt_type="C", strike=1780, target_idx=1793, eth_amount=0.01
+    )
+    assert v == 0.13
+    p = estimate_expiry_profit_at_index(
+        opt_type="C",
+        strike=1780,
+        target_idx=1793,
+        entry_px=12.2,
+        eth_amount=0.01,
+        total_premium=0.122,
+    )
+    assert p == 0.01
     # OTM call loses premium
     p2 = estimate_expiry_profit_at_index(
-        opt_type="C", strike=1780, target_idx=1770, entry_px=12.2, eth_amount=0.01
+        opt_type="C",
+        strike=1780,
+        target_idx=1770,
+        entry_px=12.2,
+        eth_amount=0.01,
+        total_premium=0.122,
     )
-    assert p2 == round(-12.2 * 0.01, 4)
+    assert p2 == -0.12
 
 
 def test_resolve_chain_quote_otm_no_quote():