Extend semi-auto with ITM/ATM/OTM, offset, and 1:4 sizing.

Moneyness and perp:option units are plan-only; OTM enforces leverage >=180.

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

backend/app/api/fleet.py

@@ -298,6 +298,10 @@ async def fleet_status(_tok: Annotated[str, Depends(require_fleet_token)]) -> di
             "semi_net_exit_target": st.get("semi_net_exit_target"),
             "semi_min_option_hours": st.get("semi_min_option_hours"),
             "semi_min_option_leverage": st.get("semi_min_option_leverage"),
+            "semi_moneyness": st.get("semi_moneyness"),
+            "semi_otm_max_offset": st.get("semi_otm_max_offset"),
+            "semi_perp_unit": st.get("semi_perp_unit"),
+            "semi_option_unit": st.get("semi_option_unit"),
             "leverage": _pick("leverage", float(settings.leverage)),
             "min_option_leverage": _pick(
                 "min_option_leverage", float(settings.min_option_leverage)

backend/app/api/plan.py

@@ -45,6 +45,10 @@ class SemiParamsBody(BaseModel):
     semi_perp_exit_unit: float | None = Field(default=None, ge=0.1, le=1_000_000)
     semi_min_option_hours: float | None = Field(default=None, ge=1, le=720)
     semi_min_option_leverage: float | None = Field(default=None, ge=1, le=10000)
+    semi_moneyness: Literal["itm", "atm", "otm"] | None = None
+    semi_otm_max_offset: float | None = Field(default=None, ge=1, le=5000)
+    semi_perp_unit: float | None = Field(default=None, ge=0.01, le=100)
+    semi_option_unit: float | None = Field(default=None, ge=0.01, le=100)
 
 
 @router.post("/semi/arm")

backend/app/api/settings.py

@@ -52,6 +52,10 @@ KEYS = (
     "semi_perp_exit_unit",
     "semi_min_option_hours",
     "semi_min_option_leverage",
+    "semi_moneyness",
+    "semi_otm_max_offset",
+    "semi_perp_unit",
+    "semi_option_unit",
     "close_bid_mark_max_pct",
     "residual_min_premium_pct",
     "residual_close_check_sec",
@@ -109,6 +113,10 @@ class StrategySettingsBody(BaseModel):
     semi_perp_exit_unit: float | None = Field(default=None, ge=0.1, le=1_000_000)
     semi_min_option_hours: float | None = Field(default=None, ge=1, le=720)
     semi_min_option_leverage: float | None = Field(default=None, ge=1, le=10000)
+    semi_moneyness: str | None = Field(default=None, pattern="^(itm|atm|otm)$")
+    semi_otm_max_offset: float | None = Field(default=None, ge=1, le=5000)
+    semi_perp_unit: float | None = Field(default=None, ge=0.01, le=100)
+    semi_option_unit: float | None = Field(default=None, ge=0.01, le=100)
     close_bid_mark_max_pct: float | None = Field(default=None, ge=1, le=100)
     residual_min_premium_pct: float | None = Field(default=None, ge=1, le=100)
     residual_close_check_sec: int | None = Field(default=None, ge=30, le=86400)
@@ -296,6 +304,28 @@ def _read_settings() -> dict:
             )
             or s.semi_min_option_leverage
         ),
+        "semi_moneyness": (
+            lambda m: m
+            if m in ("itm", "atm", "otm")
+            else "otm"
+        )(
+            str(
+                db.get_setting("semi_moneyness", s.semi_moneyness) or s.semi_moneyness
+            )
+            .strip()
+            .lower()
+        ),
+        "semi_otm_max_offset": float(
+            db.get_setting("semi_otm_max_offset", str(s.semi_otm_max_offset))
+            or s.semi_otm_max_offset
+        ),
+        "semi_perp_unit": float(
+            db.get_setting("semi_perp_unit", str(s.semi_perp_unit)) or s.semi_perp_unit
+        ),
+        "semi_option_unit": float(
+            db.get_setting("semi_option_unit", str(s.semi_option_unit))
+            or s.semi_option_unit
+        ),
         "close_bid_mark_max_pct": float(
             db.get_setting("close_bid_mark_max_pct", str(s.close_bid_mark_max_pct))
             or s.close_bid_mark_max_pct
@@ -555,6 +585,10 @@ async def put_strategy_settings(
             "semi_perp_exit_unit",
             "semi_min_option_hours",
             "semi_min_option_leverage",
+            "semi_moneyness",
+            "semi_otm_max_offset",
+            "semi_perp_unit",
+            "semi_option_unit",
             "semi_auto_enabled",
         )
         hit = [k for k in locked_keys if k in data]

backend/app/config.py

@@ -102,7 +102,11 @@ class Settings(BaseSettings):
     semi_option_move_points: float = 50.0  # 顺方向：标的波动点数
     semi_perp_exit_unit: float = 5.0  # 净利出场基数（×k）
     semi_min_option_hours: float = 30.0
-    semi_min_option_leverage: float = 100.0
+    semi_min_option_leverage: float = 200.0  # 虚值默认 200（虚值门仍强制≥180）
+    semi_moneyness: str = "otm"  # itm|atm|otm
+    semi_otm_max_offset: float = 25.0  # 虚值 |K−S| 上限（可配）
+    semi_perp_unit: float = 1.0  # 半自动永续:期权 配比分子
+    semi_option_unit: float = 4.0  # 配比分母，默认 1:4
     close_bid_mark_max_pct: float = 30.0  # 平仓：买一相对标记最大偏差%
     # 残留期权中途平：当前买一权利金 ≥ 初始权利金 × 该% 才尝试卖出
     residual_min_premium_pct: float = 20.0

backend/app/strategy/engine.py

@@ -369,6 +369,10 @@ class StrategyEngine:
             out["semi_perp_exit_unit"] = sp.get("perp_exit_unit")
             out["semi_min_option_hours"] = sp.get("min_option_hours")
             out["semi_min_option_leverage"] = sp.get("min_option_leverage")
+            out["semi_moneyness"] = sp.get("moneyness")
+            out["semi_otm_max_offset"] = sp.get("otm_max_offset")
+            out["semi_perp_unit"] = sp.get("perp_unit")
+            out["semi_option_unit"] = sp.get("option_unit")
             out["semi_net_exit_target"] = float(sp["perp_exit_unit"]) * k_eff
         except Exception:
             logger.exception("semi params for state() failed")
@@ -1361,6 +1365,10 @@ class StrategyEngine:
                     view_side=str(sp_lock["view_side"]),
                     option_move_points=float(sp_lock["option_move_points"]),
                     perp_exit_unit=float(sp_lock["perp_exit_unit"]),
+                    moneyness=str(sp_lock.get("moneyness") or "otm"),
+                    otm_max_offset=float(sp_lock.get("otm_max_offset") or 25),
+                    perp_unit=float(sp_lock.get("perp_unit") or 1),
+                    option_unit=float(sp_lock.get("option_unit") or 4),
                 )
             self._set_state(phase="open", last_error=None)
             try:

backend/app/strategy/open_pipeline.py

@@ -76,10 +76,27 @@ def size_and_gate(
             if not rs.ok:
                 return OpenPrepResult(ok=False, detail=rs.detail, sizing_detail=rs.detail)
         else:
+            from ..sim.ledger import Ledger
+            from .risk_sizing import is_risk_based
+            from .semi_auto import is_semi_auto, read_semi_params
+
+            led = Ledger(database)
+            semi_perp = None
+            semi_opt = None
+            if is_semi_auto(led):
+                sp = read_semi_params(led)
+                semi_perp = float(sp["perp_unit"])
+                semi_opt = float(sp["option_unit"])
+                if not is_risk_based(led):
+                    # 手动仓：半自动直接写入 永续:期权 配比名义
+                    database.set_setting("perp_qty_eth", f"{semi_perp:.4f}")
+                    database.set_setting("option_qty_eth", f"{semi_opt:.4f}")
             rs = apply_risk_sizing_to_ledger(
                 index_px=float(index_px),
                 option_ask=float(option_ask),
                 db=database,
+                perp_unit=semi_perp,
+                option_unit=semi_opt,
             )
             if not rs.ok:
                 return OpenPrepResult(ok=False, detail=rs.detail, sizing_detail=rs.detail)

backend/app/strategy/risk_sizing.py

@@ -428,12 +428,18 @@ def compute_risk_sizing(
     index_px: float,
     option_ask: float,
     db: Database | None = None,
+    perp_unit: float | None = None,
+    option_unit: float | None = None,
 ) -> RiskSizingResult:
     database = db or get_db()
     ledger = Ledger(database)
     s = get_settings()
     fee_rate = ledger.get_setting_float("fee_rate", s.fee_rate)
     perp_u, opt_u, exit_u = read_risk_units(ledger)
+    if perp_unit is not None and float(perp_unit) > 0:
+        perp_u = float(perp_unit)
+    if option_unit is not None and float(option_unit) > 0:
+        opt_u = float(option_unit)
     basis_raw = ledger.get_setting_str(
         "risk_leverage_basis", s.risk_leverage_basis
     ) or s.risk_leverage_basis
@@ -682,6 +688,8 @@ def apply_risk_sizing_to_ledger(
     index_px: float,
     option_ask: float,
     db: Database | None = None,
+    perp_unit: float | None = None,
+    option_unit: float | None = None,
 ) -> RiskSizingResult:
     """计算并写入 perp/option/exit；非以损定仓模式直接 ok 跳过。持仓中拒绝改写。"""
     database = db or get_db()
@@ -699,7 +707,13 @@ def apply_risk_sizing_to_ledger(
                 detail="持仓中已锁定本组成交目标与名义，平仓后再自动计算",
             )
 
-    r = compute_risk_sizing(index_px=index_px, option_ask=option_ask, db=database)
+    r = compute_risk_sizing(
+        index_px=index_px,
+        option_ask=option_ask,
+        db=database,
+        perp_unit=perp_unit,
+        option_unit=option_unit,
+    )
     if not r.ok:
         return r
 

backend/app/strategy/selection.py

@@ -46,6 +46,53 @@ def pick_atm_strike(strikes: list[float], mark_px: float) -> float | None:
     return min(strikes, key=lambda s: (abs(s - mark_px), s))
 
 
+def pick_otm_strike(
+    strikes: list[float],
+    mark_px: float,
+    *,
+    option_side: str,
+    max_offset: float,
+) -> float | None:
+    """
+    虚值：Call K>S、Put K<S；取最接近标的且 |K−S|≤max_offset 的一档。
+    """
+    if not strikes or mark_px <= 0:
+        return None
+    side = (option_side or "").strip().lower()
+    spot = float(mark_px)
+    cap = max(0.0, float(max_offset))
+    if side == "call":
+        cands = [
+            float(s)
+            for s in strikes
+            if float(s) > spot + 1e-9 and float(s) - spot <= cap + 1e-9
+        ]
+    elif side == "put":
+        cands = [
+            float(s)
+            for s in strikes
+            if float(s) < spot - 1e-9 and spot - float(s) <= cap + 1e-9
+        ]
+    else:
+        return None
+    if not cands:
+        return None
+    return min(cands, key=lambda s: (abs(s - spot), s))
+
+
+def is_otm(*, option_side: str, strike: float, mark_px: float) -> bool:
+    if mark_px <= 0:
+        return False
+    side = (option_side or "").strip().lower()
+    k = float(strike)
+    s = float(mark_px)
+    if side == "call":
+        return k > s + 1e-9
+    if side == "put":
+        return k < s - 1e-9
+    return False
+
+
 def pick_itm_or_atm_strike(
     strikes: list[float],
     mark_px: float,
@@ -166,11 +213,14 @@ def select_option_pair(
     min_hours: float | None = None,
     now: datetime | None = None,
     option_side: str | None = None,
+    moneyness: str | None = None,
+    otm_max_offset: float | None = None,
 ) -> OptionPair | None:
     """
     选到期 + 行权价。
-    option_side 为 call/put 时：按实值/平值选档（固定方向模式）；
+    option_side 为 call/put 时：按 moneyness 选档（默认实值/平值，兼容固定方向）；
     否则仍选 ATM（现有规则）。
+    moneyness: itm | atm | otm（仅半自动传入 otm/atm）。
     """
     complete = _complete_by_expiry(contracts)
     if not complete:
@@ -194,13 +244,24 @@ def select_option_pair(
             ymd = eligible[0]
 
     ems, strikes_map = complete[ymd]
+    keys = list(strikes_map.keys())
     side = (option_side or "").strip().lower() or None
+    mny = (moneyness or "").strip().lower() or None
     if side in ("call", "put"):
-        strike = pick_itm_or_atm_strike(
+        if mny == "otm":
-            list(strikes_map.keys()), mark_px, option_side=side
+            strike = pick_otm_strike(
+                keys,
+                mark_px,
+                option_side=side,
+                max_offset=float(otm_max_offset or 0),
             )
+        elif mny == "atm":
+            strike = pick_atm_strike(keys, mark_px)
         else:
-        strike = pick_atm_strike(list(strikes_map.keys()), mark_px)
+            # itm 或未指定：实值/平值（固定方向默认）
+            strike = pick_itm_or_atm_strike(keys, mark_px, option_side=side)
+    else:
+        strike = pick_atm_strike(keys, mark_px)
     if strike is None:
         return None
     legs = strikes_map[strike]

backend/app/strategy/semi_auto.py

@@ -13,6 +13,8 @@ PHASE_WAIT_HUMAN = "wait_human"
 REASON_POINTS = "semi_target_points"
 REASON_PERP_NET = "semi_perp_exit"
 TRADE_LOCK_KEY = "semi_trade_lock"
+OTM_LEV_FLOOR = 180.0
+MONEYNESS_CHOICES = ("itm", "atm", "otm")
 
 
 def is_semi_auto(ledger: Ledger | None = None) -> bool:
@@ -60,12 +62,23 @@ def lock_trade_params(
     view_side: str,
     option_move_points: float,
     perp_exit_unit: float,
+    moneyness: str = "otm",
+    otm_max_offset: float = 25.0,
+    perp_unit: float = 1.0,
+    option_unit: float = 4.0,
 ) -> None:
+    mny = str(moneyness or "otm").strip().lower()
+    if mny not in MONEYNESS_CHOICES:
+        mny = "otm"
     payload = {
         "group_id": str(group_id),
         "view_side": "short" if view_side == "short" else "long",
         "option_move_points": float(option_move_points),
         "perp_exit_unit": float(perp_exit_unit),
+        "moneyness": mny,
+        "otm_max_offset": float(otm_max_offset),
+        "perp_unit": float(perp_unit),
+        "option_unit": float(option_unit),
     }
     db.set_setting(TRADE_LOCK_KEY, json.dumps(payload, ensure_ascii=False))
 
@@ -74,6 +87,19 @@ def clear_trade_lock(db: Any) -> None:
     db.set_setting(TRADE_LOCK_KEY, "")
 
 
+def _norm_moneyness(raw: str | None, default: str = "otm") -> str:
+    m = str(raw or default).strip().lower()
+    return m if m in MONEYNESS_CHOICES else default
+
+
+def effective_min_leverage(moneyness: str, configured: float) -> float:
+    """虚值强制不低于 180；实值/平值用配置值。"""
+    lev = max(1.0, float(configured))
+    if _norm_moneyness(moneyness) == "otm":
+        return max(lev, OTM_LEV_FLOOR)
+    return lev
+
+
 def read_semi_params(
     ledger: Ledger | None = None,
     *,
@@ -96,7 +122,32 @@ def read_semi_params(
         led.get_setting_float("semi_perp_exit_unit", s.semi_perp_exit_unit)
         or s.semi_perp_exit_unit
     )
-    # 持仓中优先用开仓时锁定的出场参数
+    moneyness = _norm_moneyness(
+        led.get_setting_str("semi_moneyness", s.semi_moneyness),
+        s.semi_moneyness,
+    )
+    otm_off = float(
+        led.get_setting_float("semi_otm_max_offset", s.semi_otm_max_offset)
+        or s.semi_otm_max_offset
+    )
+    perp_u = float(
+        led.get_setting_float("semi_perp_unit", s.semi_perp_unit) or s.semi_perp_unit
+    )
+    opt_u = float(
+        led.get_setting_float("semi_option_unit", s.semi_option_unit)
+        or s.semi_option_unit
+    )
+    if perp_u <= 0:
+        perp_u = float(s.semi_perp_unit)
+    if opt_u <= 0:
+        opt_u = float(s.semi_option_unit)
+    min_lev_cfg = float(
+        led.get_setting_float(
+            "semi_min_option_leverage", s.semi_min_option_leverage
+        )
+        or s.semi_min_option_leverage
+    )
+    # 持仓中优先用开仓时锁定的出场/选约参数
     lock = read_trade_lock(led)
     if lock and group_id and str(lock.get("group_id")) == str(group_id):
         view = str(lock.get("view_side") or view).strip().lower()
@@ -105,8 +156,12 @@ def read_semi_params(
         try:
             move = float(lock.get("option_move_points", move))
             exit_unit = float(lock.get("perp_exit_unit", exit_unit))
+            otm_off = float(lock.get("otm_max_offset", otm_off))
+            perp_u = float(lock.get("perp_unit", perp_u))
+            opt_u = float(lock.get("option_unit", opt_u))
         except (TypeError, ValueError):
             pass
+        moneyness = _norm_moneyness(str(lock.get("moneyness") or moneyness), moneyness)
     return {
         "enabled": is_semi_auto(led),
         "armed": is_armed(led),
@@ -116,19 +171,21 @@ def read_semi_params(
         "perp_side": "short" if view == "long" else "long",
         "option_move_points": move,
         "perp_exit_unit": exit_unit,
+        "moneyness": moneyness,
+        "otm_max_offset": max(0.0, otm_off),
+        "perp_unit": perp_u,
+        "option_unit": opt_u,
         "min_option_hours": float(
             led.get_setting_float(
                 "semi_min_option_hours", s.semi_min_option_hours
             )
             or s.semi_min_option_hours
         ),
-        "min_option_leverage": float(
+        "min_option_leverage": effective_min_leverage(moneyness, min_lev_cfg),
-            led.get_setting_float(
+        "min_option_leverage_cfg": min_lev_cfg,
-                "semi_min_option_leverage", s.semi_min_option_leverage
+        "trade_locked": bool(
-            )
+            lock and group_id and str(lock.get("group_id")) == str(group_id)
-            or s.semi_min_option_leverage
         ),
-        "trade_locked": bool(lock and group_id and str(lock.get("group_id")) == str(group_id)),
     }
 
 

backend/app/strategy/session.py

@@ -726,8 +726,10 @@ class StrategySession:
         s = self.settings
         min_hours, min_lev, max_atm_off, atm_off_on = _strategy_floats()
         fixed_on, fixed_perp = _fixed_direction()
-        # 半自动：强制看法方向 + 实值/平值 + 半自动选约门槛（须已授权）
+        # 半自动：强制看法方向 + 行权类型(itm/atm/otm) + 半自动选约门槛（须已授权）
         semi_on = is_semi_auto()
+        semi_mny: str | None = None
+        semi_otm_off: float | None = None
         if semi_on:
             if not is_armed():
                 return None
@@ -737,6 +739,8 @@ class StrategySession:
             min_hours = float(sp["min_option_hours"])
             min_lev = float(sp["min_option_leverage"])
             atm_off_on = False
+            semi_mny = str(sp.get("moneyness") or "otm")
+            semi_otm_off = float(sp.get("otm_max_offset") or 0)
         opt_side_hint = _option_side_for_perp(fixed_perp) if fixed_on else None
         # 第一关：振幅过滤（默认关；开启则回看窗振幅须 ≤ 最大%）
         if not self._apply_amplitude_first_gate():
@@ -766,12 +770,40 @@ class StrategySession:
                 mark_px=underlying,
                 expiry_ymd=ymd,
                 option_side=opt_side_hint,
+                moneyness=semi_mny if semi_on else None,
+                otm_max_offset=semi_otm_off if semi_on else None,
             )
             if pair is None:
+                if semi_on and semi_mny == "otm":
+                    logger.info(
+                        "skip expiry=%s no OTM within offset=%.1f for %s mark=%.2f",
+                        ymd,
+                        float(semi_otm_off or 0),
+                        opt_side_hint,
+                        underlying,
+                    )
                 continue
             if fixed_on:
-                if not is_itm_or_atm(
+                from .selection import is_otm
-                    option_side=opt_side_hint or "",
+
+                side = opt_side_hint or ""
+                if semi_on and semi_mny == "otm":
+                    if not is_otm(
+                        option_side=side,
+                        strike=pair.strike,
+                        mark_px=underlying,
+                    ):
+                        continue
+                    if (
+                        atm_open_offset(pair.strike, underlying)
+                        > float(semi_otm_off or 0) + 1e-9
+                    ):
+                        continue
+                elif semi_on and semi_mny == "atm":
+                    # 平值：须为该到期最接近标的的档
+                    pass
+                elif not is_itm_or_atm(
+                    option_side=side,
                     strike=pair.strike,
                     mark_px=underlying,
                 ):

backend/tests/test_semi_auto.py

@@ -2,7 +2,13 @@
 
 from __future__ import annotations
 
-from app.strategy.semi_auto import REASON_PERP_NET, REASON_POINTS, check_semi_exits
+from app.strategy.selection import pick_otm_strike
+from app.strategy.semi_auto import (
+    REASON_PERP_NET,
+    REASON_POINTS,
+    check_semi_exits,
+    effective_min_leverage,
+)
 
 
 def test_semi_points_long_needs_net_positive() -> None:
@@ -73,3 +79,22 @@ def test_semi_not_yet() -> None:
         risk_k=1,
     )
     assert d.should_close is False
+
+
+def test_otm_leverage_floor() -> None:
+    assert effective_min_leverage("otm", 100) == 180
+    assert effective_min_leverage("otm", 200) == 200
+    assert effective_min_leverage("itm", 100) == 100
+
+
+def test_pick_otm_within_offset() -> None:
+    strikes = [1800.0, 1825.0, 1850.0, 1875.0]
+    # Call 虚值：标的 1830 → 1850（20点）在 25 内；1875 超
+    k = pick_otm_strike(strikes, 1830, option_side="call", max_offset=25)
+    assert k == 1850.0
+    assert (
+        pick_otm_strike(strikes, 1830, option_side="call", max_offset=15) is None
+    )
+    # Put 虚值
+    k2 = pick_otm_strike(strikes, 1830, option_side="put", max_offset=30)
+    assert k2 == 1825.0

control/frontend/src/pages/Monitor.tsx

@@ -1194,7 +1194,16 @@ export default function MonitorPage() {
                           </td>
                           <td>
                             {detail.strat.semi_auto_enabled === true
-                              ? `半自动·点${fmt(detail.strat.semi_option_move_points, 0)}/净≥${fmt(
+                              ? `半自动·${
+                                  detail.strat.semi_moneyness === "itm"
+                                    ? "实值"
+                                    : detail.strat.semi_moneyness === "atm"
+                                      ? "平值"
+                                      : "虚值"
+                                } ${fmt(detail.strat.semi_perp_unit, 0)}:${fmt(
+                                  detail.strat.semi_option_unit,
+                                  0,
+                                )} ·点${fmt(detail.strat.semi_option_move_points, 0)}/净≥${fmt(
                                   detail.strat.semi_net_exit_target ??
                                     detail.strat.semi_perp_exit_unit,
                                   2,

docs/半自动说明.md

@@ -36,7 +36,15 @@
 | 多 (`long`) | 买 Call | 空 |
 | 空 (`short`) | 买 Put | 多 |
 
-选约强制：**实值或平值**；最短剩余小时、最低杠杆用半自动本单参数（默认 ≥30h、杠杆 ≥100）。
+选约：本单可选 **实值 / 平值 / 虚值**（仅半自动）。
+
+| 行权类型 | 规则 |
+|----------|------|
+| `itm` | 实值或平值（Call K≤S；Put K≥S） |
+| `atm` | 该到期最接近标的的档 |
+| `otm` | 虚值且 \|K−S\| ≤ `semi_otm_max_offset`（可配）；杠杆门强制 ≥180，默认 200 |
+
+名义配比：`semi_perp_unit` : `semi_option_unit`（默认 **1:4**）；以损定仓时作单位再乘 k，手动仓直接写入名义。最短剩余小时默认 ≥30h。
 
 ---
 
@@ -67,7 +75,11 @@
 | `semi_option_move_points` | 50 | 顺向波动点数 |
 | `semi_perp_exit_unit` | 5 | 净利出场基数（×k） |
 | `semi_min_option_hours` | 30 | 选约最短剩余 |
-| `semi_min_option_leverage` | 100 | 选约最低杠杆 |
+| `semi_min_option_leverage` | 200 | 选约最低杠杆（虚值仍≥180） |
+| `semi_moneyness` | otm | itm / atm / otm |
+| `semi_otm_max_offset` | 25 | 虚值最大偏离（点） |
+| `semi_perp_unit` | 1 | 永续名义单位 |
+| `semi_option_unit` | 4 | 期权名义单位 |
 
 API（需登录）：
 
@@ -97,4 +109,5 @@ Fleet `strategy` 透出半自动字段。监控模式列在永期开启半自动
 
 | 日期 | 说明 |
 |------|------|
+| 2026-08-08 | 行权类型 itm/atm/otm；虚值偏离可配；永续:期权配比默认 1:4 |
 | 2026-08-08 | 初版：设置开关、首页本单、中控展示、出场与停机 |

docs/更新说明.md

@@ -5,13 +5,23 @@
 
 ---
 
+## 2026-08-08 — 半自动行权类型与 1:4 配比
+
+### 变更
+
+1. 半自动本单增加行权类型：实值 / 平值 / 虚值；虚值最大偏离可配。  
+2. 永续:期权名义配比可配，默认 1:4（以损作单位×k / 手动直写）。  
+3. 虚值杠杆门强制 ≥180，默认 200。  
+
+---
+
 ## 2026-08-08 — 永期半自动（人工授权单笔）
 
 ### 变更
 
 1. 系统设置「节奏」增加半自动开关；期期强制关闭半自动。  
 2. 首页「半自动 · 本单」：看法方向、波动点数、净利基数、选约门槛；授权/取消。  
-3. 引擎：未授权 `wait_human`；授权后选约 ITM/ATM 开仓；出场为到点且净利>0 或净利≥基数×k；平完清授权停机。  
+3. 引擎：未授权 `wait_human`；授权后选约并开仓；出场为到点且净利>0 或净利≥基数×k；平完清授权停机。  
 4. 中控模式列/详情透出半自动状态与目标。  
 5. 文档：`docs/半自动说明.md`；审计见 `docs/审计说明-2026-08-08-半自动.md`。
 

docs/策略说明.md

@@ -470,7 +470,11 @@ LIVE 特殊态：`option_closed_perp_pending`（期权已在交易所卖掉、
 | `semi_option_move_points` | 50 | 半自动顺向波动点数 |
 | `semi_perp_exit_unit` | 5 | 半自动净利出场基数（×k） |
 | `semi_min_option_hours` | 30 | 半自动选约最短剩余小时 |
-| `semi_min_option_leverage` | 100 | 半自动选约最低杠杆 |
+| `semi_min_option_leverage` | 200 | 半自动选约最低杠杆（虚值≥180） |
+| `semi_moneyness` | otm | 半自动行权类型 itm/atm/otm |
+| `semi_otm_max_offset` | 25 | 半自动虚值最大偏离 |
+| `semi_perp_unit` | 1 | 半自动永续名义单位 |
+| `semi_option_unit` | 4 | 半自动期权名义单位 |
 
 ---
 

frontend/src/api/client.ts

@@ -277,6 +277,10 @@ export type PlanState = {
   semi_perp_exit_unit?: number;
   semi_min_option_hours?: number;
   semi_min_option_leverage?: number;
+  semi_moneyness?: "itm" | "atm" | "otm";
+  semi_otm_max_offset?: number;
+  semi_perp_unit?: number;
+  semi_option_unit?: number;
   semi_net_exit_target?: number;
   can_open: boolean;
   open_capacity?: {
@@ -421,6 +425,10 @@ export type StrategySettings = {
   semi_perp_exit_unit?: number;
   semi_min_option_hours?: number;
   semi_min_option_leverage?: number;
+  semi_moneyness?: "itm" | "atm" | "otm";
+  semi_otm_max_offset?: number;
+  semi_perp_unit?: number;
+  semi_option_unit?: number;
   close_bid_mark_max_pct?: number;
   residual_min_premium_pct?: number;
   residual_close_check_sec?: number;

frontend/src/pages/Plan.tsx

@@ -116,9 +116,25 @@ export default function PlanPage() {
   const [semiMove, setSemiMove] = useState(50);
   const [semiExitU, setSemiExitU] = useState(5);
   const [semiMinH, setSemiMinH] = useState(30);
-  const [semiMinLev, setSemiMinLev] = useState(100);
+  const [semiMinLev, setSemiMinLev] = useState(200);
+  const [semiMny, setSemiMny] = useState<"itm" | "atm" | "otm">("otm");
+  const [semiOtmOff, setSemiOtmOff] = useState(25);
+  const [semiPerpU, setSemiPerpU] = useState(1);
+  const [semiOptU, setSemiOptU] = useState(4);
   const [semiDirty, setSemiDirty] = useState(false);
 
+  const semiParamsBody = () => ({
+    semi_view_side: semiView,
+    semi_option_move_points: semiMove,
+    semi_perp_exit_unit: semiExitU,
+    semi_min_option_hours: semiMinH,
+    semi_min_option_leverage: semiMinLev,
+    semi_moneyness: semiMny,
+    semi_otm_max_offset: semiOtmOff,
+    semi_perp_unit: semiPerpU,
+    semi_option_unit: semiOptU,
+  });
+
   async function refresh() {
     try {
       const [m, p] = await Promise.all([
@@ -132,7 +148,12 @@ export default function PlanPage() {
         setSemiMove(Number(p.semi_option_move_points ?? 50));
         setSemiExitU(Number(p.semi_perp_exit_unit ?? 5));
         setSemiMinH(Number(p.semi_min_option_hours ?? 30));
-        setSemiMinLev(Number(p.semi_min_option_leverage ?? 100));
+        setSemiMinLev(Number(p.semi_min_option_leverage ?? 200));
+        const m = p.semi_moneyness;
+        setSemiMny(m === "itm" || m === "atm" || m === "otm" ? m : "otm");
+        setSemiOtmOff(Number(p.semi_otm_max_offset ?? 25));
+        setSemiPerpU(Number(p.semi_perp_unit ?? 1));
+        setSemiOptU(Number(p.semi_option_unit ?? 4));
       }
       setErr("");
     } catch (e) {
@@ -146,13 +167,7 @@ export default function PlanPage() {
     try {
       const p = await apiFetch<PlanState>("/api/plan/semi/params", {
         method: "PUT",
-        body: JSON.stringify({
+        body: JSON.stringify(semiParamsBody()),
-          semi_view_side: semiView,
-          semi_option_move_points: semiMove,
-          semi_perp_exit_unit: semiExitU,
-          semi_min_option_hours: semiMinH,
-          semi_min_option_leverage: semiMinLev,
-        }),
       });
       setPlan(p);
       setSemiDirty(false);
@@ -170,13 +185,7 @@ export default function PlanPage() {
       if (semiDirty) {
         await apiFetch<PlanState>("/api/plan/semi/params", {
           method: "PUT",
-          body: JSON.stringify({
+          body: JSON.stringify(semiParamsBody()),
-            semi_view_side: semiView,
-            semi_option_move_points: semiMove,
-            semi_perp_exit_unit: semiExitU,
-            semi_min_option_hours: semiMinH,
-            semi_min_option_leverage: semiMinLev,
-          }),
         });
         setSemiDirty(false);
       }
@@ -568,7 +577,7 @@ export default function PlanPage() {
         <section className="card plan-semi-card" aria-label="半自动本单">
           <h3 className="plan-panel-title">半自动 · 本单</h3>
           <p className="meta" style={{ marginTop: 0 }}>
-            人工定方向与目标 → 授权后机器盯选约/开平 → 平完停，再授权下一单。选约：≥剩余时长与杠杆、实值或平值。顺向：开仓指数±点数且组合净利&gt;0；逆向兑现：净利≥基数×k。平仓先期权后永续。
+            人工定方向/行权类型/配比 → 授权后机器盯开平 → 平完停。虚值杠杆门≥180（默认200）。顺向：开仓指数±点数且净利&gt;0；逆向：净利≥基数×k。
           </p>
           <div className="settings-fields" style={{ marginTop: 8 }}>
             <div className="field">
@@ -587,6 +596,76 @@ export default function PlanPage() {
                 <option value="short">空 · 买 Put + 永续多</option>
               </select>
             </div>
+            <div className="field">
+              <label htmlFor="semiMny">行权类型</label>
+              <select
+                id="semiMny"
+                className="mono"
+                disabled={open || !!busy || !!plan.semi_armed}
+                value={semiMny}
+                onChange={(e) => {
+                  const v = e.target.value;
+                  setSemiMny(
+                    v === "itm" || v === "atm" || v === "otm" ? v : "otm",
+                  );
+                  setSemiDirty(true);
+                }}
+              >
+                <option value="itm">实值（含平值）</option>
+                <option value="atm">平值</option>
+                <option value="otm">虚值</option>
+              </select>
+            </div>
+            {semiMny === "otm" ? (
+              <div className="field">
+                <label htmlFor="semiOtmOff">虚值最大偏离（点）</label>
+                <input
+                  id="semiOtmOff"
+                  className="mono"
+                  type="number"
+                  step="1"
+                  min="1"
+                  disabled={open || !!busy || !!plan.semi_armed}
+                  value={semiOtmOff}
+                  onChange={(e) => {
+                    setSemiOtmOff(Number(e.target.value));
+                    setSemiDirty(true);
+                  }}
+                />
+              </div>
+            ) : null}
+            <div className="field">
+              <label htmlFor="semiPerpU">永续名义单位</label>
+              <input
+                id="semiPerpU"
+                className="mono"
+                type="number"
+                step="0.1"
+                min="0.01"
+                disabled={open || !!busy || !!plan.semi_armed}
+                value={semiPerpU}
+                onChange={(e) => {
+                  setSemiPerpU(Number(e.target.value));
+                  setSemiDirty(true);
+                }}
+              />
+            </div>
+            <div className="field">
+              <label htmlFor="semiOptU">期权名义单位（配比）</label>
+              <input
+                id="semiOptU"
+                className="mono"
+                type="number"
+                step="0.1"
+                min="0.01"
+                disabled={open || !!busy || !!plan.semi_armed}
+                value={semiOptU}
+                onChange={(e) => {
+                  setSemiOptU(Number(e.target.value));
+                  setSemiDirty(true);
+                }}
+              />
+            </div>
             <div className="field">
               <label htmlFor="semiMove">期权出场 · 波动点数</label>
               <input
@@ -661,7 +740,11 @@ export default function PlanPage() {
               const n = Number(idx);
               const tgt =
                 semiView === "long" ? n + Number(semiMove) : n - Number(semiMove);
-              return `指数 ${fmtExPx("index", n)} → 到点 ${fmtExPx("index", tgt)} · 净利目标≈${fmt(plan.semi_net_exit_target ?? semiExitU, 2)}U · ${plan.semi_armed ? "已授权盯开" : "未授权"}`;
+              const mnyZh =
+                semiMny === "itm" ? "实值" : semiMny === "atm" ? "平值" : "虚值";
+              return `指数 ${fmtExPx("index", n)} → 到点 ${fmtExPx("index", tgt)} · ${mnyZh}${
+                semiMny === "otm" ? `≤${fmt(semiOtmOff, 0)}点` : ""
+              } · 配比 ${fmt(semiPerpU, 2)}:${fmt(semiOptU, 2)} · 净利目标≈${fmt(plan.semi_net_exit_target ?? semiExitU, 2)}U · ${plan.semi_armed ? "已授权盯开" : "未授权"}`;
             })()}
           </div>
           <div className="plan-actions" style={{ marginTop: 10, paddingTop: 0 }}>