From 5369b4b04f54dd4f575511775d62f3e2147f80a2 Mon Sep 17 00:00:00 2001
From: dekun <dekun@local>
Date: Sun, 26 Jul 2026 19:37:20 +0800
Subject: [PATCH] Document plan-page watch rules: pin held strike, residual
 list, new ATM when flat.

Co-authored-by: Cursor <cursoragent@cursor.com>
---
 docs/ETH对冲策略说明.mm       |   2 +-
 docs/ETH对冲策略说明.xmind    | Bin 6846 -> 7110 bytes
 docs/策略说明.md              |  39 +++++++++++++++++++++++++++++++---
 scripts/gen_strategy_xmind.py |  16 +++++++++++++-
 4 files changed, 52 insertions(+), 5 deletions(-)

diff --git a/docs/ETH对冲策略说明.mm b/docs/ETH对冲策略说明.mm
index 1ffe430..9fc09c7 100644
--- a/docs/ETH对冲策略说明.mm
+++ b/docs/ETH对冲策略说明.mm
@@ -1,4 +1,4 @@
 <?xml version="1.0" encoding="UTF-8"?>
 <map version="1.0.1">
-<node TEXT="★ ETH 永续 + 期权对冲"><node TEXT="①  期权"><node TEXT="优势"><node TEXT="亏损有界"/><node TEXT="大波动弹性强"/><node TEXT="租金模型"/><node TEXT="1 ETH 好算"/><node TEXT="只做买方"/></node><node TEXT="劣势"><node TEXT="横盘磨损"/><node TEXT="盘口薄"/><node TEXT="买一依赖"/><node TEXT="ATM 偏离"/><node TEXT="临期恶化"/></node></node><node TEXT="②  永续合约"><node TEXT="优势"><node TEXT="流动性深"/><node TEXT="对冲清晰"/><node TEXT="杠杆可配"/><node TEXT="组成对冲组"/></node><node TEXT="劣势"><node TEXT="强平风险"/><node TEXT="资金费率"/><node TEXT="保证金挤压"/><node TEXT="横盘无助"/><node TEXT="1:2 非精确"/></node></node><node TEXT="③  设计理念"><node TEXT="ATM 买方 + 反向永续"/><node TEXT="波动兑现 · 磨损认账"/><node TEXT="到期全平 · 概率样本"/><node TEXT="权利金 = 租金"/><node TEXT="薄腿优先 · 单组纪律"/></node><node TEXT="④  资金要求"><node TEXT="默认 1+2 ETH · 3x"/><node TEXT="推荐权益 ≥ 5000"/><node TEXT="舒适 ≥ 10000"/><node TEXT="试跑 0.1 / 0.2"/></node><node TEXT="⑤  操盘思路"><node TEXT="心法与节奏"><node TEXT="有波动多做"/><node TEXT="目标 15U"/><node TEXT="休息 5 分钟"/><node TEXT="最多 1 组"/></node><node TEXT="仓位结构"><node TEXT="永续 1 · 期权 2"/><node TEXT="先期权后永续"/><node TEXT="ATM 选向"/></node><node TEXT="开仓"><node TEXT="前置检查"/><node TEXT="选约门槛"/><node TEXT="四步执行"/></node><node TEXT="平仓"><node TEXT="目标A双腿"/><node TEXT="目标B只平永续"/><node TEXT="到期结算"/></node><node TEXT="关键参数"><node TEXT="仓位/杠杆/费率"/><node TEXT="目标/休息/周末"/><node TEXT="选约/偏差"/></node></node><node TEXT="⑥  风险评估"><node TEXT="横盘磨损"/><node TEXT="SIM≠实盘"/><node TEXT="方向/流动性/保证金"/><node TEXT="残留不挡新开"/></node><node TEXT="⑦  纪律要求"><node TEXT="活跃1组 · 残留可共存"/><node TEXT="远虚归档 · 不挡新开"/><node TEXT="看净利 · 不报复"/><node TEXT="SIM 后再放大"/></node></node>
+<node TEXT="★ ETH 永续 + 期权对冲"><node TEXT="①  期权"><node TEXT="优势"><node TEXT="亏损有界"/><node TEXT="大波动弹性强"/><node TEXT="租金模型"/><node TEXT="1 ETH 好算"/><node TEXT="只做买方"/></node><node TEXT="劣势"><node TEXT="横盘磨损"/><node TEXT="盘口薄"/><node TEXT="买一依赖"/><node TEXT="ATM 偏离"/><node TEXT="临期恶化"/></node></node><node TEXT="②  永续合约"><node TEXT="优势"><node TEXT="流动性深"/><node TEXT="对冲清晰"/><node TEXT="杠杆可配"/><node TEXT="组成对冲组"/></node><node TEXT="劣势"><node TEXT="强平风险"/><node TEXT="资金费率"/><node TEXT="保证金挤压"/><node TEXT="横盘无助"/><node TEXT="1:2 非精确"/></node></node><node TEXT="③  设计理念"><node TEXT="ATM 买方 + 反向永续"/><node TEXT="波动兑现 · 磨损认账"/><node TEXT="到期全平 · 概率样本"/><node TEXT="权利金 = 租金"/><node TEXT="薄腿优先 · 单组纪律"/></node><node TEXT="④  资金要求"><node TEXT="默认 1+2 ETH · 3x"/><node TEXT="推荐权益 ≥ 5000"/><node TEXT="舒适 ≥ 10000"/><node TEXT="试跑 0.1 / 0.2"/></node><node TEXT="⑤  操盘思路"><node TEXT="心法与节奏"><node TEXT="有波动多做"/><node TEXT="目标 15U"/><node TEXT="休息 5 分钟"/><node TEXT="最多 1 组"/></node><node TEXT="仓位结构"><node TEXT="永续 1 · 期权 2"/><node TEXT="先期权后永续"/><node TEXT="ATM 选向"/></node><node TEXT="开仓"><node TEXT="前置检查"/><node TEXT="选约门槛"/><node TEXT="四步执行"/></node><node TEXT="平仓"><node TEXT="目标A双腿"/><node TEXT="目标B只平永续"/><node TEXT="到期结算"/><node TEXT="监控分工"/></node><node TEXT="关键参数"><node TEXT="仓位/杠杆/费率"/><node TEXT="目标/休息/周末"/><node TEXT="选约/偏差"/></node></node><node TEXT="⑥  风险评估"><node TEXT="横盘磨损"/><node TEXT="SIM≠实盘"/><node TEXT="方向/流动性/保证金"/><node TEXT="残留不挡新开"/></node><node TEXT="⑦  纪律要求"><node TEXT="活跃1组 · 残留可共存"/><node TEXT="远虚归档 · 不挡新开"/><node TEXT="有仓钉持仓 · 空仓跟ATM"/><node TEXT="残留列表 · 下方新ATM"/><node TEXT="看净利 · 不报复"/><node TEXT="SIM 后再放大"/></node></node>
 </map>
diff --git a/docs/ETH对冲策略说明.xmind b/docs/ETH对冲策略说明.xmind
index b929fdab60faa334bcb8ef563ed94a22951845c6..aa313532b175d972e7d0b10e75fe93778ccd7a69 100644
GIT binary patch
delta 5677
zcmZXYWl+=sw}+QqK)R7mK~h>lIz?b5q+1$vmqkFSUH+tWr*wD6(jf{62ulgVQX(O(
zbaQ<_ym#i#{e3wz&zbpsIWy<O)BSir642Fx;L?CVAOcWD)}_Tr%2Ns!S`a8g9Rwo&
zN9_=<o(`^_Lf&xLsD(L#MkCe#z&b&h(ZxuBo$~>wc!8RDhUMOC<I0JeCh^Jcn19UW
zP4wQ0!w3IH96P#J<WJk)C$A)*JdyZu-1Ny9=Hjo3a4?$DzYCR1Fir1Uj|Gk$)MbPh
zOJMyGBTttvx~X}#Cu?gg_l|F!eXpe3JG!OAg!4Rdwq7o_7w!xjZ~C8M0eK9@2X)h+
zH8Qp@bo9NgX5XWy{kp&Sjj;p9=lkM!MEj*2eL>|xr3a+T(%PzHexkUispm%Q?s#Nl
z8M%c`Am9A~Sl;#>37w$e0JLW||L23D&{d8>sB?vy=h)8Oyais=%*)N*=D;PyN?~jz
zzN1I;W~E0zNJJIz(g_<5Q{;$gD+-Ly&)565`_1p3!JT65(^_c<wr}+vXTzb$SUP-Z
zA<y^LTe@_<GBwCW#NBbGw#O0~L?QcNZ+~CG>*6J#4wSZC>-5|Jbi$|((`BDuH(hCC
za$30y&u7qy=0LY+{dusKvBLoy^x(pZ`mFi(^P5|fXnsG8WhZiL)d{HV-v2$_RkGt=
zA1z;dm&t0<xO<Sc{iYCO>1vuIW@4)ZhS@_I62dkY7N^KF{X}-yN;kSTU^-%$R(-2L
z%<<d?qx&=7SuQ|~qckz&v&Y`no_xA9{7lc??@rb4V)T1i#}QIzQ*n8&B*KASFIw#j
zO#$U*Sm_+0`Hf2smfGdSRNA;)f&R+H>tQw%^uAM-aCA2;8XEY<e#iXeO5h%GTRPU|
zv3l#D-~jc6ae40cJzNFxG(n+K1!U%emB#y)$xrL{UROZrqG(-8H=qZ!Eqb?-0V{R=
z={lZedU>?@Cih&;5j+iEk~Xwki?cJU_RVO+3m31Z?(1*<tqt+AT}M-{{SL9J5=F|m
zg2#N3byF77Mt|#^KJ%MfmhHiM`?ebk>v~S+PGD_`u4JWg%hJ(m{$+Nwj4aM|70rHd
z>e|HokHGv4*3*}mq?mj&X<Oo&L;&h4++@mkOYZOaH|YUOy#>vs9<!P%r7|H$m{Xn^
zShVft+VhrF>YdR&ay+}Yg3W}{MHG?ycBVdtxhMmm8|+F(W`(T^5}roqaC-<eXRC(_
zOKGdo7l$ib+@t&=ADM;j)fM|Io7wGxxxF-M0P4-K%sO5rE1Sm?-j~i88{RK8o!`DZ
zCsJ17S{Up(QGst-!4EV}T^Y0T&`;C5nS$OaJ%0*i*NCsRbLHgZO&fMuo$a}aNfVN-
zMU~CmU5lX3<ry-{dVZA0_2A9EpIhM+i{#{1R>F%|Txo2}+0)@JMBq#uxz%IS<lEE8
zfG(YZ5}mdF!6UaCg4A#H+CEUV1^gJfl9p2LSwZhnnvc-fnHK9Tsb8wukPTQ3s{jiX
zvpXBH3Z;ujPftQ}uoNfm70qBgU2t!V<-M8=S0rKr@S<3F%3=*RE>l2})@*p%<kAZ&
z3z6hgrEmpAycT<!5=*L7Wuo%5Yv{=gkl2-3?EDSIK+ke9W5a8-&y^wnQ73mn^WhBR
zXT#?rG1=;K+Xd=1ZH-ZEOiHwgg40=(4YH()iBmb3W22s)Vx}xwY*lmuK|0!m=lFz<
zw$Fm&aav%5Sv|D9am|!UWuJMI@3*G=m7eC>zflR;u5;)W?rmYj3^K)8w<}r^1HrGv
zrLNPc*5o7XPxwHzA|*i<CjJugtMszr5BhP5?T7|p!?t#Ad?@nz`eb-?v0c>Ad3Nx+
z6!c5r@uy6#6jl9gHXe?L5009v-)53Z8k7IF61$Sf_S+NTLJ=~{f$0rJA4_{8rgz^r
zNdNjNjABBXA28|U%-nSvTL%=K0~=+k@7{ZpD+z`sUdm45t{GvEo3?gZC;1<Cp9ECx
z;aFGdENPxDXVb6v;rseYV+j6o{7eW3S3G8BC0e*{>-G>v5gpq;)WJMur{SVV_od!H
z3|U{@kuajC;r{%5JWuYP|GpreskOzaf9Jbdh)X=m<i&^50DP_o!7CDEGJqy{Q8AE6
z3X;0fLHJ^73>&dP#uaS8`ZLh{{@Q3W7b!GbEpmR!X>xRmxIH1JvjIQM7{u1u1M}XB
z+MyWOy2i&<ls+%&ZrpDeY!$wi!k^Zio^_Sge2Ac_4CW2+9$AW^rTopvM(KDhWgwAf
z5P|mIX9_oS$Ea7Irg(*q0y$raxz*V{!+UXXDLgzrUyg}uJtfE0;i#Ux7`@z98EkN7
zPf!#Ti6o9hN%~HoDrSwI|Mq%s$hyICxb5KuVz%^sVdoGOPRR<PRB|nQR3_*hd=Cj;
z_rJ$1%&>4GqHLsJJ=!<Wr_QQg`mL5;ZQ%LF8?tfoivFj$unR}AOMrfbQjyvy2U=a^
zvFyO4V1M;sMv1uP5mko3c7X|JzkRgZ^BXD&jc4ejHu#Sj<u#t9Uup()Ij<D}SqS3{
zw;5#?cOabnW8T{cS<MRafXe9>Yi>WU-9$xRhtF53XtFpkJm~Jpj&9N~yvUS4JTBpV
zANr+EIsPnyj&koVnShS+&$UTE4;n-3j|beWPJOe#b-g&K0rv>cSYSK#!z^p$rPd<`
zsXXzVBsPXq$>!JM66IKK8XCFr<icnSC?e=ow$5gCvVv-k8K>T%Nxqb`ag^gGrt1$N
zH=o^Kd*U=LK6+_`17@oX&&j=`9!s<EczgfRg8)6Phf@8W)#<=Y<lE3+T;F}%Ub@l9
zT*sy8f$&27nL9VHo>&Q#2FX>?)Vbj}Yt!~mk7kjTnYhY*jR~t_VK(dgjLS*VDk`B%
zgKSn+L#iGk-;z8dw+KG^ftx;%k5O_<N>sH{^+uhs65wN6#J#j-Q>DoCm?<{2UYnTn
z{SIGSWX@c}f_VUsVFK{YZ@c^MBx@m@Gao)yM@r7kjTt>cRb!UqUFI(DINc0-LmVZ<
zLToBN%H-dem<Fk+eXZOhfqau-)d>=StQGwdFnu>k`YvRPJwSr<!K+q&&k?IP1ll-0
z==7`iVEgipfXeuI%7}8|))J1lg8?jA>%p5-V@vQNM5+Z4lr2WBNv-rSIXT`AM%hs4
z<R{rM(Gl}$r}UUpNDWpXvLQxNp5XetvABu+yS+VU`O*go-QN0j@TktS%&mIq+?qw5
ziU<3RiQrIhYqH{x@gJ>2&gfHiY&!q-IdxtE@sEykO6>`}<#*nU{qwW_A;tLG>+-VC
zgRCeYjlyq%da(mq-zN-K{CpuV86qeKKcolP{v112Bqg5Ak+-N&@V2=6(<&-vW4Mxy
zIyY>8V)GLTNcr76jL*K$%Sru~Gl4BCo~maryu<I(Y;w0?v-qsSsFhs)-)q&*a_sPP
zm`xGqmt%0Ib*JTIz|kVW+Tu7~`}xJ35iXx9Nz0Z2@K~poS{^OxQr_-fS*Wpp@cWXF
z)M|A&&-h|6nh`K*;|pFUr^I{)^B<^gTd!M=vi8SXtY{wQSp2`5zZAcS#!942SF2X#
z&EJ7K36aCGxoOObg(bCEVI?yGgrb>>DvE-Trl53}v0T0*V=PXh+i&{(eT8mMZUr*^
zW-JD{mk>wa`$U~yoWF<(CsR+{$OY*~{l$PIg!pyFl9lHD%Aq}<0D-WlE1xHIY14lg
zCwoX9n%;DrQ)zS0v3yf|CL|r1!mZ-*r(A%qA1u!LMOK0%r6J^MQ<Etj1^41-F*~9s
z$S{xTz$BU*)`2f5aM$%hzokN{AWSR6lF#XZ;kwL3t|Ysy&u9Jchkx|x+giCHY<!)C
zXdfoAKYaP>c(Nh{p?Rr%C)iS3NLy*gfo>4rYsov|6Q97CaMXt&-pH~q`{|d_-_1*Z
zbdo8zC6B9<XxtCj7fsMX878umX@uIZ8p1~m<9IZQtnDaHI7>tY+E}qH(1!@F?=EgY
z1=4fJM=~->%(ysJYaA^7GB7z=o!f!s&%81&t=7<v(TnfW8G`<~)xvY`+hb5dX#%Rj
z?ph@d0?j5FfNs`b!AZP_1Vl+nI18s9qM&MZ6eUNptHb;94SgTu3k<E%kRXU-f!(9X
zilOp#qbfy_{I8Ond7y}5$@rmh)ji;|clS7uoSn@swj<o4rIp2em=f@nD@ZjDzDQH$
zf<G=NdBg^}L8rD$>A%KX5Vgmr0G%ed|9n3LLoFIH9`V24Putp+POsW~L>IfJe9RtA
z;Uq7mP^=UoD~w-@ah+K<h|HMD)NGKvHs(d^GvXyukJ&Nw#lfxYmFhYMJpq=;^rV&C
z-Mzirsf)mz#=u;*H|0vCU*Z|dkF)o43@T2@D@zaI+}y7|C<%fdao01+Z6iu{$Wt3`
zhG01E9U~*rL7ic!5YP!P(ZVFgvGuxrs=(^k&=lt!*i0%y&RKJ;PLIg;Su0}K=G#o)
z8s8DmIwMY@Di;yG;a<yp7yv3e*}mc8p}G(wDhxPhrdNqxa85F?3WDNHj(gV~tSe97
z&3_a?7ICr=)#1P@tIVCG&CU7wTUl3Pc3K1ZFKsB8LPb;!HF`A22Iw*)YRYpggNftM
z(x(DER5diZ`j$wwV@r-Y(767ZTo?9cS`p!qwqx*jO<h!{b1Bap0EWI*19jHHXucPO
zeOdZLi|Yt1)Vr4&ludR*%lhd`Bq|~j5)qnLa^wGZ{5SE7ZTm2xu9PXRmsxn4jF99>
z(!<l$1`W|?Y;=N!p8NE@jH0xBHWD#SGUjs)p1*D>oXhQxH5!ncc@h`KUmv80$sfWo
zrqKbjY!f*1XMW%3fJG;=iM%8ps>Pd9@$D56(0ov6gk89H|6-;I)&hDzZD;uaWFtUh
zFZwqXn}wls$CZgr?!x}@!QCB~94q64UbnxRvYY$k&(Wq$`z+aw7HfX1%clvQdz9EE
zK74xGd;RGVh$|8X2>HqWGGU<}puf)m5h&D5)A;_mMWsd&ND0Bm*?>~yuAbJc7G5PV
zl1nm?8w++Voy+5l2RDC<v#&%1vOHv}#JyQ<>VM8v{seapEzWPs!~$372b^DXV(CvV
z%yc{>@wJM%?J2GG3?GiiN%yZ303R0^wKt5|$@6+Vh&&-b-?TdBITE}pHGgg}8;Rx{
zza1qG*`qrL=!P~N%a@(m0%vgNsX*L8*>WEyq4Ena=yD{*MRu!SxVBWB%soC+lWh(N
ziPlrTmt0TfDk0?(dh7U@#axQlIl1AAKC%8lKsf@QW5+G2%NEvb#J^ljO}(|vGVWLW
z`#?Pp{)=}_^8rD#*h+hnHiC9Bedu@i3y~?rViVpZAQP`|i%Z0*c}-<J634+(N#pMz
zzP93u+Fa6GgbYTBuoXnbvrp@R8dRGT)-b%cdgFctJ1<FLA3fqz6AEmuNWbT&zGA{`
zEmS(%uP35lyxEn#vXSMjf2{f3;&^f8gUboEwx6_7Gb7B+xu5nucY_uXK!m+KGCWZ{
z*t$nR_*^!(`NnAdP-1EI**+RKh!#A|`~&MdPVZVKjGV{Ed=W?oC_5B>tq!Wbq5`kS
zK#C2YhrX6+z~Bz{bqpjSb{h4!&fUd)1?EhoQ_^0=NTCg)0<{k7*6?Xh#g@&q$g83x
z_Kk=*ocw5W7TnG(!dBQd=cuE3$9=up3U2}TtHK1>FVlQ>b~He^9XOYBGLg`9Sxvk_
zyCxD355I`FS2F>d$b9a1xt|g@5jNMSdFfo+-D;V|KTeY-;lTJOEkgG&Afr{a7U@{g
zTQ{%$7}aDHY4tTyH`u<+$K=xXA*#i!bEj^}2Pl>*DNwq0;*TCY((5D96Vnx)$p9i7
zU~+%K$N{R6lXXwG^0~qH6IudZyZs{*ormc!KAF6N*5T~m+b^0I;SqKnvGQpS&A1tF
z?a6>z=&&LAf3o&;-Yi2(4t9+V#Mmdv%OvtH`GhAN)s&VRTdMq*Zqmdl<JK%Sd{k<~
zgxF`a&&`nfg9*I>&Jtq1N}5EIK0sj#otK69<rxIkzRbw~GPq08y&r8Wn#NTEwcA#A
zeTeNe=O8#iwU1tW)O;~AX1W*Q01~0n%Nyb58cel=y<MB?#&OY3bJBWEPP7{NO6aJY
zmzuTmn7FFLhwkyUN@Fa-?$KSS7Y!TYDXSa4qMxQM>Ao)2q?!u7>Qv7i765!k{kpDK
zAvA9NOR+IIRg>>J6^UV%FFz=nE4$><qUC0He_yFYaatdC79_}-cbH=3^zzmve=Mhu
zjqNLBKl<84Qnwl+#-P!A`y}W4<*Ph&TT&Oj^t2y<G!U6J;Cc1!W67Hkco&H+6({cT
zv}I8v9cZT5d@1S%Iaios3WVvAc=M6wO9<sVzhFX>7m79-=UTSVbw*8Xooh~n{&fF6
zPOx{6kz>q-zEw>Jel$9`4n=S$=~FbvT*X-miX^A&u@FCl41bi7wmFVd{C8#anNTK!
zY%7=7+_=fS5$Q@($fd)V{JM#?ra|w8`>O23^%&)7$`cKZK^@UcKuN{=?{r@=qDd^|
zRfb)WkppHv@@7b{U;cf%KO~~$uQ%1qTQl$o1Ts8~tIR=B4BwoZr!`*gN_(WBp!StE
zZU8f*$@rYFO5lP>-(ZFuX&>d`5*!|<@+msy?sTa-WFMXScv7?Z_mUf73jLSX5300v
z@ti+P_CiOTgk8To0i{vSUyr1n(>m!U%P&8vp=cm!r{#{^c<4Ctk4&`#z1Hx|)9Tm0
zz(HBd<lyv(nO(I6*z{o;3=>=J%ZtTUC`eg8&Iz75GPJ*XB9&!eI&F}Y|8bR}afd8;
zkRxqA<mCsNLNVqhyZiAu@=If`NRY9X*L}++hq~$vHRwPP@cQN9OjY{PYBX)7`GGm&
zQS2*40|FKB%2@zML6Q8-?r^5}L^>06P#r$I)W;t(U>z7H5&;K4m_$=Vo|2TvTpFnB
zIH{+(*gO!Ht#w{g@WJ}VZS4pC#N0|f!L=O>u}Kh?a_B7b6gB3n@EC+i9tJ9ikxpj2
zS>75#a=j#hVj1Flq}oE%W)&355Vzj$Pl9j5nFZmCh|5QUpU~p8!_>da8;@<dB5h-k
zj1&|tMYuwel6x}At3DTw&E0?6<$HXxj<uRpyFuziqRhm6H>W|D3)#vv*~k5aC!rA$
zwRRB_F~u^s<Qcjg?hPk&)iIvUd;P}=l_CNZ>YC1gCXBeAzYT-Qjjh5u9a5te4gmbH
zLt)0RJt?0|(^JG&C}WitDU}^GE=CUrV2~dRBwPWzd(KCE+e6}kzr02da{1802QQsT
z_U--jhjy)&4E`(@dU~{4J(c3T3YDZgLUgwMlao=^*7+V6QFnO%*S7+VFKCV+;EJpy
zW%`2uj1BrVvi~b$lYTG=NdE@`iky?<5D+MY0|X-a=Vt$#0Gwz4jID>K56r>iKcZGw
z3kOUC`mfVXl4E3+l4k&c;0~TP|9^dHAy9%Ss{hwjfdc~l>-paV;H)wvB{1^f4>10R
F{SP(8yKevh

delta 5402
zcmZYD_cPp$w+HaW61~^xy%QpcU91vTi5>(SL`ejz_wvzuCsCt|AV{Kj5p6|ptC#4#
z6BhYC&z(DS=R5cOaL&BXnez|4dZpT*06H2tU}_Kugb%t+y)kQvqtK`MCvqr*Kt%s+
zt(=hVHb{37Z%2nAGgED5lxJX``Iw@NUSYqdhsO(}1{=&amwFnXjC%1P+y_!_I=^kf
zW;X1-)G3MQAj#;D<@Sxl>d}l<=o`H3p&qu4Qt1}ItH7*|q!)|x-q}M2ZUBl;HLiEm
zVXFL>$?{EmU3t?vh7k?P>DbO)x~v-h<#^~bxw)-1TQUc!euczr?g27%wNKjuTJ=v7
zs<Z-{Dr+hZu8i87-PdG}<ak?TFz#>iaFpCHUm^F7c3QpHeEmwB-v;`L`T2f3$&8(e
z^S9``b>9%|Ynt?Xz9(0T01(L349xgX7Cl`UABCgV@{<5&p@$mGcTzWg?V+j%=qH1l
zzE>Od{vi6o>WUVGt&*~?a-B{NoQZ<FCiCk2SNlCnfR^X+s|+ink*Tv;rje_Lyrb>r
zIgyd8TJyH)H*z<KNVzu=!AHXv?j9F)h^9&O61t%Jb`AY^pUX)QsQV~2y!;e(TeFU;
z^bQbgKbt5ax_%&n*pdaNWw(6YC+BZNC;mvXzQ3wPG`j9|(dE5I&p`|l4_i}2i_klm
zD#qzS%uQqKrx)|@KW$tyaWYv(ybX$C{PxrBaQ85DNH*i54~1JQHlI59cz4BUHB)BZ
zjGI771*Zg?nu2E=SZ(sWa%a}8ZN^Bqw*ZB0w};K!yVB^zv1PwrJC1H_l}E|RJQ=G$
zC-z67H_(v-S3TbkgNf5D@ps=L*@I-=8a2IiDzBy^d4D_^kFT8jITadi*1s>29lHPv
zV}Cz$#lRkAI@F^fh#Fb$^D<gnthBb^URu1j@gjEMJ~E#KULnz?QY$#LrZFn*Ng}!#
ziZJjTa?kN;fES}-@&e!}q?J}~TGX+hFlm^Z8Cel~GU4}6Fd6iD71hL}XF*H8K0Cy1
zRg|!o@l_p7TLH=b`gLvrf8WUw$%$ZiE}(=OG@X}oO?>w-CP`eyLiE61up{Qdn+j8>
z)H2~mX_|m&cM1O=7DM`Fgu}O#zeIuVt2LZ;!))&1>(Zyj#q<P)E62pv`fR;kd3nPf
zSf#_eD`CoUY!NsFU!xiWN>iqc>YDoMwklROS5~If3H%G1FNAW<D-WT=0Y6*?*b8Q2
z$*uIfxeN-XXz62qjZBoyZ|*xGd$R4P2E4yNCRhe|6Z=y8{3MkKiSZL3WB0MvVXvn5
zbzHc4Y$<pgsofw6bMj3X;7cT3&1}U&JZ2ky#CDqmngl9UQ{AlX_eH5fa@B!+Q-N7p
zpO*VVH|AnL&iyfUc8n#-bKY$+5Hn{}ED7i+e;@A-h_m<*MdgOa&bF_ggjyd5KqWmm
zMCE|oNY$<v<Th~p4T@n?TXdygbGGYH;RHPSq#N#t>4|=vu)U3b)9uQ`-GwB#IH20C
zx41S}8?e+IOA6;0XQEnxTt?llm!mcl@$S4Hbbd@dv2hNcn?SF;qrIXG!!PD4)Gfx3
zC8UHkQEO}RScQ@c_UfoOjSpRTA9=DroB*P{Wn5k0vc?oO7?)FPb{|(>k!p0LdXmL1
zBypmSyRXG^L<D|4_^c|CoP;1HP~mgjR&8m$8-yV<3f-Hc%6J{Kg5t+wB`Q&*6{Gz@
z{28tI_Wm8nT!1HfGlxR~{QmOe9FS5)hF$*i16BuUxm=#LdZe{B2aF@Wg~_^>15~+O
zlNT$dbFp=>tOiiwtEy{14bwdk5oxs8-#-xV-|{gSYb_}`2$g1Ap=R`;fkzfk>#sSD
zJ}2oDe8Zaj(Jt?!7#B%bZo0<9XgE!}{R(;|kqJ0*Dl0~hl1Y$CaA(athC>^etA}I`
zpE-m$?FHPSCg!yL>Yl-4oD$RxfH#p|2`j(2!B$#oqYrD<uj<VmX{nYWu<6U7>M5SX
zZp@Ju@$urF>>~4<Fz@&ba`+#x1g=8x;`KWSSxPBP)VAh42TM^4JGe}0MMT3`l2n-E
z4>kwP8V*(4A5KZVD52R}`-mZhho1j5fl3fau(7a!O21vVX>(uD9K+)Q{ApYv;fAyN
zoY`P&^7K-&1#w;{T77B4fGYS(%V4CNXc8O4B0SQZAyla%h-?^el0n60llP*!c)&36
z<Kp@n%Wu4#-QTb)D57q@vOVplYB-%zpoX=U9QB^!*M>7lhj78M$mqJsOvII(I^GV*
z=GD&GY>{WnM$>T^YZU`7+ZyYXf2uo)@)!nu*t}is-U}JLv!D22LqU8)!iBd14RNfg
z3EO3fs(BgLE>_{X5X4?836OP;2|VLuVe53QQtWhT3C<Y^k&;H@hcb5HB+!xV%ZMnd
z=vR*X=<VX<g_RCgV|BWQ1*kpAr?gG>klPtJ@V3TVp@2~tvS<TUJZJL7+47~BpS=oh
z4MS8}HbfGCY+xKQ3qhSM4R0Go5pLd)+~o+zp=W_mv0PP;!?MlmL7}(C^T`n@^a)(_
zykXY^$f|SvMs-Kbi&n1@A%ZYHnOdi}d!zWHJb!>9(kEiMMHwIEe_+3aD-O9UM~fby
zw&m|P5^eP(U-bb>@}FX@P?ZH=_Ag{|f$RlyoWQ*5CX*(kP=tuA%to}mR(PVsl|pxN
zzY_r`s%0MIt*TGxOUlp3ODT$%%IcIWjf*%KYd&*e;Nwu<(cz#~gXa#gV4gM&(O)<e
z1!jbHmI@Sx*08Snw=qhF9AE;&Xt30J6Jp|R<9;#oiU7hvsUbxftMUm6AU?KpmldpD
zo>!{cxPHmD?1cRIeyfx*`xL&g9`U_E+ng~&=eLv>!PcJ&3qPL{6yY{+gHSa+y7Y?;
zBwCrD@ZCgcBH4<C_wO{^Q5>!H7!Wu#bZD@W3JuMNo<cX9sFTj6xeCPU(;bO&2KhPR
zJ|J!h;FKHZ?Md2;lU~UDPF6v6T~iCMu<2iOa6(G%NcgehsuJ<F=hr*wX5z@0B>hDO
z?2NJz%^*RXb*{AvJG(AY4`Y|`#;qD1wXar@GFJFnSWiD?VCsp#PrmAWuZcH60*lgP
zWA4_P99)rLgl2o*ARqhGIN;bBg@$qzo6%9s0VXbXiyYP}+E>UD&Z|8fDeawS?H_XY
z^b(Sf@p*7v+RpNC3aH7_*TxZWoTp5TBBS2o<M70iaO*ouvxoJ0G?C6&a-wF;U}bwh
zbxkyDNp@-zD}ZO<zT_d|AENKhGEd%1R@@19rTb2T_M{8r+Fl<UpV>?-BGRgQvsPdO
zwDf|@iPqyo-sNZT*`@QtNZiJAHAT@ZLk9ALlaaqvaF^yI&AIn%aJDc?JCLNv^I90Y
z!uGYXdfvN`gk7c!$&y*_J~fuKIA>Px6l7JN^pNMp@o>c(1K+g9ut?(8Q17r>+B1t@
zK-{r)<WD`>_^NK5c<xdggJ`<8u75D#vpxJJ)KfBk*H;0|r>gWjTNJZ8k{Fm0UvskZ
zg@0ep{0T&!q#U`J6nXGnxDuDx>?PQ_5ldkv*EcSI?k}j7z<(ev?>!T&h^N{#n{8;^
zAd*}NN$rZC)tUPNOVQrV9@XW17uk1l#Oro}X&TrXcOv}CSX;QI8p1vR4>|z+&{0|6
z#%`_}6f`#!rAt4d7B{@hsFx9-#_w2))L=!w_Sd?~?pT?RZ@hN6bJSZQNzrkd?(2fF
z54Kjz4)SY7p$C{wM{qJOeYT*Z#pTo@%G!CcfbH$!<dJ;rQCcVAx)OPsDvfwHT|_7I
z=Q1a;!mn-pG}>|86GvxAo?}3t{^?OlaN_!sZskHavA_DZC04o_)ld?VqG1D58NvEt
z)shkcPxaz$$K=+x=@7LMqNit3Mw9&xwimtp0#XWmbd<hig-?hZw{8}2cJy_`<hf{m
zpH}RCsAOS%turQ63`6se&1iW(*RcF;XqJUtI-nwz>m}%vHfzD2W)cJtkHhV{+!eNi
z(3>25=IVwG?><i_d++qQTg|5Fd)Xdr=i?}p7`BJR!9JVnG!M)LcGy0)#|w&z2(xe4
z`Q1tGM-i@0zBKpE>BFmw;4$yllo3+6eI4gAK2z(puD@_(KJn3sD}(5}+JE-Gh8kA|
z(vQ&IkhK=!DBB)vcv?mS6H3J2*v^x9C3Fiuj!6!Jn%~&ow{?t6>ZRKfRf3A*6)9bQ
zH)S;9l3?7eei}Ti5qP(mj#|LW_;Ogeo?yL4#hxBMHzh|3qoDc1!`dooRMy5YWN+f6
zves6xoIi7j%}mS};oY5bJPmb(eXTI{Vu{H}U12@i*}1ti1FjeV6w$U{JX8x|LB(cY
z`95My@8IWLnZM}+5nh4(E~+>S_I;oGA%lZ4*Jk--5k+K!4})@Clc5r>5h1(?ag#}$
zUI!uBoyvm_r3&YV*OgLzj=D*XrRFJQlj_VE3P(+pKOP7o^${4&KVdhe2I;u%-6=aN
zMd`5kinD=mB=~^Nv$1qG{UC`+)&oc;c@NsbwO>gF{JTiDQ|A-msjiOz!hBe;k#r^g
zpz&!b%=xPd{b&A~2Y#fzbPuDe3UY-*ALE74H?ezSsrj2sx`^~paiY4a_=EE()v|U$
z;>3I}#-}=|!rB(n<EmiBIlKM*DaO~(?pHx@`njHlCQZP*lM3{abWspmUcT~}pkSzI
zloP2?F>J<)DobT(=F0>J>1KiT_$P#^o>Bc>veSu6&djl)9+o9$)36-Y)QGllEFJkI
zgaD-RO$1ncD61DBe9!Oke8QSutrL_f8AB~=OF}G9qxQFVry}2uqNt*GZ!W*!%G0`_
zr=oCFxd6SnS(Cc&)S{J>feTn&9|ZgTe?MQ$5v6lg_Uqx4!H2T@>l4SDkXAl@=Sl_i
z&z>90)aGea>4#HbzlXJf`t70!NQjK>rXQ<cU3T6o(19qQHOuD>56(TJR;7jqtPtv8
zEcXKDl(0{oz509C%kXLVETc=tI6UoqomtD|5I~uB^+VsbYb)aX2lg-Nwa`o0kT@wc
z^t?s?HEXBvZ-ag~|8iPTjP}V9V^+Ue+>L7`@6%^N{KV^nMLA7hiEwQainPS!yE>we
zh<nZ|k{*mM&*`Nf;kB=ilPM~L>(e>dbr<`qp9fz$Ns!l@H+IAdzJJ|8(1bSxcK$@O
ziVHL~tV*yR^2UxZGSFX6b2UIp<`$aUD5`ae86@c#*zA24SRPyi6L6jjmRLKS<mc=5
zA1?Oy<o6Yiu+8`cSFjM<e~G(KO8bSHlO6Tz2)XZb(~betD*NOTm0`6Amu(RR`cor6
z;wv<5aqhS>G|CkWv={k2;ySB-h|Jts{09864y4{p*6vYpctXIB24|)TxMSg4Lo(vx
zH`|flFFTQrTfuiKp`{G#4h+w7SMMi>uT$ecx=$=DYa9t@KeVHriSTh~Yq&aZ8eidP
zFP@D2!byl6w<fiOR^JkC=0WZ=Z*fA6A~;f_ltM_I6+TwqVo%$OFZHU6e_d#_a07m*
zsT^g-9FGwkWrRE~%)%_38?ES!C2yP|mwr}DZN%m6k)eN|4y})E&5fVzA^%QQ`;EMU
zTq(Y*^18;tVkIzf`$JL5*H;TTdkXW1!ux(zX;@2<FuSviO>0h?-QqJiN8mrwAUB#f
z|J&~rB&~}fsl1<DuDFRSfbMJB%maAw6qmt+EnR8UxHZ3eRmRXtpRe39uZ_5@Qwes|
z2fryx>nY>=-4A#a>N@6Kk$m_0E^fpYqZrKZQN|hpqB59O3n(%MyXWh2vEDT4T7;$k
z0#=!xQD;TTQ3>dXkIJpclJ57VE*k{Dy=egMv`fdF`vtzkhE$)=2CiFE-U8miJVTY-
z76B5jvWnKf#x85G?wiyEgdkdhKP3?zh(%f5e4EO;BX?C*bi*5mN}re=82@iI6`ehj
zna%9MsR6B<*T<tJD{Dm|?d%Yc)vyHO@G)Vx1V<p4pcn?v8Yp(z`9$|J5Rv!<T@-X`
zxlTlWqfBk^fl*R3v{A0b2*{p)^s%(0%-a8n6WM&Dq@r@mBsWJ=7(e8o!f?soWO&jL
zDn_7d3P@WqFzX)@#+!8qD8j9m`RVVdbmYt`58E`}JRoiMs{fAP2ZQ^=`I%~6bb>~k
z;_=L-drhU1_w=aoqAV#XULGTrt<FQURj!$x8RuGLU@Q;vyet7i0J<}AZ~gf-(o(xE
zSXn<WGsq)HoZsGDjYTJ#KEtT8Av(KyZ_<;sSa3v}!u5Lo%NsC$1VV}{iGthZMKG<*
z>EVW$44UFYoSmh*P;F4@lf6po+O&rEj$EU-c0Ecf6f$gCG->IN)3wbP%7&hAj3sS&
ztc1^U3unt)awKbG1L<HE>Gy5Q-p3I(cT@C#Dw^bdOVgkWkX`O!E7#}nF1-_cBIW2)
z)AGe36RySia#<Oh%uz4Is@sHiw=%z<?&8~?AG5c2>WoXi_?Te9XVjf6?=V;!R+~w=
zgASz)azPc`5DiJD0=R0h&kvl*EM7u<Be|`Tmz?1GC8>0MAh9{UvaGu9(@ZKj?NIC$
zfR$yQ#|rON9rP&dd4eCm92Ds-aE>7E>!#=Za?u|5?&$r&BJ;t==IHoV=bYP!6V%a!
z=Ux?({(j%-V0D!DAyGPiG(oy&!UI=+QAVaS7G(?Ms9z^@S`wIMf%mEV0mtl1Xrqs1
zg_;h9OI&Ld@JJ1cIR1dZ`|ycP?1J`##o<e9VLm18%I}iD&HTE1Qrsq#g!%ry5ZDay
zzhAO1F);N<n0{v3D=|v?n`Kv)QJBO^q@J0dxplNrxLs_ts+0g*3!YXIkSQ<on3T=i
zv5CrYUwd{&lDB)QcRFJzmZA$rf%tH@X$v_q?KWO>fYczS#m3EL8^FV>k;<<@_f+0t
zi!>$?<1&SDb!L8~W?0HVVrOTEgOl2s?OHj#PBksA5o=^t>+|V#+Iu*Voh55%L%Ih9
z@Xj%acvtj5)%u>YFMMCy#q4@_Jbbg`z-6Q2FYbRUBLL$VAH@NI!q`DI<}^Dv*te;v
z>I{YdjzflZ(*K6Y)Rl*V|6WKKne^oTp-DG)9|s$^e??M90}GoP^nZBS*MqSQ{0A+w
t|A#aGY5!Y6Sd#Q0kfV*e<^TUm^<!kho}*8_XP`^{%1Dma&hYQke*nfQR;mC1

diff --git a/docs/策略说明.md b/docs/策略说明.md
index 7e1bf35..79bf777 100644
--- a/docs/策略说明.md
+++ b/docs/策略说明.md
@@ -2,7 +2,7 @@
 
 > 依据当前代码逻辑整理（SIM 默认真值参数）。  
 > 关联：[开发方案](./开发方案.md)、[商业化与授权方案](./商业化与授权方案.md)  
-> 更新：2026-07-25
+> 更新：2026-07-26
 
 ---
 
@@ -138,7 +138,16 @@
   2. 本张期权 **不再盯盘、不再参与平仓扫描**，归档为「到期残留」；
   3. 因期权 **逐仓**，残留 **不占用活跃持仓**，**不挡住下一组开仓**；
   4. 下一组开平仓 **只扫当前活跃组期权**，不扫描历史残留腿；
-  5. 残留期权到到期日再按 **内在价值** 单独结算（多半接近 0）。
+  5. 残留期权到到期日再按 **内在价值** 单独结算（多半接近 0）；
+  6. 页面：**活跃持仓区变空**；归档腿出现在「残留期权(待到期)」；下方期权盘口 **切回新 ATM**（见 4.6）。
+
+残留到期结算口径：
+
+```
+结算价 = 内在价值（Put: max(K−S,0) / Call: max(S−K,0)）
+期权盈亏 ≈ (结算价 − 开仓均价) × 数量 − 结算手续费
+整组净利 = 已实现永续盈亏 + 期权结算盈亏 − 全部手续费
+```
 
 > 直觉：能双腿平就走 A；期权已经远虚平不掉就走 B，别把永续利润和下一单机会一起卡死。
 
@@ -147,7 +156,7 @@
 - 净利一直未达标 → **不主动砍仓**，持有到期权到期。
 - 到达期权到期时刻（OKX：UTC 08:00 = **上海 16:00**）→ 原因 `expiry`。
 - **活跃组**：期权按标的结算价的 **内在价值** 入账；若永续仍在则市价平掉。
-- **残留组**（曾走 4.1.B）：仅结算归档期权，不碰当前活跃仓。
+- **残留组**（曾走 4.1.B）：永续早已平掉，**只结算归档期权**，不碰当前活跃仓、不改下方 ATM。
 - 策略 **暂停时仍执行到期结算**，避免拖过期。
 - 波动小、拖到到期：权利金亏损视为 **预算内成本**，可接受。
 
@@ -186,6 +195,28 @@
   └─ 仅到期结算；不参与盯盘、不参与下一组平仓扫描
 ```
 
+### 4.6 行情监控与页面展示
+
+计划页下方期权盘口 **不是永远跟现价 ATM**，也 **不是永远跟开仓那张**，按仓位状态切换：
+
+| 状态 | 持仓区 | 「残留期权(待到期)」 | 下方期权盘口 |
+|------|--------|---------------------|--------------|
+| **有活跃组**（永续+期权都在） | 显示当前组 | 无（或仅历史残留） | **钉在持仓行权价**（标题「持仓期权 @ K」）；浮盈亏/平仓价 **只用持仓合约盘口**，禁止借用新 ATM |
+| **空仓**（无活跃组） | 空 | 无 | **跟现价 ATM**：\|ATM − 标的\| ≥ **5** 点时自动切到新行权价，供下一组选约 |
+| **仅残留**（4.1.B：永续已平，期权归档等到期） | 空（活跃已 flat） | **显示归档合约**（到期/行权价） | **显示新 ATM**（为下一组开仓）；**不**继续钉归档那张 |
+
+要点：
+
+1. **活跃持仓期间**：现价怎么走，下方监控都盯开仓那张；重启服务也不会漂到新 ATM。
+2. **平掉活跃组或走 4.1.B 后**：下方立刻回到「下一单 ATM」；归档腿只出现在残留列表，到期按内在价值结算。
+3. **浮盈亏口径**：持仓合约买一；不得用其他行权价的买一顶替（避免 1880 持仓显示成 1890 盘口）。
+
+```
+有活跃仓 → 下方 = 持仓期权 @ 开仓行权价
+无活跃仓 → 下方 = 期权 ATM @ 当前现价档（可随价漂移 ≥5 点切换）
+残留腿   → 只在「残留期权」行；到期结算；不占用下方 ATM
+```
+
 ---
 
 ## 5. 策略侧重点
@@ -199,6 +230,7 @@
 | **单组纪律** | 活跃持仓最多 1 组；远虚归档的残留期权不挡下一组（逐仓） |
 | **权利金是成本预算** | 小波动拖到期亏权利金，属于策略设计内损耗，不是异常 bug |
 | **目标平仓两分支** | 能平期权则双腿全平；远虚则只平永续、期权到期归档 |
+| **监控分工** | 有仓钉持仓行权价；空仓/仅残留时下方跟新 ATM；残留腿单独列表 |
 
 适合对外表述：
 
@@ -301,3 +333,4 @@
 | 2026-07-25 | 平仓顺序改为先期权后永续（与开仓同理：薄腿优先） |
 | 2026-07-26 | 到期按内在价值结算（对齐实盘）；紧急平仓仍用 max(买一,标记,内在价值) |
 | 2026-07-26 | 明确两套目标平仓：双腿全平 / 远虚只平永续+期权归档到期；到期为未达标路径 |
+| 2026-07-26 | 补充 §4.6：有仓钉持仓监控、空仓/仅残留跟新 ATM、残留列表与到期内在价值结算展示分工 |
diff --git a/scripts/gen_strategy_xmind.py b/scripts/gen_strategy_xmind.py
index c869e3f..bbe244a 100644
--- a/scripts/gen_strategy_xmind.py
+++ b/scripts/gen_strategy_xmind.py
@@ -412,6 +412,8 @@ def bodies() -> dict[str, list[str]]:
                             "期权归档到期 · 不再盯盘",
                             "逐仓不挡下一组开仓",
                             "下一组不扫描残留期权",
+                            "下方盘口切回新ATM",
+                            "到期按内在价值结算",
                         ],
                     ),
                     G(
@@ -423,6 +425,16 @@ def bodies() -> dict[str, list[str]]:
                             "残留组只结归档期权",
                         ],
                     ),
+                    G(
+                        "页面监控分工",
+                        [
+                            "有活跃仓 → 钉持仓行权价",
+                            "空仓 → 跟现价ATM(≥5点切换)",
+                            "仅残留 → 列表显示归档腿",
+                            "仅残留 → 下方仍是新ATM",
+                            "浮盈亏只用持仓合约买一",
+                        ],
+                    ),
                     L("另有：紧急全平 / 手动平仓"),
                 ],
                 style_id="sty-ops_close",
@@ -545,7 +557,7 @@ def mm_flat() -> list[str]:
                 mm("心法与节奏", [mm(x) for x in ["有波动多做", "目标 15U", "休息 5 分钟", "最多 1 组"]]),
                 mm("仓位结构", [mm(x) for x in ["永续 1 · 期权 2", "先期权后永续", "ATM 选向"]]),
                 mm("开仓", [mm(x) for x in ["前置检查", "选约门槛", "四步执行"]]),
-                mm("平仓", [mm(x) for x in ["目标A双腿", "目标B只平永续", "到期结算"]]),
+                mm("平仓", [mm(x) for x in ["目标A双腿", "目标B只平永续", "到期结算", "监控分工"]]),
                 mm("关键参数", [mm(x) for x in ["仓位/杠杆/费率", "目标/休息/周末", "选约/偏差"]]),
             ],
         ),
@@ -553,6 +565,8 @@ def mm_flat() -> list[str]:
         mm("⑦  纪律要求", [mm(x) for x in [
             "活跃1组 · 残留可共存",
             "远虚归档 · 不挡新开",
+            "有仓钉持仓 · 空仓跟ATM",
+            "残留列表 · 下方新ATM",
             "看净利 · 不报复",
             "SIM 后再放大",
         ]]),