# Tessera sample strategy — a hedged short strangle on NIFTY weekly options.
#
# Sell an out-of-the-money call and put (~2% either side of spot), buy a wing two strikes
# further out on each side so risk is defined, and exit on profit, loss, or expiry.
#
# This is the WHOLE strategy. There is no engine code. It is validated as one document
# before anything runs; every value carries a unit; `Strike(short_call)` is an inter-leg
# reference (the wing is defined relative to the leg it hedges, not to the market); and
# the same document that is backtested drives live orders through a separate runtime.
#
# Planning-stage illustration. Parameters are placeholders, NOT validated values, and
# nothing here is investment advice.

resource: strategy
version: 2
name: nifty-weekly-strangle
venue: NSE
instrument: NIFTY

entry:
  candidates: { every: trading_day, at: "09:20" }
  # no `trigger:` — every candidate day enters. A trigger (a Predicate over observables)
  # would make entry conditional, e.g. only on a volatility or pattern signal (v0.1).

legs:
  - ref: short_call                 # sell the call ~2% above spot
    instrument: { Option: { underlying: NIFTY, expiry: W, right: CE } }
    side: SELL
    qty: 1
    select: { over: strike_ladder, on: Strike, pick: Nearest, target: Pct(Spot, 2) }

  - ref: call_wing                  # buy 2 strikes further out — caps the call-side risk
    instrument: { Option: { underlying: NIFTY, expiry: W, right: CE } }
    side: BUY
    qty: 1
    select: { over: strike_ladder, on: Strike, pick: AtStep(2), target: Strike(short_call) }

  - ref: short_put                  # sell the put ~2% below spot
    instrument: { Option: { underlying: NIFTY, expiry: W, right: PE } }
    side: SELL
    qty: 1
    select: { over: strike_ladder, on: Strike, pick: Nearest, target: Pct(Spot, -2) }

  - ref: put_wing                   # buy 2 strikes further out — caps the put-side risk
    instrument: { Option: { underlying: NIFTY, expiry: W, right: PE } }
    side: BUY
    qty: 1
    select: { over: strike_ladder, on: Strike, pick: AtStep(-2), target: Strike(short_put) }

exit:
  # take profit at 50% of the credit received
  - { scope: basket, when: Compare(Obs(pnl), GTE, ScalePct(Obs(credit),  50)),  then: SquareOffAll }
  # stop out at 100% of credit (i.e. lose what we collected)
  - { scope: basket, when: Compare(Obs(pnl), LTE, ScalePct(Obs(credit), -100)), then: SquareOffAll }
  # and close at expiry regardless
  - { scope: basket, when: Expiry,                                              then: SquareOffAll }

execution:
  product: intraday          # intraday | carry_forward | delivery — no silent default
  order_type: limit          # limit, priced off the touch with a configured offset
  limit_offset: Pct(Premium, 0.5)
  multi_leg_policy: hedge_first   # place the protective wings before the short legs
  validity: day
  max_retries: 2