How to build a multi-leg options trade with Finapolis Trader

Most retail options tools let you build a single trade and price it. The Finapolis Trader is different. Give it a target price, an expiry, and a risk tolerance, and it returns a ranked list of strategies that fit those constraints, scored against the thesis.

This walkthrough is how to take a Finapolis target price (or your own) and end up with a multi-leg options position you can defend.

Most retail options tools let you build a single trade and price it. The Finapolis Trader is different.

The inputs, in plain language

Open the Trader on any ticker. You'll see 6 inputs in a single horizontal strip:

• Target. Your price target for the stock. The Trader uses this to score strategies. If you came from the Analyzer, this autofills with the platform's target.
• Expiry. The options expiration date. The dropdown defaults to a sensible mid-cycle expiry. All standard monthly and weekly chains are available.
• Div Yield. The dividend yield, autofilled from the underlying.
• Max Loss. The largest loss you'll accept on the trade, as a percent of capital at risk.
• Min Gain. The smallest gain you'd consider acceptable.
• Min Exp PnL. The minimum expected PnL across the modeled distribution.

The 3 risk constraints (Max Loss, Min Gain, Min Exp PnL) act as filters. Strategies that fail them drop out of the ranking before you see it.

The 3 modes

Once the inputs are set, the Strategy Selection panel offers 3 modes:

• Optimized. The default. The platform ranks every strategy against your inputs and shows the highest scores first.
• Manual. Bypass the ranking. Pick a structure (covered call, long put, iron condor) and configure the strikes yourself.
• Compare. Pick 2 or 3 strategies and view their payoffs side by side.

For the rest of this walkthrough we're in Optimized.

Reading the strategy cards

The strategy panel splits structures into 2 groups:

• Basic. Collar, Covered Call, Protective Put, Buy and Hold (long stock).
• Advanced. Iron Condor, Long Call, Long Put, Short Call, Short Put, Straddle (long and short).

Each card shows the strategy name, the strikes (P for put, C for call), and a Score. The Score reflects how well the structure fits your target, expiry, and risk profile. Higher is better.

A worked example. On NVDA at $212.79 with the platform's SELL target of $123 and a Jun 2027 expiry:

• Long Put, Score 77. The highest score in the panel. The structure pays off when the stock falls toward the target.
• Long Call, Score 64. Lower, because the call benefits from the stock going the wrong way for this thesis.
• Collar, Score 54. A defensive structure for an existing long position, less aligned with a directional bearish view.

The Score reflects the thesis, not the trader's gut. If you ran the same Trader inputs with a bullish $260 target, the Long Call would jump and the Long Put would fall.

The strike table for a chosen strategy

Click a strategy card and the panel expands into a sortable strike table. Columns: Score, Expiry, Strikes, Return, Max Gain, Max Loss, Bear (return if the stock moves down), Bull (return if it moves up).

For Long Put on NVDA, the strike table (sorted by Score descending) looks something like:

• P$185, Score 77, Max Gain +789%, Max Loss -100%, Bull +218%.
• P$190, Score 77, Max Gain +730%, Bull +211%.
• P$195, Score 77, Max Gain +677%, Bull +204%.
• (and so on, down to P$230 at Score 72)

Max Loss is always -100% on a long-option position because the premium can expire worthless. The Bear and Bull columns tell you what the return looks like at the boundaries of the modeled range.

The payoff diagram

To the right of the strike table, the Strategy Payoff chart renders. 2 lines:

• Payoff at Expiry (dashed). The classic options payoff diagram. Where the trade prints if you hold to expiration.
• PnL at the modeled date and IV (solid). The mark-to-market PnL today, at a given implied volatility level.

Above the chart, 2 sliders control the model:

• Range. The price range to display, defaults to ±25%.
• Implied Volatility. Defaults to current IV (45.8% on NVDA's June 2027 chain at the time of writing). Slide it to test what happens to the mark if IV expands or compresses.

The IV slider is the part most retail tools skip. A long option trade can be right on direction and wrong on volatility, and the slider shows you that pre-trade.

The Return cards

Below the chart, the Return to {Expiry} panel shows 4 cards with the dollar PnL at the modeled IV:

• Max Loss. Worst case at expiry. For a Long Put, this is the premium paid.
• Bear Case. Return if the stock moves to the bear boundary.
• Bull Case. Return if it moves to the bull boundary.
• Max Gain. Best case at expiry.

Each card shows the percent return and the dollar amount. Toggle Annualize in the top right to see annualized returns instead of total returns over the trade window.

This is where you stop and ask: do I have conviction in the trade, given that the most extreme dollar loss is the premium paid, and the most extreme gain is the leveraged upside? If the answer is no, change the strike or change the structure.

Roll Mode and Distribution

2 buttons to the right of the input strip are worth noting:

• Roll Mode (toggle). Switch to Roll Mode when you're managing an existing position and want to model rolling it to a later expiry or different strike. The Trader scores roll candidates the same way it scores new entries.
• Distribution. Opens a probability distribution view of the underlying's expected price at expiry. Useful for setting strikes at percentile boundaries (the 25th percentile downside, for example).

Both are intermediate-trader tools, fine to ignore on a first pass.

Save and Add to Portfolio

Below the Strategy Selection panel sits the Position Editor. Once you've chosen a structure, hit Save to keep it in a draft list, or Add to Portfolio to log it as an open position. From that point on, the trade lives in the Portfolio module's Holdings tab, with the same Score, the same Greeks, and the same payoff modeling.

This is the integration moment. The Trader's job is to size the trade. The Portfolio's job is to track it.

A note on the Score

The Score isn't a recommendation. It's an alignment number. A Score of 77 means the structure aligns well with the inputs you gave the Trader. If the inputs are wrong (wrong target, wrong expiry, wrong tolerance), the Score is wrong too. The discipline is to make sure the Target reflects a thesis you've actually written down.

The Trader doesn't think for you. It maps your view onto the option chain faster than you could by hand.

FAQ

What's the difference between Optimized and Manual mode?

Optimized ranks every available structure against your inputs and shows the highest scores first. Manual lets you pick the structure and configure the strikes yourself. Compare lets you put 2 or 3 side by side. Start in Optimized. Drop to Manual when you have a specific structure in mind.

Why is Max Loss always -100% on long options?

A long call or long put can expire worthless. The premium paid is the maximum loss. The column reflects this. For defined-risk multi-leg structures (Iron Condor, Vertical Spread), Max Loss is the net premium minus the spread width, and the column shows that figure.

How does the Score weight my inputs?

The Score is a composite of (1) alignment with the Target price, (2) feasibility within the Max Loss and Min Gain constraints, and (3) expected PnL across the modeled distribution given the current IV.

Can I model the trade at different IV levels?

Yes. The Implied Volatility slider above the payoff chart lets you stress-test the trade at higher or lower IV. The default is the current chain IV. Slide left for IV compression scenarios, right for IV expansion.

What happens when I hit Add to Portfolio?

The trade is logged as an open position in the Portfolio module's Holdings tab, with the same strikes, expiry, and entry context. The Portfolio tracks the PnL and the Greeks from there forward.