do not allow matured/closed options to clamp open positions
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1 changed files with 240 additions and 11 deletions
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@ -50,9 +50,19 @@ pub const PortfolioSummary = struct {
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/// shares should be valued at the strike price, not the market price.
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/// This reflects the realistic assignment value of the position.
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///
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/// Only currently-open option lots contribute to the cap. Specifically,
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/// we skip lots whose `maturity_date` is on or before `as_of` (the
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/// option has expired — was either assigned or expired worthless,
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/// either way it no longer covers anything) and lots whose `close_date`
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/// is on or before `as_of` (user manually closed the position before
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/// expiry, e.g. recorded an assignment by hand). `Lot.lotIsOpenAsOf`
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/// is the single source of truth for that check; bugs in either case
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/// would otherwise cap the underlying's market value FOREVER, every
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/// time we run a portfolio summary, even though the contract is gone.
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///
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/// Must be called BEFORE `adjustForNonStockAssets`, which adds cash/CD/option
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/// totals on top of the recomputed stock totals.
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fn adjustForCoveredCalls(self: *PortfolioSummary, lots: []const portfolio_mod.Lot, prices: std.StringHashMap(f64)) void {
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fn adjustForCoveredCalls(self: *PortfolioSummary, as_of: Date, lots: []const portfolio_mod.Lot, prices: std.StringHashMap(f64)) void {
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// Collect sold call adjustments grouped by underlying symbol.
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// For each underlying, compute total covered shares and the
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// value reduction if the calls are ITM.
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@ -62,6 +72,10 @@ pub const PortfolioSummary = struct {
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for (lots) |lot| {
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if (lot.security_type != .option) continue;
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// Past maturity OR explicitly closed → the contract no
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// longer covers shares. `lotIsOpenAsOf` handles both
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// cases plus the "not yet opened" edge.
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if (!lot.lotIsOpenAsOf(as_of)) continue;
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if (lot.option_type != .call) continue;
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if (lot.shares >= 0) continue; // only sold (short) calls
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const underlying = lot.underlying orelse continue;
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@ -123,7 +137,9 @@ pub const Allocation = struct {
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/// Latest price from API (or manual fallback), before price_ratio adjustment.
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current_price: f64,
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/// Total current value: shares * current_price * price_ratio.
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/// May be reduced by adjustForCoveredCalls for ITM sold calls.
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/// May be reduced by adjustForCoveredCalls for ITM sold calls
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/// that are still open as of the summary's `as_of` date —
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/// matured / closed contracts no longer cap the underlying.
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market_value: f64,
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/// Total cost basis: sum of (lot.shares * lot.open_price) across all lots.
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cost_basis: f64,
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@ -421,7 +437,7 @@ pub fn portfolioSummary(
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.allocations = try allocs.toOwnedSlice(allocator),
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};
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summary.adjustForCoveredCalls(portfolio.lots, prices);
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summary.adjustForCoveredCalls(as_of, portfolio.lots, prices);
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summary.adjustForNonStockAssets(as_of, portfolio);
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return summary;
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@ -996,6 +1012,7 @@ test "portfolioSummary skips price_ratio for manual/fallback prices" {
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test "adjustForCoveredCalls ITM sold call" {
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const Lot = portfolio_mod.Lot;
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const alloc = std.testing.allocator;
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const as_of = Date.fromYmd(2026, 5, 8);
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// AMZN at $225, with 3 sold $220 calls
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var allocs = [_]Allocation{
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@ -1012,14 +1029,14 @@ test "adjustForCoveredCalls ITM sold call" {
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var lots = [_]Lot{
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.{ .symbol = "AMZN", .shares = 500, .open_date = Date.fromYmd(2024, 1, 1), .open_price = 200.0 },
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.{ .symbol = "AMZN 260620C00220000", .shares = -3, .open_date = Date.fromYmd(2024, 6, 1), .open_price = 8.35, .security_type = .option, .option_type = .call, .underlying = "AMZN", .strike = 220.0 },
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.{ .symbol = "AMZN 260620C00220000", .shares = -3, .open_date = Date.fromYmd(2024, 6, 1), .open_price = 8.35, .security_type = .option, .option_type = .call, .underlying = "AMZN", .strike = 220.0, .maturity_date = Date.fromYmd(2026, 6, 20) },
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};
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var prices = std.StringHashMap(f64).init(alloc);
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defer prices.deinit();
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try prices.put("AMZN", 225.0);
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summary.adjustForCoveredCalls(&lots, prices);
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summary.adjustForCoveredCalls(as_of, &lots, prices);
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// 300 shares covered (3 contracts × 100), ITM by $5 each
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// Reduction = 300 * (225 - 220) = 1500
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@ -1032,6 +1049,7 @@ test "adjustForCoveredCalls ITM sold call" {
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test "adjustForCoveredCalls OTM — no adjustment" {
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const Lot = portfolio_mod.Lot;
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const alloc = std.testing.allocator;
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const as_of = Date.fromYmd(2026, 5, 8);
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var allocs = [_]Allocation{
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.{ .symbol = "AMZN", .display_symbol = "AMZN", .shares = 500, .avg_cost = 200.0, .current_price = 215.0, .market_value = 107500.0, .cost_basis = 100000.0, .weight = 1.0, .unrealized_gain_loss = 7500.0, .unrealized_return = 0.075 },
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@ -1047,14 +1065,14 @@ test "adjustForCoveredCalls OTM — no adjustment" {
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var lots = [_]Lot{
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.{ .symbol = "AMZN", .shares = 500, .open_date = Date.fromYmd(2024, 1, 1), .open_price = 200.0 },
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.{ .symbol = "AMZN 260620C00220000", .shares = -3, .open_date = Date.fromYmd(2024, 6, 1), .open_price = 8.35, .security_type = .option, .option_type = .call, .underlying = "AMZN", .strike = 220.0 },
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.{ .symbol = "AMZN 260620C00220000", .shares = -3, .open_date = Date.fromYmd(2024, 6, 1), .open_price = 8.35, .security_type = .option, .option_type = .call, .underlying = "AMZN", .strike = 220.0, .maturity_date = Date.fromYmd(2026, 6, 20) },
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};
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var prices = std.StringHashMap(f64).init(alloc);
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defer prices.deinit();
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try prices.put("AMZN", 215.0);
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summary.adjustForCoveredCalls(&lots, prices);
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summary.adjustForCoveredCalls(as_of, &lots, prices);
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// OTM (215 < 220) — no adjustment
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try std.testing.expectApproxEqAbs(@as(f64, 107500), summary.allocations[0].market_value, 0.01);
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@ -1063,6 +1081,7 @@ test "adjustForCoveredCalls OTM — no adjustment" {
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test "adjustForCoveredCalls partial coverage" {
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const Lot = portfolio_mod.Lot;
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const alloc = std.testing.allocator;
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const as_of = Date.fromYmd(2026, 5, 8);
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// Only 200 shares but 3 calls (300 shares covered). Should cap at 200.
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var allocs = [_]Allocation{
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@ -1079,14 +1098,14 @@ test "adjustForCoveredCalls partial coverage" {
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var lots = [_]Lot{
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.{ .symbol = "AMZN", .shares = 200, .open_date = Date.fromYmd(2024, 1, 1), .open_price = 200.0 },
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.{ .symbol = "AMZN 260620C00220000", .shares = -3, .open_date = Date.fromYmd(2024, 6, 1), .open_price = 8.35, .security_type = .option, .option_type = .call, .underlying = "AMZN", .strike = 220.0 },
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.{ .symbol = "AMZN 260620C00220000", .shares = -3, .open_date = Date.fromYmd(2024, 6, 1), .open_price = 8.35, .security_type = .option, .option_type = .call, .underlying = "AMZN", .strike = 220.0, .maturity_date = Date.fromYmd(2026, 6, 20) },
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};
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var prices = std.StringHashMap(f64).init(alloc);
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defer prices.deinit();
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try prices.put("AMZN", 225.0);
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summary.adjustForCoveredCalls(&lots, prices);
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summary.adjustForCoveredCalls(as_of, &lots, prices);
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// 300 covered but only 200 shares → scale reduction
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// Full reduction would be 300 * 5 = 1500, scaled to 200/300 = 1000
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@ -1097,6 +1116,7 @@ test "adjustForCoveredCalls partial coverage" {
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test "adjustForCoveredCalls ignores puts" {
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const Lot = portfolio_mod.Lot;
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const alloc = std.testing.allocator;
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const as_of = Date.fromYmd(2026, 5, 8);
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var allocs = [_]Allocation{
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.{ .symbol = "AMZN", .display_symbol = "AMZN", .shares = 500, .avg_cost = 200.0, .current_price = 225.0, .market_value = 112500.0, .cost_basis = 100000.0, .weight = 1.0, .unrealized_gain_loss = 12500.0, .unrealized_return = 0.125 },
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@ -1112,19 +1132,228 @@ test "adjustForCoveredCalls ignores puts" {
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var lots = [_]Lot{
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.{ .symbol = "AMZN", .shares = 500, .open_date = Date.fromYmd(2024, 1, 1), .open_price = 200.0 },
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.{ .symbol = "AMZN 260620P00220000", .shares = -3, .open_date = Date.fromYmd(2024, 6, 1), .open_price = 8.35, .security_type = .option, .option_type = .put, .underlying = "AMZN", .strike = 220.0 },
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.{ .symbol = "AMZN 260620P00220000", .shares = -3, .open_date = Date.fromYmd(2024, 6, 1), .open_price = 8.35, .security_type = .option, .option_type = .put, .underlying = "AMZN", .strike = 220.0, .maturity_date = Date.fromYmd(2026, 6, 20) },
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};
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var prices = std.StringHashMap(f64).init(alloc);
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defer prices.deinit();
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try prices.put("AMZN", 225.0);
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summary.adjustForCoveredCalls(&lots, prices);
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summary.adjustForCoveredCalls(as_of, &lots, prices);
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// Puts are ignored — no adjustment
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try std.testing.expectApproxEqAbs(@as(f64, 112500), summary.allocations[0].market_value, 0.01);
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}
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// ── Regression: matured / closed options must NOT cap shares ──
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//
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// The bug these tests pin: prior to the fix, `adjustForCoveredCalls`
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// only filtered by security_type / option_type / shares-sign /
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// underlying / strike / ITM. It did NOT check whether the option
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// was still open. So a sold call that had passed `maturity_date`
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// (assigned or expired worthless — either way, gone) or had been
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// manually closed via `close_date::` would FOREVER cap the
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// underlying's market value, every time we ran a portfolio
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// summary.
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//
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// Real example from the field: 300 shares of NVDA + 2 sold calls
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// covering 200 shares. After the calls expired, the user was
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// still seeing the market value of 200 NVDA shares capped at
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// strike. These tests pin the fix and prevent the regression.
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test "adjustForCoveredCalls: matured ITM call no longer caps the underlying" {
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const Lot = portfolio_mod.Lot;
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const alloc = std.testing.allocator;
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const as_of = Date.fromYmd(2026, 5, 8);
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// 500 NVDA shares + 3 sold $220 calls that EXPIRED on
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// 2025-12-19 (well before as_of). With the bug, these still
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// capped 300 shares at $220 even today. With the fix, the
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// matured calls are skipped and market value = 500 * $225.
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var allocs = [_]Allocation{
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.{ .symbol = "NVDA", .display_symbol = "NVDA", .shares = 500, .avg_cost = 200.0, .current_price = 225.0, .market_value = 112500.0, .cost_basis = 100000.0, .weight = 1.0, .unrealized_gain_loss = 12500.0, .unrealized_return = 0.125 },
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};
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var summary = PortfolioSummary{
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.total_value = 112500,
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.total_cost = 100000,
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.unrealized_gain_loss = 12500,
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.unrealized_return = 0.125,
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.realized_gain_loss = 0,
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.allocations = &allocs,
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};
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var lots = [_]Lot{
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.{ .symbol = "NVDA", .shares = 500, .open_date = Date.fromYmd(2024, 1, 1), .open_price = 200.0 },
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.{
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.symbol = "NVDA 251219C00220000",
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.shares = -3,
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.open_date = Date.fromYmd(2025, 6, 1),
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.open_price = 8.35,
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.security_type = .option,
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.option_type = .call,
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.underlying = "NVDA",
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.strike = 220.0,
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.maturity_date = Date.fromYmd(2025, 12, 19), // EXPIRED before as_of
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},
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};
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var prices = std.StringHashMap(f64).init(alloc);
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defer prices.deinit();
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try prices.put("NVDA", 225.0);
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summary.adjustForCoveredCalls(as_of, &lots, prices);
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// No cap applied — market value unchanged from the original
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// un-adjusted value. With the bug, this would have been
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// 112500 - 1500 = 111000.
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try std.testing.expectApproxEqAbs(@as(f64, 112500), summary.allocations[0].market_value, 0.01);
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try std.testing.expectApproxEqAbs(@as(f64, 12500), summary.unrealized_gain_loss, 0.01);
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}
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test "adjustForCoveredCalls: maturity_date == as_of treated as closed" {
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// Pin the end-of-day-on-expiry semantics from
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// `Lot.lotIsOpenAsOf`: maturity_date <= as_of means the
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// contract is gone. Drift between modules on this rule
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// would cause subtle off-by-one valuation bugs on expiry
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// day, so we pin the exact boundary.
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const Lot = portfolio_mod.Lot;
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const alloc = std.testing.allocator;
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const as_of = Date.fromYmd(2026, 5, 8);
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var allocs = [_]Allocation{
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.{ .symbol = "NVDA", .display_symbol = "NVDA", .shares = 500, .avg_cost = 200.0, .current_price = 225.0, .market_value = 112500.0, .cost_basis = 100000.0, .weight = 1.0, .unrealized_gain_loss = 12500.0, .unrealized_return = 0.125 },
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};
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var summary = PortfolioSummary{
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.total_value = 112500,
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.total_cost = 100000,
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.unrealized_gain_loss = 12500,
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.unrealized_return = 0.125,
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.realized_gain_loss = 0,
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.allocations = &allocs,
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};
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var lots = [_]Lot{
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.{ .symbol = "NVDA", .shares = 500, .open_date = Date.fromYmd(2024, 1, 1), .open_price = 200.0 },
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.{
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.symbol = "NVDA 260508C00220000",
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.shares = -3,
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.open_date = Date.fromYmd(2025, 6, 1),
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.open_price = 8.35,
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.security_type = .option,
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.option_type = .call,
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.underlying = "NVDA",
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.strike = 220.0,
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.maturity_date = as_of, // expires on as_of itself → closed
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},
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};
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var prices = std.StringHashMap(f64).init(alloc);
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defer prices.deinit();
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try prices.put("NVDA", 225.0);
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summary.adjustForCoveredCalls(as_of, &lots, prices);
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// Treated as closed at as_of → no cap.
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try std.testing.expectApproxEqAbs(@as(f64, 112500), summary.allocations[0].market_value, 0.01);
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}
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test "adjustForCoveredCalls: lot with close_date set does not cap" {
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// The user manually marked the call as closed (e.g. recorded
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// an early assignment by setting `close_date::` and
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// `close_price::` in the portfolio file). The contract no
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// longer exists; stop applying the cap.
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const Lot = portfolio_mod.Lot;
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const alloc = std.testing.allocator;
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const as_of = Date.fromYmd(2026, 5, 8);
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var allocs = [_]Allocation{
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.{ .symbol = "NVDA", .display_symbol = "NVDA", .shares = 500, .avg_cost = 200.0, .current_price = 225.0, .market_value = 112500.0, .cost_basis = 100000.0, .weight = 1.0, .unrealized_gain_loss = 12500.0, .unrealized_return = 0.125 },
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};
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var summary = PortfolioSummary{
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.total_value = 112500,
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.total_cost = 100000,
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.unrealized_gain_loss = 12500,
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.unrealized_return = 0.125,
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.realized_gain_loss = 0,
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.allocations = &allocs,
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};
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var lots = [_]Lot{
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.{ .symbol = "NVDA", .shares = 500, .open_date = Date.fromYmd(2024, 1, 1), .open_price = 200.0 },
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.{
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.symbol = "NVDA 260620C00220000",
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.shares = -3,
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.open_date = Date.fromYmd(2025, 6, 1),
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.open_price = 8.35,
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.security_type = .option,
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.option_type = .call,
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.underlying = "NVDA",
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.strike = 220.0,
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// maturity_date is well in the future, but...
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.maturity_date = Date.fromYmd(2026, 6, 20),
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// ...the user closed early.
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.close_date = Date.fromYmd(2026, 3, 15),
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.close_price = 7.10,
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},
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};
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var prices = std.StringHashMap(f64).init(alloc);
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defer prices.deinit();
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try prices.put("NVDA", 225.0);
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summary.adjustForCoveredCalls(as_of, &lots, prices);
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// close_date is before as_of → contract gone → no cap.
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try std.testing.expectApproxEqAbs(@as(f64, 112500), summary.allocations[0].market_value, 0.01);
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}
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test "adjustForCoveredCalls: open call still caps — sanity counter-test" {
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// Counter-test for the regressions above: with everything
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// else the same as the matured-call test but maturity_date
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// moved to AFTER as_of, the cap DOES apply. This pins that
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// the new filter doesn't accidentally over-cull and break
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// the happy path.
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const Lot = portfolio_mod.Lot;
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const alloc = std.testing.allocator;
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const as_of = Date.fromYmd(2026, 5, 8);
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var allocs = [_]Allocation{
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.{ .symbol = "NVDA", .display_symbol = "NVDA", .shares = 500, .avg_cost = 200.0, .current_price = 225.0, .market_value = 112500.0, .cost_basis = 100000.0, .weight = 1.0, .unrealized_gain_loss = 12500.0, .unrealized_return = 0.125 },
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};
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var summary = PortfolioSummary{
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.total_value = 112500,
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.total_cost = 100000,
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.unrealized_gain_loss = 12500,
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.unrealized_return = 0.125,
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.realized_gain_loss = 0,
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.allocations = &allocs,
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};
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var lots = [_]Lot{
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.{ .symbol = "NVDA", .shares = 500, .open_date = Date.fromYmd(2024, 1, 1), .open_price = 200.0 },
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.{
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.symbol = "NVDA 260620C00220000",
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.shares = -3,
|
||||
.open_date = Date.fromYmd(2025, 6, 1),
|
||||
.open_price = 8.35,
|
||||
.security_type = .option,
|
||||
.option_type = .call,
|
||||
.underlying = "NVDA",
|
||||
.strike = 220.0,
|
||||
.maturity_date = Date.fromYmd(2026, 6, 20), // AFTER as_of → still open
|
||||
},
|
||||
};
|
||||
|
||||
var prices = std.StringHashMap(f64).init(alloc);
|
||||
defer prices.deinit();
|
||||
try prices.put("NVDA", 225.0);
|
||||
|
||||
summary.adjustForCoveredCalls(as_of, &lots, prices);
|
||||
|
||||
// Cap applies: 300 shares × $5 ITM = $1500 reduction.
|
||||
try std.testing.expectApproxEqAbs(@as(f64, 111000), summary.allocations[0].market_value, 0.01);
|
||||
}
|
||||
|
||||
test "netWorth / netWorthAsOf: illiquid respects target date" {
|
||||
// Illiquid property closed on 2026-03-15. Net worth before the sale
|
||||
// should include it; after shouldn't.
|
||||
|
|
|
|||
Loading…
Add table
Reference in a new issue