Guide
What does Strikes from another leg mean in Nyria?
In Nyria, Strikes from another leg counts strikes, not dollars. A 5 strikes up offset places a leg five listed strikes above the reference leg. The dollar width then depends on the underlying's strike increment, so the same offset is a different width on SPY and on SPX.
Official documentation
Set a spread wing with a strike offset
- 1
Set the first leg
Pick the side, call or put, and a delta for Leg 1.
- 2
Add the second leg
Choose Strikes from another leg for its strike.
- 3
Pick the reference
Select Leg 1 as the leg to count from.
- 4
Set the direction and count
Choose Up or Down, then the number of strikes.
- 5
Check the format
Run Check and save. It finds a contract for every leg.
How the offset works
- The count is in listed strikes, not in dollars.
- Up moves to higher strikes and Down moves to lower strikes.
- Both legs share the expiration picked for the first leg.
Why the width changes
- SPY lists mostly $1 strikes, so 5 strikes is about $5 wide.
- SPX lists $5 strikes, so 5 strikes is a $25-wide wing.
- AAPL uses $1 or $2.50 steps, depending on its price.
Max loss follows the width
- A 5-strike offset on SPX is a $25-wide wing.
- That is $2,500 of maximum loss per contract before the credit.
- Check the width before you deploy a bot.
When the check fails
- The error names the leg it could not fill.
- An offset can put a leg past the listed strikes.
- Reduce the offset, or use a more liquid underlying.
Questions
- Is the offset in dollars?
- No. It counts listed strikes from the reference leg.
- Which direction does Up go?
- Up moves to higher strikes, Down to lower strikes.
- How wide is 5 strikes on SPY?
- About $5, since SPY lists mostly $1 strikes.
- How wide is 5 strikes on SPX?
- $25, since SPX lists $5 strikes.
- What if the chain has no strike that far out?
- The format check fails and names the leg. Reduce the offset.
Next
- Paste an alert into the alert tester to see how Nyria reads it.
- Step by step for one account: how to automate TradingView to tastytrade.
- Step by step for one account: how to automate TradingView to Alpaca.
- Alert tester.
Guides
How do I auto-trade iron condor alerts?
Set the four legs once. A short entry from Telegram, Discord or TradingView opens the whole condor.
Read guideWhat happens when only some legs of an option spread fill?
Filled legs are tracked and exit on the next exit alert. Check your broker.
Read guideHow many legs can a Nyria options strategy have?
Up to 4 legs, one expiration and one quantity.
Read guideHow many spreads does Nyria open for Budget per entry?
Whole spreads only, sized by debit or strike width.
Read guideTry a paper bot first
No card required. Paper is free. Live trading from $15 a month.