Hermēs DocumentationStrategy Workshop
The Strategy Workshop turns a GEX structural read into a concrete option combo — from template legs, P&L curve and theoretical probability of profit to live P&L and Greeks attribution — a one-stop bench for structure design and risk metrics. Requires Pro.
The Strategy Workshop turns your structural read into a placeable option combo and shows its risk profile on the spot: P&L curve, breakeven, max P/L, theoretical probability of profit (PoP), plus live P&L and Greeks attribution. Requires Pro.
Open it in the Options Desk via ＋ New Window → Data & Analytics → Strategy Workshop, or auto-fill it by clicking to leg on the Vol Curve / Vol Compare chart.
Who it is for
Options / structure traders. When Vol Intelligence tells you "sell vol, skew leans put, range-bound", the Strategy Workshop helps you turn it into an iron condor or spread and see max loss and odds clearly before you place it.
The four tabs
① Builder
Pick DTE (days to expiry) and a structure template: long Call/Put, vertical spread, straddle, strangle, iron condor, butterfly and more. Edit legs row by row (buy/sell, C/P, strike, IV). The header instantly gives max profit / max loss / breakeven / net debit or credit / theoretical PoP, and draws the expiry payoff shape and a T+0 scenario matrix (spot × IV).
② P&L Curve
Expiry and T+0 P&L curves, overlaid with spot-shock (−20% / +20%) and IV-shock (±50%) scenario simulations, to see clearly how the structure behaves under extreme moves.
③ Live P&L
Tracks the structure's current P&L curve off live quotes, marking the stop level and live Greeks — turning a paper structure into a position you can watch.
④ Greeks Attribution
P&L Greeks attribution: splits P&L into the contribution of Delta / Gamma / Theta / Vega, and shows the Theta burn rate — so you can see whether today's gain came from direction, volatility or time.
The structure-to-probability loop
GEX locate → structure build → probability check is the desk's core flow: lock a key level on the main chart / GEX Data Center → build legs from a template in the Strategy Workshop → return to Vol Intelligence → Implied Distribution for this structure's market-implied P(profit). Theoretical PoP and market-implied P(profit) corroborate each other — the smaller the gap, the more trustworthy.
Typical workflow
- Set the tone from Vol Intelligence (sell vol / buy vol / direction).
- In the Builder, pick the matching template and build legs with current IV and the nearest DTE.
- Check whether max loss is bearable and theoretical PoP clears your bar.
- Use the scenario matrix to check behavior under ±20% spot and ±50% IV.
- Send to the Portfolio to see combined portfolio Greeks with existing positions, then place the trade.
Next steps
Frequently asked questions
What subscription does the Strategy Workshop need?
The Strategy Workshop is a Pro window — log in with a Pro or higher subscription.
How is theoretical probability of profit (PoP) computed?
It uses the Black-Scholes model with current IV and time to expiry to estimate the probability the structure lands in the profit range at expiry; it is a model estimate that you can cross-check against Vol Intelligence's market-implied distribution.
Can the Strategy Workshop feed the Portfolio window?
Yes. The position each Strategy Workshop instance registers is aggregated by the Portfolio window, giving whole-portfolio Delta/Gamma/Theta/Vega and max P/L.
Vol Curve
Vol Curve is a lightweight window focused only on the near and next-near IV smile, skew, term slope and the expected intraday ±1σ, and it lets you click a point on the curve to send a leg straight into the Strategy Workshop. Requires Pro.
Portfolio
The Portfolio window aggregates every structure built in the Strategy Workshop into one portfolio risk sheet — total Delta/Gamma/Theta/Vega, max P/L and theoretical probability of profit — so you can see net exposure across stacked structures before you trade. Requires Pro.