Strike Arbitrage

Strike arbitrage looks for option prices that violate the bounds between adjacent strikes, for instance a lower strike call quoted below a higher strike call in the same expiration, or a vertical spread priced beyond the difference between its strikes. The sheet lines up bid and ask for the pair so any violation is arithmetic rather than guesswork.

Quotes arrive on demand from option symbols built out of your inputs, with previous close and the underlying's last price for context. Real violations are rare and usually vanish inside the bid ask spread once execution costs are included.