longbridge-hedging

longbridge-hedging

Design and evaluate hedging strategies for a portfolio or single position using Longbridge market data — from simple Beta hedges to options-based protection and cross-asset tail-risk hedges.

Response language: match the user's input language — Simplified Chinese / Traditional Chinese / English.

When to use

• "帮我设计组合对冲方案", "design a hedge for my portfolio", "幫我設計對冲方案"
• "NVDA 怎么用期权对冲", "how to hedge NVDA with options"
• "Beta 对冲比率怎么算", "calculate Beta hedge ratio"
• "领口策略怎么构建", "how to set up a collar strategy"
• "尾部风险对冲有哪些工具", "tail risk hedge instruments"
• "汇率风险怎么对冲", "how to hedge currency exposure"

For option pricing and Greeks, use longbridge-derivatives. For portfolio-level P&L, use longbridge-portfolio.

Workflow

Step 1 — Identify hedge objective

Clarify with the user:

• What is being hedged: single position, portfolio, or sector exposure?
• Risk to hedge: market Beta, tail event, currency, or volatility?
• Hedge horizon: days, weeks, or months?
• Cost tolerance: zero-cost (collar) or willing to pay premium?

Step 2 — Fetch data

longbridge kline --help
longbridge option --help

# Beta calculation (60-day daily returns)
longbridge kline <SYMBOL> --period day --count 60 --format json

# Option chain for hedge instruments
longbridge option chain <SYMBOL> --format json

# Current portfolio positions (requires login with trade scope)
longbridge positions --format json

Step 3 — Beta hedge

Portfolio Beta:

β_portfolio = Σ(w_i × β_i)

Compute individual Beta for each holding from 60-day returns vs benchmark (SPX / HSI / CSI300). Fetch benchmark kline with longbridge kline <BENCHMARK> --period day --count 60 --format json.

Hedge ratio (index futures or inverse ETF):

Contracts needed = (Portfolio Value × β_portfolio) / (Futures Price × Contract Multiplier)

Present: number of contracts, hedge cost, and residual Beta after hedge.

Step 4 — Options-based protection

Protective Put (保护性看跌期权介绍):

• 原理：持有正股的同时持有看跌期权；当标的价格下跌时，期权价值上升，可对冲下行风险。常见做法是选择平值（ATM）或略虚值（OTM）的看跌期权。
• Cost = put premium; protection kicks in below strike.
• Effective floor = Strike − Premium paid.
• 具体期权合约是否适用，请根据自身持仓情况和风险偏好独立判断。
• Fetch available strikes: longbridge option chain <SYMBOL> --format json.

Collar Strategy (zero-cost or near-zero):

• Buy OTM put (downside protection) + sell OTM call (cap upside).
• Net premium ≈ 0 if call premium offsets put premium.
• Present: put strike, call strike, net cost, max gain, max loss.

Selection criteria: | Criterion | Protective Put | Collar | |---|---|---| | Upside retention | Full | Capped at call strike | | Cost | Premium paid | Near zero | | Best for | Bullish with hedge need | Neutral/mild bearish |

Step 5 — Tail risk hedges

| Tool | Instrument | Mechanism | |---|---|---| | VIX calls | UVXY.US / VIX options | Profit from volatility spike | | Gold | GLD.US / 518880.SH | Safe-haven in risk-off | | Long-dated US Treasuries | TLT.US | Negative correlation with equities | | Put on index | SPY puts / HSI puts | Direct market hedge |

Note: fetch current price and recent kline for any hedge instrument before recommending.

Step 6 — Currency hedge

For HK/US cross-currency portfolios:

• USD/HKD is pegged — minimal FX risk.
• CNY exposure: use offshore RMB (CNH) forwards or futures.
• Non-HKD Asian exposure: fetch FX rate via longbridge fx --format json (verify flag with --help).

Present notional hedge amount, instrument, tenor, and estimated cost.

Step 7 — Hedge cost assessment

Cost efficiency = Protection value / Premium paid

Present: premium as % of protected notional, breakeven move, and expected cost per 1% of downside protection.

CLI

longbridge kline --help
longbridge option --help
longbridge positions --help

longbridge kline <SYMBOL> --period day --count 60 --format json
longbridge option chain <SYMBOL> --format json
longbridge positions --format json

Output

Present:

1. Hedge objective summary.
2. Recommended strategy with rationale.
3. Implementation details (strikes, contracts, premium).
4. Cost vs protection table.
5. Scenarios: portfolio value if market falls 10% / 20% with and without hedge.
6. Caveats (basis risk, early exercise for American options, liquidity).

Always note: hedging reduces risk but also limits upside.

以上内容仅供参考，不构成投资建议。投资决策请结合自身风险承受能力独立判断。/ The above is for reference only and does not constitute investment advice. Please make investment decisions independently based on your own risk tolerance.

Error handling

| Situation | 简体回复 | 繁體回覆 | English reply | |---|---|---|---| | command not found: longbridge | 请安装 longbridge-terminal 或检查 MCP 配置。 | 請安裝 longbridge-terminal 或檢查 MCP 配置。 | Install longbridge-terminal or check MCP config. | | stderr: not logged in | 请运行 longbridge auth login（需 Trade 权限查看持仓）。 | 請執行 longbridge auth login（需 Trade 權限查看持倉）。 | Run longbridge auth login (Trade scope needed for positions). | | No option chain data | 该标的无期权数据，请尝试对应指数期权或 ETF 期权。 | 該標的無期權數據，請嘗試指數或 ETF 期權。 | No option chain for this symbol; try index or ETF options instead. | | Negative or missing Beta | Beta 数据不足，将使用市值加权 Beta=1 作为默认值。 | Beta 數據不足，使用 Beta=1 作為默認值。 | Insufficient Beta data; defaulting to Beta = 1. |

Related skills

• longbridge-derivatives — option quotes, Greeks, IV
• longbridge-options-strategy — options strategy builder
• longbridge-portfolio — portfolio P&L and exposure analysis
• longbridge-risk-analysis — portfolio risk metrics (VaR, drawdown)

File layout

skills/longbridge-hedging/
└── SKILL.md