Options Straddle Position Closer

WHAT IT DOES

The Options Straddle Position Closer lets you close an existing options straddle position by selling both your call and put options back to the market in a single atomic transaction. You specify the options contract, underlying asset, strike price, expiry, and the number of contracts to close (or use 0 to close all). The tool reads your current call and put holdings, current option premiums, intrinsic values, and underlying price. It then calculates the total proceeds you will receive from closing the position and shows you a clear preview before you commit. This provides a systematic way to exit a straddle position efficiently, capturing any remaining premium or intrinsic value.

HOW TO USE

Connect your EVM wallet and select your network. Enter the options contract address, the underlying asset address, the strike price (in USD with 8 decimals), and the expiry timestamp (Unix). Specify the number of contracts to close — enter 0 to close your entire position, or enter a specific number for partial closing. Click "Preview close" to see your current call and put holdings, option premiums, intrinsic values, total proceeds, and estimated PnL. If the preview looks correct, click "Close straddle" — the tool will execute both option sales in a single transaction, selling your call and put options and crediting the proceeds to your wallet. Progress is shown in real-time, and gas costs are calculated accurately using effectiveGasPrice.

ONE TECHNICAL SECTION — THE REAL MECHANISM

The tool interacts with an options protocol contract that manages option trading and settlement. It reads your current call holdings via getCallBalance() and put holdings via getPutBalance() for the specified strike and expiry. Current option premiums are fetched using getOptionPremium() with a boolean flag to indicate call or put, while intrinsic values are calculated using getOptionIntrinsicValue(). The closeStraddle() function executes two option sales atomically — selling the call and put options, receiving their combined premiums, and burning the option tokens from your wallet. The function automatically handles the market-making logic, selling at the current bid prices and ensuring you receive fair value. The tool also reads the underlying price via getUnderlyingPrice() to provide context on whether the options are in-the-money or out-of-the-money.

WHAT IT CANNOT SEE

The tool cannot predict future price movements or guarantee closing profitability. It does not evaluate market conditions, the probability of the underlying moving further, or the optimal timing for closing. It cannot detect if the options protocol is under stress or if bid-ask spreads are wide. It does not provide financial advice or ensure that closing at any particular time is optimal. The tool also cannot recover options that have expired worthless — closing before expiry is the user's responsibility.

PLEASE NOTE

This tool is EVM-only and supports Ethereum, Goerli, Sepolia, Optimism, Arbitrum, Polygon, and Base. It does not support Solana, Tron, Starknet, SUI, TON, Aptos, Bitcoin, Cosmos, or XRP. Option prices can be volatile, and bid-ask spreads may impact the proceeds you receive. Closing a straddle early may result in realizing a loss or smaller profit than holding to expiry. Always understand the risks and costs before closing a straddle position. The tool is provided free and as-is; users assume full responsibility for their trading decisions.