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---
name: ib-pmcc-advisor
description: Analyze PMCC (Poor Man's Covered Call / diagonal spread) positions from IB portfolio. For each diagonal spread, reports short leg risk (delta, IV, assignment probability), daily P&L projections, top-3 roll candidates, and a side-by-side comparison table. Requires TWS or IB Gateway running locally.
dependencies: ["trading-skills"]
---
# IB PMCC Advisor
Analyzes all PMCC (diagonal call spread) positions in the IB portfolio and provides actionable advice on the short leg: assignment risk, P&L projections per day, and ranked roll recommendations.
## IB Connection
TWS or IB Gateway must be running locally with API enabled:
- **Paper trading** — port 7497
- **Live trading** — port 7496
**Port fallback:** If the configured port fails, automatically retry on the other port.
If the retry succeeds, save to memory which account type worked (live/paper) and reuse it for all IB skill calls in this and future sessions — until the user explicitly asks for the other account.
If both ports fail, ask the user to verify that TWS or IB Gateway is running with API access enabled.
## Instructions
### Step 1: Run the report script
```bash
uv run python .claude/skills/ib-pmcc-advisor/scripts/pmcc_advisor.py [--port PORT] [--account ACCOUNT] [--min-roll-dte N] [--price-mode mid|last]
```
The script returns JSON to stdout. Capture it and format the report.
### Step 2: Report to user
From the JSON, present inline in the conversation:
- Lead with any red flags (assignment > 40%, DTE < 7, earnings warnings).
- For each spread with a red flag, show the comparison table inline.
- State the top recommendation for each flagged spread.
- For clean positions, a one-line summary is enough.
**Do NOT save a file** unless the user explicitly asks for a report (e.g. "save a report", "generate a PDF", "write a report").
If a report is requested, read `.claude/skills/ib-pmcc-advisor/templates/markdown-template.md` for full formatting instructions and save to `sandbox/`:
- Filename: `pmcc_advisor_{ACCOUNT}_{YYYY-MM-DD}_{HHmm}.md`
- Use first account ID. Derive date/time from `generated_at`.
The report must include all sections per spread:
1. **Red flags summary** — assignment > 40%, DTE < 7, no rolls, earnings warnings
2. **Spread structure table** — both legs: strike, expiry, DTE, cost, current price, IV
3. **Short leg risk** — delta (BS + IB), assignment probability with risk label
4. **Daily P&L projections** — all rows: date, days to expiry, best exit spot, max P&L (mark the peak row)
5. **Roll candidates table** — strike, expiry, DTE, delta, assign%, IV, net credit, $/day, P&L if assigned, bid/ask
6. **Comparison table** — current vs roll_1/2/3 side by side
7. **Recommendation** — hold/roll/close with reasoning
## Arguments
| Flag | Default | Description |
|------|---------|-------------|
| `--port` | 7497 | IB Gateway/TWS port |
| `--account` | all | Specific account ID |
| `--min-roll-dte` | 7 | Minimum DTE for roll candidates |
| `--price-mode` | mid | Option price: `mid` (bid+ask)/2 or `last` |
| `--symbols` | all | Analyze only these symbols (e.g. `--symbols NVDA WMT`) |
## JSON Output Structure
```json
{
"generated_at": "2026-04-30 10:25 ET",
"data_delay": "real-time",
"accounts": ["Uxxxxxxxx"],
"price_mode": "mid",
"min_roll_dte": 7,
"symbols_filter": ["NVDA", "WMT"],
"spreads": [
{
"symbol": "NVDA",
"account": "Uxxxxxxxx",
"qty": 10,
"underlying_price": 201.46,
"leaps_expiry": "20260918",
"earnings": {
"date": "2026-05-20",
"timing": "AMC",
"warning_short": false,
"warning_roll_indices": [1, 2, 3]
},
"long": {
"strike": 180.0, "expiry": "20260918", "dte": 141,
"avg_cost": 35.51, "current_price": 36.20,
"iv_pct": 42.1, "ib_delta": 0.7821, "ib_iv_pct": 41.8
},
"short": {
"strike": 210.0, "expiry": "20260618", "dte": 49,
"premium_received": 6.88, "current_price": 5.10,
"iv_pct": 38.5, "delta": 0.3421, "assignment_prob_pct": 28.4,
"ib_delta": 0.3415, "ib_iv_pct": 38.2
},
"daily_pnl": [
{"date": "2026-04-30", "days_to_short_expiry": 49.0, "optimal_spot": 215.20, "pnl": 1234.56},
{"date": "2026-05-01", "days_to_short_expiry": 48.0, "optimal_spot": 214.80, "pnl": 1289.10}
],
"roll_candidates": [
{
"strike": 215.0, "expiry": "20260717", "dte": 78,
"price": 5.80, "delta": 0.2910, "assignment_prob": 22.5,
"iv_pct": 37.2, "net_credit": 0.70, "profit_per_day": 0.0744,
"pnl_if_assigned": 3580.0, "bid": 5.60, "ask": 6.00
}
],
"comparison": {
"current": {"strike": 210, "expiry": "20260618", "dte": 49, "delta": 0.3421, "assignment_prob": 28.4, "profit_per_day": 0.1404, "pnl_if_assigned": 1880.0},
"roll_1": {"strike": 215, "expiry": "20260717", "dte": 78, "delta": 0.2910, "assignment_prob": 22.5, "profit_per_day": 0.0744, "pnl_if_assigned": 3580.0}
}
}
]
}
```
## Key Fields
- `symbols_filter` — list of uppercase symbols when `--symbols` was used; `null` means full portfolio
- `data_delay` — `"real-time"` if live quotes available, `"stalled - using last price"` if IBKR quotes unavailable
- `generated_at` — NY timezone timestamp
- `leaps_expiry` — expiry of the long leg (YYYYMMDD); all roll candidates are capped at or before this date
- `earnings.date` — next earnings date (YYYY-MM-DD) from Yahoo Finance; null for ETFs
- `earnings.timing` — `"BMO"` (before open) or `"AMC"` (after close)
- `earnings.warning_short` — true if earnings fall within the last 7 calendar days before short expiry
- `earnings.warning_roll_indices` — 1-based indices of roll candidates whose expiry window contains the earnings date
- `delta` / `ib_delta` — BS-calculated vs. IBKR model Greeks (both reported when available)
- `iv_pct` / `ib_iv_pct` — IV in percent; BS-calculated from option price vs. IBKR model Greeks
- `assignment_prob_pct` — N(d2): risk-neutral probability the short expires ITM
- `net_credit` — credit received when rolling (negative = debit); rolls with debit > $0.10/share excluded
- `pnl_if_assigned` — P&L if underlying finishes above short_strike at expiry: `(short_strike - long_strike - long_cost + total_premium) × 100`
- `daily_pnl[].optimal_spot` — spot price that maximises exit P&L on that day (found via numerical optimisation); increases as theta decays the short leg
- `daily_pnl[].pnl` — total dollars (qty × 100 contracts) at the optimal spot on that day
## Roll Selection Criteria
Candidates must satisfy both:
1. **Lower delta** than current short (less assignment risk)
2. **Net credit ≥ -$0.10/share** (not a large debit)
Ranked by: delta improvement (highest weight) → net credit → DTE extension.
## Example Usage
```bash
# All accounts (paper, default)
uv run python .claude/skills/ib-pmcc-advisor/scripts/pmcc_advisor.py
# Live account, 14-day minimum roll DTE, last-price mode
uv run python .claude/skills/ib-pmcc-advisor/scripts/pmcc_advisor.py --port 7496 --account Uxxxxxxxx --min-roll-dte 14 --price-mode last
# Analyze only specific symbols
uv run python .claude/skills/ib-pmcc-advisor/scripts/pmcc_advisor.py --symbols NVDA WMT
```
## Architecture
All logic lives in `src/trading_skills/broker/pmcc_advisor.py`:
- **Analytics functions** (top half, no IBKR imports): `get_option_price`, `calc_iv`, `calc_delta`, `calc_assignment_prob`, `calc_bs_price`, `calc_daily_pnl_table`, `check_earnings_warning`, `find_best_rolls`, `build_comparison_table`, `score_roll_candidate`
- **Data layer** (bottom half, uses IBKR + Yahoo Finance): `get_pmcc_data`, `_identify_pmcc_spreads`, `_fetch_single_option_quote`, `_fetch_option_quotes_batch`, `_get_chain_params`, `_fetch_earnings_dates`
Reuses from `src/trading_skills/broker/`:
- `connection.py` — `ib_connection`, `CLIENT_IDS`, `fetch_positions`, `fetch_spot_prices`, `normalize_positions`, `best_option_chain`
- `black_scholes.py` — `implied_volatility`, `black_scholes_price`, `black_scholes_delta`, `estimate_iv`