@gloom-sh/terminal 0.18.5 → 0.19.0

package/src/cli/commands/market.ts

@@ -12,7 +12,7 @@ import type {
   Quote,
   TickerFinancials,
 } from "../../types/financials";
-import { currencyPriceMinDigits, formatMarketPrice, formatMarketPriceWithCurrency, quoteFormatOptions, resolveAssetDisplayKind, withCurrencyMinorDigits } from "../../market-data/market/format";
+import { currencyPriceMinDigits, formatMarketPrice, formatMarketPriceWithCurrency, penceFigure, quoteFormatOptions, resolveAssetDisplayKind, withCurrencyMinorDigits } from "../../market-data/market/format";
 import { INDEX_POINTS_EXPORT_UNIT, isIndexLevel, reportedQuoteVolume } from "../../market-data/market/index-level";
 import { changeBasisJson, changeBasisLabel, changeBasisNote, quoteChangeBasis, quotePreviousCloseDate, quoteSettleText } from "../../market-data/market/change-basis";
 import {
@@ -41,6 +41,7 @@ import {
 import { cliArrow, cliStyles, colorBySign, renderSection, renderStats } from "../../utils/cli-output";
 import { filledPeriodsNote, stalePeriodNote, statementHistoryNotes } from "../../utils/financial-statements";
 import { formatPerShareNumber } from "../../utils/reported-money";
+import { isCurrencyPairListing } from "../../utils/fx-market-hours";
 import {
   analystTargetCurrency,
   formatAnalystPrice,
@@ -58,7 +59,7 @@ import {
 } from "../../market-data/options-alternatives";
 import {
   atReportTtmRate, cliFuturesContract, futuresContractMetrics, exportedDividendFundamentals, fundamentalsReportTables, loadDividendDistributions,
-  loadReportBondFacts, renderFundamentalsReport, writesCurrencyCodes,
+  loadReportFundFacts, renderFundamentalsReport, writesCurrencyCodes,
 } from "./ticker";
 import { createBaseConverter } from "../base-converter";
 import { loadStatementFilings } from "../statement-filings";
@@ -75,6 +76,7 @@ import {
   loadOptionModelInputs,
   loadOptionsChainOpenInterest,
   chainCoinCurrency,
+  chainHasFilledIv,
   formatCoinPremiumCell,
   formatOptionDeltaCell,
   formatOptionDollarCell,
@@ -90,6 +92,7 @@ import {
   optionsBasisFields,
   optionsBasisFootnote,
   parseOptionExpiration,
+  takeExpirationOption,
   valueChainAtModelSpot,
   type OptionsChainBasis,
 } from "./options-chain";
@@ -139,6 +142,7 @@ import {
   historyPriceDecimals,
   historyRows,
   historyUnit,
+  quotedPriceDivisor,
   historyVolume,
   historyVolumeText,
   type HistoryRow,
@@ -153,7 +157,7 @@ import {
   symbolListNotes,
   type HistoryListRow,
 } from "../history-export";
-import { isCliFailure } from "../errors";
+import { fail, isCliFailure, NO_DATA_CODE } from "../errors";
 import { mapWithConcurrency } from "../../utils/concurrency";
 import { MISSING_VOLUME_TEXT } from "../../utils/price-history-integrity";
 import { CRYPTO_BOARD_HINT, quoteNotes } from "./crypto-hints";
@@ -215,6 +219,7 @@ import {
   type ResolvedEarningsEvent,
 } from "../../plugins/builtin/shared/earnings-calendar";
 import {
+  coinListingNotes,
   EXCHANGE_OPTION,
   listingHeading,
   listingIdentity,
@@ -303,6 +308,7 @@ import {
   unvaluedHoldersNote,
 } from "../../plugins/builtin/holders/report-rows";
 import { fetchBeneficialOwners } from "../../plugins/builtin/holders/beneficial-client";
+import { fundHoldersAnswer } from "../../plugins/builtin/holders/fund-holders";
 import { centralBankEventsMessage } from "../central-bank-events";
 import { classSharesAsOf, classSharesToday } from "../../plugins/builtin/holders/client";
 import {
@@ -465,7 +471,8 @@ const QUOTE_LEAD_COLUMNS = [
       row.error && !row.price
         // A typo is not an outage: say what is wrong with the symbol itself.
         ? isNotATickerMessage(row.error) ? cliStyles.warning("not a ticker") : cliStyles.danger("unavailable")
-        : yieldLevelCell(row.price, row)
+        // A London line adds the pence it trades in, as the exchange and RNS write it, muted as a table cell's note is: £6.308 630.8p.
+        : `${yieldLevelCell(row.price, row)}${row.pence ? ` ${cliStyles.muted(row.pence)}` : ""}`
     ),
   },
   {
@@ -729,10 +736,12 @@ function quoteRows(results: QuoteCliRecord[], now = Date.now()) {
     // A price in cents says what it is per, as the contract terms word it: 314.95¢/lb.
     const per = display.price != null ? futuresPricePer(result.futuresContract, quote?.currency) : "";
     const previousClose = display.price != null && display.change != null ? display.price - display.change : quote?.previousClose;
+    const last = price(display.price);
     return {
       symbol: result.target.symbol,
       name: quote?.name || result.listing?.name || "",
-      price: `${price(display.price)}${per}`,
+      price: `${last}${per}`,
+      pence: penceFigure(display.price, quote, /\.(\d+)/.exec(last)?.[1]?.length ?? 0),
       rawPrice: display.price,
       priceBasis: quote?.priceBasis ?? null,
       instrumentType: quote?.instrumentType ?? null,
@@ -1102,7 +1111,7 @@ async function runQuote(rawArgs: string[], ctx: Parameters<CliCommandDef["execut
         return pair ? [`${row.target.symbol}: ${depositaryPairText(pair, isReceiptSide({ quote: row.quote }))}.`] : [];
       }),
       // A cell shows only "unavailable", and an exported row only its status, so stderr names each failure; the JSON rows carry each reason.
-      ...ctx.cliOptions.format !== "json" ? quoteNotes(data, { exchange }) : [],
+      ...ctx.cliOptions.format !== "json" ? quoteNotes(data) : [],
     ];
     const columns = commandName === "compare" ? compareColumns() : quoteColumns();
     const basisNotes = changeBasisNotes(data, now);
@@ -1117,7 +1126,8 @@ async function runQuote(rawArgs: string[], ctx: Parameters<CliCommandDef["execut
       // close does not read as a contradiction of DGS10 or GC for the same day.
       // Dated by the quotes as served, which say whether one is the saved copy.
       freshness: withSavedCopy(
-        quotesFreshness(data.map((row) => row.quote), yieldsOnly ? { schedule: `Cboe close ${CBOE_YIELD_INDEX_CLOSE}` } : undefined),
+        // A table across markets (US and London lines) dates each market's session and says when each opens.
+        quotesFreshness(data.map((row) => row.quote), { datesEachVenue: true, ...yieldsOnly ? { schedule: `Cboe close ${CBOE_YIELD_INDEX_CLOSE}` } : {} }),
         answers.map(({ result }) => result.quote),
       ),
     }, {
@@ -1399,7 +1409,11 @@ async function loadListingHistory(
   };
   // A coin's volume is traded value in its quote currency: said in every row and on the status line.
   const volume = historyVolume(unit, traded);
-  const rows = historyRows(points, resolution, unit.currency, unit.unit, volume);
+  // Spot FX has no exchange to count its trades: a source's 0 is no volume, printed as missing.
+  const pair = quote?.instrumentType === "CURRENCY" || isCurrencyPairListing(symbol, exchange);
+  // A London line's bars were priced in pence: cleaned there, and printed to the pence decimals `quote` shows.
+  const priceDivisor = quotedPriceDivisor(quote);
+  const rows = historyRows(pair ? points.map(({ volume: _volume, ...point }) => point) : points, resolution, unit.currency, unit.unit, volume, priceDivisor);
   // Bars stop arriving on the listing's own trading days, not New York's.
   const venue = quote?.listingExchangeName || exchange || undefined;
   const served = range === "YTD" && !window ? rows.slice(Math.max(0, yearToDateStartIndex(rows.map((row) => row.date), rows[0]?.interval, venue))) : rows;
@@ -1450,7 +1464,7 @@ async function loadListingHistory(
   ].flat();
   return {
     listing, identity, unit, data, resolution, interval, intraday, volume, freshness, notes,
-    decimals: historyPriceDecimals(data, listing.saved?.metadata.assetCategory),
+    decimals: historyPriceDecimals(data, listing.saved?.metadata.assetCategory, priceDivisor),
   };
 }
 
@@ -1720,6 +1734,22 @@ const STATEMENT_COLUMNS: CliResultColumn<ReturnType<typeof financialStatementRow
   { key: "currency", header: "Cur" },
 ];
 
+/** A symbol as typed in capitals (`NEE`, `BP:LSE`, `7203.T`), never a word of a company's name. */
+const TYPED_SYMBOL = /^[A-Z0-9][A-Z0-9.:^=&-]{0,15}$/;
+
+/**
+ * The symbols of a command given several where it takes one: `NEE FSLR` as
+ * two words, or as one (`"NEE FSLR"`, `NEE,FSLR`). One word with spaces is
+ * a list only when every part is a symbol as typed, so a company's name
+ * (`"Bank of America"`) is still searched for. Null for one symbol.
+ */
+export function comparedSymbols(args: readonly string[]): string[] | null {
+  const words = args.flatMap((arg) => arg.split(/[\s,]+/)).filter(Boolean);
+  if (words.length < 2) return null;
+  if (args.length > 1 || args.some((arg) => arg.includes(","))) return words;
+  return words.every((word) => TYPED_SYMBOL.test(word)) ? words : null;
+}
+
 async function runFinancials(rawArgs: string[], ctx: Parameters<CliCommandDef["execute"]>[1], view: FinancialsView) {
   const args = [...rawArgs];
   const exchangeOption = takeOption(args, "--exchange");
@@ -1744,6 +1774,12 @@ async function runFinancials(rawArgs: string[], ctx: Parameters<CliCommandDef["e
   const tabular = ctx.cliOptions.format === "csv" || ctx.cliOptions.format === "ndjson";
   if (sectionFlag && !tabular) ctx.fail("--section picks one table of --csv or --ndjson output.");
   if (sectionFlag && !section?.trim()) ctx.fail("--section needs a section title or number.");
+  // Several symbols are a comparison, which RV draws side by side.
+  const compared = view === "valuation" ? comparedSymbols(args) : null;
+  if (compared) {
+    ctx.fail(`valuation takes one symbol; got ${compared.join(" ")}.`,
+      `To compare their valuations side by side: gloom fn RV ${compared.join(",")}\nUsage: gloom valuation <symbol>`);
+  }
   const raw = requireOneArg(args, `${commandName} <symbol>`, "symbol", ctx);
   const selectTables = (tables: CliReportTables) => {
     try {
@@ -1765,8 +1801,8 @@ async function runFinancials(rawArgs: string[], ctx: Parameters<CliCommandDef["e
     // declared distribution it annualizes (not in JSON), and one whose dividend stopped says so; read beside the listing notes.
     const distributions = view === "statements" ? null : loadDividendDistributions(
       market.dataProvider, listing.request, financials, { declared: ctx.cliOptions.format !== "json" });
-    // A bond fund's SEC yield, yield to worst and duration, beside its distribution yield.
-    const bondFund = view === "statements" ? null : loadReportBondFacts(listing.request.symbol,
+    // A fund's facts: its bond figures beside its distribution yield, and whether fn ETF has any to point to.
+    const fundFacts = view === "statements" ? null : loadReportFundFacts(listing.request.symbol,
       financials.quote?.tradingExchangeName || listing.request.exchange || financials.quote?.listingExchangeName || financials.quote?.exchangeName,
       financials, listing.saved);
     const treasury = rates ? loadTreasuryTenors() : null;
@@ -1795,13 +1831,14 @@ async function runFinancials(rawArgs: string[], ctx: Parameters<CliCommandDef["e
           loadBankFigures(market.statementSources, listing.request, financials),
         ])
         : [null, { bank: null, note: null }];
-      const bond = await bondFund;
+      const facts = await fundFacts;
+      const bond = facts?.bond ?? null;
       // On the SEC yield when the sponsor publishes one, else the distribution yield the line above shows.
       const taxEquivalent = rates ? analyzeTaxEquivalent({
         symbol: identity.symbol || listing.key, bond, rates, treasury: await treasury,
         distribution: distributionBasis(priced.fundamentals?.dividendYield, priced.fundamentals?.dividendYieldBasis === "trailing" ? "trailing" : "forward"),
       }) : null;
-      const report = { ...data, distributions: await distributions, statementFilings, bank: bank.bank, bankNote: bank.note, bondFund: bond, taxEquivalent,
+      const report = { ...data, distributions: await distributions, statementFilings, bank: bank.bank, bankNote: bank.note, bondFund: bond, fundFacts: facts, taxEquivalent,
         // A base currency other than USD reads every amount with its code, as `ticker` does.
         currencyCodes: writesCurrencyCodes(market.config) };
       ctx.printResult({
@@ -2043,7 +2080,8 @@ async function runNews(rawArgs: string[], ctx: Parameters<CliCommandDef["execute
       return;
     }
     const empty = emptyMessage(false);
-    const read = listing ? listingReadNotes(listing) : [];
+    // A bare coin ticker read as another listing (ETH, the Grayscale fund) says where the coin is, as `quote` does.
+    const read = listing ? [...listingReadNotes(listing), ...coinListingNotes(listing, quote)] : [];
     // A word that is also the company's name ("gold" for Gold.com Inc.) says once which ticker it found and how
     // to search the stories that mention it instead, when those stories are mostly about something else.
     const typed = args[0]?.trim() ?? "";
@@ -2401,14 +2439,20 @@ async function runHolders(
     // --tail counts back from the end of the rows loaded, so it loads at least as many as it asks for.
     const tail = ctx.cliOptions.tail;
     const indexLimit = Math.min(ctx.cliOptions.limit ?? Math.max(tail ?? 0, HOLDERS_DEFAULT_ROWS), HOLDER_ROWS_MAX);
+    const quoted = loadListingQuote(market.dataProvider, listing);
     const [source, quote, form4, index] = await Promise.all([
       loadForListing(
         listing, market, ctx,
         () => market.dataProvider.getHolders(listing.request.symbol, listing.request.exchange),
         (found) => found.holders.length === 0,
         { command: commandName, noun: "holder data" },
-      ),
-      loadListingQuote(market.dataProvider, listing),
+      ).catch(async (error: unknown) => {
+        // A fund has no ownership breakdown: say so, and what reads it, rather than the source's NO_DATA.
+        const fund = await fundHoldersAnswer(listing.symbol, error, await quoted, apiClient);
+        if (fund) fail(fund.message, fund.details.join("\n") || undefined, NO_DATA_CODE);
+        throw error;
+      }),
+      quoted,
       insiderCommand ? loadForm4Report(market, listing) : null,
       indexTicker ? loadIndexedHolders(indexTicker, indexLimit).catch(logFailure("cli.commands-market", "Read the 13F holder index failed", null)) : null,
     ]);
@@ -2616,12 +2660,13 @@ async function runEvents(rawArgs: string[], ctx: Parameters<CliCommandDef["execu
 async function runOptions(rawArgs: string[], ctx: Parameters<CliCommandDef["execute"]>[1]) {
   const args = [...rawArgs];
   const leapsOptions = takeLeapsOptions(args);
-  const expiration = takeOption(args, "--expiration");
+  const expirationOption = takeExpirationOption(args);
+  const { value: expiration, flag: expirationFlag } = expirationOption;
+  if (expirationOption.both) ctx.fail("--expiry is --expiration; give one of them.", `Usage: gloom ${OPTIONS_USAGE}`);
   const exchangeOption = takeOption(args, "--exchange");
   if (leapsOptions.leaps) {
     // With --leaps, --expiration is a window of one expiry.
-    const expirationGiven = expiration != null || rawArgs.some((arg) => arg === "--expiration" || arg.startsWith("--expiration="));
-    const criteria = parseLeapsCriteria({ ...leapsOptions.raw, ...expirationGiven ? { "--expiration": expiration ?? "" } : {} });
+    const criteria = parseLeapsCriteria({ ...leapsOptions.raw, ...expirationOption.given ? { "--expiration": expiration ?? "" } : {} });
     if ("error" in criteria) ctx.fail(criteria.error, `Usage: gloom ${LEAPS_USAGE}`);
     const entries = normalizeSymbols(args);
     if (entries.length === 0) ctx.fail("--leaps needs at least one symbol.", `Usage: gloom ${LEAPS_USAGE}`);
@@ -2633,11 +2678,11 @@ async function runOptions(rawArgs: string[], ctx: Parameters<CliCommandDef["exec
   }
   const raw = requireOneArg(args, OPTIONS_USAGE, "symbol", ctx);
   let expirationDate: number | undefined;
-  if (expiration != null || rawArgs.includes("--expiration")) {
+  if (expirationOption.given) {
     const parsed = expiration == null ? null : parseOptionExpiration(expiration);
     if (parsed == null) {
       ctx.fail(
-        expiration == null ? "--expiration needs a date." : `Invalid --expiration "${expiration}".`,
+        expiration == null ? `${expirationFlag} needs a date.` : `Invalid ${expirationFlag} "${expiration}".`,
         `Use ${OPTION_EXPIRATION_FORMAT}.${expiration == null ? "" : expirationHint(expiration)}\nUsage: gloom ${OPTIONS_USAGE}`,
       );
     }
@@ -2669,7 +2714,7 @@ async function runOptions(rawArgs: string[], ctx: Parameters<CliCommandDef["exec
       const listed = await readChain(undefined).then(({ chain }) => chain.expirationDates,
         logFailure("cli-market", "Read available option expirations failed", []));
       ctx.fail(`expiry ${expiryIsoDate(expirationDate)} for ${listing.key} `
-        + expiredExpiryText(expirationDate, listed, now, { exchange: expiryVenue, flag: "expiration" }),
+        + expiredExpiryText(expirationDate, listed, now, { exchange: expiryVenue, flag: expirationFlag.slice(2) }),
       `Run gloom options ${listing.key} to list the live expiries.`);
     }
     const { result, chain: read } = await loadForListing(listing, market, ctx, async () => {
@@ -2711,7 +2756,7 @@ async function runOptions(rawArgs: string[], ctx: Parameters<CliCommandDef["exec
     // IV and delta are valued at one spot and instant, named under the table and on every exported row.
     const { chain, spot: modelSpot } = valueChainAtModelSpot(loaded, inputs, Date.now(), identity.exchange);
     const basis: OptionsChainBasis = { spot: modelSpot, dividendYield: inputs.dividendYield ?? null,
-      openInterest: await loadOptionsChainOpenInterest(symbol, chain) };
+      openInterest: await loadOptionsChainOpenInterest(symbol, chain), ivFilled: chainHasFilledIv(chain) };
     const basisFields = optionsBasisFields(basis);
     const currency = [...chain.calls, ...chain.puts].find((contract) => contract.currency?.trim())?.currency.trim().toUpperCase()
       ?? quote?.currency ?? null;
@@ -2783,6 +2828,7 @@ async function runOptions(rawArgs: string[], ctx: Parameters<CliCommandDef["exec
         { key: "bid", header: "Bid" },
         { key: "ask", header: "Ask" },
         { key: "iv", header: "IV (annualized decimal)" },
+        { key: "ivSource", header: "IV source" },
         { key: "delta", header: "Delta (decimal)" },
         { key: "volume", header: "Vol" },
         { key: "openInterest", header: "OI" },
@@ -2810,7 +2856,7 @@ async function runOptions(rawArgs: string[], ctx: Parameters<CliCommandDef["exec
         { key: "coinAsk", header: `Ask ${coin}`, align: "right", format: formatCoinPremiumCell },
         { key: "coinMark", header: `Mark ${coin}`, align: "right", format: formatCoinPremiumCell },
         { key: "mark", header: "Mark $", align: "right", format: formatOptionDollarCell },
-        { key: "iv", header: "IV", align: "right", format: formatOptionIvCell },
+        { key: "iv", header: "IV", align: "right", format: (value, row) => formatOptionIvCell(value, row) },
         { key: "delta", header: "Delta", align: "right", format: formatOptionDeltaCell },
         { key: "gamma", header: "Gamma", align: "right", format: formatOptionGammaCell, optional: true, dropPriority: 3 },
         { key: "vega", header: "Vega $", align: "right", format: formatOptionDollarCell, optional: true, dropPriority: 2 },
@@ -2826,7 +2872,7 @@ async function runOptions(rawArgs: string[], ctx: Parameters<CliCommandDef["exec
         { key: "last", header: "Last", align: "right" },
         { key: "bid", header: "Bid", align: "right", format: (_value, row) => formatOptionQuoteCell(row, "bid") },
         { key: "ask", header: "Ask", align: "right", format: (_value, row) => formatOptionQuoteCell(row, "ask") },
-        { key: "iv", header: "IV", align: "right", format: formatOptionIvCell },
+        { key: "iv", header: "IV", align: "right", format: (value, row) => formatOptionIvCell(value, row) },
         { key: "delta", header: "Delta", align: "right", format: formatOptionDeltaCell },
         { key: "volume", header: "Vol", align: "right", format: formatCountCell, optional: true, dropPriority: 1 },
         { key: "openInterest", header: "OI", align: "right", format: formatCountCell, optional: true, dropPriority: 1 },
@@ -3250,7 +3296,7 @@ export const marketDataCliCommands: BuiltinCliCommandDef[] = [
       usage: [OPTIONS_USAGE, LEAPS_USAGE],
       options: [
         {
-          flags: `--expiration <${OPTION_EXPIRATION_PLACEHOLDER}>`,
+          flags: `--expiration <${OPTION_EXPIRATION_PLACEHOLDER}>, --expiry <${OPTION_EXPIRATION_PLACEHOLDER}>`,
           description: "Expiration as a date (2028-01-21) or Unix seconds; defaults to the nearest one, and lists the others. With --leaps: rank that expiry alone",
         },
         EXCHANGE_OPTION,

package/src/cli/commands/options-chain.ts

@@ -4,7 +4,7 @@ import type { DataProvider } from "../../types/data-provider";
 import type { CliListing } from "../listing-arg";
 import { cliStyles, cliTerminalWidth, wrapText } from "../../utils/cli-output";
 import { isFiniteNumber } from "../../utils/guards";
-import { calculateOptionGreeks, solveChainVolatilities } from "../../plugins/builtin/options/analytics";
+import { calculateOptionGreeks, ivSolvedNote, solveChainVolatilities } from "../../plugins/builtin/options/analytics";
 import { optionQuoteSide } from "../../plugins/builtin/options/market-reference";
 import {
   formatModelSpotPrice, modelSpotLabel, optionModelSpot, type OptionModelSpot,
@@ -16,9 +16,30 @@ import { DEFAULT_OPTION_CALC_DRAFT } from "../../plugins/builtin/options-calcula
 import { expiryIsoDate, OPTION_EXPIRATION_PLACEHOLDER, parseOptionExpiration, settlementStampTime } from "../../utils/option-expiry";
 import { loadModelDividendYield } from "../../market-data/model-dividend-yield";
 import { formatUtcTime } from "../../utils/utc-time";
+import { takeOption } from "./command-utils";
 
 export const OPTIONS_USAGE = `options <symbol> [--expiration <${OPTION_EXPIRATION_PLACEHOLDER}>]`;
 
+/** `--expiration` as `options` names it, and `--expiry` as `fn GEX` and `fn OPX` do. */
+const OPTIONS_EXPIRATION_FLAGS = ["--expiration", "--expiry"] as const;
+type OptionsExpirationFlag = (typeof OPTIONS_EXPIRATION_FLAGS)[number];
+
+/**
+ * Takes the expiry option out of `args`, under either spelling: its value,
+ * the flag as typed (for messages), whether it was given at all (a flag with
+ * no value is given), and whether both spellings were.
+ */
+export function takeExpirationOption(args: string[]): {
+  value: string | undefined;
+  flag: OptionsExpirationFlag;
+  given: boolean;
+  both: boolean;
+} {
+  const typed = OPTIONS_EXPIRATION_FLAGS.filter((flag) => args.some((arg) => arg === flag || arg.startsWith(`${flag}=`)));
+  const [expiration, expiry] = OPTIONS_EXPIRATION_FLAGS.map((flag) => takeOption(args, flag));
+  return { value: expiration ?? expiry, flag: typed.length === 1 ? typed[0]! : "--expiration", given: typed.length > 0, both: typed.length > 1 };
+}
+
 export { parseOptionExpiration };
 
 /** Whether the chain holds contracts of the requested expiry, matched by UTC calendar date as the chain stamps them. */
@@ -63,6 +84,8 @@ export interface OptionModelInputs {
 interface OptionModelFigures {
   /** Annualized volatility as a fraction, solved from the chain's quotes. */
   iv: number | null;
+  /** `iv` was read off the neighbouring strikes: this strike has no two-sided out-of-the-money quote to solve from. */
+  ivFilled?: boolean;
   delta: number | null;
 }
 
@@ -73,6 +96,7 @@ export const OPTION_MODEL_RATE = DEFAULT_OPTION_CALC_DRAFT.rate;
 export const MARKED_OPTION_FIELDS = {
   iv: "The venue's mark implied volatility (decimal), one per contract. Delta and the other greeks under mark are the venue's too: "
     + "Black-76 at the expiry's forward with no discounting, to its settlement.",
+  ivSource: "mark: iv is the venue's own, never solved or filled here.",
   bid: "Prices in USD are the coin prices (coin) at the expiry's forward (mark.forward), the venue's own model price.",
   mark: "price in USD; iv; delta and gamma per 1.00 move in the underlying; vega per volatility point and theta per calendar day, in USD.",
 } as const;
@@ -91,6 +115,8 @@ export function chainCoinCurrency(chain: OptionsChain): string | null {
 export const OPTION_VOLATILITY_FIELDS = {
   iv: "Annualized volatility (decimal) solved from the quote midpoint, one per strike from its out-of-the-money side, at the "
     + "spot, valuation time and rate in metadata.model. Delta here and dealer gamma (GEX) are valued with it.",
+  ivSource: "solved: iv comes from the strike's out-of-the-money quote midpoint. filled: that side has no two-sided quote, so iv is read off the "
+    + "nearest solved strikes (flat beyond the last one); it is no market's volatility, and delta is valued with it all the same.",
   impliedVolatility: "The data provider's own reported implied volatility, passed through unchanged. Delta does not use it; "
     + "GEX falls back to it only at a strike with no two-sided quote on either side.",
 } as const;
@@ -116,8 +142,9 @@ function optionModelFigures(chain: OptionsChain, inputs: OptionModelInputs): Map
       for (const contract of contracts) {
         const volatility = volatilities.byStrike.get(contract.strike);
         const delta = calculateOptionGreeks(contract, side, inputs.spot, inputs.dividendYield, volatilities)?.delta;
+        const iv = volatility != null && Number.isFinite(volatility) && volatility > 0 ? volatility : null;
         figures.set(contract, {
-          iv: volatility != null && Number.isFinite(volatility) && volatility > 0 ? volatility : null,
+          iv, ivFilled: iv != null && volatilities.filled.has(contract.strike),
           delta: delta != null && Number.isFinite(delta) ? delta : null,
         });
       }
@@ -167,7 +194,8 @@ export async function loadOptionModelInputs(
 /** The chain with each contract's modeled `iv` and `delta` added; every provider field is kept. */
 export function chainWithModelFigures(chain: OptionsChain, inputs: OptionModelInputs): OptionsChain {
   const figures = optionModelFigures(chain, inputs);
-  const add = (contract: OptionContract) => ({ ...contract, iv: figures.get(contract)?.iv ?? null, delta: figures.get(contract)?.delta ?? null });
+  const add = (contract: OptionContract) => ({ ...contract, iv: figures.get(contract)?.iv ?? null, ivFilled: figures.get(contract)?.ivFilled ?? false,
+    delta: figures.get(contract)?.delta ?? null });
   return { ...chain, calls: chain.calls.map(add), puts: chain.puts.map(add) };
 }
 
@@ -180,6 +208,13 @@ export interface OptionsChainBasis {
   spot: OptionModelSpot | null;
   dividendYield: number | null;
   openInterest: OpenInterestAsOf | null;
+  /** A strike's IV is filled from its neighbours (`chainHasFilledIv`), which the closing line says. */
+  ivFilled?: boolean;
+}
+
+/** Whether any contract's IV was read off the neighbouring strikes (see `ChainVolatilities.filled`). */
+export function chainHasFilledIv(chain: OptionsChain): boolean {
+  return [...chain.calls, ...chain.puts].some((contract) => (contract as OptionContract & OptionModelFigures).ivFilled === true);
 }
 
 /** The chain with `iv` and `delta` valued at the spot `optionModelSpot` picks for it, and that spot. */
@@ -207,7 +242,8 @@ export async function loadOptionsChainOpenInterest(symbol: string, chain: Option
 }
 
 /**
- * The line under the chain: `Greeks at spot 89.79 (close Mon 12 Oct 20:00 UTC), dividend yield 2.34%, rate 4% · OI as of Fri 9 Oct`.
+ * The line under the chain: `Greeks at spot 89.79 (close Mon 12 Oct 20:00 UTC), dividend yield 2.34%, rate 4% · IV solved from quote mids ·
+ * OI as of Fri 9 Oct`, with `, ~ filled from neighbouring strikes` after the IV when a strike has no quote to solve from.
  * An open interest whose date cannot be established says why. A chain its
  * venue marks says whose marks they are: `Deribit marks: IV and greeks at
  * each expiry's forward, rate 0%; $ is the BTC price at the forward · OI live, Thu 22 Oct 22:42 UTC`.
@@ -230,6 +266,7 @@ export function optionsBasisFootnote(basis: OptionsChainBasis, chain?: OptionsCh
       // An unknown yield is valued as none, and says so rather than read as a stated 0%.
       + `dividend yield ${basis.dividendYield == null ? "unknown (valued at 0%)" : `${Number((basis.dividendYield * 100).toFixed(2))}%`}, `
       + `rate ${Number((OPTION_MODEL_RATE * 100).toFixed(2))}%`);
+    parts.push(ivSolvedNote(basis.ivFilled === true));
   }
   const oi = basis.openInterest;
   parts.push(oi?.date ? openInterestAsOfLabel(oi)
@@ -266,6 +303,8 @@ export function optionRows(chain: OptionsChain) {
       volume: contract.volume,
       openInterest: contract.openInterest,
       iv: modeled.iv ?? null,
+      // Solved from the strike's quote, or filled from its neighbours when it has none to solve from; a venue's own mark is neither.
+      ivSource: modeled.iv == null ? null : contract.mark ? "mark" : modeled.ivFilled ? "filled" : "solved",
       delta: modeled.delta ?? null,
       expiration: expiryIsoDate(contract.expiration),
       // A venue's marks and coin prices (Deribit), beside the dollar ones.
@@ -301,9 +340,11 @@ export function formatOptionQuoteCell(row: Record<string, unknown>, side: "bid"
   return quote == null ? "—" : String(quote);
 }
 
-/** Implied volatility as a percent; a dash when it could not be solved, never 0.0%. */
-export function formatOptionIvCell(value: unknown): string {
-  return isFiniteNumber(value) && value > 0 ? `${(value * 100).toFixed(1)}%` : "—";
+/** Implied volatility as a percent; a dash when it could not be solved, never 0.0%, and a leading "~" when it was filled from neighbouring strikes. */
+export function formatOptionIvCell(value: unknown, row?: Record<string, unknown>): string {
+  if (!isFiniteNumber(value) || !(value > 0)) return "—";
+  const text = `${(value * 100).toFixed(1)}%`;
+  return row?.ivSource === "filled" ? `~${text}` : text;
 }
 
 /** Delta to two places, signed for puts; a dash when it could not be valued, and no "-0.00" for a far wing. */

package/src/cli/commands/options-leaps.ts

@@ -281,6 +281,8 @@ export type LeapsRow = {
   // The fields below are on a row only when `--columns` asked for them.
   /** `iv`: the implied volatility the contract's delta is valued at, percent a year. */
   ivPercent?: number | null;
+  /** `iv`: `filled` when that strike has no two-sided out-of-the-money quote to solve from and its IV is read off the neighbouring strikes. */
+  ivSource?: "solved" | "filled" | null;
   /** `ivr`: the underlying's 30-day IV rank against its 52 weeks, 0 to 100, and the close it ranks. */
   ivRank?: number | null;
   ivRankAsOf?: string | null;
@@ -369,7 +371,10 @@ function screenLeapsChain(
       dataSource: chain.dataSource ?? null,
       delayMinutes: chain.delayMinutes ?? null,
     };
-    if (wants.has("iv")) row.ivPercent = contract.iv != null && Number.isFinite(contract.iv) ? round(contract.iv * 100, 2) : null;
+    if (wants.has("iv")) {
+      row.ivPercent = contract.iv != null && Number.isFinite(contract.iv) ? round(contract.iv * 100, 2) : null;
+      row.ivSource = row.ivPercent == null ? null : (contract as { ivFilled?: boolean }).ivFilled ? "filled" : "solved";
+    }
     // A two-sided quote passed the spread cap, so the midpoint is there.
     const mid = optionMid(contract)!;
     if (wants.has("cost")) row.costPerContract = round(mid * SHARES_PER_CONTRACT, 2);
@@ -694,7 +699,7 @@ const LEAPS_COLUMNS: CliResultColumn<LeapsRow>[] = [
 
 /** What each `--columns` name adds to the exports, after Extrinsic/yr %. */
 const EXTRA_EXPORT_COLUMNS: Record<LeapsExtraColumn, CliResultColumn<LeapsRow>[]> = {
-  iv: [{ key: "ivPercent", header: "IV %", align: "right", format: formatPercent }],
+  iv: [{ key: "ivPercent", header: "IV %", align: "right", format: formatPercent }, { key: "ivSource", header: "IV source" }],
   ivr: [{ key: "ivRank", header: "IV Rank", align: "right" }, { key: "ivRankAsOf", header: "IV Rank As Of" }],
   cost: [{ key: "costPerContract", header: "Cost/Contract (mid x 100)", align: "right" }],
   breakeven: [
@@ -717,7 +722,8 @@ const LEAPS_TEXT_COLUMNS: CliResultColumn<LeapsRow>[] = TEXT_COLUMN_KEYS.map((ke
 
 /** The text table's columns for a contract's own `--columns` figures; the underlying's go in a table of their own above. */
 const EXTRA_TEXT_COLUMNS: Partial<Record<LeapsExtraColumn, CliResultColumn<LeapsRow>[]>> = {
-  iv: [{ key: "ivPercent", header: "IV", align: "right", format: formatPercent }],
+  iv: [{ key: "ivPercent", header: "IV", align: "right", format: (value, row) => row.ivSource === "filled" && typeof value === "number" && Number.isFinite(value)
+    ? `~${value.toFixed(1)}%` : formatPercent(value) }],
   "carry-net": [{ key: "carryNetPerYearPercent", header: "Net/yr", align: "right", format: formatPercent }],
   cost: [{ key: "costPerContract", header: "Cost", align: "right", format: formatWhole }],
   breakeven: [