Style guide

Paper, real marks, and two accents that mean the two halves and nothing else. Teal is ZERO. Coral is CAPITAL. Direction is carried by sign, never by colour.

The kink

Three sizes from one component. The sparkline is the test: if the bend at the strike is not immediately legible at 48 pixels, nothing built on top of it will be.

Sparkline · 48px · a row of strikes
NVDA·180·18DEC26
Payoff at wind-up. ZERO is capped at 180 dollars; CAPITAL takes everything above it.
82.6%
17.4%
NVDA·200·18DEC26
Payoff at wind-up. ZERO is capped at 200 dollars; CAPITAL takes everything above it.
91.7%
8.3%
NVDA·210·18DEC26
Payoff at wind-up. ZERO is capped at 210 dollars; CAPITAL takes everything above it.
96.3%
3.7%
NVDA·230·18DEC26
Payoff at wind-up. ZERO is capped at 230 dollars; CAPITAL takes everything above it.
100.0%
0.0%
NVDA·280·18DEC26
Payoff at wind-up. ZERO is capped at 280 dollars; CAPITAL takes everything above it.
100.0%
0.0%
Card · 190px · Deep in the money
Payoff at wind-up for NVDA struck at 180 dollars. ZERO takes the share's value up to the strike and stops. CAPITAL takes everything above it and nothing below.01001802183000100180300K 180
Card · 190px · At the money
Payoff at wind-up for NVDA struck at 218 dollars. ZERO takes the share's value up to the strike and stops. CAPITAL takes everything above it and nothing below.01002183000100218300K 218
Card · 190px · Out of the money
Payoff at wind-up for NVDA struck at 300 dollars. ZERO takes the share's value up to the strike and stops. CAPITAL takes everything above it and nothing below.02002183004000200300400K 300
Full · 420px · move the cursor across it
Payoff at wind-up for NVDA struck at 210 dollars. ZERO takes the share's value up to the strike and stops. CAPITAL takes everything above it and nothing below.01002103000100210300SHARE PRICE AT WIND-UPK 210
Wind-up value at$218.00ZERO $210.00CAPITAL $8.00= $218.00, the whole share
Emphasis · ZERO
Payoff at wind-up. ZERO is capped at 210 dollars; CAPITAL takes everything above it.01002103000100210300K 210
Emphasis · CAPITAL
Payoff at wind-up. ZERO is capped at 210 dollars; CAPITAL takes everything above it.01002103000100210300K 210
The pair bar

One pill split teal and coral, sized to how the share's value divides right now. It always sums to 100%, because the two halves always do. It is a series' fingerprint at a glance.

NVDA · 120, nearly all CAPITAL
55.0%
45.0%
NVDA · 180
82.6%
17.4%
NVDA · 210
96.3%
3.7%
NVDA · 260, nearly all ZERO
100.0%
0.0%
Contract notation
NVDA·210·18DEC26
NVDA·210·18DEC26NVDA·210·18DEC26

The strike sits in the centre position, the way listed options have been written for fifty years. The wallet ticker zNVDA-210-26Z exists so a wallet has something to show. It never appears in prose.

The five numbers
GEARING
12.1×
stock per $1 of CAPITAL
HURDLE RATE
+18.8%
to break even, annualised
COVER
1.038
strike is covered
REDEMPTION YIELD
+20.6%
if it finishes above K, annualised
PARITY
0.00%
tight

NVDA at $218, a December series struck at $210, ZERO bid $200 and CAPITAL bid $18. The hurdle rate is the honest one: NVDA must compound at 18.8% a year for a CAPITAL buyer merely to get their $18 back.

Colour
--color-plot
the paper
--color-sheet
a sheet on it
--color-sheet-2
a panel inside
--color-sheet-3
inputs and wells
--color-ink
ink
--color-axis
captions and units
--color-grid
rules
--color-zero
teal, ZERO
--color-capital
coral, CAPITAL

Teal and coral are identity, not direction. Nothing else on the site may use either colour, and a falling price is a minus sign rather than a red number.

Typography

Cut a stock in two.

Bricolage Grotesque at 800 for display, used once or twice a page and then got out of the way of. Figtree for prose, capped at 62 characters. Spline Sans Mono, tabular, for every figure, which is most of this product.

price$218.30
strike210
gearing12.1×
hurdle+19.2%
parity-0.04%
wind-up18DEC26
notationNVDA · 210 · 18DEC26

Half the credibility of this product is that its numbers line up in columns.

Controls
livewound upZERO $200.00CAPITAL $18.00
OPEN INTEREST
24.975
NVDA locked
ZERO
$200.00
CAPITAL
$18.00
Skeletons

Skeletons match the final layout exactly, so nothing shifts when the data lands.