[mikemaccana]

Summary

Small edits to the Options chapter and its glossary entries, each its own commit. The first four were pushed to the branch of PR #90 after that PR had merged, so they never reached main; this PR carries them on a branch restarted from the current main.

• The offer's price per share. "Alice's offer to sell five NVDAx for 900 USDC" now reads "for 900 USDC, 180 USDC a share".
• The three states are named where the account model is introduced. "It keeps one account per option, which simplifies the custody, and the whole lifecycle is three states: Listed, Held, and Exercised. The limits of this approach are covered in the failure-modes section."
• The premium leads the five-terms list, ahead of kind, strike, expiry, and the two parties.
• The writer comes before the holder wherever the two are paired, since the writer starts the process by creating the option: the two payoff bullets, the payoff figure's caption, and the settlement invariant.
• The collateral bullets say the writer supplies the collateral to the program, and the put bullet says what that collateral buys ("enough of the quote token to buy every share at the strike price") rather than "the full strike".
• The payoff curve is replaced by four endings to the week. A profit line against a price axis reads as a time series first, and it only shows each side's net. The figure now shows four closing prices side by side, $160 and $180 below the strike, $185 and $200 above it, each saying what Alice and Bob do and what each ends up with against doing nothing. The file keeps its name, so nothing else moves. (Two intermediate commits redraw the curve's price axis and move the names to the line starts; the swap supersedes them.)
• Physical and cash settlement are described in the same terms: physical moves the underlying itself, cash moves a price difference in the quote token, USDC here.
• The glossary matches. The call, put, covered call, cash-secured put, writer, and cash settlement entries follow the chapter's wording, the writer entry no longer says "lot", and two entries are added: covered, pointing at covered call, and underlying.
• The early pointer to the perpetual futures chapter is cut. The chapter's closing already makes that pointer.

The removal of the separate vault-authority accounts from the figures and prose is a separate PR, so this one can merge independently of the companion repository.

Commits are authored under the book author's own email with no assistant co-author trailer, per CLAUDE.md.

Verified

npm run lint and node scripts/check-figure-geometry.mjs are clean, and npm run build-pdf produces 276 pages with the title page on page 3 and every part and chapter opening on a right-hand page.

🤖 Generated with Claude Code

https://claude.ai/code/session_014RdEWCoCChaoKPhvcftHVG