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Options: draw each ending the option did not take, under the paragraph that describes it - #109

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mikemaccana merged 6 commits into
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claude/options-futures-iq6e8m
Sep 22, 2026
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mikemaccana merged 6 commits into
mainfrom
claude/options-futures-iq6e8m

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@mikemaccana mikemaccana commented Sep 10, 2026 •

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Summary

The Options chapter drew one ending of each option, Bob exercising the call and Carol reclaiming after the put expires, and left the other ending of each to the reader. This PR draws those two as well, the way the fundraiser chapter draws its endings on main: as account figures under the paragraph that describes them, with no caption that recites the figure.

  • After "Had NVDAx stayed at $165, he would not have exercised", a new sentence says the call would have expired and Alice would have reclaimed her 5 NVDAx, and options-call-expires.svg draws it.
  • After Carol's reclaim, a new paragraph says that below $150 Dave would have exercised instead, 5 NVDAx into the vault and 750 USDC out to him, and options-put-exercised.svg draws it.
  • The four-ways table in the concept section stays. It and the account figures answer different questions: the table shows how much each side makes across four closing prices, with the break-even and the flat column at the strike, and the figures show the token movements and account changes of each ending. The sentence introducing the table now says the price inside each ending decides how much each side made.
  • Both new figures come from the same generator as the nine lifecycle figures. The put figure's holder-to-vault arrow takes the route its three sibling figures already take, and joins them on the geometry checker's named list.

The branch merges the current main, which had conflicted with the first version of this PR. 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 across all 92 figures, and npm run build-pdf builds at 259 pages with every part and chapter opening on a right-hand page.

🤖 Generated with Claude Code

https://claude.ai/code/session_014RdEWCoCChaoKPhvcftHVG

…its endings

The four-column outcomes table was a form no other chapter uses. The
token fundraiser draws its two endings as full account figures, Future
A and Future B, each showing the deciding transfer with the end state in
the boxes, and the options chapter now does the same: the call's two
futures in the concept section, where Alice and Bob already exist, and
the put's two in the put section, once Carol and Dave are introduced.
Above the strike the call is exercised and the put expires; below it
the put is exercised and the call expires. The table is gone.

Claude-Session: https://claude.ai/code/session_014RdEWCoCChaoKPhvcftHVG
Take main's options chapter, which dropped the captions that recite
their figures; the endings are re-placed in the next commit.

Claude-Session: https://claude.ai/code/session_014RdEWCoCChaoKPhvcftHVG
… that describes it

Main has since moved the fundraiser's two endings out of its opening and
under the steps that draw them, and dropped the captions that recite
their figures. Follow it. The concept section keeps one sentence saying
every option has two endings and the price at expiry picks one; the
outcomes table and the opening pair of figures go. The walkthrough
already draws the call being exercised and the put expiring, so the two
endings the story does not take get a figure each, under the paragraph
that says what would have happened: the call expiring unused, with
Alice reclaiming her shares, and Dave exercising the put.

The put figure's holder-to-vault arrow takes the route its three
sibling figures already take, and joins them on the geometry checker's
named list.

Claude-Session: https://claude.ai/code/session_014RdEWCoCChaoKPhvcftHVG
@mikemaccana mikemaccana changed the title Options: draw each option's two futures the way the fundraiser draws its endings Options: draw each ending the option did not take, under the paragraph that describes it Sep 18, 2026
The table and the account figures answer different questions. The
table shows how much each side makes across four closing prices, with
the break-even and the flat column at the strike; the figures show the
token movements and account changes of each ending. Keep both: the
table in the concept section, the two endings under the paragraphs
that describe them.

Claude-Session: https://claude.ai/code/session_014RdEWCoCChaoKPhvcftHVG
…ions

Main has since set figure text in the sans and seed lists in Andale
Mono, raised the curve and its dots, centred each icon and title on
its title bar, and dropped bold from balances and field values. The
two new figures were drawn before that and failed the checker's new
rules in CI. They are regenerated from a generator brought up to the
new conventions, verified by regenerating the nine lifecycle figures
and finding them identical to main's outside the arrows main retouched
by hand.

Claude-Session: https://claude.ai/code/session_014RdEWCoCChaoKPhvcftHVG
@mikemaccana
mikemaccana merged commit e1c3f4f into main Sep 22, 2026
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@mikemaccana
mikemaccana deleted the claude/options-futures-iq6e8m branch October 13, 2026 00:23
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