# Price Your Options Spreads like a Market Maker ▴ Guide

**Published:** 2025-08-12
**Categories:** Guide

---

![A central engineered mechanism, resembling a Prime RFQ hub, anchors four precision arms. This symbolizes multi-leg spread execution and liquidity pool aggregation for RFQ protocols, enabling high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-enabling-multi-leg-spread-strategies-for-optimized-liquidity.jpg)

![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

## The Price-Maker’s Mandate

The transition from retail participant to capital markets professional begins with a fundamental re-calibration of perspective. One ceases to be a passive taker of on-screen prices and becomes an active participant in their creation. This evolution requires a granular understanding of how liquidity is formed and how complex instruments, particularly [multi-leg options](https://prime.greeks.live/guide/mastering-multi-leg-options-spreads-by-eliminating-leg-risk-with-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) spreads, are valued by the entities that collateralize the market. A [market maker](https://prime.greeks.live/area/market-maker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) perceives a vertical spread not as a simple bullish or bearish instrument, but as a nuanced portfolio of interlocking risks.

Their primary function is the management of these risks ▴ delta, gamma, vega, theta ▴ and their compensation is derived from the precision of this management, captured within the [bid-ask spread](https://prime.greeks.live/area/bid-ask-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This is the operational reality of the derivatives landscape.

Understanding this professional methodology is the first step toward operating within it. A market maker’s quote is the culmination of a rigorous analytical process. It begins with a theoretical value for the options structure, a center of gravity derived from a pricing model. Around this theoretical price, the market maker constructs a bid and an offer.

The distance between these two points is a function of several variables. The cost of hedging the resulting directional exposure in the [underlying asset](https://prime.greeks.live/question/what-are-the-primary-differences-between-hedging-with-the-underlying-asset-versus-a-correlated-future/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) market is a primary component. The perceived risk of holding the position, known as inventory risk, also widens the quote. A market maker accumulating a large long gamma position from customer flow will adjust their quotes to attract offsetting business, making their pricing dynamic and responsive. The liquidity of the underlying asset itself is another critical factor; hedging exposure in a volatile, illiquid market is more expensive, and this cost is directly translated into the price of the [options spread](https://prime.greeks.live/question/what-is-the-difference-between-quoted-spread-and-effective-spread-in-an-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

Engaging with this institutional logic requires a mechanism designed for professional discourse. The Request for Quote, or RFQ, is that mechanism. It is the designated channel for traders to submit a desired options structure to a competitive panel of [market makers](https://prime.greeks.live/question/how-do-exchanges-define-stressed-market-conditions-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The process is anonymous and simultaneous, creating a private auction for the order.

This invites liquidity providers to compete on price for a specific, well-defined risk package. Accessing this system means moving beyond the public order book and interacting directly with the core of the market’s pricing engine. It allows a sophisticated trader to present a complex structure, like a multi-leg options spread, as a single, coherent transaction. This approach consolidates risk and ensures that all components of the strategy are executed concurrently at a single, negotiated price point. Mastering this process is foundational to pricing options spreads with the precision and authority of a market maker.

![Abstract geometric forms depict multi-leg spread execution via advanced RFQ protocols. Intersecting blades symbolize aggregated liquidity from diverse market makers, enabling optimal price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-multi-leg-rfq-execution-orchestration.jpg)

![Overlapping dark surfaces represent interconnected RFQ protocols and institutional liquidity pools. A central intelligence layer enables high-fidelity execution and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-spread-high-fidelity-execution-market-microstructure-prime-os-system.jpg)

## The Execution Algorithm

Executing multi-leg options strategies with institutional-grade efficiency is a systematic process. It involves leveraging dedicated platforms to source liquidity and achieve [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the conduit for this process, transforming a theoretical trading idea into a precisely executed position. This procedure is less about speculation on market direction and more about the rigorous application of a superior execution methodology.

It is a deliberate algorithm for interacting with the market on your own terms, ensuring that every basis point of potential value is contested and captured. The following steps provide a clear framework for deploying this professional-grade technique for any options spread strategy.

![Polished metallic disks, resembling data platters, with a precise mechanical arm poised for high-fidelity execution. This embodies an institutional digital asset derivatives platform, optimizing RFQ protocol for efficient price discovery, managing market microstructure, and leveraging a Prime RFQ intelligence layer to minimize execution latency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-via-advanced-rfq-protocols-and-prime-os-intelligence-layer-for-optimal-market-microstructure.jpg)

## Defining Your Structure with Precision

The initial phase demands absolute clarity. Before approaching the market, the exact parameters of the options spread must be defined. This involves selecting the underlying asset, such as Bitcoin or Ethereum, the expiration dates, and the specific strike prices for each leg of the spread. For instance, a trader looking to implement a bullish strategy on Bitcoin with defined risk might construct a bull call spread.

This would involve specifying the purchase of a lower-strike [call option](https://prime.greeks.live/area/call-option/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and the simultaneous sale of a higher-strike call option in the same expiration cycle. On an institutional RFQ platform, this is entered as a single package, for example ▴ Leg 1, BUY 10 contracts BTC-27DEC24-100000-C; Leg 2, SELL 10 contracts BTC-27DEC24-110000-C. This precision is vital; it communicates a clear and unambiguous risk profile to the market makers who will be pricing the structure.

![Smooth, reflective, layered abstract shapes on dark background represent institutional digital asset derivatives market microstructure. This depicts RFQ protocols, facilitating liquidity aggregation, high-fidelity execution for multi-leg spreads, price discovery, and Principal's operational framework efficiency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-spreads.jpg)

## Initiating the Competitive Auction

With the structure defined, the next step is to submit it to the marketplace via the RFQ interface. This action broadcasts the request to a curated group of liquidity providers, typically dozens of professional market-making firms, without revealing the identity of the requester. This anonymity is a critical feature, preventing information leakage that could lead to adverse price movements. The market makers receive the details of the spread and are invited to respond with their best bid and offer.

This creates a competitive environment where multiple dealers vie for the order flow. The process fosters a dynamic of price improvement, as each market maker is incentivized to provide a tighter spread to win the business. The entire structure is treated as a single, indivisible instrument, which eliminates the possibility of receiving a partial fill or experiencing price slippage between the execution of the different legs, a common issue known as [leg risk](https://prime.greeks.live/area/leg-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

![Interconnected teal and beige geometric facets form an abstract construct, embodying a sophisticated RFQ protocol for institutional digital asset derivatives. This visualizes multi-leg spread structuring, liquidity aggregation, high-fidelity execution, principal risk management, capital efficiency, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-multi-leg-spread-execution-and-optimal-liquidity-aggregation.jpg)

## Deconstructing the Quotes

Within seconds of the RFQ submission, quotes begin to populate the interface. The trader is presented with the best available bid and the best available offer from the entire pool of responding market makers. A critical skill is the ability to deconstruct these quotes to understand their value. The primary reference point is the mid-market price, which is the theoretical halfway point between the bid and the ask.

A high-quality execution is one that is filled as close to this mid-market price as possible. Evaluating the quotes involves assessing the total debit or credit for the entire spread package. For a debit spread, the goal is to pay the lowest possible price. For a credit spread, the goal is to receive the highest possible premium. The depth of the quote, meaning the maximum size for which the price is valid, is also a key consideration for larger trades.

> The migration of options markets to electronic platforms has been substantial, with over 66% of options now traded this way, a transition significantly enabled by the efficiency of RFQ systems.

![A geometric abstraction depicts a central multi-segmented disc intersected by angular teal and white structures, symbolizing a sophisticated Principal-driven RFQ protocol engine. This represents high-fidelity execution, optimizing price discovery across diverse liquidity pools for institutional digital asset derivatives like Bitcoin options, ensuring atomic settlement and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-prime-os.jpg)

## The Anatomy of a Professional Quote

A response to an RFQ contains more than just a price. It is a comprehensive bid for a specific risk package. A sophisticated trader analyzes several components of the quote to make an informed execution decision. The ability to interpret this data quickly and accurately is a hallmark of a professional operator.

- **Net Price:** This is the most critical element, representing the total debit required to establish the position or the total credit received. It is quoted as a single value for the entire spread, consolidating the prices of all individual legs.

- **[Implied Volatility](https://prime.greeks.live/area/implied-volatility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite):** Many professional [RFQ systems](https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) will display the implied volatility at which the spread is being priced. This allows the trader to assess whether the volatility being offered by the market maker is favorable relative to their own analysis and the prevailing market conditions. Comparing this to the on-screen volatility of individual options can reveal the value being offered.

- **Package Delta:** The net delta of the entire spread is a crucial piece of information. This metric indicates the structure’s equivalent exposure to a one-dollar move in the underlying asset. For a bull call spread, this will be a positive delta, while a bear put spread will have a negative delta. Understanding the package delta is essential for risk management and portfolio construction.

- **Quoting Market Maker:** While the initial request is anonymous, some systems may reveal the winning counterparty after the trade is completed. Over time, traders may develop an understanding of which market makers tend to provide the best pricing for specific types of structures or in certain market conditions.

- **Quote Size:** The quote will always be for a specific quantity. The trader must ensure the quoted size meets or exceeds their desired trade size. Market makers may offer their best price up to a certain threshold, beyond which the price may degrade.

![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## The Point of Execution

The final step is the execution itself. After evaluating the competing quotes, the trader selects the most favorable one and executes the trade with a single click. This action sends a firm order to the chosen market maker, who is obligated to honor the quoted price up to the specified size. The entire multi-leg spread is filled as one atomic transaction.

This guarantees the price and eliminates leg risk. The confirmation of the trade is nearly instantaneous, and the resulting position, with its consolidated risk profile, appears in the trader’s portfolio. This clean, efficient execution process stands in stark contrast to the manual, and often fraught, process of trying to execute a spread’s individual legs in the open market. It represents a higher standard of operational excellence.

![Two sleek, distinct colored planes, teal and blue, intersect. Dark, reflective spheres at their cross-points symbolize critical price discovery nodes](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-liquidity.jpg)

## A Case Study a Bitcoin Collar for Volatility Compression

Consider an investor holding a substantial position in Bitcoin who wishes to protect against a sharp decline while generating a modest yield. This investor can implement a collar strategy, which involves purchasing a protective put option and simultaneously selling a call option. The premium received from selling the call helps to finance the purchase of the put. The goal is often to construct this as a “zero-cost” collar, where the premium received equals the premium paid.

Attempting to execute this in the public market is challenging; the prices of the put and call can move adversely while the trader is trying to execute the separate legs. Using an RFQ system, the investor can define the entire collar structure ▴ for example, BUY 50 contracts BTC-27DEC24-80000-P and SELL 50 contracts BTC-27DEC24-120000-C ▴ and request a quote for the net cost of the package. Market makers will compete to price the entire structure, offering a single net debit or credit. The investor can then choose the quote that is closest to a net cost of zero, or even a small credit, executing the entire protective strategy in one clean, efficient transaction. This is the application of professional-grade tools to achieve a specific, risk-defined investment outcome.

![A conceptual image illustrates a sophisticated RFQ protocol engine, depicting the market microstructure of institutional digital asset derivatives. Two semi-spheres, one light grey and one teal, represent distinct liquidity pools or counterparties within a Prime RFQ, connected by a complex execution management system for high-fidelity execution and atomic settlement of Bitcoin options or Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

![A sophisticated, symmetrical apparatus depicts an institutional-grade RFQ protocol hub for digital asset derivatives, where radiating panels symbolize liquidity aggregation across diverse market makers. Central beams illustrate real-time price discovery and high-fidelity execution of complex multi-leg spreads, ensuring atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-facilitating-atomic-settlement-and-high-fidelity-execution-of-multi-leg-spreads.jpg)

## The Volatility Surface as Your Domain

Mastery of spread execution through the RFQ process provides a gateway to more sophisticated applications of derivatives. This capability allows a trader to move beyond executing simple directional views and begin to sculpt their portfolio’s exposure to the subtler dimensions of the market, such as volatility, time decay, and skew. The ability to get a firm, competitive price on any combination of options transforms the [volatility surface](https://prime.greeks.live/area/volatility-surface/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from a passive, observable landscape into an active, malleable medium.

It is the foundation for building robust, alpha-generating strategies that are simply unavailable to those who are confined to the public order book. This is where the true work of portfolio construction begins.

![A precision probe, symbolizing Smart Order Routing, penetrates a multi-faceted teal crystal, representing Digital Asset Derivatives multi-leg spreads and volatility surface. Mounted on a Prime RFQ base, it illustrates RFQ protocols for high-fidelity execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-digital-asset-derivatives-high-fidelity-execution-probe.jpg)

## From Single Spreads to Portfolio Overlays

The skill of pricing spreads like a market maker can be elevated to the portfolio level. Instead of viewing each spread as an isolated trade, it can be seen as a component in a larger strategic overlay. For example, a portfolio manager might systematically sell out-of-the-money call spreads against a core holding of digital assets to generate a consistent income stream. The RFQ process allows this manager to execute these spreads at scale and at optimal prices, maximizing the yield generated from the strategy.

Conversely, a fund might implement a tail-risk hedging program by regularly purchasing far-out-of-the-money put spreads. Using RFQs ensures that this protective layer is acquired at the most efficient cost, minimizing the drag on the portfolio’s performance. The focus shifts from the profit and loss of a single trade to the systematic improvement of the portfolio’s overall risk-adjusted return profile.

![Polished metallic pipes intersect via robust fasteners, set against a dark background. This symbolizes intricate Market Microstructure, RFQ Protocols, and Multi-Leg Spread execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-metallic-nodes-illustrating-rfq-protocols-for-multi-leg-digital-asset-derivatives-institutional-execution.jpg)

## Commanding Multi-Leg and Multi-Asset Structures

The true power of the RFQ mechanism is revealed in its ability to handle complexity. Sophisticated traders are not limited to two-leg spreads. They can construct and receive firm quotes on complex multi-leg structures like iron condors, butterflies, and calendar spreads. These strategies are designed to express very specific views on the future direction and volatility of an asset.

Furthermore, best-in-class RFQ systems allow for the inclusion of a futures leg as part of the options package. A trader could, for instance, request a quote on a covered call that includes both the sale of the call option and the purchase of the underlying asset via a futures contract. This is the zenith of execution efficiency ▴ the simultaneous transaction of a multi-leg options structure and its delta hedge in a single, atomic trade. This capability opens up a universe of arbitrage and relative value strategies that depend on the precise, concurrent execution of multiple instruments.

One must grapple with the inherent paradox of these advanced systems. While RFQ platforms democratize access to institutional-grade liquidity and pricing, they simultaneously elevate the intellectual requirements for participation. The ability to request a quote on a ten-leg, cross-asset derivatives structure is powerful. However, the ability to correctly analyze the resulting multi-dimensional quote, with its embedded assumptions about volatility, correlation, and skew, is a separate and more demanding skill.

The tool provides access, but it does not confer understanding. True mastery, therefore, requires a parallel commitment to advancing one’s analytical capabilities to fully harness the power that these execution venues provide.

![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.jpg)

## The Strategic Management of Liquidity

The ultimate evolution for a trader is the transition from being a consumer of liquidity to a strategic manager of it. By mastering the RFQ process, a trader learns to identify points where their desired trade may actually be providing liquidity to a market maker with a specific inventory imbalance. For example, if a market maker is heavily long vega, they may be willing to pay a premium for a structure that reduces that exposure. A savvy trader who can identify this condition can use the RFQ system to present the market maker with an attractive solution, resulting in a better price for their own trade.

This is a profound shift in mindset. The market is no longer a monolithic entity offering a single price. It is a dynamic ecosystem of participants with varying risk appetites. The RFQ system is the interface for navigating this ecosystem, allowing the trader to source liquidity on demand and, in some cases, to become the source of liquidity that another professional participant requires. This is the essence of pricing your options spreads like a market maker.

![A macro view of a precision-engineered metallic component, representing the robust core of an Institutional Grade Prime RFQ. Its intricate Market Microstructure design facilitates Digital Asset Derivatives RFQ Protocols, enabling High-Fidelity Execution and Algorithmic Trading for Block Trades, ensuring Capital Efficiency and Best Execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-core-system-for-institutional-digital-asset-derivatives-rfq-protocol-execution-and-advanced-market-microstructure-optimization.jpg)

## Beyond the Bid-Ask

The journey toward institutional-grade execution culminates in a permanent alteration of market perception. The numbers on the screen cease to be absolute truths and are revealed for what they are ▴ the opening statements in a negotiation over risk. The bid and the ask are merely the visible boundaries of a much deeper and more complex landscape of value. To operate within this landscape, to command liquidity, and to price complex risk packages with intention, is to engage with the market at its most fundamental level.

This requires a toolkit built on precision, a mindset grounded in analytical rigor, and a methodology that prioritizes process over prediction. The capacity to price an options spread with the acuity of a market maker is not just a technical skill. It is the adoption of a new operational paradigm. This paradigm moves the locus of control from the market to the trader, transforming the act of execution from a passive acceptance of terms into an active expression of strategy.

It is the definitive step toward engineering superior outcomes. The tools are available; the mandate is to develop the discipline to wield them. The volatility surface is not a map to be read, but a territory to be claimed.

![A luminous, multi-faceted geometric structure, resembling interlocking star-like elements, glows from a circular base. This represents a Prime RFQ for Institutional Digital Asset Derivatives, symbolizing high-fidelity execution of block trades via RFQ protocols, optimizing market microstructure for price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system.jpg)

## Glossary

<a href="https://prime.greeks.live/guide/mastering-multi-leg-options-spreads-by-eliminating-leg-risk-with-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-machined metallic mechanism with intersecting brushed steel bars and central hub, revealing an intelligence layer, on a polished base with control buttons. This symbolizes a robust RFQ protocol engine, ensuring high-fidelity execution, atomic settlement, and optimized price discovery for institutional digital asset derivatives within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine-1.jpg)

## Multi-Leg Options

Master multi-leg options spreads by executing entire strategies at a single, guaranteed price with RFQ. </a><a href="https://prime.greeks.live/area/market-maker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting metallic structures symbolize RFQ protocol pathways for institutional digital asset derivatives. They represent high-fidelity execution of multi-leg spreads across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-framework-optimizing-multi-leg-spreads-and-liquidity-aggregation-for-best-execution.jpg)

## Market Maker

Meaning ▴ A Market Maker is an entity, typically a financial institution or specialized trading firm, that provides liquidity to financial markets by simultaneously quoting both bid and ask prices for a specific asset. </a><a href="https://prime.greeks.live/area/bid-ask-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dynamically balanced stack of multiple, distinct digital devices, signifying layered RFQ protocols and diverse liquidity pools. Each unit represents a unique private quotation within an aggregated inquiry system, facilitating price discovery and high-fidelity execution for institutional-grade digital asset derivatives via an advanced Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/dynamic-rfq-protocol-stacks-powering-institutional-digital-asset-derivatives-liquidity-aggregation-and-best-execution.jpg)

## Bid-Ask Spread

Meaning ▴ The Bid-Ask Spread represents the differential between the highest price a buyer is willing to pay for an asset, known as the bid price, and the lowest price a seller is willing to accept, known as the ask price. </a><a href="https://prime.greeks.live/question/what-are-the-primary-differences-between-hedging-with-the-underlying-asset-versus-a-correlated-future/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely engineered system features layered grey and beige plates, representing distinct liquidity pools or market segments, connected by a central dark blue RFQ protocol hub. Transparent teal bars, symbolizing multi-leg options spreads or algorithmic trading pathways, intersect through this core, facilitating price discovery and high-fidelity execution of digital asset derivatives via an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-multi-leg-options-spread-execution-best-price-discovery-and-latent-liquidity-access-for-prime-brokerage.jpg)

## Underlying Asset

A direct hedge offers perfect risk mirroring; a futures hedge provides capital efficiency at the cost of basis risk. </a><a href="https://prime.greeks.live/question/what-is-the-difference-between-quoted-spread-and-effective-spread-in-an-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

## Options Spread

The quoted spread is the dealer's offered cost; the effective spread is the true, realized cost of your institutional trade execution. </a><a href="https://prime.greeks.live/question/how-do-exchanges-define-stressed-market-conditions-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, black and beige institutional-grade device, featuring a prominent optical lens for real-time market microstructure analysis and an open modular port. This RFQ protocol engine facilitates high-fidelity execution of multi-leg spreads, optimizing price discovery for digital asset derivatives and accessing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-engine-for-high-fidelity-price-discovery-and-latent-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Market Makers

Exchanges define stressed market conditions as a codified, trigger-based state that relaxes liquidity obligations to ensure market continuity. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, dark grey mechanism, pivoted centrally, embodies an RFQ protocol engine for institutional digital asset derivatives. Diagonally intersecting planes of dark, beige, teal symbolize diverse liquidity pools and complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-powering-high-fidelity-execution-for-multi-leg-spreads-portfolio-margin-and-atomic-settlement-via-prime-os-for-block-trades.jpg)

## Price Improvement

Meaning ▴ Price improvement denotes the execution of a trade at a more advantageous price than the prevailing National Best Bid and Offer (NBBO) at the moment of order submission. </a><a href="https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated digital asset derivatives RFQ engine's core components are depicted, showcasing precise market microstructure for optimal price discovery. Its central hub facilitates algorithmic trading, ensuring high-fidelity execution across multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-multi-leg-spreads-for-optimal-capital-efficiency.jpg)

## Rfq System

Meaning ▴ An RFQ System, or Request for Quote System, is a dedicated electronic platform designed to facilitate the solicitation of executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/area/call-option/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract composition featuring two intersecting, elongated objects, beige and teal, against a dark backdrop with a subtle grey circular element. This visualizes RFQ Price Discovery and High-Fidelity Execution for Multi-Leg Spread Block Trades within a Prime Brokerage Crypto Derivatives OS for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-options-rfq-for-multi-leg-spreads-price-discovery.jpg)

## Call Option

Meaning ▴ A Call Option represents a standardized derivative contract granting the holder the right, but critically, not the obligation, to purchase a specified quantity of an underlying digital asset at a predetermined strike price on or before a designated expiration date. </a><a href="https://prime.greeks.live/area/leg-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, translucent, green-tipped stylus extends from a metallic system, symbolizing high-fidelity execution for digital asset derivatives. It represents a private quotation mechanism within an institutional grade Prime RFQ, enabling optimal price discovery for block trades via RFQ protocols, ensuring capital efficiency and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-interface.jpg)

## Leg Risk

Meaning ▴ Leg risk denotes the exposure incurred when one component of a multi-leg financial transaction executes, while another intended component fails to execute or executes at an unfavorable price, creating an unintended open position. </a><a href="https://prime.greeks.live/area/implied-volatility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, institutional-grade device, with a glowing indicator, represents a Prime RFQ terminal. Its angled posture signifies focused RFQ inquiry for Digital Asset Derivatives, enabling high-fidelity execution and precise price discovery within complex market microstructure, optimizing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-terminal-facilitating-high-fidelity-price-discovery-and-optimal-liquidity-aggregation.jpg)

## Implied Volatility

Meaning ▴ Implied Volatility quantifies the market's forward expectation of an asset's future price volatility, derived from current options prices. </a><a href="https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision metallic dial on a multi-layered interface embodies an institutional RFQ engine. The translucent panel suggests an intelligence layer for real-time price discovery and high-fidelity execution of digital asset derivatives, optimizing capital efficiency for block trades within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-system.jpg)

## Rfq Systems

Meaning ▴ A Request for Quote (RFQ) System is a computational framework designed to facilitate price discovery and trade execution for specific financial instruments, particularly illiquid or customized assets in over-the-counter markets. </a><a href="https://prime.greeks.live/area/volatility-surface/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

## Volatility Surface

Meaning ▴ The Volatility Surface represents a three-dimensional plot illustrating implied volatility as a function of both option strike price and time to expiration for a given underlying asset. </a>

**Tags:** [Implied Volatility](https://options.greeks.live/area/implied-volatility/), [RFQ System](https://options.greeks.live/area/rfq-system/), [Call Option](https://options.greeks.live/area/call-option/), [Ethereum Options](https://options.greeks.live/area/ethereum-options/), [Delta Hedging](https://options.greeks.live/area/delta-hedging/), [Options RFQ](https://options.greeks.live/area/options-rfq/)	

## Discover More

- 
### [Achieve Price Improvement on Every Complex Options Trade You Place](https://options.greeks.live/guide/achieve-price-improvement-on-every-complex-options-trade-you-place/)
![A dark blue sphere, representing a deep institutional liquidity pool, integrates a central RFQ engine. This system processes aggregated inquiries for Digital Asset Derivatives, including Bitcoin Options and Ethereum Futures, enabling high-fidelity execution. Two fins symbolize advanced multi-leg spread strategies and dynamic delta hedging, enhancing capital efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-optimized-liquidity-aggregation.jpg)

Command institutional-grade liquidity and engineer price improvement on every complex options trade you place.

- 
### [Why Sophisticated Investors Use RFQ for Options Trading](https://options.greeks.live/guide/why-sophisticated-investors-use-rfq-for-options-trading/)
![A sleek, segmented cream and dark gray automated device, depicting an institutional grade Prime RFQ engine. It represents precise execution management system functionality for digital asset derivatives, optimizing price discovery and high-fidelity execution within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-institutional-digital-asset-execution-system.jpg)

Mastering the RFQ system is the definitive step to transforming your options trading from retail speculation to institutional execution.

- 
### [Achieve Best Execution Command Your Price with Institutional RFQ](https://options.greeks.live/guide/achieve-best-execution-command-your-price-with-institutional-rfq/)
![Diagonal composition of sleek metallic infrastructure with a bright green data stream alongside a multi-toned teal geometric block. This visualizes High-Fidelity Execution for Digital Asset Derivatives, facilitating RFQ Price Discovery within deep Liquidity Pools, critical for institutional Block Trades and Multi-Leg Spreads on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-optimization-leveraging-proprietary-institutional-prime-os-for-optimal-price-discovery-and-latency-reduction.jpg)

Command your price and protect your alpha by leveraging institutional RFQ for private, competitive liquidity on block trades.

- 
### [Why Institutional Traders Source Liquidity through Private RFQ Networks](https://options.greeks.live/guide/why-institutional-traders-source-liquidity-through-private-rfq-networks/)
![A digitally rendered, split toroidal structure reveals intricate internal circuitry and swirling data flows, representing the intelligence layer of a Prime RFQ. This visualizes dynamic RFQ protocols, algorithmic execution, and real-time market microstructure analysis for institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-core-processing-architecture-visualized-through-interconnected-liquidity-networks.jpg)

Command institutional-grade liquidity and execute complex options trades with minimal market impact through private RFQ networks.

- 
### [Why Anonymous Trading Venues Are Your Greatest Ally](https://options.greeks.live/guide/why-anonymous-trading-venues-are-your-greatest-ally/)
![Sleek, dark grey mechanism, pivoted centrally, embodies an RFQ protocol engine for institutional digital asset derivatives. Diagonally intersecting planes of dark, beige, teal symbolize diverse liquidity pools and complex market microstructure. This highlights high-fidelity execution, price discovery, and atomic settlement via Prime RFQ for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-powering-high-fidelity-execution-for-multi-leg-spreads-portfolio-margin-and-atomic-settlement-via-prime-os-for-block-trades.jpg)

Why Anonymous Trading Venues Are Your Greatest Ally: Execute large-scale crypto trades with zero slippage and absolute discretion.

- 
### [Achieve Best Execution with Advanced Options RFQ Strategies](https://options.greeks.live/guide/achieve-best-execution-with-advanced-options-rfq-strategies/)
![Intersecting geometric planes symbolize complex market microstructure and aggregated liquidity. A central nexus represents an RFQ hub for high-fidelity execution of multi-leg spread strategies. Underlying illumination denotes the Prime RFQ, optimizing portfolio margin and precise price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure-optimisation.jpg)

Command liquidity on your terms. Achieve superior pricing and minimal slippage on complex options trades with RFQ strategies.

- 
### [Secure Better Pricing on Every Options Trade with the RFQ Method](https://options.greeks.live/guide/secure-better-pricing-on-every-options-trade-with-the-rfq-method/)
![A sleek, spherical white and blue module featuring a central black aperture and teal lens, representing the core Intelligence Layer for Institutional Trading in Digital Asset Derivatives. It visualizes High-Fidelity Execution within an RFQ protocol, enabling precise Price Discovery and optimizing the Principal's Operational Framework for Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/precision-lens-for-institutional-digital-asset-derivatives-rfq-execution.jpg)

Secure institutional-grade pricing and eliminate slippage on every large options trade by commanding liquidity with the RFQ method.

- 
### [Mastering Bitcoin Options Spreads with Institutional RFQ Systems](https://options.greeks.live/guide/mastering-bitcoin-options-spreads-with-institutional-rfq-systems/)
![A sharp, metallic form with a precise aperture visually represents High-Fidelity Execution for Institutional Digital Asset Derivatives. This signifies optimal Price Discovery and minimal Slippage within RFQ protocols, navigating complex Market Microstructure. The background implies diverse Liquidity Pools and Capital Efficiency on a Principal's Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-institutional-digital-asset-derivatives-rfq.jpg)

Command institutional liquidity and execute complex Bitcoin options spreads with surgical precision using RFQ systems.

- 
### [What Advanced Algorithmic Strategies Are Enabled by Institutional Crypto Options RFQ Systems?](https://options.greeks.live/question/what-advanced-algorithmic-strategies-are-enabled-by-institutional-crypto-options-rfq-systems/)
![A precisely balanced transparent sphere, representing an atomic settlement or digital asset derivative, rests on a blue cross-structure symbolizing a robust RFQ protocol or execution management system. This setup is anchored to a textured, curved surface, depicting underlying market microstructure or institutional-grade infrastructure, enabling high-fidelity execution, optimized price discovery, and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-engineered-rfq-block-trade-execution-for-digital-asset-derivatives.jpg)

Institutional crypto options RFQ systems enable advanced algorithmic strategies for superior, discreet, and capital-efficient derivative execution.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Guide",
            "item": "https://options.greeks.live/guide/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "Price Your Options Spreads like a Market Maker",
            "item": "https://options.greeks.live/guide/price-your-options-spreads-like-a-market-maker/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/guide/price-your-options-spreads-like-a-market-maker/"
    },
    "headline": "Price Your Options Spreads like a Market Maker \u25b4 Guide",
    "description": "Price multi-leg options spreads with institutional precision by commanding liquidity through competitive, anonymous RFQ auctions. \u25b4 Guide",
    "url": "https://options.greeks.live/guide/price-your-options-spreads-like-a-market-maker/",
    "datePublished": "2025-08-12T16:47:09+00:00",
    "dateModified": "2025-08-12T16:47:11+00:00",
    "articleSection": [
        "Guide"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-system.jpg",
        "caption": "Precision-engineered control mechanism, a metallic dial on a multi-layered interface with a translucent blue panel. This sophisticated system component represents an institutional-grade RFQ engine, enabling high-fidelity execution for digital asset derivatives like Bitcoin Options and Ethereum Futures. It integrates liquidity aggregation and real-time price discovery, navigating complex market microstructure. This Prime RFQ intelligence layer optimizes capital efficiency for multi-leg spreads and block trades, supporting advanced portfolio margin strategies and atomic settlement."
    },
    "keywords": [
        "Bid-Ask Spread",
        "Bitcoin Options",
        "Block Trading",
        "Call Option",
        "Delta Hedging",
        "Ethereum Options",
        "Implied Volatility",
        "Leg Risk",
        "Liquidity Sourcing",
        "Market Maker",
        "Multi-Leg Execution",
        "Options RFQ",
        "Price Improvement",
        "RFQ System",
        "RFQ Systems",
        "Volatility Surface",
        "Zero-Cost Collar"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/guide/price-your-options-spreads-like-a-market-maker/
