# Why Atomic Execution Is the Key to Consistent Options Alpha ▴ Guide

**Published:** 2025-08-05
**Categories:** Guide

---

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## Certainty in a World of Variables

Professional options trading is a discipline of precision. Your calculated edge, the very source of potential alpha, exists as a theoretical advantage until the moment of execution. A multi-leg options structure, conceived with strategic purpose, depends entirely on its entry and exit points. The space between those points is where profitability resides.

Any deviation from the intended price structure introduces an immediate and unrecoverable cost, transforming a high-probability setup into a speculative gamble. This [execution risk](https://prime.greeks.live/area/execution-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), known as [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) or leg-out risk, is the primary obstacle to translating a sound strategy into consistent returns. It occurs when the market moves between the execution of individual components of a spread, resulting in a fill price worse than anticipated, or a partial fill that leaves the position dangerously unbalanced.

[Atomic execution](https://prime.greeks.live/area/atomic-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides the systemic answer to this challenge. This term describes a transactional guarantee; a set of orders is treated as a single, indivisible unit. The entire multi-leg position is either filled simultaneously at a specified net price or it is not filled at all. There is no possibility of a partial fill or of one leg executing while the other remains exposed to market fluctuations.

This mechanism removes the variable of execution uncertainty from the strategic equation. It ensures the integrity of the position’s intended risk and reward profile from the moment of inception. By securing the price of the entire spread as a single entity, the trader can focus on the validity of the strategy itself, confident that its profitability will be determined by market behavior, not by execution friction.

The Request for Quote ([RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) mechanism is a primary vehicle for achieving atomic execution, particularly for complex or large-scale trades. An RFQ allows a trader to anonymously submit a desired multi-leg options structure to a competitive network of professional liquidity providers. These market makers respond with firm, two-sided quotes to take the other side of the entire spread. This process creates a private, competitive auction for the specific position, often resulting in [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) over the publicly displayed national best bid and offer (NBBO).

The trader receives a single, executable price for the whole package, ensuring the [atomic fill](https://prime.greeks.live/area/atomic-fill/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that is foundational to preserving the strategy’s edge. This is the operational discipline required for generating consistent alpha.

![A multi-faceted crystalline star, symbolizing the intricate Prime RFQ architecture, rests on a reflective dark surface. Its sharp angles represent precise algorithmic trading for institutional digital asset derivatives, enabling high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure-optimization-for-prime-os-alpha-generation.jpg)

![A sleek, metallic, X-shaped object with a central circular core floats above mountains at dusk. It signifies an institutional-grade Prime RFQ for digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency across dark pools for best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-rfq-protocol-architecture-for-institutional-digital-asset-derivatives-optimal-price-discovery-and-execution.jpg)

## Strategies Forged in Certainty

With the principle of atomic execution established, a trader can begin to deploy sophisticated options strategies with a high degree of confidence. The focus shifts from managing execution logistics to identifying and capitalizing on market opportunities. The certainty of the fill price allows for the precise calibration of risk and the systematic pursuit of alpha. These strategies are designed as complete systems, with their profitability directly linked to the guaranteed integrity of their structure upon entry.

![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)

## The Iron Condor as a System of Probabilities

The [iron condor](https://prime.greeks.live/area/iron-condor/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a defined-risk strategy designed to profit from a stock’s low volatility, capturing premium as time decays. It involves simultaneously selling a bearish call spread and a bullish put spread on the same underlying asset with the same expiration date. The strategy’s success is contingent on the underlying price remaining between the strike prices of the short options until expiration. Its structure is its defense; the long options exist specifically to cap the risk of the short options.

Executing this four-legged structure atomically is paramount. Attempting to “leg” into an iron condor by executing the spreads separately introduces significant directional risk. If, for instance, the put spread is filled but the call spread is not, the trader is left with a simple bullish position. A sharp downward move in the underlying asset could lead to substantial losses before the defensive call spread can be established.

An atomic fill via an RFQ ensures the entire risk-defined structure is established at a single [net credit](https://prime.greeks.live/area/net-credit/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This locks in the maximum profit potential (the initial credit received) and the maximum potential loss from the outset, allowing the high-probability mechanics of time decay to function as intended.

> Executing a four-legged options spread atomically can reduce execution risk that might otherwise erode up to 15% of the theoretical edge due to slippage and leg-out risk.

![A sleek, metallic instrument with a central pivot and pointed arm, featuring a reflective surface and a teal band, embodies an institutional RFQ protocol. This represents high-fidelity execution for digital asset derivatives, enabling private quotation and optimal price discovery for multi-leg spread strategies within a dark pool, powered by a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-for-optimal-liquidity-discovery.jpg)

## A Practical Application

Consider a stock trading at $500. A trader, anticipating a period of consolidation, decides to implement an iron condor. Their analysis suggests the stock will likely remain between $470 and $530 over the next 45 days.

- **Select the Structure:** The trader constructs the condor.

<li>Sell the $530 call option.

- Buy the $535 call option.

- Sell the $470 put option.

- Buy the $465 put option.

</li>
- **Initiate an RFQ:** The trader submits this four-legged structure as a single package to a network of liquidity providers. They are seeking a net credit for the entire position.

- **Receive Competitive Quotes:** Market makers respond with firm bids to buy the condor. For example, they might offer a net credit of $1.80 per share.

- **Execute Atomically:** The trader accepts the best offer. The entire four-legged position is filled simultaneously for a total credit of $180 per contract. The risk is perfectly defined, the entry point is secured, and the strategy is active. The position’s performance is now a pure expression of the trader’s market thesis.

![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)

## Precision Timing with Calendar Spreads

A [calendar spread](https://prime.greeks.live/area/calendar-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), or time spread, is designed to profit from the passage of time and changes in implied volatility. The classic setup involves buying a longer-dated option and selling a shorter-dated option of the same type and strike price. The strategy’s profit engine is the differential rate of time decay (theta); the shorter-dated option loses value much faster than the longer-dated one. The goal is to capture this accelerating decay as a net credit.

The success of this strategy depends entirely on the net debit paid to enter the trade. This debit represents the total risk of the position. Atomic execution is essential for establishing this cost basis with exactitude. Any slippage in the entry price directly alters the break-even point and the profitability profile.

For example, if the trader intends to enter the spread for a net debit of $2.50 but slippage results in a fill at $2.65, the strategy must now overcome a 6% higher cost barrier to become profitable. Atomic execution through an RFQ for the spread as a single unit guarantees the entry price, preserving the delicate balance of the theta-decay engine.

![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## Commanding Liquidity for Block Trades

For traders and small institutions managing significant capital, executing large blocks of options presents a unique challenge. Placing a large multi-leg order directly onto the public market can create a substantial market impact, alerting other participants to your intention and causing prices to move adversely. This price impact is a direct transaction cost that can severely diminish the alpha of the intended strategy.

The RFQ system is the professional standard for sourcing liquidity for block trades. By privately requesting quotes from multiple, competitive market makers, a trader can execute a large, complex order without showing their hand to the broader market. The liquidity providers compete to price the entire block, ensuring both a competitive price and an atomic fill.

This process transfers the execution risk to the market maker, whose business is to manage inventory and hedge these large positions. The trader achieves their strategic objective at a known price, with minimal market footprint, preserving the very alpha they sought to capture.

![Sharp, layered planes, one deep blue, one light, intersect a luminous sphere and a vast, curved teal surface. This abstractly represents high-fidelity algorithmic trading and multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-system-microstructure.jpg)

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## Systemic Alpha Generation

Mastery in options trading involves seeing beyond the individual trade to the construction of a cohesive portfolio. Atomic execution is the enabling mechanism that allows a trader to graduate from executing standalone strategies to engineering a systemic, alpha-generating portfolio. When execution is a guaranteed constant, strategies can be layered and combined with precision, creating a whole that is more robust and effective than the sum of its parts. This approach moves the trader’s focus from the tactical level of a single position to the strategic level of overall portfolio design.

![A sleek, futuristic institutional grade platform with a translucent teal dome signifies a secure environment for private quotation and high-fidelity execution. A dark, reflective sphere represents an intelligence layer for algorithmic trading and price discovery within market microstructure, ensuring capital efficiency for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-for-institutional-digital-asset-derivatives-1.jpg)

## Building a Dynamic Yield Overlay

A common institutional strategy is to generate additional income from a core portfolio of equity holdings. While a simple covered call is a basic form of this, a more sophisticated approach involves using multi-leg option structures to create a dynamic yield overlay. For instance, a trader might implement a ratio spread over a large stock position.

This could involve buying one at-the-money call to maintain some upside exposure while selling two out-of-the-money calls to generate a significant credit. The structure aims to produce substantial income if the stock remains range-bound or moves up modestly.

The integrity of such a position requires atomic execution. The precise net credit received and the exact delta exposure of the combined spread must be established at inception. An atomic fill ensures the hedge is perfectly calibrated to the core equity holding. This allows the trader to manage the portfolio’s overall Greek exposures with a high degree of accuracy, treating the options overlay as a reliable income-generating machine rather than an unpredictable variable.

![Two semi-transparent, curved elements, one blueish, one greenish, are centrally connected, symbolizing dynamic institutional RFQ protocols. This configuration suggests aggregated liquidity pools and multi-leg spread constructions](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-engine.jpg)

## Frameworks for Volatility Trading

Advanced options trading often involves taking a direct view on the future of implied volatility itself. Strategies like long straddles, strangles, or more complex structures like butterflies and condors are pure volatility plays. A long straddle, for instance, which involves buying both a call and a put at the same strike price, is a bet that the underlying asset will move significantly, without regard to direction. The position’s cost is the total debit paid for the two options.

> Academic studies on transaction costs in options show that without disciplined execution, perceived profits from many documented strategies can be entirely consumed by implementation friction.

For an active volatility trader, the ability to enter and exit these positions at a precise, guaranteed price is the core of the business. Atomic execution allows a trader to buy or sell volatility with the same efficiency as trading a stock. They can submit an RFQ for a 50-lot straddle, receive a single price, and establish the position instantly. This operational capacity allows them to act on their volatility forecasts with conviction, building a portfolio of positions that are a pure expression of their market thesis on volatility across different assets and timeframes.

![A precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.jpg)

## Integrated Cross-Asset Hedging

The most sophisticated portfolios manage risk across different asset classes. A portfolio manager might hold a basket of technology stocks but be concerned about a rise in interest rates. They could construct a multi-leg options spread on a bond ETF to hedge this specific risk. The effectiveness of this cross-asset hedge is entirely dependent on its precise implementation.

Atomic execution of the options spread ensures the hedge is applied at a known cost and with a known risk profile. This allows for the scientific management of portfolio-level risk, transforming options from a speculative instrument into a precise tool for strategic risk mitigation and portfolio optimization.

![Robust metallic structures, one blue-tinted, one teal, intersect, covered in granular water droplets. This depicts a principal's institutional RFQ framework facilitating multi-leg spread execution, aggregating deep liquidity pools for optimal price discovery and high-fidelity atomic settlement of digital asset derivatives for enhanced capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-for-high-fidelity-execution.jpg)

## The Coded Edge

Understanding the mechanics of atomic execution fundamentally reframes a trader’s relationship with the market. Execution ceases to be a cost center or a source of random outcomes. It becomes a controllable input, a strategic component as vital as the selection of the underlying asset or the timing of the entry. This shift in perspective is the foundation of moving from inconsistent results to a process-driven pursuit of alpha.

The strategies themselves are powerful, but their power is only unlocked through the discipline of a guaranteed fill. This is the coded edge that separates professional intentionality from amateur hope.

![A central processing core with intersecting, transparent structures revealing intricate internal components and blue data flows. This symbolizes an institutional digital asset derivatives platform's Prime RFQ, orchestrating high-fidelity execution, managing aggregated RFQ inquiries, and ensuring atomic settlement within dynamic market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-facilitating-high-fidelity-rfq-protocol-optimization-for-best-execution-and-atomic-settlement.jpg)

## Glossary

<a href="https://prime.greeks.live/area/execution-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, angular digital asset derivatives execution engine with glowing circuit traces and an integrated chip rests on a textured platform. This symbolizes advanced RFQ protocols, high-fidelity execution, and the robust Principal's operational framework supporting institutional-grade market microstructure and optimized liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/08/advanced-digital-asset-derivatives-rfq-protocol-engine-architecture.jpg)

## Execution Risk

Meaning ▴ Execution Risk represents the potential financial loss or underperformance arising from a trade being completed at a price different from, and less favorable than, the price anticipated or prevailing at the moment the order was initiated. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, precision-engineered core system, with metallic rings and an active segment, represents a Prime RFQ for institutional digital asset derivatives. Its transparent, faceted shaft symbolizes high-fidelity RFQ protocol execution, real-time price discovery, and atomic settlement, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-for-high-fidelity-rfq-protocol-execution-and-atomic-settlement.jpg)

## Slippage

Meaning ▴ Slippage, in the context of crypto trading and systems architecture, defines the difference between an order's expected execution price and the actual price at which the trade is ultimately filled. </a><a href="https://prime.greeks.live/area/atomic-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting sleek conduits, one with precise water droplets, a reflective sphere, and a dark blade. This symbolizes institutional RFQ protocol for high-fidelity execution, navigating market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-optimizing-latent-liquidity-discovery-and-atomic-settlement-protocols.jpg)

## Atomic Execution

Meaning ▴ Atomic Execution, within the architectural paradigm of crypto trading and blockchain systems, refers to the property where a series of operations or a single complex transaction is treated as an indivisible and irreducible unit of work. </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">
![A sharp diagonal beam symbolizes an RFQ protocol for institutional digital asset derivatives, piercing latent liquidity pools for price discovery. Central orbs represent atomic settlement and the Principal's core trading engine, ensuring best execution and alpha generation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-institutional-digital-asset-derivatives-best-execution.jpg)

## Price Improvement

Meaning ▴ Price Improvement, within the context of institutional crypto trading and Request for Quote (RFQ) systems, refers to the execution of an order at a price more favorable than the prevailing National Best Bid and Offer (NBBO) or the initially quoted price. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, articulated multi-leg spread structure crosses a simpler underlying asset bar on a teal Prime RFQ platform. This visualizes institutional digital asset derivatives execution, leveraging high-fidelity RFQ protocols for optimal capital efficiency and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-prime-os-execution.jpg)

## Rfq

Meaning ▴ A Request for Quote (RFQ), in the domain of institutional crypto trading, is a structured communication protocol enabling a prospective buyer or seller to solicit firm, executable price proposals for a specific quantity of a digital asset or derivative from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/atomic-fill/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract spheres and a translucent flow visualize institutional digital asset derivatives market microstructure. It depicts robust RFQ protocol execution, high-fidelity data flow, and seamless liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-atomic-settlement-across-prime-os.jpg)

## Atomic Fill

Meaning ▴ Atomic Fill refers to the execution of a trading order, or a set of interdependent orders, as a single, indivisible transaction across digital asset markets. </a><a href="https://prime.greeks.live/area/iron-condor/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Dark precision apparatus with reflective spheres, central unit, parallel rails. Visualizes institutional-grade Crypto Derivatives OS for RFQ block trade execution, driving liquidity aggregation and algorithmic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-system.jpg)

## Iron Condor

Meaning ▴ An Iron Condor is a sophisticated, four-legged options strategy meticulously designed to profit from low volatility and anticipated price stability in the underlying cryptocurrency, offering a predefined maximum profit and a clearly defined maximum loss. </a><a href="https://prime.greeks.live/area/net-credit/?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)

## Net Credit

Meaning ▴ Net Credit, in the realm of options trading, refers to the total premium received when executing a multi-leg options strategy where the premium collected from selling options surpasses the premium paid for buying options. </a><a href="https://prime.greeks.live/area/calendar-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component mechanism features a light upper segment meeting a darker, textured lower part. A diagonal bar pivots on a circular sensor, signifying High-Fidelity Execution and Price Discovery via RFQ Protocols for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-microstructure-for-optimal-price-discovery-and-atomic-settlement-with-prime-os-integration.jpg)

## Calendar Spread

Meaning ▴ A Calendar Spread, in the context of crypto options trading, is an advanced options strategy involving the simultaneous purchase and sale of options of the same type (calls or puts) and strike price, but with different expiration dates. </a>

**Tags:** [Atomic Execution](https://options.greeks.live/area/atomic-execution/), [RFQ](https://options.greeks.live/area/rfq/), [Atomic Fill](https://options.greeks.live/area/atomic-fill/), [Multi-Leg Spreads](https://options.greeks.live/area/multi-leg-spreads/), [Iron Condor](https://options.greeks.live/area/iron-condor/), [Execution Risk](https://options.greeks.live/area/execution-risk/)	

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### [Why RFQ Systems Are the Key to Better Options Pricing](https://options.greeks.live/guide/why-rfq-systems-are-the-key-to-better-options-pricing/)
![Intersecting translucent blue blades and a reflective sphere depict an institutional-grade algorithmic trading system. It ensures high-fidelity execution of digital asset derivatives via RFQ protocols, facilitating precise price discovery within complex market microstructure and optimal block trade routing.](https://options.greeks.live/wp-content/uploads/2025/07/precision-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-leveraging-advanced-rfq-protocols.jpg)

RFQ systems give traders direct access to institutional liquidity, securing better prices on large and complex options trades.

- 
### [A Trader’s Blueprint to Minimizing Slippage on Block Trades](https://options.greeks.live/guide/a-traders-blueprint-to-minimizing-slippage-on-block-trades/)
![Visualizes the core mechanism of an institutional-grade RFQ protocol engine, highlighting its market microstructure precision. Metallic components suggest high-fidelity execution for digital asset derivatives, enabling private quotation and block trade processing. This system minimizes slippage and optimizes price discovery for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core-1.jpg)

Command your execution. A trader's guide to engineering price certainty and minimizing slippage on institutional block trades.

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---

**Original URL:** https://options.greeks.live/guide/why-atomic-execution-is-the-key-to-consistent-options-alpha/
