# POST /api/mcp/data/hedge-recommendations

> How many SPY puts or shares neutralise my delta?

Computes net portfolio delta and returns a share hedge and an option alternative on the hedge ticker sized to reach the target delta, with cost estimates and projected Greeks after the hedge.

- **Family:** Portfolio risk (https://apexvol.com/developers/risk-api)
- **Plan:** Pro and above. Every call needs `Authorization: Bearer avmcp_<token>`; tokens are issued to paid and trial accounts under Account, then API Access.
- **Units:** Deltas in share-equivalents; est_cost in dollars.
- **Basis:** Share-equivalent hedge, not beta-weighted. Option hedge uses the live chain on hedge_ticker.
- **MCP tools:** `get_hedge_recommendations`
- **Background:** https://apexvol.com/learn/options-portfolio-hedging

## Parameters

| Name | In | Default | Range | Meaning |
|---|---|---|---|---|
| `positions` (required) | body |  | as /portfolio-greeks | The book. |
| `hedge_ticker` | body | SPY | symbol | What to hedge with. |
| `target_delta` | body | 0 | share-equivalents | Where to land. |

## Request

```bash
curl -X POST "https://apexvol.com/api/mcp/data/hedge-recommendations" \
     -H "Authorization: Bearer avmcp_YOUR_TOKEN" \
     -H "Content-Type: application/json" \
     -d '{"positions": [{"ticker": "SPY", "position_type": "STOCK", "quantity": 100, "current_price": 770.25}, {"ticker": "SPY", "position_type": "PUT", "quantity": -1, "strike": 755.0, "expiration": "2026-10-09", "current_price": 6.359999999999999, "delta": -0.3014, "theta": -0.1785, "vega": 0.8379, "iv": 0.1365}], "hedge_ticker": "SPY", "target_delta": 0}'
```

## Response (captured 2026-09-08)

Real response, lists cut to the rows nearest the money. The envelope is `{"success": true, "data": ...}`.

```json
{
  "success": true,
  "data": {
    "current_delta": 130.14,
    "delta_gap": -130.14,
    "hedge_ticker": "SPY",
    "hedges": [
      {
        "action": "BUY",
        "contracts": 3,
        "delta_per_contract": -49.4,
        "description": "BUY 3 SPY 2026-09-30 770 puts",
        "details": "~-49 delta per contract at 9.32 mid (est. cost $2,796).",
        "est_cost": 2796.0,
        "expiration": "2026-09-30",
        "option_type": "put",
        "strike": 770.0,
        "ticker": "SPY",
        "type": "option"
      }
    ],
    "note": "Hedges close a -130 share-equivalent delta gap using SPY. Deltas are NOT beta-weighted: hedging single names with an index proxy needs your own beta scaling.",
    "portfolio_greeks": {
      "daily_decay_pct": 0.0234,
      "delta_exposure_pct": 130.6218,
      "risk_level": "LOW",
      "total_cost_basis": 0,
      "total_delta": 130.14,
      "total_pnl": 76389.0,
      "total_pnl_pct": 0,
      "total_positions": 2,
      "total_theta": 17.85,
      "total_value": 76389.0,
      "total_vega": -83.79,
      "vega_risk_pct": 0.1097
    },
    "projected_greeks": {
      "changes": {
        "delta": {
          "change": -130.0,
          "change_pct": -99.8924,
          "current": 130.14,
          "projected": 0.14
        },
        "gamma": {
          "change": 0.0,
          "change_pct": 0.0,
          "current": -1.3185,
          "projected": -1.3185
        },
        "theta": {
          "change": 0.0,
          "change_pct": 0.0,
          "current": 17.85,
          "projected": 17.85
        },
        "vega": {
          "change": 0.0,
          "change_pct": 0.0,
          "current": -83.79,
          "projected": -83.79
        }
      },
      "current_greeks": {
        "charm": 28.4278,
        "delta": 130.14,
        "gamma": -1.3185,
        "rho": 29.8407,
        "theta": 17.85,
        "vanna": 23.8358,
        "vega": -83.79,
        "vomma": -6.3954
      },
      "current_risk_level": "LOW",
      "hedge_cost": 0,
      "hedge_trades": [
        {
          "position_type": "STOCK",
          "quantity": -130,
          "ticker": "SPY"
        }
      ],
      "projected_greeks": {
        "charm": 28.4278,
        "delta": 0.14,
        "gamma": -1.3185,
        "rho": 29.8407,
        "theta": 17.85,
        "vanna": 23.8358,
        "vega": -83.79,
        "vomma": -6.3954
      },
      "projected_risk_level": "LOW",
      "success": true,
      "timestamp": "2026-09-08T08:07:43.195925"
    },
    "target_delta": 0.0
  }
}
```

## Fields

- `current_delta, delta_gap, target_delta`: The gap to close.
- `hedges[].type, action, contracts, strike, expiration, est_cost, description`: Each hedge.
- `projected_greeks`: Greeks after the hedge.

## Errors

- `401`: no or revoked token
- `429`: Retry-After seconds
- `403`: Pro plan required
- `400`: missing or malformed body
- Full list: https://apexvol.com/developers/errors

## Ask it in an MCP client

- How do I delta-hedge my book with SPY puts?
- How many SPY shares neutralise these positions?
- Get me to flat delta using QQQ options.

Conventions for units, bases and timestamps: https://apexvol.com/developers/conventions