Conciseness

The ~985-line body extensively restates textbook knowledge Claude already has — the full Black-Scholes formula derivation, per-Greek definitions and interpretation tables, and complete Python implementations of every Greek — all of which duplicate the existing 147-line references/black_scholes_methodology.md and 549-line scripts/black_scholes.py. Time-sensitive details ('~5.3% as of 2025', 'Last Updated: 2025-11-08') further penalize per the guidelines. It is not a 1 because there is genuinely skill-specific material (FMP data fetching, strategy workflows, output templates) interleaved with the padding.

Actionability

Mostly executable: copy-paste-ready CLI invocations ('python3 scripts/black_scholes.py --ticker AAPL --api-key $FMP_API_KEY'), runnable Python for pricing and Greeks, and a complete report template with a file-naming convention. Not a 5 because several snippets are illustrative rather than complete — calculate_pnl() references an undefined 'strategy.legs' object, 'from earnings_calendar import get_next_earnings_date' depends on another skill with no fallback, and the ASCII-diagram function references an undefined strategy_name variable.

Workflow Clarity

A clear 9-step sequence (gather inputs → HV → price → Greeks → simulate P/L → diagram → strategy-specific → earnings → risk management) with Objective/Method/Output per step, but validation checkpoints are absent or implicit — no step verifies API data, sanity-checks theoretical vs. market prices, or confirms inputs before simulating. The Troubleshooting section lists problem/solution pairs but is not wired into the workflow as feedback loops, matching the anchor 'steps listed but validation gaps'.

Progressive Disclosure

Scored against the actual bundle: only references/black_scholes_methodology.md, scripts/black_scholes.py, and scripts/tests/ exist, yet the Resources section points to three nonexistent reference files marked '(future)' (strategies_guide.md, greeks_explained.md, volatility_guide.md) and two nonexistent scripts (strategy_analyzer.py, earnings_strategy.py). Meanwhile the Black-Scholes math and all Greeks implementations are inlined in the body despite duplicating the existing reference and script — 'content that clearly belongs in separate files is inlined'. Section headers exist, which keeps this above a 1, but the phantom references actively mislead navigation.

Specificity

The description lists multiple concrete, comprehensive actions: 'theoretical pricing using Black-Scholes model, Greeks calculation, strategy P/L simulation, and risk management guidance' plus 'volatility analysis, position sizing, and earnings-based strategy recommendations'. It matches the anchor for multiple specific concrete actions with comprehensive coverage, exceeding the 'several specific actions with minor gaps' level 4 anchor.

Completeness

It explicitly answers both questions: what ('Provides theoretical pricing using Black-Scholes model, Greeks calculation, strategy P/L simulation, and risk management guidance') and when ('Use when user requests options strategy analysis, covered calls, protective puts, spreads, iron condors, earnings plays, or options risk management'). This matches the level 5 anchor with concrete trigger phrases; level 4 would require a less explicit 'when' clause.

Trigger Term Quality

Good natural-language coverage: 'options strategy analysis, covered calls, protective puts, spreads, iron condors, earnings plays, or options risk management' — phrases users would actually say. It falls short of the level 5 anchor ('comprehensive coverage of natural terms including synonyms') because common variations the skill supports are missing, e.g., straddles, strangles, collars, 'Greeks exposure', and phrasing like 'is IV high'.

Distinctiveness Conflict Risk

Options strategy analysis is a clear niche with distinct triggers (named strategies like iron condors and covered calls), matching 'mostly distinct; minor overlap risk'. It is not a 5 because the description omits the portfolio/technical-analysis scope boundaries, so 'earnings plays' and 'risk management' could mildly overlap with related earnings-calendar or portfolio-tracking skills referenced in the body.