id: PRICING-003
title: Hedging Strike Calculation Using True GLD Price
status: backlog
priority: P0
size: S
depends_on:
  - PRICING-001
acceptance_criteria:
  - Hedge page strike selection uses true GLD price, not converted from GC=F
  - Contract count calculation uses corrected GLD backing: ceil(gold_ounces / (100 * GLD_OUNCES_PER_SHARE))
  - ATM/OTM strike calculations use GLD current price times backing ratio
  - UI shows correct "contracts needed" for user's gold ounce exposure
notes:
  - Previous naive calculation assumed 10 shares per ounce
  - Correct ratio is ~10.9 shares per ounce (1 / 0.0919) in 2026
  - Do NOT convert from GC=F to GLD for hedging — use GLD price directly
implementation_hints:
  - Update app/pages/hedge.py strike calculations
  - Update app/services/strategy_templates.py estimated contract calculations
  - Verify app/components/strategy_panel.py displays correct contract count