Bitcoin Option Strangle Play for 7 Nov Expiry
SidewaysView on BTCUSDT
Trade:
Sell 36600 Call option of 7 November expiry @ $45
Sell 33600 Put option of 7 November expiry @ $45
Stop Loss: P-33600 = $90
C-36600 = $90
Target: $0 premium in both legs
Max Profit: 990/BTC
Max Loss: 990/BTC
Rationale:
BTC appears to be trading in a tight range, hovering between the support level at 34,300 and the resistance level at 35,300, which suggests a sideways trend in the short term.
Adding to our odds, our analysis of Open Interest (Oi) data on November 7th reveals a balanced occurrence of both call and put options being written, contributing to a neutral market sentiment.
Trade:
Sell 36600 Call option of 7 November expiry @ $45
Sell 33600 Put option of 7 November expiry @ $45
Stop Loss: P-33600 = $90
C-36600 = $90
Target: $0 premium in both legs
Max Profit: 990/BTC
Max Loss: 990/BTC
Rationale:
BTC appears to be trading in a tight range, hovering between the support level at 34,300 and the resistance level at 35,300, which suggests a sideways trend in the short term.
Adding to our odds, our analysis of Open Interest (Oi) data on November 7th reveals a balanced occurrence of both call and put options being written, contributing to a neutral market sentiment.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.