JennaWang

I've been observing the data changes in the options chain recently and found it really exhausting to manually monitor the Greeks values of dozens of contracts. IV is fluctuating, Delta is changing, and tracking the increases and decreases in open interest in real-time is also quite difficult. Honestly, this kind of monitoring can be pretty stressful—you know the data is changing, but your brain simply can't process so much information.
As someone who sells multiple contracts at the same time, I can really understand this feeling. Staring at the screen, refreshing every few minutes, afraid of m

BTC has been hovering around the 74K level for a while. The Federal Reserve's interest rate decision is like a sword hanging over everyone's head, and the market is choosing to stay on the sidelines, waiting for the dust to settle.
This kind of market situation is somewhat awkward for spot holders. The price hasn't fallen, so they are reluctant to cut losses and exit; but it hasn't risen either, so capital is stuck here, unable to enjoy the benefits of an upward move, while also bearing the cost of time. If both bullish and bearish views lack confidence, it seems like there's only waiting to

In recent market conditions like this, many spot holders can only watch their accounts shrink, but people who understand options are already setting up Put Spreads to collect premiums.
A Put Spread, simply put, means selling a Put while buying a lower strike Put for protection. For example, with BTC currently at $70K, you could sell a $68K Put while buying a $65K Put.
The core logic is: if BTC drops to between $68K-$65K, you profit from the premium difference. If BTC breaks below $65K, your maximum loss is locked in at the difference between the two strikes minus the premium collected. If BTC

In ranging markets, trend traders suffer the most, but for option sellers, it's the best environment.
The math behind it is simple:
Option pricing is based on the Black-Scholes model, where implied volatility (IV) reflects the market's expectations for future volatility. But historical volatility (HV) is what actually occurs.
90% of the time, IV > HV. What does this mean? The market consistently overestimates future volatility. As a seller, you're essentially selling this overestimation.
Take BTC as an example right now. IV might be pushed higher by various macro news, but if the actual moveme

I've been thinking about a question lately: Why do some people have a clearly better experience holding positions during BTC's volatile swings, while others struggle?
After observing, the answer often comes down to whether they're using options tools. With BTC currently hovering around $70,000, having retreated over 30% from its all-time high of $109,000, this consolidation phase after a high-level pullback is actually the most psychologically challenging stage for position holders. Spot holders easily lose patience amid repeated fluctuations, futures traders face liquidation risks, while thos

I've been closely monitoring BTC's price action lately and noticed it's been hovering around a key resistance level for several days now, with trading volume gradually contracting. To be honest, this kind of market condition is pretty anxiety-inducing — the market is waiting for a clear directional signal, but nobody knows when that signal will actually arrive.
As someone holding spot positions myself, I can really relate to this feeling. Capital is tied up there, and every day you watch the price fluctuate without generating any meaningful returns. This waiting period is actually quite draini

# Options Market Heats Up at Month-End
The options market is always particularly active at the end of March. This month, on the 27th, a large batch of BTC options will expire, reportedly accounting for over 40% of total open interest.
These large-scale expiration events typically bring extra price volatility before and after expiration, as market makers need to hedge their Gamma risk, and many traders will choose to roll positions or close them out. Current total open interest is approaching 500,000 contracts with a notional value exceeding $36 billion—this scale is already substantial enough

# Recent BTC Market Shows Typical Directional Uncertainty
The recent BTC market is displaying typical characteristics of directional indecision. Price action is oscillating within a range, with bullish and bearish forces achieving a temporary equilibrium. This state may persist, or it could be broken at any moment.
For options traders, this is precisely when strategy diversification can demonstrate its advantages.
In an environment of directional uncertainty but reasonable volatility, straddles or wide straddles are common choices. Simultaneously buying calls and puts, the bet is on volatility

"1219" Bank of Japan's rate hike historic moment: What is the future of the crypto market?

I don't want to do serious work, so I casually wrote a piece called [My AI User Manual].
----As of November 12, 2025 (Stingy Non-Top-Up Version
1. Preliminary information processing: Don't be afraid of missing useful information, and there's no need to waste time reading motivational quotes.
- NotebookLM, the ultimate reference summarization tool.
- Bilibili videos, you can search for Bilibili text conversion tools.
- Podcasts can use the link conversion tool and then use the universal reading link feature to convert to text.
2. Gemini/gpt does a great job with text output. I try n

🎙「Options Night Talk | Options Night Talk」
On October 11, 2025, the crypto market experienced the largest liquidation in history.
Over 1.6 million people liquidated, losing nearly 20 billion dollars.
The simultaneous bloodbath in the global capital markets has sounded what alarms for us?
If you want to survive the next black swan event and even find hedging and profit opportunities, feel free to come and communicate.
🤔 This issue's topic: Epic "1011" Liquidation Revelation: How to Survive the Next Extreme Market Event?
🗓 Time: This Saturday evening 20:00 ( Beijing time )
📍 Location:
Le

🎙「Options Night Talk | Options Night Talk」Find your Alpha from the trading routine.

The tulip is the ancestor of Bubble Mart and NFT.
Found a very accurate interpretation of the 【tulip bubble】, which is scarcity + speculation with no losses = bubble.
"One could even say that even if there was no tulip bubble at that time, some other bubble might have emerged. It was just that the tulips at that time happened to have the characteristics of scarcity, with a physical basis for continuous price increases. It should be noted that continuous price increases are the best way to attract speculative funds. Because no one incurs losses, that is the best advertisement. However, in the e

I just listened to the replay of Teacher Xian's live broadcast. He mentioned that one important factor for the rise of A-shares is debt resolution. When stocks rise, debts naturally disappear. Everything is connected, it's quite magical.