Rolling: BITO July 15th 16C/17P to August... for an .89 credit. Comments: Just rolling "as is" here about half way through the cycle to reduce cost basis further. Total credits collected of 2.46 on a 1-wide inverted (i.e., I can invert a smidge further to a two-wide if I don't get a bounce).by NaughtyPines0
BITCOIN - Short using BITO ETFTriangle consolidation setup. Main trend is down. A 5:1 reward/risk opportunity. Take profits fast as sentiment is at extreme bearishness. The world is ending, inflation is out of control, war, interest rates etc etc..Shortby pangx623Updated 1
Opened: BITO July 15th 16 Short Call... for a .64 credit. Comments: The slippage sub-18 was somewhat rapid, so I'm probably got in here a little late to defend my July 15th 17 short put, but something is better than nothing. Total credits collected of 1.57 on a one-wide inverted.by NaughtyPines0
Rolled: BITO June 17th 18 Short Put to July 15th 17... for a .45 credit. Comments: Too many trades, not enough time ... . Rolled this out on Friday for a .45 credit. Total credits collected: .48 (See Post Below) plus the .45 here for a total of .93. The original setup was a spread with the long leg at the 11. It has gone no bid, so I'm leaving it behind as a lotto trade.Longby NaughtyPines1
BITO Bearish FlowLots of puts being bought today 5/23/2022. Could be consolidating before another big move down.Shortby PennantTrading0
$BITO Bullish DragonBullish divergence here on the 1.13 rejection giving us the second low that make up the "Feet". The 1.13 rejection also gives us incite into possible retracement levels, as it could imply we will form the CD wave of the Bearish Shark next, giving us a .886 return. The .382 would be your "Hump" and ultimately the door that takes you to the .886-1.13 extensionLongby TradingNomadic1
Trade Bitcoin Bounce with BITO - Lower Risk, Cheaper OptionsOn my BTCUSD weekly chart I had a support line drawn at 32,000, though there are wicks down to ~29,700. Shown here on 30min chart, price just crashed down to 31,000 and made a long hammer candle. Keep an eye on BITO, as RSI is under 15 and with price far from 20sma there should be a tradeable bounce soon. There may be a broad rally this week, crypto included, and if so then BITO calls (under 50cents, under $1.00) have a very nice reward/risk on a short term trade.Longby OptionsRisingUpdated 0
Bitcoin ETFWhen you see Bitcoin getting around that 7k area ... while I wont be buying that garbage, I will be buying this garbage. Heads up if you didnt know about this.... it has options to go with it too which I kind of dig. by Original_Stock_Whisperer232313
BITO (Bitcoin Asset) as an alternative diversification assetFundamental Analysis Bitcoin is highly correlated with Equity assets in the near-term. The asset would decouple from this positive correlation the way Gold did when it switched from a speculative commodity into a safety asset. In the short-term, there will be high volatility, but in the long-term this asset could decouple from the Equity market once regulations are increased on it. BITO etf has had a huge sell-off and could be a good hedge for a portfolio in the long-term, with a potential for a huge spike once regulations favour this commodity as a viable risk asset. From a portfolio approach, it helps with diversification in the long-term when the asset starts to trade more uncorrelated with the equity markets and trades more like the derivatives market. This is still not a well-established risk asset and should be treated like currencies in the short-term. Technical Analysis Bitcoin in the short-term is acting like an equity risk asset. Over the long-term, it should decouple and be a better risk instrument. However, it is still underpriced compared to gold and can be used as a risk hedge for a portfolio.Longby ashpat86Updated 0
Opening: BITO June 17th 11/18 Short Put Vertical... for a .48/contract credit. Comments: High IV with 30-day at 71%. Unfortunately, I don't get any relief on margin for this particularly underlying, so am buying a cheap long put to bring in buying power effect from 17.46 for the naked 18 to 6.54 for the spread. Paying .07 for the long to bring buying power effect in by >60%. ROC 7.3% at max as a function of buying power effect; 3.7% at 50% max.Longby NaughtyPines3
Bitcoin etf trending sideways. GOOD SALE PRICE.With only a technical analysis and following the current state of economic conditions. Their is too much uncertainty in the market currently, a lot of companies have taken big hits. My goal is to redistribute funds in defensive stocks and other derivatives to protect and grow my money in this type of market. That mission started with bitcoin ETF, I had my eye on bitcoin ETF since it’s IPO. However the risk was what’s going to happen with cryptocurrency as a whole. They’re still in court so as an investor there is a high risk of uncertainty. After setting a few trend lines and possible trend directions, I came to the conclusion that the worst of The Bitcoin ETF sell off is behind us, & indecision will be more in control for the most part. after the sell off that erased a little more than half of its stock price value, the Bitcoin ETF began to slightly edge in a bullish direction, Notice the arrows & how the Bollinger bands are sloping above the trend lines, pushing towards former highs however after falling from previous support levels the Bitcoin ETF seems to be struggling to breakthrough the resistance, it just resting right under. As long as the bitcoin ETF can hold it’s current support levels in this current economic state, a recovery is more than likely. However if it cannot break past it’s former support levels another sell off is likely as well. due to the uncertainty and high volatility I don’t see it as a defensive stock rather more a growth stock. I see Bitcoin ETF trending sideways for a while, between the crypto court cases and current economic conditions; redistributing funds into the ETF to protect my money might not be the best idea. However for someone with more risk tolerance, $25 and under is clearance prices in a long position.by MartellReid1830
BITO BITO is a BTC Mimic ETF, meaning BITO will hit $43 again once at ATH. We are in a Cup and handle pattern indicating a bullish movement Recommend buying BITO is 100's to sell puts on it while we wait for BITO to hit ATH again. We can collect premiums while we wait for our invest to hit $43 again. Not financial advise but my route to success with Crypto and BITO Longby jovannig151
Bito ETF (BITO) - Some Harmonic ProjectionsThose of you who may consider holding Bitcoin as part of your equity portfolio, the ProShares Bitcoin Strategy Bito ETF (BITO) may be your ticket. Above is a 4 hour chart.Warning: cryptocurrencies are particularly volatile assets. This ETF is backed by Bitcoin futures contracts rather than the actual coin and as such carry a slightly negative discount because of contango. While many look for harmonic patterns to complete as a point of entry, sometimes it is useful to anticipate their completion. The current BITO setup suggests that 3 harmonic patterns could be considered for a final point D completion point. I have shown these completion targets. That said my oscillator in the bottom panel, suggests price be a bit ahead of itself. Additionally we look to have rejected the March 2 last high. So, my strategy would be to look for a pull back and then re-access the situation. Additionally I would look for a penetration of point B to further confirm this strategy, Not investment advice ... do your own due diligence and respect market volatility and conditions. S. by Steve666Updated 2
BITO to 25.92 then long back up As we can see here I have a large rising wedge of the overall trend. It’s not gonna be an easy ride down, and it could take some time, but ultimately it looks like it’s heading to the lower support of the wedge. My expectations would be that the 2592 support to roughly 26 if we want to round up a little bit, could come in as strong support. If we can hold it and we don’t lose it and start closing below and showing rejection/continuation flagging underneath that support, this could be a great area to buy in swing it back up to the top of the trend. 25. 92 is the level that I’ll be watching to see if we can hold and get a solid bounce off of it.Shortby Erictaylor0
Trading Idea: BITO September 16th 2 x 19/25 Call RatioI'm not quite ready to pull the trigger on this setup, as I'm waiting for support at around 22 to present itself (at which time the strikes of this setup would naturally have to be adjusted lower). However, I wanted to price it out here just to look at buying power effect. To set up this trade, I'd be buying 2 x the 75 delta calls (for 150 long delta) and selling the 50 delta call, resulting in a setup that is around net delta 100 long and with a break even at or around where the underlying is currently trading. Current Metrics: Max Loss/Buying Power Effect: 10.13 ($1013) Max Profit: Theoretically Infinite Break Even: 24.07 vs. 24.02 spot (as of Friday close) Delta/Theta: -.67/97.30 Doing things this way allows me to basically take the equivalent of a one lot position in BITO for far less than I would if I bought the stock outright and for less than half the cost (and risk). Longby NaughtyPines112
ProShares Bitcoin Strategy ETF (BITO)Remember when BITO came out in October 2021 when Bitcoin was trading at all-time highs +$60k? Well, a lot has happened since I checked this etf out. So, I decided to adjust my MTTC script and input BTC/USD as the source and overlay it onto BITO. Their % price action is clearly directly correlated obviously. Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends... *3x lucky 7s of trading* 7pt Trading compass: Price action, entry/exit Volume average/direction Trend, patterns, momentum Newsworthy current events Revenue Earnings Balance sheet 7 Common mistakes: +5% portfolio trades, capital risk management Beware of analyst's motives Emotions & Opinions FOMO : bad timing, the market is ruthless, be shrewd Lack of planning & discipline Forgetting restraint Obdurate repetitive errors, no adaptation 7 Important tools: Trading View app!, Brokerage UI Accurate indicators & settings Wide screen monitor/s Trading log (pencil & graph paper) Big, organized desk Reading books, playing chess Sorted watch-list Checkout my indicators: Fibonacci VIP - volume Fibonacci MA7 - price pi RSI - trend momentum TTC - trend channel AlertiT - notification tickerTracker - MFI Oscillator www.tradingview.comLongby Options360Updated 220
The Week Ahead: XBI, ARKF, ARKG, BITO, ARKK, KWEB, IWM/RUTEarnings: TSLA (63/69). Announces on Wednesday after market close, so if you're looking to play the volatility contraction, look to put on a play in the waning hours of Wednesday's session or, if implied volatility afterglow persists, early Thursday after it has made its move. If NFLX earnings is any indication of whether TSLA will "behave," you may want to consider waiting until after the announcement to avoid a repeat of "the Netflix experience." As it is, the January 28th options are pricing in something bigly: +/- $82 or so, so 862 on the put side, 1026. Exchange-Traded Funds Screened for Rank >70%/30-Day >35%, Implied Volatility Rank Ordered: Cathie Woods' funds continue to have a really bad hair day/week/month ... . XBI (100/48) ARKF (97/59) ARKG (87/66) BITO (82/85) ARKK (82/62) KWEB (74/58) EWZ (51/40) Pictured here is a bullish assumption BITO March 18th 17 short put, paying .60 at the mid price on buying power of 16.40. The broker is still requiring it to be cash-secured, so the ROC %-age is not all that sexy: 3.7% at max (25.0% annualized) as a function of buying power effect. Because of that, I would consider slapping on a cheap put to bring in the buying power effect, but the best you can currently do is to buy the 13, making it into a four-wide paying .38, and that amount isn't particularly compelling, particularly if you're going to be taking profit at 50% max. The ROC %-age is way better (9.5% at max), but I'd rather look at a setup where the long leg costs something like .05-.10, so I may stick a pin in that trade; lower strikes may populate at some point. Broad Market Exchange-Traded Funds, Implied Volatility Rank Ordered: QQQ (77/33) IWM (77/35) SPY (73/28) DIA (72/26) EFA (65/23) In the retirement account, I'll basically continue to ladder out short put as long as IVR/IV remains elevated. This is the exact environment in which I like to make additions on the put side: weakness plus increased implied volatility. Naturally, one begets the other. I'll also be keeping an eye on net portfolio delta to see if additional short delta hedge is required to keep me from getting overly directional which can make things more uncomfortable in a protracted down turn. I point this out because what people primarily see in my feed is "short put, short put, short put" and not the short delta hedges put on that are just kind of running in the background. There is individual trade delta, but also portfolio-wide delta. by NaughtyPines6
Closing: BITO February 18th 23/42 Short Strangle... for an .82 debit. Comments: Opened this for a 1.48 credit (See Post Below). Closing it out here manually for around 45% of max. The implied has come in quite a bit; it was 76.1% when I put it on and has now contracted to 68.5% -- at the low end of its 52-week range. Will look to re-up if implied comes up off its lows.by NaughtyPines114
Opened: BITO February 18th 23/42 Short Strangle... for a 1.48 credit. Comments: Selling premium in the bitcoin futures exchange-traded fund with same delta'd strikes on both sides. High 30-day implied at 76.1%. 1.48 on buying power effect of 22.20; 6.7 ROC %-age at max; 3.3% at 50% max. You know the drill: look to take profit at 50% max; manage sides on approaching worthless/side test.by NaughtyPines11114
Closed: BITO January 21st 25/44 Short Strangle... for an .80 debit. Comments: Filed this for a 1.60 credit (See Post Below; out here via good-until-cancelled order to take profit at 50% max. .80/$80 profit. 3.3% ROC as a function of buying power effect. Although implied volatility has contracted a bit, will consider re-upping in the February cycle after New Year's, assuming the strikes above 40 get populated. Currently, the February 18th 40 short call is the highest available strike, with a delta of .29.by NaughtyPines0