BitOoda Afternoon Report 4/21/20 — Volatility

  • Get long call skew by buying calls vs. straddles or puts. We like meatier calls. Adjust the ratio to fit your IV view. We would be flat to slightly short Vol here. June is our preferred tenor.
  • Exit or reduce the June / September straddle spread. That one has not worked out.
  • Take profits on contango trades. Potentially roll spot length into futures to free up some capital.
  • Bullish traders should get long call skew by buying calls vs. straddles. Given the lower level of IV and market uncertainty we would avoid risk reversals. We like meatier calls. Adjust the ratio to fit your IV view. We would be flat to slightly long call vol here. Our preferred tenor is May and June post halving.
  • Implement a risk management program if you do not have adequate capital to self-insure against a potential market drop.

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BitOoda

BitOoda

A boutique digital asset investment bank focused on providing innovative and compliant capital markets solutions for institutional clients.

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