Research
Trade Setup 8 Nov 23
Yash Dalal
November 8, 2023
Sideways View on BTCUSDT Welcome to Daily Trade Setups. Trade:
- Sell 36600 Call option of 9 November expiry @ $95
- Sell 34600 Put option of 9 November expiry @ $75
Stop Loss: P-34600 = $150 C-36600 = $190 Target: $0 premium in both legs Payoff chart at Expiry:
- Max Profit: $170/BTC
- Max Loss: $170/BTC
Rationale: BTC appears to be trading in a tight range, hovering between the support level at 34,300 and the resistance level at 36,000, which suggests a sideways trend in the short term. Adding to our odds, our analysis of Open Interest (Oi) data on November 9 th reveals a balanced occurrence of both call and put options being written, contributing to a neutral market sentiment.
Disclaimer: This report must not be used as a singular basis of any trading decision. Please refer to https://www.delta.exchange/research-disclaimer for analyst disclaimer and other disclosures.