Bitcoin Run mit Optionen traden I Bullische Optionsstrategien 🚀

Finance-focused summary (Bitcoin options strategies)

Market context / price levels mentioned

• Bitcoin has dropped materially in recent weeks: the exchange rate is about $25,000 lower vs. Jan 20.
• Referenced Bitcoin/IBIT price zones:
  • Nov 6 (after Trump election): notable rise begins.
  • Peak: around $107,000 on Dec 17.
  • Sideways range: $92,000–$104,000 (trading opportunity referenced).
  • Current/approx levels discussed:
    • About $84,000 now.
    • Recent low: $77,000 (Mar 11).
    • Still bearish despite recovery; price is above the 200-day SMA but signals remain bearish (a “red indicator” is mentioned).
• Strategy framing: build bullish trades despite bearish/uncertain signals, targeting a potential Bitcoin/IBIT price surge.

Tickers / instruments mentioned

• IBIT: described as a Bitcoin ETF that tracks Bitcoin one-to-one (used as the underlying for all option examples).
• EBIT: mentioned as a Bitcoin ETF tracking Bitcoin one-to-one (likely intended to refer to the same ETF; both appear in the subtitles).
• Options on IBIT/Bitcoin (calls and puts; spreads and multi-leg structures).
• Option strategies discussed (not all explicitly named as tickers):
  • Bull put spread
  • Long put butterfly (past trade referenced)
  • Cash-secured put concept (implemented via spread due to margin)
  • Long call
  • Call debit spread–style structure (buy call + sell call to subsidize premium)
  • “Purm’s Covered Call” / diagonal call spread (two calls with different maturities)
  • Zebra strategy (stock-replacement style using options)

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Methodology / frameworks shared (step-by-step logic)

1) Converting a cash-secured put idea into a bull put spread (margin-aware)

• Start with a bullish bias and a “cash-secured put” strike target (example uses $39 “put rate/strike” on IBIT).
• If selling the put naked would require inefficiently high margin, convert it into:
  • Sell put at 39
  • Buy put at 34 (cheap protection)
• Outcome mechanics (as described):
  • Buying the lower strike put reduces downside exposure substantially.
  • Maximum risk reduced from roughly $3,900 (cash-secured/naked scenario) to about < $400, then described as ~$500 and “maximum risk” about $450 (plus option premium effects).

2) Long call sizing via delta (more participation vs. more cost)

• Choose an April 17 expiration example.
• Compare long calls with different delta targets:
  • ATM/near-ATM long call: net debit ~$328, delta ~55%
  • Higher-delta alternative: delta ~87%, but cost increases (described as up to ~$895)
• Principle emphasized: higher delta = more upside participation, but higher max loss (premium paid).

3) Subsidizing a long call by selling a call (reducing cost, limiting upside)

• “Buy a call, sell a call” to reduce net debit:
  • Example stated: debit reduced from $328 down to ~$236.
• Trade-off highlighted:
  • Upside becomes limited once the sold-call “turning point” is exceeded.
  • A specific turning level is mentioned: sold call turning around 55 in the IBIT terms.
  • Translation to Bitcoin-price terms is approximated in the subtitles (see “Key numbers” note below).

4) Covered call / diagonal call spread (“Purm’s Covered Call”)

• Use two calls with different maturities:
  • Long call has longer expiration (example: switch to Sep 19).
• Rule-of-thumb mentioned:
  • Set up so the long call delta is at least ~80+, meaning it’s sufficiently in-the-money relative to the short call leg.
• Emphasized trade-off:
  • Longer-dated option costs more, but benefits from “longer-term” time value/depreciation differences.

5) Zebra strategy (options-based “stock replacement” with capped losses)

• Goal: one-to-one upside participation to mimic holding IBIT/BTC, but avoid one-to-one downside losses.
• Delta construction steps as described:
  • Need total delta ~150 across legs.
  • Find delta for each component:
    • Example shows using two long calls and one short call.
    • Initially shows a configuration around 158 total delta, then adjusts.
  • Targeting 100% participation:
    • Earlier config gives participation around 86%; adjust the sold call to achieve delta about ~100.
  • Final described result:
    • Sold-call adjustment leads to delta ~101 (“stock replacement strategy”).
• Risk/return mechanics:
  • Described as: profit unlimited, maximum loss ~967.50 (as per table mentioned).
• Optional enhancement mentioned:
  • Add further hedging via another sold call (“small hedge”).
  • This reduces expenditure and thus loss, but also limits profit.

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Key numbers & explicit recommendations/cautions

Key numbers

• Bitcoin comparisons:
  • ~$25,000 drop vs Jan 20
  • Peak referenced: ~$107,000 (Dec 17)
  • Range: $92,000–$104,000
  • Now: ~$84,000
  • Low: ~$77,000 (Mar 11)
• Options/IBIT examples:
  • Cash-secured put “rate/strike” target: 39
  • Hedge put strike: 34
  • Converted bull put spread risk discussion:
    • Risk reduced from ~$3,900 (naked/cash-secured framing) to < $400, then described around ~$500, and “maximum risk” about ~$450.
  • Long call (Apr 17) example:
    • Net debit ~$328, delta ~55
    • Alternative higher delta call: delta ~87, cost stated around ~$895
  • “Buy call + sell call” subsidized long call:
    • Debit reduced to ~$236
    • Turning price logic tied to 55 in IBIT terms
    • Subtitles include a Bitcoin translation example: 55 corresponds to ~ $96,970,000 for Bitcoin (likely an error/units issue; number is implausibly large and may reflect a subtitle or scaling mistake)
  • Zebra strategy:
    • Needs total delta ~150
    • Adjust to delta ~101 for ~100% upside participation
    • Maximum loss stated: ~967.50
• Timing:
  • Example expirations: Apr 17, Sep 19
  • Active decision to roll the sold put “in the next few days” depending on IBIT/Bitcoin development.

Explicit recommendations / cautions

• Use margin-aware structures rather than naked selling:
  • Cash-secured put concept may become inefficient due to margin; convert into spreads (bull put spread).
• Carefully select:
  • maturities
  • strike prices
  • and understand option mechanics.
• Diversification message:
  • “Putting all your eggs in one basket” is “never a good idea.”
  • Use different option strategies and adjust them as needed (example adjustment: zebra hedging with additional call sale).
• Roll management:
  • Plan to roll the sold put if the setup evolves (decision in coming days).

Disclosures / disclaimers

• No explicit “not financial advice” disclaimer appears in the provided subtitles.

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Presenters / sources (as stated)

• Thorsten Eberart (host/speaker; “Welcome to Options for Winners. My name is Thorsten Eberart…”).
• TradingView (platform used for charts/indicators; not a presenter).