 going to hit go live here. All right, John, whenever you're ready, we're ready to go. All right. Welcome, everybody. I want to thank BookMap for hosting this presentation. We're going to talk about options today with our fact-based trading solutions. And before I get into it, I want to go through this disclosure that all the information and presentations are for educational purposes only, and should not be considered specific investment advice nor recommendations. For risk-wise, cryptocurrencies, futures options, forks, and stock trading contain substantial risk, and it's not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading, and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. I'm John Slazos from Dharma Capital Trading. I've been trading markets since the 80s. And I was a former Chicago Mercantile Exchange member, and I got involved in trading crypto. I bought my first Bitcoin in 2013. Went through lots of ups and downs there, and I'm still involved with crypto for the same reasons I started. So I'm a really big fan of Web 3.0, and what can happen where we can go. Full transparency is where I think it's all about, and having things decentralized is going to make things safer for everybody. So a big fan of the space, and I've been basically trading in it full time since 2016. Can visit us at DharmaCapital.trade on our website. We're posting on X, and we have some YouTube presentations that go through our methodology. Also going to be hearing from Spencer Regal today. He's our chief option strategist, and Spencer is going to go over how we apply options to our outlook. And with Dharma Capital Trading, we are here to create a positive impact and help traders achieve their full potential. And we do this by empowering traders with fact-based solutions that enhance self-awareness and decision-making. And our approach enables traders to execute trades confidently and effectively by facilitating a state of flow. So state of flow, it's kind of being of no mind. When you're in the zone, if you're an athlete, or when you're trading the markets, when you're not thinking you're just doing, and you're doing it perfectly. And so how you get and stay in that state of flow is what it's all about, and that's what our fact-based trading solutions help you do. And so today, we're going to go through our decision matrix stemming from our outlook that I post every day in our chat room, and where I'm going to use our price map overlay to define the structure. And then Spencer is going to come through and define option strategies around that structure. And so what is fact-based trading? Fact-based trading involves making decisions based on objective data and analysis, reducing speculation and subjective biases. We all have these subjective biases that always get in the way, and having a statistical baseline as a benchmark brings you back to the truth. And so helps you to see clearly what's true. And so I'm going to flip over here to our analytics, and then we're going to kind of dive deeper into this outlook and what's happening currently. So this is an outlook that I post every evening. Well, I'm in Chicago, so it's my evening, but 12 a.m. UTC time, so basically the non-official crypto opening, which comes in now with daylight savings time at 7 p.m. in Chicago. And so we've been, what we do here on this outlook, we've been following the monthly structure. So this is our price map. I'm not going to get into all the details of the price map right now, but basically this structure doesn't change for the whole month, and it gives us some guidelines to where we're going to see potential reactions. I've also highlighted the opening range, the first week of the month, and I've provided some 50% expansion of that opening range and 100% expansion as potential stopping points. And yesterday we had a retest of that top of that opening range. And now we're back at what we call our upside target too. The market's had a bit of an eventful month and we're all teed up, just got through the Ethereum upgrade and coming into the session, we were talking about the market keying off of the 71,000 level. Again, we retested opening high and we're flirting with a new extension higher in Bitcoin. So we want to key off this strike. I'm going to pull in a live chart here as I go through this, and I'm going to go down to a shorter timeframe. And then let's just highlight the 71K area, K area here, pull this up and let's just identify kind of the start of the session here. So we're publishing around this time here and we were focused on the 71K area that's pivotal. We did test this high area of the opening range previous session. And now we are, oh, I'm sorry, I've got the quarterly up here. So make a little more sense. Bear with me, getting live here. So, simple facts like previous periods high, low, last, those are great factual things, they're not going to change their truths. Identifying these opening range structures, those are truths, just is what it is. So having those benchmarks. So here's the start of the UTC time session and we are focused on the 7100 strike. Basically that's our pivotal point. Are we going to stay bid? Well, then if we are going to stay bid, we're going to stay above 71K. You know, held trade above here, we're anticipating a move to the 50% expansion of this opening range, which here's the opening range, which is the first week of the month. And so this is our 50% expansion and it's a kind of a classic pause point and this is 100% range expansion. So we're just looking for confluence. This is our price map structure. The crimson levels are our major price map levels. These are minor levels. So we're just always looking for confluence but basically held trade above 71K. We're looking for the market to make a play for this 74 or 500 level. This also has some good alignment with our weekly structure at 74,833. So we're looking at these different structure points. Basically monthly structure doesn't change for the month. Weekly structure doesn't change for the week. We're focused right now on the monthly structure and we've had a significant move. And with all the current events happening, I think more liquidity is going to be coming into the market now. We've got through this theorem event and next couple of days you could see some people starting to play some bets. We could see a run up and we could see that run up come up to the 78K level. And even potentially making a play for 80K psychological level makes sense. And then conversely, if we're keying off the 71K levels our pivotal point, well, if the market can't maintain a trade above 71K, we're anticipating kind of a retest to the top of that opening range, which comes into alignment with one of our structure points. If the market's good, it's going to base above here. And if we aren't able to base above here, that's going to be an issue because this is a typical breakout of the opening range. We're making a move. We could stall out here for a moment for some digestive action, but basically it's all positive above this price point. We get a failure here. It's telling us it's a tell that there's a problem. And so we're more likely to go sideways. Sideways to lower. And so where our expectation is or at least we're going to get a retest of this area here, if not all the way back down to the previous month's high and then this upside pivot area. So we're expecting some big swings and we're looking at basically this 60K area as our low point for any negative turn of events. So what do we do next? So how can we take advantage of this? So if we're assuming this is the monthly structure, we've got, Spencer's going to get into, how do we take advantage of different opportunities with our expectation that 71K is going to be the pivotal point? Well, I just clean all this up and we're looking at this point and basically let's just say 79K on the upside, basically the previous monthly high point on the downside with basically the previous monthly close or let's just call it 60K on the downside. So this is our pivotal level and these are our inflection points to the upside and to the downside. So this is the upside containment area and this would be the downside containment area but we have to basically respect in this area maybe all we get, the market just keeps, are we going to keep this stop and go action? It could be a stop and go here. Is the expectation and then if we aren't able to maintain a trade above here, expectations we could have a fallback into this area. So then kind of damaging this underlying positive trend and signaling more of a digestive trade. So Spencer, what kind of option strategy would you put on here to take advantage of that outlook? Sure, there's a couple of things that we can think about, right? And so I'll leave your screen up just to chat about some of these levels. One is pivotal level is going to be around 71,000, right? That upper level that you're determining, the first one's going to be in the 74 and a half and then up towards the 79 and then if we break the 71 then we trade back into kind of more of a digestive trade down into the low 60s, right? When we're thinking about strategy, there's a couple of things that we need to think about first and when thinking about that, it's we had the Ethereum upgrade today, right? And so what did that do to the volatility term structure? And so in simple terms, options have a volatility component and when the market knows about an event in a usually a binary event, those option premiums usually get juiced up a bit, right? And so if we came into the market this morning, we were trading around a 81 fall. Currently we're trading around a 78, 76 in Bitcoin and then we're trading down a couple of ticks here in ETH. And so as I'm thinking about this and looking at that market outlook, one thing that I noted was you mentioned stop and go action, right? And so in the world of options and within selling options, we benefit from stop and go action, right? If we're further out of the money. And so a couple of things that we were looking at earlier this morning were calls over 80,000, right? And so that's a good way to play this, right? If you've owned some Bitcoin, we've made a large move, you can still take advantage of this upside, right? And come in and do some covered call strategies. So it's some of the simpler strategies in the market but it is highly effective when done right. And so those calls are down a couple ticks here in some of the March 22 duration. So a way I would play this is I would come in and come in before the event and sell a little bit of those calls. Wait for a surge in price knowing I'm looking to kind of leg out in the options market of my underlying asset. And to do that, I wanna get the best price. So I'm looking for stalling at that 50% expansion of the opening range. So that's gonna be that 74 or 500 level. If we do get a stall there, I'm looking to add a little bit more to that sold call. If we get the extended trade all the way up to 100% expansion of the opening range, more in that, that UT three monthly UT three at 78, 221, even touching a little bit over that in the 79K area, I'm looking to add. And that's a good way to passively take an approach to this market and slowly leg out of what's been a linear move over the last one. Can you post that, the order that you would place? Yeah, yeah, definitely. Let me hop over here and share my screen. All right, so over here I have, I have an option chain over here on Derabit. And so let me pull up the volatility numbers that I was chatting about. So here on Derabit, you can kind of just toggle down. You'll see a volatility index. It's called Deval. It's Derabit's volatility index. And we'll notice that as Bitcoin has kind of made this linear move, so has the volatility market as well, right? And so what does that mean for us as we come in and we look to sell some options? Well, that means we're usually gonna get a bigger bang for our book and maybe an option that we would sell a thousand points out of the money might be, we might be able to sell the same premium now, 5,000, 10,000 points out of the money. And so this is a really good gauge for when we're looking at the market, right? And so if we kind of see and look at the daily, we did get this lift over the last few sessions into this upgrade in Ethereum. And slowly we've seen a little bit of declines. Volatility market, from my opinion, we've seen it compress aggressively in large events like this. So the way I'm looking at this is it's holding firm. There's a little bit of sellers in the market, but it's not significant. What you're seeing more is in the ETH markets a little bit more aggressive in terms of the downticks. We were up at an 84 yesterday and now we're trading at a 76. How does that impact the options chain? So some of the contracts that I were looking at, if we really toggle to out of the money options, the 120K we're trading roughly around 185 on the offer two days ago, right? Those traded this morning, about four hours ago, they were 88 on the bid. So this volatility is definitely impacting the options market and it's impacting it in a large way. And the way that we feel that and we see that is some of these out of the money options will just compress. And so this distribution will come in towards those out of at the money calls and puts. And so thinking about that, how can we take advantage, right? And so knowing the structure, let's say we own 10 Bitcoin, right? And this is kind of our payout, right? If Bitcoin goes up to 80,000, we're trading roughly around 73 right now. That's roughly around, what is that, 7,000 from here. We can expect that that P and L is going to be right around that 70 range, right? And the reason that it's not showing exactly 70 here is because these are perpetual contracts, so they do trade up and down to the index. So as I'm thinking about, all right, well, I own all this Bitcoin, how do I wanna leg out of this market? Why would I wanna leg out of this market? Well, if John's over here telling me that these are the levels, my job is to come in here and think about strategy in terms of how to capture some of those levels, right? This is what Bitcoin's done over the last month and over the last year, honestly, it's been vertical. We've seen this in the past that it's gone vertical and honestly, it could. Nothing in the structure currently and within the price map is telling us that we should be sellers of this market, but we are thinking forward when we are thinking about trades. And so some of that is keying off of those levels, right? So 74.5 is coming up and then we do have that level right there that 79, that 100% expansion that we wanna do something at, right? And how do we do that? So we're, we own around 10 Bitcoin here. Well, I think, I think Spencer, the key thing that you were talking about here too is that, so we own the asset, right? So if you're, you know, in this example, and again, you know, this is all for educational purposes and what we're the example that we're going through here is we're in, we have the assumption that we own the asset, right? So we are long market, right? And so these strategies are to enhance that or to protect it, right? So if we're, you know, one, if we're looking at, you know, selling calls, you know, we're enhancing the return or the yield on our product, you know, on our asset that we have. Or if we, or in addition, those are strategies to protect unrealized gains. So instead of getting, selling out of Bitcoin or using a stop on a perpetual, you know, using, incorporating these option strategies to protect unrealized gains. So if we do get a big surge up to 80K, well, yeah, the market could continue and go up to 100K, right? For sure. And we're long the asset, but, but also we could get some ebb and flows and we could see some digestive action. Well, we see some digestive action. Yeah, it's gonna, you know, we might, that might turn our stomach a little bit because, hey, is this thing gonna fall right back to 70K? Well, you know, putting on some protection makes a little, makes more sense. And so I think, you know, I just wanted to clarify that for everyone that, you know, this is, you know, this is an example of how, you know, if you do own the asset of different ways that you can optimize that return of that asset as well as, you know, hedge against unreal, you know, profit give back of unrealized gains or, you know, potential on negative events. Yeah, very much agreed. Yeah, so if, to clarify, we do own the asset and let's say in this scenario, we own 10 Bitcoin, right? And we can get greedy and yeah, we just broke out to all-time highs, but at the end of the day, if you've been in crypto long enough, you've gone through one of these, right? And these are considered to be crypto winters and I promise you they go deeper than you would expect. And so to do that as traders, we're thinking about hedging risk first, right? And doing it appropriately. Okay, so we've made this linear move. How do we leg out of this trade knowing that, hey, these are the levels that we're kind of interested in. If the market were to drop tomorrow, we do want to pick up some of that premium. We want to participate. And this is a safe way to do that, right? And so coming in here and if we're looking at some of these March options contracts, we by no means have to sell the whole portion of we own, right? And so this is what's considered to be a covered call. So what we can do is we can come in and say, hey, I'd like to sell a little portion of my Bitcoin at 80,000 and to do that, maybe we sell 30% of that, right? And so what we do get is we get this little payout difference in the underlying, right? And so what happens is we're selling three options contracts, 80,000. We're picking up around 2,400 bucks per contract or roughly around, this is around 3.3% of the underlying asset. So if we went and sold the whole 10 Bitcoin value, we could collect 3.3% on our underlying asset. Why is that interesting to us? Well, we only see our P&L decrease or stop increasing largely at that 80K range, right? And so what we can do is we can pick up another 10,000, we can come out here to the market, we can sell another 7,500 and we can pocket that trade. And in a worst case scenario, where let's say the market comes back down, well, we already own the asset, we're bringing in income and we're bringing in income in the form of those sold options. And that's 7,500 bucks to our pocket, right? And if we do this on a monthly basis, if we were able to, let's say come out here and sell 10 every month and just cap some of that upside, we're gonna pocket that 3% a month or 3.3% a month. And the reason that's interesting is now you're talking about an asset where you're giving some upside to it, but you're also providing cash flow in the form of income through those sold options. So. Yeah, I think, I mean, that's a great strategy for a, let's just say, a holder. Yeah, I wanna, so, you know, with, you know, options are dynamic, everyone's got different durations, people wanna trade this stuff. Why don't we talk about the, let's go into some shorter term time structure. And if you wanna hand the, hand my screen back, I'm gonna put up the weekly and, you know, right now we're trading at, you know, the 73 strike and there's potentially, we're gonna have a, you know, $1,000 move up to the 74,000 strike, if not, you know, if not higher. So there's money to be made potentially on the upside. So what I've done here is I've put on, you know, kind of leveraging up, you know, the upside basic is what I'm talking about. Or assuming, you know, we wanna, you know, we still wanna press this. So let's just take a look at, you know, our fact-based approach. I'm dying down to, if we were starting, if we were having this presentation, you know, the start of the trading session, which is midnight UTC time, you know, we could even go down into the daily section but trade daily options. But, you know, now I'm kind of going out to weekly and so we've got expiration, we can, you know, kind of key off this week's expiration or the 22nd expirations. So let's just break down, you know, what's happening on a weekly basis versus, you know, more of a shorter term outlook, more of a, you know, what a tradable outlook. And so what you're looking at here is the 15 minute chart. And you can see we've got the previous week high, previous week low, previous week close and previous week midpoint. And so what happened so far this week is, you know, the market opened up. You had, you know, whenever you have the closing price near the high, it's an interesting time. You know, is the market going to, you know, break out to the upside or just fall back into neutral? Gave us a little bit of a head fake here. And you can see how this just, you know, the classic time phase structure, you know, it is valid and it's kind of guiding the market where here we have this breakout of the previous day's high. We're making a new high that's all positive. And then they gave us a big squeeze and that squeeze comes down to the previous day's close. And this is just net change for the week. So just kind of, you know, you're thinking about whatever you're trading, whatever system you're running, if you're running a system that's, you know, selling the market here, well, this is your validation point. You know, as long as you're above the previous week's close, your net change positive on the week, that's a fact. You know, there's not much you can do about that, but those truths help with how you could position size, you know, and what your expectations are. And so it's until you're validated, it needs to align your expectations. And we've had had a breakout. And then immediately we're back above the previous week's high, this is positive. So when the mark, when this is happening here, at this point, you know, at this moment, and this is where then we kind of shift into the order book to see what's happening now. We know on the bigger picture, we've had a breakout to the upside, actually pull back here, couldn't, you started to follow through, you couldn't, and then you fail back to the previous day's close, previous week's close, and now at this point, you're making a move. And so I'm gonna add our press map structure to this to get a little more clarity to the picture of what's happening. And so just as when we open up here and we're retesting the previous week's high, we have an expectation the market's gonna reject here, and then we have a failure here, instead of getting super negative, we know that breaks coming into our directional pivot. So we know that the market, this is gonna be an issue for any weakness, and it was. And then we get a breakout above the high, and we know we're coming in, and we've got the upside pivot, here's another breakout, and then the market stalls out at the validation point. So this is our validation point for a breakout to the upside, and it stalls. And then we get what we call a cell UP, a reversal here, but then it comes back into this previous week's close. We couldn't handle it. And now we're basing here. And with book map, this is where we like to use, the book map to identify what is liquidity, what's happening here, are we getting support, is that are we seeing the order book support this because the market couldn't fall through to the downside, and now we're starting to base above this metric. Are we gonna, is this breakout gonna try to follow through? The fact that we did this tells us it's not gonna be such a linear move, but the fact that we are basing here, and now we're moving above here, now we're back above here, and now we validate above here, all these things are telling us, yeah, we're more positive. And so then we have, on a weekly basis, we have our targets for this breakout, and the initial target here is 74,833, which is in alignment with that monthly expansion. So this is kind of all in play. So we've got some confidence that the market's gonna move higher, and it's gonna move higher up to this target. We also know that basis the week, and the crypto week ends on Saturday, that we could get up to the UT2, upside target number two, which is at 78K, basically. So that's also in alignment with the longer term monthly structure. But if we're just trading this market, there's things to do. So do we wanna, you know, the market's telling us who wants to go higher, do we wanna participate in that? And it is, you know, and so this, with options, we can get a little more creative, and we can be a little more precise. And we can take, you know, we can, you know, put together strategies that we understand, hey, the market may top, this rally may top out here, that might be all we get. We had this kind of, you know, we're having this stop and go action, you know, rally to new highs, sharp break. You know, and now we're getting this positive action, we're back here. Are we gonna make a move here and pull back, or are we gonna make a move here and pull back? That's kind of the expectation. So Spencer, I know we don't have a lot of time left, but, you know, basis this kind of, you know, what's happening on the weekly structure, how do you see opportunities either with the weekly strikes or using the March 22nd strikes? Yeah, definitely. I think, I mean, the key thing here is that stop and go action, right? So that the break of the UP reversal, right? Getting that, and then that signaling, the market is not going to scale linearly. It's gonna do some of this larger digestion to the upside, right? And so the reason I bring that up is because, again, we're thinking about volatility. So let me get over here, and we'll talk about a structure that we talked about last week is coming over and looking where we're trading, right? So we're trading the 73. We wanna have a long lean to the market. And so to do that, well, we can come in here and we can sell some of these shorter durations, and then we just have a little play on volatility so that we can take advantage of the stop and go, but we can also participate in a little bit of the upside. And so to do that, come in here, we can sell, let's say, don't need a lot, we can sell one contract, and we'll look at our delta here. Let me make sure that, okay. Our delta here is a negative 0.49, and I can come in here and offset that with some futures, which means I can come in with a- What strike are you selling? Could be selling the at the money. And so- Oh, got it. Yep, I'll show you how this kind of tees up for ya. So if we're long here, we create this really interesting structure. And so what this is aligned with the price map, and I'll pop over here to show John's screen so that we can look at these levels. So the level there is gonna be 73084, the top there is gonna be 7483, and then you have kind of that test of the CR plus right around that 69 level, right? And so if I hop over here and create this structure, we know that on the bottom end here, we're breakeven around 70 and a half, top end we're breakeven at around 767, and we make most of our money right in this range, right? So we're participating in the long side. The market goes up to that 74.5 in the next two days, I'm selling at the money March 15th. Yep, March 15th here. And then we go to that 74.5. We know that our expected payout here in the purple is gonna be 870, and if we start trading over some of those levels, right? If I were to key up here and say, all right, well, let's see if we're trading over that 74.833, and we make a run to the UT2 at the end of the week. Well, I can come over here and just adjust that delta real quick, right? And so I can say, let's get along some more delta. We're making a play for the UT2, and you'll see here that I can pick up that as well. And when would you adjust that delta? So I would do it, and I'm a visual learner, so I'm gonna key off of your screen. I would do it over the UT1 positive alert distance, right? And so that's gonna be that upper band on that scarlet number that you see. Let me blow that up for you here. Yeah, and so to see how that kind of plays out, we can adjust that and do 74.900 as our average buy, and this will kind of project our trade out for us. And we'll see here, we're still making money at expiration, which is these options close in the next day and 14 hours. So this is a fun way to take advantage of all, also take advantage of this stop and go action. We know vol's a little priced up right now, and it is a little bit of a safer approach. I agree. All right, yeah, I know. So thank you, Spencer. We did kind of go through things quickly. I think what we're going to, we just wanted to kind of show you how fast you can do things with the right structure and with the right clarity, how you can put things together. We're going to kind of continue with this format and go through some basic stuff, I think next time for those that are new to options, but then also be able to present live, actionable opportunities of what is your mandate? Are you looking to be more aggressive trading? Are you doing things to hedge or protect a net long position and taking into account options? If you trade in straight perpetuals, yeah, you're basically trading directionally. When you have long positions in the market or short positions in the market and you're coming into a figure, instead of getting out of that trade, you can come in and trade some options against it. So you don't have to get out of it. Options work well for stops as well. We have a few more minutes left, Spencer. You wanted to talk about how you would use options as a stop for perpetual trade. So let's just say we're coming in here. Let's take a look at what's happening. This is the Kraken order book. Let me pull up the multi-book. I'm gonna shift into a lower timeframe. So this is the, actually maybe I'm not gonna shift into a lower timeframe. Let's just stick where we're at here. But we're in the moment here and just kind of real quickly, if I'm long perpetuals right now and I identified that this negative signal didn't follow through and the market's back positive, then it validated here and tells me I'm good. We get a retest of the top of the crop range, the upside pivot. And my expectation is that I wanna see the market base above 7,200 to 800 and have a scale move up making it play for 74. This may happen. I'm getting near the end of the, we're coming into the end of the day. I need to sleep at some point. So, but I don't wanna lose my position. What's something that I can do coming into this evening to kind of protect my perpetual position using options and this weekly structure? Definitely, definitely. So I guess my assumption here is downside level that you're concerned about that you wanna hedge against is 71, is that correct? Yeah, well that 71 strike has been the key pivot, pivotal point. So basically based on the weekly structure, it's just like 7,800, but basically in this area the market's gonna be telling us there's a problem and it's either gonna roll over or it's just gonna kind of spin its wheels. Great, great. All right, let me hop over here. So take a mental note of that. So that's gonna be 73 is where we're trading. 74 and a half is what we're looking to participate in and then 71 on the downside is our concern. The beauty of crypto is it trades 24 seven and at some point we gotta sleep, right? But it could at any point in time drop significantly. So how do we do that, right? So one is let's say we own a Bitcoin. We're trading in the, we have one and we're looking to participate on the upside. Well, if I wanna go to sleep, maybe take a nap, maybe enjoy dinner, this is how I would do it, right? I'd come out here and I'd sell a risk reversal, right? And I would target these levels. So risk reversal here, I would sell you. Just gotta quickly explain what a risk reversal is. Yeah, so risk reversal, everybody's got a fun name for it. They're called collars, they're called risk reversals. Basically what it is, is you're selling upside exposure to fund that insurance to the downside, right? So if I own one Bitcoin, I'm gonna come to the market, I'm gonna sell a call, one call, right? And then I'm gonna buy a put, right? And so the idea here is you can kind of play with the ratio, but like in its simplest forms, you're using the sale of the call to finance the purchase of the put. And this is how it goes, all right? So I'd come into the market and I would sell one of the 74 or 500s, and the reason for that is that's what we wanna participate in. And so this is how this looks. And then what I would do is I would come in and I would buy one of the 71 puts, right? Well, let's see how this looks, right? So here is, we can go to dinner, we can participate in the upside, we know if the market crashes 10%, 30%, we're stopped out. And that's a fun way to take advantage of the upside, continue to play in the upside, but you're also protecting yourself from this large liquidation. So even if we trade down to 20,000, you'll see that equity loss here is 1,800, right? And if we trade all the way down, it's capped. Inversely, if we trade up to 120, it's also capped at that 1,800. And so risk reversals are a great way to partake in a market like this. And we just say on the, so on the capping on the upside. Yep. And is there, what would be another strategy that we could do to keep our upside more open? Yeah, so if, let's say, all right, well, we wanna make a play at that 79 level, right? Well, we're gonna have to take on a little bit more risk, we have to pay for that, we have to pay to play. And to do that, let's say, well, we come out here and we purchase something that's a little bit more out of the money, right? And so maybe that's a 76 call, I haven't looked at the prices of these, so we'll see how it looks. And you kinda get this, where it's capped outside. You pay a little bit more, obviously, cost us around 200 bucks, but we get this very similar, we still get to participate. Let's say we go to dinner and all of a sudden Bitcoin rallies all the way to 80,000. Well, we're not capped at that 74 and a half. We can come out here and pay for dinner five times over, if you're having an expensive one, 50 times over if you're eating down the street at the Polish Sausage area, so. You're into tacos. I do eat a lot of tacos, so here in Chicago, that will pay for quite a few tacos. All right, well, that looks good. So yeah, if you want more upside, you gotta pay for it, but if you want just a straight head, then you've got it and you don't have to get out of your perpetual or your spot position there. Yep, yep, exactly. Perfect. Well, thank you for that insight. Yeah, this is what we're all about, defining clarity, focusing on the facts, what's the truth? What's happening in the market now? Not opinions, this is what it is. Market's been holding strong. It's not telling us anything otherwise. Absolutely, we've had this stop and go action, so the market's telling us that that's happening. It's, people get over leveraged and they need to be, respect what they cost for that leverage, and that's what's happening, and now we've got a whole big influx of new crypto people coming into play, and crypto likes to suck them in and get them all happy, and then put the fear of God into them, so that's absolutely what the expectation is going forward, and we're gonna continue to focus on those facts. That's what our method does. It really provides this statistical outside view that really, to help slow down the decision-making process to minimize biases, and if you haven't read Daniel Kahneman's book, Thinking Fast and Slow, I highly recommend it, one of his quotes from there is, the outside view offers more accurate predictions than the inside view, and what this is actually saying is that, absolutely, we live our lives making intuitive decisions, not thinking, and but when you're trading, it can be a problem because some of those, some of those intuitiveness is skewed by some cognitive bias. Your friend said to you, you know, Bitcoin's going to, or you read something, Bitcoin's going to 120,000. Well, yeah, it might by the end of the year, but right now, it might break first, and if you're all leveraged up, it doesn't matter where it's gonna end up at the end of the year, and so, having us to outside view, which is more based on facts and statistics, it helps to slow down that knee-jerk responses to situations, and so that's what we're all about. So if you enjoyed this presentation, please share it, like it, share it with your friends, like the post, come visit us at dharmacapital.trade and get more insight to what we do, and if you'd like, you can reach out to us directly at info at dharmacapital.trade. So again, thank you, you know, good luck in the markets. You know, keep your focus, focus on facts, more facts and if things you can put into your strategy, the better, and that way, when you're making intuitive decisions, you're making them in alignment with the market troops. Well, good luck everybody. Enjoy the volatility. Cheers.