Options Strategy & Analysis (Post-Trade)
BTC USD – November 11, 2025
Previous Day Trade Analysis
Final P&L
₹11,305
Return on Risk
74.7%
Trade Duration
24 Hours
Strategy Recap (Previous Blog)
Link to original strategy post
Bull Put Credit Spread | SELL 106000 PE @ $252 | BUY 104000 PE @ $74 | Net Credit $178 (₹15,130 per 0.001 BTC lot) | 4 DTE | POP ~82%
Market Outcome
BTC opened at ~105,154 and traded in 105,000-106,500 range for most of the day. No breach of 104,200 stop-loss. Price closed at 105,339 (+0.18%). Strong support held at 104,000. IV dropped from 44% to 39.3% helping theta decay.
Strategy Performance
- Entry (10-Nov 17:30 IST): Net Credit $178.00
- Exit (11-Nov 17:00 IST): Short 106000 PE $38 | Long 104000 PE $16 | Net Debit $22 → Profit $156 per lot
- Theta decay (24H): ~$133 of total $156 profit
- P&L: +$156 × 100 lots × 85 = ₹1,32,600 (gross) | After fees ~₹11,305 net
- Max drawdown: $42 (when BTC dipped to 105,000) → ₹3,570
- Expected payoff ₹15,130 → Actual ₹11,305 (74.7% of max profit)
Learning & Observations
- Chart bias & OI levels perfectly respected – 104,000 put wall held firm.
- IV crush (44% → 39.3%) accelerated theta decay – major profit driver.
- No execution mistake; closed manually at 87% of max profit instead of 50% target – good discretion.
How to Re-Strategize
- Could have rolled the short leg to 107000 PE for extra $40 credit (total credit $218).
- Alternative: Convert to Iron Condor by selling 110000/112000 call spread for additional premium.
Forward View
BTC continues to respect 104,000 support with rising EMAs. Next probable setup: Fresh Bull Put Spread 107500/105500 for 14-Nov expiry or wait for minor dip to 105,000 zone. Will re-enter tomorrow morning.
Metrics Snapshot
| Strategy Name | Bull Put Credit Spread (BTC) |
| Max Profit / Max Loss | ₹15,130 / ₹1,69,870 |
| Actual P&L | +₹11,305 |
| Win/Loss Ratio (Cumulative) | 8 Wins / 2 Losses (80%) |
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Disclaimer
Options trading involves significant risk and is not suitable for every investor. Please ensure you understand the risks involved and consult with your financial advisor before participating. Past performance does not guarantee future results. Trade responsibly.
