Buy Alert: BITO Puts Fri Sep 13 2024 Hey traders, Larry here. Today, we’re going to open a new position in ProShares Bitcoin Strategy ETF (BITO). Bitcoin is rallying off a support level that's been tested three times since July. I'm expected another move lower back to that same support level, so let's add puts on BITO that should gain on a pullback in Bitcoin. Action to Take: Buy to open the BITO December 20 $18 puts for up to $3.20. This is a speculative trade. We will not have a stop loss on this position. If the option trades outside of the specified range before you’re able to get in, don’t chase the price higher. Wait for the trade to come back into range before you execute it. Our max loss on this position will be the premium you spend to enter the trade. We will potentially hold this position until expiration to get the move I’m expecting. So, don’t put more money in this position than you’re willing to lose. If you’re new to options or have a small account ($10k or less), we recommend purchasing just one option contract per trade recommendation. Only consider increasing your regular position size once you’re comfortable with the risks involved with trading options. We advise risking the same amount of capital on each trade recommendation. As always, keep an eye on your inbox for the next opportunity. Regards, Larry Benedict
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