Cayø Largo

Trading Strategies

Options Strategies from the Basics. Tested on Deribit Data. Execution and Results.

Research

Data-driven Field Notes and research on the crypto options market.

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BTC Lightning Greek exposure by strike and time, a flat map beside an isometric bar view, orange and blue bars around spot.
Trading StrategyOct 27, 2026Intermediate

Lightning Greek BTC Options Trading Strategy

Short-dated BTC options pay sellers when the market overprices a move, though not at every strike or on every morning. We combined Cayø Largo's Lightning Greek map with a calm-morning check into six rules. They made money from March to October 2026 and we show where they break.

GreeksBitcoinDeribit
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A low view across calm open water at sunset, the sun breaking through cloud above a gentle swell lit gold and blue.
Sep 30, 2026Trading Strategy

Crypto Covered Calls, Part 1: How to Choose and Cap the Call

This series introduces crypto covered calls, which pay a holder a premium in the coin itself, with Bitcoin on Deribit as the worked example. Part 1 reads a real option chain, chooses the call and follows it through 2026. One rally sank the plain call. A cheaper second call bought above it kept the stack roughly level.

Covered CallsBitcoinDeribit
Cayo options repositioning heatmap for BTC, ATM 8-30 day cohort, every Greek's dealer-signed flow hour by hour, blue added and orange removed, with the VommaEX row highlighted
Jul 17, 2026Trading Idea

4 Traps Between a Crypto-Options Backtest and a Profit

Four crypto-options signals that shine in backtest and die at real fills. What the spread, the wrong vehicle, overlapping windows and a trending coin cost you.

Trading IdeaBacktestingTransaction Costs
Deribit options dashboard showing why knowing your Greeks is not enough for live crypto trading
May 20, 2026Options Trading

Why Knowing Your Greeks Won't Save You on Deribit

You learned Delta, Gamma, Theta. You can explain Black-Scholes over coffee. Then you open Deribit's options page and none of it helps. Here's why options theory breaks down on a live screen.

Options GreeksCryptoDeribit