Bitcoin and Ether Options

Reading options data

An option gives the right, but not the duty, to buy (a call) or sell (a put) a coin at a set price on a set date. Traders use calls to bet on rises and puts to protect against falls.

The put/call ratio compares the two. A ratio well below 1 means traders hold more bets on higher prices. A ratio above 1 often means more demand for protection.

Max pain is the price at which option buyers as a group would get the least money at expiry. It is a calculation from open positions, not a target, and prices often end far from it.

DVOL is Deribit's volatility index. A reading of 50 means options are priced for roughly 50% annual price swings. It tends to rise when markets are nervous. The options basics guide explains more, and large expiries appear on the calendar.