Name: REAL OPTION TRADERS DON’T GO TO DINNER PARTIES (Guest: Bohan Jiang)
Uploaded: 2026-04-25T12:02:48+00:00
Duration: 8001 s
Description: REAL OPTION TRADERS DON’T GO TO DINNER PARTIES (Guest: Bohan Jiang) — AI-analyzed trade ideas from The Market Huddle on Buzzberg.

Speakers

Bohan Jiang — Reporter, Wall Street Journal

Patrick Ceresna — Derivatives Specialist, MacroVoices

Kevin Muir — Host, MacroVoices

Summary

Bohan Jiang, senior derivatives trader at FalconX, explains institutional options market making and shares specific trades that exploit mispriced skew and volatility in crypto and commodities. Co-hosts Kevin Muir and Patrick Ceresna then analyze the current equity market, favoring energy stocks and Japan while warning on gold and Bitcoin.

Bohan discusses how crypto options were less efficient, giving an example of an Ethereum ETF risk reversal trade.
He outlines zero-cost structures on WTI crude oil and USD/JPY to capture asymmetric payoffs.
Bohan recommends long Brent crude for backwardation and upside potential.
He also describes selling S&P call spreads when implied vol is elevated and put skew is rich.
Patrick Ceresna argues for a structural bull market in energy stocks (XOP) and advises buying dips.
Patrick warns that gold and Bitcoin are in corrective phases and not attractive for new longs.
Kevin Muir expresses a long-term bullish view on Japan equities.
Kevin sees potential for gold miners to outperform gold in the near term.

Trade Ideas

Bohan Jiang Reporter, Wall Street Journal 37:38

Mispriced ETH ETF event skew

The market mispriced Ethereum options for the ETF event in May 2024. Skew was for downside, but the true risk was an approval surprise that would send ETH higher. Selling puts and buying calls (risk reversal) captured the asymmetry.

Bohan Jiang Reporter, Wall Street Journal 62:04

Long Brent for backwardation and asymmetry

Long Brent crude is attractive because the backwardation provides positive carry, and the asymmetric risk of a spike higher, given structural inventory draws and the potential for a sudden re-escalation, makes it a good trade.

Bohan Jiang Reporter, Wall Street Journal 62:23

Zero-cost WTI bear put spread

Implied volatility in WTI is very high, allowing a zero-cost 1x2 put spread (buy one higher-strike put, sell two lower-strike puts) to bet on a sharp move lower if a deal reopens Hormuz. The structure benefits from vol compression and the right tail of a crash.

Bohan Jiang Reporter, Wall Street Journal 64:40

Sell S&P call spreads in high vol

During a week of sideways price action in S&P 500 with elevated implied vol and extremely rich put skew, selling call spreads (sell ATM call, buy a cheaper call) was the right expression to harvest premium with limited risk.

Bohan Jiang Reporter, Wall Street Journal 67:56

Zero-cost USDJPY call ladder

A zero-cost 1x2 call ladder on USDJPY (buy 157.50 call, sell two 159.50 calls) profits from a grind higher in the pair, as 160 is a key intervention level. Asymmetry from the capped payoff and cheap premium due to high vol.

Kevin Muir Host, MacroVoices 90:22

Japan equities: buy and forget

Japan's equity market is a long-term buy-and-forget position, supported by structural reforms, corporate governance improvements, and a semiconductor tailwind. The Nikkei is at 52-week highs and should be held.

Patrick Ceresna Derivatives Specialist, MacroVoices 99:50

Structural bull market in energy stocks

The energy sector is in a new structural bull market due to years of underinvestment and the geopolitical shift toward energy security. The recent pullback is a buying opportunity; XOP chart shows a breakout from a long base.

Patrick Ceresna Derivatives Specialist, MacroVoices 102:04

Gold in correction, avoid adding

Gold had a parabolic blowoff top after a two-year bull run and is now in a correction/consolidation phase. It cannot clear its 50-day MA or Fibonacci resistance. Investors should avoid adding exposure for now.

Kevin Muir Host, MacroVoices 103:34

Gold miners could outperform gold

Gold miners may offer a place to hide relative to gold itself, as Newmont's earnings were solid and the group could grind higher even if gold stays in a choppy range.

Patrick Ceresna Derivatives Specialist, MacroVoices 115:00

Bitcoin rally is only oversold bounce

Bitcoin's rally is just an oversold bounce in a risk-on environment, not a new bull market. It has not cleared any major resistance levels and lacks the conviction seen in other risk assets.

REAL OPTION TRADERS DON’T GO TO DINNER PARTIES (Guest: Bohan Jiang)

Summary

Trade Ideas

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