🌊Close Longs
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Last updated
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To close or hedge your longs in either spears or shields, you can either:
Use prior-purchased options as liquidity to sell options; Or supply collateral as liquidity to open off-setting shorts.
Remove liquidity to finalize positions.
If supplying collateral liquidity, use your options tokens to redeem collateral before expiry. Or claim back reserves after expiry after settlement.
Long the same amount of Shields (puts) to hedge your long Spears (calls).
Long the same amount of Spears (calls) to hedge your long Shields (puts).
See digital option put-call parity.
The following provides a tutorial for the first option:
Go to Dashboard - Positions, and click the "Earn" button on the right.
Select the price ranges at which you would like to provide liquidity and sell your options.
Enter the number of options you wish to sell.
Complete the transaction.
Once you have provided sell liquidity using prior-purchased options, you can see it in your "Dashboard-Open Orders" section. You can also view the details of your position, including the number of longs in calls (puts) you have closed, by clicking on the position.
The following key details of your open order will be available for you:
Status: the number of longs you have closed and additional shorts you have opened (if any) .
Deposit: The number of calls (puts) you deposited to sell.
Fees: Total amount of transaction fees you have earned.
Premium: The amount of proceeds you received for selling the options.
Sales Volume: The gross number of calls and puts you have sold.
Withdrawable: the amount of collaterals withdrawable upon liquidity removal.
Note: Your long closure is not final until you remove liquidity. You must monitor your position and remove liquidity promptly once your seeded calls (puts) are sold out. Otherwise, if later the price traces back, your premiums would be used as liquidity (collaterals) to short additional puts (calls), which in turn neutralizes your long closure.
