Opening a capital efficient long Bitcoin trade with one of my favorite strategies.
ZEBRA stands for Zero Extrinsic Back Ratio which sells one option that has twice the extrinsic as the two options that are bought. What this gives us is basically a full delta of 1.0 for typically about 1/3rd the capital of 100 shares. The trade off is that the loss will be greater at expiration if spot finishes on your short strike than had you simply owned shares.