http://Greeks.Live Daily Briefing of Chinese Community ===== Release date: July 4, 2025 Overall market sentiment ===== The group as a whole shows a neutral to cautious sentiment, and traders generally believe that the current market is in a narrow range oscillation state, with a clear downward trend in IV. The group reached a consensus on the poor performance of the positive Vega strategy, believing that in the current low volatility environment, the short Vega strategy has a higher cost-effectiveness. hot topic ===== The dual grid strategy has become the focus of group discussion, separating the delta grid and Vega grid operations. When the IV exceeds 65-70, sell options to reduce Vega, and use perpetual contracts to match the same delta The butterfly strategy has shown outstanding profit and loss performance in the current IV downward environment, making it suitable for market conditions with narrow price fluctuations The bear gap strategy is recommended to narrow the actual delta exposure and solve the problem of minimum order quantity limit for selling put