“Discounts are dangerous,” notes Hedgeye CEO Keith McCullough in this clip from yesterday's edition of The Macro Show, as he clarifies a #process question on risk-managing swings in Implied Volatility for a subscriber.

Using Bitcoin’s recent price movements as an example, McCullough details, “When the price goes a) to the low end of the risk range, and b) IVOL pops, we’re checking all the boxes.”

IVOL Discounts are Dangerous - risk ranges