Trading on Siren: A Step-by-Step Guide
Welcome to our step-by-step guide on how to make your first trade on Siren, the decentralized options platform. This detailed tutorial will walk you through all the essential steps to successfully exe
Step 1: Access the Siren Platform
Visit the Website: Open your web browser and go to the Siren.xyz website.
Connect Your Wallet:
Click on the "Connect Wallet" button.
Select your preferred wallet (e.g., MetaMask, WalletConnect).
Follow the prompts to connect your wallet to the platform.
Step 2: Understanding the Interface
Dashboard Overview:
The main dashboard displays market data, including available options, their strike prices, and expiry dates.
The portfolio section shows your current holdings and their performance.
Navigation Menu:
Use the navigation menu to switch between different sections like Markets, Portfolio, and Trade.
Step 3: Exploring the Markets
Browse Available Options:
Go to the "Markets" section.
Filter options by asset, expiration date, or strike price to find the options you are interested in.
Option Details:
You can toggle “Expert” mode to view detailed information, including the premium, implied volatility, and Greeks.
Step 4: Trading Options
Opening a Position:
Select the option you wish to buy or sell (you can also add multiple options)
Enter the number of contracts
Click "Continue"
PRO TIP: you can bridge USDC to Arbitrum from any network supported by LiFi using the “Bridge USDC” button
Once USDC arrived on Arbitrum, you can proceed with the trade by setting up the allowance
Once the token allowance is completed, click Confirm Trade
Closing an Existing Position:
Navigate to your portfolio and select the position you wish to close or reduce.
Enter the number of contracts.
Click "Continue" and follow the prompt as above
Step 5: Managing Your Portfolio
To view holdings:
Go to the "Portfolio" section to see all your current option holdings.
Check the performance and value of each option on the “Account Performance” section.
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