﻿ Option Price Calculator

# Option Price Calculator

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##### No gods, no kings, only NOPE - or divining the future with options flows. [Part 2: A Random Walk and Price Decoherence]

tl;dr -
1) Stock prices move continuously because different market participants end up having different ideas of the future value of a stock.
2) This difference in valuations is part of the reason we have volatility.
3) IV crush happens as a consequence of future possibilities being extinguished at a binary catalyst like earnings very rapidly, as opposed to the normal slow way.
I promise I'm getting to the good parts, but I'm also writing these as a guidebook which I can use later so people never have to talk to me again.
In this part I'm going to start veering a bit into the speculation territory (e.g. ideas I believe or have investigated, but aren't necessary well known) but I'm going to make sure those sections are properly marked as speculative (and you can feel free to ignore/dismiss them). Marked as [Lily's Speculation].
As some commenters have pointed out in prior posts, I do not have formal training in mathematical finance/finance (my background is computer science, discrete math, and biology), so often times I may use terms that I've invented which have analogous/existing terms (e.g. the law of surprise is actually the first law of asset pricing applied to derivatives under risk neutral measure, but I didn't know that until I read the papers later). If I mention something wrong, please do feel free to either PM me (not chat) or post a comment, and we can discuss/I can correct it! As always, buyer beware.
This is the first section also where you do need to be familiar with the topics I've previously discussed, which I'll add links to shortly (my previous posts:
---
A Random Walk Down Bankruptcy
A lot of us have probably seen the term random walk, maybe in the context of A Random Walk Down Wall Street, which seems like a great book I'll add to my list of things to read once I figure out how to control my ADD. It seems obvious, then, what a random walk means - when something is moving, it basically means that the next move is random. So if my stock price is \$1 and I can move in \$0.01 increments, if the stock price is truly randomly walking, there should be roughly a 50% chance it moves up in the next second (to \$1.01) or down (to \$0.99).
If you've traded for more than a hot minute, this concept should seem obvious, because especially on the intraday, it usually isn't clear why price moves the way it does (despite what chartists want to believe, and I'm sure a ton of people in the comments will tell me why fettucini lines and Batman doji tell them things). For a simple example, we can look at SPY's chart from Friday, Oct 16, 2020:

https://preview.redd.it/jgg3kup9dpt51.png?width=1368&format=png&auto=webp&s=bf8e08402ccef20832c96203126b60c23277ccc2
I'm sure again 7 different people can tell me 7 different things about why the chart shape looks the way it does, or how if I delve deeply enough into it I can find out which man I'm going to marry in 2024, but to a rationalist it isn't exactly apparent at why SPY's price declined from 349 to ~348.5 at around 12:30 PM, or why it picked up until about 3 PM and then went into precipitous decline (although I do have theories why it declined EOD, but that's for another post).
An extremely clever or bored reader from my previous posts could say, "Is this the price formation you mentioned in the law of surprise post?" and the answer is yes. If we relate it back to the individual buyer or seller, we can explain the concept of a stock price's random walk as such:
Most market participants have an idea of an asset's true value (an idealized concept of what an asset is actually worth), which they can derive using models or possibly enough brain damage. However, an asset's value at any given time is not worth one value (usually*), but a spectrum of possible values, usually representing what the asset should be worth in the future. A naive way we can represent this without delving into to much math (because let's face it, most of us fucking hate math) is:
Current value of an asset = sum over all (future possible value multiplied by the likelihood of that value)
In actuality, most models aren't that simple, but it does generalize to a ton of more complicated models which you need more than 7th grade math to understand (Black-Scholes, DCF, blah blah blah).
While in many cases the first term - future possible value - is well defined (Tesla is worth exactly \$420.69 billion in 2021, and maybe we all can agree on that by looking at car sales and Musk tweets), where it gets more interesting is the second term - the likelihood of that value occurring. [In actuality, the price of a stock for instance is way more complicated, because a stock can be sold at any point in the future (versus in my example, just the value in 2021), and needs to account for all values of Tesla at any given point in the future.]
How do we estimate the second term - the likelihood of that value occurring? For this class, it actually doesn't matter, because the key concept is this idea: even with all market participants having the same information, we do anticipate that every participant will have a slightly different view of future likelihoods. Why is that? There's many reasons. Some participants may undervalue risk (aka WSB FD/yolos) and therefore weight probabilities of gaining lots of money much more heavily than going bankrupt. Some participants may have alternative data which improves their understanding of what the future values should be, therefore letting them see opportunity. Some participants might overvalue liquidity, and just want to GTFO and thereby accept a haircut on their asset's value to quickly unload it (especially in markets with low liquidity). Some participants may just be yoloing and not even know what Fastly does before putting their account all in weekly puts (god bless you).
In the end, it doesn't matter either the why, but the what: because of these diverging interpretations, over time, we can expect the price of an asset to drift from the current value even with no new information added. In most cases, the calculations that market participants use (which I will, as a Lily-ism, call the future expected payoff function, or FEPF) ends up being quite similar in aggregate, and this is why asset prices likely tend to move slightly up and down for no reason (or rather, this is one interpretation of why).
At this point, I expect the 20% of you who know what I'm talking about or have a finance background to say, "Oh but blah blah efficient market hypothesis contradicts random walk blah blah blah" and you're correct, but it also legitimately doesn't matter here. In the long run, stock prices are clearly not a random walk, because a stock's value is obviously tied to the company's fundamentals (knock on wood I don't regret saying this in the 2020s). However, intraday, in the absence of new, public information, it becomes a close enough approximation.
Also, some of you might wonder what happens when the future expected payoff function (FEPF) I mentioned before ends up wildly diverging for a stock between participants. This could happen because all of us try to short Nikola because it's quite obviously a joke (so our FEPF for Nikola could, let's say, be 0), while the 20 or so remaining bagholders at NikolaCorporation decide that their FEPF of Nikola is \$10,000,000 a share). One of the interesting things which intuitively makes sense, is for nearly all stocks, the amount of divergence among market participants in their FEPF increases substantially as you get farther into the future.
This intuitively makes sense, even if you've already quit trying to understand what I'm saying. It's quite easy to say, if at 12:51 PM SPY is worth 350.21 that likely at 12:52 PM SPY will be worth 350.10 or 350.30 in all likelihood. Obviously there are cases this doesn't hold, but more likely than not, prices tend to follow each other, and don't gap up/down hard intraday. However, what if I asked you - given SPY is worth 350.21 at 12:51 PM today, what will it be worth in 2022?
Many people will then try to half ass some DD about interest rates and Trump fleeing to Ecuador to value SPY at 150, while others will assume bull markets will continue indefinitely and SPY will obviously be 7000 by then. The truth is -- no one actually knows, because if you did, you wouldn't be reading a reddit post on this at 2 AM in your jammies.
In fact, if you could somehow figure out the FEPF of all market participants at any given time, assuming no new information occurs, you should be able to roughly predict the true value of an asset infinitely far into the future (hint: this doesn't exactly hold, but again don't @ me).
Now if you do have a finance background, I expect gears will have clicked for some of you, and you may see strong analogies between the FEPF divergence I mentioned, and a concept we're all at least partially familiar with - volatility.
Volatility and Price Decoherence ("IV Crush")
Volatility, just like the Greeks, isn't exactly a real thing. Most of us have some familiarity with implied volatility on options, mostly when we get IV crushed the first time and realize we just lost \$3000 on Tesla calls.
If we assume that the current price should represent the weighted likelihoods of all future prices (the random walk), volatility implies the following two things:
1. Volatility reflects the uncertainty of the current price
2. Volatility reflects the uncertainty of the future price for every point in the future where the asset has value (up to expiry for options)
[Ignore this section if you aren't pedantic] There's obviously more complex mathematics, because I'm sure some of you will argue in the comments that IV doesn't go up monotonically as option expiry date goes longer and longer into the future, and you're correct (this is because asset pricing reflects drift rate and other factors, as well as certain assets like the VIX end up having cost of carry).
Volatility in options is interesting as well, because in actuality, it isn't something that can be exactly computed -- it arises as a plug between the idealized value of an option (the modeled price) and the real, market value of an option (the spot price). Additionally, because the makeup of market participants in an asset's market changes over time, and new information also comes in (thereby increasing likelihood of some possibilities and reducing it for others), volatility does not remain constant over time, either.
Conceptually, volatility also is pretty easy to understand. But what about our friend, IV crush? I'm sure some of you have bought options to play events, the most common one being earnings reports, which happen quarterly for every company due to regulations. For the more savvy, you might know of expected move, which is a calculation that uses the volatility (and therefore price) increase of at-the-money options about a month out to calculate how much the options market forecasts the underlying stock price to move as a response to ER.
Binary Catalyst Events and Price Decoherence
Remember what I said about price formation being a gradual, continuous process? In the face of special circumstances, in particularly binary catalyst events - events where the outcome is one of two choices, good (1) or bad (0) - the gradual part gets thrown out the window. Earnings in particular is a common and notable case of a binary event, because the price will go down (assuming the company did not meet the market's expectations) or up (assuming the company exceeded the market's expectations) (it will rarely stay flat, so I'm not going to address that case).
Earnings especially is interesting, because unlike other catalytic events, they're pre-scheduled (so the whole market expects them at a certain date/time) and usually have publicly released pre-estimations (guidance, analyst predictions). This separates them from other binary catalysts (e.g. FSLY dipping 30% on guidance update) because the market has ample time to anticipate the event, and participants therefore have time to speculate and hedge on the event.
In most binary catalyst events, we see rapid fluctuations in price, usually called a gap up or gap down, which is caused by participants rapidly intaking new information and changing their FEPF accordingly. This is for the most part an anticipated adjustment to the FEPF based on the expectation that earnings is a Very Big Deal (TM), and is the reason why volatility and therefore option premiums increase so dramatically before earnings.
What makes earnings so interesting in particular is the dramatic effect it can have on all market participants FEPF, as opposed to let's say a Trump tweet, or more people dying of coronavirus. In lots of cases, especially the FEPF of the short term (3-6 months) rapidly changes in response to updated guidance about a company, causing large portions of the future possibility spectrum to rapidly and spectacularly go to zero. In an instant, your Tesla 10/30 800Cs go from "some value" to "not worth the electrons they're printed on".
[Lily's Speculation] This phenomena, I like to call price decoherence, mostly as an analogy to quantum mechanical processes which produce similar results (the collapse of a wavefunction on observation). Price decoherence occurs at a widespread but minor scale continuously, which we normally call price formation (and explains portions of the random walk derivation explained above), but hits a special limit in the face of binary catalyst events, as in an instant rapid portions of the future expected payoff function are extinguished, versus a more gradual process which occurs over time (as an option nears expiration).
Price decoherence, mathematically, ends up being a more generalizable case of the phenomenon we all love to hate - IV crush. Price decoherence during earnings collapses the future expected payoff function of a ticker, leading large portions of the option chain to be effectively worthless (IV crush). It has interesting implications, especially in the case of hedged option sellers, our dear Market Makers. This is because given the expectation that they maintain delta-gamma neutral, and now many of the options they have written are now worthless and have 0 delta, what do they now have to do?
They have to unwind.
[/Lily's Speculation]
- Lily

EDIT: MAJOR UPDATE AT BOTTOM
Welcome to the "Speculations" mega thread for the device possibly upcoming in the Oculus Quest line-up. This thread will be a compilation of leaks, speculation & rumors updated as new information comes out.
Let's have some fun and go over some of the leaks, rumors, speculation all upcoming before Facebook Connect, we'll have a full mega thread going during Connect, but this should be a great thread for remembrance afterward.

Leaks
In March, Facebook’s public Developer Documentation website started displaying a new device called ‘Del Mar’, with a ‘First Access’ program for developers.
In May, we got the speculated specs, based off the May Bloomberg Report (Original Paywall Link)
• “at least 90Hz” refresh rate
• 10% to 15% smaller than the current Quest
• around 20% lighter
• “the removal of the fabric from the sides and replacing it with more plastic”
• “changing the materials used in the straps to be more elastic than the rubber and velcro currently used”
• “a redesigned controller that is more comfortable and fixes a problem with the existing controller”

On top of that, the "Jedi Controller" drivers leaked, which are now assumed to be V3 Touch Controllers for the upcoming device.
The IMUs seem significantly improved & the reference to a 60Hz (vs 30hz) also seems to imply improved tracking.
It's also said to perhaps have improved haptics & analog finger sensing instead of binary/digital.
Now as of more recent months, we had the below leaks.
Render (1), (2)
Walking Cat seems to believe the device is called "Quest 2", unfortunately since then, his twitter has been taken down.
Real-life pre-release model photos
From these photos and details we can discern that:
• there will likely be at least one white model of Quest in the future.
• The camera positions and angles have been changed slightly. This might be to improve tracking coverage overhead.
• The tracking ring has become somewhat larger and has been angled backward, presumably so they face the cameras better at all times.
• The thumb-area has widened significantly & the capacitive thumb-area seems to have returned from the original CV1 touch controllers.
• The HMD seems to have become smaller in terms of depth. This could perhaps mean a severe decrease in weight; balancing the headset more.
• The head strap is similar to that of the Oculus Go.
• It appears there are two microphone holes on the bottom of the headset. This implies the headset might have stereo microphones. Getting two over getting one decent microphone might also mean the two microphones have better recording quality than the original Quest?
Further features speculation based on firmware digging (thanks Reggy04 from the VR Discord for quite a few of these), as well as other sources, all linked.

We've seen a few codenames going around at this point, Reggy04 provided this screenshot that shows the following new codenames.
• Oculus Del Mar - HOLLYWOOD
• Oculus Seacliff - SEACLIFF
Pricing Rumors
So far, the most prevalent pricing we've seen is 299 for 64gb, and 399 for 256GB
These were shown by a Walmart page for Point Reyes with a release date of September 16 and a Target price leak with a street date of October 13th

Speculation
Speculation so far is this headset is a Quest S or Quest 2
OR
This is a flat-out cheaper-to-manufacture, small upgrade to the Oculus Quest to keep up with demand and to iterate the design slowly.
Again, This is all speculation, nothing is confirmed or set in stone.
What do you think this is and what we'll see at FB Connect? Let's talk!
EDIT: MAJOR UPDATE - Leaked Videos.
6GB of RAM, XR2 Platform, "almost 4k display" (nearly 2k per eye) Source
I am mirroring all the videos in case they get pulled down.
Mirrors: Oculus Hand Tracking , Oculus Casting, Health and Safety, Quest 2 Instructions, Inside the Upgrade

##### No gods, no kings, only NOPE - or divining the future with options flows. [Part 3: Hedge Winding, Unwinding, and the NOPE]

Hello friends!
We're on the last post of this series ("A Gentle Introduction to NOPE"), where we get to use all the Big Boy Concepts (TM) we've discussed in the prior posts and put them all together. Some words before we begin:
1. This post will be massively theoretical, in the sense that my own speculation and inferences will be largely peppered throughout the post. Are those speculations right? I think so, or I wouldn't be posting it, but they could also be incorrect.
2. I will briefly touch on using the NOPE this slide, but I will make a secondary post with much more interesting data and trends I've observed. This is primarily for explaining what NOPE is and why it potentially works, and what it potentially measures.
My advice before reading this is to glance at my prior posts, and either read those fully or at least make sure you understand the tl;drs:
Depending on popular demand, I will also make a last-last post called FAQ, where I'll tabulate interesting questions you guys ask me in the comments!
---
So a brief recap before we begin.
Market Maker ("Mr. MM"): An individual or firm who makes money off the exchange fees and bid-ask spread for an asset, while usually trying to stay neutral about the direction the asset moves.
Delta-gamma hedging: The process Mr. MM uses to stay neutral when selling you shitty OTM options, by buying/selling shares (usually) of the underlying as the price moves.
Law of Surprise [Lily-ism]: Effectively, the expected profit of an options trade is zero for both the seller and the buyer.
Random Walk: A special case of a deeper probability probability called a martingale, which basically models stocks or similar phenomena randomly moving every step they take (for stocks, roughly every millisecond). This is one of the most popular views of how stock prices move, especially on short timescales.
Future Expected Payoff Function [Lily-ism]: This is some hidden function that every market participant has about an asset, which more or less models all the possible future probabilities/values of the assets to arrive at a "fair market price". This is a more generalized case of a pricing model like Black-Scholes, or DCF.
Counter-party: The opposite side of your trade (if you sell an option, they buy it; if you buy an option, they sell it).
Price decoherence ]Lily-ism]: A more generalized notion of IV Crush, price decoherence happens when instead of the FEPF changing gradually over time (price formation), the FEPF rapidly changes, due usually to new information being added to the system (e.g. Vermin Supreme winning the 2020 election).
---
One of the most popular gambling events for option traders to play is earnings announcements, and I do owe the concept of NOPE to hypothesizing specifically about the behavior of stock prices at earnings. Much like a black hole in quantum mechanics, most conventional theories about how price should work rapidly break down briefly before, during, and after ER, and generally experienced traders tend to shy away from playing earnings, given their similar unpredictability.
Before we start: what is NOPE? NOPE is a funny backronym from Net Options Pricing Effect, which in its most basic sense, measures the impact option delta has on the underlying price, as compared to share price. When I first started investigating NOPE, I called it OPE (options pricing effect), but NOPE sounds funnier.
The formula for it is dead simple, but I also have no idea how to do LaTeX on reddit, so this is the best I have:

https://preview.redd.it/ais37icfkwt51.png?width=826&format=png&auto=webp&s=3feb6960f15a336fa678e945d93b399a8e59bb49
Since I've already encountered this, put delta in this case is the absolute value (50 delta) to represent a put. If you represent put delta as a negative (the conventional way), do not subtract it; add it.
To keep this simple for the non-mathematically minded: the NOPE today is equal to the weighted sum (weighted by volume) of the delta of every call minus the delta of every put for all options chains extending from today to infinity. Finally, we then divide that number by the # of shares traded today in the market session (ignoring pre-market and post-market, since options cannot trade during those times).
Effectively, NOPE is a rough and dirty way to approximate the impact of delta-gamma hedging as a function of share volume, with us hand-waving the following factors:
1. To keep calculations simple, we assume that all counter-parties are hedged. This is obviously not true, especially for idiots who believe theta ganging is safe, but holds largely true especially for highly liquid tickers, or tickers will designated market makers (e.g. any ticker in the NASDAQ, for instance).
2. We assume that all hedging takes place via shares. For SPY and other products tracking the S&P, for instance, market makers can actually hedge via futures or other options. This has the benefit for large positions of not moving the underlying price, but still makes up a fairly small amount of hedges compared to shares.

# Winding and Unwinding

I briefly touched on this in a past post, but two properties of NOPE seem to apply well to EER-like behavior (aka any binary catalyst event):
1. NOPE measures sentiment - In general, the options market is seen as better informed than share traders (e.g. insiders trade via options, because of leverage + easier to mask positions). Therefore, a heavy call/put skew is usually seen as a bullish sign, while the reverse is also true.
2. NOPE measures system stability
I'm not going to one-sentence explain #2, because why say in one sentence what I can write 1000 words on. In short, NOPE intends to measure sensitivity of the system (the ticker) to disruption. This makes sense, when you view it in the context of delta-gamma hedging. When we assume all counter-parties are hedged, this means an absolutely massive amount of shares get sold/purchased when the underlying price moves. This is because of the following:
a) Assume I, Mr. MM sell 1000 call options for NKLA 25C 10/23 and 300 put options for NKLA 15p 10/23. I'm just going to make up deltas because it's too much effort to calculate them - 30 delta call, 20 delta put.
This implies Mr. MM needs the following to delta hedge: (1000 call options * 30 shares to buy for each) [to balance out writing calls) - (300 put options * 20 shares to sell for each) = 24,000 net shares Mr. MM needs to acquire to balance out his deltas/be fully neutral.
b) This works well when NKLA is at \$20. But what about when it hits \$19 (because it only can go down, just like their trucks). Thanks to gamma, now we have to recompute the deltas, because they've changed for both the calls (they went down) and for the puts (they went up).
Let's say to keep it simple that now my calls are 20 delta, and my puts are 30 delta. From the 24,000 net shares, Mr. MM has to now have:
(1000 call options * 20 shares to have for each) - (300 put options * 30 shares to sell for each) = 11,000 shares.
Therefore, with a \$1 shift in price, now to hedge and be indifferent to direction, Mr. MM has to go from 24,000 shares to 11,000 shares, meaning he has to sell 13,000 shares ASAP, or take on increased risk. Now, you might be saying, "13,000 shares seems small. How would this disrupt the system?"
(This process, by the way, is called hedge unwinding)
It won't, in this example. But across thousands of MMs and millions of contracts, this can - especially in highly optioned tickers - make up a substantial fraction of the net flow of shares per day. And as we know from our desk example, the buying or selling of shares directly changes the price of the stock itself.
This, by the way, is why the NOPE formula takes the shape it does. Some astute readers might notice it looks similar to GEX, which is not a coincidence. GEX however replaces daily volume with open interest, and measures gamma over delta, which I did not find good statistical evidence to support, especially for earnings.
So, with our example above, why does NOPE measure system stability? We can assume for argument's sake that if someone buys a share of NKLA, they're fine with moderate price swings (+- \$20 since it's NKLA, obviously), and in it for the long/medium haul. And in most cases this is fine - we can own stock and not worry about minor swings in price. But market makers can't* (they can, but it exposes them to risk), because of how delta works. In fact, for most institutional market makers, they have clearly defined delta limits by end of day, and even small price changes require them to rebalance their hedges.
This over the whole market adds up to a lot shares moving, just to balance out your stupid Robinhood YOLOs. While there are some tricks (dark pools, block trades) to not impact the price of the underlying, the reality is that the more options contracts there are on a ticker, the more outsized influence it will have on the ticker's price. This can technically be exactly balanced, if option put delta is equal to option call delta, but never actually ends up being the case. And unlike shares traded, the shares representing the options are more unstable, meaning they will be sold/bought in response to small price shifts. And will end up magnifying those price shifts, accordingly.

# NOPE and Earnings

So we have a new shiny indicator, NOPE. What does it actually mean and do?
There's much literature going back to the 1980s that options markets do have some level of predictiveness towards earnings, which makes sense intuitively. Unlike shares markets, where you can continue to hold your share even if it dips 5%, in options you get access to expanded opportunity to make riches... and losses. An options trader betting on earnings is making a risky and therefore informed bet that he or she knows the outcome, versus a share trader who might be comfortable bagholding in the worst case scenario.
As I've mentioned largely in comments on my prior posts, earnings is a special case because, unlike popular misconceptions, stocks do not go up and down solely due to analyst expectations being meet, beat, or missed. In fact, stock prices move according to the consensus market expectation, which is a function of all the participants' FEPF on that ticker. This is why the price moves so dramatically - even if a stock beats, it might not beat enough to justify the high price tag (FSLY); even if a stock misses, it might have spectacular guidance or maybe the market just was assuming it would go bankrupt instead.
To look at the impact of NOPE and why it may play a role in post-earnings-announcement immediate price moves, let's review the following cases:
1. Stock Meets/Exceeds Market Expectations (aka price goes up) - In the general case, we would anticipate post-ER market participants value the stock at a higher price, pushing it up rapidly. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the positive move since:
a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worthless (due to price decoherence). This means that to stay delta neutral, market makers need to close out their sold/shorted shares, buying them, and pushing the stock price up.
b) If NOPE is high positive - This means a ton of call buying, which means a lot of puts are now worthless (see a) but also a lot of calls are now worth more. This means that to stay delta neutral, market makers need to close out their sold/shorted shares AND also buy more shares to cover their calls, pushing the stock price up.
2) Stock Meets/Misses Market Expectations (aka price goes down) - Inversely to what I mentioned above, this should push to the stock price down, fairly immediately. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the negative move since:
a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worth more, and a lot of calls are now worth less/worth less (due to price decoherence). This means that to stay delta neutral, market makers need to sell/short more shares, pushing the stock price down.
b) If NOPE is high positive - This means a ton of call buying, which means a lot of calls are now worthless (see a) but also a lot of puts are now worth more. This means that to stay delta neutral, market makers need to sell even more shares to keep their calls and puts neutral, pushing the stock price down.
---
Based on the above two cases, it should be a bit more clear why NOPE is a measure of sensitivity to system perturbation. While we previously discussed it in the context of magnifying directional move, the truth is it also provides a directional bias to our "random" walk. This is because given a price move in the direction predicted by NOPE, we expect it to be magnified, especially in situations of price decoherence. If a stock price goes up right after an ER report drops, even based on one participant deciding to value the stock higher, this provides a runaway reaction which boosts the stock price (due to hedging factors as well as other participants' behavior) and inures it to drops.

I'm going to gloss over this section because this is more statistical methods than anything interesting. In general, if you have enough data, I recommend using NOPE_MAD over NOPE. While NOPE in theory represents a "real" quantity (net option delta over net share delta), NOPE_MAD (the median absolute deviation of NOPE) does not. NOPE_MAD simply answecompare the following:
1. How exceptional is today's NOPE versus historic baseline (30 days prior)?
2. How do I compare two tickers' NOPEs effectively (since some tickers, like TSLA, have a baseline positive NOPE, because Elon memes)? In the initial stages, we used just a straight numerical threshold (let's say NOPE >= 20), but that quickly broke down. NOPE_MAD aims to detect anomalies, because anomalies in general give you tendies.
I might add the formula later in Mathenese, but simply put, to find NOPE_MAD you do the following:
1. Calculate today's NOPE score (this can be done end of day or intraday, with the true value being EOD of course)
2. Calculate the end of day NOPE scores on the ticker for the previous 30 trading days
3. Compute the median of the previous 30 trading days' NOPEs
4. From the median, find the 30 days' median absolute deviation (https://en.wikipedia.org/wiki/Median_absolute_deviation)
5. Find today's deviation as compared to the MAD calculated by: [(today's NOPE) - (median NOPE of last 30 days)] / (median absolute deviation of last 30 days)
This is usually reported as sigma (σ), and has a few interesting properties:
1. The mean of NOPE_MAD for any ticker is almost exactly 0.
2. [Lily's Speculation's Speculation] NOPE_MAD acts like a spring, and has a tendency to reverse direction as a function of its magnitude. No proof on this yet, but exploring it!

# Using the NOPE to predict ER

So the last section was a lot of words and theory, and a lot of what I'm mentioning here is empirically derived (aka I've tested it out, versus just blabbered).
In general, the following holds true:
1. 3 sigma NOPE_MAD tends to be "the threshold": For very low NOPE_MAD magnitudes (+- 1 sigma), it's effectively just noise, and directionality prediction is low, if not non-existent. It's not exactly like 3 sigma is a play and 2.9 sigma is not a play; NOPE_MAD accuracy increases as NOPE_MAD magnitude (either positive or negative) increases.
2. NOPE_MAD is only useful on highly optioned tickers: In general, I introduce another parameter for sifting through "candidate" ERs to play: option volume * 100/share volume. When this ends up over let's say 0.4, NOPE_MAD provides a fairly good window into predicting earnings behavior.
3. NOPE_MAD only predicts during the after-market/pre-market session: I also have no idea if this is true, but my hunch is that next day behavior is mostly random and driven by market movement versus earnings behavior. NOPE_MAD for now only predicts direction of price movements right between the release of the ER report (AH or PM) and the ending of that market session. This is why in general I recommend playing shares, not options for ER (since you can sell during the AH/PM).
4. NOPE_MAD only predicts direction of price movement: This isn't exactly true, but it's all I feel comfortable stating given the data I have. On observation of ~2700 data points of ER-ticker events since Mar 2019 (SPY 500), I only so far feel comfortable predicting whether stock price goes up (>0 percent difference) or down (<0 price difference). This is +1 for why I usually play with shares.
Some statistics:
#0) As a baseline/null hypothesis, after ER on the SPY500 since Mar 2019, 50-51% price movements in the AH/PM are positive (>0) and ~46-47% are negative (<0).
#1) For NOPE_MAD >= +3 sigma, roughly 68% of price movements are positive after earnings.
#2) For NOPE_MAD <= -3 sigma, roughly 29% of price movements are positive after earnings.
#3) When using a logistic model of only data including NOPE_MAD >= +3 sigma or NOPE_MAD <= -3 sigma, and option/share vol >= 0.4 (around 25% of all ERs observed), I was able to achieve 78% predictive accuracy on direction.

Like all models, NOPE is wrong, but perhaps useful. It's also fairly new (I started working on it around early August 2020), and in fact, my initial hypothesis was exactly incorrect (I thought the opposite would happen, actually). Similarly, as commenters have pointed out, the timeline of data I'm using is fairly compressed (since Mar 2019), and trends and models do change. In fact, I've noticed significantly lower accuracy since the coronavirus recession (when I measured it in early September), but I attribute this mostly to a smaller date range, more market volatility, and honestly, dumber option traders (~65% accuracy versus nearly 80%).
My advice so far if you do play ER with the NOPE method is to use it as following:
1. Buy/short shares approximately right when the market closes before ER. Ideally even buying it right before the earnings report drops in the AH session is not a bad idea if you can.
2. Sell/buy to close said shares at the first sign of major weakness (e.g. if the NOPE predicted outcome is incorrect).
3. Sell/buy to close shares even if it is correct ideally before conference call, or by the end of the after-market/pre-market session.
4. Only play tickers with high NOPE as well as high option/share vol.
---
In my next post, which may be in a few days, I'll talk about potential use cases for SPY and intraday trends, but I wanted to make sure this wasn't like 7000 words by itself.
Cheers.
- Lily

##### Help with RAID 6 recovery

Back around 2008, I built a machine with a 3ware RAID controller, and set up 15 1TB drives in RAID 6.
At some point in maybe 2010, I had 3 (or maybe only 2) drives fail due to (most likely) overheating. I was unable to rebuild the array at the time, even with swapping out the failed drive/s. I don't remember the details.
More than a decade later, I still have all 15 drives, in a box, labeled with their order, and the original 3ware controller, and a desiccant pack.
I have no idea if the drives still work, but I am finally ready to try to recover the data from them, assuming they still work.
After a bit of duckduckgo-ing, it appears that I really only have 2 options - use recovery software or use a recovery service where I ship out my drives. The data on these drives, while nice to have, is not worth me sending them to a 3rd party. I am, however, willing to spend a little money on the recovery software if I need to.
Based on my searching, it appears that there are 3 viable options: * https://www.diskinternals.com/raid-recovery/ * https://www.stellarinfo.com/article/raid6-data-recovery.php * http://www.freeraidrecovery.com/
The Diskinternals solution looks like it may be the easiest, but I'm not sure what to expect when I actually try to use it.
The Stellar one looks good as well - it has instructions with screenshots and I was able to find a video of someone actually using it. But it needs some technical parameters that I have no idea how to retrieve - maybe I could hook up the old controller and read them by accessing the controller from the bios? I will try that once I'm ready to get my hands dirty.
The ReclaiMe one appears to be easy and free, claiming that it will automatically determine the parameters that Stellar expects you to supply. Seems too good to be true, especially as a free product. Their site and their claims make me not trust them...
So to get started on this project, the very first thing I want to do is take some kind of image of each of the 15 drives. Do any of you have recommendations for the best way to do this? The first step in Diskinternals instructions (which are on this separate page for some reason - https://www.diskinternals.com/raid-recovery/raid-6-data-recovery/) list creating a "binary image" of the disk/s. Once I do this, then do I need to mount it somehow? Do I need some separate program to do that in Windows? I know that I can (and will) look this up, but taking an image of known corrupted drives for the purposes of RAID data recovery with specialized recovery software seems to be a pretty special case, and I want to make sure that the image I take is what will be needed to attempt the recovery. I don't know how many times I'll be able to read from these old drives.
I did a little searching before posting this about disk imaging/cloning - it seems like I need an image, not a clone. Clonezilla looks like the best option (and I've used it before). I've heard good things about Acronis, but their new pricing model turns me off. Most of the alternatives to Clonezilla (Acronis, Paragon, Macrium) don't have technical-enough language to earn my trust. I also took a look at isobuster, because that's a program I already have, but it looks like its ability to take raw images does not include HDDs.
A quick search of datahoarder using the search term "raid 6" didn't bring up any posts that had addressed this scenario - most were about swapping/rebuilding.
Any help, guidance, insight, etc. is appreciated. Thanks!

##### Virtual Reality: Where it is and where it's going

VR is not what a lot of people think it is. It's not comparable to racing wheels, Kinect, or 3DTVs. It offers a shift that the game industry hasn't had before; a first of it's kind. I'm going to outline what VR is like today in despite of the many misconceptions around it and what it will be like as it grows. What people find to be insurmountable problems are often solvable.
What is VR in 2020?
Something far more versatile and far-reaching than people comprehend. All game genres and camera perspectives work, so you're still able to access the types of games you've always enjoyed. It is often thought that VR is a 1st person medium and that's all it can do, but 3rd person and top-down VR games are a thing and in various cases are highly praised. Astro Bot, a 3rd person platformer, was the highest rated VR game before Half-Life: Alyx.
Lets crush some misconceptions of 2020 VR:
• The buy-in is \$400 on average, not \$1000 as that is Valve Index pricing.
• Motion sickness is easily avoidable for most people by sticking to games that have 1:1 fully synced or mostly synced body movement like Beat Saber or even Alyx with teleportation.
• Most VR games offer locomotion options so teleporting is certainly not a required norm.
• You don't need a PC or console; Oculus Quest is the start of the new norm where headsets are self-contained.
• You are not required to stand or move about. VR has always allowed you to relax in the same way as traditional gaming by sitting on the couch with a gamepad.
• VR isn't anti-social. It's actually the pinnacle of social communication devices. What it is (currently) is potentially isolating depending on how you use it.
• People will disabilities often think VR is not for them, when in all likelihood it probably is, because most disabilities work fine with VR and even have a lot to gain from the use of it.
• The setup of VR is much faster and quicker than it was just a few years ago thanks to inside-out tracking and standalones. A Quest user can get going within 10 seconds.
So what are the problems with VR in 2020?
• Low resolution and low FoV.
• Wireless isn't standard.
• Only a few released AAA exclusive games.
• Potential for eye strain and headaches.
• Some headsets feel really outdated. (PSVR)
• Isolating.
• Full body avatars don't align correctly.
Despite these downsides, VR still offers something truly special. What it enables is not just a more immersive way to game, but new ways to feel, to experience stories, to cooperate or fight against other players, and a plethora of new ways to interact which is the beating heart of gaming as a medium.
To give some examples, Boneworks is a game that has experimental full body physics and the amount of extra agency it provides is staggering. When you can actually manipulate physics on a level this intimately where you are able to directly control and manipulate things in a way that traditional gaming simply can't allow, it opens up a whole new avenue of gameplay and game design.
Things aren't based on a series of state machines anymore. "Is the player pressing the action button to climb this ladder or not?" "Is the player pressing the aim button to aim down the sights or not?"
These aren't binary choices in VR. Everything is freeform and you can basically be in any number of states at a given time. Instead of climbing a ladder with an animation lock, you can grab on with one hand while aiming with the other, or if it's physically modelled, you could find a way to pick it up and plant it on a pipe sticking out of the ground to make your own makeshift trap where you spin it around as it pivots on top of the pipe, knocking anything away that comes close by. That's the power of physics in VR. You do things you think of in the same vain as reality instead of thinking inside the set limitations of the designers. Even MGSV has it's limitations with the freedom it provides, but that expands exponentially with 6DoF VR input and physics.
I talked about how VR could make you feel things. A character or person that gets close to you in VR is going to invade your literal personal space. Heights are possibly going to start feeling like you are biologically in danger. The idea of tight spaces in say, a horror game, can cause claustrophobia. The way you move or interact with things can give off subtle almost phantom-limb like feelings because of the overwhelming visual and audio stimulation that enables you to do things that you haven't experienced with your real body; an example being floating around in zero gravity in Lone Echo.
So it's not without it's share of problems, but it's an incredibly versatile gaming technology in 2020. It's also worth noting just how important it is as a non-gaming device as well, because there simply isn't a more suitably combative device against a world-wide pandemic than VR. Simply put, it's one of the most important devices you can get right now for that reason alone as you can socially connect with no distancing with face to face communication, travel and attend all sorts of events, and simply manage your mental and physical health in ways that the average person wishes so badly for right now.
Where VR is (probably) going to be in 5 years
You can expect a lot. A seismic shift that will make the VR of today feel like something very different. This is because the underlying technology is being reinvented with entirely custom tech that no longer relies on cell phone panels and lenses that have existed for decades.
That's enough to solve almost all the issues of the technology and make it a buy-in for the average gamer. In 5 years, we should really start to see the blending of reality and virtual reality and how close the two can feel
Where VR is (probably) going to be in 10 years
• Two different form factors. Thin visors for maximum immersion with a human field of view and sunglasses for maximum social acceptance, with both having something close to retinal resolution.
• Force feedback haptic gloves in a consumer friendly form factor start to become the new standard input to replace motion controls.
• BCI input starts to get integrated into some headsets, enabling users to control the virtual world with their mind in varying ways, such as UI navigation, telekinesis, disability support, and mind-typing.
• VR is now effectively photorealistic in the visual and audio department and it's extremely hard if not impossible at times to tell the difference between the real world and the virtual world.
• Quite a number of people start to live big chunks of their lives in VR.
• Light-field 6DoF video will be common allowing you to move inside live videos or a playback of a video that are in every way indistinguishable from reality, at least visually/audibly.
• Streaming becomes mainstream as an option to consume games and it is now starting to become feasible to stream VR games as well.
• VAR start to replace traditional displays and devices with monitors, phones and handhelds especially on their way out, but TVs very likely still hold a strong presence due to their communal nature.
• If consoles still exist, their new features are now focused mostly on VR and how to integrate as seamlessly as possible into the VAR experience. Traditional gaming is still likely the most popular way to play, but consoles must find ways to market towards the new.
• VAR are the new norm for work, education, communication, entertainment and a lot of aspects of daily life.
• AAA VRMMORPGs start to get popular and become the new standard for the genre, revitalizing it.
• The metaverse starts to form in some small way, not yet reaching the magnitude of something like the OASIS, but still a very large and versatile world or web of worlds where the phrase "Do anything, go anywhere, become anyone, be with anyone" is the truest it's ever been.
In short, as good as if not better than the base technology of Ready Player One which consists of a visor and gloves. Interestingly, RPO missed out on the merging of VR and AR which will play an important part of the future of HMDs as they will become more versatile, easier to multi-task with, and more engrained into daily life where physical isolation is only a user choice. Useful treadmills and/or treadmill shoes as well as haptic suits will likely become (and stay) enthusiast items that are incredible in their own right but due to the commitment, aren't applicable to the average person - in a way, just like RPO.
At this stage, VR is mainstream with loads of AAA content coming out yearly and providing gaming experiences that are incomprehensible to most people today.
Overall, the future of VR couldn't be brighter. It's absolutely here to stay, it's more incredible than people realize today, and it's only going to get exponentially better and more convenient in ways that people can't imagine.

# Title Update 10 - Patch Notes

*These are preliminary Patch Notes and changes may still happen until the launch of Title Update 10.

## New Season – Keener’s Legacy

A new season is almost upon us! Starting on June 23rd, Keener’s Legacy offers 12 weeks of in-game activities and unique rewards. Season 2 brings a new Seasonal Manhunt, new Leagues, a new Global event and new unique rewards, as well as an Apparel Event.
• New Manhunt tasking you to take on 5 rogue agents over a 12-week period starting June 23rd. Bring down all five to unlock the new Healing Trap skill variant.
• New Global Event Hollywood
• New Apparel Event Phoenix Down
• New Leagues Termite, Luna, Huntsman and Titan.
• New Rewards
• 2 new Exotics
• 1 new Gear Set
• 2 new Named Weapons
• 2 new Named Gear
• 1 new Brand Set
• Participating in the activities above will earn players Season experience contributing to their Season level.
• Playing Conflict will contribute XP by gaining Conflict Levels beyond 30.
• Playing in the Dark Zone will contribute XP by gaining DZ Levels beyond 30.

## New Raid - Operation Iron Horse

The True Sons have taken over a Foundry to develop new weapons and threaten to destroy everything the Division has worked for.
• New bosses, puzzles and rewards!
• Level 40 version available on June 30th, followed the next week by the level 30 version.
• Discovery mode will become available at a later date.
• Unique Rewards
• 2 new Exotics
• 2 new Gear Sets
• New cosmetic rewards
• Further details will become available closer to the raid’s release in late June.

## Balance and Bug Fixes

Title Update 10 is bringing our first large balance pass following the release of Warlords of New York. Beyond the addition of new content, the update focuses on three main aspects mainly game health through bug fixes and balancing, generosity by increasing your chances to receive a high-quality item as loot and increasing overall player power. Scroll down for a full list of bug fixes, balancing changes and gameplay tweaks.

## Missing Localized Audio

We wanted to inform you about an issue with localized audio that will be present when we launch Title Update 10 and Season 2. While the team was able to work from home to get this update ready, with your help testing the content on the PTS, we unfortunately were not able to record all localized audio content for TU10. With everything going on in the world, our top priority is the well-being of our teams, including our voice actors. Of course, we will start working on recording the missing audio with our partners when it is safe to do so and, in some cases, we were able to get things started already. Adding the localized files to the game as soon as we can in one of our next updates is an absolute priority for the team. This only affects Seasonal content. Operation Iron Horse audio is fully localized.
If you are currently playing with a non-English client, you don’t have to change anything going into Title Update 10. When localized audio is missing you will just hear the English audio instead. Subtitles have been localized and can be activated in the ingame options.
As work continues, we will update you on the progress of the integration here on the forums and on State of the Game.
Thank you and stay safe!

## New Exotics

### SRS Sniper Rifle: Mantis

• Your scoped view highlights enemy weakpoints
• Headshot and weak point damage against enemies not targeting you amplified by 50%
• Headshot kills reset the cooldown of the Decoy skill. This bonus will wait until the Decoy goes on cooldown if currently active

• Status effects also apply a damage over time debuff for 10s
• Total damage dealt is equal to 50% of your concussion grenade damage and increased by your status effect attributes

### Double Barrel Rifle: The Ravenous (Operation Iron Horse)

• On trigger-pull, fire both barrels at once
• When fired from the right shoulder, hits add offensive primers, and defensive primers when fired from the left shoulder
• Hits from one shoulder will detonate all of the opposite shoulder's primers when present
• When detonated or affected enemy is killed, each offensive primer deals 100% weapon damage, while each defensive primer grants +4% bonus armor and +10% amplified damage to armor plates for 5s
• Primer effectiveness is doubled at 10 stacks

### Magnum Pistol: Regulus (Operation Iron Horse)

• Headshot kills create a 5m explosion, dealing 400% weapon damage and applying bleed to all enemies hit.
• High accuracy and base damage

## New Gear Sets

### Eclipse Protocol (Season 2)

• Core: Skill Tier (Yellow)
• 2: +15% Status Effects
• 3: +15% Skill Haste and +30% Hazard Protection
• 4: "Indirect Transmission" Your status effects now spread on kill to all enemies within 15m and refresh 50% of the duration.
• Chest talent: "Proliferation" Increases Indirect Transmission range from 15m to 20m and refresh percentage from 50% to 75%
• Backpack talent: "Symptom Aggravator" Amplifies all damage you deal to status affected targets by 15%

### Foundry Bulwark (Operation Iron Horse)

• Core: Armor (Blue)
• 2: +10% Armor
• 3: +3% Armor Regeneration
• 4: "Makeshift Repairs" Whenever you or your shield take damage, 20% of that amount is repaired to both over 15s
• Chest talent: "Process Refinery" Increases Makeshift Repairs from 20% to 30% over 15s
• Backpack talent: "Improved Materials" Increases Makeshift Repairs speed from 15s to 10s

### Future Initiative (Operation Iron Horse)

• Core: Skill Tier (Yellow)
• 2: +30% Repair Skills
• 3: +30% Skill Duration and +15% Skill Haste
• 4: "Ground Control" Increases you and your allies' total weapon and skill damage by 15% when at full armor
• When you repair an ally, you and all allies within 5m of you are also repaired for 60% of that amount
• Chest talent: "Tactical Superiority" Increases Ground Control damage bonus from +15% to +25%
• Backpack talent: "Advanced Combat Tactics" Increases Ground Control proximity repair from 60% to 120%

## New Gear Brand

### Walker, Harris & Co.

• Core: Weapon Damage (Red)
• 1: +5.0% Weapon Damage
• 2: +5.0% Damage to Armor
• 3: +5.0% Damage to Health

## New Named Weapons

• Mechanical Animal (SIG 556) with Future Perfection
• Weapon kills grant +1 skill tier for 19s. Stacks up to 3 times.
• Weapon kills at skill tier 6 grant overcharge for 15s.
• Overcharge Cooldown: 90s
• Harmony (Resolute MK47) with Perfectly In Sync
• Hitting an enemy grants +20% skill damage for 5s.
• Using a skill or damaging an enemy with a skill grants +20% weapon damage for 5s.
• Damage increases are doubled while both buffs are active at the same time.

## New Named Gear

• When you are within 10m of an enemy, gain 23% bonus armor for 5s. Stacks up to 3 times.
• Cooldown: 5s
• Chainkiller (Walker, Harris & Co. chest) with Perfect Headhunter. After killing an enemy with a headshot, your next weapon hit within 30s deals 150% of that killing blow’s damage in addition to it.
• Damage is capped to 800% of your weapon damage. This is raised to 1250% if your headshot damage is greater than 150%.

## New Skill Variant

• Repair Trap
• The Repair Trap deploys a line of small devices capable of repairing friendlies in their proximity.
• Note: The Repair Trap will not be available in-game until the Seasonal prime target unlocks in August.

## New Talents

Weapon Talent: Future Perfect
• Weapon kills grant +1 skill tier for 15s. Stacks up to 3 times.
• Weapon kills at skill tier 6 grant overcharge for 15s.
• Overcharge Cooldown: 90s

Weapon Talent: In Sync
• Hitting an enemy grants +15% skill damage for 5s.
• Using a skill or damaging an enemy with a skill grants +15% weapon damage for 5s.
• Damage increases are doubled while both buffs are active at the same time.

• When you are within 10m of an enemy, gain 20% bonus armor for 5s. Stacks up to 3 times.
• Cooldown: 5s

• After killing an enemy with a headshot, your next weapon hit within 30s deals 125% of that killing blow’s damage in addition to it.
• Damage is capped to 800% of your weapon damage. This is raised to 1250% if your headshot damage is greater than 150%.

## Gameplay Changes

### Missions

• Reduced how many elites will spawn in the following mission:
• Manning National Zoo
• Coney Island Ballpark
• Coney Island Amusement Park
• Camp White Oak
• Federal Emergency Bunker
• Wall Street
• Liberty Island
• Pathway Park
• Stranded Tanker
• The Tombs

### Loot

• General
• Added all new season 2 weapons/gear to general loot pools
• Item Power
• Updated item power distribution to have a better spread between minimum and maximum for all difficulties
• Increased minimum rolled item power for Field Proficiency/DZ caches, Clan caches and Season caches.
• Difficulty Scaling
• Regular loot from loot containers in Missions now scale with mission difficulty
• Targeted loot from loot containers in Missions now scales with mission difficulty
• Loot containers part of living world activities now scale with global difficulty
• Targeted loot
• Increased targeted loot drop chances for all mission and Control Point difficulties
• Added new season 2 brand to targeted loot rotation
• Warlords of New York brands can now also show up as targeted loot in DC, including Dark Zones
• Named Items
• Increased named item drop chance in regular Dark Zone loot
• Increased named item drop chance in targeted loot everywhere
• Exotics
• Added Warlords of New York/Season 1 Exotics (excluding The Bighorn) to targeted loot
• Added Warlords of New York/Season 1 Exotics (excluding The Bighorn) to general Exotic loot pools (Heroic/Legendary/Raid/Exotic Cache)
• Coyote's Mask drop from Coyote no longer has a minimum season level requirement
• Control Points
• Removed regular weapon/gear loot containers not scaling with difficulty from Control Points
• Increased the amount of scaling loot from the big Control Point reward container
• Legendary
• Increased NPC loot drop chance for Veterans and Elites on Legendary difficulty

### Crafting

• Crafting will now guarantee a higher minimum item power, resulting in higher overall stat rolls. An increased maximum item power also allows for better crafted items than before. The added weighting between the minimum and maximum power results in a more balanced average outcome for crafted and reconfigured items
• Removed final World Tier 5 crafting bench upgrade, as its power increase is now redundant

### Vendors

• Added Named Items to both Open World and Dark Zone vendors
• Increased prices for Named Items
• Increased item power for all vendors
• Vendors no longer sell Superior quality items at maximum level

### SHD Levels

• Added Field Proficiency cache to SHD level-up after reaching the maximum season level
• Increased crafting material rewards for spending SHD level points in the Scavenging category

### Conflict

• Added Season/SHD experience gain on Conflict level-up

### Rogue Agent Encounters

• Every Rogue Agent killed will now drop loot
• Rogue Agent encounters no longer occur during time trials

### Control Point Officers

• Players revived by a Control Point Officer will now have 80% of their armor restored (Previously 0%)
• Reduced the likelihood of Control Point Officers being downed in combat

### Bounties

• Bounties acquired by speaking to characters in the open world will always be set to the difficulty at time of acquisition or higher.
• This affects the Snitch and civilians rescued during the Public Execution or Rescue Living World Activities.
• Scheduled bounties, such as daily and clan bounties, are unaffected.
Developer comment: Bounties acquired in the open world should always provide challenge and loot appropriate to the world they were acquired in. Upping your global difficulty now has the added benefit of improving all bounties you acquire within it.

### Projects

• New Season Pass Holder Project Slot.
• Season Pass holders now have access to an exclusive daily mission which provides a large bonus to XP.
• Weekly SHD Requisition Project Slot
• Endgame players at World Tier 5 and Level 40 now have a weekly supplies donation project which rewards them with an exotic cache. (For World Tier 5 players, this replaces the previous daily SHD Requisition project.)
• Legendary Mission Project
• After TU10, completing any legendary mission will grant you the Weekly Legendary Mission project slot.
• Completing the designated legendary mission will reward you with an exotic cache.
Developer comment: With the addition of "re-rolls" to exotics available through crafting, we created the new Weekly projects to provide a reliable supply of exotic components or exotic items.

## RPG Balance

### Incoming Repairs

• Incoming Repairs no longer increases the amount of armor repaired by armor kits, talents or gear set effects.
Developer comment: Incoming Repairs was always meant to be the defensive attribute equivalent to Repair Skills, so that players could further enhance the amount of healing they receive from their skills, or the group's healer. Unfortunately, the underlying code prevented us from differentiating between alternate sources of armor repair, such as those from talents and gear sets like Foundry Bulwark, or Firewall's unique armor kit effect. We wanted to address this during the development of Warlords of New York, but chose to post-pone the fix in order to deal with higher priority issues at the time. We underestimated the extent to which this attribute would affect the new Warlords meta, and failed to predict the severity of degenerate gameplay it would cause when combined with certain talents or gear sets. It's important to stress that this is not a PvP-only issue, or an instance of the PvP environment affecting PvE balance. Incoming Repairs was compromising both aspects of the game, and needed to be addressed, especially considering this update coincides with the release of a new raid. Not addressing the issue would mean forcing ourselves to balance all existing and future gear and talents around the knowledge that players could potentially (read: very likely) double the amount of repairs they receive, which stifles creativity and effectively limits player choice.

### Weapon Handling

• 1% Weapon Handling now gives 1% Weapon Accuracy, Stability, Reload Speed, and Swap Speed, up from 0.25%.
• Reduced the maximum amount of Weapon Handling rolled on gear by 6%, to a maximum of 8% at level 40.
Developer comment: In the current meta, Weapon Handling on gear is considered a dead stat with no significant benefit. In TU10, equipping a piece of gear with +8% Weapon Handling will now give you:
• +8% Accuracy
• +8% Stability
• +8% Swap Speed
This should hopefully make Weapon Handling a strong complimentary attribute for players looking to increase their overall accuracy/stability (bloom + recoil) and/or reload/swap speed. Making the % amount of Weapon Accuracy/Stability/Swap Speed/Reload Speed gained from Weapon Handling 1:1 will also remove another element of arcane knowledge from the game and reduce the need for additional mental math when determining whether the bonus is an upgrade or not.

### Talent Changes:

• Leadership: Bonus Armor increased to 15% from 12%
• Spike: Skill Damage Duration increased to 15s from 8s
• Reformation: Skill Repair Duration increased to 15s from 8s
• Creeping Death: No Longer goes on cooldown if there are no valid nearby enemies to apply a status effect to. Status effects applied now properly copy the source status effect’s damage and duration.

## PvP

• Global Damage Modifiers
• Reduced all PvP weapon damage by -20%
• Increased MMR PvP weapon damage by 12.5%
• Reduced Assault Rifle PvP weapon damage by -15%
• Reduced Shotgun PvP damage by -12.5%
• Reduced SMG PvP damage by -10%
• Reduced Pistol PvP damage by -10%
• Reduced Rifle PvP damage by -5%

_Developer comment: With TU10, there have been significant buffs made to the base damage of assault rifles, SMGs, and shotguns in particular. In order to prevent those weapons from becoming overly powerful in PvP, we’ve had to lower their PvP damage modifiers to compensate.
Note: Assault rifles are still tuned to be 10% stronger than normal in PvP in order to compensate for their innate Damage to Health bonus being less useful against other players when compared to other weapon archetypes._

• Specific Damage Modifiers
• Increased Double Barrel Shotgun PvP damage by 16.6%
• Reduced Pestilence PvP damage by -10%
• Reduced Classic M1A damage by -5%
• Exotic Modifiers
• Merciless/Ruthless: “Binary Trigger” amplified weapon damage and explosion damage reduced by -50% in PvP
• Dodge City Gunslinger’s Holster: “Quick Draw” damage bonus gained per stack in PvP lowered from +2% to +1%
• Stacks gained per second in PvP now match the PvE value (0.5s to 0.3s)
• Imperial Dynasty:
• No longer automatically applies burn status effect to the nearest enemy in range.
• Now requires maintaining range and LOS (line-of-sight) for 3 seconds between the holster bearer and nearest enemy before applying the burn status effect.
• Added visual UI feedback to reveal the radius of effect in PvP and an indicator for LOS between the holster bearer and nearest enemy.
Developer comment: This should help address the lack of contextual feedback in PvP, and add a much needed window of opportunity for counterplay, or potential to avoid the incoming effect entirely.

• * Pestilence * Plague of the Outcast damage-over-time effect no longer triggers True Patriot’s white debuff armor repair effect. (PvP and PvE)
Developer comment: While we like to embrace emergent or unintended mechanics when the end result is unique and fun gameplay, True Patriot’s white debuff explicitly states it requires shooting the debuffed target in order to receive the armor repair effect. Pestilence’s DoT managed to bypass this restriction, making it and True Patriot (especially when combined with Incoming Repairs) scale to disproportionate levels of power when used together.

• Gear Set Modifiers
• Negotiator’s Dilemma
• Reduced the range at which marked targets can damage each other when critically hit to 15m (PvP only).
• Added visual UI feedback when in range of another marked target.
• Talent Modifiers
• Efficient: Reduced specialization armor kit bonus from 100% to 50%
• Versatile: Reduced the amplified weapon damage bonus for SMGs and shotguns from 35% to 25%
• Vanguard: Reduced the duration of shield invulnerability from 5s to 2s
• Note: UI will still show the old duration, but will be fixed in a later update.
Specialization Modifiers * Firewall * Extracellular Matrix Mesh armor kit regen strength reduced by -50%, from 200% to 150%
• Skill Modifiers
• Pulse now correctly reveals and highlights all players in the DZ, not just hostiles/rogues
• Increased Striker Drone damage by 30%
• Increased Assault Turret damage by 55%
• Reduced Firestarter Chem Launcher PvP damage by -20%
• Reduced Bleed damage from Stinger Hive, Mortar Turret and Explosive Seeker Mine by 75%
• Increased Stinger Hive damage by 20%, scaling up to 55% at skill tier 6

Developer commentary: We want dedicated skill builds to have multiple, powerful defensive tools for area denial/control. However, the strength of bleed effects meant being hit by just 1 stinger drone, mortar, or seeker mine was nearly a death sentence for most builds. The stinger hive should now better punish players who remain within its area of effect, rather than needing to rely entirely on the excessive damage of a single bleed DoT, while allowing the hive’s drone damage to scale higher for dedicated skill builds.

## Weapon Balance

### Assault Rifles

• AK-M – 15.8% damage increase
• F2000 – 14.3% damage increase
• Military AK-M – 13.2% damage increase
• Black Market AK-M – 13.2% damage increase
• FAL – 12.0% damage increase
• FAL SA-58 – 12.0% damage increase
• FAL SA-58 Para – 12.0% damage increase
• SOCOM Mk 16 – 11.4% damage increase
• Tactical Mk 16 – 11.4% damage increase
• Mk 16 – 11.4% damage increase
• AUG A3-CQC – 11.2% damage increase
• Honey Badger – 10.9% damage increase
• FAMAS 2010 – 10.6% damage increase
• ACR – 9.7% damage increase
• ACR-E – 9.7% damage increase
• Military G36 – 9.5% damage increase
• G36 C – 9.5% damage increase
• G36 Enhanced – 9.5% damage increase
• Carbine 7 – 8.7 % damage increase
• Military P416 – 7.4% damage increase
• Custom P416 G3 - 7.4% damage increase
• Police M4 – 6.8% damage increase
• CTAR 21 – 8.6% damage increase

### LMG

• Classic M60 – 12.5% damage increase
• Classic RPK-74 – 12.4% damage increase
• Military RPK-74 M – 12.4% damage increase
• Black Market RPK-74 E – 12.4% damage increase
• Military M60 E4 – 9.2% damage increase
• Black Market M60 E6 – 9.2% damage increase
• Military L86 LSW – 8.5% damage increase
• Custom L86 A2 – 8.5% damage increase
• IWI NEGEV – 2.6% damage increase
• Stoner LMG – 2.0% damage increase
• M249 B – No changes
• Tactical M249 Para – No changes
• Military MK46 – No changes
• MG5 – No changes
• Infantry MG5 – 3.2% damage decrease

### MMR

• Model 700 – 14.9% damage increase
• Hunting M44 – 13.5% damage increase
• Classic M44 Carbine – 12.5% damage increase
• G28 – 11.4% damage increase
• SOCOM Mk20 SSR – 9.3% damage increase
• SR-1 - 8.6% damage increase
• Custom M44 – 8.1% damage increase
• M700 Tactical – 8.1% damage increase
• M700 Carbon – 8.1% damage increase
• Covert SRS – 6.0% damage increase
• SRS A1 – 6.0% damage increase
• Surplus SVD – 2.9% damage decrease
• Paratrooper SVD – 2.9% damage decrease

### Rifles

• UIC15 MOD – 21.6% damage increase
• 1886 – 21.3% damage increase
• LVOA-C – 12.1% damage increase
• M1A CQB – 10.7% damage increase
• Lightweight M4 – 10.5% damage increase
• G 716 CQB – 8.7% damage increase
• SIG 716 – 6.7% damage increase
• ACR SS – 3.7% damage increase
• SOCOM M1A – No changes
• M16A2 – No changes
• USC .45 ACP - 2.8% damage decrease
• Urban MDR – 5.5% damage decrease
• Military Mk17 – 11.8% damage decrease
• Police Mk17 - 11.8% damage decrease
• Classic M1A - 12.6% damage decrease

### SMG

• Tommy Gun – 38.8% damage increase
• PP-19 – 29.6% damage increase
• Enhanced PP-19 – 29.6% damage increase
• MP7 – 27.5% damage increase
• MPX – 17.7% damage increase
• M1928 – 20.0% damage increase
• P90 – 15.6% damage increase
• Converted SMG-9 – 15.8% damage increase
• Black Market T821 – 15.4% damage increase
• Police T821 – 15.4% damage increase
• Vector SBR .45 ACP – 14.7% damage increase
• CMMG Banshee – 12.5% damage increase
• Police UMP-45 – 12.0% damage increase
• Tactical UMP-45 – 12.0% damage increase
• AUG A3 Para XS – 11.8% damage increase
• Enhanced AUG A3P – 11.8 % damage increase
• Tactical AUG A3P – 11.8% damage increase
• Converted SMG-9 A2 – 11.6% damage increase
• MP5A2 – 10.0% damage increase
• MP5-N – 10.0% damage increase
• MP5 ST – 10.0% damage increase
• Tactical Vector SBR 9mm – 5.9% damage increase

### Shotguns

• M870 Express – 23.3% damage increase
• Military M870 – 23.3% damage increase
• Custom M870 MCS – 23.3% damage increase
• Super 90 – 23.2% damage increase
• Marine Super 90 – 23.2% damage increase
• Tactical Super 90 SBS – 23.2% damage increase
• SASG-12 – 21.3% damage increase
• Tactical SASG-12 K – 21.3% damage increase
• Black Market SASG-12 S – 21.3% damage increase
• SPAS-12 – 18.6% damage increase
• KSG Shotgun – 9.0% damage increase

### Sidearms

• Double Barrel Sawed Off Shotgun – Optimal Range reduced to 8m from 11m
• 586 Magnum – 68.8% damage increase
• Police 686 Magnum – 68.8% damage increase
• Maxim 9 - 23.5% damage increase
• D50 – 17.5% damage increase
• First Wave PF45 – 13.5% damage increase
• Custom PF45 – 9.7% damage increase
• Military M9 – 8.7% damage increase
• 93R - 7.7% damage increase
• Snubnosed Diceros – 6.5% damage increase
• Officer's M9 A1 – 6.3% damage increase
• Diceros – 5.9% damage increase
• M45A1 – 9.5% damage decrease
• Tactical M1911 – 9.5% damage decrease
• M1911 – 7.3% damage decrease

## Exotics Changes

Developer comment: Along with the buffs to weapon damage, TU10's significant buff to weapon handling meant some exotic weapon mods no longer made sense or resulted in over tuned performance that no longer fit with the original design. We also took this opportunity to make improvements to underperforming exotic

The Bighorn
• Damage increased by +11.2%
• Increased optimal range from 27m to 40m
• Optics mod bonus increased from +0% to +30% Headshot Damage
• Magazine mod bonus changed from +7% Headshot Damage to +10% Reload Speed
• When scoped, switches to semi-automatic fire mode, dealing 450% weapon damage with each shot.
• (New) Headshots grant +2% headshot damage. Stacks up to 50 times. Resets to 0 at full stacks.

Eagle Bearer
• Damage increased by +7.8%
• Underbarrel mod bonus changed from +10% Stability to +10% Weapon Handling

Chameleon
• Damage increased by +32.8%
• Optics mod bonus changed from +15% Accuracy to +15% Critical Hit Chance
• Muzzle mod bonus changed from +5% Critical Hit Chance to +20% Accuracy
• Underbarrel mod bonus changed from +10% Critical Hit Chance to +10% Stability
• Optimal range increased by 33.3%, from 15m to 20m
• Long range effectiveness increased by 19%, from 42m to 50m
• Added functionality that retains your current buffs to the next combat encounter when combat ends, full talent is now:
• Hitting 30 headshots grant +20% critical hit chance and +50% critical hit damage for 45s.
• Hitting 75 body-shots grant +90% weapon damage for 45s.
• Hitting 30 leg-shots grant +150% reload speed for 45s.
• (New) Buffs refresh when out of combat.

Bullet King
• Damage increased by +2.6%

Nemesis
• Damage increased by +11.1%
• Optics mod bonus increased from +35% to +45% Headshot Damage
• Underbarrel mod bonus reduced from +15% to +5% Weapon Handling

Liberty
• Optics mod bonus changed from +5% Critical Hit Chance to +5% Headshot Damage
• Muzzle mod bonus changed from +15% Stability to +5% Critical Hit Chance
• Magazine mod bonus changed from +15% Reload Speed to +15% Weapon Handling
• Added functionality to provide extra damage if you're trying to keep stacks, full talent is now:
• (New) Hits grant +2% weapon damage. Stacks up to 30.
• Headshots consume all stacks, repairing your shield for 3% per stack.
• No longer highlights enemy weakpoints when aiming.

Merciless/Ruthless
• Damage increased by +12.5%
• Muzzle mod bonus reduced from +20% to +10% Stability
• Underbarrel mod bonus reduced from +20% to +10% Weapon Handling
• Magazine mod bonus reduced from +15% to +10% Reload Speed
• Added functionality to provide extra non-explosive damage as well, full talent is now:
• This weapon fires on trigger pull and release.
• If both bullets hit the same enemy, gain a stack.
• (New) At 7 stacks, shooting an enemy deals 500% amplified damage and creates a 7m explosion dealing 500% weapon damage, consuming the stacks.

Developer Comment: Merciless was previously balanced for its very unwieldy handling and compensated with very high burst damage. With access to much higher accuracy and stability, Binary Trigger’s explosion strength has been toned down.

Diamondback
• Damage increased by +7.7%
• Text updated to clarify a new target isn’t marked until after the 5s buff.

Lullaby/Sweet Dreams
• Damage increased by +11.0%

• Damage increased by +18.9%
• Optics mod bonus increased from +5% to +10% Critical Hit Chance
• Muzzle mod bonus changed from +5% Critical Hit Chance to +5% Critical Hit Damage
• Underbarrel mod changed from +5% Critical Hit Damage to +500% Melee Damage
• Breathe Free: Lowered the amount of maximum stacks from 40 to 32, and increased the damage amplification per stack from 60% to 75%

The Chatterbox
• Damage increased by +16.7%
• Optics mod bonus increased from +5% to +15% Critical Hit Chance
• Muzzle mod bonus changed from +10% Critical Hit Chance to +5% Critical Hit Damage
• Underbarrel mod bonus reduced from +15% to +10% Weapon Handling
• Magazine mod bonus changed from +10% Reload Speed to +10 Rounds
• Magazine base capacity reduced from 60 to 50

Pestilence
• Muzzle mod bonus changed from +10% Stability to +10% Accuracy
• Underbarrel mod bonus changed from +10% Weapon Handling to +10% Stability

• (New) Performing a cover to cover or vaulting reloads your drawn weapon and grants +25% bonus armor for 5s.

Dodge City Gunslinger Holster
• While your pistol is holstered, gain a stacking buff every 0.3s, up to 100. When you swap to it, your first shot consumes the buff and deals +10% damage per stack.
• (New) This deals headshot damage to anywhere you hit.

BTSU Datagloves
• Changed functionality to no longer grant group/raid-wide overcharge unless you are skill tier 6
• Added functionality to provide hive skill haste, full talent is now:
• (New) Grants +15% Hive skill haste per skill tier.
• (Changed) Detonating a hive refreshes your skill cooldowns and grants overcharge for 15s.If at Skill Tier 6, this effect also applies to all allies.
• Allies receiving this effect are unable to benefit from it again for 120s.

Sawyer's Kneeguards
• Added functionality to continue to provide damage bonus move for a short duration, full talent is now:
• Cannot be staggered by explosions.
• Increases total weapon damage by 3% each second you are not moving. Stacks up to 10 until you start moving.
• (New) All stacks lost 10s after moving.

## Gear Set Changes

Hard Wired
• Feedback Loop no longer fully refreshes the cooldown of a skill, but instead reduces it by up to 30s

Ongoing Directive
• Main Talent
• Hollow-Point Ammo is no longer dropped on kill, and instead automatically added to your active weapon when killing status afflicted enemies
• Backpack Talent (New)
• “Trauma Specialist”
• Increases the duration of your bleed status effects by 50% and all bleed damage done by 100%
• Increased 3-piece Reload Speed bonus from +20% to +30%

Tip of the Spear
• Main Talent (PVE)
• Aggressive Recon's weapon damage buff is now gained when dealing specialization weapon damage, instead of on specialization weapon kill
• Main Talent (PVP)
• Aggressive Recon's weapon damage buff is now gained when dealing grenade damage, instead of on grenade kill
• Backpack Talent (New)
• “Signature Moves”
• Increases specialization weapon damage by 20%, and doubles the amount of specialization ammo generated by Aggressive Recon

Aces and Eights
• Main Talent
• "Poker Face" backpack talent is now a baseline effect:
• Backpack Talent (New)
• “Ace in the Sleeve”
• Amplifies 1 extra shot when revealing your hand
• Increased 3-piece Headshot Damage bonus from +20% to +30%

System Corruption
• Main Talent
• Now repairs 20% of your armor in addition to granting 50% bonus armor
• Increases total weapon damage by 1% per 5% bonus armor gained, up to 20%

Striker’s Battlegear
• Main Talent
• Reduced the number of stacks lost on missed shots from 3 to 2
• Backpack Talent
• No longer reduces number of stacks lost on missed shots
• (New) Increases total weapon damage gained per stack of Striker's Gamble from 0.5% to 0.65%.

Negotiators Dilemma
• Damage transfers on the initial bullet that marks a new target

Hard Wired
• Increased 3-piece Repair Skills bonus from +15% to +30%

Brand Set Changes Alps Summit Armament
• Increased 1-piece Repair Skills bonus from +15% to +20%

Murakami Industries
• Increased 2-piece Repair Skills bonus from +15% to +20%

Richter & Kaiser
• Increased 3-piece Repair Skills bonus from +15% to +20%
• Incoming Repairs brand set bonus increased from +15% to +20%

Providence Defense
• Increased 1-piece Headshot Damage bonus from +10% to +15%

Airaldi Holdings
• Increased 2-piece Headshot Damage bonus from +10% to +15%

Grupo Sombra S.A
• Increased 3-piece Headshot Damage bonus from +10% to +15%

Overlord Armaments
• Increased 2-piece Accuracy bonus from +10% to +20%

Douglas & Harding
• Increased 2-piece Stability bonus from +10% to +20%
• Increased 3-piece Accuracy bonus from +10% to +20%

Fenris Group AB
• Increased 2-piece Reload Speed bonus from +10% to +20%
• Increased 3-piece Stability bonus from +10% to +20%

## Specialization Changes

• Gunner specialization's Emplacement talent Weapon Handling bonus reduced from +15% to +10%
• Note: The UI will incorrectly say it still adds +15% Weapon Handling. This will be fixed in a future update.

## Skill Changes

UI
• Stinger Hive, Mortar Turret, and Explosive Seeker Mine now display its Bleed Damage and Duration

Seeker Mine
• Cluster Seeker Mine targeting accuracy improved
Developer comment: The Cluster Seeker Mine is not intended to be as accurate as the Explosive variant. Once it is a certain distance from its target it locks the location it is aiming for and continues towards that regardless of where its original target agent has since moved to. This "bullcharge" behavior reflects the mini-mines' less advanced technology and balances the skill mod's effectiveness. This said, we have noticed that the Cluster Seeker's accuracy has been a source of frustration so we've shortened the distance until it activates its "bullcharge" and adjusted when it decides to explode. These adjustments should make the Cluster Seeker feel more accurate, but these are measured steps as we do not want the skill to return to its OP TU7-state.

Hive
• Stinger Hive base damage reduced -20%
• Stinger Hive damage bonus per skill tier increased from +10% to +20%
Developer comment: In order to make investing in skill tiers have a greater impact on the Stinger Hive's damage, we slightly reduced base drone damage, while doubling the amount of damage gained with each skill tier. These changes will result in a net buff for dedicated skill builds, with a 10% increase in Stinger Hive drone damage at skill tier 6.
• Restorer hive gains +5% drone flight speed per skill tier
Developer comment: Increases to the Restorer Hive's radius had the unfortunate effect of increasing the time it took for repair drones to reach their target the further they were from the hive. Increasing drone flight speed with each skill tier should help offset that somewhat counter-intuitive behavior when taking advantage of the increased area of effect, and make the Restorer Hive a more reliable tool for healers.

Chem Launcher
• Riot Foam Chem Launcher ensnare duration bonus per skill tier reduced from +20% to +10%
• Reinforcer Chem Launcher: UI has been updated to clarify that the initial heal only affects allies and not the Skill user. The functionality has not changed.

Firefly
• Blinder Firefly blind duration bonus per skill tier reduced from +20% to +10%
• Blinder Firefly base blind duration reduced from 6s to 5s

Pulse
• Banshee Pulse cooldown increased from 20s to 30s
• Banshee Pulse base confuse duration reduced from 5s to 4s
• Jammer Pulse base disrupt duration reduced from 4s to 3s

Shock Trap
• Shock Trap base shock duration reduced from 5s to 3s (PvP duration remains unchanged)
• Shock Trap base radius increased from 2m to 2.5m
• When the active duration ends, its cooldown is refunded an equal number of seconds that it was active.

## Further Bugfixes:

=> Source

##### Selling your Covered Call - Thoughts on How to Select Your Strike and Expiration

Congratulations! You are a bag holder of company XYZ which was thought to be the best penny stock ever. Instead of feeling sorry, you consider selling covered calls to help reduce your cost basis - and eventually get out of your bags with minimal loss or even a profit!
First - let's review the call option contract. The holder of the call option contract has the right but not the obligation to purchase 100 shares of XYZ at the strike price per share. This contract has an expiration date. We assume American style option contracts which means that the option can be exercised at any point prior to expiration. Thus, there are three parameters to the option contract - the strike price, the expiration date and the premium - which represents the price per share of the contract.
The holder of the call option contract is the person that buys the option. The writer of the contract is the seller. The buyer (or holder) pays the premium. The seller (or writer) collects the premium.
As an XYZ bag holder, the covered call may help. By writing a call contract against your XYZ shares, you can collect premium to reduce your investment cost in XYZ - reducing your average cost per share. For every 100 shares of XYZ, you can write 1 call contract. Notice that that by selling the contract, you do not control if the call is exercised - only the holder of the contract can exercise it.
There are several online descriptions about the covered call strategy. Here is an example that might be useful to review Covered Call Description
The general guidance is to select the call strike at the price in which you would be happy selling your shares. However, the context of most online resources on the covered call strategy assume that you either just purchased the shares at market value or your average cost is below the market price. In the case as a bag holder, your average cost is most likely over - if not significantly over - the current market price. This situation simply means that you have a little work to reduce your average before you are ready to have your bags called away. For example, you would not want to have your strike set at \$2.50 when your average is above that value as this would guarantee a net loss. (However, if you are simply trying to rid your bags and your average is slightly above the strike, then you might consider it as the strike price).
One more abstract concept before getting to what you want to know. The following link shows the Profit/Loss Diagram for Covered Call Conceptually, the blue line shows the profit/loss value of your long stock position. The line crosses the x-axis at your average cost, i.e the break-even point for the long stock position. The green/red hockey stick is the profit (green) or loss (red) of the covered call position (100 long stock + 1 short call option). The profit has a maximum value at the strike price. This plateau is due to the fact that you only receive the agreed upon strike price per share when the call option is exercised. Below the strike, the profit decreases along the unit slope line until the value becomes negative. It is a misnomer to say that the covered call is at 'loss' since it is really the long stock that has decreased in value - but it is not loss (yet). Note that the break-even point marked in the plot is simply the reduced averaged cost from the collected premium selling the covered call.
As a bag holder, it will be a two-stage process: (1) reduce the average cost (2) get rid of bags.
Okay let's talk selecting strike and expiration. You must jointly select these two parameters. Far OTM strikes will collect less premium where the premium will increase as you move the strike closer to the share price. Shorter DTE will also collect less premium where the premium will increase as you increase the DTE.
It is easier to describe stage 2 "get rid of bags" first. Let us pretend that our hypothetical bag of 100 XYZ shares cost us \$5.15/share. The current XYZ market price is \$3/share - our hole is \$2.15/share that we need to dig out. Finally, assume the following option chain (all hypothetical):
DTE Strike Premium Intrinsic Value Time Value
20 \$2.5 \$0.60 \$0.50 \$0.10
20 \$5.0 \$0.25 \$0 \$0.25
20 \$7.5 \$0.05 \$0 \$0.05
50 \$2.5 \$0.80 \$0.50 \$0.30
50 \$5.0 \$0.40 \$0 \$0.40
50 \$7.5 \$0.20 \$0 \$0.20
110 \$2.5 \$0.95 \$0.50 \$0.45
110 \$5.0 \$0.50 \$0 \$0.50
110 \$7.5 \$0.25 \$0 \$0.25
Purely made up the numbers, but the table illustrates the notional behavior of an option chain. The option value (premium) is the intrinsic value plus the time value. Only the \$2.5 strike has intrinsic value since the share price is \$3 (which is greater than \$2.5). Notice that intrinsic value cannot be negative. The rest of the premium is the time value of the option which is essentially the monetary bet associated with the probability that the share price will exceed the strike at expiration.
According to the table, we could collect the most premium by selling the 110 DTE \$2.5 call for \$0.95. However, there is a couple problems with that option contract. We are sitting with bags at \$5.15/share and receiving \$0.95 will only reduce our average to \$4.20/share. On expiration, if still above \$2.5, then we are assigned, shares called away and we receive \$2.50/share or a loss of \$170 - not good.
Well, then how about the \$5 strike at 110 DTE for \$0.50? This reduces us to \$4.65/share which is under the \$5 strike so we would make a profit of \$35! This is true - however 110 days is a long time to make \$35. You might say that is fine you just want to get the bags gone don't care. Well maybe consider a shorter DTE - even the 20 DTE or 50 DTE would collect premium that reduces your average below \$5. This would allow you to react to any stock movement that occurs in the near-term.
Consider person A sells the 110 DTE \$5 call and person B sells the 50 DTE \$5 call. Suppose that the XYZ stock increases to \$4.95/share in 50 days then goes to \$8 in the next 30 days then drops to \$3 after another 30 days. This timeline goes 110 days and person A had to watch the price go up and fall back to the same spot with XYZ stock at \$3/share. Granted the premium collected reduced the average but stilling hold the bags. Person B on the other hand has the call expire worthless when XYZ is at \$4.95/share. A decision can be made - sell immediately, sell another \$5 call or sell a \$7.5 call. Suppose the \$7.5 call is sold with 30 DTE collecting some premium, then - jackpot - the shares are called away when XYZ is trading at \$8/share! Of course, no one can predict the future, but the shorter DTE enables more decision points.
The takeaway for the second step in the 2-stage approach is that you need to select your profit target to help guide your strike selection. In this example, are you happy with the XYZ shares called away at \$5/share or do you want \$7.5/share? What is your opinion on the stock price trajectory? When do you foresee decision points? This will help determine the strike/expiration that matches your thoughts. Note: studies have shown that actively managing your position results in better performance than simply waiting for expiration, so you can adjust the position if your assessment on the movement is incorrect.
Let's circle back to the first step "reduce the average cost". What if your average cost of your 100 shares of XYZ is \$8/share? Clearly, all of the strikes in our example option chain above is "bad" to a certain extent since we would stand to lose a lot of money if the option contract is exercised. However, by describing the second step, we know the objective for this first step is to reduce our average such that we can profit from the strikes. How do we achieve this objective?
It is somewhat the same process as previously described, but you need to do your homework a little more diligently. What is your forecast on the stock movement? Since \$7.5 is the closest strike to your average, when do you expect XYZ to rise from \$3/share to \$7.5/share? Without PR, you might say never. With some PR then maybe 50/50 chance - if so, then what is the outlook for PR? What do you think the chances of going to \$5/share where you could collect more premium?
Suppose that a few XYZ bag holders (all with a \$8/share cost) discuss there outlook of the XYZ stock price in the next 120 days:
Person 10 days 20 days 30 days 40 days 50 days 100 days 120 days
A \$3 \$3 \$3 \$3 \$3 \$4 \$4
B \$4 \$4 \$5 \$6 \$7 \$12 \$14
C \$7 \$7 \$7 \$7 \$7 \$7 \$7
Person A does not seem to think much price movement will occur. This person might sell the \$5 call with either 20 DTE or 50 DTE. Then upon expiration, sell another \$5 call for another 20-50 DTE. Person A could keep repeating this until the average is reduced enough to move onto step-2. Of course, this approach is risky if the Person A price forecast is incorrect and the stock price goes up - which might result in assignment too soon.
Person B appears to be the most bullish of the group. This person might sell the \$5 call with 20 DTE then upon expiration sell the \$7.5 call. After expiration, Person B might decide to leave the shares uncovered because her homework says XYZ is going to explode and she wants to capture those gains!
Person C believes that there will be a step increase in 10 days maybe due to major PR event. This person will not have the chance to reduce the average in time to sell quickly, so first he sells a \$7.5 call with 20 DTE to chip at the average. At expiration, Person C would continue to sell \$7.5 calls until the average at the point where he can move onto the "get rid of bags" step.
In all causes, each person must form an opinion on the XYZ price movement. Of course, the prediction will be wrong at some level (otherwise they wouldn't be bag holders!).
The takeaway for the first step in the 2-stage approach is that you need to do your homework to better forecast the price movement to identify the correct strikes to bring down your average. The quality of the homework and the risk that you are willing to take will dedicate the speed at which you can reduce your average.
Note that if you are unfortunate to have an extremely high average per share, then you might need to consider doing the good old buy-more-shares-to-average-down. This will be the fastest way to reduce your average. If you cannot invest more money, then the approach above will still work, but it will require much more patience. Remember there is no free lunch!
Advanced note: there is another method to reduce your (high) average per share - selling cash secured puts. It is the "put version" of a cover call. Suppose that you sell a XYZ \$2.5 put contract for \$0.50 with 60 DTE. You collect \$50 from the premium of the contract. This money is immediately in your bank and reduces your investment cost. But what did you sell? If XYZ is trading below \$2.50, then you will be assigned 100 shares of XYZ at \$2.50/share or \$250. You own more shares, but at a price which will reduce your average further. Being cash secured, your brokerage will reserve \$250 from your account when you sell the contract. In essence, you reduce your buying power by \$250 and conditionally purchase the shares - you do not have them until assignment. If XYZ is greater than the strike at expiration, then your broker gives back \$250 cash / buying power and you keep the premium.

Early assignment - one concern is the chance of early assignment. The American style option contract allows the holder the opportunity to exercise the contract at any time prior to expiration. Early assignment almost never occurs. There are special cases that typically deal with dividends but most penny stocks are not in the position to hand out dividends. Aside from that, the holder would be throwing away option time value by early exercise. It possibly can handle - probably won't - it actually would be a benefit when selling covered calls as you would receive your profit more quickly!

This post has probably gone too long! I will stop and let's discuss this matter. I will add follow-on material with some of the following topics which factors into this discussion:
• Effect of earnings / PR / binary events on the option contract - this reaction may be different than the underlying stock reaction to the event
• The Black-Scholes option pricing model allows one to understand how the premium will change - note that "all models are incorrect, but some are useful"
• The "Greeks" give you a sense about how prices change when the stock price change - Meet the Greeks video
• Position Management - when to adjust, close, or roll
• Legging position into strangles/straddles - more advanced position with higher risk / higher reward
Open to other suggestions. I'm sure there are some typos and unclear statements - I will edit as needed!
\I'm not a financial advisor. Simply helping to 'coach' people through the process. You are responsible for your decisions. Do not execute a trade that you do not understand. Ask questions if needed!**

##### Sympathy for the Drow - De-Vilifying the Dark Elves

The "Evil" races in DnD have always rubbed me kinda the wrong way. Partly once I learned that a lot of them come from racist stereotypes (Orcs, Drow, and Goblins in particular) and also just because it doesn't make sense to me. Even Nazi Germany had variation and dissenters and it only lasted for 12 years. Why would a clearly evil society never change over hundreds of years? In my opinion, a story is only as good as it's villains. So, I've set out to try and make the traditionally evil races slightly more believable and even sympathetic in places.
Now, I've not been a DM very long, only like three years. But the first campaign I ever ran was through Curse of Strahd which paints the Vistani (an itinerant society heavily based on the real world Romani) as a conniving group of thieves, murders, and vampire-worshipers. Thankfully, I found through reddit and other sites how to steer away from the racists depictions of the Vistani and making them seem like, at worst, opportunists. So, I hope to be able to do that with some other of the classic DnD antagonist races.
I've read some other phenomenal post on here about evil races that totally inspired me as well. There's a great two part post about Decolonizing D&D which I adore. The post about alignment is easily my favorite. There's a couple great ones on Orcs and Yuan-Ti too so if some of my ideas are lifted from them, I hope y'all consider it flattery instead of theft. So, here are some primer notes before I get into it.
For creating the Dark Elves, I tried to keep as much as I could from the books. Obviously some stuff has to get thrown out the window though. I also tried to standardize calling them Dark Elves instead of Drow partly because I feel like Drow has a much nastier sound to it and calling them Dark Elves follows the naming convention with the High and Wood Elves. I tried to model them after real-life matriarchal societies like the Mosuo people of China and their pantheon after real deities like the Greeks, Romans, and Norse. I also quickly realized that building a society is inseparable from geography. Where a people are from effects their language, values, mythology, history, and family structure. I've tried to outline details I think are necessary to making this society realistic while leaving it open ended enough to be place-able in different worlds with relative ease. All that aside, lets get into the meat of it.

# The Dark Elves: Elven Outcasts

The Elves are a varied and magical people that come from many planes and many environments within them. But none are met with more distrust and fear than the Dark Elves. Easily set apart from their cousins by their charcoal or pitch-black skin, pink-red eyes, hair of grays and whites, and shorter stature, these people have earned a reputation as killers, thieves, demon worshipers, and liars. But history is a cruel mistress, something the Dark Elves know better than most.

## The Divine Divide

As the legends go, when the world was still young, Corellon Larethian lived on the Plane of Arvandor with his fellow Primal Elves. They were wild and mutable, emotional and free in all things. They changed shapes at will, gave and took freely to and from the world, and never stayed in any location too long. They wandered to and fro, scattering their peoples across almost every plane. However, this unbridled freedom was not without a price. Arguments, feuds, and small scale wars were incredibly common between them. Some elves would find themselves stranded on far off planes after most of their companions impulsively decided to leave. Their self serving impulses drove them to often completely disregard the needs or wants of others if they went against their own desires. And their reckless revelry was wreaking havoc on the natural world with Elven parties decimating whole planes of edible plants, wild game, and drinkable water.
One such Primal Elf began to see the destruction of their ways and talked to other elves about their actions. Slowly, this Elf by the name of Lolth amassed a small following of devotees that saw the negative ramifications of their inconsiderate freedom. Lolth and her followers agreed to take on fixed forms to show recognition of the dangers that impulsivity could bring. Lolth led this small group of devotees to Corellon to ask for his support. Now, Corellon did not lead these Primal Elves: he was just as wild as the best of them and did not take kindly to others telling him what to do. But he was the First Elf ever born and was universally respected amongst the Primal Elves and if Lolth could convince him, others would surely follow. Corellon listened to her proposition and agreed that they should change to prevent more destruction and conflict, but refused to order his kinsfolk into any action. He was an Elf, same as all of them, and he wouldn’t dare order around his family. He balked when Lolth asked him to take a concrete form as a show of solidarity and brushed her off as a killjoy.
Lolth was unsatisfied with this outcome and her following set out to convince each Elf to change their ways to preserve the beauty of the worlds. However, without the support of Corellon, many elves refused her offer. Her anger grew with each failure and her opinion of Corellon turned sour, something she made no attempt to hide from her Elven siblings. Now, Corellon is a proud god and once he caught wind that Lolth was bad mouthing him in an attempt to win over others, he became enraged. He railed against Lolth calling her a snake-tongued thief and Lolth called him incompetent and cruel. Their tempers flared and all the elves chose sides between Corellon’s freedom and Lolth’s stability. During this great debate, the Primal Elves turned to violence. The Dark Elves maintain that Corellon’s side threw the first blow, while the High Elves claim that it came from Lolth’s side.
No matter the source, this violent outburst soured relations between Lolth and Corellon forever after. He cast her and her followers out of Arvandor and barred her from ever returning. He also cast all but his most trusted kin from Arvandor, forcing them all to live lives on other worlds out of fear of another perceived insurrection. Thus, the Seldarine remain in Arvandor to judge the souls of Corellon’s faithful when they die and Lolth takes refuge in Arcadia with her pantheon where she minds the souls of the Drow. Corellon’s faithful call her pantheon the Dark Seldarine, while her faithful call it the Myrkalfar.

## Myrkalfar: The Spider Mother’s House

Lolth the Spider Queen is the unquestioned head of the Myrkalfar, with all other deities seen as her divine family. Lolth is considered at times to be fickle or even cruel, but her ire is never gained without good reason. A very involved deity, her followers constantly search for signs of her favor or scorn in everyday life. When a Dark Elf contemplates a risky or controversial decision, they consult priestesses or perform their own rites which often gives them direct and succinct answers. She serves as an example to matriarchs of Drow families as demanding yet understanding, punishing yet guiding. She asks for a lot of her priestesses, demanding they be an unflinching example of everything a strong leader should be. The Myrkalfar is often presented as a divine household, with Lolth as the matron.
Keptolo is the consort of Lolth and considered to be the ideal of what a male should be. Beautiful and kind, strong and hard working, he helps Lolth in everything she does. Sometimes he serves as a messenger, other times as an agent of redemption, sometimes as a divine healer. When a Dark Elf is tasked with a divine charge, he is usually the one to deliver the message and guide them through their charge. He serves also as a fertility deity and is often worshiped by women or men seeking a child. Outsiders see him as a weak and subservient husband to Lolth, but his faithfulness to his matron is considered a virtue and his status as a “husband” is relatively alien to the Dark Elves as they have no binding marriage in their society.
If Keptolo is the agent of Lolth’s mercy, Kiaransalee is the agent of her vengeance. She is the eldest daughter of Lolth and Keptolo and one that Dark Elves pray to when they feel wronged. Only the most binding and serious contracts are signed under her name. To break an oath made under her name is sure to bring destruction. She is also the governor of the dead, judging the souls of those passed in the afterlife. She opposes the mindless undead created by mortals, but spirits and revenants that return to finish unresolved business amongst the living are considered under her protection. Should a Dark Elf encounter a returned spirit that is seeking vengeance, it’s their duty to leave them on their way and pray that the spirit isn’t there for them. This reverence of certain undead is something many outsiders consider downright evil.
Selvetarm is the Dark Elven warrior goddess and youngest daughter of Lolth. Often depicted with eight arms, she represents the pinnacle of hand to hand martial prowess, but often is without restraint. She serves as both an inspiration for warriors, and a warning. Vhaeraun is the eldest son of Lolth and governs ambition and stealth. Both of these traits are not necessarily vilified, but worship of him is highly scrutinized. Haughty and rash, tales of him often include deceiving his fellow gods for good and ill and more often than not are cautionary ones. He’s depicted as wearing a mask, either as some punishment for endangering Lolth and her family or to hide his identity for various schemes, possibly both.
Malyk is Lolth’s youngest son and a youthful deity of change and growth. He’s often seen as a bouncing young boy that Lolth and her family have to reign in from wild misadventures. His freedom and curiosity is often seen as a double edged sword, both gaining him great riches but also putting him in tremendous peril. He has strong ties to sorcerers and when a child is born with innate magical talent, he is often the one thanked for it. He serves as an outlet for a Dark Elves youthful chaotic nature, but also warns them of the ramifications of their actions.
Ghaunadur is a strange figure in the pantheon. Their place in the family is a bit of a mystery, sometimes called the sibling of Lolth, or her child, or even as Lolth’s parent. What makes them truly unique is that they are a formless deity, something that Lolth once warred with Corellon over. The legends go that when Ghaunadur joined Lolth, they refused to give up their changeable nature. When questioned, Ghaunadur pointed to the slimes, oozes, and formless creatures of the world and said that they wished to protect them from the Elves and the Elves from them. Lolth agreed, cementing their position as the deity of the changing forms of nature. Their favored creature is the ooze, but they govern all natural creatures. Dark Elves often pray to Ghaunadur to protect them from the creatures that lurk in the depths of the forest.
Zinzerena is Lolth’s sister and is the goddess of poisons, illusions, and magic. Viewed as an elderly and patient figure, she often serves as council to Lolth in desperate times. She’s said to be the mother of all poisons and venoms and her teachings are all about finding the wisest solution to a problem. Zinzerena teaches that even though the spider is small, it’s bite can still fell a panther. Despite her perceived age, she’s considered the younger sister of Lolth and is thought to be incredibly quick and nimble: a reminder that not everything is as it seems.
Eilistraee is Lolth’s niece and daughter of Zinzerena. Considered the black sheep of the pantheon, she serves as a goddess of redemption and moonlight. Dark Elves that turn their back on their family or scorn traditions will sometimes find themselves turned to Driders, half-spider half-Dark Elf creatures shunned by all. Eilistraee is said to watch over these creatures and if they are repentant, offer them challenges that they could complete to redeem themselves. Lolth often views her with contempt or mistrust, but never hates her and maintains her place in the pantheon. Dark Elven faithful rarely worship her as the others. She’s also one of the only deities of the Myrkalfar to claim no animosity toward the Seldarine and their faithful.
Spiders are the sacred animal of Lolth and are often used as an example of social order and the importance of family bonds. Each strand of silk serves the web as whole. More literally, the giant spiders of the Underdark are multifaceted and incredibly useful creatures. Serving as beasts of burden, war steeds, meat producers, household guardians, and silk producers, they are present in almost every facet of society. Their silks are used in everything from wound dressings to armor to architecture. To kill or steal another family's spider is considered akin to stealing a member of the family. Smaller and more poisonous spiders are often kept in temples and their webs are used as divining tools for priestesses.

## Elven Exiles

The recorded history of the Dark Elves is full of contradictions from High Elf and Dark Elf sources. What historians can agree on is when the Elves of the Prime Material arrived, the followers of Lolth secluded from their Wood and High cousins and retreated into the Azelarien, also known as the Green Sea in Common. A massive forest, nearly 1 million square miles of dense and vibrant trees, that grows denser and darker the farther in one ventures. For countless eons, the High, Wood, and Dark Elves lived in relative harmony in their own corner of the world. High Elves lived near the forests in towns and villages, the Wood Elves lived in the lightly forested outlands of the Green Sea, and the Dark Elves lived deep in the central forests which was so dense that very little light reached the forest floor.
As time passed and their villages turned to cities, the High Elves began expanding into the forest, chopping some down to build homes and heat their furnaces. This began pushing into the territory of the Wood Elves and eventually the Dark Elves as well. These two peoples formed a shaky alliance to push back the expansive tide of the far larger High Elven armies. This alliance proved successful however and the High Elven forces began losing ground. What happened next is a matter of some debate. High Elven historians attest that the Dark Elven armies used Wood Elven soldiers as unwitting bait to lure the High Elven armies into a trap, thus causing a schism between them. Dark Elven historians state that the Wood Elven armies turned on them after the Wood Elves met in secret with High Elven leaders and bargained for their independence. Some Wood Elven historians claim that after a brutal defeat on the field, they were met by High Elven dignitaries that offered them clemency if they turned on their allies. They initially refused, but after the dignitaries threatened to make the same offer to the Dark Elves, they had no choice but to accept. No matter the cause, the histories agree that the Wood Elves turned on their erstwhile allies and helped push the Dark Elves into a rapid loss of ground.
Facing the might of the two armies with their own relatively small one, the Dark Elves were beaten into a hasty retreat into their own territory. Losing every open encounter, the Dark Elf matrons developed a new strategy of combat. The armies switched from training as many as quickly as they could, to training only a select few in multiple different forms of combat and magic. As the High and Wood Elves advanced into their territory, they quickly found their supply lines cut out from under them, their soldiers ambushed while sleeping, their scouts captured, and their leaders assassinated. And even if they would make it to a Dark Elf settlement, they would find it abandoned and booby-trapped, warned by their fast and silent scouts. If the Dark Elves couldn’t face their enemies head-on, they would weaken them with quick and decisive strikes.
Eventually, the war ground to a stalemate. The High Elves couldn’t push into the Dark Elf territory far enough to capture any cities of note without taking severe casualties and the Dark Elves were only managing to hold the invading armies back and couldn’t muster a force strong enough to push back to the enemy capital. Thus, the war cooled into a tense peace. The leaders came together to draw borders, but neither side fully forgave nor forgot one another’s actions. High and Wood Elves viewed the change in tactics by the Dark Elves as an unethical violation of the standards of war. The Dark Elves felt a particular animosity toward the Wood Elves, considering them backstabbers in their darkest hour.

## Dark Elf Families: Matrons of Order

The Dark Elf society, to an outsider, looks like an oppressive and cruel society of slave traders and backstabbers. But the truth is more subtle. The Dark Elves value tradition and filial piety above almost all else. To a Dark Elven citizen, their family name is their most valuable possession and they are taught from a very young age that to look after their parents and their younger siblings is the highest virtue. Ancestors that have achieved great things often have shrines in a household alongside the gods themselves. A Dark Elf going against the will of their family is considered one of the highest taboos and often causes them to be outcast from Dark Elven society as a whole. Dark Elf society is matrilineal meaning that the eldest woman in each family is revered as the household leader and receives great respect from her family and society. This also means that the males of the society don’t inherit wealth as frequently as the females.
Dark Elven families are quite large, often with multiple generations along with aunts, uncles, and cousins living in the same household. New children almost always reside with their mother. Males of the society are expected to care not for their own biological children, but for the children born to their sisters, aunts, or nieces. This results in a striking amount of sexual freedom for both men and women, but is often viewed from the outside as promiscuity. The Dark Elves do not marry in the traditional sense, instead favoring long term partners with one another that can end at any time with no concerns to material wealth or ownership.
However, to become a member of a Dark Elf family is not entirely a matter of heritage. When a family that cannot support another child has one, they are often adopted by more well to do families and raised as one of their own. These adopted children are considered just as legitimate as if they were born into the family. Also, should a family lose all their heirs or become destitute, they often ask to become assimilated into other families for their own safety. The latter is considered a morose ceremony as the members of the smaller family forsake their surnames. To take in such a family is both an extreme honor and grim burden, as it means ending another family's line.
The borders of Dark Elven civilization only goes so far as there are trees so many newer up and coming families have expanded underground, a difficult and slow endeavor. This has put multiple houses at odds with one another for territory. However, Dark Elves do not tolerate open hostility between families as they have a very strong sense of collective identity. Dark Elves do not war against fellow Dark Elves, same as a spider does not fight its own web. This leads to many tensions and conflicts needing to be resolved in other ways. Most families will attempt a diplomatic solution, but when that isn’t an option, sabotage and coercion is the favored outlet. Murder is considered a bridge too far by most houses, but subterfuge in almost every other facet is, while not accepted, tolerated.
Legends of Lolth’s rebellion and the tension of their enclosed territory have imbued the Dark Elves with a strong sense of symbiosis with nature and conservancy. Sustainable living is the cornerstone of Dark Elf society. In the wild, no creature is killed or plant destroyed unless it’s a matter of self defense or necessary to survival.

## Dark Elven Sex and Gender

As with many Elven peoples, sexuality is seen as a fluid and non-binary matter. Same sex relationships are usually seen as just as acceptable as male-female relationships. Since Dark Elves have no marriage structure, same sex life partners are common and widely accepted. Inheritance is passed along by the family as a whole, not linearly, meaning some houses may have matrons with no direct biological descendants while still serving at the elder matron. Power dynamics in relationships are still a factor, with the elder female in a gay relationship considered slightly above their partner socially and is seen as the inheritor in cases of property or genealogy. Male same sex relationships are accepted with little controversy. Since children are passed down their mothers line, the males have no social obligation to sire an heir as with other societies.
Transgender and transexual Dark Elves are met with slightly more controversy. Lolth’s rejection of the Primal Elves mutable forms is sometimes cited against transgender and transexual Dark Elves. Ghaunadur, however, is considered the patron god of these people and teaches that just as they are part of nature, they can change their forms. Many of these people join the religious order of Ghaunadur, serving in various roles both in religious ceremonies and as forest guides. Some even consider them to be blessed by Ghaunadur and are highly sought after in forays into the forests for protection. Children born to transgender Dark Elves are still expected to be a part of their eldest mother’s family or eldest father if no woman is part of the union.

## Slavery Amongst the Dark Elves

While the Dark Elves do take slaves, their slavery doesn’t look the same as many other societies. When a family becomes indebted to another and they cannot pay off the debt, a member of their family, usually male, will be sent to work for the owed family. They give him room and board and are expected to care for him as if he were one of their own. He’ll work for them for an agreed upon amount of time before returning to his native family. Injury or misuse of this person is often grounds for them to leave and the debt to be nullified. Children born to servant fathers needn’t worry about inheriting their father’s status since they’re considered to be their mother’s child. On the rare occasion that a female servant has a child while in servitude, the child is returned to the mother’s family to be raised by her family while she works off the remaining debt. Some trade of servants does occur between houses, with indentured servants being traded for goods or services or even other servants of special skills, but the family of the servant reserves the right to veto such a trade for any reason.
During their frequent clashes with external armies, the Dark Elves do sometimes take prisoners of war, though very rarely are they used for slave labor. They never bring them back to major settlements, often keeping them on the outskirts of their territory to prevent them from learning critical knowledge of their territory. Most prisoners are held as bargaining chips to be traded for passage, supplies, or captured Dark Elves. Captured military leaders are sometimes brought to Dark Elven cities to be tried for their crimes against their people.

## Dark Elven Government: Independent Houses

Unlike many other cultures, the Dark Elves lack a centralized government. Societal etiquette govern the standard for how certain crimes and disagreements should be handled, but each family unit acts as its own governing body. Disagreements within families are thus resolved internally. Inter-family disputes are resolved in multiple different ways. Most often, the two matrons of the family will meet and agree on terms to fairly compensate both sides. In cases when these talks deteriorate, the High Priestess of Lolth is often called to serve as the mediator and serves as the ruling body between disputes. Her rulings are final and indisputable, as she is considered the mouthpiece of Lolth’s will.
In times of crisis, historically the many houses of the Dark Elves have convened to discuss threats to all of Dark Elven society. This is uncommon as it’s difficult logistically to gather all the matrons in the same place at the same time, so often houses are represented by either the second eldest woman of the family or the eldest daughter of the matron. The High Priestess of Lolth often resides over these meetings as an arbiter in the event of split decisions or in delivering guidance from Lolth herself.

There's my take on the Dark Elves. Any comments, suggestions, questions, outrages, and critiques are welcomed. This is my first comprehensive look at a whole race so if I've missed things, I'll try and patch them up. I'd like to do similar things for Orcs, Goblinoids, Kobolds, and others so those might be seen soon. Thanks!

##### THE SEARCH FOR THE GREATEST SHMUP: EPISODE 27 – Darius Cozmic Collection Console

This is it. We have finally managed to reach the shmup that started it all. The one shmup I played before any other and which inspired me to devote my time to the genre. It isn’t the best Darius game by any means, but it is certainly the one closest to my heart. We are finally reviewing Super Nova!
Ok, maybe we’re not just reviewing Super Nova. We are going to be taking a look at the entire Console Cozmic Collection and seeing how it stacks up against the Arcade Collection. They say console ports are usually downgraded versions, but will it also be the case here?
Publisher: ININ Games
Platform: Nintendo Switch
Release date: Jun 16, 2020
Price: \$59.99
The Darius Cozmic Collection Console is a compilation of Darius games released on consoles. This port was also developed by the brilliant M2. You can definitely set your expectations on high, because this collections is as high quality as the arcade collection, albeit with some notably absent features.
The titles included in this collection are:
• Darius II (Mega Drive, JP version)
• SAGAIA (Genesis, US version)
• SAGAIA (Master System, EU version)
• Darius Twin (Super Famicom, JP version)
• Darius Twin (Super NES, US version)
• Darius Force (Super Famicom, JP version)
• Super Nova (Super NES, US version)
• Darius Alpha (PC Engine, JP version)
• Darius Plus (PC Engine, JP version)
THE BESTEST PORTS ARE M2 PORTS
If you read my review for the Arcade Collection, then you know what to expect from this collection. Each of the 9 included games feature a wonderful wrapping of quality of life enhancements as well as customization options.
Each title can be accessed from a main menu that features a museum style listing for each game. When highlight a game, you will be presented with an image of the title screen and a brief description of the game on its right. I found the descriptions extremely helpful when deciding which game to play. Having several versions of the same game is great for collection purposes, but the descriptions provided some much needed guidance.
While in-game, you can pull a special menu at any point by pressing ZR or ZL. This menu lets you customize several aspects of a game, such as the controls and the visuals. Just as the arcade collection, you can set your controllers to map buttons to be fire+bomb and even adjust the rapid fire setting. The visuals have less options, but staples such as the display type and scanlines are available. The “other” tab is quite lacking, as it only has the volume setting.
It wouldn’t be much emulation without some save states! Each game has a quick save option which lets you save your current state in one of 12 different slots. The saving and loading process is very smooth, and it doesn’t take any time at all to load any given state. Unlike the arcade collection, there are no ranking penalties for using save states. Rather than being a good thing, it mostly relates to a lack of rankings, but more on that later.
THE MISSING FEATURES
Whereas the arcade collection felt like a love letter to the arcade culture, the console collection lacks a lot of the charm. It’s in part understandable due the nature of consoles not being as flashy as arcades. I don’t mean to say that the work in this collection is lacking in comparison, it’s just that in general arcades had much more going on.
One of my highlights in the arcade collection was my introduction to Darius I with controller vibration in sync to the music. Sound and vibration fanfares were not available on console because there is no such thing as coin operated credits. As a result, rumble is completely absent in this collection.
All of the gadgets are missing from this edition as well. Rather than getting the art of the arcade panels or useful information, all the console collection gets is a background. When looking at both collections side by side, the console collection like extremely empty, as you only have the game screen and nothing else. The only exception is Darius Alpha, which has a boss gadget on the right side of the screen.
THE LONG LOST GAME CHANGERS
To the detriment of gameplay, some of the more useful gadgets won’t be making a return. Losing the boss analyzer and life gauges is rough, but pales in comparison to losing your arm counter. Other than relying on in-game visuals, you no longer have additional graphics showing arm strength, weapon strength or even bonus score counters.
Another addition I was really fond of was the map/zone overview on the pause screen. Most of the games show the route progression in-game (except for Darius Plus). What is lost is the ability to see the map at any time by pressing ZZL, and even worse is losing the information related to a zone. I really enjoyed knowing how many power-ups were present in a given stage, but I absolutely loved knowing which bosses would appear on which route. My routing decisions have 100% been influenced by fighting cool fishes.
To make matters worse, the replay system has been completely revamped. You can no longer save replays of your playthroughs in most of the main games. Instead, replays are reserved only for the special modes of Darius Alpha, the boss rush of Darius Force and the boss rush of Darius II. While this means there’s still a way to relive some of your greatest moments, it is limited to some modes which pale in comparison to the actual games. Oh yeah, the leaderboards are also limited to the special modes as well.
But enough about the collection, let’s get to the games.
DARIUS II/SAGAIA
Darius II and SAGAIA are ports of the original arcade game into the Mega Drive/Sega Genesis. As with arcade ports, the game had to undergo some changes in order to be playable on consoles. Sprites were redrawn to be smaller, gameplay was adapted to a single screen and co-op had to be removed. Still, it manages to fit the entire Darius II in both versions, as opposed to arcade SAGAIA which was a reduced version.
Just to clarify, Darius II and SAGAIA are the same game. The difference in naming comes from localizing the game to North America.
I’ll be honest, out of all the games in the collection, this was the one I played the least. I don’t mean to say the game isn’t good. My reduced play time comes from the fact that I already played A LOT of Darius II for the arcade collection, so for an in-depth overview I recommend checking out the Arcade Collection review.
However, I did get a couple of full playthroughs and I gotta say that it does a great job at capturing the original game’s essence! Gameplay is essencially untouched, so expect to go through the same all-or-nothing upgrade system, branching paths with Darius II bosses and some wacky endings! One of my thoughts that I have to rehash is that the game is either a cakewalk or extremely brutal depending on your upgrade level. If you keep it maxed, then the game is a breeze. If you fall even once, it’s a very tough hill to climb.
SAGAIA MASTER SYSTEM – THE BUDGET DARIUS
In an odd turn of events, a version of SAGAIA was released for the Sega Master System. For those unfamiliar, the Master System is basically the equivalent of the NES. This game exists because the 8-bit market was still going strong in Europe when it released.
As impressive as it might be to have SAGAIA on an 8-bit console, we have to consider that it had to be downgraded from an already downgraded version. If it sounds rough, it is because the game itself is extremely rough. The framerate is lower, the sprites flicker on screen and the game lags when there are too many sprites on screen.
I found it next to impossible to play this game for long periods of time. It really is hard to justify playing the lesser version when I have better alternatives in this same collection.
DARIUS TWIN
Darius Twin was the first Darius to actually be made for consoles. It isn’t an arcade port or a game adapted from a multiple screen format into a single screen. Darius Twin is a completely original entry, and as such it takes full advantage of the console format for the better!
Out of the box I have to say this: Darius Twin is easily my favorite game on this entire collection. The biggest reason is that this feels like a game that doesn’t try to be a coin sink. Instead, it plays around with the concept of a single credit and balances the game around it. The result is a shmup that feels much more fast paced, but never overwhelming and certainly not one where it’s impossible to repair from death.
In terms of mechanics, it is by all means a Darius game in its fundamentals. Pilot the Silver Hawk through branching paths, collect red/green/blue upgrades and beat the fishes. One distinct difference is that you do not lose your power level on death. Although it doesn’t sound like much, I do believe this is the one difference that greatly improves the experience.
Previous Darius games have felt, to varying degrees, as games that should be played without getting hit or else risk not being able to recover. Since Darius Twin doesn’t have this hindrance, you are always in your best shape and it helps keep the fun going. You do have to be careful, as you respawn without arm, but other than that it’s never a lost cause.
SNES AND SUPER FAMICON
Darius Twin comes in 2 different versions: One for the SNES and the other for the Super Famicon. Unlike other entries, the versions are for the most part the same. The difference is that the SNES version has localization. It also features stereo sound, whereas the SFC version had mono. Although it is nice to have the SFC version, in reality you probably want to play the SNES version all the time. Unless, of course, you want humanity to create weapons made from the bones of its kill instead of wood and rocks.
One of the most surprising aspects about Darius Twin is the sound. I’m unapologetically a SNES fan, so when I heard the game’s OST and sound effects, I felt a wave of nostalgia. The tracks and sounds are very SNES-ish and it is a style that I’m very fond of.
I really encourage everyone to go hard on this game. I really enjoyed it and I think you might share my love if you give it a go! It offers a perfect blend of action and challenge which pushes you to your limits, but is never unfair. As an extra bonus, it features several different endings depending on how many lives you lost, with the best ending being unlocked on a true no death run. Also, once you max your wind slash, don’t pickup the weapon swap.
DARIUS FORCE/ SUPER NOVA
Super Nova is a special game for me. It is the one game I remember seeing on the video store and renting thanks to the cool box art. The first stage is a memory I can vividly remember. The first enemy waves, the trilobyte miniboss, the boss theme and even his name: Biohazard.
As a side note, to this day I don’t really know who is the boss on the Super Nova box art. Judging by how long it is, it might be Peace Destroyer, but I’m not really sure.
Darius Force was released after Darius Twin. It certainly has console gaming in mind, but it draws several gameplay elements from arcade Darius. Sadly, they brought my least favorite: the checkpoint system. Dying in Darius Force has to be one of the most disappointing experiences. Upon death, the screen blacks out and you are taken back to the last checkpoint you crossed. Your beam and bombs are reset to level one, although you keep your arm upgrade levels.
It’s also the first game to feature bosses other than marine organisms. Expect to see prehistoric creatures and dinosaurs.
To counter balance the checkpoint system, Darius Force is much more generous on the power-ups. After returning to a checkpoint, you are always treated to a beam and arm power-up. A level 2 beam is quite a downgrade, but at least you get an arm to claw your way back into the game.
A TRIBUTE TO THE CLASSICS
One of the new features of Darius Force is the ability to choose your ship. At the beginning, you are given a choice of 3 different models of the Silver Hawk. The green Hawk is based on Darius I and has the wave upgrade path. The blue Hawk is based on Darius II with the napalm beam. Finally, the red Hawk is an original ship.
Another change is the fact that beam and bombs upgrade together. There are 8 different upgrade levels, with your main beam switching fire type until its final form. Collecting a red power-up will upgrade both of them 1 level. As mentioned before, dying will set you back to level 1, so it becomes crucial to stay alive once you reach level 8. A neat change is that, for the first time, you can switch your bomb type between bomb and laser. Bombs will deal more damage, while laser will go through weak enemies.
The merger of beam and bombs also has a neat strategic implication. For one, you can no longer freely shoot your beam in tandem with your bombs. If you attempt to press both buttons at once, you will fire a downgraded version of both the beam and bombs. This means you need to be more mindful of whether you want the power of your beam or the power of your bombs.
INTENTIONAL WEAKNESS
Luckily, downgrading your weapons might actually be a desirable outcome. For me, the middle levels of the green Hawk were too awkward to use, as they were piercing lasers. By pressing both buttons, I was able to revert to the trusty spread shot until my level was high enough to bypass the beam in favor of the wave shot. If you think about it, the laser is a lot like puberty. No one really likes puberty, but it is an important transition phase we can totally avoid by firing and bombing.
Darius Force includes an extra boss rush mode that was previously accessible with a special code. Rather than needing complicated button inputs, the boss rush mode can be directly accessed when choosing Darius Force from the main menu (not available for Super Nova). It is also one of the few modes which have been blessed replays and leaderboards.
DARIUS PLUS/ DARIUS ALPHA
Finally rounding up the collection are the PC titles. You can think of them as parallel universe versions of the main game.
Darius Plus is a “lite” version of Super Darius, which itself is a souped up version of the original Darius. So you can think of it as just a port of Darius on a single screen format.
As a port of Darius, it has all the levels you are familiar with, while boasting 16 different bosses. The rest of the gameplay is straight up Darius, with the notable exception being that the action is reduced to a single screen instead of having 3.
In terms of where I stand on Darius Plus as a game, I gotta say it is fun but a straight up worse version. The game doesn’t look as clean as the arcade version and the sound is also worse. I also feel like the levels are longer, or perhaps it’s just the screen reduction making levels seem longer than they should be. One thing for sure, is that the gameplay feels dragged on to the point of feeling boring at times. There are sequences that felt like they repeat endlessly until you reached the end of the stage.
The one thing it’s got going over the its original arcade counter part is the 1cc gameplay. Rather than being able to pump credits endlessly, Darius Plus plays on a single credit and is balanced around that as a result. One particular change that makes me happy is that you don’t return to a checkpoint upon dying.
This game exists to remind me how much I hate the laser on the original Darius.
DARIUS ALPHA: THE BOSS RUSH: THE GAME
Finally we have Darius Alpha, the compilation of the extra modes. Instead of being an actual game, Darius Alpha is a boss rush against the 16 bosses. Just like Plus, you have a single credit to beat the whole game. Power-ups are automatically acquired in between boss rounds, but the same restrictions as the main game applies. This means that you will lose your power level if you die, up until your latest upgrade.
The selling point of Alpha in this collection is that it has most of the ranking modes for the collection. The extra modes are the following:
• Score attack mode: A score run of the entire gauntlet with save states disabled. This is the true competitive mode, as it features leaderboards and it actually saves your replays.
• Time attack: Also a run of the entire gauntlet without save states, but this time focusing on clear time instead of score. It also has leaderboards and replays.
• 4min time trial: A sort of “Caravan” mode that gives you 4 minutes to reach the highest score. It also features leaderboards and replays.
LAST WORDS
Out of the gate, I have to say that this is the worse of the 2 collections. The arcade collection has the Darius games in its pure arcade form. Games which stand strong even to this day when it comes to quality. M2 took these games and made them even better with their porting expertise and several love letters to the games. The console collection not only contains downgraded versions, but also lacks some of the finer details that made them great in the first place.
Despite having more games, Darius II/SAGAIA and Darius Plus are basically downgrades of Darius II and Darius I respectively. This leaves us with Darius Twin and Darius Force to carry the collection, and they actually do! Darius Force might not be as fantastic as I remember, it certainly feels slower than I remember, but I did constantly revisit it while creating this piece because it is a very enjoyable game. Darius Twin was the great surprise, as I find it to be my absolute favorite in this collection, and a strong contender to Darius Gaiden in my opinion.
With all that being said, I consider the contents of this collection to be very good, but with a very notable flaw: the price. At \$59.99, this collection is a very tough sell. I can’t in good faith recommend it highly, as the same amount of money can purchase several highly rated titles in this list. In fact, it could even get you the arcade collection and the #1 shmup Ikaruga. Still, the quality of the collection is something I can’t deny, so I’ll be weighting that much more than the price in its final ranking.
THE RANKING SO FAR: