he's selling the short-dated options with higher implied v vola volatility and by selling that march 33 put, he's collecting 50 cents which reduces the cost of his long call by about 17% that's a fairly significant reduction in the break even cost of that $37 call option. >> carter is there an embedded call on the dollar/rates in this xme call >> no. and we've certainly discussed that, all of us together many times. rates, dollar. the issue here is operating leverage meaning you see what happened to deere today. as ag names have gone higher aggressive moves when you produce results ahead of analysts' suggestions. it's nickel, copper, tin and results from some of these businesses will be beating the street's consensus and allowing this to move higher. >> mike, last word here? >> yeah, i think that's actually an important point he was talking about that operating leverage one way that sometimes people look to mitigate the premiums is by using a debit call spread the reason we're not doing that is because of the leverage embedded in the underlying industry and the constituents of this e

probably will increase vola volatility we've seen the flash mob of particular names but the net effect of it, you're all markets folk the more participants from different areas, be it institutional, asset managers or hedge funds to retail investors that are buying and holding to traders with different time horizons, the more people in that marketplace at the same time, net for net, results probably in better pricing transparency, better execution, and all around healthier market and the volatility that creates it in the short-term, that doesn't mean we should sort of think, let's remove a certain portion of those participants because we think we're going to smooth out volatility. i don't remember the first part of the question if you'll repeat, i try to address that as well >> let me do this. i don't have too much time, so let me get kevin o'leary involved kev, what do you have for kyle >> quick question about robinhood. we know that schwab changed the whole law with zero commissions but lots of other products from money markets to mutual funds. you don't have that at robinhood. the bi

. >> and goes to the whole vola volatility issue and here we are.e're seeing the volatility. >> big interview today big interview today on "squawk box. big interview today on "squawk box. big interview today on "squawk box. michael sailor you look at the run down, micro strategy, so they got it. hey, they got a boat load, boat load, i think, they got a boat load of bitcoin, which i think you're allowed to say, are you not? instead of what i would normally say. >> that version you can say. >> what's that >> yeah, that version you can say. >> yeah, that version. boat load. they got a boat load that's probably what it was initially because no one would want a load of the other stuff farmers maybe, but. >> so if you look at the way -- >> gardeners. >> you with me, andrew, you following. give me a sign, a thumbs up. now go ahead. >> what i was just going to mention is the way, but it is important for investors who are investing in tesla if we're thinking about bitcoin the way they account for it is actually very unique. they actually don't write it up. >