Don't Be A Basic Bench: A Comprehensive Introductory Guide
Hello everyone! In an effort to keep the subreddit and its wiki filled with good and useful information, we are compiling guides for the main lifts (deadlift, squat, bench, potentially others). These guides will be added to the wiki and posted as posts as they are completed. The goal of these guides is to provide basic lift information, descriptions of some common variations, equipment considerations, related and complimentary exercises, additional resources for further reading, and to showcase incredible women (and non-binary folks) performing these lifts. This is the second entry in this lift series. Check out the first entry, The Deadlift Guide in the FAQ! If you have suggestions regarding things that should be added to these guides, or other subjects you'd like to see in the wiki, please message the mods!
The Bench Press
Bench Press Form and Variations
The main muscle group worked by the bench press is the pectoralis major, which is the largest muscle in the chest area. The pectoralis major muscle has two sections that are named for the bones they attach to – the sternal portion attaches to the breast bone and makes up the bulk of the muscle fibers, making up the middle and lower section; the clavicular portion attaches to the collarbone and is the more superior (upper) portion. The bench press also heavily involves the triceps (back of the upper arm), and recruits the deltoid muscles (shoulder), and pectoralis minor to lesser extents. I’ll first be discussing the form for a standard, flat, “neutral/wide” grip bench press. Variations on this will be discussed below it. This guide is written for barbell bench pressing, but all of these variations can be performed with dumbbells as well. Flat bench – the standard/”default” bench press Start out flat on the bench with bar directly over your eyes (with spotter) or over your nose/mouth (without spotter), feet flat, butt and upper back planted firmly on the bench. Arching of the lumbar spine is normal, fine, and absolutely legal in lifting competitions. Scapulas (shoulderblades) should be retracted or “pinched together” to provide both a stable flat surface for your upper back to settle on the bench, and to minimize undue tension on your shoulder joints. Retracting your scapulae will also puff your chest up and put your shoulders in a safer position for the lift. The bar should rest in the heel of your palm so that it is stacked above the wrist, forearm, and elbows through the lift. A slight internal rotation of the hands will help with this positioning and will angle your elbows out slightly. For a standard flat bench press, your hands will be a bit further apart than shoulder width – about 1.5-2x shoulder width is the average position – position your hands so that your forearms will be almost completely perpendicular to the floor at the bottom of the lift. Retract your scapulae (as if you’re trying to pick up a pencil off the bench between them), keep actively pushing your chest up, take in a big belly breath, and hold it before pushing the bar away from the rack and locking out at the elbows. Bring the bar down your torso so that it is directly over the line of your shoulders – this is likely going to be about the level of the middle of your sternum or your nipple line, but may vary depending on your individual anatomy and the degree of arching your back is doing. The bar should be directly above your elbows at all times during the movement of the lift. This not only increases stability during the lift, but also prevents undue stress on your triceps or your shoulders. It also is the most efficient configuration for using the majority of the muscle fibers within the pectoralis major. Speaking of efficiency in recruiting pectoral muscle fibers, let’s talk about arching your back during a bench press. This is a faux controversy like “sumo deadlifting is cheating” – the claim is that an arch will significantly decrease the range of motion for the bar, making the lift “easier”. While the purpose of the arch is to slightly decrease the range of motion, it also makes the lift safer at the bottom of the movement, which is the riskiest for your shoulder joints. It also serves to recruit more of your pectoral muscle fibers to the lift – this should increase the amount of weight one can lift and impact muscle growth when the goal is hypertrophy. Degree of arching is going to be up to personal preference and anatomy, but some degree of arch is natural and normal. Check out the natural position of the spine and you can see that the lumbar spine (lower back) has a natural forward curve (lordosis) which helps with loadbearing since we’re just hairless upright apes. An arch during bench press may be anywhere from your normal lumbar spine position to an exaggeration of your body’s natural lordosis. As you lower the bar, keep tension in your upper body by trying to “break the bar in half” or “rip the bar apart” until it touches your mid-to-lower sternum (depending on anatomy and degree of arch). After a touch (and brief pause, if you’re powerlifting), push the bar back upwards and slightly backwards towards your face to lockout. You can now exhale that big belly breath you’ve been holding for the duration of the rep.
Stronger by Science also has a very in depth How To Bench article. It is more in depth than this guide intends to be, and definitely worth a read. It also covers the anatomy and physics behind the bench press – things you should be interested in if your goal is to move weight safely (even if your goal does not necessarily involve moving a lot of weight).
Dumbbell bench: These are not only great when you aren’t yet able to use the barbell, but also for correcting muscle imbalances and general strength improvements that can translate into a barbell bench press. These also have more flexibility with grip positioning – if a barbell bench press irritates your shoulders, consider trying dumbbell bench press with a neutral grip (the dumbbells will be parallel to your body instead of perpendicular). Dumbbell bench press also allows for an increased range of motion, developing small stabilizer muscles in the upper body, and can be used to correct muscle imbalances.
Incline bench – performed with the bench angled about 15-30 degrees up from parallel to the floor. As you change the bench to a more upright position, the front shoulder muscle (anterior deltoids) will become more involved in the lift compared to lower degrees of incline and flat bench. The purpose of incline benching is to recruit more shoulder involvement and also more of the upper (clavicular) parts of the pectoralis major muscles. Bar will still track to be over your shoulders, about the nipple line/mid sternum. Grip width just wider than shoulder width so forearms will be completely perpendicular to the floor at the lowest point of the press.
Decline bench: There are benches and racks specifically for decline benching. If you only have access to a flat bench, you can potentially “make” your own decline by elevating the foot end of the bench. If you do this, make sure it’s very stable before trying the lift. The benefit of a decline bench is to utilize the lower portions of the sternal portion of the pecs more, and also decrease the amount of involvement of shoulder muscles. If you have a shoulder injury but are still cleared to lift, this can be a better option for you than a flat or incline bench press. In this position, the barbell will be over the lower part of your breast bone (sternum) and will touch the chest lower than in a flat or incline bench press.
Close grip bench: As the name suggests, this bench press variation has a more narrow grip width than standard or wide grip bench press. The purpose for this positioning is to increase the involvement of the triceps muscles during the lift. Proper grip width for this is over the shoulder joints – too narrow of a grip can internally rotate the shoulder joint which can lead to strain and injury. In this variation, the bar will touch your chest even lower than a decline or flat bench press – the bottom of the movement should still have your forearms perpendicular to the floor, with the wrists and bar stacked over the elbows.
Supinated/reverse grip bench: This variation can be very challenging, especially as weights increase. The benefit to supinating your hands so that the palm is facing your chin during the bench press is to reduce strain on the shoulders. It can be challenging to keep the bar in the fleshy part of your hands without dropping the bar on your face. Definitely practice with an empty bar or light dumbbells.
Floor press: Not just an exercise for when the benches are all occupied. Floor press is good in its own right or as an accessory for bench press. Set up is basically the same as a flat bench press, but you’re on the floor. Personally I prefer to have my knees bent and my feet flat, but one could also keep the legs flat out and completely remove lower body involvement/drive. These are especially great with dumbbells for folks with shoulder pain or issues, because you can use a neutral grip. These can help with lockout strength at the top of the bench press as well as if your sticking point on bench press is on the ascent.
Larsen press: The set up for the Larsen press is identical to a standard flat bench press. The biggest difference is that once you unrack the weight and have the bar over your chest, the feet are lifted off the ground, either straight out or resting on something else at the heel (toes up). “This forces athletes to really focus on maintaining their upper back tightness without the feet and legs compensating for poor bar path, set positioning, and inadequate force displacement.” The biggest benefit to this variation is to force the lifter to maintain a tight upper back during the bench press, though it also serves as a way to increase relative intensity/difficulty of the exercise without adding more weight to the bar.
Helpful Bench Press Cues
Try to “break the bar” while pushing it away from you. Imagine it is a big long dry spaghetti noodle and you are trying to turn it into two pieces of spaghetti by snapping it away from you. This will help engage your upper body muscles and ensure that your upper back is tight and flat, promoting a safer and more stable lift.
Grip the bar very hard, with special focus on gripping hard with your pinkies. This can help engage your latissimus dorsi for the lift!
Stack the bar over your wrists over your elbows. This means your forearm will be perpendicular to the floor and the barbell and increases stability, improves form, and reduces undue strain on your shoulders and elbows.
Push yourself away from the bar and push your body down into the bench during the actual press portion (from the bottom back up to the top) of the lift. This will help keep your upper body muscles engaged appropriately and keep you in place on the bench.
For leg drive, plant your feet and apply force down on the floor and towards your head. This will help keep your upper back planted so long as you aren't slick and sweaty and keep optimal form and tightness through the lift.
Push ups –Push ups are basically the body weight exercise version of the bench press – the movement and position is very similar and translate well into bench press gains. Succeeding in bench press will benefit your push ups, and succeeding in push ups will benefit your bench press. The bodyweightfitness subreddit guide for pushups is excellent and goes over a suggested progression program if you are not yet able to do full push ups on your toes. Note also that you can do a narrow width diamond pushup to increase involvement of your triceps.
MegSquats also recently posted a “3 tips for push ups” post that several of our users have already mentioned as being helpful.
Svend/pinch press - a great accessory exercise for pectoral muscle growth, especially right in the middle along the sternum. You’ll be squeezing a plate or other weight between your hands at mid chest level and pushing the weight straight out away from your body – make sure you’re squeezing the weight through the whole motion. This can be done either standing upright or lying flat on your back (supine). The supine version recruits your triceps more, and the standing version recruits your anterior deltoid more.
Chest flies - another favorite chest accessory. These also hit the pectoralis minor, along with pectoralis major. These can help your bench press by increasing the strength of the pectoral muscles, but are also great for changing the aesthetics of your chest muscles. Flys can be performed flat or at an incline – like incline bench press vs flat, increasing the angle away from the ground will increase the involvement of the upper aspect of the pectoral muscles as well as the anterior deltoid muscles.
Cable crossoveiron cross: Very similar to chest flies, but you’re using the cable tower and performing these upright. These engage the core and abdominal muscles more, but are still primarily for strengthening the chest, shoulders, and triceps. The best part about cable flyes or cable crossovers is that you can adjust the height of the cables to target different aspects of your chest muscles – higher cable anchors target the lower pectoral fibers, middle (shoulder-ish) height target the middle fibers, especially along the sternum, and low cable anchor points target the upper pectoral muscle fibers.
Dips are challenging body weight exercises that can have either a chest or triceps focus. Essentially, these are vertical pushups – you will be suspended from a rack or pull up/dip ‘machine’. Start with your arms fully extended while you’re holding onto the handles. Bend your arms to lower your body, leaning forward slightly, until your shoulders are just below your elbows. Lift yourself back up while straightening your arms until you lock out at the top. You can also do bench dips which may be easier on your shoulders. Surprisingly good wikihow guide on bench dips.
Around the Worlds - an exercise for pectoral and shoulder muscle strength and development. Can be done supine or standing – supine will be a chest focus, while upright will be a shoulder focused movement (but don’t worry – both groups are definitely involved in both versions). Hold dumbbells or small weight plates with your palms facing forward throughout the motion. Start with your hands at your sides and, keeping elbows slightly bent, slowly move your arms away from your body like you’re making a snow angel until they are side by side over your head. Do the reverse movement to return to the starting position with the weights by your side – this is one rep.
Triceps Pushdowns are one of many triceps extension exercises that can help you get that stylish horseshoe muscle appearance, and improve your bench press. You can do triceps pushdowns with a cable tower, pull down station, or even resistance bands.
Triceps extensions encompass a wide variety of exercises aimed at isolating the triceps for hypertrophy (size) and strength.
Equipment, Tools, and Other Considerations
These items are not required to be successful in bench pressing, but can be beneficial to lifters that bench press at any skill or weight level.
Wrist wraps can help keep your wrists straight and supported during bench press. They can help keep the weight safely and evenly distributed through your wrist and thus through the entire forearm and elbow.
Slingshot: A device invented by powerlifter Mark Bell who can bench 545lbs without special tools and 854lbs “equipped”. It wraps around your elbows and can allow you to overload your bench press by “10-15%” with the help of elastic tension from the Slingshot. It can also be helpful in taking some of the stress off shoulders and elbows during a bench press but is NOT a substitute for proper form and safe lifting.
Blocks or boards - board pressing uses wooden boards or something like benchblokz between the bar and your chest during a bench press. This decreases the range of motion for the lift and can help lifters work through sticking points (relative weak points in the range of motion), which can lead to improved bench without tools (“raw”). Here’s another article, from elitefts on board pressing and its uses.
It almost took us the same amount of time this year as it did last year. We think it's worth the wait. The results are in and we can't wait to share them with you! This year we've received a tremendous amount of help from u/gates0fdawn. She designed the whole infographic you'll see linked below, we're super grateful she took the time to create this, we think it looks super good. I would also like to shout out valuable community members who helped us out with both proofreading and giving valuable opinions. One of our Discord Mods: OldWhiskeyGuy from the subreddit discord server helped with proofreading a lot. u/SirBuckeye for valuable input and thoughts as well as industry officials who doesn't want to be named. Super thankful for all the help! Yet again we kept the age gate, so every account created after August 1st were not allowed to participate in the census.
Responses - We had a total of 5957 responses! That's 1977 less than last year's census. We started sticky commenting a link to the census in threads the final few days of the census which saw a large influx of participants taking the census.
Age - The 18-24 age group had the largest percentage of 51.5%. It declined from last years 56.7%. The 25-34 age group was the second largest with 33.4%, it has increased from 30.9% last year. The 13-17 age group increased from 8.7% to 9.9%. Yet again, it seems like we're getting older y'all.
Gender - Following last years gender identity change we've seen more users choosing more varied responses here. This one might be shocking to a few. 51.8% are Female, 43.6% are Male. Non Binary was the third largest with 1.7%.
Gender Part 2 - 91.9% are Cisgender. 1.9% are Transgender and 2.7% is an Other Gender Identity (Please let us know!) 3.5% didn't want to answer.
Sexuality - Last year about 62.5% chose Straight, this year it's lowered to 58%. 17.3% are Bisexual and 9.7% are Gay (6%) / Lesbian (3.7%).
Relationship Status - We kept the same options as last years census. We went from 76% Single to 75.6% Single! Let's keep the trend going! Last year 16.9% of users were in a relationship, this year it's at 16.5%. Married users increased from 4.7% to 5.3%
Ethnicity - 40.5% are White (Non-Hispanic), 16.6% are East Asian, 15.3% are Southeast Asian. 8.1% are Hispanic/Latino. 6% are mixed race.
Education - This question was first asked last year. This year we tried fixing this question because there were so many options that many users felt a little flabbergasted for what to choose. 34.5% are working on, or already have a Bachelor's Degree. 23.9% Are currently in Some College (No Degree) 8.3% are currently in High Scool and 13.1% are High School graduates. 8% have a Master's Degree. 1.3% has a Doctorate and 1% has a PhD.
Employment Status - With the current world situation we included the option "Covid-Related Uncertainty". 7.9% of you voted this. 34.1% are employed, 30% of students are employed and 13.8% of the students are unemployed. 6.8% are unemployed.
Employment Field - New question last year but updated a tiny amount this year. We see a majority of our users working with Computer Science and Maths, Healthcare, Financial Business, Engineering and Arts, Design & Entertainment.
Where Do You Currently Live?
World Region - 56.8% of the participants are based in North America, majority in the US. 22% are in Europe, majority in the UK. 10.3% in Asia, with most users in Philippines, Singapore and India.
Time Zones - Check the infographic for a better overview for this one. Majority of users are in UTC-05 and UTC-06.
K-Pop Engagement Questions
How were you first exposed to K-pop? - This first segment got divided into two questions this year. Most of our users had their first exposure to K-Pop through a friend, co-worker or classmate. A lot also had their first exposure to K-Pop through Youtube videos and recommendations. 10.6% were exposed to K-Pop through Gangnam Style.
What got you into K-pop? - 29.2% said that there were specific artists / groups that made you stay in the genre. 25.7% got into K-Pop from specific songs and MVs. 15.4 were interested in the songs and albums.
When did you start listening to K-Pop? - The users who started listening to K-pop 5-3 years ago was the largest % here at 19.5%. Last year, 7.8% of our users started listening to K-Pop less than a year ago, that's now gone down to 5.2%.
How do you listen to K-Pop? - Paid streaming rose from 62.2% last year to 63.8% this year. Piracy declined from 18.3% to 14.5%.
What other genres do you listen to? - New question this year. The largest three genres were Pop (80.5%), Hip-Hop / Rap (47.1%) and Rock (42.4%)
Do you know Korean? - 75.9% know very little to no Korean. This is roughly the same as last years census at 75.9%. 3.3% can speak conversational Korean.
Are you learning Korean? - 38.1% wants to learn but haven't taken it seriously yet. 13.5% are actively engaged in learning Korean.
Where do you get your K-Pop news? - 98.8% use kpop to get their news. Twitter, group subreddits, Youtube and Instagram also score high.
How often do you visit kpop? - 35.5% visit kpop multiple times a day. while 31.2% visit about once a day. 21.4% visit a few times per week.
What is your primary way to view kpop? - 44.5% use the official mobile app. This has decreased from last years 60%. 18.1% use Desktop Redesign (me included). This has now overtaken Desktop Old Design at 16.9%.
Is this your first kpop census? Not included as a question in the infographic. 50.8% said that this is their first census. 22.5% had their first census last year. 26.7% said that their first census was two or more years ago.
IU (2175 votes)
Chungha (2004 votes)
Sunmi (1782 votes)
Taeyeon (1442 votes)
Taemin (1080 votes)
Agust D / Suga (1046 votes)
Hwasa (1046 votes)
Baekhyun (900 votes)
Hyuna (879 votes)
Zico (700 votes)
IU (1st, 2175) reclaims the 1st place over Chungha (2nd, 2004). Sunmi (3rd, 1782), Taeyeon (4th, 1442) and Taemin (5th, 1080) keep their same position as last years census. Agust D (6th, 1046) has moved from last year's 8th place and moved up to a combined 6th place with newcomer Hwasa (6th, 1046) Hwasa was previously voted 17th place at last years census. Baekhyun (8th, 900) was placed at 16th place at last years census but now climbed up to 8th. Hyuna (9th, 879) was 7th place at last years census but is now at 9th place. Zico (10th, 700) was voted to 23rd place last year, he's now up to 10th place. Artists who dropped out of the top 10: RM (12th, 658), Heize (13th, 637), Dean (14th, 620).
Red Velvet (2857 votes)
TWICE (2410 votes)
BTS (1876 votes)
ITZY (1555 votes)
BLACKPINK (1550 votes)
MAMAMOO (1464 votes)
NCT (All Units) (1382 votes)
LOONA (All Units) (1345 votes)
(G)I-DLE (1334 votes)
EXO (1320 votes)
Red Velvet (1st, 2857) retakes their throne over TWICE (2nd, 2410) this year. BTS (3rd, 1876) is still topping the boy group vote. ITZY (4th, 1555) was placed 12th place last year. They have now moved up and taken the 4th place, they have pushed Girls' Generation (12th, 1155) out of the top 10. LOONA (8th, 1345) was 4th last year but has now been overtaken by NCT (7th, 1382), MAMAMOO (6th, 1464) and Blackpink (5th, 1550). EXO (10th, 1320) went from 8th last year to 10th this year. Artists who dropped out of the top 10: Girls' Generation (12th, 1155). I recommend checking the infographic for this one to see the differences in male and female voting in both favourite groups and favourite soloists.
Thank you all for participating in this years census! Sorry it took a little while for us to upload it, but we tried to do it as fast as possible. If there are any questions you'd like to see altered or improved for next years census then we're all ears. We think more data is better. Cheers, and stay safe during this crazy pandemic. Nish
Hello ladies, gays, enbys, and other pots-and-pans enthusiasts and welcome to the 2019 Hyperpop Rate! I'm your host, quenched, and am here to guide you through this month's rate full of boundary-pushing, experimental, over-the-top bubblegum bass, or as it is more commonly called, hyperpop. The genre has come a long way since it's humble PC Music beginnings and has grown to boast a large cult fanbase, majority of which is made of members of the LGBTQ+ community. Here are the cling clang bitches we will be rating: In case you're impatient like me and already know the drill... HERE is the link to the Spotify playlist HERE is the link to submit scores
Up first, we have Slayyyter, queen of high-budget-sounding-but-actually-low-budget Grindrcore music, with her self-titled debut mixtape. After releasing a string of singles starting in 2018 with BFF, featuring hyperpop legend Ayesha Erotica, she has held the attention of gays and hyperpop fans everywhere, propelled by her dominating stan-like presence on social media. While not every loose single made the cut for her mixtape, she still has a versatile discography with zero misses, whether making filthy, horny bangers on songs like "Candy" and "Daddy AF", braggadocious bops "Cha Ching" and "Celebrity", or glittery bubblegum pop such as fan-favorite "Mine". Warning: you will become slightly gayer upon album completion.
This rate marks the first time in Popheads rate history we have cut an album from a rate and replaced it with another. LIZ's album "Planet Y2K" was supposed to be in the rate initially, but it came to my attention that she is a transphobic Trump supporter with NO apology or backtrack ever given. So, I posted this comment one day in a Daily Discussion post, and after 72 votes, 65% of you wanted LIZ to be replaced with 100 gecs (which honestly is better anyways musically speaking). 100 gecs are definitely one of the more well known hyperpop acts. The critically acclaimed duo are one of the few hyperpop acts to reach well beyond the LGBTQ+ audience. Consisting of Dylan Brady and Laura Les (who is trans!!!), the duo's debut album, especially money machine, has gone semi-viral within the music sphere and TikTok alike. If you can say one thing about this album, it's that you never know what to expect or what crazy sounds you're going to hear next! They also released a phenomenal remix album called "1000 gecs and The Tree of Clues", reimagining every song on this album and featuring many Popheads favorites such as Charli XCX and Kero Kero Bonito. gecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgecgec
Challenging heteronormativity and the gender binary, Dorian exploded onto the scene with many loose singles, beginning with Clitopia in 2016. These singles led up to Flamboyant, an abrasive, electropop album that doesn't have a single skip! The album also features some production by Dylan Brady, who is one-half of 100 gecs, also present in this rate. Beyond the songs themselves all being bangers, lyrically Dorian explores different aspects of their sexuality and masculinity in songs such as "Emasculate", "Flamboyant", and Adam & Steve, a song which is sure to resonate which any religious gays participating in the rate. Dorian has already released their second album "My Agenda", which I also definitely recommend everyone streams after doing the rate! Note: Dorian uses they/them pronouns so I'm gonna be mad if I get any ballots using anything otherwise!
Lastly we have Hannah Diamond, who has been around the longest of the artists in this rate, releasing her first song in 2013. She was one of the first names in PC Music, taking her until 2019 to release her debut album (giving Sky Ferreira a run for her money as far as album waits go). Featuring A.G. Cook production and dreamy vocals from Hannah, this album was definitely worth the long wait!
Unfortunately for this rate, we couldn't include the queen of hyperpop, Emily Montes, as she did not debut until 2020, therefore not fitting the rate theme. At only 5 years old, she is already receiving fairly decent critical reception. She has two projects on Spotify, the self-titled debut album, Emily Montes and the also self-titled EP, Emily. Featuring experimental production, lyrics that touch on serious topics such as COVID-19 and BLM, and never-before-seen insight into a 5 year old's life, both projects are masterpieces. Despite the seemingly large amount of songs, the bonus rate only lasts 7 minutes and 47 seconds so I definitely recommend setting aside this short amount of time to participate and experience a true visionary. This part is completely optional and is just for fun. You may rate as many or as few songs as you'd like. No 0's or 11's, and and no minimum artist average. Here are the songs for the bonus rate:
There's been some discussion on Mikasa in the sub lately, both positive and negative, and it's led me to think a bit more about her character. In particular, I've been thinking about her character flaw, what it is exactly, and whether or not she's developed past it – and if she has, what that means for her in the final arc. Isayama once said that Mikasa is a character who 'expresses herself via actions and facial expressions quite a lot'. I sometimes feel that that's why a lot of her personal story gets overlooked – because she's not loud about it, and nor is anyone else. She's one of the most reticent characters in the manga and, more importantly, deliberately written that way. It's intentional on Isayama's part for Mikasa to mostly 'express herself via actions and facial expressions', and so, as difficult as it might be to follow, that's mostly how her personal journey is told. Because she doesn't say much, talks a lot with her fists, and is the team's natural and aggressive protector, it's easy to assume that there's nothing more happening there. Isayama clearly doesn't mean for readers to overlook her, but some inevitably do because she's not as obvious and outspoken as other characters. She's not like Eren, whose dissatisfaction with the world drives him to continuously push back, or like Armin, whose self-doubt and fear of responsibility constantly battle with his natural intelligence and sense of duty. She doesn't outwardly appear to suffer from the neuroses that afflict a lot of the others in the main cast. As a result, her development as a character isn't easy to track. Where does it start? Where does it end? What even is it? It's fair to ask, in Mikasa's case, whether she even has a character arc to begin with. What changes about her? Does she actually react in any way to her experiences and evolve as a result of them, or does she remain the same from beginning to end?
Fans' opinions on Mikasa's character are often based on her feelings for Eren and the actions she undertakes to protect him. It irks some readers that Eren is Mikasa's priority, and that her life seems to revolve around him. Because they consider this her character flaw, they expect that her character development is going to rectify this flaw; that she'll move away from Eren, whether physically, emotionally, or mentally, and find something else to live for. In a 2016 interview, Isayama said: 'Mikasa's growth probably involves separation from Eren'. People generally stop at that and go from there – they either believe that Mikasa can't grow as a person unless Eren stops being important to her, or that a Mikasa who isn't separated from Eren (emotionally, mentally, or physically) is inherently a flawed character. Isayama's explanation of the 'separation' he means is never usually discussed, even though he actually does go on to clarify it: 'Mikasa's growth probably involves separation from Eren. By separation, I mean she might be able to return to that ordinary girl that she used to be in childhood'. If the all-important 'separation' for her growth is about Mikasa returning to the 'ordinary girl' she used to be, it's worth asking what isn't ordinary about the girl Mikasa became, and when that change happened. And once that 'non-ordinary' quality about Mikasa becomes apparent, it can be identified as Mikasa's flaw; the deficiency in her character that we can expect her to overcome. Mikasa loving someone or wanting to protect them isn't in itself a flaw. It's a fairly ordinary, reasonable thing, and it's something plenty of other characters already display in the story: Franz wants to protect Hanna; Ymir, Historia; Eren, Mikasa; Kenny, Uri; Levi, Erwin, and so on ad infinitum. There's a reason that Mikasa's love for and general protectiveness towards Eren never changes. It's because it's not something she was ever meant to 'grow past' or 'get over'. It was never her flaw. Her flaw is fear. Mikasa's overprotectiveness of Eren is what isn't 'ordinary', because it's connected to her deep, abiding fear of loss. Her desire to constantly stay by him is pitiful because, above all else, it represents her fear and her mistrust of the world. And it's why her 'separation' from him is about more than just 'Mikasa finds something else to do apart from care about Eren'; it's a return to her being 'the ordinary girl of her childhood': a normal girl who isn't constantly fixated on how the people she loves can die at any moment: https://preview.redd.it/gpraaqxt1sq51.jpg?width=750&format=pjpg&auto=webp&s=dbcb1a366ae0b26f287143aa4d7e916d1c7b3c49
When Levi says they'll focus on one objective and that won't include outright killing Annie, Mikasa's one objection is: 'How many of our comrades has she murdered?' Mikasa has no problem being straightforward with Levi. If her first and only consideration was Eren, she'd voice it. She'd even get away with it, because they all need Eren at this point. But instead, she reveals that she has a separate, personal desire: avenging their dead. Mikasa wants to kill Annie for her own reasons.
Levi states that their goal is to retrieve Eren. He gives himself the main role of 'slash[ing] away' at the titan, meaning that he will be the one to actually save Eren, who is in the titan's mouth. And he gives Mikasa the job of distracting Annie. Mikasa accepts asecondary role in a planthat isspecificallyto rescue Eren.
And when she does break from the plan, it's not so she can go and get Eren herself. Mikasa risks the objective of the mission – and Levi, and Eren – by going in for the kill. Mikasa risks the plan to save Eren by acting on her own desire to kill Annie.
Two important shifts take place here for Mikasa. One, she entrusts Eren to someone else, as demonstrated by her action of allowing Levi to take the lead. Two, her focus stops being, even for a short while, Eren – as confirmed by her facial expression when Levi challenges her on it, because she doesn't seem to immediately realise she's even capable of that: The objective was: Forget killing the Titan. Rescue Eren. And Mikasa, for no matter how short a time, lost sight of that. The fearful, overprotective aspect of Mikasa's relationship with Eren is beginning to change, because her relationship with the rest of her world is beginning to change. With his rescue of Eren in the forest, Levi proves to Mikasa that other people are just as capable of protecting Eren as she is. And if she happens to take her mind off Eren for a bit, it doesn't mean he'll die. This is where the 'separation' begins. Mikasa starts to accept distance between herself and Eren; the distance of being able to trust others with him, of not needing to constantly be with him and personally oversee his safety. And it leads to this watershed moment in the Uprising arc: Mikasa. Whilst Eren has been kidnapped. And all they know is that he's inside a coffin with some random undertaker at some random inn. Maybe. In Chapter 4, Mikasa couldn't handle Eren being in a different part of the city from her during a mission because of how afraid she was that he'd die without her. In Chapter 30, she let Levi take the lead on getting Eren back, and was shocked when she realised that, even for an instant, she'd prioritised something else over him. In Chapter 57, Eren's been kidnapped, no one's been certain for two days about where he is or what's happening to him, and Mikasa is, well, as pictured above. The debilitating fear that used to tie Mikasa to Eren is gone for good. She's finally let Eren go, and discovered that it doesn't mean she'll lose him.
Post-timeskip Mikasa is in a good place, and long past the fear with which she faced the world as a young girl. She's with Eren, working with the Volunteers, and she and Armin are excited about the possibilities of the widening world. Then Eren effectively betrays the SC for reasons they can't fully understand, and, once again, Mikasa's world begins to change in alarming, unpredictable ways. https://preview.redd.it/y4f97ksi2sq51.png?width=346&format=png&auto=webp&s=a17a0410c8f25e97ee450b57d9636e5fc147b874 For the first time in a long time, she loses someone she loves. Eren's in jail and Mikasa remains by Sasha's grave, pondering the old words that bind her and Eren together: 'If we don't win, we die. If we win, we live. If we don't fight, we can't win.' Ironically enough, Sasha is the only character in the entire manga to have said those words apart from Eren and Mikasa themselves. And she's now dead as a result of Eren's fight. So what exactly is Eren fighting for, and what does winning that fight entail? This is the first time in the manga that Mikasa begins to doubt Eren, and the first time their bond has ever really been threatened. And not by the world, titans, or murderous kidnappers, but by Eren himself. The idea that there is beauty where cruelty also exists has informed Mikasa's perspective on the world since Eren wrapped his scarf around her. He showed her that it is possible for the two things to co-exist; for there to be human cruelty as well as human kindness, cold as well as warmth, life as well as death. But Eren is now showcasing the exact cruelty that Mikasa used him as a beacon against. What he's done is undoing what she believes in; it's not just that it's shaken her view of Eren – it threatens to undo Mikasa's whole world-view. In that same 2016 interview, Isayama spoke of Eren and Mikasa's eventual separation being ideological: 'If I were to draw the separation of Eren and Mikasa . . . Mikasa would have to endure the strain of being stuck between Eren and Armin. Even though she can sympathise with Armin, who considers things from a ''globalism'' perspective, it’s possible that she can't just let the more self-focused Eren go'. This ideological separation begins the moment Eren defects from the SC. It's from this point onwards that EMA's paths truly begin to diverge, and Mikasa in particular is presented with a choice that she's never had to face before. Of the two people she loves most in the world, does she choose the 'self-focused' Eren or the 'globalist' Armin? The choice she makes will most likely conclude Mikasa's character arc once and for all, and it's a choice that's been building since before the time-skip, represented by her interactions with two characters in particular: 1. Mikasa and Floch At the award ceremony in Chapter 90, Floch points out something interesting about Mikasa in what is otherwise an easily overlooked moment in the manga. Although multiple people were present on the rooftop during Serumbowl, he is the only one to explicitly draw attention to the fact that Mikasalet go. She resigned herself to losing Armin because Hanji convinced her that Erwin was more important to humanity and Mikasa's grief at losing him was something that would pass. https://preview.redd.it/oqjfh2gk2sq51.png?width=584&format=png&auto=webp&s=f13d8f9a80608e4ac8a85c30d3ddc79b751ad1dd Floch sees this as maturity, but the realisation that she was willing to let Armin go for the sake of humanity is something that Mikasa is shocked by. It makes her falter, and let go of Eren. Mikasa has always defined herself as Armin and Eren's protector; she's presented in the story as such, and she styles herself as such. She's the one who keeps Eren and Armin safe. But Floch's words make her realise that, on the rooftop, she was able to step away from that role – because her world has expanded beyond Armin and Eren. It has expanded to include Hanji and Levi and the other Scouts – and humanity. Mikasa is capable of making choices that hurt her deeply for the sake of a greater cause. 2. Louise and Mikasa Louise meets Mikasa on three occasions. The first time, Louise tells Mikasa she likes her because Mikasa saved her, and gave her something to strive for: 'You can't save anyone without power. It's okay for us to fight against unjust violence. That's what I learned' (109). In the same way Eren 'gave' Mikasa a motto to live by, Mikasa gave one to Louise. The second time, Louise tells Mikasa that she's happy to be by her side again, fighting for the same goal. Mikasa is ambivalent towards her. And she leaves her scarf behind, choosing to go and fight the titans without it. In between the second and third meetings, Mikasa talks to Armin. She asks him if he's really going to tell Connie to give up on his mother and let her remain a titan; Armin says yes, he is. When Mikasa asks what should be done about Eren, Armin replies that there's nothing to be done; he's a lost cause. After Armin leaves, Mikasa notices that the scarf is missing, and goes to retrieve it. The third and last time they meet, Louise is dying. She tells Mikasa that Eren wanted her to throw the scarf away, but she thought that she could take it to be close to Mikasa. Though she appears to sympathise with Louise's plight, Mikasa demands the scarf back from her. She walks away from Louise even as Louise tells her that she had no regrets, because she chased after Mikasa, devoting her heart. Each meeting between Louise and Mikasa mirrors, in an abbreviated way, the different stages Eren and Mikasa's relationship has gone through. 1: Louise's initial love and gratitude, and her taking Mikasa as an inspiration; 2: their fighting side by side as equals; and, finally, 3: their literal separation as Mikasa chooses to walk away. Louise reminds Mikasa of what Eren means to her. Mikasa never seeks to stop Louise from talking about her feelings; instead, she listens. She might not reciprocate, but she does understand. And her understanding Louise's love reminds her of her own. She walks away, but she takes the scarf with her. Despite what Armin said, and what Louise told her about Eren and the scarf, Mikasa chooses to keep a hold of it in the way she keeps a hold of the hope that Eren can still be brought back. Mikasa is capable of holding on to the person she loves even when he's gone too far. Mikasa Chooses . . . Mikasa Despite the apparently binary choice, Mikasa doesn't have to choose to side with Eren (allow the Rumbling to go ahead) or with Armin (kill Eren to stop him). She said it herself: there's a third option. Her way. Eren's wandered so far down his path that he's lost sight of Mikasa and of Armin; of what connects him to the world. Mikasa chooses, not to support him or to believe that he's a lost cause, but to remind him that walking away from his humanity doesn't mean that he can't turn around and walk back. Kruger said 'Anyone can become a god or a devil. All it takes is for someone to claim it for it to be true' (88). But if there's someone to challenge that belief, then the possibility remains of breaking the facade and setting the story straight – thereby freeing that person from the role they've either taken on out of necessity, or been assigned. It's something we've already seen happen. All it takes is for one person to question it, and the goddess falls apart to reveal an empty, unloved young girl, or the devil's mask cracks open to show the boy still grieving for the world he's lost. Ymir knows that Historia's faking it; Mikasa knows that Eren is kind. Each of them challenges the story that their loved one is telling in order to keep going: Historia to survive, Eren to achieve his dream. It took Mikasa years to truly overcome the cruelty she had seen as a child. Despite everything, she did, in the end, go back to being that 'ordinary girl'. She came to acknowledge that cruelty exists, as does death – but life must nevertheless be lived, people loved, experiences had, and faith kept. Seeing the beauty in a world that is inherently cruel is, and always has been, Mikasa's greatest strength. It's something she is capable of offering Eren, who no longer seems to believe in that duality, or in his own humanity. She can show him what he showed her; that the world isn't black or white, cruel or beautiful, dark or light. It's both. And it's possible to live with that.
Mikasa is no longer fighting to protect Eren from the world; she's fighting to protect the world from Eren. She's the person best suited to do that not only because she's his family, but because Eren's despair and anger at the world is what she might have ended up with herself. If any character was dealt a crueller hand by the world than Eren, or could have become as bitter about the world as him, it was Mikasa. But he stopped that from happening because his kindness showed her that the world, as bad as it was, had good in it. Little by little, Eren's abandoned that view of the world himself. He no longer sees both its beauty and its cruelty, but has confined himself to seeing - and acting on - only one. When they fought Annie in Stohess, Mikasa had to remind Eren that the world was cruel, because Eren had lost sight of that truth. Now, Eren's lost sight of another, equally valid truth; that the world, as cruel as it is, is also beautiful. That he, as inhuman as he thinks he is, is also kind. If Mikasa manages to 'bring Eren back', she'll have come full circle. She started off as a little girl who was seeking something, anything, to hold on to. She needed a saviour, and she got one in the form of Eren. In this scenario, she'll end as a saviour herself, someone who is now able to pass on the light that she once received. Her fear of the world and of losing her loved ones subsided; she managed to find the warmth she needed to carry on. She doesn't need Eren's scarf anymore – but he might need hers.
My perspective on Mikasa is that she's not a very obvious character when it comes to development, and so she sometimes appears static. And because so much of her drive is Eren, a lot of fans look to her relationship with Eren to change for proof that she's somehow developed. But Mikasa's obstacle, her personal flaw, isn't Eren himself, and never has been. Her flaw has always been her deep and debilitating fear about losing the people she loves – Eren and Armin – and her inability to really trust or love anyone apart from them. Mikasa's separation from Eren = her beginning to trust the rest of the world not to stab him in the chest, almost behead him, or eat him alive whilst she's not there. It's good for her because it means she stops being so terrified that she'll lose Eren, not because it means she'll stop loving him or wanting him to be safe. And she reached that point of separation a long time ago in the manga. It was fully realised the moment she decided to trust Levi during the Uprising arc, despite the fact that Eren was literally gone from her side and she had no way of knowing whether he was dead or alive. The final confrontation is where Eren and Mikasa's ideological separation, the one discussed by Isayama in the interview, will/won't occur. It – and its finer details – can unfold in a number of ways, and each one could mean something different for Mikasa's character. But her choosing to face Eren in this way is a natural culmination of her development until now. I've no concrete theories on what will actually happen once the Alliance reaches Eren, but I'm fairly certain that Mikasa is central to the resolution of this arc. And what with the way she's been written by Isayama so far, that's no bad thing. So, to finally end this ramble, I hope that this post at least offers people a different perspective on Mikasa's character and how it's changed over the course of the story. I look forward to reading any other observations/thoughts on Mikasa's development that people might have. Many thanks for giving mine a read!
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: 1) https://www.reddit.com/thecorporation/comments/jck2q6/no_gods_no_kings_only_nope_or_divining_the_future/ 2) https://www.reddit.com/thecorporation/comments/jbzzq4/why_options_trading_sucks_or_the_law_of_surprise/ --- 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 truevalue (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:
Volatility reflects the uncertainty of the current price
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
Possibility 1: Mormonism is not true, but you sincerely believe that it is and live your life accordingly. Possibility 2: Mormonism is true, but you sincerely believe that it is not and you live your life accordingly. Between these two possibilities, which do you think carries the greater risk? Which would you choose if you could choose one, recognizing that within my hypothetical scenario, I’m stipulating that whatever one comes to believe, that belief has been arrived at honestly and sincerely? Here’s my brief analysis. In the first option, you live your life as a believing mormon, but the religion turns out not to be true. What have you given up and what have you gained? No doubt, mormonism offers a lot, but I find the good things that mormonism offers can also be found within other constructs or communities. Is it really worth it to live the strict standards of mormonism if it’s not actually true? I enjoy my morning cup of coffee and the quiet moments of “zen” that it provides. I enjoy the freedom to responsibly have adult beverages when I feel like it, and the freedom to choose my own underwear. Most of all, I cherish the freedom to follow my own intellect and reasoning and desire to follow the truth wherever that leads without feeling like I must confine my conclusions within a proscribed belief system. These things add value and enjoyment to my life that I would be missing out on in following mormonism. If it all turned out not to be true, then this would be a huge loss for this one life that I get to live. In the second option, I still get to enjoy these same things, but instead mormonism turns out to be true. As long as I am being honest and sincere in my approach, the God of mormonism will judge me according to my sincere understanding of things. In this scenario, I’m really no worse off and got to live a fulfilling life. If the God of mormonism condemns me eternally to some lesser degree of glory for my honest pursuit of truth, well then, I wouldn’t want to be in the same kingdom with that God anyway. So in my analysis, scenario 2 is vastly more appealing and carries far less risk than scenario 1. Of course there are other possibilities than this binary I am setting up, but between the two, what would you choose? Which of these mormon Pascal wagers would you be less scared of?
After the excellent Wasteland 2, we were excited to get our hands on the new installment, and we can say without fear that it has met expectations. Wasteland 3 is a sign of the love that InXile has for his work and Brian Fargo for the genre that has created a name for him. If you are a lover of the saga or the genre, do not hesitate to enjoy it.
Wasteland 3 doesn’t pull any punches with its subject matter in sexuality, violence, and language. But if you are fine with that, I would highly recommend you give Wasteland 3 a shot, especially if you were (or still are) a Fallout fan.
On Paper Wasteland 3 sounds like the perfect RPG-Dream but the execution leaves much to be desired. Bugs, Glitches and graphics that doesn't really represent a game that releases and the end of this console generation are a bit of a letdown. Everything else from the great story, entertaining NPCs, solid battle system, clever leveldesign over to the love for details is amazing, besides some flaws that should soon be fixed, as inXile and Brian Fargo promise. Everyone that wasn't happy with the latest Fallout Games will surely love Wasteland 3.
Wasteland 3 is a old-school role-playing game, with a compelling story, a combat system that promises but is not groundbreaking and some funny moments and black mood, which always remind us that we are in a post apocalyptic world, but with a smile. Don't forget the powerful character editor, rhythm voices, and the beautiful scenery that puts you in that atmosphere of cold and snowy Colorado.
Wasteland 3 can be a bit of slog if you're gunning for marathon gaming sessions with it at the helm. Combat, whilst exciting initially can fall into the traps of repetition. A little more variety could have negated some of the repeated player actions. That said, the story is compelling and the characters an interesting assortment of misfit survivors, although perhaps fitting post-apocalyptic stereotypes. It's a fun, easy to play game overall though that should well-please fans of the series and keep players entertained for quite some time with its high replay-value. However, aside from some bugs here and there, the impressive amount of voice-work on offer, the character building is the best part of the experience where you can really nurture your ranger squad in this snowy post-apocalyptic world.
At least in my time with it, Wasteland 3 has been a fascinating experience. I’ve come to appreciate its depth of gameplay, character, building, and exploration, even if some of its pieces and parts still feel very foreign to me.
I will be even happier with Wasteland 3 once it’s patched and most of the bugs that bit me end up getting squashed. Even in its current state I’m having a grand ol’ time bringing some justice to the cold depths where no Ranger has dared to before. But for as much of a blast as I’m having out northeast in the cold, I hope I can make it back to sunny Arizona in time to save my fellow lawmen!
Wasteland 3 is a throwback to the old School RPGs of yesteryear, while providing a new combat experience and a bigger world. Players that liked previous Fallout Games, or games like Wasteland 2 or Baldur's Gate will feel right at home with this title, and will have the opportunity to try X-Com like combat. For the amount of content provided, 60 USD is a very good price, and fans of the genre should get more than their money's worth.
Wasteland 3 doesn't bring much new to the table, both as a CRPG and as a piece of post-apocalyptic fiction. But, it's a terrifically executed role-playing game that rewards player investment from beginning to end.
Wasteland 3 is a heady crescendo of post-apocalyptic story-telling. Its combat is compelling and fun while its characters and overall plot are engrossing, even when it goes to some dark places. A must-play for tactical RPG fans.
We’ll update this review if the game is fixed, and the issues outlined are fixed or at least addressed; and then I’ll pick it back up. As it stands now, I’ll be playing something else that isn’t as apt to crash. Buyer beware.
There are a few misgivings related to Wasteland 3's technical aspects, mechanics, and overall challenge. However, its cast of characters (both old and new), the switch to a traditional turn-based combat system, and branching paths filled with decisions and dire consequences make for a superb journey with the Desert Rangers.
With a focus on freedom of choice that is second-to-none, Wasteland 3 has set the benchmark for CRPG narratives, all the while being supported by wonderfully engaging gameplay and roleplaying mechanics.
It took me a while to realize how much these interactions, whether it be the interpersonal conversation or combat encounters themselves, stuck with me. Wasteland 3 has rules, but they only exist for you to bend them. With limitless character creation combinations, branching dialogue choices that affect what quests you do or don’t experience, and multiple endings, Wasteland 3 is an expanse of content and opportunity. The change in locale does wonders, no longer relying on a tired post-apocalyptic biome. Wasteland 3 has a wonderful backdrop in Colorado’s frozen wastes, making it the perfect place to spend a nuclear winter.
Wasteland 3 takes players to a new location and presents them with equally unfamiliar challenges, yet still perfectly demonstrates all of the reasons why this series has had die-hard fans for over three decades, and is absolutely worth playing for anyone looking for their next post-apocalyptic fix.
Wasteland 3 doesn't change its predecessor's successful formula but, outside of certain design limitations, it perfects and modernizes it. It's easily the best game in the franchise, in terms of pure technique, and one that clearly gives you an idea of what inXile is able to achieve.
Wasteland 3 is a good role-playing game, technically passable but enriched by a dense network of intriguing subplots that will push the most dedicated to play it several times. Watch out for the ever-present release bugs, though – best to wait a couple patches if you want to avoid unnecessary hurdles.
Wasteland 3 features everything only the best role-playing games do: an engaging story powered by excellent writing, compelling characters, tons of customization options, and a deep tactical combat system that feels fresh even after dozens of hours. But, most of all, it features a living world that reacts to what the player does, and changes depending on how the player decides to deal with the troubles ahead, providing a role-playing experience of the highest degree, one that very few games can boast of.
Wasteland 3 is a testament to the power of the branching narrative, taking it far beyond binary choices and into a grand canopy of cause and effect. It gives the wintry climbs of Colorado a lifelike quality that must have been painstaking to build. The most impressive RPG in years, Wasteland 3 is a masterpiece.
Wasteland 3 shines with clear dedication to crafting the best game its genre has ever seen. Excellent visuals are matched by top notch voice work and some of the best and most natural writing I have seen in a video game not made by Naughty Dog. The combat is a brutal dance where one wrong move can spell disaster, but victory is an exhilarating rush that never becomes old. Wasteland 3 cements inXile as one of the best in the business in the RPG genre and affirms that Xbox has something truly special on their hands.
I am not a top-100 player, as given the inevitable RNG of effects, matchups and draws in card games, and the lack of rewards for ranking up in LoR, I simply don't see the point in painstakingly grinding up to such a level. The highest I've climbed is low Diamond, but considering the above knowledge, I believe that at a certain skill level (perhaps at around Platinum), it's more about how much time one can put in than how skilled they are. HOWEVER, considering all this, I have the absolute conviction that this deck is a top-100 worthy deck.
This is the only deck that I've played since Day 1 of Call of the Mountain, with various modifications, and I believe that it is a completely undiscovered meta unicorn. I've never faced a similar deck on ladder, and my deckbuilding experiments with any other archtypes have left me completely unsatisfied with the lack of interaction and agency, as well as the sheer counterability of the vast majority of tools currently out there. A lot of people are frustrated with the current meta - a lot of points of which are covered by BruisedByGod in his recent video critique. To summarize his main points:
Most answers are completely outclassed by threats
Sheer lack of healing options locks out deckbuilding choices
Most top-tier strategies prey on lack of interactivity (Pirate Burn, Lee Sin OTK, Star Spring)
This is a Control deck which, while originally devised to prey on the inevitably popular Aurelion Sol and Troll Chant and abuse the broken, flexible toolbox of Invoke on Day 1, also manages to both answer all 3 of these problems efficiently.
Lunari Duskbringer x 3
Spacey Sketcher x 3
Lunari Shadestalker x1
Pale Cascade x 3
Unspeakable Horror x 2
Vile Feast x 3
Simply the best available early-game that an Invoke Targon deck could hope to muster - Diana functioning as both early game and late-game removal (we have just enough Nightfall Synergy) for practically no investment, Pale Cascade being legitimately one of the most broken cards currently in the game, and the ping cards also serving a modicum of uses at all stages of a match. Spacey Sketcher has been severely underrated so far - providing critical tools for certain matchups and/or providing early game minions without needing to actually run them (a fundamental weakness of faster decks top-decking late). Its 'discard-replace' synergy with our late-game, as well as Duskpetal Dust and meta-call flex cards is just icing on the cake. Finally, note how every early game card I've chosen scales well and still plays a role as the game goes later; as removal, Elusive blocking, tool-building, Burst-speed Nightfall, pings and cantrip Combat Tricks. This is an often overlooked but fundamental difference between Control early-drops, and aggro early-drops (such as Precious Pet). ~
Sunburst x 3
Vengeance x 3
These two cards, combined with any generated Obliterates, form the only proper removal this deck has - and were the catalyst for me creating this deck in the first place. All three of these removal types leave almost NO room for the opponent to interact with them, and I believe that is the sole condition for a high-cost removal spell to be playable in the current game state. NOTE: Ruination is easily and always played around at a high-level of play - and leaves the opponent with ALL of the agency/choice to play around it/bait it exactly how they wish, instead of you (whose only options are to play the card too early and get out-tempo'd afterward, use more than 3 mana elsewhere to catch-up at which point it becomes unplayable, or lose the game to a sudden-attack completely at your opponent's discretion) - the ultimate NO-NO for this deck: I never even considered putting it in. ~
Meta Call Flex Spots
Divergent Paths x 2
At times I feel as if this card could be cut to 1 copy, but right now 2 feels great against the current meta, and drawing into at least one is almost necessary in order to compete with Star Spring (Obliterate is conditional and too great a tempo loss early on). In other metas previously, I've experimented with 1 copy of Passage Unearned, as well as 2 extra copies of Lunari Shadestalker. ~
Literally Everything Else One Could Ever Hope to Need
Lunari Priestess x 2
Solari Priestess x 3
Mountain Scryer x 3
Moondreamer x 3
Starshaping x 3
I still believe that Invoke is one of the most broken mechanics currently in the game. This is one of the heaviest late-game decks I can possibly imaginable, yet the only cards above 5-mana we run are removal, and our mid-game minions and healing straight up provide whatever early OR late-game tools we might possibly need in any matchup - it's simply overly flexible (flexilibity in card games being a MUCH bigger deal than most people give it credit for) and not enough of a tempo/stat sacrifice IMO. I think that Invoke as a mechanic is even stronger when ran in bulk, and especially in a Control deck - as the game goes on slowly you generate a toolbox that can handle just about any dynamic situation that meta decks can throw your way. The spell-mana nerf to Living Legends has balanced it out quite a bit, however the same-nerf to Cosmic Inspiration still hasn't convinced me that it isn't in the top 5 least healthy effects that a game based on carefully stat-balanced of minion trading could ever have (hit me up with your Cosmic Inspiration hate!) - a large proportion our games are won by this disgusting effect. Solari Priestess and Starshaping need no introduction as some of the most popular, utilitarian Invoke cards, however Mountain Scryer and Moondreamer (not so much Lunari Priestess) really put in the work, and I've never seen anyone else play these cards. The former provides crazy mana-advantage as the game goes on given our huge focus on Celestials (it's a shame we can't afford to push its Invoke chances even higher), and the latter has juuussst the right stat distribution at 3/5 to blockade most midgame tempo plays out opponent might go for. NOTE: Aurelion Sol is straight up unnecessary to compete late-game, is always burdensome and clunky draw, ruins our surprise factor (though that doesn't exist anymore with this post being made), and we often outvalue decks running him anyway (don't forget that the original premise of this deck was 'How can I best remove Aurelion?'). ~
Matchups/Strategy (Order Based on Mobalytics Tier List)
Lee Sin (60/40)
A somewhat favored matchup - although more recent lists that have cut Bastion in favor of Nopify may be a bit more in their favor (a proper Ping Counter). Hard mulligan for Spacey Sketcher, Sunburst and our pings. Generating Silence (Equinox) for Mentor of the Stones/Zenith Blade is our main early game goal. Our Mid-to-Late game goal is removing all 3 Lee Sin's at the expense of practically everything else (the rest of their deck is pretty much completely irrelevant, but rushing them down is also pretty much impossible) - after which our win is basically guaranteed.
This matchup is sadly the most binary thing: Sunburst/Vengeance/Ping's VS Lee Sin/Spell Denial/Zenith Blade
The rest of both decks are basically irrelevant other than to slow down the level up/speed up the level up/Draw into above cards
Draw Draw Draw + Always save enough mana to Removal Spell + Ping if the opponent has 4 mana up late game
I believe that we are very, very heavily favored if played properly (although it's a VERY nuanced matchup to play right), and most of our losses come from bricking our early-game draws and/or not drawing/generating a single Starshaping/Golden Sister as their burn damage inevitably builds up. Hard mulligan for all 1/2 cost cards (only keep 1 Pale Cascade with a 1/2 cost minion).
NEVER, EVER play early minions proactively (e.g. NO turn 1 Lunari Duskbringer unless they play something) - only ever match however many minions the opponent has AND trade right away to minimise Make it Rain/TF value (For instance, if you proactively play a minion with nothing to trade it into, and then find yourself needing to play, say, Diana/Solari Priestess later - the opponent is basically guaranteed free additional AOE value: make EVERY chump blocker count)
ALWAYS open attack into Powder Keg's (usually with our single developed minion)
Take ANY trade you can get (even if somewhat unfavorable) to clear both sides of the board going into turn 8 - one of the ways we can lose is if Riptide Rex clears our heavy board and we only have time to develop one chump blocker before the onslaught - especially because Riptide is MUCH stronger against minions than the nexus > Late game, try to keep both sides of the board as empty as possible
If you find yourself with priority against their activated Plunder past turn 8, play small minions to bait out Rex without having to pass the turn OR play larger minions, especially with uneven health like Moondreamer to protect the rest of your board from potential cannons
ALWAYS try to find a NON-Rex'able position late game to develop Golden Sister, and save Pale Cascade if possible to protect her from Noxian Fervor and recover 6 previous health
ALWAYS have enough mana to remove Leviathan if the opponent has more than 8 mana on any given turn (prioritise Leviathan over Swain himself)
Sacrifice minions to TF attacks and remove Zap Sprayfin ASAP to minimise chip damage (which really builds up)
Be careful and make sure you always have a way to prevent Swain connecting with the Nexus (even if they develop him this turn and open attack the next); Pale Cascade is a good tool here
Pirate Aggro (55/45)
We are much more prone to bricking on draws here than Swain/TF, as we need quite a specific hand to deal with their onslaught - This is probably our most draw-dependent, low-agency matchup by far - as face-deck matchups tend to be. In addition - Captain Farron is much more effective against our removal strategy than the likes of Leviathan. Nonetheless, from my experience I think that we're still every-slightly-so favored in this matchup - often winning by the skin of our teeth. Starshaping/Golden Sister are mandatory late-game, and not bricking by not drawing/generating either is also basically a loss. Hard mulligan for all 1/2 drops, and keep a single Sunburst for Gangplank if your hand is already looking great.
There's nothing much to say here given the nature of their deck - pray your draws are good and take the obvious trades
A very unfavored and binary matchup (see below as to why) that has luckily become rarer recently. Mulligan for Removal/Invoke cards.
Save Starshaping for when you can actually make use of the heal (don't just play it on turn 3 because they're 'starting off slowly' - it's very important to maximise your leeway to survive Atrocity later on)
Try to remove Trundle on curve with Sunburst/Vengeance
Generate/Stockpile removal throughout the midgame
Sadly, none of these choices really matter in the end and the match comes down to luck - if Warmother's pulls a Level 1 Tryndamere on their attacking turn, the obvious open attack followed by a loss is all but guaranteed (Vengeance doesn't stop Atrocity in this case - leading to too great a health/tempo loss, and my previous Passage Unearned tech to deal with specifically this scenario simply wasn't worth the dead card in other matchups). We can also lose to a big levelled Trundle, or simply not generating/drawing into enough removal. Sadly these cases happen more often than not. Warmother's generated too much tempo if left unchecked by hard removal for even a single turn so there is little leeway for bad luck.
If Warmothers' timing and Invoke/draws are on our side, the matchup becomes pretty simple - Smartly use about a removal spell on their big guys for about 8 turns, play around Ruination and Atrocity, then cruise to victory.
This deck was basically created on Day 1 specifically to destroy Trundle/Asol. Sadly though, even at 75/25 the matchup is worse than it should be due to the nature of Invoke RNG - if one player draws into Cosmic Inspiration and the other didn't the match is over, full stop + the occasional shenanigans involving The Great Beyond uninteractibly going face and non-stop Living Legends value. Mulligan for Sunburst, Vengeance and pings.
Remove Trundle ASAP with Sunburst (Vengeance/Obliterates are best saved for Asol so getting Sunburst value while Trundle is still unleveled and 6 health is a big deal in terms of removal distribution)
Always try to remove Asol on the first turn he's played with Vengeance chaining into a ping to minimise the opponent's chance of getting game-winning Invoke RNG/matching your late-game value with free Celestials
If you still haven't drawn a ping late game, try to fish for Crescent Strike with Spacey Sketcher
Play around 7-mana Asol (Augur of the Old Ones) as much as possible
Pray you draw Cosmic Inspiration and the opponent doesn't
Discard Aggro (80/20)
I don't know why this deck is considered competitive - maybe because our matchup here is basically as favored as TF/Swain except without any gameplay nuance required on our part. Mulligan for 1-2 drops. Keep Solari Priestess/Sunburst if hand is good. Only necessary statistical losses to bad early draws against an aggro archtype.
Make obvious trades. Play around Mystic Shot on Diana. Chump block Draven/Jinx. Remove Draven/Jinx. Profit.
Another draw dependent, but quite favored matchup. Quite difficult to play though - you need to balance maintaining some modicum of tempo whilst also being able to deal with their crucial threats. Mulligan for 1-2 drops ESPECIALLY Pale Cascade/Pings, and Removal.
DON'T play ANY minion with less than 3 attack from turns 1-4 UNLESS you're getting tempo'd into the ground OR you have Pale Cascade (otherwise Fiora gets a free trade and the opponent gets to use their buffs reactively rather than proactively - giving you less leeway to remove her)
Save ping's for Fiora Barrier's, NOT Fleetfeather Tracker UNLESS you're getting tempo'd into the ground
Save a removal spell and mana for turn 3 Fiora, turn 4 Shen, turn 6 Genevieve and turn 9 Brightsteel UNLESS you're getting tempo'd into the ground
Basically the Pirate Aggro matchup but a tad bit slower and with no burn - giving you more leeway to make up for bad draws both early and late.
Make the obvious trades, pray to draw well and don't to let Genevieve get 2 attacks off
Basically the Trundle/Asol matchup except with no 'must remove ASAP' threats giving you more leeway to make up for bad draws. Celestial RNG and especially Cosmic Inspiration still give them a chance to win as usual. ~
Shyvana Dragons (50/50?)
I surprisingly, haven't faced too much of this deck yet personally, but looking at it's cards compared to ours, I think the matchup would be about 50/50 (an otherwise favourable looking matchup affected a bit by their high tempo removal and guaranteed Cosmic Inspiration in the form of Kadregrin). ~
This matchup is dependent on whether we draw removal for Ashe somewhat on curve, how much tempo they manage to build early on and whether we draw good enough to afford to play around Reckoning. Mulligan for Sunburst, Solari Priestess, Pings and Diana (only if you've already drawn support) as our other standard early drops are all pretty ineffective against theirs.
Remove Ashe ASAP
Try to Vengeance Sejuani on the attack if she directly attacks your Frostbitten minion in order to prevent the free value trade and maintain tempo on board.
Play around Reckoning as much as possible, especially if it wouldn't affect their own board too much compared to yours - maximise your 5+ attack minions to theirs if Reckoning begins to look more likely
Try to bait out an invested attack/Frostbite support for Trifarian Gloryseeker before pinging her - especially because Elixir of Iron is a bit rarer nowadays
Probably our most favored meta-deck matchup, and unfortunately rarer recently. Their win conditions - Kalista, Blighted Caretaker tempo, Neverglade Collector and They Who Endure simply don't stand a chance against our toolbox. Most losses come from unanswered Blighted Caretaker tempo. Mulligan for Spacey Sketcher, Sunburst and Pale Cascade.
ALWAYS pick Silence (For They Who Endure) or Stun (For Blighted Caretaker) off Spacey Sketcher
Try to hold a minion to play on turn 3/4 to kill an attacking Kalista with Pale Cascade AND get the Nightfall card draw
Play as reactively as possible with your pings - playing them proactively will almost always be answered by Glimpse Beyond, and when they run out of gas later on they will be forced to play their Glipmse proactively - your chance to strike!
Silence/Sunburst Blighted Caretaker as it comes down
SAVE Vengeance for They Who Endure - going into the late game, stockpile Silence/Sunburst and Vengeance and maintain enough mana (usually open-attacking) if necessary (IF can still afford to play They Who Endure that turn) to use one of the former followed by Vengeance to counter into their Atrocity: with this line of play, it's basically impossible to lose the combo
The biggest downside and sheer impossible matchup of this archtype. Maokai manages to pack even less interactivity/inevitability than we do, and the nature of our deck gives us no chance of out-tempoing Deep early OR late. Auto-concede. ~
A simpler aggro matchup than the others. Mulligan for 1-2 drops - especially Spacey Sketcher and Diana, as well as Sunburst.
ALWAYS pick the Stun spell off Spacey Sketcher, and save it for Diana, or of lesser priority, Nocturne/Ephemerals off Stalking Shadows
Removing Nocturne ASAP with either Sunburst or Vengeance is a HUGE priority
ALWAYS play around Pale Cascade
Play around Atrocity and Doombeast damage later on in the match
Another matchup that I haven't faced too much of just yet. Mulligan hard for Divergent Paths and Solari Priestess - Once we remove their uninteractive element trump-card in the Landmark win-condition, if we can survive their early tempo, the rest of the match should be a cinch given our heal/health-ignoring conditionless removal for their Champions. ~
Thanks for reading up to this point, and pardon my formatting, the ridiculous length and the sheer pomposity of it all. I still think Invoke is flexible to the point of being broken and the only reason the matchup spread is so good. I also think that with the release of this guide - more people will come to recognise this archtype and the element of surprise affecting enemy mulligans against an assumed more aggro, Nightfall-focused Diana archtype will be lost. People will also know to play around less common cards such as Sunburst, and I expect winrates to fall somewhat across the board. To conclude this guide, I'd like to say that this is this is not a healthy deck. At the deepest level, this deck is fundamentally about removing agency from your opponent and giving it to yourself, as well as securing the critical boon of having inevitability over your opponent in a game with the nature of LoR. If all decks were like this, LoR would completely cease to be fun. What else do I think is unhealthy right now? - Simple: anything removing interactivity from your opponent - ESPECIALLY as a win condition; Maokai, Star Spring, Cosmic Inspiration, Lee Sin. The avenues through which these cards can be interacted with are way too limited right now. A lot of the metagame nowadays is about having an uninteractable win condition, or focusing damage to face so fast the opponent has no chance to react - another form of non-interactivity. Here's hoping that the meta in the near future heads back in the direction of the close but fair midrange board battles we all came to love back in vanilla LoR. ~ (slinx4)
[Results] If You're Reading This, You Probably Think You're Short. Results of the Short/Tall Survey
Hello everyone! The results are in from the "Do You Think You're Short or Tall?" and there are some very interesting results to be shared. Before that happens though a quick note. I'm going to be referring to the terms Female, Male and Gender Non-Binary during this post. Participants were asked which Gender the identify as regardless of their sex. While I personally don't think that influences the data, I wanted to make that clear going into this discussion A total of 139 participants took the survey but one submission had to be thrown out due to clearly falsified data. The results found that majority of people considered themselves to be short (61.6%) as opposed to tall (38.4%). The average height for a short person was 5 feet 4 inches (1.63 m) and 5'11" (1.8 m) for a tall person. When presented with the option to change their height, short people tended to want to be taller (70%) and tall people either wanted to stay the same height (40%) or be taller(44%). When running a Random Forest Analysis, the highest indicators for whether a person considered themselves short or tall were the input from their parents and their friends. This makes sense because if people continually describe you as a thing, you are more likely to consider yourself to be that thing. When comparing data based on gender, some interesting patterns appeared. Most females considered themselves short (67.65%) but most males consider themselves to be tall (54.9%). The average height of short and tall people was different based on participant gender. The average height for a short male was 5'6" (1.68 m) and 5'2" (1.57 m) for a short female. The average height for a tall male was 6'0" (1.83 m) and 5'9" (1.75 m) for a tall female. What's worth point out is that the average short height for both males and females is actually the same as the average height for humans. When it came to attraction, females were more attracted to people that were taller than them (82.1%) while males were more attracted to people shorter than them (62.5%). While we did receive submissions from people who were gender non-binary, the data returned from these submissions was not statistically significant and highly varied so no clear estimations could be made. I'm very interested to hear your thoughts on these results and I am always willing to receive feedback and answer questions about the data. Thank you all for listening and stay classy, my friends! :)
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:
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.
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: https://www.reddit.com/thecorporation/collection/27dc72ad-4e78-44cd-a788-811cd666e32a 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:
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).
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):
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.
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) = 24,000net 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:
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.
NOPE and NOPE_MAD
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:
How exceptional is today's NOPE versus historic baseline (30 days prior)?
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:
Calculate today's NOPE score (this can be done end of day or intraday, with the true value being EOD of course)
Calculate the end of day NOPE scores on the ticker for the previous 30 trading days
Compute the median of the previous 30 trading days' NOPEs
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:
The mean of NOPE_MAD for any ticker is almost exactly 0.
[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:
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.
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.
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).
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:
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.
Sell/buy to close said shares at the first sign of major weakness (e.g. if the NOPE predicted outcome is incorrect).
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.
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
You’re probably closer to independence than you realize
Financial Independence, as most spreadsheets frame the idea, is the art of replacing your spending with investment returns. More quietly stated is an implicit promise that after you’ve done it, you’re free. Chasing that freedom is an incredible motivator if you’re anything like me. And you’re probably at least a little like me, if you’re on this subreddit. Except, of course, we all know you’re never completely free. The outside requirements on a human life don’t stop at the financial. You still have to go to the doctors office to make sure your body is running OK. You need to take out the trash. Your desk gets messy and you have to clean it up. You feel guilty if you forget send your mom a card on her birthday. You’re not free, you’re still a human being. Just a human being with a lot of flexibility. And, of course, once most people do the math, it becomes clear that in order to get spending low enough to make it work, your part time job effectively becomes frugality. Being frugal isn’t a terrible part time job. You autonomously set your own schedule, it gives you an opportunity to be creative, you develop skills which have an impact on your life, such as gardening and thrifting. Frugality challenges your comfort levels at times, which in turn allows you appreciate luxury when it’s available. For me, it’s pretty much the checklist for what counts as an incredibly satisfying job. I don’t have a problem with any of this. And as a thoughtful person who’s put some brain time into designing your life, you already implicitly know everything I’m saying. But it’s useful to say explicitly. I sat down this week to write a plan for what I would do if I lost my job tomorrow, and was barred from full time employment for the rest of my life. I was not shocked to discover that even without 100% FI savings, I could design several options for lifestyles where my FI goals of satisfying work, low stress, extreme autonomy, meaningful relationships, and security were accessible. But what I was shocked to discover was that I could also design such a life without relying on any of my considerable savings or investments at all. The savings and investments made it a lot easier, but they really weren’t necessary. It turns out the important part of this thought exercise was forcing myself to give up my current job. With that, I had to get rid of my own internal limiters: the unconscious need to project success to peers, the fear of giving up what I’ve already worked for in my current job, the iron clad spreadsheet and financial plan that I’ve been faithfully following for seven years, the fear of something new. When all that creativity was being pointed towards the actual life goals, as opposed to purely the financial goals that I thought would help with the life goals, a lot of shortcuts became apparent. And I couldn't have done it without having put a tremendous amount of thought into clarifying what, exactly, I want out of life. Of course, I’m not quitting my job immediately. And it’s not like my current lifestyle is too far of a cry from my goal lifestyle. It has a little less autonomy than I’d like, and a little more stress, but we’re in the ballpark. But the lesson that I think is important to remember is that financial goals are easy to measure, easy to track, and easy to let swallow you to the point of distraction. Life is not a binary between FI and failure. Extreme saving is a tool, and only a tool, and it’s worth putting thought into what you need that tool for, and not just how to get your hands on it.
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