> For the complete documentation index, see [llms.txt](https://learn.charm.fi/charm-finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://learn.charm.fi/charm-finance/previous-products-1/overview/tutorials/open-a-position.md).

# Open a position

The following describes the step-by-step instructions to open a position at [Charm](https://options.charm.fi/). Opening position to buy ETH calls are used as an example, but the steps will be the same for put options\*, to [sell options](https://medium.com/charmfinance/why-hodl-when-you-can-yiedl-643e335f29b7)\*, or for a different underlying\* (eg WBTC).

\*See ['Notes'](https://app.gitbook.com/@charmfinance/s/charm-finance/~/drafts/-MVkYFG2ZPop_CK0nyS4/v/master/practical-guides/tutorials/open-a-position/notes/@drafts) page for some special considerations in relation to put options, selling options, or options with different underlying.

{% hint style="success" %}
**Step 1.** [**Set up and fund a Metamask wallet**](https://www.youtube.com/watch?v=kd_Im1wNftU)
{% endhint %}

{% hint style="success" %}
**Step 2.** **Click 'Connect Wallet'** at [Charm](https://charm.fi/) :
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![](https://337771475-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MVKYbQySKRhJtb4pPaN%2F-MVjVGRBd-ZCuh-d-2ps%2F-MVuZXIsvvlnuvloZ4_1%2FScreenshot%202021-03-16%20at%2010.25.47.png?alt=media\&token=9047e5b2-9902-44db-b8d0-035460330019)

Your wallet address should appear in the top right corner:

![](https://337771475-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MVKYbQySKRhJtb4pPaN%2F-MX235SO8h3FCRU_sECa%2F-MX2Df3tYWZ1k6DqXFkK%2FScreenshot%202021-03-30%20at%2014.02.18.png?alt=media\&token=b51127f4-aa0f-4c62-a5f0-7a78846c1826)

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**Step 3.** If you want to **buy ETH Call option** of **Size** 0.01, with **Expiration Date** of 25th June 2021, and **Strike Price** of 480; enter the following details into [Charm](https://options.charm.fi/):
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![](https://337771475-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MVKYbQySKRhJtb4pPaN%2F-MVjVGRBd-ZCuh-d-2ps%2F-MVubx_UagZvIJ1WZm6k%2FScreenshot%202021-03-14%20at%2007.29.51.png?alt=media\&token=7164fe91-76f6-48be-a6bc-f596ded2550f)

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**Step 4.** **Read the description in the yellow box**, to ensure you understand your payoffs and the risks of this options contract.
{% endhint %}

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**Step 5.** Click '**Buy ETH call**' if you wish to proceed. The following will appear in Metamask:
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![](https://337771475-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MVKYbQySKRhJtb4pPaN%2F-MVjVGRBd-ZCuh-d-2ps%2F-MVudpVbhefo7kswyp8Q%2FScreenshot%202021-03-16%20at%2010.48.45.png?alt=media\&token=d4a9d0e5-9dc1-4fb6-a1a1-ec09b57dd29c)

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 The total cost cost here is 0.00738, rather than 0.007028 because a 5% slippage protection is included in the price of your option, if this price changes after your purchase, but before the trade is executed on-chain. The 5% will be refunded to you if it is not required.
{% endhint %}

The Metamask box indicates the total cost, including estimated gas fees, is 0.043008. This INCLUDES the amount that will be refunded to you per the above.

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**Step 6.** Click '**Confirm**' to proceed with the purchase.
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**Step 7.** Charm and the Metamask box will show the transaction is '**Pending**':
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![Charm.fi](https://337771475-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MVKYbQySKRhJtb4pPaN%2F-MVjVGRBd-ZCuh-d-2ps%2F-MVugd6upd8II2gPEoi1%2FScreenshot%202021-03-16%20at%2011.00.48.png?alt=media\&token=9c08d0e4-a66f-4473-b5f4-33e6485bf716)

![Metamask](https://337771475-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MVKYbQySKRhJtb4pPaN%2F-MVjVGRBd-ZCuh-d-2ps%2F-MVuhRy7hEVF3e0atHeQ%2FScreenshot%202021-03-16%20at%2011.03.28.png?alt=media\&token=c66c7695-ac78-4ad6-b5a7-62e3f62eff7a)

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**Step 8.** When your transaction have been confirmed on the Blockchain, you will received the following **confirmation from Metamask**:
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![](https://337771475-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MVKYbQySKRhJtb4pPaN%2F-MVjVGRBd-ZCuh-d-2ps%2F-MVuiLdue_ZF_QB9r-7p%2FScreenshot%202021-03-16%20at%2011.08.38.png?alt=media\&token=bc8393b5-39ea-4315-8031-b88f075d28b7)

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**Step 9. Click on the above** to view and check your transaction on Etherscan:
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![](https://337771475-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MVKYbQySKRhJtb4pPaN%2F-MX2HWpLwU7BsO6QeJIe%2F-MX2IgXz-v77jbo94wy1%2FScreenshot%202021-03-30%20at%2014.24.30.png?alt=media\&token=1eb76198-e39d-455c-9343-92af0a242726)

From the above, you can **check the following details of your transaction**:

* The refund is the amount returned to you per step 5.
* The option you purchased and size, should match the details in step 3.
* The total cost before refund should match the amount in step 5.
* The final gas fee should be lower than the Metamask estimate in step 5.

## Congratulations! You have now bought an option that lives 24/7 on the Blockchain.

It is yours to keep and you can do whatever you like with it - move it to other wallets, put in on other Defi apps, or use it to build your own cool applications.