# 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.

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**Step 1.** [**Set up and fund a Metamask wallet**](https://www.youtube.com/watch?v=kd_Im1wNftU)
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**Step 2.** **Click 'Connect Wallet'** at [Charm](https://charm.fi/) :
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<figure><img src="https://3306594273-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FncWpbfiN022KvH5AGrQq%2Fuploads%2FSf3aFVpr5qEW3m5wDIdt%2Fimage.png?alt=media&#x26;token=3a7ae54a-8259-4d88-a876-45c4657470c2" alt=""><figcaption></figcaption></figure>

Your wallet address should appear in the top right corner:

<figure><img src="https://3306594273-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FncWpbfiN022KvH5AGrQq%2Fuploads%2FWyZ4t3fGodWnTkKD1JJg%2Fimage.png?alt=media&#x26;token=26f99fee-080e-47d3-bdc0-41d1131b6762" alt=""><figcaption></figcaption></figure>

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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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<figure><img src="https://3306594273-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FncWpbfiN022KvH5AGrQq%2Fuploads%2F0salqS5vPdBDZsvkGJJX%2Fimage.png?alt=media&#x26;token=57fa8b4c-2c58-4921-bdca-4f0d4d441e24" alt=""><figcaption></figcaption></figure>

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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.
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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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<figure><img src="https://3306594273-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FncWpbfiN022KvH5AGrQq%2Fuploads%2FD2HGnOtVyumrugYaiiIL%2Fimage.png?alt=media&#x26;token=742eef12-274b-4fe9-9512-615485399160" alt=""><figcaption></figcaption></figure>

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&#x20;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.
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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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<figure><img src="https://3306594273-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FncWpbfiN022KvH5AGrQq%2Fuploads%2FzMyPpJNSdZ0ajyXUsSd2%2Fimage.png?alt=media&#x26;token=b446a089-8fa1-4a0b-8ff7-a1edff7ea89c" alt=""><figcaption><p>Charm.fi</p></figcaption></figure>

<figure><img src="https://3306594273-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FncWpbfiN022KvH5AGrQq%2Fuploads%2FiXGkSFgXadvuGwUVL0hK%2Fimage.png?alt=media&#x26;token=0e794fd9-e37c-4770-9c23-bb02b8033456" alt=""><figcaption><p>Metamask</p></figcaption></figure>

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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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<figure><img src="https://3306594273-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FncWpbfiN022KvH5AGrQq%2Fuploads%2FIEoTjTmgvQ7MUWd73WCE%2Fimage.png?alt=media&#x26;token=c7b9e367-cd57-4ada-9a36-4f663354aa72" alt=""><figcaption></figcaption></figure>

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**Step 9. Click on the above** to view and check your transaction on Etherscan:
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<figure><img src="https://3306594273-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FncWpbfiN022KvH5AGrQq%2Fuploads%2F5GrqyjUrxUiUVCCMzSt2%2Fimage.png?alt=media&#x26;token=7c6a0519-3a23-4fe7-95fa-f8dce7bdb97b" alt=""><figcaption></figcaption></figure>

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.