Ok retards listen up. Been seeing lots of cucks writing small DD pieces of bullish or bearish shit. You cucks need to read this cos this is the whole fucking thing.

this is also basically my magnum fucking opus so upvote retards. Dont give me awards, legit go buy a powerup membership for a year. Cant tell you to buy shares because we gonna get closed down by SEC somehow.
im also not some fininacial advisor or whatever just read this and make your own conclusions degenerates. Im not fucking liable lmao but i am balls deep 125 shares @ 19 average now, its literally all I have on this earth.
TLDR: GME DD sumarized, Margin wont affect longs the same way as shorts right now. Dont buy shares on margin though and get ready to supply collateral regardless. Short interest is up and some smart retards are on our side. Read the post to raise your IQ from 8 to 9 though. 🐻 🌈s mega fuk and even posting high level bear shit to scare us.
Compulsory 7 rockets so you autists dont start having a seizure or something:
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Basically been seeing posts about "blah blah margin this, short interest this, WS to clever blah". Going to split this post into distinct sections but im no english degree cuck so dont expect any bear bloomberg level shit or something

1. GME is a fucking steal regardless of squeeze. Buy now or be left on a dying planet while we head to alpha fucking centauri.

So basically everyone here knows about Ryan cohen and his horsemen of the apocalypse coming to steal melvins lunch money. This man bought apple stock in 2017. Hes fucking rich. Hes also an eccommerce wizard, taking CHEWY from a measly 100k co-founded company to a $4 Billion company in 2017 at which point he sold it to petsmart or something. Its now valued at $40 Billion, granted anything eccommerce now gets money thrown at it like a stripper in a high flying strip club or some shit idk im a virgin so dont listen to me, so it may well be a bubble. Regardless the thing grows its revenue like bacteria doing binary fission on agar jelly 🚀🚀🚀🚀.
THEY SELL FUCKING PET FOOD. the market for that is like what? $1?. Gaming is going to the moon and is basically recession proof because of how cheap game is compared to other things for how much you get out of it. Any bears saying that Gamestop cant compete with digital or with amazon. Ryan cohen already slapped amazons head in with a no name brand. Hell fucking do it again. About digital everyone here already knows, microsoft deal, Ryan cohen also mentioned the possibility of having "Digital game exchanging" or something, image below.
Online trade ins. It says online.🚀🚀🚀🚀🚀🚀🚀
He also mentions streaming, digital content etc and aside from all the digital stuff wants GME to move to a community centric structure where big stores operate with VR centres, Internet cafe, table games like Dungeons and dragons and 40k (rapidly growing somehow will boom post covid) and as we now might know due to this post:
https://www.reddit.com/wallstreetbets/comments/kypuyb/gme_dd_buildapc_kiosks_coming/
BUILD YOUR OWN PC KIOSKS. This is the literal smell of money. Go to your Gamestop to build your PC with your kid? Gamestop is already the goto place wher your parents go to get you your latest digital fix so now they can go build PC's and it cant go tits up?
Now for some pussy boomer talk (aka fundametals or something).
The expected Q3 EPS was -0.84$ or something close to that. The actual loss was -0.53$ but boomzoids only talked about the revenue drop. No shit sherlock its closing all its dead weight stores.
In the holiday report I will talk about a bit more below, 11% of stores were closed and revenue dropped only 3%. Comparitive store sales increased nearly 5%. They cant get enough consoles to sell so expect the momentum to carry on for the whole year I expect. Eccommerce is up 300% over holidays. In Q3 they reported 800% to date. In 2020 Gamestops eccomerce went up 24x. YES YOU READ THAT RIGHT. Online sales now account for ~33% of Gamestops sales now. This is literally gold dust for ryan cohen.
We are still trading at 0.38 P/S at this price. The average P/S for the SP500 is 2.753. Massive upside on these two numbers alone.
Burry got in this for the MOASS and the intrinsic value. At the time intrinsic value was like $22 and this will pump up as RC takes it to new heights.
GME in Q3 somehow halved the expected loss. Big Bad Boomer sherman somehow didnt fuck it up that bad by saying "omnichannel" at the speed of light. Yes the revenue dropped 30% but thats covid for you. As the PC kiosk post above shows GME now sells small items basically so fast they have to have fake stock lmao. The new console cycle always spikes the share price sky high too, as youll see in a crayon drawing later. The potential revenue that this console cycle brings in could be huge. Biggest ever is potentially a true statement and Gamestop sells every fucker they get. Combine the fact that they share game pass ( a massive hit) revenue from the xboxes they sell, something no other retailer has, revenue could be sky high.
Now I know you autists are starting to develop short term dyslexia or something but keep reading. This could be the most important piece of shit you read in your life. How do you think I feel? My brains overheating just trying to write coherent sentences.
Holdiay report was a bear trap imo, saw people saying the decrease in revenue was bearish blah blah blah. Lies. Comparitve store sales rose 5% and thats with some towns having like 4 gamestops. When the leases dont get renewed and these stores get liquidated (Also in Ryan cohens letter) they can just get this influx of cash and pay down debt and invest in logistics and marketing and new growth. Gamestop realistically needs like 1/2 the stores they have now and just need to improve efficiency.
https://www.entrepreneur.com/article/349890 this article the messiah himself wrote. In it he states:

At Chewy, we had maniacal discipline when it came to how we spent money. The company-wide culture of frugality came from his example. Free cash flow was our unwavering governor of growth. We grew Chewy from $200 million in sales in 2013 to $3.5 billion in 2018 while spending only $130 million in capital, all of which went into opening distribution centers across the country and acquiring new customers.

Maniacal. Thats all I need to say. The guy is going to get to mars before papa musk and he wont even break a sweat. When FCF starts to catch up to WS expectations every analyst who donwgraded them is gonna get ditched and upgrades will start to happen.
So in the heading i said its a steal. That implies some future higher price target right? Well here is my guess for a conservative price target based on the information above and also some more I probably forgot cos im a retard.
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The difference is where share price looks to be and where market cap places us is due to difference in outstanding shares (another reason shorts are fuk)

The difference is where share price looks to be and where market cap places us is due to difference in outstanding shares (another reason shorts are fuk)

This alone means if for not inflation adjusted terms we reached 9.8Bn or whatever the crayon chart says we should reach:
9.8/2.48 = ~3.95 3.95 * $35.5 = ~$140. The share price now to reach old mkt cap is $140 fucking dollars. Thats a 4 bagger from now. It gets better.
from statista :

Considering the annual inflation rate in the United States in recent years, a 2.24 percent inflation rate is a very moderate projection.

If we take 2.24% inflation, the this share price target in todays money means we should reach $182 because of $140 * 1.0224^12, = $182 in adjusted. Thats more than a 5 bagger. basically we could see $10 GME price from short manipulation and buying more is basically a lottery ticket!
I really dont understand the bear thesis. The only bear thesis ( short term this one) was that margin would affect longs more but I looked at it on ortex and its basically bullshit. Buy shares with cash though dont use margin. Own your piece of GME dont borrow it. Bears just spout "DigITaL" or "BlOCKbuSTER" so much Ryan tweeted a shit emoji at them. All the bears think theyre clever. What the fuck makes those cucks special? How are they different now than the ones from $2, or $4, or $10.
Bears are betting against:
Ryan fucking cohen, buisness legend CHEWY from 100k investment, now 40 billion
Michael burry, Investing legend, predicted the housing crisis and is in GME since april
u/DeepFuckingValue , the new WSB god chad, now basically a whale
Reggie Fils-Aimé, gaming and buisness legend, former COO of nintendo
Senvest, a mega fund thats actively managed
Norweigan sovereign wealth fund
Fidelity, Vanguard and blackrock own this shit and are never selling they literally dont give a shit
All of WSB has now formed a shield wall against the bears
Microsoft gave GME highly discounted azure deals and free office use for all employees and a revenue sharing agreement. Bears are stupid if they think MSFT didnt vet GME.
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Some valid bear thesis left now (the only ones left) -- Ryan Cohen dies.

2. Now some analysis on the short squeeze and some technical data on puts and calls and ortex data.

Ok everyone on here and their cat, dog, bedbugs and wifes boyfriend knows about the squeeze. Jimmy chill aka cramer even talking about it. Gamestop is literally the most shorted stock of all time and space. The squeeze makes every autist salivate because its basically free money while cucking big money out of like what 1% of their fund.
Although I know all you cucks hate shares, and hate holding, if the squeeze doesnt happen selling is probably the most retarded thing anyone could do. Its literally buy high sell low and you fucking disgust me. STONK ONLY GOES UP.
This squeeze is so monumental that its been sucking sharks in like fresh blood. Most of the funds where shorting this from 30-15 dollars before this year so they didnt really care. It all changed with 2 people. u/DeepFuckingValue and Dr. Michael Burry. These guys are as OG as it gets with GME. I think u/DeepFuckingValue may have even sniffed this trade out before the legend himself. Since then funds will have churned this through their rules and started jumping on this train. Ive been in since $13 with 125 shares. If I had more money Id be buying but im just some stupid student ok. Im merely a medium for this money made information.
The stats for this stock now short wise are, from ortex:
Concrete short interest as of 31 December 2020: 71 Million.
Estimated short interest, January 11th data: (This isnt predicted, this is from data in flow, has margin of error) : 77 Million
Short shares on loan 7 days ago: 50 Million
Short shares on loan now (This breaks the bearish margin calls affect longs more thesis): 54.2 Million
% of known float short: 147% as of 31 December 2020
% of know free float on loaned shorts: 108% as of January 11th.
Some guy on here took into account extra buying on wednesday, Institutions, Burry, RC's extra 7% and WSB ownership (something so stupendously retarded no serious firm will do it) that float on short could be in the 100s of %. Total short float now I would say could be 200-400% if the numbers are correct. This pisses on all other short squeezes. Some countries ban shorting above 100% cos of how autistic it is.
The recent hike in interactive brokers available shares is probably a mix of sell off on friday (remember some guys are now buying lambos with GME money. If they held they could buy 10), calls exercising and puts being covered and brokers ditching the shares. Nakedshort even reported 5 million naked GME shorts on friday. This is bullish as fuck because the best the shorts could do on a red market day was -10%.
Gamestop is still on the SECs threshold list for 27 days now.
This shows naked short selling and downwards pressure hasnt capitulated
Need rockets 🚀 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀:
Ok so now if WSB owns an estimated 6-8% of the stock and we all know to move over to cash accounts now to avoid margin calls, we should be minimizing longs getting margin called. Every bear on stockwits is a clueless cuck who spouts "blockbuster" and these guys dont even know what margin even is so my bet is the colossal 54 Million shares short on loan are gonna be affected by the margin calls more. Why? Because every long on margin is in the green, and now a true zealot/extremist/autist for ryan cohen so will supply their account with collateral to avoid margin call. Shorts are in the massive red zone. How do I know you ask?
Ortex data from Jan 4th 2021:
This is the data from ortex for short interest for Gamestop for Jan 4th
So this shows for jan 4th the estimated short interest is 66.98 Million shares. From the exchange reported 71 Million on december 31st this makes a lot of sense because the share price fell from ~21 to ~17 so shorts took profits. The shares on loan arent for longs too. This is all purely short data, and 47M shorted at $17 this shows.
These shorts are in a circle of hell we cant comprehend and makes satan scared.
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Now for the data for this week:
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Ortex short data for Jan 14th for Gamestop
SHARES ON LOAN HAVE GONE UP. BUT 87% OF LOANED SHORTS WHERE SHORTING AT SUB $20.
Cost to borrow is also up, estimated short interest is up to a cataclysmic amount.
Longs on margin need to supply collateral, but we are in the massive green zone, shorts are underwater. Margin calls will ravage the shorts and sting the longs. We also have the uptick rule in place until the end of the day, so shorts can only short on the way up. Im not saying itll happen but this shit is skewed in our favour big time. we need to 💎🙌💎🙌💎🙌💎🙌💎🙌💎🙌💎🙌💎🙌.
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Seen a lot of talk about Gamma hedging and delta.
You realize that the fucking bankers and brokers dont understand gamma hedging right? That shits up their with the black-scholes equation and feynman-kac solution. Forget about it. The retards claiming to understand it are either payed by hedge funds or lose money. The guy who took out outs thinking options exercising and gamma hedging would lead to a collossal sell off on friday lost money on his puts because no one except some quants in a goldman sachs server room know this shit. The idea is simple about neutral delta on options that people take out, but the simple system interacts with every other thing in the stock market, and wow who couldve guessed it, like nearly any other element of the stock market predicting something by the day is nigh impossible. That guy talking about Gamma , Delta and margin calls is on weeklies. Hes no more autistic and equally retarded as all of us. Hes a chill guy though so dont berate a fellow brother.
Now weve established the likelihood of longs getting margin called is far smaller than shorts, on to the options distributions
Two images now: Top one is before the end of the 15th, the other one is after market close:
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This shows the suspected melvin puts (51000 contracts, 5 Million shares, rolled up from july, strike price $24) and lots of big ITM calls.
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This shows the big put contract didnt get rolled over and the big ITM calls got exercised on friday. Large puts are underwater big timem while calls are in the big tendy zone.
These two graphs, show before market close and after. As we can see the massiver 51000 put contracts didnt get rolled over and the chances that those were melvins july puts rolled up is very high. They expired worthless. Lots of calls are printing big time while huge amounts of puts are worthless and bleeding money.
Something else we can extrapolate from the charts is that massive options trades are not present on the scale we saw before (tens of thousands).
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We are seeing a discrepancy in the number of puts/calls opening up at the higher prices with calls gaining fast. This could show that some funds are now becoming optimistic on the long or short term prospects of gamestop. There are also more puts than options and if we assume this for shorts vs longs on margin (without even taking into account that all shorts are borrowed shares and pay interest further bleeding cash) then shorts are likely on more margin than longs.
Regardless fellow autists my main point is two show that the bears are underwater and the bulls are flying high with regards to options.
Now lets compare this possible squeeze with others.
Bear in mind this is the most shorted stock of all time, but differences in free float change the share price differently.
Kodak went from $2.16 to $33.2
Volkswagen went from ~200 euro to nearly 1000.
Overstock went from ~$21 to $123
Blue apron went from $2.31 to $18
Ive been seeing some estimated that 1 million shares is roughly a dollars move in share price. This maths is about to be pretty autistic so bear with me degnerates.
$1 now is 2.81% of the share price. Everything in the markets is exponential and based on percentages. So if we assume a full squeeze of ortexs estimated short interest (This assumes no sell off and no new shorts, new shorts can be positive or negative depedning on when in the squeeze they happen) $35.5 * 1.0281^77 = $299. GME to moon. 🌑 .
This shit can happen. Hold on.
GME has squeezed and been manipulated before and it always happens around the console cycles. Shorts never win and they wont win now.
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This post right here I found months ago and got me in the squeeze from the honourable and valiant u/Uberkikz aka Rod Alzman
Basically the crayon chart shows green (outstanding shares) orange ( short shares) purple (Market cap) and cyan (Share price). In 2006-2008 the share price rose in tandem with short interest ( Like now ) Until console releases when you can see an abrupt squeeze happend mooning the share price.
This happend to a degree in 2013 with the xbox one but worse conditions for the company and a worse console launch lead to slow short covering but the share price still mooned.
Now we get to the best part. History is repeating itself for the third time and the shares sold short are literally higher than the outstanding shares, which have been decreasing since 2010. Short shares are also at the highest point ever and GME hasnt had a brighter future, well ever. Ps5 and Xbox Series X. are the two most hyped consoles since the Ps2. This is setting up the foundations for massive price movements weve never seen before. This shit has literally never happend, ever. Uncharted waters and we are the captain.
For the insurmountably retarded autists who think that the squeeze has happend look upon this and despair:
https://www.reddit.com/wallstreetbets/comments/kwpf6k/gme_gang_there_hasnt_been_a_short_squeeze_yet/
IHOR IS A MEGA WIZARD
Ihor I quote:

A long-buying tsunami ... is the primary factor for the price move

Ihor Dusaniwsky is managing director of predictive analytics at S3 a firm similar to ortex. He told bloomberg that the squeeze hasnt happend yet and that this was long buying. If someone knows this shit its him. He was talking about the tesla squeeze in january 2020. He has access to resources we can only imagine. Barrons cut his comment that the squeeze hasnt happend yet out it was that fucking bullish. All the media ramming down "Short squeeze has happend" down peoples throats because bears are fucking scared.
The bots on stocktwits spamming bearish sentiment should show how rattled they are.
Edit: You fucking degens just enlightened me that cramer pump is real, funds are ruminating over the long weekend, and stmmy bills pumps stonks and that stimmy bill buys many an xbox. See you at andromeda! Also more rockets.
Edit**: Some autists thought lottery ticket was misleading so instead, gauranteed lottery numbers!**
Edit 3: RYAN FUCKING COHEN TWEETED THE HOMIE JUST TWEETED. PEANUT EMOJI. HES 1) NUTTING 2) SAYING 35 IS PEANUTS 3) GIF SAYS THERES A CHANCE, SHORT SQUEEZE IMMENINT HOMIES
Edit 4: Amazing post here showing that unlucky prize guy was wrong like I said. Ihor also talked about the hypothecation agreement.
Edit 5: This is true and I forgot to add

from u/luncheonmeat79 via /wallstreetbets sent 2 minutes ago
There’s also the chance of a ratings upgrade. Moody’s and S&P have GME at B3 and B-, which is rated “highly speculative”. Ratings are reviewed every quarter, and a review might be due this month (i.e. this coming week or next). Good chance that the agencies might upgrade GME to a B2/B, or even better to the next higher band (Ba/BB).

Edit 6: We are scraping 42 in frankfurt. Granted its low volumes but pre market should open at these prices I think?
Conclusion: Buy shares with cash not margin. Hold shares forever unless RC dies (Shame hes a cybernetic demigod), Melvin bad, Shorts fuk, 🐻 🌈 posting bearish shit are doing weeklies for the second time after they expired red on friday, GME to $200 without squeeze, Ryan cohen a god, GME is still a value play, Good luck have fun.

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Gain Porn
Super happy that I finally squeezed that last bit of theta off this a.m. to lock in that thetabanging five bagger!!!
Holding all cash atm to take a breather and wait for the next set of opportunities to show; definitely expecting more volatility to come in within the next week or so.
Positions closed this morning (so I don’t get banned for not posting positions):

• GME PCS 35/40 Strike Exp 2/12
• AMC PCS 4/5 Strike Exp 2/12
• SPCE PCS 45/50 Strike Exp 2/12

Started with $52k of savings in my RH account during early days of 2020 aka pre-covid era, and been spreading options since then. Strategy is all call or put credit spreads on multiple tickers at any given time, 10-15 DTE, at around 16-40 Delta.
Planning on doing a full writeup of my experience/strategy later if and when I procrastinate on my studies again. Happy thetaganging!
EDIT: Here's my recipe for tendies!
Full Writeup
First off, a little bit of background and introduction. I’m Max (not my real name), and I’m currently pursuing an advanced degree in data science while also working part-time to pay down my student debt.
For years I have lurked and enjoyed basking in the wonderful content the Reddit community has to offer. In fact, I am actually ashamed by the lack of posting on my account, but it’s high time I give back with a detailed writeup of my process to growing my Robinhood portfolio. Strap in and get comfortable, because this one’s a long read!
Full disclosure: RH was not my first brokerage account, and 2020 was not my first rodeo in trading options – I have a primary brokerage that I have been trading with for almost ten years now, and yes, I’ve paid my tuition in the form of both time in self-education and money in account losses long before deciding to plop my savings into RH.
I’m going to preface my writeup by saying that the key ingredients required in making a profitable portfolio are, in unequal parts, a healthy mindset, a trading methodology, patience, and last but not least, luck. I’m still trying to peg a % to each ingredient, still haven’t arrived at a conclusive answer unfortunately.
Healthy Mindset
NGL, this to me is the absolute most important ingredient on the list. As the saying goes, you may have graduated from school, but you still got a ton of learning to do. This means maintaining an open mind and attitude towards learning new things and hearing other people’s opinions (something a lot of people in this world could use!) I used to think I was the bomb when some of my naked call purchases gave me instant 200% returns, but I quickly learned that buying FDs is unsustainable in the long run.
One of the earliest things I also noticed when trading options is that it requires one to process information and execute a set of procedures, which is why attaining peak mental and physical health reduces any margin for error. Early in my trading days, there were times when due to the lack of sleep, I selected the wrong expiration date to my options, which resulted in a panic to correct the mis-action and also execute a “day trade” when I did not mean to. My approach: if I’m not at the right place, at the right time, in the right state of mind, I will not execute any trades.
I also learned that there is absolutely zero room for emotion in this business – the best trades are executed when information is processed objectively, and decisions made swiftly. When emotions are introduced, our actions are easily skewed by human nature. Some common things you’ll hear are chasing after losses or revenge trading, which is a surefire way to blow up your account quickly.
Which brings us to dealing with FOMOs – it’s an unhealthy emotion. Simply ask the people who are bagholding whatever asset they bought at the peak. We need to understand time only travels in one direction, and to prosper we should make our best decisions based on all available information at that point in time. GME and AMC were easily opportunities to FOMO into, but by the time I truly understood what was going on, RH had already placed restrictions on buying, which meant a suppression of demand and potentially cause mispricing and a rush for exit. Time moved on, and so did I – I still cured my FOMO, by selling spreads on both tickers as it came down, and still made away with profits!
On a related note: dealing with YOLOs: please understand what survivorship bias is – for every 1 Redditor who made a massive gains post, there are probably 99 others who blew up their accounts using the same approach and strategy. Putting all your eggs in one lottery ticket is not smart – chances are, you will go broke. In the long run, you’re better off diversifying and executing trades in different baskets to minimize risk and maximize gain.
Finally, like conquering the path to the top of Everest, it’s important to set small, attainable goals along the way. When I first started out, I risked only a small % of my total portfolio with any new strategy, and then gave it time. If and when the strategy is successful, I scale up and then move on to the next small, attainable goal of trying beating SPY’s monthly performance, after fees and taxes of course. Consistent and sustainable gains are hard to attain, but the task becomes easier the more you do it everyday!
Trading Methodology
If you skipped everything above, you’re missing out, big time! Having a healthy mindset is big piece of the puzzle to attaining consistent and sustainable portfolio gains! Anyway, we must first understand that trading is a game of supply and demand, and should be treated as a business; we trade because there is demand for an asset, and because there are profits to be made from supplying said asset.
I did this early on without even realizing that it’s theta-ganging, and before reading a book about the One-Man-Insurance-Company (OMIC), but the strategy of trading credit spreads is essentially the business of selling insurance policies to the people who need it, and collecting a premium until the policy term expires, whether naturally or artificially.
And how do we build a profitable insurance business? By spending a ton of money on clever and funny ads about 15 minutes and 15 percent. JK LOL! If only theta-ganging works that way. Though, who knows, you might find extra 15 percent gains after spending 15 minutes in thetagang!
Like trading, the secret to theta-ganging is looking at things from two key perspectives: fundamental (FA) and technical (TA), both of which will drive supply and demand for the options we sell. We can easily go down and get lost in rabbit holes with each perspective, as the level of knowledge on these are vast and deep. But here’s what I look for when selling spreads: where (which tickers and strikes) and when (which expiration and policy start date) should I sell insurance policies on?
Let’s take a little detour: I believe in market efficiency, in the sense that everything is priced in, at a given point in time. What this means is that when you pull up the price of a certain stock or option, it’s priced correctly at that point in time. However, when time moves forward, new information becomes available, and that’s when price starts to move.
From a fundamental perspective, new information will reprice the stock and move it towards its intrinsic value, while from a technical perspective (imo: a self-fulfilling prophecy), all players in the market will trade around and potentially keep a stock within a range.
Clearly, I’m oversimplifying both perspectives; there’s a reason why there are financial professionals with years of education, certification and/or experience who do this for a living, so please don’t roast me for this. But like solving a good puzzle, you can’t just make do with one piece and throw out all the others – everything needs to be pieced together to give you a clear picture on the final solution.
This is my starting point, so allow me to use GME as an example. As obsolete as the brick-and-mortar video game business is, there’s an intrinsic value for the company and its stock, since there’s new company leadership and strategy along with a restructuring of the company’s finances, not to mention mass speculation buying from the social movement by WSB. If you ask me, FA would put GME in the range of $20-35 (assuming business as usual and post-covid recovery), while TA would peg GME above $50. Both perspectives considered, I would place a smart bet that GME would remain, at the very least, above $40 in the short term, hence my decision to sell a spread with a floor of $40, expiring 2/12.
Regardless, know that the game with pricing in FA and TA is opportunistic in nature, meaning that there’s a component of keeping your ear to the ground to listen for the latest developments in the markets.
Now let’s talk about everyone’s favorite part: execution. Now, what I’m listing here are absolutely methodical, meaning that for every opportunity that arises, I will go through my decision tree to find the perfect pair (of options) that fit the following criteria before I open a trade:

• Underlying – options only, no stocks – do we really need a primer on why options here? In thetagang?? Obviously not, but the main reason to use options is the leverage it gives you when it comes to capital efficiency. More later on how to pick the underlying.
• Credit Spreads – because it takes your leverage game even further, by allowing you to get significant returns on investment, but more importantly it also limits/defines risk – the prime reason why I never sell to open naked positions is to contain potential losses. Whenever you play with undefined risk, the probability of your account getting blown up by a black swan/tail event is not zero.
• Allocation/Sizing – this is very important, especially for credit spreads; for when everything goes wrong, the trade is basically unrecoverable, so you’d have to be ready for a 100% loss. Looking back, I would have positions open anywhere from 3 – 10 tickers at any given time, with a maximum of 90% capital allocation. Smallest position would be 5% of my portfolio, largest around 25% (when I have conviction for the position).
• Strike – largely driven by what I believe the support and/or resistances are for the underlying, based on FA and TA. No one should, and if they do, they should feel bad, for always sticking to a “standard/set delta”. Looking back at my trades, the short legs of my spreads range between 16 and 40 Delta*.
• Expiration – also driven by FA and TA on what I believe the price will be within a particular timeframe. What we do know is that historically, the loss of value for options accelerates as it approaches 45 days of its expiration. I believe I have a better chance of predicting stock prices in the next two weeks, so I usually go for 10-15 DTE.
• Timing – best window between 10:00am and 11:00am and between 3:00pm and 4:00pm (Eastern Standard Time). First 30 minutes tend to carry high trading volumes, with following implications:
  • Erratic options pricing from inaccurate and often wide bid-ask spreads
  • Risk of trading platform failure to load. Also, you can’t win the battle against high frequency trading (HFT) when things move faster than you can process.

*Delta, like Probability ITM at Expiration is only an approximation.
The last and most crucial topic under trading methodology is something I’ve seen asked in many subs on Reddit multiple times: how do I pick a stock/underlying to trade on?
Everyone has different methods, and this is where one can easily gain an edge in trading, and yes, I believe I have my own edge. This topic on its own deserves its own writeup; something for another day, for now I will just say that the information is out there if you go and look for it.
BUT, I would caution everyone by saying that you have to be careful with the information you procure, as the data can easily signal false positives. Not sharing any data sources, sorry, not sorry; unless these companies are sponsoring a portion of my student debts, I will not be advertising any names or links.
Patience
Having FOMO? Fear not! As time moves forward, patience is a key part of this game in waiting for an opportunity to reveal itself before you can pounce!
Now I will say that it is not everyday that I find an opportunity to sell credit spreads on, as this is dependent on events happening around the world (e.g. earnings or economic announcements). But what I can tell you is that I always have ample buying power ready (I’m holding all cash as I’m typing this) for when opportunities arise.
The worst thing to do as a theta-ganger is to randomly open spreads at any point in time with no rhyme or reason – you’ll regret it if volatility suddenly expands!
Luck
Yes, it carries some weight, thankfully it’s not 100%, but unfortunately neither is it 0%. What we do know for sure is that there are things out of our control in life. For example: gravity, the weather, and the President of Russia. (LOL.)
Thankfully, there are things that we can control! No, literally! You can change your luck depending on the choices you make! For example, if you don’t vote, you potentially give the opposing candidate an increased chance of winning the election.
Just know that every step you decide to take in life carries some level of probability with it, and as it relates to trading, you should try and make the moves where your portfolio ends up with a net positive expected value!
Summary
So there they are, my secret recipe with all the key ingredients required to make delicious tendies with your own portfolio!
Praying that my time put into this lengthy and detailed writeup will bring you prosperity in the future, and that it repays my debts to Reddit of not posting enough!
Heads up, I also secured a subreddit under the same name as my account: 1PercentMax to share all my thoughts and opinions in one easy to access place, where I will re-edit this writeup with more context and detail on each line item above for sharing with non-theta-gang Redditors. Thanks for reading!
TL;DR Sorry, there’s a reason why profits don’t come easy. You’re gonna have to take your time and read if you want them gains!

EDIT 3 : CONGRATS TO ALL GME HOLDERS. TRUELY HONORED TO BE PART OF THE GME FAM. 🚀

Introduction

PDF VERSION HERE (20+ pages) with all the references and better quality illustrations but without updates and typo corrections. This is the FIRST VERSION of the post, but there could be more edits. I wanted to do a more extensive DD but as my exams start tomorrow I don’t have more time. If you want to take my work and extend it, please feel free to do so, just give a little shout out.
FIRST AND FOREMOST, SHOUTOUT TO 🚀💎🙌 GME GANG 💎🙌 🚀, YOU’RE IN MY ❤️.
This DD is just my own analysis. I put my money where my mouth is but this is definitely not advice. Do your own DD.
Last thing: Some stuff might be unsourced in this post but everything is sourced in the pdf version. While it’s not impossible that I might have missed some stuff, most of the time I put the stuff that I quote from other sources in italics. My ego is not big enough to feel like reformulating other people’s ideas and even less to steal other people's ideas. All I do is just gather insightful facts, figures, ideas and analysis.

Big picture

1.1 Macroeconomic View

I will be brief here, I think everyone knows what’s up basically.
Figure 1: although the USD is worth a lot less, the S&P 500 is doing alright. Thanks Jerome.
Enthusiasm is the key word here as we are in an environment with a very accommodative monetary and fiscal policy (thanks for the stimulus checks). Equities and Bitcoin hit record highs thanks to positive vaccine news and the markets hope for a fiscal package. The Federal Reserve is going heavy on asset purchases, bailouts and loans. And its balance sheet is expanding as well as money supply. Interest rates are extremely low.
Check for example, the Shiller PE ratio to see the enthusiasm driving the markets.
On a macro-level side from the risks related to the pandemic, the only worrying signs would be the shrinking money velocity or a suddenly-rising inflation (hyperinflation is bullish for stocks but not for the real economy).
That being said, we know how the FED and the government reacted to support the economy and the markets. Low interest rates and weak US dollar which is continuing to depreciate is very bullish for stocks overall.
I keep the macroeconomic view very short for that GME correlation with the S&P 500 is low - about 28% over the last 6 months. Moreover despite GME’s heavy reliance on brick-and-mortar stores, GME continues to get closer to profitability even with the pandemic.
If the pandemic would make the stock market to crash again during the trade, I wouldn't sell at a loss but wait a few days and then buy a LEAPS. This is my plan. Don't follow it, just make sure you have a plan in case it happens, it's important to avoid buying too much the first dip (because you might get a better price later) or worse, avoid a panic-selling and take a loss instead of tendies.

1.2 Sector(s) View

Figure 4: Video game market value worldwide from 2012 to 2023 (in billion USD)
Figure 5: Retail ecommerce sales in the United States from 2017 to 2024 (in million USD)
Video game total adressable market and ecommerce total adressable market keep growing, that's all we need to know on a macro-level. Now, the real question is not about the market itself but about the compny business model.

GameStop Corp.

• Market cap $1.31B
• 1-year performance 209.87%
• Shares outstanding 69.75M
• Short interest 68.13M (97.68% of the outstanding shares)
• Held by insiders Between 13.6% to 27.3%
• Held by institutions Between 110.5% to 122.0%
• Owned by Ryan Cohen 12.9%
• Owned by BlackRock 17.1%

2.2 Timeline

​
Table 1: GameStop timeline.
Short-term the sector is pretty hot with quarantines and the launch of next-generation consoles which will impact positively year-on-year sales growth. The pandemic could have been an opportunity but GME has still too many physical stores and not enough ecommerce presence yet to take advantage of it.
For the next earning release, the question is : how much PS5 and Xbox GameStop was able to get? And how much they sold in bundles (at high margins)?
Although it’s still unclear from what I’ve found it’s pretty bullish:
GameStop Corp. employees across the country were caught by surprise on Saturday when the video-game chain suddenly announced new shipments of the highly coveted PlayStation 5 and Xbox Series X consoles - bloomberg.com/news/articles/2020-12-14/gamestop-employees-rattled-by-surprise-shipment-of-ps4-xbox
inverse.com/gaming/xbox-series-x-restock-walmart-target-gamestop-january-2021
https://preview.redd.it/h8lt7bwhd6961.png?width=774&format=png&auto=webp&s=e29536613629d3d86bce03bc9e4a89a4e983c337
Figure 6 : https://trends.google.com/trends/explore?date=today%205-y&geo=US&q=gamestop
​
https://preview.redd.it/n42qka5prw961.jpg?width=1030&format=pjpg&auto=webp&s=e634ddea7ccf954277a70e57ffa4e957badff22b
The recent Microsoft deal is extremely bullish for GameStop and could help the company to reach profitability sooner than expected. Here are the details about how it could impact GameStop’s profitability:

• In years 3 and 4 combined, if just 5 million customers extend the subscription for two years, GameStop makes $180 million in incremental profit with zero cost involved. That's nearly a quarter of GameStop's current market cap in recurring income at 100% margin. - Justin Dopierala, “GameStop Revenue Sharing Agreement With Microsoft Shifts Sentiment.” SeekingAlpha.

2.2 Business Model and Management

• Gamestop is omnichanneling into online activities according to Ryan Cohen recommendations although it doesn’t mean they will execute it perfectly this is bullish.
  • “GameStop needs to evolve into a technology company that delights gamers and delivers exceptional digital experiences – not remain a video game retailer that overprioritizes its brick-and-mortar footprint and stumbles around the online ecosystem.” Ryan Cohen.

Table 2: GameStop is dangerously (for the shorts) getting close to profitability.

• The company attributes the losses this quarter to the end of the console cycle and the limited hardware and accessory availability that came with that, as well as various game delays, and an 11% reduction in its store base - partially offset by recaptured sales at other locations and online. → The company should be profitable very soon despite being priced for bankruptcy for a long time → Expectations are incrediblly low until recently, more investors are believing in the vision esp. with Ryan Cohen.
• GME e-commerce sales were up 257% year-over-year.
• GME reduced its selling, general, and administrative expenses by $115 million.
• GME repaid $10 million in debt in Q3 2020.
• GME is diversifying sales to include more high margin items like PC accessories, PC monitors, etc (If I speculate, there may be partnerships with certain brands).
• Focusing on loyalty programs like power ups and rebranding.
• As of Feb. 2020, GameStop had 5,509 physical stores.
• GME is closing unprofitable locations: they are closing 1,000 stores in Q1 2021 (by the end of March of 2021).
  • I’d like to quote a fellow GME gang member on this: It's no secret that brick and mortar is falling off, and if GameStop were to fight tooth and nail to remain a largely brick and mortar retailer they would go bankrupt in no time. It is also a fact that underperforming stores drain cash, which lowers net income and thus lowers earnings per share. Any store that is LOSING MONEY or is barely breaking even is keeping the stock price down because it's preventing future growth and killing net incomes. Closing underperforming stores will lead to a higher EPS and more cash that can be allocated to growth. - horny131313.
• Gamestop is rebranding, and shifting to becoming the one stop video game and video game related product online retailer. While we haven't seen exactly what this will be, it is bullish to see them pivoting into other products besides just video games. Headsets, TVS, PC parts, you name it. You've seen the omnichannel memes, but we know that If they are bullshitting, Cohen will step in. Expect to see real progress made.

Some words from the last earnings:

• "We anticipate, for the first time in many quarters, that the fourth quarter will include positive year-on-year sales growth and profitability*, reflecting the introduction of* new gaming consoles*, our* elevated omni-channel capabilities and continued benefits from our cost and efficiency initiatives*, even with the potential further negative impacts on our operations due to the global COVID-19 pandemic.*" George Sherman, CEO.

Possible catalysts (from KYJELLYTIME69):

• A possible new Nintendo console release in ~1-2 years
• Currently distressed commercial REITs = ability to negotiate lower rent = more $$$
• Likely return of inflation (debatable but money supply ballooned and we are seeing velocity pick up a bit) with JPOW promising to keep rates at 0% even when inflation comes back = bullish for all stocks, bears will get slaughtered
• OG printer Yellen manning the treasury in a month + possible dem senate = more stimmy checks = more money going into GME
• If sales improve and balance sheets continue improve, we might see more credit upgrades
• Better sales = possible dividend reinstatement, I couldn't care less about dividends but guess who's going to be paying? The shorts lol. If Sherman had balls, he would pull an OSTK and announce a special dividend , which will actually lead to a short squeeze while wsb laughs collectively as we get meme returns from this boomer move.

2.3 The Short-Squeeze Thesis

​
Figure 6: Stare statistics from Oct. 2019 to Nov. 2020
In terms of metrics, the DTC (days-to-cover) actually decreases, lowering the probability to get a short-squeeze short-term. Don’t get me wrong, this DOESN’T mean that it can’t happen, the % of shares shorted is still crazy high.
Days to cover: It gives investors an idea of potential future buying pressure. In the event of a rally in the stock, short sellers must buy back shares on the open market to close out their positions. Understandably, they will seek to purchase the shares back for the lowest price possible, and this urgency to get out of their positions could translate into sharp moves higher. The longer the buyback process takes, as referenced by the 'days to cover' metric, the longer the price rally may continue based solely on the need of short sellers to close their positions. Additionally, a high 'days to cover' ratio can often signal a potential short squeeze. This information can benefit a trader looking to make a quick profit by buying that company's shares ahead of the anticipated event actually coming to fruition. (Investopedia).
In terms of corporate actions, here is a quote from September mentioning the hostile takeover from Ryan which would trigger a massive short-squeeze, here is the explanation:
Short Squeeze Potential - If Ryan Cohen successfully negotiates a purchase price with the Board then the shareholders will have to vote on it. Unlike the proxy battle where Hestia and Permit were running a minority slate of directors, an offer to purchase GameStop would force institutions like Vanguard and Blackrock to call in their shares. By doing so, the shorts would be forced to close out their positions and GameStop would finally have the greatest short squeeze of all-time. Ironically, Cohen could use this opportunity to sell all of his shares and use the proceeds to entirely fund the acquisition of GameStop going down as the first person in history to acquire a billion dollar company... for absolutely nothing. In fact, his acquisition price would be less than zero. It will be exciting to see how it all plays out as according to Bloomberg/WSJ there are now 58 million shares short as of 8/31/2020 with only 65 million shares outstanding.
If I were short, I'd be sweating bullets right now. This won't end well and will ruin many.
Justin Dopierala is President and Founder of DOMO Capital.
How to know when the potential short-squeeze could happen?

• Massive volume in short dated calls. [...] If you have shares, DO NOT SELL COVERED CALLS FROM THEM. by doing this you make the likelihood of a squeeze decrease. - horny131313
• Unwind their short position with some behind closed doors deal. A scenario like this could include: Melvin offering shares of other stocks at discounted prices in exchange for GME shares or to unload a portion of their short shares. The second party to this deal could also offer to buy GME shares for higher than market prices - horny131313

If you want to do a further analysis on short-metrics I put some additional figures - you might find some kind of pattern idk.
Figure 8: Share statistics of December 2020
Figure 9: Available shares to short vs. fees in %.

2.4 Is GME Manipulated?

Maybe.
I know there is actually a prob. with the % daily returns (it isn't equal to 100% BUT the proportions still hold true on a non 100 point basis). The main point is that: negative daily returns were much higher than positive ones.
If you are familiar with the stock market, you might have noticed that winners do not act like this usually: total return was +21% yet there has been 53.3% red days. If you look at regular stocks which have positive cumulative returns it doesn’t happen that often (outliers aside).
This is why I suspect that the stock is being manipulated but the weird stats might be explained just because the stock kept being shorted although it was not enough to keep the price down.
Another opinion on this:

• Melvin and BoA both have short positions, and are desperately trying to drive the price down. Unfortunately, it is getting harder and harder to convince people that gamestop is a failing business. They are sweating and will continue to sweat. Given the buy side volume, they could close these short positions gradually without triggering a massive squeeze, however it WILL drive the price up significantly higher than it is now. - horny131313.

2.5 What 2020 Has Taught Us?

I think at this point it is the wrong question to ask (is the stock being manipulated?). To me, the most important thing is what is the upside potential and the risks associated? Then, how to trade GME?

• If you're new to gamestop, the volatility will seem scary but the shorts fight hard with this one. -10% days followed by +20% days are not unusual. - horny131313

I would like to elaborate on this very idea. For this, check GME statistics for 2020:
https://preview.redd.it/t05xum2zc6961.png?width=764&format=png&auto=webp&s=b2e092560bba3b3091a6fe8bf0bceea2ce7b9f5c
https://preview.redd.it/odbxo3sxc6961.png?width=772&format=png&auto=webp&s=7897f1dac841aa381b916046c3652e2d2c4ece68

• Whether the stock is manipulated or not, MOST of the 2020 trading days were negative.
• The worst daily returns were hard to handle honestly we are talking multiple worst than 14% daily drawdowns.
• You could more than triple your money WITHOUT LEVERAGE.
• Let’s say you bought late Apr. and sold late Aug. you could have been at -13% returns and +31% the next week if you had diamond hands. For the real diamond hands you had +147% returns the next 2 months.

Psychologically this was a hard trade for sure. But for those who had diamond hands, it was pretty amazing. If you don’t feel comfortable being at -20% or even -30% returns for months before the stock literally BLOWS UP… Reduce your position and diamond hand with a smaller size. Better to win with less than lose with a lot…
TLTR: DIAMOND-HAND THIS OR DON’T TRADE THIS AT ALL.

Risks

3.1 Upside Risks

• RC Ventures LLC increases its stake.
  • It could be VERY soon. On the 31 December 2020, someone bought 900K shares, it could be Ryan Cohen given the size of its last purchases:

Figure 10: Last RC Ventures GME Purchases. Notice how the biggest numbers (e.g. 800K & 500K) while the smaller ones weren't (e.g. 320K, 256K or 128K).
Figure 11: Check who tweeted this on the same date as the 900K shares purchase?
EDIT : the recent 900K-share purchase after hours were not "purchases", it was quarterly option settlement. - KYJELLYTIME69.

• This is very bullish because after the disclosure of additional buying from Cohen last time, even though it strangely took 1 full trading day for the market to pop up, GME shot up 29%.
• Surprise investors with their holiday sales and/or EPS.
  • GME will more than likely beat earnings next quarter. I won't go into much detail into this because it is not my expertise, however u/Uberkikz11 has done some amazing DD and has been doing so for a long time. This guy literally goes into GameStop stores to get his information. Read this: https://www.reddit.com/wallstreetbets/comments/kh9na8/gme_4q20_financial_model/ - horny131313
• RC Ventures LLC gets more than one seat on the board.
• RC Ventures LLC begins a hostile takeover.
  • On top of its increasing stake, Ryan is supported by both a lot of small and now large investors too.
  • Moreover “there is a decent amount of evidence that Ryan Cohen spent the summer of 2020 hiring a badass lawyer and crafting a pretty solid plan to wrest control of a struggling Mall-based gaming retailer from its out of touch Boomer Board and CEO so he can turn it into an ecommerce juggernaut like his baby Chewy. the attorney listed on each of the 13Ds filed by RC Ventures. [...] Chris Davis, Activist Attorney Extraordinaire and His Successful Use of the Consent Solicitation to Remove Dipshit Boards/CEOs” - CPTHubbard.
• Moody's Upgrades GameStop's credit rating a second time in a row
  • Hoping for a PR soon confirming the recent redemption of the 2021 notes. Potential credit upgrade from Moodys could come now that GME has officially redeemed 63% of their 2021 notes. If we don't get that now, we should get it in March when the entirety of the 2021 notes are retired. Debt considered investment grade and not junk is a big positive and one most overlook. - Stonksflyingup
• Short sellers close a part of their position huge short position.
• A major hedge fund takes a significant position on GME.
• Dividend reintroduction.

3.2 Downside Risks

• New short sellers open a position and current ones scale up theirs.
• Momentum towards profitability dies out and the company goes bankrupt.
  • Honestly if you read this far you know this is extremely unlikely.
• Share dilution.

3.3 Overview

​
Table 6: Upside risks
Table 7: Downside risks

3.4 Commentary

Figure 12: GME is one of or even THE most shorted stock for its valuation (in terms of % short interest).
This means two things:

• It is very unlikely for the shorts to continue to short the company especially when its credit rating is being upgraded - we will see if it keeps getting upgraded or not in March.
• If the shorts get to short it more (or new short sellers open a position) it will:
  • Drive the stock price down (lower market cap), drive the short ratio higher making the unwinding of the short sellers even harder and as a result making the probability to have a short-squeeze VERY BIG if good events happen moving forward.
  • Push Ryan Cohen to accelerate its plans.
    • I will personally increase my share-position if it happens.

Conclusion

4.1 Prices Targets

Here is a summary of my post:
When the short % of free float went from a high point (~160%) at around February 2020 to a low point (~140%) - which by the way are in absolute terms both huge numbers- the stock went up ~94% BUT most of the gain took place at 2 key moments: at the recovery of the market crash and then in late August which shows that 💎🙌-ing is key to capture most of the gains.
Figure 13: GME returns from 3 Feb. 2020 to 1 Sept. 2020
Why do I say this? Because when holding the stock you could “feel” like you bled when you watch the stats:

Positive daily returns	Negative daily returns
49.3 %	50.7 %

But IT WAS IN FACT THE SHORT SELLERS WHO BLED HARD:

Best daily return	Worst daily return
23.0 %	-13.7 %

Imagine you sold GME when the -13.7% happened. You would not have captured the 94% returns. So just 💎🙌 and let those shorts go bankrupt.
Table 8: PTs.

4.2 Valuations

“Wallstreetbets - GME 4Q20 Financial Model 🚀 🚀 🚀.” Reddit, www.reddit.com/wallstreetbets/comments/kh9na8/gme_4q20_financial_model/.
“GameStop Rips Higher as Hedgeye Pitches the Long Side of the Trade.” SeekingAlpha, 23 Dec. 2020, seekingalpha.com/news/3647009-gamestop-rips-higher-hedgeye-pitches-long-side-of-trade.
Thanks for reading.

4.4 Letter to the GME Gang

💎🙌 🚀
BIG SHOUT OUT TO THE ALL THE MEMBERS OF THE GME GANG.
I WILL MAKE MORE DDs IN THE FUTURE IF YOU LIKE THIS ONE.
I AM NOT DELUSIONAL OR COMPLETELY DUMB I KNOW THE TRADE IS RISKY BUT IF WE ARE RIGHT, WE WILL MOON THAT IS FOR SURE.
LET’S MAKE HISTORY WITH THIS ONE.
GME GANG 4 LIFE.
Sincerely yours,
ShortTheNasdaq, a proud member of the GME gang.
💎🙌 🚀
EDIT 2: Delos Capital Advisors turns BULLISH for GME throughout 2021 (https://www.cnbc.com/video/2021/01/05/stocks-to-buy-in-2021-strategist-names-three-top-picks.html).
MORE LINKS (not included in the pdf):
https://finance.yahoo.com/news/implied-volatility-surging-gamestop-gme-135401645.html
https://www.reddit.com/wallstreetbets/comments/krdqp5/gme_4q20_financial_model_update/
https://www.reddit.com/wallstreetbets/comments/krgvq6/gme_gang_digital_is_the_rebirth_of_gamestop_not/
https://www.reddit.com/wallstreetbets/comments/kr98ym/gme_gang_we_need_to_complain_about_naked_short/
https://www.reddit.com/wallstreetbets/comments/kr02y8/gme_gang_18_consecutive_days_on_nyse_threshold/
https://www.barrons.com/articles/gamestop-stock-soars-as-short-sellers-take-a-hit-51610572262
https://www.bloomberg.com/news/articles/2021-01-13/heavily-shorted-gamestop-soars-most-ever-as-day-traders-circle
FAQ 1 : Is GameStop going bankrupt? 300%+ yearly growth ecom sales, already closing top ~20% of their most unprofitable locations, high margin partnership with Microsoft, new gaming console generation, Moody's recent credit upgrade on 8 Jul 2020 from C (negative outlook) to B3 (stable outlook)... So extremely unlikely.
FAQ 2 : GameStop employees complain about the company, so is the stock going down? Well listen to Apple's iPhone manufacturers or Amazon employees... There is no correlation between their words and the stock price, if any there is a negative one.
Positions: shares, Nov. calls and some cash on the sidelines to buy the dips.
PDF VERSION HERE (20+ pages) without the corrections and updates but with ALL the references if you want to work from this post or dive deeper on certain points.

Here is the complete version of this graphics guide:

https://matthewscouch.wordpress.com/2020/12/16/run-cyberpunk-at-60-fps-on-amd-hardware-a-comprehensive-look-into-cyberpunk-2077s-graphics-settings-and-why-they-matte

GUIDE PROPER

This Reddit post is just a snippet of a more verbose and in-depth analysis on Cyberpunk's graphics settings. If you want the detailed version with more boring words and images, just clink the link above. If you're tired of clicking, then settle down here.
This guide is intended for people who have mid-range GPUs, specifically AMD, that doesn't have DLSS. But this guide can also be enjoyed by other low-end and high-end users from either camp, provided RTX-specific effects are out of the equation. In here, we will be finding the perfect balance between consistent, playable performance at 60 plus fps, and perceivable quality. The reason I say perceivable is because we tend to attach quality to the text that describes a specific setting: like "very high" or "ultra". But we should be focusing on how the game looks according to our naked eye, not according to how the menu says it looks.
More importantly, this guide will help you explain WHY these graphics options matter and which of these should you focus on more than others. Because I know you're not just toggling graphics settings simply to get good-looking visuals and for arbitrary frame-rate numbers to go up; you also want peace of mind. You struggle with fiddling around with the graphics options, playing a bit of the game, and still having that gnawing itch at the back of your mind, doubting whether or not you've made the "best" settings combinations for the "best" immersive experience. You're desperate to settle this introspective tug-of-war once and for all so you can finally move on and actually play the game.
I am that person. And this is exactly why I made this guide.
My current hardware is:

• GPU: Sapphire 5700xt nitro plus
• CPU: 5600x Ryzen CPU
• RAM: Crucial Ballistix 3600mhzcl16 of RAM.
• SSD: Adata XPG SX8200 Pro

A lot of you may be wondering, this setup is ONLY mid-range? Well I am basing my definition of mid-range on my GPU. The 5700XT nowadays is nowhere near the top of the card hierarchy compared to last year. And ultimately, it's the GPU that determines the overall mileage of your game performance.
This was recorded using AMD's Radeon Software. And because I'm AMD, there will be no RTX settings to be discussed. Currently, the game is patched to 1.04.
Before going into our benchmarks, it is important to distinguish what constitutes normal gameplay from specific scripted events. Focusing too much on on-rail sections for their low performance numbers may just be a futile effort since these moments are one-time events that are rarely repeatable in regular gameplay. Lastly, graphics settings do not impact all scenes with the same level of intensity. Some settings are greatly significant indoors, some during outdoors, and some during close-up conversations.
If you like a supplemental video and see the same optimization guide in action form, the settings video guide is right here: https://www.youtube.com/watch?v=Vtl73Gv-5IQ&t=32s

BENCHMARK POINT

Before we proceed with the optimization, let us first establish a reference point for our guide. For this I decided to use all max setting at 1440p and picked an intensive location at night as our benchmark point by which we would be able to compare our optimized settings later on. Because I have already used up the 20 image limit on this page, I will just be giving you the facts now. You will still be able to see the BEFORE OPTIMIZATION image in the results at the very bottom.
Our current FPS is at 30 FPS. We will be targeting 60 and beyond without too much sacrifice on visual quality. Now let's proceed with the different settings.

HUGE DISCLAIMER!

My results may hugely vary with yours. Remember that even though I have a mid-range card, I still have 3600mhz CL16 RAM and a 5600x CPU. Settings that may be CPU-intensive for others may be non-existent in performance gains for me. Also remember that not all FPS differences between settings are the same for all hardware configurations. The differences between medium and high on my machine maybe 5 FPS, but for others it may be 10 FPS. So please keep that in mind. I will also be notifying you of which resource they are utilizing as we go through each of them

SETTINGS WITH NO PERFORMANCE IMPACT

Basic Section
Everything in the basic section where motion blur and other post processing effects can be found. Just adjust them according to you preference.
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Advanced Section

• Contact shadows: GPU-related
• Improved facial geometry: I have no idea
• Local shadow mesh quality: Can be CPU-related
• Cascaded shadow range: CPU-related
• Distant shadow resolution: Can be both CPU and GPU-related
• Max dynamic decals: Both CPU and GPU-related
• Subsurface scattering quality: GPU-related
• Level of Detail: CPU-related

All the above I can turn to high or on without significant performance impact. When looking at graphics setting in-game, the two "local" prefixed shadow settings affect shadows cast by light sources and the next two, the one prefixed by "cascaded" - affect shadows cast by the sun. Note that the shadow settings we have just both set to high relate to both indoors and outdoors. But they simply refer to the range by which they're being drawn and the consistency against relative light sources. These do not affect the resolution of the shadows themselves. Hence, they have a non-existent effect in performance.
Subsurface Scattering
Also important to take note is how subsurface scattering affects how light bounces off the skin. It's very fortunate that it has minimal impact to frame rate while reducing shadow graininess and improving light dispersion on character's skin especially when being hit by light. Just set this to high and worry no more.

A NOTE ON CPU-BOUND SETTINGS

Remember the settings above that are CPU-related? I have read replies on this post that some of those settings resulted in frame-rate loss when toggling them on high or on.
These are:

• Cascaded shadow range: CPU-related
• Distant shadow resolution: Can be both CPU and GPU-related
• Max dynamic decals: Both CPU and GPU-related
• Level of Detail: CPU-related
• Crowd Density: CPU-related

Please be aware that these settings will matter depending on your CPU's single-core performance. The reason I am NOT having problems with these settings is because the 5600x has truly remarkable single-core performance.
^{See 5600x's impressive single-core performance results on CPU-intensive games here: https://www.reddit.com/Amd/comments/jxslr1/using\}ryzen_5600x_with_only_2400mhz_ram_on/)^{https://www.reddit.com/Amd/comments/jxijtm/i\}am_shocked_5600x_runs_the_original_2007_crysis/)
For now, we will be looking into these GPU-bound settings first for two reasons:

1. GPU-bound settings should be given topmost priority since it is the hardest hitter to game performance
2. CPU-bottleneck issues are hard to spot without determining first where your frame rate drops are coming from. Is it because of a CPU or a GPU bottleneck?

This testing order will then allow us to identify whether or not CPU bottleneck still exists afterwards.

SETTINGS WITH SUBSTANTIAL PERFORMANCE IMPACT

Now that we've ruled them out, we will be looking at the settings that are noticeable both visually and performance-wise. First up we have the other two shadow settings. While previously the shadow settings we've adjusted relate to the consistency and range by which they're drawn, now we're changing their resolution. This is why they're significant in GPU performance.

Local Shadow Quality

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Local Shadow Quality High
Local Shadow Quality Medium
Local shadow quality can increase fps but remove interior and artificial light shadows. For this I recommend medium or high shadows. This setting is also relevant at night since cascaded shadows are replaced by local shadows due to the sun being absent and artificial lights take its place. If your frame rate drops below 60 during interiors and night scenes, try setting local shadow quality down to medium. I personally use high for this one. Take note that this also affects character shadows being projected by artificial lights - including yourself.

Cascaded Shadows Resolution

Next we have cascaded shadow resolution which affects the resolution of shadows cast by the sun. For this I recommend turning down to Medium just to gain 3 to 4 fps during outdoor scenes while still maintaining a smooth, soft-edged shadow quality. Just don't go low since it looks pixelaty bad.

Volumetric Fog Resolution

Next, we move on to volumetric fog resolution which I think is one of the sneakiest hitter settings since it is not noticeable visually but performance-wise it's a hog. This affects both indoor and outdoors scenes as well.
Volumetric Lighting Medium
Volumetric Lighting High
Volumetric Lighting Ultra
In here, we could see the biggest performance gain is going down to medium from high. Note that all settings contain dithering fog in some way - even on ultra. This is more noticeable when you're moving. There's just a slightly less pixelation inside the volumetric fog itself on ultra compared to medium but this is a highly recommended medium for me. If the dithering and "crawling" fog effect bothers you, then go ahead and go higher. Just don't blame me if your frame rate drops under 60 since it will affect performance even during the day. That's why I recommend medium. Let's move on.

Volumetric Cloud Quality

Cloud quality is exactly what it says. Toggles the volume of clouds, turning this off removes clouds in the sky while gradually increasing setting adds more volume to it. I just recommend any setting since it has close to zero performance impact. Maybe one or two fps when outdoors, but not enough to really warrant your attention. You can even turn this off if you want since probably you would be playing the game looking forward - not looking up into the sky.

Screen Space Reflections

Next up we have screen space reflections. This is the biggest hitter to performance when toggled all the way up.
SSR: Off
SSR: Low
SSR: Medium
SSR: High
SSR: Ultra
SSR: Pyscho
Note that choosing the off setting will toggle baked in reflections instead which look very bad and laughable. Trust me, this looks even worse in motion. Also turning SSR off removes reflections from wet roads and specular surfaces. Going from low to Pyscho increases the range of objects that is being reflected by a particular surface with Pyscho just brutally murdering your framerate.
There's also some sort of temporal noise around objects that gets more noticeable when going down to low from Pyscho. It has that grainy look to some reflective surfaces. For this I simply recommend medium since it strikes the perfect balance of having that reflective quality with minimal noise and a healthy performance increase. You can go high on this one if you have the frame rate budget, but considering the next step ultra is very similar to high performance-wise, you can just go up there instead. It all depends on what matters most to you. Turning this off should be your last resort since it removes reflective properties entirely and impacts the aesthetic of the game especially during the night. Some people, especially on this guide's reddit post, prefer it off to avoid the "visual noise". But those baked-in cube-mapped reflections just look so bad I'm unable to notice the noise in hindsight.

Ambient Occlusion

For ambient occlusion, I recommend medium. High may indeed add more depth shadows under more objects, but this is so unnoticeable compared to the number of frames it reduces.
AO: Off
AO: Medium
AO: High

Color Precision

Next is my personal favorite - Color precision. This guy is probably the sneakiest bastard on here. Not only does it sound unimportant and trivial, finding the difference between it on and off is next to impossible. However, this option can actually determine whether you can reach 60 or not. And unlike other settings that matter only on scenes that call upon them, color precision is constantly taking effect and so will reduce your frame rate at all times. Take a look at this certain spot in the game. This is one of the most demanding scenes that I've been and it all comes down to color precision to be set to medium for our frame rate to go beyond 60 fps.
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Color Precision: Medium
Color Precision: High
Look at the difference in performance that it brings. But can you see the difference visually? Zoom in on these pictures if you can find Wal--I mean any difference. Looking closely on still shots, there's maybe a hint of blurriness to the medium setting compared to high but how will anyone notice this during normal gameplay is beyond me. Colors are still exactly the same without no dithering whatsoever so it's still a mystery to me what it really does.

Mirror Quality

Finally, we have mirror quality. This obviously affects scenes where mirrors are rendering your reflection. The very start of this game makes this setting known and probably made the worst impression ever if you had this setting turned to high before starting the game. For my end, I find the medium setting to have the perfect balance of reflective resolution and performance. It's not a perfect 60 during mirror scenes even on low, but medium is a perfect-trade-off for me and these are limited gameplay moments that don't require frame-rates to be over 60 for an enjoyable experience.

Static FidelityFX CAS

Going down to the very bottom we can specify a static internal resolution. This is my final cherry on top. Since I'm on 1440p, going down to 75 percent would lead me back to 1080p, so I'd want to avoid it. Hence I will be finding the sweet spot between 75 percent and 100 percent which would give me constant 60 fps on regular gameplay. The percentage that works for me is 85 percent.

UPDATE: Dynamic FidelityFX CAS Works Now

This option is now functioning correctly in 1.04. If you find Static FidelityFX to be too restrictive, this is the best option. What I advise you to do is:

1. Load your own benchmark save point that reports lowest FPS you can get because of GPU bottleneck. The reason for this is for us to be able to set the gold standard by which every other section in your game would be guaranteed 60 fps and above.
2. Find your own optimized graphics settings using this guide as - your guide. Don't ever move in that loaded save point for accurate results.
3. Use Static FidelityFX to find the perfect resolution percentage which gets you just above 60 fps. Maybe give 1 or 2 frames above it for allowance.
4. Turn off Static FidelityFX and set the same percentage value above to the minimum resolution target of Dynamic FidelityFX.
5. Set Maximum resolution target to 100.
6. Set your own target framerate lock to the threshold by which you would like the game to drop resolution. It can be at 60 sharp, or it can be anything above it.

As a freesync monitor user, I prefer my framerate to be prioritized first before resolution so I set my target framerate at 68 and minimum resolution at 85. That way, the game will try to render at native resolution but will drop to 85 percent of my resolution when it gets below 68. Simple as that.

USE TRIXX BOOST INSTEAD OF STATIC FIDELITYFX

If you have the 5700xt from Sapphire, use the TriXX boost software to enable the 85 percent of your native resolution instead of using AMD's FidelityFX. This allows you to select an arbitrary resolution that's 85 percent of your native resolution rather than having the game constantly downsample native 1440p down to 85 percent and upscale it back to your native screen as you play along. This is more CPU-friendly and I can confirm - a frame higher than the same 85 percent of Static FidelityFX. However, there is slight noise and aliasing when using arbitrary resolutions such as these. Use at your own discretion.

OPTIMIZED SETTINGS SUMMARY:

So far, this is what we've done.
1.) Turn ALL toggable settings On and ALL slider settings to High
2.) Turn to Medium ONLY these settings:

• Cascaded Shadows Resolution
• Volumetric Fog Resolution
• Screen Space Reflections Quality
• Ambient Occlusion
• Color Precision
• Mirror Quality
• Optional: Local Shadow Quality, Volumetric Cloud Quality

3.) If you are not Sapphire GPU owners: Use 80 to 95 percent resolution slider at the very bottom. If you have Sapphire GPUs, use TriXX software to enable 85 percent resolution for your chosen native resolution and select it in-game instead of the the AMD FidelityFX slider.

YOU FORGOT ABOUT CPU-BOUND SETTINGS

No I didn't. In fact, this is the perfect time for that. Now that we've made the necessary changes to alleviate possible GPU bottlenecks through our settings above, it's time to evaluate your current performance. Answer these two questions:

1. Are you still having framerate drops below 60 fps?
2. What is your GPU usage percentage?

Here are my next recommendations based on your answer conditions:

• If you are NOT dropping below 60 fps and GPU usage is at 99 percent: you are GPU-bound and have met the main objective of this guide. This is the ideal scenario we want to be in. Congratulations.

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• If you are dropping below 60 fps and GPU usage is at 99 percent: you are still GPU-bound and our settings are not enough to reach 60 fps. Consider dropping down ONLY the settings I've specified in STEP 2 of our OPTIMIZED SETTINGS SUMMARY. You may fiddle with other settings but these will be more apt for the next two conditions.

​

• If you are dropping below 60 fps and GPU usage is BELOW 99 to 95 percent: You are now being CPU-bottlenecked. Consider adjusting these options only:

1. Cascaded Shadow Range
2. Distant shadow resolution
3. Max dynamic decals
4. Level of Detail
5. Crowd Density (Only choose low if you're speedrunning the game)

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• If you're NOT dropping below 60 fps and GPU usage is also BELOW 99 to 95 percent: You are CPU-bottlenecked but not in a bad way. You just have a good GPU, go flex it if you want. Maybe you're in the middle of a CPU upgrade transition. Still, if you want more FPS, consider adjusting the same options above if it makes any changes:

1. Cascaded Shadow Range
2. Distant shadow resolution
3. Max dynamic decals
4. Level of Detail
5. Crowd Density (Only choose low if you're speedrunning the game)

FINALLY: THOSE CPU-BOUND USERS SHOULD DO THE NEXT STEP BELOW

THE INFAMOUS HEX EDIT OF THE GAME'S EXE

This reportedly improves utilization of CPU threads for AMD users. You can find lots of tutorials around the net for this one so I'm not going into detail on this. However, before you apply this fix, take note of where you fps drops are coming from. Are they GPU or CPU bottlenecks? If your frame rate drops while GPU usage is also dropping and you're using a Ryzen CPU, then this fix might be for you.
But if your frame rate drops while your GPU usage is at 99 percent or around that, then the benefit gains you may be getting would be smaller than you expect. This fix will be primarily ironing out the 0.1 percent lows of your playthroughs rather than your FPS average IF you are GPU-bound. If you're trying this out because you wanted to increase FPS at 1440p, your gains may be very small. I recommend this to people with 1080p screens and are experiencing CPU bottlenecks during their sessions. It wouldn't hurt to apply this regardless though, especially for AMD users. Just don't expect mind-blowing results if you're already GPU-bound.

Memory Pool Budget Adjustment (Possible placebo for me)

I've seen this all around the Net and while I can't definitely speak in behalf of those who benefited from it, I think this is just placebo. Benchmarks I've seen that provide "evidence" for this fix are simply within the margin of error to be called anything substantial. However, this could be of huge help to those who are memory limited - both VRAM and system RAM. This is just simple to do:

1. Simply go to "..\Cyberpunk2077\engine\config" and open memory_pool_budgets.csv . Simple notepad will be able to open this file.
2. Find the PoolCPU and PoolGPU rows and change the values inside the PC Column to 0. Some are setting calculated static values for these but I would strongly advise against it.

What does this mean? Well, it turns out memory allocations for the PC version are set exactly the same as our last-gen console brethren. Xbox and Sony machines are just beside PC and are named Durango and Orbis respectively. What we've done is unshackle restrictive memory allocations for our version and set them dynamically. I am not an expert on this one that's why I can't recommend this as something important and mandatory. But you could still try this out and report back its validity.

RESULTS TIME! drum rolls

Now let's compare my chosen benchmark points before and after our optimized settings. Remember what we discussed at the very start? I was reporting 30 FPS on all Max settings at 1440p.
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Maxed out settings at 1440p
Optimized Settings at 1440p
Let's also not forget some closeup scenes in this game since these are also graphically intensive as the open world sections. I've chosen this Streetkid intro section as this is one of those discouraging performance moments I've experienced. (Makes you feel bad about your GPU)
Maxed Out settings at 1440p
Optimized Settings at 1440p
Look at how drastic our performance has become. Is maxed out settings any different from our optimized settings? Maybe, if you squint too hard on your screen. You be the judge. For me, the image quality still looks similar for the most part but it's in the performance that the difference is huge.

MY OTHER ALTERNATIVES FOR CONSISTENT PERFORMANCE

What if you're still unable to reach 60 fps after this guide? Well, here are my recommendations for a next-gen cyberpunk experience with high graphical fidelity and consistent performance:

• Make a compromise to the 60 fps standard and lock your game to 30 fps but ramp up your settings to ultra. This results in consistent frametimes albeit in a lower framerate but you're getting the best fidelity.
• Lower ONLY the settings that I specified to be on medium to low. Do not change those settings that are already on High since they will give you nothing. Maybe they will if you're on very low-end hardware, but for me, you should not be playing the game on lower-end hardware since you're just gimping the experience both visually and performance-wise. Wait till you get better hardware for the game experience to be given its due justice. This is not a jab at you or some sort of snarky remark, just a friendly advise.
• Double down on that rendering resolution slider and decrease it until you reach 60 fps. Be prepared for blurry town but that's your choice.
• You can also try "downgrading" to a smaller 22-inch IPS monitor with 1080p native resolution to get a high pixel density while gaining huge performance. My advise would be to never go beyond 22-inches 1080p for the PPI (Pixel Per Inch) value to not drop below 100.
• If all still fails, well maybe it's just the time for you to get a better hardware if you cannot wait for future patches to fix the game.

________________________________________________________________________________________________________
TLDR:
If you're using mid-range GPU along the lines of 5700XT or 5700, with a decent 6-core Ryzen CPU, do these steps:
1.) If you are GPU-bound: Turn ALL toggable settings to On and slider settings to High
If you are CPU-bound, instead go to step 3
2.) If you are GPU-bound: Turn to Medium ONLY these settings:

• Cascaded Shadows Resolution
• Volumetric Fog Resolution
• Screen Space Reflections Quality
• Ambient Occlusion
• Color Precision
• Mirror Quality
• Optional: Local Shadow Quality, Volumetric Cloud Quality

3.) If you are CPU-bound, apply the hex edit fix and adjust these settings ONLY:

• Cascaded shadow range
• Distant shadow resolution
• Max dynamic decals
• Level of Detail
• Crowd Density

4.) If you are not Sapphire GPU owners: Use 80 to 95 percent resolution slider at the very bottom. If you have Sapphire GPUs, use TriXX software to enable 85 percent resolution for your chosen native resolution and select it in-game instead of the the AMD FidelityFX slider.
That's all for me, I hope this helps a lot especially those mid range users out there who think they need to grab a 3080 or 3090 just for this game. Be aware that current pricing for these cards are waaay beyond the MSRP. Please comment down below if I missed or misinterpreted anything. I am not a graphics expert of any kind; just some nerd who like to dig deep into the details of stuff.
Did my guide help you in any way?
I will be trying my best to respond to each and every comment coming from you.
Thank you again and stay safe!

SAD UPDATE:

After giving the game hours of chances for its fundamental design quirks to grow on me, I've decided to stop playing this game. This is not the proper state that this game should be played in. I'm not talking about the performance since this is fixable as what the guide below will show; it's not even the bugs, the graphical glitches, or the collision issues. These are all treatable by future patches.
But it's the actual game design itself that's currently incomplete and disjointed. Dialogue choices don't matter and it's insulting to include conversation options when there aren't even substantial consequences to be had in a game that's supposed to be an RPG and inspired by a tabletop RPG.
The AI is atrocious. NPCs behave like they were coded by high school students learning their first coding lesson. Their routines, if you can even call them that, are so basic and superficial that AI pedestrian traffic simply stop working at checkpoints and never move anymore. For me, the basic standard that should always be used as a template for open world design is Grand Theft Auto V, a game that came out more than seven years ago in an aging PS3 in its final generational year. To not at least match the very basic AI rulesets of that seven-year old game in 2020 is simply unacceptable.
The world, despite being one of the most beautiful and graphically advanced game worlds ever rendered in current hardware, is jarringly empty and lifeless with no potential for emergent gameplay. NPCs simply either walk around, play out canned animations, or engage in combat with other NPCs because it's a scripted event.
Speaking of comabt, the hand to hand combat is severely lacking as well. It's floaty, non-impactful, and imprecise. The lack of convincing damage animations during fist to fist combat doesn't help its case as well.
It's such a shame because there is a good game hidden underneath its problems. The lore that they've established here could be one of the richest and most compelling video game lores IMO. The fact that I stayed inside an elevator for minutes just to finish an in-game debate show is a testament to the potential of its writing to tackle relevant real-world issues and present them in this hyper-corporate, mechanized interpretation of the future. The soundtrack is awesome as well with surprising variety of music genres. Shooting is quite responsive as well and way more playable as a shooter game than the Fallout series. But it then falls apart when the AI freaks out and does stupid things like run around in circles and freeze in place while turning their backs to you.
It's heartbreaking to see a game developed with blood and tears come out in this state. That's why I won't progress through the game and consume its hard-earned content in an experience that feels more like a quality assurance session than a genuine cyberpunk adventure.
I've already requested my refund of the game and I also encourage others who are suffering with all the bugs and glitches to do the same. If you're one of tough-willed ones who can tolerate these issues and are unfazed by the incompleteness of its systems then go ahead enjoy the game. I'm happy for you.