Judul: Short Put Ladder Strategy in Bitcoin Hedging
Abstrak: Pada tahun 2008, Bitcoin diperkenalkan oleh sebuah entitas anonim dengan nama samaran “Satoshi Nakamoto”. Empat belas tahun kemudian, Bitcoin telah menjadi cryptocurrency dengan kapitalisasi pasar terbesar. Hal ini menyebabkan tingkat volatilitas Bitcoin menjadi tinggi. Hedging dengan opsi put Eropa menggunakan strategi short put ladder (SPL) dapat melindungi nilai portofolio Bitcoin terhadap sifat Bitcoin yang volatil. Penelitian ini menganalisis keuntungan dan kerugian dari aksi hedging tersebut, lengkap dengan dua aksi awal hedger (long asset dan short asset) yang masing-masing disimulasikan dengan sepuluh skenario SPL yang berbeda-beda. Menggunakan model Black-Scholes-Merton untuk menentukan premi opsi put Eropa, penelitian ini mengevaluasi skenario terbaik dalam melindungi nilai portofolio. SPL dengan long asset memberi perlindungan kerugian saat bearish. SPL dengan short asset menghasilkan keuntungan saat bearish. Skenario terbaik dari SPL dengan long asset dihasilkan ketika strike price pertama jauh lebih kecil dari strike price kedua, serta strike price ketiga jauh lebih besar dari strike price kedua. Skenario terbaik dari SPL dengan short asset dihasilkan ketika strike price pertama dan strike price ketiga mendekati strike price kedua., In 2008, Bitcoin was introduced by an anonymous entity under the pseudonym “Satoshi Nakamoto”. Fourteen years later, Bitcoin has become a cryptocurrency with the largest market capitalization. This caused the volatility rate of Bitcoin to be high. Hedging with European put options using a short put ladder (SPL) strategy can protect the value of a Bitcoin portfolio against the volatile nature of Bitcoin. This study analyzes the profit and loss of the hedging action, complete with the two initial hedger actions (long asset and short asset), each simulated with ten different SPL scenarios. Using the Black-Scholes-Merton model to determine the premium of European put options, this study evaluates the best scenario for portfolio hedging. SPL with a long asset provides loss protection when bearish. SPL with a short asset turn profits when bearish. The best scenario of an SPL with a long asset is generated when the first strike price is much smaller than the second strike price, and the third strike price is much greater than the second strike price. The best scenario of an SPL with a short asset is generated when the first and the third strike prices are close to the second strike price.
Keyword: Black-Scholes-Merton, Bitcoin, lindung nilai, opsi, short put ladder

Judul: Long Strangle Strategy Using Barrier Options to Hedge Shares
Abstrak: Saham memiliki risiko yang bergantung pada beberapa faktor. Beberapa faktor tersebut tercermin pada harga saham, sehingga pergerakan harga saham yang tidak pasti akan mempengaruhi risiko. Lindung nilai merupakan suatu strategi untuk meminimalisir risiko yang diperkirakan akan timbul akibat adanya fluktuasi harga di pasar keuangan. Opsi merupakan salah satu produk derivatif yang digunakan dalam aktifitas lindung nilai dan digunakan ke dalam berbagai strategi perdagangan, dari yang sederhana sampai kompleks. Dalam karya ilmiah ini, dilakukan dua strategi lindung nilai yang digunakan untuk melindungi nilai saham dari kenaikan harga, yaitu strategi long strangle menggunakan opsi vanilla dan strategi long strangle menggunakan opsi barrier. Berdasarkan hasil penghitungan, strategi long strangle menggunakan opsi barrier merupakan strategi lindung nilai terbaik. Biaya opsi pada tingkat yang diinginkan dalam strategi long strangle menggunakan opsi barrier bisa didapatkan dengan menetapkan biaya opsi, strike price opsi barrier up and knock-in call dan jarak antara strike price opsi barrier down and knock-in put dengan barrier., Shares have risks that depend on several factors. These factors are reflected in share prices, thus the uncertainty in share price movements will affect the risk. Hedging is a strategy to minimize the risk that is expected to arise due to price fluctuations in financial markets. Options are one of the derivative products used in hedging activities and are used in various trading strategies, from simple to more complex strategies. In this thesis, there are two hedging strategies that are applied to hedge shares from rising prices, namely the long strangle strategy using the vanilla option and the long strangle strategy using the barrier option. Based on the calculation results, the long strangle strategy using the barrier option is the best hedging strategy. The option cost at the desired level in the long strangle strategy using the barrier option can be obtained by defining the cost of the option, the strike price of the barrier up and knock-in call option and the distance between the strike price of the barrier down and knock-in put option with the barrier.
Keyword: Lindung nilai, Opsi Barrier, Opsi Vanilla, Saham, Long strangle

Judul: Bioecology of Earthworm Pheretima darnleiensis
Abstrak: Pheretima darnleiensis is a native earthworm in Southeast Asia, India, Japan, and Indonesia, however there is lack of study on P. darnleiensis. Determining the characteristics of P. darnleiensis and the ecology surrounding its habitat is needed in order to culture the earthworm. Hence, this study was aimed to study the structure of several organs and morphological characters that can be used to identify P. darnleiensis and its habitat condition. Earthworms were collected in a plot of 100 x 100 x 20 cm in 10 locations and were identified. The structure of P. darnleiensis organs was studied histologically using paraffin. Pheretima darnleiensis did not have diverticula and stalked gland on copulatory pouches, nephridia occurred on bithecate spermatheca, and the first spermathecal pores were at segment 4/5. Based on this study, the highest population of P. darnleiensis was found in an area containing abundance of other earthworm species at 15 individuals/m2, plant cover at 25.00%, soil arthropods at 16.32 individuals/kg fresh soil, abiotic component cover at 78.50%, soil temperature at 27.42 ± 1.01 oC, soil pH at 5.77 ± 0.53, soil moisture at 19.83 ± 9.92%, organic carbon at 3.39%, N at 0.29%, P at 286.80 ppm, K at 500.00 ppm, sand at 28.76%, silt at 38.74%, and clay at 32.50%. Silt fraction could be considered as one of factors influencing P. darnleiensis abundance.
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