Explorez tous les épisodes du podcast Options Boot Camp

Yacht rock piracy meets options strategy on this episode of Options Boot Camp.

Mark Longo and Dan Passarelli break down Dan's "net zero roll" for cash-secured puts, including how traders can roll down and out while targeting little or no net premium on the adjustment. They also tackle a fresh batch of listener questions covering how implied volatility can help determine whether to buy calls, sell puts or use call spreads; how much open interest and volume really matter when selecting a strike; what steep put skew can reveal when VIX isn't moving; and whether traders put too much emphasis on dealer gamma positioning.

Plus, the Boot Camp crew digs into pin risk in the era of daily and short-dated expirations, looks at which options strategies might deserve the full book treatment, checks in on the latest 0DTE butterfly poll results and, naturally, investigates Dan's alleged yacht rock piracy on the Chicago River.

The iron butterfly is getting a 0DTE makeover.

On this episode of Options Boot Camp, Mark Longo is joined by Dan Passarelli and John Kmiecik from Market Taker Mentoring for a deep dive into the growing world of zero-days-to-expiration iron butterflies.

Why are traders turning to this classic options strategy for ultra-short-term trades? John breaks down how he approaches 0DTE iron butterflies, including timing his entry after the open, choosing spread widths, setting profit targets, managing risk, and taking advantage of changes in implied volatility and time decay.

The crew also explores 0DTE double calendars, whether these strategies could work in single-stock options, managing a calendar that has moved away from its strike, and the most overrated advice in options trading.

Is the earnings volatility worm finally starting to turn?

On this episode of Options Boot Camp, Mark Longo and Dan Passarelli dig into the latest earnings options data and examine whether the recent run of dominance for premium buyers may finally be losing steam. They break down how actual earnings moves are stacking up against what the options market priced in, whether traders should be rethinking the buy-vs.-sell premium equation, and how Dan approaches earnings trades using time spreads, double calendars and other volatility strategies.

Plus, the Boot Camp instructors tackle IV Rank, zero-DTE butterflies, buy writes, options volume by exchange, binary options and prediction markets, and much more.

On this episode of Options Boot Camp, Mark Longo and Dan Passarelli tackle the challenges and opportunities of trading options in a low-volatility market.

Should you still be selling premium when volatility is cheap, or does low vol make buying options more attractive? Are single-stock options offering better opportunities than index options in the current dispersion environment? The Boot Camp instructors break down how they're approaching these markets and where they're still finding opportunities.

Then they examine the strange recent VIX glitch that briefly sent the cash index soaring while VIX futures barely moved. What caused it? Could traders actually take advantage of it? And could resting "wishlist" orders help you capitalize when markets briefly get out of line?

Plus, the instructors discuss the biggest forces driving the market right now, revisit perpetual futures, and share an update on the potential Options Boot Camp reboot.

Topics include:

• Trading options in a low-volatility environment
• Buying options vs. selling premium when volatility is cheap
• Single-stock options vs. index options
• Dispersion and individual-stock volatility
• The mysterious VIX glitch
• Why VIX futures didn't follow the cash spike
• Using resting "wishlist" orders for unusual market moves
• Perpetual futures and market liquidity
• What's driving the market right now

The double calendar saga continues!

On this episode of Options Boot Camp, Mark Longo and Dan Passarelli head back into the trenches for another deep dive into double calendar spreads—this time focusing on one of the biggest questions from listeners: How do you actually manage these trades once they're on?

Dan breaks down his approach to double calendar management, including what happens when the underlying tests a strike, why modeled break-even points matter, when he takes profits, and when it's time to cut bait. The discussion also explores using double calendars in SPX versus individual equities and whether this strategy could provide an interesting alternative way to capture weekend market moves.

Then it's time for listener questions covering:

• When low volatility makes outright calls or puts more attractive than debit spreads
• How Dan selects strikes when trading the wheel
• The role of technical levels and premium when selling options
• What happens when you correctly predict a stock's direction but still lose money to an implied volatility collapse
• Why volatility analysis matters before entering an options trade

It's Double Calendars Part 2. The stakes are higher. The calendars are doubled. And this time...it's Electric Boogaloo!

What do double calendar spreads and the Fall of Constantinople have in common? More than you might think.

On this episode of Options Boot Camp, Mark Longo and Dan Passarelli use a memorable historical analogy to explain one of Dan's favorite advanced options strategies: the double calendar spread.

The discussion covers:

• What a double calendar spread actually is
• Why it can be viewed as a "strangle swap"
• How Dan structures weekly double calendars
• When he typically enters and exits the trade
• Why wider breakevens aren't always guaranteed
• A recent SPX double calendar example
• Managing profits and avoiding common mistakes

Then it's time for listener questions covering:

• Selling cash-secured puts versus covered calls near market highs
• Trading calendars and diagonals during earnings season
• Whether buying options into earnings still makes sense
• Scaling into positions
• Weekly SPY options and whether traders are sacrificing edge for more opportunities

The Warren Buffett conversation continues!

After the response to our 400th episode, Mark Longo and Dan Passarelli head back to the mailbag to tackle even more listener questions about the Oracle of Omaha and his approach to options.

On this episode, we discuss:

• Are covered calls compatible with Buffett's buy-and-hold philosophy?
• Would Buffett ever use LEAPS instead of buying stock?
• Is "getting paid to wait" really the same thing as selling option premium?
• Does Buffett care about implied volatility when selling options?
• How might Buffett use options once he owns a stock he plans to hold forever?
• The unusual economics behind some of Buffett's legendary long-term put trades
• Why the "magical Buffett premium" may be something ordinary options traders can only dream about
• Plus, a trip deep into the Options Boot Camp archives

Can one of the world's greatest long-term investors teach options traders a thing or two?

To celebrate the 400th episode of Options Boot Camp, Mark Longo welcomes Dan Passarelli and special guest Russell Rhoads for a fascinating deep dive into Warren Buffett's real options strategies. While Buffett famously called derivatives "financial weapons of mass destruction," the reality is far more nuanced. The panel explores how Berkshire Hathaway has used cash-secured puts, covered calls, long-dated index options, warrants, and over-the-counter derivatives to build positions, generate income, and manage risk.

The discussion also covers Buffett's famous global index put trades, why he prefers selling puts to enter positions, how he thinks about valuation, risk management, and knowing when to admit mistakes. Whether you're a buy-and-hold investor or an active options trader, this milestone episode offers timeless lessons on patience, discipline, and using options as investing tools rather than speculation.

• Celebrating 400 episodes of Options Boot Camp
• The truth behind Buffett's "financial weapons of mass destruction" quote
• Why Buffett sells cash-secured puts
• Covered calls and long-term investing
• Buffett's legendary global index put trades
• OTC derivatives vs. listed options
• Risk management lessons every options trader can use
• Buffett's biggest investing mistakes—and what they teach us

Mark Longo and Dan Passarelli dive deep into the mailbag to break down the mechanics behind the explosive growth of the options market and answer your burning strategy questions.

The guys unpack a historic month in the industry—June 2026 pulled in a mind-blowing 1.6 billion contracts—and debate what this massive wave of liquidity actually means for retail traders. Is the market becoming too efficient, or are the opportunities bigger than ever?

Topics covered in this episode include:

• The Record Volume Boom: A look at the staggering numbers from 2017 to today. How the pandemic structurally changed options trading forever, and where the peaks and troughs of liquidity hide.

• Mastering the Wheel Strategy: Dan addresses his "mythical" $30 threshold and explains the exact circumstances under which he'll run a wheel trade on a stock under $5 (including a look at his current covered strangle on a $4 stock).

• SpaceX ($SPCX) Options Pain: Two weeks post-IPO, the guys analyze the action, the crushing moves, the symmetry of iron flies, and why cutting losses early on a juicy but volatile setup is a rite of passage for successful traders.

• The Hardest Lesson in Trading: Why your exit strategy matters vastly more than your entry plan.

In this episode, Mark Longo and Dan Passarelli hold a crucial discussion on the realities, logistics, and hidden dangers of trading while traveling. They break down their personal rules of thumb for managing risk on the move, why 24-hour trading might eliminate our last remaining "mini-vacations," and how to handle your portfolio so you can actually enjoy your time off.

Plus, the drill instructors open up the mailbag to answer your burning questions about market health, the role of monthly vs. weekly expirations, and a special look at the historical spikes in the Cboe Dispersion Index.

What exactly is the VIX? How is it calculated? Why doesn't it always move opposite the market? And what's really driving VIX futures, options and volatility ETPs?

This week on Options Boot Camp, Mark Longo welcomes back the legendary "Dr. VIX" himself, Russell Rhoads, for an extended deep dive into the world's most popular volatility index.

Whether you're new to volatility trading or looking to sharpen your understanding of advanced VIX concepts, this episode is packed with practical insights, common pitfalls, and actionable ideas.

In this episode, you'll learn:

• What the VIX actually measures (and what it doesn't)
• How the VIX is calculated using SPX options
• Why VIX can sometimes rise alongside the stock market
• The mechanics and risks of VIX settlement
• Spot VIX vs. VIX futures—and why the difference matters
• Contango, backwardation and the infamous "negative roll yield"
• How VIX options are priced and what futures drive them
• Common mistakes new VIX traders make
• The pros and cons of VXX, UVXY, UVIX and SVIX
• How Russell uses volatility products as hedges and trading tools
• Listener questions on volatility products, risk reversals and today's market environment

What happens when paper trading meets the real world? On this episode of Options Boot Camp, Mark Longo is joined by Dan Passarelli (Market Taker Mentoring) and Matt Amberson (ORATS) to tackle one of the biggest challenges for premium sellers: why a single losing iron condor can wipe out weeks of steady gains.

The discussion covers practical risk management techniques for credit spreads, when to take profits, how to manage losing trades, and why backtesting is just as important as paper trading. The panel also dives into the explosive launch of SPCX (SpaceX) options, including record-breaking volume, sky-high implied volatility, and why experienced traders approached the frenzy very differently.

Finally, the crew answers listener questions about zero-DTE options, VIX term structure, calendar spreads, and whether the options market has fundamentally changed over the past few years.

In this episode you'll learn:

• Why paper trading can create unrealistic expectations
• Managing iron condors before one trade wipes out multiple winners
• Profit-taking vs. stop-loss rules for credit spreads
• How backtesting can improve trading discipline
• What made the SPCX options launch historic
• Trading ultra-high implied volatility
• Have 0DTE options changed options trading forever?
• Managing calendar spreads during volatility spikes
• Why you still can't trade spot VIX

Is the 0DTE premium-selling boom finally running out of steam? Or are premium sellers still holding the winning hand?

In this highly anticipated follow-up to one of our most popular episodes, Mark Longo and Dan Passarelli revisit the question: Should you stop selling 0DTE options? This time, they're armed with something they didn't have before—real intraday backtesting data.

Joining the program is Matt Amberson, Founder of ORATS, who brings years of options analytics expertise and a treasure trove of intraday options data to the discussion. Together they dive deep into:

• The results of extensive 0DTE SPX backtesting
• Why short strangles continue to outperform in many market environments
• The surprising impact of trade timing on 0DTE profitability
• Why selling premium near the open may be far superior to waiting until midday
• The risks and rewards of short strangles versus iron condors
• Double calendars and other alternatives for traders seeking defined risk
• How ORATS built one-minute options data and intraday backtesting tools
• Whether the new generation of single-name 0DTE options (NVDA, TSLA, MSFT and more) changes the game

The markets are getting spicy! In this listener-driven episode, Mark Longo and Dan Passarelli break down the sudden return of volatility, wild 245-point S&P 500 swings, and the VIX crossing back over 20.

Topics covered include:

• Buying Straddles: Is a massive market swing the right time to load up on options premium, or are you buying at the absolute top?

• Is It Too Late for Puts?: How to hedge when the market drops 4-5% off all-time highs and why the Cboe Skew Index is mostly obtuse for retail traders.

• The $30 Wheel Rule: Why Dan avoids running the Wheel Strategy on cheap stocks (and how bid-ask spreads quietly crush your profits).

• Vega vs. Theta: Can you make money if implied volatility (IV) explodes but the stock sits perfectly still?

Plus, the guys dig into AI math failures and a massive cultural detour into the only correct way to order a Portillo's Italian beef sandwich (completely dunked!).

The traditional closing bell is officially on life support. In this episode of Options Boot Camp, Mark Longo and Dan Passarelli break down the seismic shift hitting the markets: the transition to 23/5 and 24/7 trading for equities and single-stock options.

With Cboe securing SEC approval for 23/5 stock trading and launching extended-hours options trading for top names like Apple, Nvidia, Tesla, and Palantir, the guys discuss what this means for liquidity, overnight risk, and the psychological impact on retail traders.

We also take a deep dive into the mailbag to answer a vital options theory question: When does theta decay stop helping options sellers? (Hint: Beware the Gamma Beast!)

Are prediction markets like Kalshi and Polymarket a rip-off for retail traders? In this episode of Options Boot Camp, drill instructors Mark Longo and Dan Passarelli break down the exact math behind prediction market fees and compare them directly to equity options commissions. They tackle the biggest complaints about event contract fees, payment for order flow, and why wide bid-ask spreads might actually be a bigger problem than the commissions themselves.

The mailbag is also packed with listener questions covering the vertical integration of crypto brokers buying exchanges, handling tech stock crashes while running the Wheel Strategy, the fear of automatic option exercise on expiration Friday, and managing short premium positions.

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This week on Options Boot Camp, Mark and Dan tackle one of the biggest questions facing traders right now: Are markets underpricing geopolitical risk? They dive into valuation concerns, global uncertainty, and what traders should really be watching. Plus, they explore whether gamma exposure metrics are becoming essential tools or just another overhyped signal.

The mailbag is packed with listener questions on the wheel strategy, Bitcoin volatility, crypto options growth, pattern day trading concerns, and broker tools for tracking wheel trades. And yes… the listeners are already building their next Deathmatch wishlists.

Plus, hear details on the current tastytrade listener promo, including double rebates at tastytrade.com/insider.

The "Pattern Day Trading" (PDT) era is officially coming to an end! In this episode, Dan Passarelli and Mark Longo break down the massive regulatory shift coming on June 4th—which some are calling "Trader Independence Day." FINRA is moving away from the rigid $25,000 account minimum for active traders, but as the old saying goes: be careful what you wish for.

In this episode, the drill instructors discuss:

• The Death of PDT: What the removal of the "four trades in five days" rule means for small accounts.

• The New "Dynamic" Risk Models: Why your broker might be watching you closer than ever.

• The Rise of Margin Calls: Is the trade-off for freedom a more aggressive liquidation environment?

• Zero-Day Options (0DTE): How the explosion of same-day expiration forced the regulators' hands.

• Implementation Timelines: Why some legacy brokers might keep you under the old rules until October 2025.

Plus, we answer listener questions about the impact of this change on stock volatility and the potential for "call skews" to get bid up by a new wave of retail traders.

The drill instructors are going mobile! This week, Options Boot Camp is reporting for duty live from the 2026 Options Industry Conference (OIC). Host Mark Longo is joined on-site by the "black-hatted one" himself, Dan Passarelli of Market Taker Mentoring, to break down the hottest trends and most controversial topics buzzing on the conference floor.

From the rapid evolution of 0DTE (Zero Days to Expiration) options in single names to the looming reality of 24/7 equity and options trading, Mark and Dan pull back the curtain on where the industry is headed. They also dive into the "everything old is new again" trend of event contracts and prediction markets, the potential pitfalls of tokenizing Apple shares, and whether AI chatbots will soon be the ones recommending your next iron condor.

In this episode, we cover:

• The 0DTE Explosion: A look at how single-name zero-day options became a reality despite industry skepticism.

• The 24-Hour Market Push: Is 24/7 trading an inevitability, and what does it mean for liquidity and "circuit breaker" rest?

• The "Wheel" Strategy: Dan discusses the ROI metrics you need for the Wheel and why brokers still struggle to track this strategy holistically.

• AI and the Virtual Pit: Can a registered chatbot truly understand your personal risk tolerance?

• Event Contracts & Litigation: Why the next big boom in binary options might lead to a billion-dollar battle between states and exchanges.

The rise of Zero Day to Expiration (0DTE) options has completely transformed the retail trading landscape, but has the market finally "squeezed the juice" out of premium harvesting? On this episode of Options Boot Camp, Mark Longo and Dan Passarelli dive deep into a "back-of-the-napkin" analysis of 0DTE SPX straddles.

They explore whether the massive influx of sellers has pushed premiums so low that it actually makes more sense to be a buyer. Plus, Dan discusses his latest book reaching the Amazon bestseller lists and tackles listener questions on tracking covered call rolls and the future of 0DTE equity options.

On this episode, we break down:

• The 0DTE Shift: Are we giving away the "weekend decay" for free?

• Statistical Deep Dive: A look at SPX straddle performance over the last 45 and 80 days.

• Intraday vs. Close-to-Close: Why path dependency is the secret to 0DTE profitability.

• The Complexity of Backtesting: Why traditional backtesting models fail in the current 0DTE environment.

• The "Wheel Death Match": Managing covered calls and tracking roles effectively.

Go to  tastytrade.com/podcasts to see why genius loves company and how you can take advantage of their industry-leading education and support team.

The Wheel Strategy is often touted as the ultimate "income generator," but most traders get it wrong because they lack the right mindset. In this episode, Mark Longo is joined by Dan Passarelli to discuss his brand-new book, Build Consistent Wealth with Options.

They go beyond the basic mechanics to explore the three pillars of the Wheel, why most retail traders fail when they actually get assigned, and how to "rewire your brain" for probabilistic investing. Whether you're a passive investor or an active trader looking for an edge, this deep dive into the "Cycle-Recycle" method will change how you view covered calls and cash-secured puts forever.

In this episode, we cover:

• The Three Pillars: Mindset, Objectives, and Methodology.

• The "Cycle-Recycle" Trade: Why the Wheel only works as a continuous system.

• The "Skate" vs. "Trade" Objective: How to decide if you actually want the stock.

• The PAS Indicator: Dan's custom tool for finding the "sweet spot" in premium.

• Alpha & Taxes: Maximizing your edge while managing the "silent killers" of wealth.

It's Tax Day on the network! Mark Longo and Dan Passarelli tackle the most requested topic of the season: how to keep the IRS out of your options profit. From the simplicity of the IRA "end run" to the mathematical beauty of 60/40 tax treatment on Section 1256 contracts (like SPX), the drill instructors break down how to optimize your tax bill.

In this episode, we cover:

• The IRA Advantage: Why tax-deferred accounts are an options trader's best friend.

• Section 1256 Contracts: How to get long-term tax rates on short-term trades.

• The Complexity of Basis: Why multi-leg spreads can become an accountant's nightmare.

• Double Calendars: Dan clarifies the "Friday-Monday" spread strategy discussed in previous episodes.

• Defending The Wheel: Dan responds to critics who call his favorite strategy "garbage."

• Listener Mail Call: Binging 13 years of options education and overcoming the "overwhelming" start.

Check out tastytrade - named best broker for options trading. Genius loves Company.

Can you handle the Double Calendar? In this episode of Options Boot Camp, the drill instructors tackle a strategy never before discussed on the network. Mark Longo is joined by the "Calendar King of Chicago" himself, John Kmiecik from Market Taker Mentoring (MTM), to break down the Double Calendar Spread.

John reveals how the addition of Monday and Wednesday expirations for heavy hitters like Nvidia, Apple, and Tesla has completely shifted the risk-reward profile of time spreads. The guys also dive into the "Viceroy Special"—the definitive answer to when you should stop trading options and just buy the stock.

On the Drill Floor:

• The Double Calendar: How to trade two ranges at once with lower cost and risk.

• The Mid-Week Edge: Leveraging new Monday/Wednesday expirations to your advantage.

• Spicy Volatility: Strategies to lean into (and which to avoid) when the VIX hits 30.

• The Rate Cut Debate: Is the market pricing in a pivot or more pain?

Whether you're looking to harvest premium or survive a market whipsaw, this episode turns complex concepts into actionable drills.

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Happy April Fool's Day! In this special "Options Fool's Day" edition of Options Boot Camp, Mark Longo is joined by guest instructor John Kmiecik from Market Taker Mentoring (filling in for Dan Passarelli, who may or may not be riding donkeys in Santorini).

While the spirit of the day is lighthearted, the lessons on what NOT to do are very real. The duo dives into a "too good to be true" scenario involving high-ratio spreads, exploring the seductive but dangerous world of "free lunch" trading. We also have a bit of fun with some "breaking" (and completely fabricated) OCC volume numbers to see if the golden goose of options trading is finally cooked.

In this episode, we cover:

• The March Pro Trading Crate Giveaway: We crown our latest winner!

• The "Infinite Return" Myth: A deep dive into ratio spreads, 1x4 lopsided trades, and why "zero outlay" usually comes with a massive hidden price tag.

• Market Satire: Analyzing the (fake) cracks in options volume and what the real state of the industry looks like.

• Education vs. Pranks: Distinguishing between sound strategy and the "nonsense" that can lead a small account to ruin.

Disclaimer: This episode contains April Fool's satire. Please do not attempt 1x4 net short ratio spreads at home unless you enjoy financial ruin!

Is the "Wheel Strategy" making you nervous in a high-volatility market? In this episode, Mark Longo and Dan Passarelli field listener questions about navigating black swan fears, the "Greeks" you should watch when the market moves fast, and whether the AI narrative in Nvidia still has legs.

Dan also prepares for his upcoming trip to Greece by getting some questionable advice from Mark about riding donkeys in Santorini and ordering "Euros" at the local taverna.

Key topics covered in this episode:

• The Wheel Strategy vs. Credit Spreads: Is it time to cap your downside when the VIX hits 22?

• Vega and Gamma Focus: How your attention should shift between Greeks in a fast-moving market.

• Nvidia (NVDA) Outlook: Dealing with underwater bull call spreads after the GTC conference.

• 0DTE Expansion: Will we see more zero-day contracts added to the roster this year?

• UVIX vs. SVIX: A deep dive into leveraged and inverse VIX products and how to use them to hedge "weekend risk."

Fall in, recruits! Mark Longo is back in the Chi-Town studio, braving the cold to get you into peak options trading shape. With the energy markets in a state of high alert and WTI futures seeing massive volume, your drill instructors are here to break down the complex world of oil.

In this week's Options Drills, Mark and Dan Passarelli explore:

• Going to the Source: The benefits of trading WTI and Brent futures for pure, one-to-one correlation.

• The USO Dilemma: A deep dive into the much-maligned US Oil Fund. We discuss the "Negative Oil" ghosts of 2020 and the impact of negative roll yield.

• Equity Surrogates: Using XLE (Energy Select Sector SPDR) and individual giants like Chevron (CVX) as portfolio proxies.

• The Volatility Play: How to view geopolitical crises through the lens of VIX, UVIX, and SVIX.

Whether you're looking to generate income or hedge against $100+ crude, this is your tactical briefing.

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Is the "Wheel" turning against you? Are you obsessing over direction while the pros look elsewhere?

In this episode of Options Boot Camp, your drill instructors Mark Longo and Dan Passarelli tackle a rapid-fire mail call to help you navigate the complexities of the options market. From the viability of the Ratio Stock Repair strategy to the psychological divide between beginner and veteran traders, we break down the tactics you need to survive and thrive.

We also dive deep into the changing landscape of Crypto Options, specifically how the explosion of IBIT (BlackRock's Bitcoin ETF) has shifted market skew to look more like traditional equities—and what that means for your income-generating strategies.

In This Episode:

• The Wheel Strategy: Is Ratio Stock Repair the best escape hatch for a losing wheel trade?

• Beginner vs. Pro: Why novices fixate on Delta while experts prioritize Volatility and Time.

• 0DTE Popularity: Analyzing the massive liquidity surge in equity zero-days.

• The 90% Myth: Debunking the classic "options expire worthless" statistic.

• Time Spreads (Calendars): The one thing most traders get wrong about Volatility Term Structure.

• Bitcoin Evolution: How IBIT has "democratized" Bitcoin options and changed the skew.

Check out more from the Options Insider Radio Network:

• Pro Trading Crate: theoptionsinsider.com/pro

• Education & Brokerage: tastytrade.com/podcasts

• Advanced Training: markettaker.com

Fall in, recruits! Today, we're taking one of the most classic range-bound strategies and putting it through the 0DTE (Zero Days to Expiration) ringer. Is the Iron Condor the ultimate strategy for the current market environment, or a recipe for disaster?

Mark Longo and Dan Passarelli break down the "Great Iron Condor Renaissance." We move past the basic definitions and get into the "drills," applying this strategy to the new Monday and Wednesday weekly options in the Mag 7.

In this episode, we cover:

• The Iron Condor Refresher: A deep dive into the mechanics—selling strangles vs. selling spreads.

• 0DTE Strategy: Why these are getting hot again and how to pick your "danger zone."

• The Apple ($AAPL) and Nvidia ($NVDA) Experiments: We look at real-time 0DTE setups to see where the "juice" is hiding.

• Strike Selection: Why Dan prefers support and resistance over standard deviation in the 0DTE world.

• Pro Trader Crate: We announce this month's lucky winner!

Check out more from the Options Insider Radio Network:

• Pro Membership: theoptionsinsider.com/pro

• Education & Brokerage: tastytrade.com/podcasts

• Dan's Training: markettaker.com/reg

In this episode, the "drill instructors" Mark Longo and Dan Passarelli return for Round 3 of their battle against the machines. With Nvidia (NVDA) earnings taking center stage, they put a premium AI model to the test: can a chatbot actually teach you how to trade the "volatility crush," or is it just repeating bad habits?

In this episode, you'll learn:

• The AI Framework: Analyzing the 6-step checklist for earnings success.

• The Volatility Crush: Why buying "cheap" weekly calls is often a trap.

• Strategy Showdown: Comparing Iron Condors and Credit Spreads vs. Long Straddles.

• Risk Management: Why the 1% to 3% rule is the only way to survive earnings season.

Ready to trade options and futures yourself? Go to https://tastytrade.com/podcasts to get on the tastytrade site and start trading today.

On this episode of Options Boot Camp, hosts Mark Longo and Dan Passarelli break down the real-world price tag of portfolio protection. Using current market examples, they walk through what it costs to hedge SPY with puts across different strikes and timeframes, why "insurance" isn't free, and how volatility levels can dramatically change the math.

They also tackle the evergreen debate: SPY/SPX puts vs VIX calls—and why VIX products may behave more like a speculative "kicker" than a true one-to-one hedge. Plus, a listener-driven roundtable on hedging with gold and metals, the clash between 0DTE and potential 24/5 trading, and a practical primer on volume vs open interest (and why the bid/ask spread often tells the real story).

Key topics include:

• The real cost of hedging SPY (near-term vs longer-dated puts)

• Strike selection, "deductibles," and the insurance analogy

• How elevated volatility impacts hedge pricing

• VIX calls as a hedge (and why timing matters more than ever)

• Hedging with metals: correlation, pros/cons, and when it fails

• 0DTE vs 24-hour trading: are these trends incompatible?

• Volume vs open interest for liquidity (and what to check first)

Hosts: Mark Longo (The Options Insider Media Group) & Dan Passarelli (Market Taker Mentoring)

This episode is brought to you by tastytrade — check them out for powerful options trading tools, education, and low pricing at tastytrade.com/podcasts.

Are 0DTE (Zero Days to Expiration) options a retail revolution or a "gamma circus"? In this episode of Options Boot Camp, Mark Longo and Dan Passarelli dive deep into the explosion of short-dated equity options and what they mean for your portfolio.

From the surge in volume for Tesla and Nvidia to the rise of intraday dispersion trading, the "drill instructors" break down the data and the drama behind the newest craze in the options market.

• 0DTE Data Crunch: We analyze the massive flow in new single-name daily expirations. Is 35% of Tesla's volume really concentrated in one-day options?

• Intraday Dispersion: How retail traders are now using 0DTE equity options against index products—and if this marks a new level of market sophistication.

• The "Crack" Comparison: We share listener feedback on the 0DTE movement, including those who equate it to high-risk habits and those waiting for the "gamma circus" to leave town.

• Strategy Revamp: Is it time to redo every option strategy through a 0DTE lens? We discuss the viability of daily iron condors and 0DTE butterflies.

• Digital Gold vs. Bitcoin: A deep dive into whether Bitcoin actually serves as a "digital gold" or if the correlation is a myth.

• Strike Selection: Dan explains the best ways to set your strikes for covered calls and cash-secured puts depending on whether you want to "skate" or get assigned.

"Liquidity begets liquidity. People will spread in and out, and the net volume is only going up from here." — Dan Passarelli

Get More Options Education:

• Visit The Options Insider

• Check out Market Taker Mentoring

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In this episode of Options Boot Camp, Mark Longo and Dan Passarelli dive into the high-velocity world of single-name zero-days-to-expiration (0DTE) options. With Monday and Wednesday expiries now live for heavy hitters like Tesla ($TSLA) and Nvidia ($NVDA), the "Drill Instructors" break down the massive trading volume shifts and the potential risks of contra-exercise in American-style options.

• The 0DTE Surge: A data-driven look at how much volume is flooding into the new weekly expiries. Are brokers ready for the added risk?

• The "Retail Prop Firm" Red Flag: A listener asks if those flashy inbox offers to "bankroll your trading" are legit. Dan and Mark weigh in on why you might want to follow Geena Davis's advice in The Fly: "Run. Run away!"

• Commodity Chaos: A check-in on the silver squeeze and Bitcoin's race to the next big psychological level.

• IRA Restrictions: Why some brokers limit you to "Level 1" options in retirement accounts and the frustration of synthetic risk equivalence.

• Pro Trading Crate: We announce the latest winner for our bespoke pro-member giveaway!

• Volume Watch: Discover why nearly 50% of top strikes in names like Nvidia are now concentrated in contracts with just 24 hours to live.

• Scam Alert: Learn the hallmarks of "prop firm" scams—if you have to pony up your own cash to access their "capital," it's time to walk away.

• Educational Deep Dive: Understanding the difference between cash-settled and physically settled options in the 0DTE era.

"If you have to pony up any money for a prop deal, stay the hell away from it. Real firms don't cold-email prospects for cash." — Mark Longo

Ready to level up your trading? Check out the full Options Insider Radio Network for more education, or go Pro at https://theoptionsinsider.com/pro for exclusive Q&A sessions and more.

To open an account and see why Investopedia named them the best broker for options in 2024, visit https:// tastytrade.com/podcasts.

This episode of Options Boot Camp dives into one of the most significant shifts in the equity markets: the arrival of 0DTE (Zero Days to Expiration) options for single stocks like Nvidia, Tesla, and Apple. While the excitement is high, hosts Mark Longo and Dan Passarelli highlight a critical technical risk that many retail traders overlook—Contra-Exercise.

The "0DTE era" has officially expanded beyond cash-settled indices like the SPX. With single-name equity options now listing for Mondays, Wednesdays, and Fridays, traders face a new logistical hurdle: physical settlement. Unlike cash-settled indices, equity options result in the delivery of actual stock, making the after-hours window a potential minefield for "pin risk" and unexpected assignments.

• The 0DTE Expansion: Why names like IBIT, NVDA, and TSLA are joining the zero-day fray and what it means for market volatility.

• Understanding Contra-Exercise: The mechanics of the "Do Not Exercise" (DNE) order and how to force the exercise of out-of-the-money options.

• The After-Hours Window: Why the 4:00 PM ET close isn't the end of your risk, and how news after the bell can trigger "ghost" assignments.

• Broker Deadlines: A breakdown of how different brokers handle the cutoff times for contra-instructions.

• Risk Management: Why the "best case scenario" is almost always closing your position before the closing bell.

Go to tastytrade.com/podcasts and see why Investopedia named tastytrade the best broker for options in 2024. Genius loves company.

In this episode, Mark Longo and Dan Passarelli take a nostalgic trip back to the 80s to become the Masters of the Volatility Universe. Whether you're a "Prince Adam" of the markets or just starting your basic training, this episode is a comprehensive refresher on the most important force in options pricing: Volatility.

The Drill Instructors break down:

• Volatility as the Speedometer: Why direction matters less than velocity when measuring vol.

• Realized vs. Historical Volatility: Understanding the concrete, backward-looking data of price swings.

• Implied Volatility (IV): Why Mark calls it the "Fudge Factor" of the options market and how it acts as a forward-looking forecast.

• The Volatility Risk Premium (VRP): Why options are often "overpriced" and how premium sellers harvest that edge.

• Supply and Demand: Dan's take on why IV is often more about market noise than actual future predictions.

• 2026 VIX Prognostications: Where will the "Fear Gauge" end the year? Dan puts his official number on the record.

Options Boot Camp Episode 373 explores two major themes shaping today's options market: the rapid rise of IBIT options volume and the most misunderstood options trading strategies.

Hosts Mark Longo and Dan Passarelli break down why strategies like cash-secured puts, long puts, straddles, butterflies, and iron condors are frequently misused by traders, often due to poor education and unrealistic expectations. The discussion explains why "being okay with assignment" is not the same as wanting assignment, and how that distinction can dramatically change trading outcomes.

The episode also examines how IBIT options rivaling VIX in volume has reshaped Bitcoin options trading, altered volatility skew, and attracted institutional and premium-selling participants to crypto markets.

Designed for traders of all experience levels, Options Boot Camp delivers practical options education, real-world examples, and clear explanations of complex strategies.

Produced by the Options Insider Radio Network.

Kick off the new year with a fresh set of options trading resolutions on this episode of Options Boot Camp. Hosts Mark Longo and Dan Passarelli dive into what traders should be focusing on in 2026 — from expanding your options strategy toolbox to managing risk, sizing trades properly, and knowing when not to trade at all.

With many traders coming off years of strong equity performance, the hosts explore whether it's time to rethink long-only strategies, reduce concentration risk, or introduce new approaches like stock substitution, LEAPS, downside hedging with puts, and portfolio diversification through options strategies. The conversation also covers why relying on a single options strategy can be dangerous, how to diversify your Greeks, and what newer traders often overlook when markets change.

This episode also looks ahead to potential options market trends in 2026, including zero-DTE options, 24-hour trading, prediction markets, crypto volatility, and global market opportunities. Along the way, Mark and Dan reference past Options Boot Camp episodes to help listeners build a deeper understanding of puts, volatility, and long-term strategy planning.

What a year it was for the options market! From the "unprecedented" volatility of April to a record-breaking 15 billion contracts traded, 2025 was anything but boring. In this special year-end extravaganza, your drill instructors Mark Longo and Dan Passarelli (Market Taker Mentoring) look back at the Top 10 Episodes of 2025 to see what resonated most with traders during this historic year.

Mark and Dan dive into the data to reveal the most downloaded topics of the year, spanning everything from high-intensity hedging strategies to the surprising winner of the #1 spot. Whether you are a veteran of "Liberation Day" or a newcomer looking to get into peak options trading shape, this countdown is the ultimate refresher on the strategies that defined the market this year.

In this episode, the "Dynamic Duo" discusses:

• The Top 10 Countdown: Which episodes took the crown? (Hint: Leaps and Covered Calls were heavy hitters).

• Volatility Redefined: Revisiting the historic spikes of April and the role of inverse volatility products like SVXY.

• Retail Power: How the 15-billion-contract milestone changed the landscape for retail traders.

• Strategy Deep Dives: Reflections on Gamma Scalping, Iron Condors, and the enduring popularity of "The Poor Man's Covered Call."

• The VIX Average: Dan breaks down the long-term average of the VIX and how anomalies skew the data.

• Holiday Fun: The definitive (and divisive) ranking of the best Christmas movies.

Special thanks to Tastytrade—named the best broker for options in 2024 by Investopedia. See why at tastytrade.com/podcasts .

In this episode of Options Boot Camp, your drill instructors Mark Longo and Dan Passarelli dive back into the trenches to tackle a recurring nightmare for retail traders: why "perfect" vertical spreads sometimes result in losses. Following up on a "horror story" from a previous episode involving Marvell (MRV), the team breaks down the mechanics of spread books, broker liquidations, and the hidden risks of trading around major events.

• The Marvell Meltdown: A deep dive into a listener's trade where a winning call vertical on MRV resulted in a loss due to after-hours volatility and broker liquidation.

• The Reality of Vertical Spreads: Why the P&L diagram is only half the story. We discuss why vertical spreads often perform worse than expected prior to expiration and the role theta plays in the final payoff.

• Legging vs. Spread Orders: When should you attempt to "leg out" of a spread? Dan and Mark discuss the risks of delta exposure when breaking apart a vertical in a fast-moving market.

• Broker Routing & PFOF: How Payment for Order Flow and specific broker "spread books" (like Robinhood's) can impact your execution quality, especially in illiquid names.

• Market Maker Psychology: What determines the width of a bid-ask spread? Dan explains how volatility risk and liquidity determine the "toll" you pay to enter and exit a trade.

• Mail Call: The team answers listener questions about avoiding spreads during earnings and the rise of prediction markets (binary betting).

• 00:00 – Introduction and The Quintuple Content Palooza

• 03:15 – Follow-up: The Marvell Vertical Spread Disaster

• 07:45 – The pros and cons of "Legging" out of a trade

• 12:20 – Tips for dealing with unresponsive brokers during liquidations

• 16:30 – Market Taker Question: What drives the Bid-Ask Spread?

• 21:10 – Prediction Markets: Is it a trade or a bet?

• 25:40 – Silver and Crypto: The Question of the Week

Special thanks to our sponsor: TastyTrade.com/podcasts

In this episode of Options Boot Camp, hosts Mark Longo and Dan Passarelli (Market Taker Mentoring) dive deep into the mechanics of the Wheel Strategy—one of the most popular frameworks for generating consistent options income. Whether you are selling cash-secured puts or managing covered calls, the "Wheel" is a powerful tool for any trader's playbook, but what happens when the market moves against you?

Mark and Dan break down the specific scenarios traders face when a trade goes south, offering a masterclass in position management and cost basis reduction.

• Managing Losing Trades: What to do when your initial put sale goes in-the-money.

• Stock Repair Strategies: How to use the "Repair Manual" to recover from underwater positions without adding more capital.

• Averaging Down vs. Rolling: The pros and cons of lowering your entry price in a declining market.

• The Importance of Objectives: Why a clear "exit plan" is the most critical part of the Wheel Strategy.

• Advanced Covered Calls: Strategic strikes for when you've been assigned the underlying stock.

In this vital Options Bootcamp episode, host Mark Longo from The Options Insider provides an in-depth tutorial on butterfly spread strategies alongside guest Brian Overby from OptionsPlaybook.com.

They explore both traditional and advanced butterfly strategies—including the Open Wing Butterfly (often known as a Broken Wing Butterfly) and the Intrinsic Value Butterfly—explaining their practical options trading applications and defined risk/reward benefits. This is essential options trading education for neutral, low-volatility markets.

Additionally, they address a listener's puzzling options scenario involving Marvell ($MRVL) stock and offer clear resolution strategies for similar trading challenges, emphasizing proper broker interaction and order management.

In this episode of Options Boot Camp, hosted by Mark Longo (The Options Insider) and Dan Passarelli (Market Taker Mentoring), the discussion covers a variety of topics ranging from the importance of implied volatility and the concept of IV crush, to the future of premium selling in zero-day options, and the growing trend of prediction markets. The hosts also tackle listener questions about trading strategies and market behavior, debate the classification of cranberry sauce as a side dish or topping, and share humorous anecdotes.

This episode of Options Boot Camp delves deeply into various aspects of binary options trading. The hosts discuss the pros and cons of different types of binary contracts, including $1 to $100 and penny to $1 variations, and explore complications like last-minute fluctuations and liquidity issues. Listeners' questions are addressed, covering topics such as arbitrage opportunities for retail traders and the differences between single-strike and multi-strike binaries. The show also highlights the importance of exiting positions before expiration to avoid unpredictable last-minute price swings. 

HOST: Mark Longo, The Options Insider

CO-HOST: Dan Passarelli, Market Taker Mentoring

HOST: Mark Longo, The Options Insider Radio Network

CO-HOST: Dan Passarelli, Market Taker Mentoring

In this episode, Mark and Dan delve into the latest developments in the options trading market, with AI-generated insights on trends, margin changes, retail shifts, and the growth of extended trading hours. They discuss Cboe's launch of the 'Magnificent 10' index options, OCC's margin rule adjustments for zero-day options, and the increase in retail trading activity. The episode also covers the forthcoming CME and FanDuel collaboration to create a prediction market for sports events, exploring the implications of this new venture. Additionally, the hosts highlight the importance of managing options trading strategies during vacation times and addressing listener questions on trading risks and strategies.

HOST: Mark Longo, The Options Insider

CO-HOST: Dan Passarelli, Market Taker Mentoring

This episode provides an in-depth exploration of binary options and event contracts. The hosts discuss various platforms like Kalshi, ForecastEx, Polymarket, Nadex, and CME Group, comparing their models and fee structures. The episode highlights the recent rise in popularity of event contracts, differences between traditional and new binary markets, and unique offerings from platforms. They also touch on potential market manipulation concerns and the overlap between trading and gambling sectors.

HOST: Mark Longo, The Options Insider Media Group

CO-HOST: Dan Passarelli, Market Taker Mentoring

GUEST: Russell Rhoads, Indiana University Kelley School of Business