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.

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

• Explore Tastytrade

On this episode, Mark and Dan answer a listener question about retail traders who want to convert to full time for a prop shop. Pros/Cons, signs of a good firm, etc. They also talk about gamma scalping and whether you should be doing it.

Brought to you by Public.com

Options are not suitable for all investors and carry significant risk.  Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date.  Certain complex options strategies carry additional risk.  There are additional costs associated with option strategies that call for multiple purchases and sales of options, such as spreads, straddles, among others, as compared with a single option trade.

Prior to buying or selling an option, investors must read and understand the "Characteristics and Risks of Standardized Options", also known as the options disclosure document (ODD) which can be found at: www.theocc.com/company-information/documents-and-archives/options-disclosure-document

Supporting documentation for any claims will be furnished upon request.

If you are enrolled in our Options Order Flow Rebate Program, The exact rebate will depend on the specifics of each transaction and will be previewed for you prior to submitting each trade. This rebate will be deducted from your cost to place the trade and will be reflected on your trade confirmation. Order flow rebates are not available for non-options transactions. To learn more, see our Fee Schedule, Order Flow Rebate FAQ, and Order Flow Rebate Program Terms & Conditions.

Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.

On this episode, Mark and Dan discuss whether or not stock (and options) trade 24 hours.  They also talk about why we don't hear more about Rho and much more.

Brought to you by Public.com

Options are not suitable for all investors and carry significant risk.  Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date.  Certain complex options strategies carry additional risk.  There are additional costs associated with option strategies that call for multiple purchases and sales of options, such as spreads, straddles, among others, as compared with a single option trade.

Prior to buying or selling an option, investors must read and understand the "Characteristics and Risks of Standardized Options", also known as the options disclosure document (ODD) which can be found at: www.theocc.com/company-information/documents-and-archives/options-disclosure-document

Supporting documentation for any claims will be furnished upon request.

If you are enrolled in our Options Order Flow Rebate Program, The exact rebate will depend on the specifics of each transaction and will be previewed for you prior to submitting each trade. This rebate will be deducted from your cost to place the trade and will be reflected on your trade confirmation. Order flow rebates are not available for non-options transactions. To learn more, see our Fee Schedule, Order Flow Rebate FAQ, and Order Flow Rebate Program Terms & Conditions.

Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.

On this episode, Mark and Dan continue last week's discussion of whether or not options are a zero-sum game and much more.

Brought to you by Public.com

Options are not suitable for all investors and carry significant risk.  Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date.  Certain complex options strategies carry additional risk.  There are additional costs associated with option strategies that call for multiple purchases and sales of options, such as spreads, straddles, among others, as compared with a single option trade.

Prior to buying or selling an option, investors must read and understand the "Characteristics and Risks of Standardized Options", also known as the options disclosure document (ODD) which can be found at: www.theocc.com/company-information/documents-and-archives/options-disclosure-document

Supporting documentation for any claims will be furnished upon request.

If you are enrolled in our Options Order Flow Rebate Program, The exact rebate will depend on the specifics of each transaction and will be previewed for you prior to submitting each trade. This rebate will be deducted from your cost to place the trade and will be reflected on your trade confirmation. Order flow rebates are not available for non-options transactions. To learn more, see our Fee Schedule, Order Flow Rebate FAQ, and Order Flow Rebate Program Terms & Conditions.

Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.

On this episode, Mark and Dan discuss:

• Basic Training: Are options a zero-sum game?
• How are you approaching SPX/SPY in your portfolio right now?
• And much more

Brought to you by Public.com

Options are not suitable for all investors and carry significant risk.  Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date.  Certain complex options strategies carry additional risk.  There are additional costs associated with option strategies that call for multiple purchases and sales of options, such as spreads, straddles, among others, as compared with a single option trade.

Prior to buying or selling an option, investors must read and understand the "Characteristics and Risks of Standardized Options", also known as the options disclosure document (ODD) which can be found at: www.theocc.com/company-information/documents-and-archives/options-disclosure-document

Supporting documentation for any claims will be furnished upon request.

If you are enrolled in our Options Order Flow Rebate Program, The exact rebate will depend on the specifics of each transaction and will be previewed for you prior to submitting each trade. This rebate will be deducted from your cost to place the trade and will be reflected on your trade confirmation. Order flow rebates are not available for non-options transactions. To learn more, see our Fee Schedule, Order Flow Rebate FAQ, and Order Flow Rebate Program Terms & Conditions.

Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.

On this episode, Mark and Dan discuss:

• Calendars vs. Diagonals
• Put Calendars vs. Time Spreads
• And much more

On this episode Mark and Dan discuss the great vol debate. What is keeping volatility so low? They also discuss which market segment our listeners are most excited about for the rest of the year and more.

On this episode Mark and Dan discuss diagonals. Why is Dan so excited about diagonals right now? They also respond to a listener question about stupids and more.

On this episode Mark and Dan take another look at stock substitution. You could argue that it's more relevant than ever now with the market at new all-time highs. 

Later, they respond to listener questions about an OTM cash-secured put approach, the number of option positions held on a regular basis and much more.

On this episode Mark and Dan respond to listener questions about last week's episode regarding stupids. They also discuss trading 0dte options, the next big event driving trading, using leaps in your options trading, and much more.

On this episode Mark and Dan discuss stupids. What are they and when would you use them? They also answer a listener question about cash settled options and much more.

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.

On this episode, Mark and Dan discuss:

• Another strategy to make money on the LYFT after hours moves,
• How important NVDA earnings are to the market and your portfolio,
• Kalshi binaries,
• The overall level of skew across all equities,
• And much more

On this episode, Mark and Dan discuss:

• What can be done by an options trader when a stock makes a massive move after the close like Lyft did last night?  Can you make any options trades?
• What is a realistic annual profit expectation for an option trader?
• Both TSLA and AAPL are trading around $188. Which would you rather buy right now?
• And much more

Host: Mark Longo, The Options Insider Media Group
Co-Host: Dan Passarelli, Market Taker Mentoring
Guest: Jenny Andrews, tastylive

On this episode, Mark, Dan and Jenny discuss:

• Strategies that take advantage of a high call skew environment,
• WTH is a zebra spread,
• How important earnings season is to your options trading,
• Should you apply the lesson about not selling covered calls to short puts,
• And much more.

On this episode, Mark and Dan discuss:

• How it will impact your options trading if this low volatility regime persists for an extended period
• How you can tell if the market is over priced
• Potential of more same day options coming this year
• Being a covered call proponent
• Thoughts on the call skew we're seeing right now in many stocks
• Interest in learning more about garbage options
• WWE's Royal Rumble last weekend
  
• And much more

On this episode, Mark and Dan discuss:

• Which options strategy they anticipate using the most in 2024
• Will bitcoin close positive on the year
• Does SVIX adding VIX options into its holdings make them more or less likely to trade it
• What are our thoughts on playing the BTC ETF approval using options
• Is the massive volume in 0dte index options just a fad or does this mark a long-term change for the options market going forward
• And much more

On this episode Mark and Dan discuss tail risk. What is it? What are tail events and tail options?

On this episode, Mark and Dan discuss:

• What are the best market conditions for options trading
• Should we be strapping in for another 2021 meme stock run in 2024
• Why does no one talk about bi-directional butterfly trades
• And much more

On this episode, Mark and Dan discuss:

• • Big trades/trends that stood out in 2023
  • End of year options volume numbers from OCC
  • Was 2023 the death of volatility
  • VIX pick for 2024
  • How will 2024 election impact volatility
  • Will 0dte trend continue in 2024
  • What will be the contagion fear of 2024
  • And much more

Join Mark as he takes a look back at your surprising poll results on the hottest issues facing the options market in 2023. 

On this episode, Mark, Dan and Matt Amberson have the great covered call debate.  Does it make sense to keep selling calls in this environment? Does this environment make the wheel strategy less attractive right now too?

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.

On this episode, Mark, Dan and Matt Amberson discuss what is dispersion trading and the launch of the new DSPX Index from Cboe Global Markets. They also talk about the new 17th options exchange in the US - the Member's Exchange. And, they suggest how to approach earnings season when trading options. 

On this episode, Mark and Dan's discuss having too many low risk/high reward trades and having too many low reward/high risk trades. They also discuss how to approach earnings season when trading options and much more.

On this episode, Mark and Dan's share an alternative to selling option premium - buying verticals.  They also discuss where VIX will close at the end of the year, and much more.

Host: Mark Longo, The Options Insider Media Group
Co-Host: Dan Passarelli, Market Taker Mentoring
tastytrade Hot Seat: Katie McGarrigle, tastylive

On this episode, Mark, Dan and Katie discuss:

• Should you trade futures options or equity options,
• Some basic differences between futures options and equity options,
• And much more.

This episode of Options Boot Camp is brought to you by tastytrade.

As Thanksgiving is celebrated in the US tomorrow, Mark and Dan  discuss the options strategies that they are most thankful for on this episode and much more.

This episode of Options Boot Camp is brought to you by tastytrade.

Host: Mark Longo, The Options Insider Media Group
Co-Host: Dan Passarelli, Market Taker Mentoring
tastytrade Hot Seat: Liz Dierking, tastylive

On this episode, Mark, Dan and Liz discuss:

• What is a jade lizard trade,
• What trading strategy you would recommend for new options traders,
• Does the pattern day trading rule apply to options or just stocks,
• Are put spreads in SPY really useless as a hedge,
• And much more.

This episode of Options Boot Camp is brought to you by tastytrade.

Host: Mark Longo, The Options Insider Media Group
Co-Host: Dan Passarelli, Market Taker Mentoring
tastytrade Hot Seat: Jermal Chandler, tastylive

On this episode, Mark, Dan and Jermal discuss:

• How are people using 0dte options in their trading?
• When is the right time frame to buy an option in META or AAPL?
• How to decide whether to wheel out or just keep the stock?
• And much more.

This episode of Options Boot Camp is brought to you by tastytrade.

On this episode, Mark and Dan discuss:

• The top 5 most terrifying options trades of all time; 
• The scariest "sounding" options strategy name of all time; 
• Trading commodity options compared with stock options; 
• Whether 0DTE options increase intra-day volatility; 
• And much more.

This episode of Options Boot Camp is brought to you by tastytrade.

On this episode, Mark and Dan's discuss cheap options.  When is an option too cheap to bother trading the options, what are some things to consider when trading options on cheap stocks, and much more.

This episode of Options Boot Camp is brought to you by tastytrade.

On this episode Mark and Dan discuss:

• The MarketTaker Mentoring Question of the Week
• Our listeners preferred volatility ETP
• The Wheel Strategy
• Buying back ITM options before expiration
• How cash-settled options work
• Using adjusted butterflies
• And much more...

This episode of Options Boot Camp is brought to you by tastytrade.

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.

On this episode Mark gets Dan's thoughts on the wheel trading strategy: when he uses it, how he sets it up and when not to use it.  They also discuss ETPs, OTLY and much more.

This episode of Options Boot Camp is brought to you by tastytrade.

ON THIS EPISODE, MARK AND DAN DISCUSS:

• DAN'S VISIT WITH A LISTENER AT OKTOBERFEST IN GERMANY
• WHICH UPCOMING IPO ARE YOU MOST EXCITED ABOUT
• EXPLAINING THE RELATIONSHIP BTWN A SPREAD AND SAYING WHICH STRIKE LEG PREMIUM IS OVER
• THOUGHTS ON THE PPUT INDEX
• DIFFERENCE BTWN 0DTE AND PREVIOUS EXPIRATION DAY TRADING
• A LITTLE LISTENER LOVE FROM MACCHIAVELLI
• AND MUCH MORE

On this episode, Mark and guest host Matt Amberson, from Option Research & Technology Services, take a deep dive into the wheel strategy.

• What is the wheel of death?
• What makes it so attractive?
• Why do people use it?
• Examples of this strategy.
• And much more...

On this episode, Mark and Dan create the world's first (and probably only) options game show -  Exercise or Die! Will Dan learn how to exercise his options correctly or die trying? You'll have to tune in to find out...

On this episode, Mark and Dan hold court on:

• The behind-the-scenes plumbing of the options market. 
• They also tackle an intriguing approach to fading volatility using put calendar spreads. 
• and more...

Mark and Dan answer your options questions live from the Mastermind Conference by Market Taker Mentoring at Cboe Global Markets.

On this episode Mark and Dan discuss:

• Which product has had the largest overall impact on the options market - VIX, 0DTE, Weeklys?
• Where are you allocating the majority of their portfolio?
• Does the pattern day trading rule apply to options as well or just stocks?
• Cash secured put trades
• What's an investor to do with account balances greater than 500k? Is one bank more secure than another? Divide up the account into multiple brokers/banks?
• And much more...

On this episode Mark and Dan revisit risk reversals and much more.

On this episode Mark and Dan discuss:

• Call Ladders - what are they and when should you use them?
• Can you get options certificates the way you used to get stock certificates?
• Forgotten options strategies that you should know about
• What happens when you issue contra-exercise orders on your options?
• and much more...

ON THIS EPISODE, MARK AND DAN DISCUSS:

• JULY PRO MEMBER CRATE WINNER ANNOUNCEMENT
• IS THE MEME STOCK FRENZY BACK
• WOULD YOU RATHER BUY RIVN, NKLA, OR KDP
• YOUR WEAPON OF CHOICE FOR CRYPTO OPTIONS EXPOSURE
• IS IT WORTH IT TO TRY TO CAPTURE THE BITO DIVIDEND
• HOW TO DECIDE WHETHER TO SELL A PUT VS BUY A RATIO PUT SPREAD
• AND MUCH MORE

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.

On this episode Mark and Dan discuss strike selection for spreads and much more.

On this episode Mark and Dan discuss outright strike selection.

• How do you choose your strike?
• Does your approach change if long vs. short premium?
• And much more...

ON THIS EPISODE, MARK AND DAN DISCUSS:

• ARE THERE ANY DRAW BACKS TO CASH-SECURED PUTS
• USING STOCK SUBSTITUTION OVER THE LONG TERM
• TYPICAL USE CASE FOR KNOCKOUT COLLARS
• ANY TIME YOU WANT TO TRADE A CALENDAR SPREAD WHEN YOU DON'T THINK THE UNDERLYING IS GOING TO SIT STILL
• WHETHER VOLATILITY DOWN ACROSS ALL ASSET CLASSES
• AND MUCH MORE