Options Boot Camp

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  Options Boot Camp 408: Yacht Rock Piracy and Net Zero Puts 16.09.2026 38dk

  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.
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  Options Boot Camp 407: Rise of the 0DTE Iron Butterfly 10.09.2026 43dk

  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.
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  Options Boot Camp 406: Is The Worm Finally Turning? 03.09.2026 45dk

  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.
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  Options Boot Camp 405: Low Vol Trading and VIX Glitches 26.08.2026 28dk

  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
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  Options Boot Camp 404: WTH Are PERPS? 19.08.2026

  What the heck are PERPS—and why are they suddenly everywhere? On this episode of Options Boot Camp, Mark Longo and Dan Passarelli tackle one of the hottest topics in the derivatives world: perpetual futures, better known as perps. They break down how perpetual futures work, why they don't have expiration dates, how they differ from traditional futures contracts, and why eliminating expiration also eliminates the need to constantly roll positions. Then they dive into the all-important funding rate—the mechanism designed to keep perpetual futures prices aligned with the underlying market. Using easy-to-follow examples, the hosts explore what happens when a perp trades at a premium or discount to the underlying, who pays the funding rate, how professional traders may respond, and why the mechanics can vary significantly from one trading venue to another. They also discuss the growing interest in perps across the derivatives industry, the comparison between perpetual futures and 0DTE options, and why options traders should understand this increasingly important product. Plus, in the Mail Call, the crew discusses whether it might finally be time to revisit and remaster some of the earliest Options Boot Camp episodes for a new generation of options traders. Topics include: What are perpetual futures (perps)? Perpetual futures vs. traditional futures Why perps don't expire How funding rates work Positive vs. negative funding rates Perps trading at premiums and discounts Arbitrage and price convergence Perpetual futures vs. 0DTE options The growing role of perps in derivatives trading Revisiting the early days of Options Boot Camp
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  Options Boot Camp 403: Double Calendars Part 2: Electric Boogaloo! 12.08.2026 38dk

  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!
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  Options Boot Camp 402: Double Calendars and the Fall of Constantinople 05.08.2026 40dk

  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
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  Options Boot Camp 401: That Magical Buffett Premium 29.07.2026 37dk

  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
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  Options Boot Camp 400: How to Trade Options Like Warren Buffett 22.07.2026 50dk

  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. In this episode: 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
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  Options Boot Camp 399: Fun with Flow, SPCX Pain and General Tomfoolery 15.07.2026 30dk

  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.
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  Options Boot Camp 398: The Perils of Trading While Traveling 08.07.2026 31dk

  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.
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  Options Boot Camp 397: Super-Sized VIX Extravaganza 01.07.2026 49dk

  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
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  Options Boot Camp 396: SPCX Options and Rogue Iron Condors 25.06.2026 25dk

  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
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  Options Boot Camp 395: Should You Stop Selling ODTE Options Part 2....The Revenge!!! 18.06.2026 32dk

  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
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  Options Boot Camp 394: Wild Markets, Wacky Puts and Wet Beef 11.06.2026 40dk

  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!).
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  Options Boot Camp 393: Are Weekends Dead? 03.06.2026 40dk

  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!)
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  Options Boot Camp 392: Are Prediction Markets Too Expensive? 27.05.2026 42dk

  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. 🔥 EXCLUSIVE LISTENER PROMO: Want a powerful trading platform built by option traders, for option traders? Head over to tastytrade.com/insider to check out the latest listener promotions, maximize your trading edge, and take advantage of elite technology, rates, and support designed to help you succeed!
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  Options Boot Camp 391: Geopolitical Risk, Gamma Exposure and Your Deathmatch Wishlists 20.05.2026 39dk

  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.
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  Options Boot Camp 390: Goodbye Pattern Day Trading, Hello Margin Calls!!! 13.05.2026 42dk

  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.
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  Options Boot Camp 389: Live from OIC 2026 11.05.2026 33dk

  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.