Options Boot Camp

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: correlati