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

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. In This Episode: 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

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. What's Inside This Episode: 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 equi

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. Episode Summary 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. Key Discussion Points: 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

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 D

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 volati

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. In This Episode, You'll Learn: 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-m

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. Key Topics Covered in This Episode: 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 Co

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   In this episode, hosts Mark Longo and Dan Passarelli delve into the origin and history of binary options, exploring their initial launch with Head Street, subsequent rebranding under Nadex, and their evolution into more widely accessible and diversified financial products. They discuss the intuitive pricing of binary options, their appeal among retail investors, and the impacts of regulatory changes, especially the influence of the CFTC's rulings. The episode also touches on newer players in the event derivatives space like Kalshi, ForecastEx, and the CME Group's involvement. Additionally, Mark and Dan respond to listener questions about market trends, time spreads, and the recent VIX behavior. The show wraps up with an engaging discussion on the future of binary options and the growing interest from various market participants.  

HOST: Mark Longo, The Options Insider Radio Network CO-HOST: Dan Passarelli, Market Taker Mentoring   This episode covers listener questions about trading futures and the impact of recent Fed cuts on markets. Other topics include insights into fundamental vs. technical analysis, the lofty PE ratios of the S&P 500 and whether they signal market concerns, and a debate on whether we'll see more warrants issued after GameStop's recent move. The hosts also discuss their personal experiences and perspectives on trading futures and options.  

HOST: Mark Longo, The Options Insider Media Group CO-HOST: Dan Passarelli, Market Taker Mentoring GUEST: Russell Rhoads, Indiana University Kelley School of Business In this episode, Mark, Dan and Russell dive into the topic of financial warrants. They explain the differences and similarities between warrants and listed options, highlighting how warrants can be a tool for companies to raise capital through unique, often dilutive instruments. They discuss how warrants, though not commonly used in the U.S., came into recent focus due to GameStop’s issuance of warrants. Russell shares detailed information on the market for these warrants, their exercise mechanics, and provides advice for holders. The episode aims to educate listeners on trading and handling warrants, an aspect of options that might be less familiar to many traders.  

Host: Mark Longo, The Options Insider Media Group Co-Host: Dan Passarelli, Market Taker Mentoring   In this episode of Options Bootcamp, our hosts discuss a range of topics, starting with an exploration of iron condors and their various applications. The show also delves into the intricacies of the options market structure, including the limitations of siloed spread books and potential improvements like more frequent open interest updates. Listener questions lead to a discussion on scaling trading strategies for larger accounts, the use of payment for order flow, and approaches to backtesting options strategies. The episode wraps up with light-hearted speculation about Dan's mysterious middle name. 00:00 Introduction and Welcome 04:00 Listener Mail Call 06:51 Iron Condors and Trading Strategies 13:41 Crypto Trading and Market Structure 24:56 Concluding Thoughts and Farewell

Host: Mark Longo, The Options Insider Radio Network Co-Host: Dan Passarelli, Market Taker Mentoring   In this episode, Mark Longo and Dan Passarelli delve into various topics revolving around options trading. They primarily discuss the recent changes to the pattern day trading rules by FINRA, which could potentially lower the $25,000 threshold to a more flexible intraday margin rule. They also reflect on the performance of gold in comparison to the VIX as a gauge of market sentiment amidst fluctuating market conditions. Additionally, the hosts touch on the upcoming earnings season, sharing insights on expected company performances and the volatility trends observed.