Options Boot Camp

When does an option actually stop trading, and what happens when expiration arrives? Mark Longo and Dan Passarelli trace how the calendar grew from monthly expirations to weeklies, daily SPX options, and Monday and Wednesday expirations in select stocks and ETFs.

Along the way, they explain why traditional SPX monthly options can stop trading on Thursday yet settle on Friday morning, how cash settlement differs from physical settlement, and why expiration day can catch traders off guard. They also share stories from the trading floor and answer listener questions.

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...

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...

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...

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...

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...

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 in...

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:

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:

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...

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 stru...

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 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...

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 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...

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...

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...

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 "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 yo...

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...

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 0...

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...

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...

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 bu...

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...

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...

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...

To maximize your reach, I've tailored these descriptions to how people actually find content on each platform.

For Libsyn, the focus is on scannability for podcast apps and Google search. For YouTube, the focus is on "Watch Time" signals, Chapters, and keywords that trigger the video algorithm.

1. Libsyn Show Description (RSS & Podcast Apps)

Focus: Clear summary, scannability, and high-value links.

Options Boot Camp 381: We've Got Two Questions...One for Each of Ya!

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

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—se...

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...

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 an...

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...

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...

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 re...

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 "...

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...

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 co...

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...

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...