What Is Implied Volatility? The Complete Guide for Options Traders
Pick any two stocks with active, liquid options markets and similar prices. Same expiration, same delta. The at-the-money call on one costs $3. On the other, $8. The difference has nothing to…
Buy the Guts, Sell the Wings: How to Roll a Short Straddle Like a Pro
“Buy the guts, sell the wings” is a key phrase for every short premium trader. If you’ve traded short strangles for some time, you know how a normal position can become…
The Black Swan Hedge: How to Protect Your Portfolio from Market Crashes
In investing, most strategies assume the market behaves in a “normal” way. Volatility stays within historical ranges, correlations hold, diversification works. Most of the time,…
How Howard Marks Changed My Approach to Risk in Options Trading
As someone deeply involved in options trading, I recently came across Howard Marks, the co-chairman of Oaktree Capital. His views on risk, laid out in his new video course, were incredibly…
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1-1-2 Options Strategy: The Bear Trap Trade with 95% Win Rate
I’ve been trading options for a long time, and the 1-1-2 is still the structure I find myself coming back to more than any other. Not because it wins every time (it doesn’t) but…
