Options Boot Camp

Can AI identify the biggest problems facing the U.S. options market—or do experienced traders see risks the bots are missing? Mark Longo and Dan Passarelli put ChatGPT and Google Gemini to the test, challenging both to rank the options market's five most pressing concerns. Then they debate the results, separating persistent industry headaches from emerging challenges that could change how you trad...

Could VIX perpetual futures change how traders access volatility? On this episode, Mark Longo and Dan Passarelli tackle your questions about VIX perps, individual stock volatility and what options prices really tell us ahead of earnings—with a little "bah, humbug" along the way. The discussion includes: • The buzz surrounding VIX perpetual futures and why the hosts distinguish speculation from an...

Rising Treasury yields have listeners asking: Is TLT the right ETF for trading a view on bonds, and will we ever get a tradable version of the MOVE Index? Mark Longo and Dan Passarelli tackle your bond ETF options questions, comparing TLT and IEF, their options liquidity and the different portions of the Treasury yield curve they represent. They discuss why matching your trading thesis to the righ...

What can bond market volatility tell you that the VIX can't? Mark Longo and Dan Passarelli break down the MOVE Index and explain why equity options traders should keep an eye on Treasury yield volatility. Learn what MOVE measures, how its Treasury options components are weighted, and why comparing its level directly with VIX can be misleading. Mark and Dan also explore what it means when stock and...

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 sett...

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...

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, inc...

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 rethinki...

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 in...

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 a...

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 u...

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...

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 pai...

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...

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 effici...

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...

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...

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 ta...

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...

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 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, an...

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...

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...

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...

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...