Wealth Building With Options

In this episode, Dan Passarelli explores how biology and psychology quietly influence every trading decision—often more than logic or data. Through a story that begins in the Chicago trading pits and leads all the way to a conference in Hong Kong, Dan recounts his unexpected encounter with John Coates, a former Goldman Sachs trader turned neuroscientist and author of The Hour Between Dog and Wolf....

Have you ever "felt" something was off in the market—before you could explain why? In early 2021, Dan noticed unusual behavior across several stocks; days later, the Archegos Capital blow-up surfaced. It wasn't clairvoyance—it was his subconscious processing patterns his conscious mind hadn't connected yet. In this episode, Dan explores how biology and psychology shape trading decisions: why fear...

What If You Could Turn a Losing Trade Into a Winner—Without Taking the Loss? Most covered call and cash-secured put traders hit a wall when their trades go against them. The stock blows through their strike price, they're staring at a loss, and panic sets in. But what if there was a way to defer that loss, improve your odds, and keep your original credit intact? Enter the net-zero roll—the techniq...

In this episode of Wealth Building with Options, Dan Passarelli dives deep into the motivations behind trading the wheel strategy—and why understanding them can make or break your results. Dan begins with a mistake he sees all too often: traders push strikes too far away from the stock price, "running and hiding" instead of sticking to their true objective—getting assigned—which undermines their e...

Most wheel traders obsess over single trades and miss the bigger picture. In this episode, Dan Passarelli shares the mindset shift that changed his covered call and cash-secured put trading: manage in cycles, not one-offs. Using a powerful casino/blackjack analogy, Dan reveals why even professional card counters can lose money for six months straight despite having an edge—and how "how you play" d...

In this episode of Wealth Building with Options, host Dan Passarelli dives into one of the most powerful – and often overlooked – forces shaping trading decisions: the endowment effect. This behavioral economics concept explains why we tend to overvalue what we already own, and why that bias can hold traders and investors back from making better choices. Drawing on research from Richard Thaler and...

Dan sits down with longtime market maker Kevin “Lex” Luthringshausen to demystify how options markets actually work behind the scenes. They cover dealer/market-maker behavior, why hedging is the real “edge,” how dispersion trading works, and what payment for order flow (PFOF) really is—and why it matters for retail traders. The conversation finishes with practical guidance for covered calls, cash-...

Options trading is all about choice—and in this episode, Dan Passarelli breaks down why those choices create real value for investors. From adjusting strikes to rolling trades, Dan dives deep into how flexibility and decision-making in the Wheel Strategy can drive long-term profitability. He also shares personal reflections about family milestones, the importance of practical education, and how tr...

In this episode of Wealth Building with Options, host Dan Passarelli dives deep into one of the most popular and misunderstood strategies in options trading: the Wheel Strategy. Drawing inspiration from a (possibly misattributed) Yogi Berra quote — “In theory, there’s no difference between theory and practice, but in practice there is” — Dan explores how the wheel works in real life, why some trad...

In this episode of Wealth Building with Options, Dan Passarelli opens with a hilarious rant about Hulu's "double dipping" business model—charging subscribers AND showing ads—which becomes the perfect metaphor for today's topic: covered strangles and covered straddles. These underused strategies allow options traders to "double dip" by collecting premium from both calls and puts, creating excellent...

A candid conversation with one of the options industry’s most influential figures, tracing the explosive growth of the options market, the evolution of strategies like covered calls and cash-secured puts, and what’s ahead for global adoption. Key Takeaways From 1983 to 2025: Andy shares how a fractions test in the Chicago Board of Trade building launched his 40-year career with CBOE Global Markets...

In this episode, Dan explores the strategic rationale behind trading long-term buy-writes, even when they offer lower theta compared to shorter-term options. While conventional wisdom might suggest optimizing for higher theta, Dan lays out a compelling case for why going long may actually lead to more consistent, reliable results—especially when thinking like an investor rather than a trader. What...

"There's the kind of stock you date, and the kind of stock you marry." In this episode of Wealth Building With Options, Dan explores what it means to have "commitment issues"—not in relationships, but in trading. Sometimes you don't want to marry a stock for life. You just want to take it for a profitable spin while managing your risk. That's where short-term buy-writes shine. What You'll Learn: T...

In this episode, Dan shares a hilarious childhood story (yes, he did bite a nurse) and takes a nostalgic look at Highlights magazine to set up a powerful trading lesson about spotting subtle—but meaningful—differences between two nearly identical options strategies: the buy-write and the cash-secured put. Both strategies aim to acquire stock and generate income, and from a risk-reward standpoint,...

Dan Passarelli kicks off this episode with a wild story from the trading floor—complete with Hulk-like rage and a colorful nickname—and uses it to dive deep into one of the most powerful and misunderstood ideas in options trading: synthetic positions. This episode explores how synthetics reveal the truth about covered calls and cash-secured puts—that they are, in fact, two sides of the same coin....

In this episode of Wealth Building with Options, host Dan Passarelli explores one of the most powerful, yet often overlooked, concepts in successful trading: edge. Whether you're seeking an advantage like a card counter at the blackjack table or building consistency through disciplined investing, edge—the measurable statistical advantage—is what separates consistent winners from the rest. What You...

Description: You wouldn’t build a garden without a plan (or at least you shouldn’t). And you sure as heck shouldn’t place a covered call or cash-secured put without knowing exactly why you’re doing it.  In this episode, Dan shares a hilariously frustrating story about building a backyard garden with his daughter — and how forgetting one small measurement led to a big headache. Then he breaks down...

In this episode of Wealth Building with Options, Dan dives deep into the three critical criteria for selecting the best strike and expiration when selling cash-secured puts: Support levels Theta (both straight and aggregate) Implied volatility and skew Dan breaks down the logic behind what makes these factors so valuable—especially for investors who want to either generate premium or strategically...

In this episode, Dan Passarelli dives deep into the strategy that many investors think they understand — but often get wrong: cash-secured puts. While most investors learn to sell puts early in their options journey, few truly master the nuance and mindset that separate solid trades from subtle mistakes. Dan unpacks the six core guidelines for executing high-quality CSPs, shares his personal evolu...

Dan Passarelli is joined by Jeffrey Hirsch, editor-in-chief of the Stock Trader’s Almanac, to talk seasonality, market cycles, and the powerful edge of timing your trades around historical patterns. From family legacy to tactical trade execution, Jeff breaks down how decades of research—plus some good old-fashioned intuition—can give traders a powerful boost. What You’ll Learn in This Episode: Why...

Welcome back to Wealth Building with Options! In this episode, we’re diving deep into a trader's secret weapon: the Trade Objective of the covered call strategy — specifically, using covered calls to strategically exit a stock position. If you’ve ever wondered: How do I get the most out of a stock I already own? What role does theta really play in my premium income? How do I avoid leaving money on...

In this deep-dive episode, Dan Passarelli lays out the OG Covered Call setup—the foundational approach to trading covered calls that every serious trader should understand. This episode is Part 1 of a two-part series that walks through the “Skate” Objective—a strategy focused on collecting premium while avoiding assignment. Dan brings together technical chart analysis, volatility evaluation, and d...

Episode Summary: In this episode, Dan dives into one of the most misunderstood aspects of options trading: the Greeks — and more importantly, where the real edge in trading actually comes from. Contrary to what many novice traders believe, theta is not the edge. The real advantage lies in volatility and skew. With practical examples and 30 years of trading experience, Dan breaks down how delta wor...

Episode 13 – The Golden Age of Options: A Conversation with Steven Sears In this episode of Wealth Building With Options, Dan Passarelli sits down with one of the most influential voices in the options world—Steven Sears. A former senior editor at Barron’s, senior advisor to the Philadelphia Stock Exchange, and a key figure in the rise of electronic options trading, Sears brings decades of front-l...

Episode Summary: In this episode, Dan Passarelli breaks down a powerful trading concept: using cash-secured puts as a smarter, more strategic version of limit orders. If you've ever hesitated about assignment or second-guessed a put trade, this episode is for you. Dan shares real-world stories (including a Vegas twist involving a mastermind event that… wasn’t) and psychological lessons from 7,000+...