Options Boot Camp

Hosted by The Options Insider Radio Network

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Episodes

412

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Aug 2026

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About the show

Options Boot Camp is designed to help get you into peak options trading shape by teaching you options trading inside and out, basic to complex. Listeners can even submit their own options questions to be answered on the show.

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60 recent

September 3, 2026Episode 40645 min

Options Boot Camp 406: Is The Worm Finally Turning?

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 butterflies, buy writes, options volume by exchange, binary options and prediction markets, and much more.

August 26, 2026Episode 40528 min

Options Boot Camp 405: Low Vol Trading and VIX Glitches

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 caused it? Could traders actually take advantage of it? And could resting "wishlist" orders help you capitalize when markets briefly get out of line? Plus, the instructors discuss the biggest forces driving the market right now, revisit perpetual futures, and share an update on the potential Options Boot Camp reboot. Topics include: Trading options in a low-volatility environment Buying options vs. selling premium when volatility is cheap Single-stock options vs. index options Dispersion and individual-stock volatility The mysterious VIX glitch Why VIX futures didn't follow the cash spike Using resting "wishlist" orders for unusual market moves Perpetual futures and market liquidity What's driving the market right now

August 12, 2026Episode 40338 min

Options Boot Camp 403: Double Calendars Part 2: Electric Boogaloo!

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 individual equities and whether this strategy could provide an interesting alternative way to capture weekend market moves. Then it's time for listener questions covering: When low volatility makes outright calls or puts more attractive than debit spreads How Dan selects strikes when trading the wheel The role of technical levels and premium when selling options What happens when you correctly predict a stock's direction but still lose money to an implied volatility collapse Why volatility analysis matters before entering an options trade It's Double Calendars Part 2. The stakes are higher. The calendars are doubled. And this time...it's Electric Boogaloo!

August 5, 2026Episode 40240 min

Options Boot Camp 402: Double Calendars and the Fall of Constantinople

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 swap" How Dan structures weekly double calendars When he typically enters and exits the trade Why wider breakevens aren't always guaranteed A recent SPX double calendar example Managing profits and avoiding common mistakes Then it's time for listener questions covering: Selling cash-secured puts versus covered calls near market highs Trading calendars and diagonals during earnings season Whether buying options into earnings still makes sense Scaling into positions Weekly SPY options and whether traders are sacrificing edge for more opportunities

July 29, 2026Episode 40137 min

Options Boot Camp 401: That Magical Buffett Premium

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 paid to wait" really the same thing as selling option premium? Does Buffett care about implied volatility when selling options? How might Buffett use options once he owns a stock he plans to hold forever? The unusual economics behind some of Buffett's legendary long-term put trades Why the "magical Buffett premium" may be something ordinary options traders can only dream about Plus, a trip deep into the Options Boot Camp archives

July 22, 2026Episode 40050 min

Options Boot Camp 400: How to Trade Options Like Warren Buffett

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 index put trades, why he prefers selling puts to enter positions, how he thinks about valuation, risk management, and knowing when to admit mistakes. Whether you're a buy-and-hold investor or an active options trader, this milestone episode offers timeless lessons on patience, discipline, and using options as investing tools rather than speculation. In this episode: Celebrating 400 episodes of Options Boot Camp The truth behind Buffett's "financial weapons of mass destruction" quote Why Buffett sells cash-secured puts Covered calls and long-term investing Buffett's legendary global index put trades OTC derivatives vs. listed options Risk management lessons every options trader can use Buffett's biggest investing mistakes—and what they teach us

July 15, 2026Episode 39930 min

Options Boot Camp 399: Fun with Flow, SPCX Pain and General Tomfoolery

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 structurally changed options trading forever, and where the peaks and troughs of liquidity hide. Mastering the Wheel Strategy: Dan addresses his "mythical" $30 threshold and explains the exact circumstances under which he'll run a wheel trade on a stock under $5 (including a look at his current covered strangle on a $4 stock). SpaceX ($SPCX) Options Pain: Two weeks post-IPO, the guys analyze the action, the crushing moves, the symmetry of iron flies, and why cutting losses early on a juicy but volatile setup is a rite of passage for successful traders. The Hardest Lesson in Trading: Why your exit strategy matters vastly more than your entry plan.

July 8, 2026Episode 39831 min

Options Boot Camp 398: The Perils of Trading While Traveling

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.

July 1, 2026Episode 39749 min

Options Boot Camp 397: Super-Sized VIX Extravaganza

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 the VIX actually measures (and what it doesn't) How the VIX is calculated using SPX options Why VIX can sometimes rise alongside the stock market The mechanics and risks of VIX settlement Spot VIX vs. VIX futures—and why the difference matters Contango, backwardation and the infamous "negative roll yield" How VIX options are priced and what futures drive them Common mistakes new VIX traders make The pros and cons of VXX, UVXY, UVIX and SVIX How Russell uses volatility products as hedges and trading tools Listener questions on volatility products, risk reversals and today's market environment

June 25, 2026Episode 39625 min

Options Boot Camp 396: SPCX Options and Rogue Iron Condors

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, sky-high implied volatility, and why experienced traders approached the frenzy very differently. Finally, the crew answers listener questions about zero-DTE options, VIX term structure, calendar spreads, and whether the options market has fundamentally changed over the past few years. In this episode you'll learn: Why paper trading can create unrealistic expectations Managing iron condors before one trade wipes out multiple winners Profit-taking vs. stop-loss rules for credit spreads How backtesting can improve trading discipline What made the SPCX options launch historic Trading ultra-high implied volatility Have 0DTE options changed options trading forever? Managing calendar spreads during volatility spikes Why you still can't trade spot VIX