This is it. My ultimate options course. Black Friday edition. 30% off for a very short time. Link to the Black Friday special price in my bio. This isn’t just a course. It’s my life’s work. If my kids asked me how to trade options… This is what I’d hand them. Every tool. Every

This is a must watch episode from the boys! @TgMacro and @dailydirtnap great works lads. My favourite quote - "When you're feeing blessed you can't be stressed" spot on! Markets have a habit of pulling us away from gratitude, thanks for the reminder guys.

This $Gold triangle has D-day just before the FOMC on 10Dec. You can't make this sh1t up!

closed half this trade for 200% return yesterday

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Great to be joined in the studio today by @btcjvs for the @DeribitOfficial Crypto Options Unplugged pod …and of course my co-host @options_insight We took a deep dive into all things crypto and macro to understand what’s driving this market and where we’re heading Episode

Black Friday is ON. The price is the lowest I’ve ever put on this course: $699 (normally $999). I’m also giving you 3 months inside my trading desk on Discord. Real trades. Real results. Link in Bio

10/ this is my best attempt at trying to simplify SKEW P&L and how it works. Let me know how I did. #tradesafe

9/ the key point here is that the Realised SKEW or Vanna P&L is coming from a combination of both DELTA and VEGA because spot and vol are both moving together and have got this negative correlation where price goes up and vol goes down or vice versa. And remember, to bank that

8/ now, if the market was then to rally 1% (which is what happened last time), spot up 1%, vol down 1%. We make our PNL through DELTA because 1% on 10 million delta makes us $100K of PNL, which is the same final destination that we had as last time.

7/ now we described a situation where spot moved up first, and then vol dropped. But the reality is, it could be the other way around. It could be that Vol dropped first because the market was just chilling out, or there was an expectation that things had calmed down, so Vol

6/ to bank this P&L, what do we need to do? We need to buy back $100K of Vega, but we also need to sell $10M of Delta. If we don't trade both those Greeks back down to flat, then we don't lock in the full $100K of P&L.

5/ the P&L will only come if you get a volatility drop now that spot is higher. So if we assume that volatility dropped by 1 vol point or 1%, that's when you get some P&L because 1 vol on $100k of vega is $100k of P&L. But notice that your delta has also changed. Because when

4/ Now let's suppose spot is up 1%. What happens? Well, due to your Vanna position, you get shorter by $100k of Vega. But right now, there is no PNL because all that's happened is spot is up 1%, and you were flat delta anyway. The spot move has given you a Vega position,

3/ And let's say that we are starting DELTA and VEGA flat.

2/ Let's take an example where you have a Vanna position of $100k of Vega per 1% spot change. And you are long downside puts and short upside calls. You will therefore also have a delta change per implied vol change of $10 million DELTA per 1% vol change. As the market goes

1/ Vanna is a second-order Greek that represents two things at once. It represents how your VEGA position changes when the underlying spot moves. But it also represents how your DELTA changes when implied volatility moves. I like to think of it as your realised skew exposure,

For those of you who follow the SPX Vol surface, you will know that SKEW is quite pumped right now. It's still around the 80th percentile after getting hit yesterday. So does that make it a sell still? Not necessarily. Because there is a reason why SKEW is expensive. And that

Quick vol update: $VIX got hammered 11% since Friday, front-month VIX futures down roughly 7%. Markets finally exhaling some of that fear premium we’ve been carrying. Straight $VXX puts or regular VIX puts did fine — most were up 20-30% depending on the strike. That’s solid,

1/ I walked away from a seven-figure options trading desk. Not because I was burned out. Not because I “needed a break.” But because I was tired of watching good traders lose for reasons that were avoidable. 2/ Inside the banks, the juniors I trained didn’t need talent. They

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