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

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

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 Matt Amberson, Founder of ORATS, who brings years of options analytics expertise and a treasure trove of intraday options data to the discussion. Together they dive deep into:

• The results of extensive 0DTE SPX backtesting
• Why short strangles continue to outperform in many market environments
• The surprising impact of trade timing on 0DTE profitability
• Why selling premium near the open may be far superior to waiting until midday
• The risks and rewards of short strangles versus iron condors
• Double calendars and other alternatives for traders seeking defined risk
• How ORATS built one-minute options data and intraday backtesting tools
• Whether the new generation of single-name 0DTE options (NVDA, TSLA, MSFT and more) changes the game

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 market drops 4-5% off all-time highs and why the Cboe Skew Index is mostly obtuse for retail traders.

• The $30 Wheel Rule: Why Dan avoids running the Wheel Strategy on cheap stocks (and how bid-ask spreads quietly crush your profits).

• Vega vs. Theta: Can you make money if implied volatility (IV) explodes but the stock sits perfectly still?

Plus, the guys dig into AI math failures and a massive cultural detour into the only correct way to order a Portillo's Italian beef sandwich (completely dunked!).

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, and Palantir, the guys discuss what this means for liquidity, overnight risk, and the psychological impact on retail traders.

We also take a deep dive into the mailbag to answer a vital options theory question: When does theta decay stop helping options sellers? (Hint: Beware the Gamma Beast!)

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 actually be a bigger problem than the commissions themselves.

The mailbag is also packed with listener questions covering the vertical integration of crypto brokers buying exchanges, handling tech stock crashes while running the Wheel Strategy, the fear of automatic option exercise on expiration Friday, and managing short premium positions.

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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 questions on the wheel strategy, Bitcoin volatility, crypto options growth, pattern day trading concerns, and broker tools for tracking wheel trades. And yes… the listeners are already building their next Deathmatch wishlists.

Plus, hear details on the current tastytrade listener promo, including double rebates at tastytrade.com/insider.

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 discuss:

• The Death of PDT: What the removal of the "four trades in five days" rule means for small accounts.

• The New "Dynamic" Risk Models: Why your broker might be watching you closer than ever.

• The Rise of Margin Calls: Is the trade-off for freedom a more aggressive liquidation environment?

• Zero-Day Options (0DTE): How the explosion of same-day expiration forced the regulators' hands.

• Implementation Timelines: Why some legacy brokers might keep you under the old rules until October 2025.

Plus, we answer listener questions about the impact of this change on stock volatility and the potential for "call skews" to get bid up by a new wave of retail traders.