📩 The Option Premium Weekly Issue - November 21, 2025

New traders think the answer is out there in some strategy they haven't learned yet. Experienced traders know the answer is in mastering what they already know.

A Note of Thanks & What’s Coming Next

As we head into the holiday, I want to sincerely thank you for reading, learning, and building this project with me, I don’t take your time or trust lightly. Wishing you and your families a peaceful, restorative, and very Happy Thanksgiving. 🦃

I’m steadily turning The Option Premium from “just a newsletter” into a fuller options education platform. I’ve finally settled on a YouTube editing setup I’m happy with, and I’m mapping out a series of courses, live webinars, and shorter teaching videos that will roll out over time. I’m moving deliberately on purpose, I’d rather build tools that are clear, repeatable, and useful for years than rush out content that doesn’t meet the standard you expect.

Along the way, the feedback and testimonials have meant a great deal. One loyal, long-time reader told me that when he knew nothing about options, and my early YouTube videos (from over a decade ago) were the best thing that ever happened to him as a trader and that he’d be forever grateful.

Others have written:

I’m genuinely grateful for every note like this, and for the growing list of readers who take the time to send them. This is still a ground-up, community-driven project, and I want to be completely clear about one thing: if you’re already a paid subscriber, or you join at current rates, your price is locked in for life. As I add new portfolios, webinars, videos, and courses, prices for new subscribers will need to rise to reflect the added work and value created. Yours will not. That’s a standing promise.

I also rely on you to help this grow. This is what real grassroots, meaningful growth looks like, one reader at a time. If the work has helped you, I have a simple, honest ask: pick three articles that you’ve found valuable and share them, on Reddit, X, Facebook, in a group or community you’re part of, wherever it makes sense. A quick share with a short note about why it helped you does more for this project than any ad campaign ever could. If you’re willing to do that, it would mean a great deal and I’d love to see where this community can go, one reader and one recommendation at a time. Thank you!

📺 Subscribe to the YouTube channel so you’re first in line when the initial videos go live.
👥 Join the private Facebook group or connect with me over on X.
💌 Email me anytime with topics you’d like to see covered in the newsletter, on YouTube, or in future webinars.

Thanks again for being part of this. What we’re building now is the base layer for everything that comes next, and I’m genuinely grateful you’re here for it.

✉️ A Note to Subscribers

If you’ve been reading along but haven’t joined Wealth Without Shares yet, here’s what the actual numbers look like in one of our model portfolios. One contract in each Small Dogs PMCC would have cost $9,725 to open; today those same positions show total gains of about $6,243, a return of roughly +64% on LEAPS capital. By comparison, the Dow is up 8.7%.

Individual positions tell the same story: the JNJ PMCC closed near +93% while the stock was up about +32%, MRK sits around +76%, AAPL near +83%, and even a slow mover like TLT has produced about +16.8% in the All-Weather PMCC while the ETF itself has barely budged. On the flip side, TOST is down about -25%, which is exactly why we size the growth portfolio small and treat it as tuition, not the foundation. This isn’t about cherry-picking one winner; it’s about what the whole structure has done, including the scratches and bruises.

The edge isn’t a secret signal or the next hot ticker, it’s the framework. By replacing 100-share stock blocks with deep-in-the-money LEAPS and layering on a disciplined short-call overlay, Wealth Without Shares shows you how to pursue stock-like (and in many cases, better) percentage returns with far less capital committed per name. You see every position, every adjustment, and the thinking behind it, so you can learn the mechanics and decide what fits your own approach. If you want a rational, transparent way to do more with your capital, without the hype, without guessing at someone else’s “system”, that’s exactly what this service is built to provide.

Thanks again for all of your continued support,

Andy

📰 Market Commentary & Snapshot

Volatility resurfaced and leadership narrowed again. The week ended with U.S. stocks lower, S&P 500 -1.9%, Nasdaq -2.7%, Dow -1.9%, as AI-heavy names took the brunt while the rest of the market wobbled but didn’t break. Rate expectations flipped around after Fed officials hinted they’re open to easing, yet the data blackout from the now-ended government shutdown kept the outlook muddy. The 10-year Treasury yield finished near 4.06%, down roughly 9 basis-points on the week, a level that pressures long-duration tech but hasn’t derailed the broader tape.

Call it rotation, not a rug-pull. Outside the megacaps, international stocks also slipped, and crude hovered near $58 as supply headlines offset growth worries. Under the surface, the gap between winners and losers stayed wide, classic “dispersion”, which is the environment where careful premium selling can work, provided sizing is conservative and exits are mechanical.

What to watch next: with the shutdown resolved, delayed economic releases are set to return, giving the Fed more to chew on ahead of its December meeting. Odds for a December cut swung from near one-third midweek to closer to two-thirds after dovish commentary, an unusually large swing in just a few sessions.

📊 Weekly Market Stats

📰 Weekly In-Depth Articles 

🗓️ Tuesday, November 18th - PMCC 101: Income Overlay with LEAPS

🗓️ Thursday, November 20th - High IV vs. Low IV: Which Stocks Work Best for the Wheel?

🧭 The Earnings Playbook

(Educational and idea-generating for all readers)

📊 Upcoming Earnings: Week of November 24-28, 2025

Schedule at a glance:

• Tuesday 11/25 – Before Open: BABA, KSS

• Tuesday 11/25 – After Close: DELL

How to read this week:

As we wind down earnings season we have a few more weeks of stragglers due to announce. As for this week, all three highly-liquid names of note report on the same day, but they play very different roles. BABA is the liquidity anchor with the heaviest options volume (~255k contracts) and a moderate IV Rank around 37%. The market is pricing about a ±9.36 move (~6.1%), which is meaningful but not “lottery-ticket” volatile for a large-cap name.

DELL sits in the middle on volume (~45k contracts) but shows the highest IV Rank (~57%) and a ±9.73 move (~7.9%). That combination – elevated IV Rank and a relatively large expected percentage move – makes it a clean example of how earnings can quickly expand the “normal” range of outcomes.

KSS trades fewer contracts (~16k), but its options are pricing the largest percentage swing, with an expected move of ±1.90 on a 15.71 stock (~12.3%). It’s a good case study in how lower-priced retail names can carry big percentage moves even when IV Rank sits in the mid-40s.

🧭 Earnings Season Options Trade: A Step-by-Step Guide: Explore the in-depth, quantitative approach to the best strikes, probabilities, and setups for earnings trades: learn the mechanics of the high-probability approach.

👉 For detailed frameworks, including delta targets, exit triggers, and trade structuring ideas, join the paid edition: The Implied Perspective. 

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⁉️ Did You Know?

RSI Extremes Can Help You Leg Into Iron Condors

RSI isn’t just a “buy low, sell high” gadget, it’s a handy timing tool for building higher-probability income trades. When RSI pushes into overbought or oversold territory at the edges of the Expected Move, you can use that information to stage an iron condor instead of dropping the whole structure on at once.

Here’s one simple framework:

• Overbought + Near Top of Expected Move
  When RSI is stretched higher (for many traders, that means RSI > 65 to 70) and price is pressing toward the upper side of the 1-4 week Expected Move, you can start with a bear call spread above the market. Pick short strikes just outside the EM, at a probability of profit you’re comfortable with (for example, 70 to 85%), and a credit that meets your return target without reaching for “just a little more.”

• Oversold + Near Bottom of Expected Move
  When RSI is washed out (for many traders, RSI < 35–30) and price is leaning on the lower side of the Expected Move, you can add a bull put spread below the market, again, outside the EM, with similar probability and risk/reward parameters. At that point, you’ve effectively legged into an iron condor over time rather than forcing both sides at once.

The key isn’t squeezing every last cent of premium from each trade, it’s lining up RSI extremes + Expected Move + acceptable probability and then letting the law of large numbers do the heavy lifting. Choose strikes where you can live with the risk, avoid getting greedy on credit, and focus on repeating a sound process across many trades rather than trying to be a hero on any single iron condor.

📚 Want to Go Deeper on Spreads and Iron Condors?

If today’s note on using RSI and the Expected Move has you thinking, “Okay, but how do I actually build these spreads step by step?”, you already have a full playbook waiting for you at The Option Premium.

Here are a few core resources you can link to:

Bear Call & Bull Put Spreads (Verticals 101)

👉 “Options 101: The Basics of Vertical Spreads (Bull Put and Bear Call Spreads)” walks through setup, risk/reward, and why professionals lean on these defined-risk credit spreads as the foundation for income trading at The Option Premium.
 

Iron Condors, Step by Step

👉 “Mastering the Iron Condor: A Step-by-Step Comprehensive Guide to a Defined-Risk Options Strategy” shows exactly how the bear call spread and bull put spread fit together, how to use the Expected Move to set strikes, and how to manage risk and exits like a pro.

Iron Condor Topic Hub

👉 The Iron Condor topic page collects multiple deep-dive reports, mechanics pieces, and earnings-related setups, all organized in one place for ongoing study inside The Option Premium educational library. Explore the hub. 

If you find these resources helpful, feel free to share The Option Premium with a fellow trader who wants clear, real-world options education.

Between these and the broader Educational Corner, you’ve got a full, growing library on spreads, iron condors, probabilities, expected move, and real trade examples, built to help traders move from “I’ve heard of that strategy” to actually structuring and managing trades with confidence.

🎓 Options 101: The First Steps to Trading

What Winning Traders Do Differently

Most traders are hunting for the perfect strategy. Winning traders know the truth: it’s not what you trade, it’s how you behave when money is on the line. This week’s Options 101 breaks down the quiet habits that actually separate long-term winners from everyone else, thinking in series instead of single trades, sizing small on every position (no matter how “perfect” it looks), running written rules instead of gut feel, and treating losses as data, not identity.

If you’ve ever found yourself strategy-hopping after a losing streak, over-sizing to “make it back,” or checking P&L every five minutes, this article is your reset button.

👉 Read the full piece to start trading like a professional casino, structured, rules-based, and boring on purpose, so the math of your edge finally has room to work.

🧠 Mental Capital

Train not just your trading system, but your trading self.

Understanding Options Greeks - The Real Risk Dashboard

Most traders obsess over entries and charts, and ignore the one thing that actually decides whether they survive: the Greeks. This week’s Mental Capital dives into Delta, Gamma, Theta, and Vega as your real-time risk dashboard: how Delta tells you your true directional exposure, why Gamma quietly accelerates gains and losses, how Theta can either pay you rent or bleed you dry, and how Vega can ruin a “perfect” trade in one volatility crush. I walk through practical, plain-English examples for the Wheel, PMCCs, credit spreads, and iron condors so you can finally see why your P&L moves, not just that it moved.

👉 Read the full piece to start trading like a risk manager with a playbook, not a gambler with a hunch.

📊 The Implied Truth: Weekly Table Overview

Unlock the Full Picture - Upgrade to access the complete table, including all 100 equities (AAPL, META, AMZN, NVDA and more)

Every number tells a story. Each week, we decode the landscape across the most liquid ETFs, because this is where retail traders get the cleanest signals and the least slippage. But the power isn’t in the data, it’s in how you interpret it.

Below is your edge: a strategic overview that reveals where the premium is overpriced, where price action is exhausted, and where the highest-probability setups exist for the coming week.

This section is here to help you choose what works for your strategy. The numbers are facts, not opinions. Whether you sell premium, buy directional spreads, or trade reversals, the edge begins with understanding volatility and momentum. Let’s dig in.

What This Table Tells Us

• Use this weekly to guide your trade ideas, not predict outcomes.

• The data is factual. There’s no opinion in this grid, only opportunity.

• Choose what aligns with your timeframe, risk appetite, and edge.

Market Snapshot for Premium Sellers

On the surface, the market still looks “fine”: major indexes are hovering near highs, and index volatility is elevated but not extreme. SPY and QQQ both sit in a middle zone where options aren’t cheap, but they’re not screaming panic either. Under the surface, though, breadth is weakening, only about a third of S&P 500 stocks sit above their 50-day moving average, which tells us fewer names are carrying more of the load. That’s usually a good time for premium sellers to be more selective and keep position sizes modest rather than chase every move.

The real action is in the extremes. Crypto proxies and uranium (IBIT, URA) and parts of metals and tech (GDX, SLV, SMH, XLK, QQQ) have both higher implied volatility and high IV Rank, meaning traders are paying up for options there. Some areas are deeply oversold on a short-term basis (EEM, IBIT, URA, USO), while others are stretched to the upside (KRE, XHB, XLP, XLV, XBI, RSP, HYG). That mix, oversold cyclicals and crypto, overbought defensives and healthcare, is classic rotation, not broad collapse. Volatility itself is trending higher (VIX > 20), which usually argues for defined-risk structures, wider cushions, and clear exit rules.

The simple takeaway: volatility has picked up just enough to create opportunity, but in a rotational, choppy tape where process and risk management matter more than bold predictions.

👉 For a deeper dive each week, including a full breakdown of the most liquid optionable ETFs and an in-depth analysis of 100+ highly liquid equities, check out The Implied Perspective, our paid service that turns this data into structured, high-probability premium ideas.

As always, this section is meant to be an educational lens on the current landscape, not personal advice. The edge comes from matching the strategy to the regime, keeping position sizes small, and letting a large sample of disciplined trades do the heavy lifting over time.

Quick Reference

📚 Educational Corner: Options Deep Dive

Expected Move for Picking Short Calls

Stop guessing your short-call strikes. This week’s piece shows how pros anchor PMCC call sells to expected move, the market’s 1-σ range, so you trade probability, not vibes.

You’ll learn exactly how to:

• Set strikes at or beyond the upper EM (≈16% or less chance of being tested), balancing premium vs. risk.

• Compute EM in seconds (ATM call + ATM put × 0.85) or pull it from your platform.

• Adapt to volatility (go farther out when IV expands; closer when IV contracts) and blend EM with key technical levels for smarter placement.

• Run a simple, repeatable pre-trade checklist so your PMCC income engine stays mechanical, roll early, take 50% wins, and let the math compound.

👉 Read the full guide: Use Expected Move to Choose Short Calls, Consistently, Not by Gut.

🔗 Let’s Stay Connected

Have questions, feedback, or just want to say hello? I’d love to hear from you.
📩 Email me anytime at [email protected]

📺 Subscribe on YouTube so you’ll be notified when the first videos are released.
👥 Join the private Facebook group or connect with me on X.
💌 Send me your topic requests, whether for the newsletter, YouTube, or webinars. Seriously, send them. 🙂 

Thanks again for reading. I hope you found today’s insights valuable and worth your time.

Trade Smart. Trade Thoughtfully.
Andy Crowder
Founder | Editor-in-Chief | Chief Options Strategist
The Option Premium

Educational use only. The Option Premium is a publication for educational purposes and does not provide personalized investment advice. Options involve risk and are not suitable for all investors. Always confirm details and manage risk prudently.