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Options Research, Mechanics and Commentary

Options Research, Mechanics and Commentary

Research, mechanics, and market commentary to build stronger options strategies with real-world insights and clear analysis.

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The JPM Collar: What It Is, How It Works, and Why Every Options Trader Should Understand It

The JPMorgan Hedged Equity Fund runs a $21 billion put-spread collar on the SPX, resetting quarterly with ~45,000 contracts per leg. Learn the three-leg structure, the roll mechanics, and why it shapes pricing for every options trader.

Andrew Crowder

How to Embrace Heightened Volatility: What 90 Years of Data Says About Turbulent Markets

ECB research shows high-volatility regimes last only ~10 weeks on average (vs 80 weeks for calm). Learn why premium sellers should embrace spikes: 2-3x richer premiums, wider buffers, and mean reversion tailwinds.

Andrew Crowder

March Madness and Options Trading: The Statistical Edge Every Trader Needs

Delta is your pre-game win probability. Theta is the clock that pays you. Gamma is the buzzer-beater risk. Learn the four Greeks through the March Madness framework with real SPY trade examples.

Investing Without Probabilities: Are We Ignoring the Odds?

41 analysts cover NVDA with a $271.89 average target. The options market prices the 12-month probability of touch at 35%. See the real numbers before chasing the next bold call.

Options Traders' Must-Have: Mastering the Expected Move

Learn how to calculate the expected move using implied volatility, place strikes outside the range, and build high-probability credit spreads with real SPY examples.

IVR vs IV Percentile: Which Volatility Metric Matters for Options Traders?

IV Rank and IV Percentile can give opposite signals on the same stock. Learn which volatility metric is more reliable for selling options premium, and how to use both.

The AI Fear Trade Is Creating the Best Options Premiums in Months

The AI disruption sell-off has crushed software stocks and inflated implied volatility. Here are 4 options strategies to turn Wall Street's fear into income.

Options 101: Academic Research Shows the Long-Term Edge in Selling Options Premium

This is a Must Read if You Sell Options Premium - An Options 101 look at academic research explaining the long-term edge in selling options premium, including risks, returns, and strategy design.

Andrew Crowder

🧠 Expected Move: The Single Most Important Metric Before Placing Any Options Trade

How to use probability ranges to dramatically improve your win rates and avoid costly mistakes

Using Expected Move the Right Way: A Simple (And Essential) Tool That Quietly Improves Every Options Trade

Learn how expected moves help options traders choose high-probability strikes, manage risk, and structure smarter premium-selling trades using volatility.

Andrew Crowder

The Drunk Gambler Who Taught Me Everything About Options Trading

Watch a Vegas craps table reveal the fatal flaw in most options trading: confusing short-term luck with skill. Process beats outcomes every time.

📚 Educational Corner: How to Use RSI to Time Options Trades (Without Fooling Yourself)

Learn the truth about using RSI for options trades. Discover 3 profitable setups, avoid costly mistakes, and master timing strategies that actually work. Real examples from 24+ years of trading.