The full tastytrade network

Oct 19 2020 33 mins 2.1k

The tastytrade network teaches investors innovative, simple ways to trade stocks, options, and futures, take advantage of market volatility and build a successful portfolio. Tom Sosnoff leads an irreverent and playful band of floor traders who are showing America a new way to quickly find low risk, high return strategies in bullish, bearish and sideways markets.















































































































































































































































































































































































































































Options Crash Course: Ep #17 - Putting it all Together: Trade Management
Sep 30 2020 26 mins  
In Episode #16 of Tastytrade’s Options Crash Course, we focused on trade entry and exit. Today, in the final episode of the course, we dive headfirst into trade management. Specifically, give a detailed overview of how to adjust defined-risk strategies, [Short Puts,](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/short-put-adjustments-06-10-2019) and [Short Strangles.](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/strangle-defense-03-22-2017) Collectively, this will give any new trader a foundation to build from when it comes to defending positions. And without question, this is the area that every trader needs to improve, if they want to move to the next level. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

Options Crash Course: Ep #17 - Putting it all Together: Trade Management
Sep 30 2020 26 mins  
In Episode #16 of Tastytrade’s Options Crash Course, we focused on trade entry and exit. Today, in the final episode of the course, we dive headfirst into trade management. Specifically, give a detailed overview of how to adjust defined-risk strategies, [Short Puts,](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/short-put-adjustments-06-10-2019) and [Short Strangles.](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/strangle-defense-03-22-2017) Collectively, this will give any new trader a foundation to build from when it comes to defending positions. And without question, this is the area that every trader needs to improve, if they want to move to the next level. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)




























Options Crash Course: Ep #16 - Putting It All Together: Trade Entry & Exit
Sep 29 2020 28 mins  
In this next to last episode of Tastytrade’s Options Crash Course, we look to put everything that we’ve learned to use and build a process for finding a trade. Starting with portfolio theta, and moving all the way to stock selection, we lay out a [step-by-step process](https://www.tastytrade.com/tt/shows/trade-logic-unlocked/episodes/how-to-find-a-trade-04-25-2019) for using all of the tools we’ve learned thus far to execute a strategy. Then, we talk about trade exit, and in doing so, we find that the rules to follow here are pretty simple. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

Options Crash Course: Ep #16 - Putting It All Together: Trade Entry & Exit
Sep 29 2020 27 mins  
In this next to last episode of Tastytrade’s Options Crash Course, we look to put everything that we’ve learned to use and build a process for finding a trade. Starting with portfolio theta, and moving all the way to stock selection, we lay out a [step-by-step process](https://www.tastytrade.com/tt/shows/trade-logic-unlocked/episodes/how-to-find-a-trade-04-25-2019) for using all of the tools we’ve learned thus far to execute a strategy. Then, we talk about trade exit, and in doing so, we find that the rules to follow here are pretty simple. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)






























Options Crash Course: Ep #15 - Positive Theta at the Portfolio Level
Sep 28 2020 27 mins  
Now that we see how to establish our [directional bias at the portfolio level,](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) in today’s episode of Tastytrade’s Options Crash Course, we dive into [positive theta at the portfolio level.](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/portfolio-theta-part-one-10-26-2016) Once we remember that theta is never the only thing driving the profitability of our positions, we can establish some foundational targets for total theta. Doing this will give us a reference point to adjust from in the future, as we gain some experience and improve our skills. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

Options Crash Course: Ep #15 - Positive Theta at the Portfolio Level
Sep 28 2020 27 mins  
Now that we see how to establish our [directional bias at the portfolio level,](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) in today’s episode of Tastytrade’s Options Crash Course, we dive into [positive theta at the portfolio level.](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/portfolio-theta-part-one-10-26-2016) Once we remember that theta is never the only thing driving the profitability of our positions, we can establish some foundational targets for total theta. Doing this will give us a reference point to adjust from in the future, as we gain some experience and improve our skills. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)































Options Crash Course: Ep #14 - Directional Bias at the Portfolio Level
Sep 25 2020 22 mins  
In today’s Tastytrade Options Crash Course episode, we begin to put all the pieces together at the portfolio level, and the first thing we learn is that you can be bullish, bearish, or neutral. For traders who want to be bullish, they will have the [positive drift](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/positive-drift-mathematics-01-29-2018) of Geometric Brownian Motion in their favor (which can help [buffer the shocks of GBM](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/random-shock-mathematics-02-05-2018)). For traders who prefer a bearish bias in the market, the [short vega hedge](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/a-natural-hedge-02-22-2016), [tail risk, and downside velocity](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/downside-tail-risk-06-11-2018) arguments all make this a viable option. And for traders who would rather be neutral (simply because [“nobody knows anything”](https://www.tastytrade.com/tt/shows/wdis-options-101/episodes/nobody-knows-anything-01-17-2017)), that too, is a great portfolio strategy. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

Options Crash Course: Ep #14 - Directional Bias at the Portfolio Level
Sep 25 2020 21 mins  
In today’s Tastytrade Options Crash Course episode, we begin to put all the pieces together at the portfolio level, and the first thing we learn is that you can be bullish, bearish, or neutral. For traders who want to be bullish, they will have the [positive drift](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/positive-drift-mathematics-01-29-2018) of Geometric Brownian Motion in their favor (which can help [buffer the shocks of GBM](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/random-shock-mathematics-02-05-2018)). For traders who prefer a bearish bias in the market, the [short vega hedge](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/a-natural-hedge-02-22-2016), [tail risk, and downside velocity](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/downside-tail-risk-06-11-2018) arguments all make this a viable option. And for traders who would rather be neutral (simply because [“nobody knows anything”](https://www.tastytrade.com/tt/shows/wdis-options-101/episodes/nobody-knows-anything-01-17-2017)), that too, is a great portfolio strategy. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)





























Options Crash Course: Ep #13 - Managing Winners, Losers, and Rolling
Sep 24 2020 27 mins  
Today is another Bonus Day inside of Tastytrade’s Options Crash Course, so we use this as an opportunity to discuss [Managing Winners](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/portfolio-tactics-managing-winners-managing-early-09-12-2018) and [Managing Losers.](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/managing-losers-long-term-performance-03-21-2018) What we learn is that our default target on most short premium positions is 50% of max profit, and taking off losing positions at 2x to 3x of credit received is a sensible starting point. Then, we take another look at rolling, to see that more time does indeed mean more extrinsic value. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

Options Crash Course: Ep #13 - Managing Winners, Losers, and Rolling
Sep 24 2020 27 mins  
Today is another Bonus Day inside of Tastytrade’s Options Crash Course, so we use this as an opportunity to discuss [Managing Winners](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/portfolio-tactics-managing-winners-managing-early-09-12-2018) and [Managing Losers.](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/managing-losers-long-term-performance-03-21-2018) What we learn is that our default target on most short premium positions is 50% of max profit, and taking off losing positions at 2x to 3x of credit received is a sensible starting point. Then, we take another look at rolling, to see that more time does indeed mean more extrinsic value. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

























Options Crash Course: Ep #12 - Undefined-Risk Strategies: Part Two
Sep 23 2020 26 mins  
Yesterday, in Tastytrade’s Options Crash Course, [we dug into undefined-risk strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) with Short Puts and Short Strangles. Today, we continue that discussion, by diving deeper into the POPs and [Rolls](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/combo-rolls-04-18-2018) associated with undefined-risk positions. What we see is that there is a huge difference between undefined-risk strategies and defined-risk strategies in these two dimensions alone. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

Options Crash Course: Ep #12 - Undefined-Risk Strategies: Part Two
Sep 23 2020 25 mins  
Yesterday, in Tastytrade’s Options Crash Course, [we dug into undefined-risk strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) with Short Puts and Short Strangles. Today, we continue that discussion, by diving deeper into the POPs and [Rolls](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/combo-rolls-04-18-2018) associated with undefined-risk positions. What we see is that there is a huge difference between undefined-risk strategies and defined-risk strategies in these two dimensions alone. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)































Options Crash Course: Ep #11 - Undefined-Risk Strategies: Part One
Sep 22 2020 30 mins  
Now that we’ve built up a foundation in defined-risk strategies (with [episode #9](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) and [episode #10](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-10-defined-risk-strategies-part-two-09-21-2020)), we want to turn our attention to undefined-risk strategies. Specifically, we look at Short Puts and Short Strangles, as a Short Put is simply the [undefined-risk version](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/from-theory-to-practice-09-17-2018) of a Short Put Spread, and a Short Strangle is the undefined-risk version of an Iron Condor. So in this episode of Tastytrade’s Options Crash Course, we dive into the pure Greek exposure and higher POPs that undefined-risk strategies offer. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

Options Crash Course: Ep #11 - Undefined-Risk Strategies: Part One
Sep 22 2020 29 mins  
Now that we’ve built up a foundation in defined-risk strategies (with [episode #9](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) and [episode #10](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-10-defined-risk-strategies-part-two-09-21-2020)), we want to turn our attention to undefined-risk strategies. Specifically, we look at Short Puts and Short Strangles, as a Short Put is simply the [undefined-risk version](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/from-theory-to-practice-09-17-2018) of a Short Put Spread, and a Short Strangle is the undefined-risk version of an Iron Condor. So in this episode of Tastytrade’s Options Crash Course, we dive into the pure Greek exposure and higher POPs that undefined-risk strategies offer. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)




























Options Crash Course: Ep #10 - Defined-Risk Strategies: Part Two
Sep 21 2020 28 mins  
In the last episode of Tastytrade’s Options Crash Course, [we dug into defined-risk strategies.](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) Specifically, we looked at both Vertical Spreads and Iron Condors, and we paid special attention to how the directional bias for each is established. Today, we wanted to revisit both of these strategies again, except this time, we’re going to look at how we can balance the risk/return tradeoff with defined-risk strategies. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)

Options Crash Course: Ep #10 - Defined-Risk Strategies: Part Two
Sep 21 2020 27 mins  
In the last episode of Tastytrade’s Options Crash Course, [we dug into defined-risk strategies.](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) Specifically, we looked at both Vertical Spreads and Iron Condors, and we paid special attention to how the directional bias for each is established. Today, we wanted to revisit both of these strategies again, except this time, we’re going to look at how we can balance the risk/return tradeoff with defined-risk strategies. LINKS TO ALL CRASH COURSE EPISODES: [Ep #1: The Source of all Strategies](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-1-the-source-of-all-strategies-09-08-2020) [Ep #2: Deconstructing Option Prices](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-2-deconstructing-option-prices-09-09-2020) [Ep #3: Extrinsic Value Extras](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-3-extrinsic-value-extras-09-10-2020?_sp=ba65a89a-d6a9-4ad4-9de3-db69a440da0a.1599764506917) [Ep #4: Profit, Direction, and Probability](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-4-profit-direction-and-probability-09-11-2020) [Ep #5: The Natural Decay of Options](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-5-the-natural-decay-of-options-09-14-2020) [Ep #6: Trading Changes in Implied Volatility](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-6-trading-changes-in-implied-volatility-09-15-2020) [Ep #7: Gamma: Sign, Magnitude, and Risk](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-16-2020) [Ep #8: Contracts, Decay, and IV Overstatement](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-8-contracts-decay-and-iv-overstatement-09-17-2020) [Ep #9: Defined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-9-defined-risk-strategies-part-one-09-18-2020) [Ep #10: Defined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-21-2020) [Ep #11: Undefined-Risk Strategies: Part One](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-11-undefined-risk-strategies-part-one-09-22-2020) [Ep #12: Undefined-Risk Strategies: Part Two](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-23-2020) [Ep #13: Managing Winners, Losers, and Rolling](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-09-24-2020) [Ep #14: Directional Bias at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-14-directional-bias-at-the-portfolio-level-09-25-2020) [Ep #15: Positive Theta at the Portfolio Level](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-15-positive-theta-at-the-portfolio-level-09-28-2020) [Ep #16: Putting it all Together: Trade Entry and Exit](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-16-putting-it-all-together-trade-entry-exit-09-29-2020) [Ep #17: Putting it all Together: Trade Management](https://www.tastytrade.com/tt/shows/options-crash-course/episodes/options-crash-course-ep-17-putting-it-all-together-trade-management-09-30-2020)






















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