Unit 1 · Level 5 · Volatility Mastery
Boss: Volatility final
IV, spreads, gamma, vega. The second dimension, examined.
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What you get asked
Pre-earnings: IV at annual highs. You expect a decent move. The master's critique of 'just buy calls':
A call spread sells the expensive wing to finance the thesis, using the crowd's fear as your discount. That's two-dimensional thinking.
Every option position is secretly a ___ position; vega makes sure of it.
Choose the exposure or be surprised by it.
Order the master's options-trade construction
Direction, deadline, movement price, structure, sizing. Five decisions, all deliberate.
FINAL. The volatility trader's creed:
VOLATILITY MASTERED! 🌀🏆 Next up, the engine room: microstructure and order flow. 🐜
The rest of this unit
Implied volatility, spreads, gamma and vega: the second dimension of every trade.