December 7th show episodes are delayed due to issues on a third party platform. Thanks for your patience and check out our other archives in the meantime!
Mike And His Whiteboard hero image

Mike And His Whiteboard

New to options trading? Have no fear, Mike and his whiteboard are here! Learn trading concepts and mechanics in a visual way.

Jul 1, 2016
Broken Wing Butterflies, as well as ratio spreads, are customized trades that can be opened for a credit, and also closed for a credit. Mike walks through how this is possible on today's whiteboard.
Jun 30, 2016
Mike walks through his checklist for a dynamic Iron Condor, which is an iron condor that bases strikes off of delta, rather than symmetry.
Jun 28, 2016
If you're just starting out, learning about stock options can be daunting. There are a lot of moving parts, Mike explains why fundamental options, liquidity and IV are the most important concepts to learn as a new trader.
Jun 27, 2016
Today Mike walks through a few concepts that are in the front of his mind in a market environment like this - IV changes, staying small & understanding that this could be just the beginning!
Jun 22, 2016
Early assignment risk applies to ITM options that we have sold, but some options can be more at risk than others. Mike breaks down some things to think about when assessing early assignment risk on this segment.
Jun 21, 2016
It's important to understand where our breakeven is when lowering cost basis, to ensure that we don't lock ourselves into a loss. Mike walks through a short put conversion into selling a call against shares.
Jun 20, 2016
Theta is a powerful metric - it measures the decay of an option's price given a one day. It puts option buyers in the pressure cooker, and puts option sellers at ease when there is little movement in the stock market. Find out how Mike uses it to trade!
Jun 15, 2016
Rolling Trades helps us keep the dream alive, but there are some implications and things to keep in mind. Mike explains his tip to help you keep track of your breakeven price when rolling trades in this segment - tune in to learn more!
Jun 14, 2016
A big lizard is a strategy where we sell a straddle while buying an OTM call to eliminate risk to the upside when setup correctly. Mike walks through his trade entry checklist and shows you what he looks for when placing this strategy!
Jun 10, 2016
Trading in a small account is a nice learning tool, and we have limited capital to lose, but we also have limited capital to use. Mike breaks down three keys that he focuses on when trading in his follow trader account on
Jun 9, 2016
It's important to understand the dynamic aspect of short naked options when it comes to buying power, so we don't put ourselves in disadvantageous situations! Mike is here to break it down!
Jun 8, 2016
Today Mike walks through the basics of Delta, Gamma, Theta, & Vega and explains which we would pick if we were to focus on one greek and one alone.
Jun 6, 2016
A short call is a bearish, undefined risk strategy that has a high probability of success. Mike walks through his trade entry checklist for the strategy, and breaks down what to expect with stock price movement, and a few tastytrade tips to keep in mind.
Jun 3, 2016
Today mike walks through how to buy a long vertical spread for less than intrinsic value, which gives it a beneficial theta effect. Tune in to learn how to set this up!
Jun 2, 2016
We may understand that mean reversion of IV just means it tends to revert, but what does that really mean for option prices & probabilities? Mike walks you through how option prices, implied stock move and option probabilities are all tied to IV.
Jun 1, 2016
Sometime's it's difficult to know when to close a trade, and when to roll. In this segment, Mike walks through his decision making process for undefined risk trades, and defined risk trades. Get his mental exit checklist here!
May 27, 2016
It's important to understand how implied volatility is impacted by option prices. Once we understand that, we can learn how standard deviation is just a way to put context around implied volatility levels from a strike perspective.
May 26, 2016
Some traders only sell premium in high IV environments, while others sell premium in both. Mike walks through the implication of each environment, as well as the pros & cons of selling premium in each.
May 24, 2016
Mike walks through three things he's thinking about when placing trades in low IV environments.
May 23, 2016
Whenever it comes to long options or long spreads, we do our best to finance them with the sale of short options or short spreads. Tune in to learn the benefits of doing so, and how this can completely flip a trade on its head!

tastytrade content is provided solely by tastytrade, Inc. (“tastytrade”) and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, transaction or investment strategy is suitable for any person. Trading securities can involve high risk and the loss of any funds invested. tastytrade, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors, and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. tastytrade is not in the business of transacting securities trades, nor does it direct client commodity accounts or give commodity trading advice tailored to any particular client’s situation or investment objectives. Supporting documentation for any claims (including claims made on behalf of options programs), comparison, statistics, or other technical data, if applicable, will be supplied upon request. tastytrade is not a licensed financial advisor, registered investment advisor, or a registered broker-dealer. Options, futures and futures options are not suitable for all investors. Prior to trading securities products, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure for Futures and Options found on

tastyworks, Inc. ("tastyworks") is a registered broker-dealer and member of FINRA, NFA and SIPC. tastyworks offers self-directed brokerage accounts to its customers. tastyworks does not give financial or trading advice nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of tastyworks’ systems, services or products. tastyworks is a wholly owned subsidiary of tastytrade, Inc (“tastytrade”). tastytrade is a trademark/servicemark owned by tastytrade.

Quiet Foundation, Inc. (“Quiet Foundation”) is a wholly-owned subsidiary of tastytrade The information on is intended for U.S. residents only. All investing involves the risk of loss. Past performance is not a guarantee of future results. Quiet Foundation does not make suitability determinations, nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of Quiet Foundation’s systems, services or products.

Small Exchange, Inc. is a Designated Contract Market registered with the U.S. Commodity Futures Trading Commission. The information on this site should be considered general information and not in any case as a recommendation or advice concerning investment decisions. The reader itself is responsible for the risks associated with an investment decision based on the information stated in this material in light of his or her specific circumstances. The information on this website is for informational purposes only, and does not contend to address the financial objectives, situation, or specific needs of any individual investor. Trading in derivatives and other financial instruments involves risk, please read the Risk Disclosure Statement for Futures and Options. tastytrade is an investor in Small Exchange, Inc.

© copyright 2013 – 2021 tastytrade. All Rights Reserved. Applicable portions of the Terms of use on apply. Reproduction, adaptation, distribution, public display, exhibition for profit, or storage in any electronic storage media in whole or in part is prohibited under penalty of law, provided that you may download tastytrade’s podcasts as necessary to view for personal use.