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Spreads: Becoming the Seller - Defined-Risk Credit Spreads, the Greeks Behind Them, and the Management Rules That Decide Whether You Keep the Money
Paperback
Series: Bota Foundations, Book 2
Currently unavailable to order
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Publisher: Independently Published
Pages: 92
Weight: 0.27
Height: 0.24 Width: 6.00 Depth: 9.00
Language: English
Buying premium is hard on purpose. Time decay bleeds you daily, volatility collapses on the day you were finally right, and the occasional big winner does not reliably cover the steady loss. Options Trading 101 was honest about that arithmetic and left one question open: how do you get on the other side?
Spreads is the answer. Every position in this book is a vertical spread - two legs, one order, and a maximum loss you compute before you click. No naked options. No undefined risk. No exceptions, and no chapter later where the rule quietly relaxes.
What's inside- What changed - rights versus obligations, and why the second leg is not optional decoration
- The vertical - four structures built from one piece of arithmetic: width minus credit
- Choosing strikes - delta read as probability, the one-third rule, and why width comes from your account
- Position Greeks - theta as the income and gamma as the price you pay for it
- Management - the 50% rule, the 21-day rule, rolling, and the stop that halves your loss
- When it goes wrong - assignment, early exercise, pin risk, and exactly what to do Monday morning
- Volatility - IV rank as an on/off switch, and what to trade in the weeks it says off
- Iron condors - why the risk/reward looks so good, and why the win rate does not
- Portfolio - buying power, correlation, position count, and an honest number for what this returns
One position - a single IWM put credit spread - runs through all nine parts, so every new idea lands on a trade you already understand. KEY panels mark what to memorize. TRAP panels mark the specific repairs that feel clever and cost money. Three appendices cover order entry, every formula on one page, and all twenty-two rules in one list.
Part 8 states plainly what disciplined premium selling actually returns at these position sizes. It is a single-digit annual figure. That number is in the book because the ones you see advertised come from leverage, from position counts this book forbids, or from a sample that has not yet included a bad month.
Assumes Volume 1, Options Trading 101. For education only. Nothing in this book is financial advice, and every strategy described can lose its full defined maximum.
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