Mermaids, Fireflies, and the Bid-Ask Spread
On ETF and option market-making
Socratic Puzzles To Build Your Financial Intuition
Puzzles to build fundamental trading logic
If you annualize volatility with 252 days can you use that number in a 365-day option model?
Why all implied volatilities are "wrong"
A Simple Demonstration of Return Vs Volatility
Volatility is a quadratic drag on returns
You Think You’re Trading Vol...But Are You Even?
The implied volatility you think you're trading technically depends on your actual funding costs not the ones inherited from the marketplace.
Battle Scars As A Call Option — The UNG Experience
A case study in oblique risk
Understanding Log Returns
The basics of log returns
Using Log Returns And Volatility To Normalize Strike Distances
Log returns measure how far strike prices are from the stock price as a function of time and volatility
Geometric vs Arithmetic Mean In The Wild
Using SP500 returns to distinguish geometric (compounded) returns from average arithmetic returns
Understanding Implied Forwards
Learn how to compute the the volatility between 2 expirations
Examples Of Comparing Interest Rates With Different Compounding Intervals
Translating rates of return over different time periods
Celibacy Vs Condoms: The Answer To Whether You Should Trade Options
Options are surgical tools. They are priced for specificity. What to consider before bothering with them.
An Example “Options Relative Value Trading Framework”
The professional inspiration for moontower.ai
Excerpts From Benn Eifert on the Odd Lots Podcast
An insightful interview with the QVR option fund's founder
The Gamma Of Levered ETFs
Applying the concept of option gamma to understand how levered ETF deltas trigger daily delta rebalances
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