appreciating diversification
the basics of diversification
Latest
how a high implied vol can be cheap
Volatility is not a single measure
hard earned trading wisdom
insights from a practioner, quant and author Euan Sinclair
options policework
practice separating outcome from process
Positive delta puts in the wild: Avis stock (CAR)
example of puts that lost value as a short-squeezed stock fell
the bias of hedging on implied delta
deltas depend on vols
how to get arbed with perfect information
no-arbitrage theory can be triggering
N² - n: why shorting is mathematically cursed
why it's more fun to go long
not all averages are created equal
bridging middle school math to investing math
From Text ➡️ Dashboards
vibe code a silver dashboard
vega's finishing move
how vega kills
trading as a sudoku puzzle
sense-making from market prices
a market-making project you can do today
market making exercise
approximating gamma in your head
mental math on gamma
oil options and the raw gamma paradox
gamma and calendar spreads
Example of “measurement not prediction” in the wild
Contradictions
Options and Volatility
the moontower bridge
an opinionated way to marry options to investing
How Markets Work
links between options and event prediction markets
The odds surface across marketplaces
Options and Volatility
sticky vs floating strike
modeling vol surfaces
Options and Volatility
embedding spot-vol correlation in option deltas
skew delta
How Markets Work
how taxes can influence option trades
taxes and options
How Markets Work
asian options
average price options
levered silver flows
computing rebalance quantities
How Markets Work
Vol orders and discussion on option execution
A few common misunderstandings
Options and Volatility
Earnings IV Glide Path
shadow theta when an event is approaching
Options and Volatility
HOOD: A Case Study in “Renting the Straddle”
earnings extraction example
Options and Volatility
Pricing 0DTEs
intraday decay
Risk and Edge
The Coastline Paradox in Financial Markets
there's no single volatility, just as there's no single measure of coastline distance
Options and Volatility
Positive delta puts
Selling puts in squeezes
Options Theory
Moontower Binomial Tree Explainer
Pricing American Style options
Options Theory
American options are not vanilla
American options as "optimal stopping time" problems
How Markets Work
“markets vs democracies” in the wild
votes vs money-weighted votes