The Top Gun Options training system offers skill-based equity options training, education, and practical application on equity options. The syllabus is broken up into phases: Introductory, Primary, Intermediate, Advanced, and personalized training called Wingman Coaching.
Classes are held twice per week, and include free access to Top Gun Options proprietary skill-based Trade Alerts and Live Trade Briefs for the duration of the syllabus. There are 2 Live Trade Briefs (LTBs) per week, Primary/Intermediate on Tuesday and Advanced on Thursday.
All classes and LTBs are recorded so you can view them whenever it is convenient for you, and many students watch the classes repeatedly to accelerate their learning. If you don’t want to wait for the next class, you can sign up today and watch the archived sessions from the most recent classes, including the Live Trade Briefs, and get immediate access to the Trade Alert service.
Here’s a sample of the Advanced Options Education:
This week’s session was all about straddles and strangles. Straddles and strangles are used to express a neutral sentiment in the marketplace. We spent quite a bit of time quantifying exactly what ‘neutral’ means and how straddles and strangles can be used to either express a range bound sentiment or a potentially volatile move in one direction or the other. The Greeks, namely Vega and Theta are extremely important when it comes to straddles and strangles, as they both can have dramatic effects on your P&L. Delta and Gamma play a role when determining not only where you will place your strikes, but also how your position and risk will change with changes in the underlying stock price.
Straddles can also be used to measure the option market’s expected move over earnings. Next Week we will reduce risk by learning butterflies.
Here’s an example of Intermediate Education:
Bear Put Spread
We cover this tactic for bearish trades. The spread is created with a long put and short put with the same expiration month. Put spreads are limited risk and limited reward just like call spreads. And the spread offers protection from a drop in volatility.
Bull Put Spread
This is just the opposite tactic of the Bear Put Spread. Created by selling one put short and buying a long put, again with the same expiration. Bull Put Spreads also have limited risk and limited reward. This tactic offers a low risk alternative to selling puts naked.
Here’s a recent Advanced Live Trade Brief:
The focus this week will obviously be on our existing positions that are expiring next week.
We were able to actually capture a profit in our PCLN Call butterfly, which was a welcome relief.
We also captured a $900 profit in AAPL’s iron condor from last week.
Our concern now moves back to our nemesis, RIMM… Tomorrow we are going to look at all the options here and find a way to play it and protect or adjust our current positions.
We will review upcoming earnings and set up a couple new trades. We will also will review the Greeks and our global position risk this week and moving forward.
We have been able to gather profits and mitigate losses and we are still on top.
JWN is looking perfect here and we closed down our call side because of the strength in retailers this week.
We will discuss the balance of the trade from here.
Commodities may also be a sale here, we will explore that trade.