This episode of Options Boot Camp dives into one of the most significant shifts in the equity markets: the arrival of 0DTE (Zero Days to Expiration) options for single stocks like Nvidia, Tesla, and Apple. While the excitement is high, hosts Mark Longo and Dan Passarelli highlight a critical technical risk that many retail traders overlook—Contra-Exercise.

The "0DTE era" has officially expanded beyond cash-settled indices like the SPX. With single-name equity options now listing for Mondays, Wednesdays, and Fridays, traders face a new logistical hurdle: physical settlement. Unlike cash-settled indices, equity options result in the delivery of actual stock, making the after-hours window a potential minefield for "pin risk" and unexpected assignments.

• The 0DTE Expansion: Why names like IBIT, NVDA, and TSLA are joining the zero-day fray and what it means for market volatility.

• Understanding Contra-Exercise: The mechanics of the "Do Not Exercise" (DNE) order and how to force the exercise of out-of-the-money options.

• The After-Hours Window: Why the 4:00 PM ET close isn't the end of your risk, and how news after the bell can trigger "ghost" assignments.

• Broker Deadlines: A breakdown of how different brokers handle the cutoff times for contra-instructions.

• Risk Management: Why the "best case scenario" is almost always closing your position before the closing bell.

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In this episode, Mark Longo and Dan Passarelli take a nostalgic trip back to the 80s to become the Masters of the Volatility Universe. Whether you're a "Prince Adam" of the markets or just starting your basic training, this episode is a comprehensive refresher on the most important force in options pricing: Volatility.

The Drill Instructors break down:

• Volatility as the Speedometer: Why direction matters less than velocity when measuring vol.

• Realized vs. Historical Volatility: Understanding the concrete, backward-looking data of price swings.

• Implied Volatility (IV): Why Mark calls it the "Fudge Factor" of the options market and how it acts as a forward-looking forecast.

• The Volatility Risk Premium (VRP): Why options are often "overpriced" and how premium sellers harvest that edge.

• Supply and Demand: Dan's take on why IV is often more about market noise than actual future predictions.

• 2026 VIX Prognostications: Where will the "Fear Gauge" end the year? Dan puts his official number on the record.

Options Boot Camp Episode 373 explores two major themes shaping today's options market: the rapid rise of IBIT options volume and the most misunderstood options trading strategies.

Hosts Mark Longo and Dan Passarelli break down why strategies like cash-secured puts, long puts, straddles, butterflies, and iron condors are frequently misused by traders, often due to poor education and unrealistic expectations. The discussion explains why "being okay with assignment" is not the same as wanting assignment, and how that distinction can dramatically change trading outcomes.

The episode also examines how IBIT options rivaling VIX in volume has reshaped Bitcoin options trading, altered volatility skew, and attracted institutional and premium-selling participants to crypto markets.

Designed for traders of all experience levels, Options Boot Camp delivers practical options education, real-world examples, and clear explanations of complex strategies.

Produced by the Options Insider Radio Network.