Wealth Building With Options
Dan Passarelli, an options industry veteran, hosts this podcast dedicated to helping listeners become calm, consistent, and confident options traders. Each episode focuses on avoiding common mistakes and misconceptions about options trading, with an emphasis on the traditional Wheel Strategy. Passarelli draws on over 30 years of experience as a market maker on the Cboe floor and as an options educator. He provides actionable strategies for using covered calls and cash-secured puts to build wealth, whether in an IRA, a fully funded account, or as a hobby trader.
Episodes
Ep88 - How to Talk to Your Spouse About Trading
Dan tackles a part of trading that rarely gets discussed: how to talk with your spouse or partner about putting family money into a trading account. Drawing on his own experience and more than three decades of working with traders, Dan explains why concerns about risk, losses and financial responsibility are reasonable, especially when your partner doesn't yet have the context behind your trading
Ep87 - What's the Best Market for Trading the Wheel? (You'll Be Surprised!)
Dan challenges the idea that calm, sideways markets are always best for trading the Wheel. His argument is more counterintuitive: Volatile markets can create some of the best opportunities for covered calls and cash-secured puts, provided traders have clear objectives, understand how to adjust positions and are comfortable with the stocks they may end up owning.
Dan explains why falling markets ca
Ep86 - Tracking Option Wheel Trade Results
In this episode, Dan tackles one of the most overlooked parts of trading the Wheel: accurately tracking results over time. A single cash-secured put or covered call doesn't tell the whole story. To understand how a Wheel position is actually performing, you need to account for every option credit and debit, assignment, stock transaction and completed cycle associated with the underlying.
Dan expla
Ep85 - Double Dipping When Trading the Options Wheel
Dan explains how certain Wheel trades can create an opportunity to “double dip” by collecting option premium from both sides of a stock position. The strategy is a covered strangle, combining stock ownership with a short call and a short put. Dan uses a real position in The Metals Co. (TMC) to show how this setup can develop naturally while trading the Wheel.
Dan walks through why he chose to sell
Ep84 - Index Options and The Wheel with Kevin Davitt of Nasdaq
Dan sits down with Kevin Davitt, head of Nasdaq's Index Options Content, to explore the evolution of options markets and how index options can fit into strategies familiar to individual investors. Kevin brings experience as an options market maker and former senior instructor at the CBOE Options Institute, giving him a unique perspective on how options markets, technology and education have change
Ep83 - Macro Forces Affecting Your Investments: An Interview with Robert Savage of Savage Markets
Dan sits down with Robert Savage of Savage Markets to explore the macro forces shaping today's investment landscape. With more than 40 years of experience in global markets, Robert brings a unique perspective from his career in foreign exchange, commodities, options, research and market strategy. He explains how options data can provide forward-looking information and why investors should pay atte
Ep82 - AI Prompts for Finding Stock Investments
AI can be a powerful research assistant for investors, but only if you know how to ask the right questions. In this episode, Dan shares the AI prompts he uses to research potential stock investments, analyze companies and dig deeper into fundamentals. From simple questions about what a company actually does to more advanced analysis of financial ratios, earnings trends and discounted cash flow, Da
Ep81 - Master Class on the Wheel
As he does during his live weekly Wealth Builder Trade Room, Dan takes listeners inside his own IRA to demonstrate how he manages Wheel trades in real time. He walks through several positions and explains the thought process behind deciding whether to sell puts, write calls, roll an existing position, wait for a better opportunity or simply let the trade develop.
Using examples from his actual por
Ep80 - Two Guys Talking About the Wheel
Dan sits down with Market Taker Mentoring head coach John Kmiecik for a candid conversation about the Wheel strategy, what they’re seeing from real traders, and why a strategy that can sometimes feel “boring” may be exactly what many investors need. John shares how students are incorporating the Wheel into their portfolios, including traders with smaller accounts, and why the strategy can provide
Ep79 - How I Find Wheel Trade Candidates
Finding a great Wheel trade starts long before choosing a strike price or expiration. In this episode, Dan walks through his step-by-step process for finding candidates for covered calls and cash-secured puts. The process begins with a fundamental distinction: Are you evaluating a stock or ETF you already own or searching for a completely new opportunity? From there, whether you want to skate and
Ep78 - The Metrics I Use on Wheel Trades and How They Work - Part 2
In Part 2 of this series, Dan expands on the metrics every Wheel trader should understand by focusing on break-even calculations, cumulative discount effect, stock price basis and the often-overlooked role of interest rates. These metrics provide a more complete picture of long-term performance by tracking the combined impact of option premium, assignments, stock price movement and capital efficie
Ep77 - The Metrics I Use on Wheel Trades and How They Work - Part 1
Dan introduces the performance metrics he relies on to evaluate every Wheel trade. Rather than focusing on option premium alone, he explains how measuring returns correctly helps investors compare opportunities, improve decision-making and treat trading like a business. By understanding the numbers behind each trade, investors can benchmark their performance and make more informed choices over tim
Ep76 - Covered Call Case Study
In this episode of Wealth Building With Options, Dan Passarelli walks through a real-world covered call case study using AT&T stock. Rather than focusing on theory, Dan explains the decision-making process behind managing a dividend-focused Wheel strategy—from entering the trade with cash-secured puts to determining when it's time to exit using covered calls.
If you've ever wondered when to se
Ep75 - How Our Students Trade the Wheel
Dan welcomes Market Taker Mentoring Head Coach John Kmiecik for a behind-the-scenes discussion about how real investors are using the wheel strategy. Drawing from John's experience coaching hundreds of options traders, they explore the common habits, misconceptions and breakthroughs they see from beginners to advanced traders, along with the techniques that consistently lead to better results.
The
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Ep74 - WWWD (What Would Warren [Buffett] Do?)
Dan explores the trade objective approach to cash-secured puts by breaking down a real Adobe trade from his own account. Inspired by Warren Buffett's well-known use of cash-secured puts, Dan demonstrates how investors can use them strategically to acquire high-quality stocks at attractive prices or generate income while waiting for the right opportunity.
Throughout the episode, Dan shares every st
Ep73 - My Exact Process for Trading Covered Calls
My Exact Process for Covered Calls
Episode Summary
What separates a covered call from a consistently profitable covered call?
In this episode, Dan Passarelli walks through an actual Amazon covered call from start to finish, explaining every decision he made—from selecting the expiration and strike price to managing the trade after entry. Along the way, he introduces the PAS (Price History Anchored
Ep72 - Wheel ETFs: Interview with Head Trader Rob Pascarella of the WEEL ETF
Can the Wheel Strategy be successfully packaged into an ETF?
In this episode, Dan Passarelli sits down with Rob Pascarella, co-founder of Peerless ETFs and Head Trader of the Peerless Option Income Wheel ETF (Ticker: WEEL), to discuss the creation of the first ETF designed to systematically implement the Wheel Strategy.
Rob shares his journey from engineer to portfolio manager, explains why put-se
Ep71 - Cash-Secured Puts: Case Study of TGT Trade
Dan walks listeners through a real-world cash-secured put case study using Target Corp. (TGT) as an example. He demonstrates how to evaluate a trade from start to finish, including technical and fundamental analysis, option selection, trade execution, liquidity considerations, and management planning. The episode emphasizes that successful wheel trading is not just about understanding option mecha
Ep70 - Interview With Steve Quirk of Robinhood
Dan sits down with Steve Quirk, Chief Brokerage Officer at Robinhood Markets, for an in-depth conversation about retail investing, options trading, market behavior and the evolution of the modern trader. Steve shares insights from nearly four decades in the industry—from starting on the trading floor after the 1987 market crash to helping shape trading technology at TD Ameritrade and Robinhood. Da
Ep69 - Addition by Subtraction: When NOT to Use the Wheel
Dan explores a counterintuitive idea: Sometimes the best way to use the Wheel Strategy is not to use it at all. While covered calls and cash-secured puts can be powerful tools for generating income and reducing portfolio volatility, there are market environments—particularly strong trends and low-volatility conditions—where selling options may limit opportunity more than it helps. Dan explains how
Ep68 - How Covered Calls Can Work Great in Trending Markets
In this episode, Dan explains how covered calls and cash-secured puts can still work in trending markets if traders understand when to roll, when to close and how to plan before the trade is ever entered. Using examples from Build Consistent Wealth With Options, he breaks down how support, resistance, premium, market regime and trader psychology all factor into managing wheel trades when the stock
Ep67 - Why Smart Traders Stay Stuck (and What Actually Changes It)
In this special episode, Dan and Market Taker Mentoring head coach John Kmiecik discuss one of the biggest challenges traders face: consistency. They explore why smart, hardworking traders still struggle despite studying strategies, taking courses and spending years trying to improve — and why the missing piece is often structure, accountability and personalized coaching rather than more informati
Ep66 - Interview with Kevin “Lex” Luthringshausen from Tradier
Dan sits down with longtime options industry veteran Kevin “Lex” Luthringshausen to discuss the evolution of options trading, retail trading technology and what separates successful traders from struggling ones. From Lex’s early days as a market maker at the Chicago Board Options Exchange to today’s AI-driven trading landscape, the conversation explores how the industry has transformed over the pa
Ep65 - Best Markets for Wheel Trades
Dan breaks down which market environments are most favorable for the wheel strategy and why. While sideways, range-bound markets create ideal conditions for consistent income through covered calls and cash-secured puts, trending markets introduce new challenges. Dan also dives into the psychological side of trading, explaining how regime changes can trigger emotional responses that impact decision
Ep64 - Today Is the Day!
In this milestone episode, Dan celebrates the official release of his new book, Build Consistent Wealth With Options. He reflects on the journey behind the book—years of trading experience, teaching and refining the wheel strategy—and thanks listeners for being part of that process through the podcast. What began as a companion to the book evolved into a full educational series, documenting the co
Ep63 - Poor Man’s Covered Calls
Dan breaks down the poor man’s covered call, a strategy that uses a longer-term in-the-money call instead of stock, paired with a shorter-term out-of-the-money call sold against it. The result is a capital-efficient alternative to a traditional covered call, with less downside exposure but its own tradeoffs in time decay, volatility and assignment risk. Dan explains how to set these trades up, wha
Ep62 - Managing Cash Reserves for Wheel Traders
Dan explains why cash management is more complicated than it first appears for wheel traders. It’s not just about how much of your account is “in cash,” but how much is actually available to trade, manage positions and respond to new opportunities. Dan walks through how account size, skill level, market conditions and strategy type all affect cash allocation, and he shares a real-world example of
Ep61 - Rich People Problems
In this episode of Wealth Building with Options, Dan Passarelli tackles a unique—but very real—challenge faced by investors with large, concentrated stock positions.
If a significant portion of your wealth is tied up in a single stock—whether from years at a company, stock-based compensation, or inheritance—you may face a difficult tradeoff:
Sell shares and trigger a large tax bill
Or hold the po
Ep60 - Fear and Loathing In The Stock Market
When markets crash, most investors panic.
They react emotionally. They sell at the worst possible time. And they miss the very opportunities that could change their long-term results.
In this episode, Dan Passarelli breaks down what really happens during market selloffs—and how disciplined traders can position themselves to take advantage of fear instead of being controlled by it.
Key Topics
Why
Ep59 - We’re in the Money!
Dan breaks down how to think about in-the-money covered calls and in-the-money cash-secured puts. These trades can be powerful tools when you want to sell stock more efficiently or buy it at an effective discount, but they require a different mindset. Dan explains how to separate intrinsic value from time value, how to evaluate the real benefit of the trade and how to weigh assignment probability
Ep58 - Predicting Assignments
Dan explains when option assignment is predictable, when it isn’t and why understanding the other side of the trade matters. He breaks down expiration mechanics, strike-price pinning, early exercise around dividends, deep in-the-money put assignment and hard-to-borrow stocks. He points out that while assignment is usually straightforward, in certain situations strategy and market mechanics can mak
Ep57 - GTCs and Birds and Bees
Dan continues the conversation on liquidity, execution and trade management by focusing on good-till-canceled (GTC) orders, gap risk and the trade-offs of handling illiquid options. He explains when it makes sense to let options expire rather than overpay to close them, why rolling illiquid in-the-money options is often impractical and how traders can still create solid opportunities in wide marke
Ep56 - Wait. WHAT About Alice?
Dan is joined by returning guest John Kmiecik to unpack the real-world consequences of trading illiquid options (wide bid/ask spreads, low volume/open interest and “roach motel” trades you can’t exit efficiently). They also discuss how expanding strike/expiration listings can fragment liquidity, even in big names, and when a “one-sided” wheel trade can justify holding through expiration.
Key Topic
Ep55 - Pro Tips on Middling Markets
Dan explains why execution price is the one place retail traders truly “compete” with market makers and how improving it can dramatically reduce slippage, the biggest hidden cost in options trading. You’ll learn how market makers manage risk (delta-neutral hedging) and why they demand compensation through the bid/ask spread, plus practical tactics for middling markets, using resting orders and han
Ep54 - Managing Trading Expenses Like a Boss
Dan breaks down the real costs of trading and why commissions, while worth managing, are rarely the biggest threat to your returns. The true hidden expense is slippage, driven largely by liquidity. He walks through how to evaluate option liquidity using bid-ask spreads, size, volume and open interest, and sets the stage for mastering the critical execution skill of middling the market.
Key Topics
Ep53 - Lemonade Stands and Other Moments of Trauma
Dan explains how wheel-style covered calls can turn “meh” or even speculative stocks into strategic, risk-managed income plays through cumulative premium and even share-loan income. He also explores the often-overlooked reality that trading is a business with costs, especially taxes, commissions/fees and slippage. He shares two real trade stories to show how premium collection can create downside
Ep52 - Wheel Trades That Don’t Suck (Part II)
Dan shifts from cash-secured put “double threat” setups to covered calls, especially the skate objective (keeping premium without assignment). He explains why technical analysis is often the most practical way to add edge to covered call strike selection, particularly by using resistance, momentum tools like RSI and realistic range expectations. He also walks through how to sanity-check any setup
Ep51 – Wheel Trades That Don’t Suck
Dan tackles a common complaint he hears from traders: “The wheel doesn’t work.” His take is straightforward: When wheel trades are placed without clear standards for strike selection, premium adequacy and outcome planning, they can absolutely “suck.” He shows how to build better wheel setups by using annualized return metrics (especially skate yield) and by designing trades where either outcome, s
Ep50 - That Which Is Measured Is Improved
Dan lays out the core performance metrics that help wheel traders evaluate, compare, and improve covered calls and cash-secured puts. He explains why isolating the option component of returns matters and why annualizing turns “apples to apples.” He also introduces a powerful long-term concept, the cumulative discount effect, where repeated premium collection steadily lowers your effective risk ove
Ep49 - The Problem with Backtesting
Dan takes a critical but balanced look at backtesting and why it often leads traders astray, especially when it comes to strike and expiration selection for covered calls and cash-secured puts. Drawing on decades of experience and firsthand work with traders and developers, Dan explains why backtesting tools have structural limitations, how those limitations create misleading conclusions, and why
Ep 48 - The Wheel Strategy Resolutely
Dan ties the wheel strategy to New Year’s resolutions, emphasizing that the wheel only works when it’s traded consistently and in cycles. He explains how to systematize the process so it fits into real life—reducing friction, minimizing time demands and making long-term wealth building sustainable.
Key Topics
Why the wheel succeeds only as a cyclical strategy
Commitment to process over individual
Ep47 - Not the Most Important Thing, But Important
Dan puts implied volatility in its proper place: It’s not the single most important factor in wheel trading, but it meaningfully improves outcomes over time. Using a field-goal analogy, Dan explains how volatility analysis adds a “little edge” on each trade that compounds across many cycles. He then goes deeper into when volatility matters most, plus a practical framework for evaluating whether se
Ep46 - Lost in Home Depot
Dan explains why wheel traders must think about technical analysis differently from momentum or breakout traders. Using a Home Depot analogy, Dan shows how the right tool for the job matters—especially when selecting indicators for skate-objective trades. He dives into oscillators (with a focus on RSI) and introduces a new strike-selection concept he’s developing.
Key Topics
Why trends and moment
Ep45 - Abracadarium
Dan demystifies one of the most misunderstood areas of technical analysis: support and resistance. Rather than treating these levels as “magic lines on a chart,” Dan explains the market mechanics behind them—how real buy and sell orders, supply and demand, and human decision-making actually move prices.
Key Topics
Why support and resistance are commonly misunderstood
Technical analysis as a m
Ep44 - Secret Sauce Stuff
Dan breaks down the true “secret sauce” of successful wheel trading: pairing the right objective (trade vs. skate) with the right type of analysis (fundamental vs. technical). He demonstrates how to reverse-engineer strike prices using dividend yields and valuation metrics and walks through a real example using Verizon (VZ).
Key Topics
Defining the skate objective vs. the trade objective
Why trad
Ep43 - How the Stock Market Works - Fundamentals
Dan compares buying stocks to buying a dry cleaning business to demystify fundamental investing. Learn how value investors like Warren Buffett evaluate companies, and why understanding P/E ratios, earnings, and dividends can help you select better strike prices for your wheel trades.
Key Topics
The dry cleaner analogy: why buying stock is just like buying a business
P/E ratios: what they reveal w
Ep42 - Interview with Denise Shull
Episode Summary
In this conversation, Dan sits down with performance coach and former trader Denise Shull, author of Market Mind Games and the real-life inspiration for Wendy Rhoades on Billions. Denise explains why the old mantra “take the emotion out of trading” is scientifically wrong—and how learning to work with your emotions, instead of against them, can dramatically improve your decision-ma
Ep41 - That's a Great Idea!
Finding quality trade ideas for the Wheel Strategy is essential—but where do you actually get them? In this episode, Dan Passarelli breaks down the best (and worst) sources for finding wheel trade candidates. From trade idea services and investment clubs to news media and DIY analysis, Dan explores the pros and cons of each approach and shares what really works for covered calls and cash-secured p
Ep40 - The Data: Interview with James Kostulias, Head of Trading Services, Charles Schwab
In this episode of Wealth Building with Options, Dan sits down with James Kostulias, Head of Trading Services at Schwab—where he oversees the end-to-end trading experience for clients at a firm averaging over 7 million trades per day for three consecutive quarters.
From Schwab’s latest Q4 Trader Sentiment Survey to the dramatic evolution from “options are too risky” to “options as risk management
Ep39 - Liar, Liar, Pants on Fire!
Why Traders Lie to Themselves — and How to Stop
When it comes to covered calls and cash-secured puts, most traders tell themselves comforting half-truths:
“I’d be fine owning the stock if it drops.”
“I’d be fine selling my shares if they get called away.”
But when those scenarios actually happen—when a stock gaps lower or rallies far past a strike—those same traders often panic, blame the market
Ep38 - The Objective of My Affliction
Episode 38: The Objective of My Affliction
95% of traders lose money. Not because they're not smart—but because they're missing something fundamental.
In this episode:
What if most traders are making the same mistake with every single trade?
What's the simple two-word framework that changes everything?
Why don't even experienced traders understand the real secret to consistent profitability?
What
Ep37 - Prospect
Summary:
Dan Passarelli sits down with coach John Kmiecik to unpack why smart traders still struggle with losses, risk, and variance—and how to reframe decisions using Prospect Theory. They cover loss aversion, the disposition effect, myopic loss aversion, “house money” mental accounting, and practical coaching tactics (like multiple exits and portfolio-level thinking) to build discipline. Dan als
Ep36 - Crossing the Red Dragon
In this episode, Dan Passarelli explores how biology and psychology quietly influence every trading decision—often more than logic or data. Through a story that begins in the Chicago trading pits and leads all the way to a conference in Hong Kong, Dan recounts his unexpected encounter with John Coates, a former Goldman Sachs trader turned neuroscientist and author of The Hour Between Dog and Wolf.
Ep35 - This Is Your Brain on Trading
Have you ever "felt" something was off in the market—before you could explain why? In early 2021, Dan noticed unusual behavior across several stocks; days later, the Archegos Capital blow-up surfaced. It wasn't clairvoyance—it was his subconscious processing patterns his conscious mind hadn't connected yet. In this episode, Dan explores how biology and psychology shape trading decisions: why fear
Ep34 - Kick the Road Down the Can
What If You Could Turn a Losing Trade Into a Winner—Without Taking the Loss?
Most covered call and cash-secured put traders hit a wall when their trades go against them. The stock blows through their strike price, they're staring at a loss, and panic sets in. But what if there was a way to defer that loss, improve your odds, and keep your original credit intact?
Enter the net-zero roll—the techniq
Ep33 - Who, What and Why
In this episode of Wealth Building with Options, Dan Passarelli dives deep into the motivations behind trading the wheel strategy—and why understanding them can make or break your results.
Dan begins with a mistake he sees all too often: traders push strikes too far away from the stock price, "running and hiding" instead of sticking to their true objective—getting assigned—which undermines their e
Ep32 - Actual Results May Vary
Most wheel traders obsess over single trades and miss the bigger picture. In this episode, Dan Passarelli shares the mindset shift that changed his covered call and cash-secured put trading: manage in cycles, not one-offs.
Using a powerful casino/blackjack analogy, Dan reveals why even professional card counters can lose money for six months straight despite having an edge—and how "how you play" d
Ep31 - A Well-Endowed Trader with Some Issues
In this episode of Wealth Building with Options, host Dan Passarelli dives into one of the most powerful – and often overlooked – forces shaping trading decisions: the endowment effect. This behavioral economics concept explains why we tend to overvalue what we already own, and why that bias can hold traders and investors back from making better choices.
Drawing on research from Richard Thaler and
Ep30 - Dealers, Dispersion Trading and Payment for Orderflow: Interview with Kevin “Lex” Luthringshausen
Dan sits down with longtime market maker Kevin “Lex” Luthringshausen to demystify how options markets actually work behind the scenes. They cover dealer/market-maker behavior, why hedging is the real “edge,” how dispersion trading works, and what payment for order flow (PFOF) really is—and why it matters for retail traders. The conversation finishes with practical guidance for covered calls, cash-
Ep29 - The Truth Is More Profitable Than Fiction
Options trading is all about choice—and in this episode, Dan Passarelli breaks down why those choices create real value for investors. From adjusting strikes to rolling trades, Dan dives deep into how flexibility and decision-making in the Wheel Strategy can drive long-term profitability.
He also shares personal reflections about family milestones, the importance of practical education, and how tr
Ep28 - I Never Said Most of the Things I Said
In this episode of Wealth Building with Options, host Dan Passarelli dives deep into one of the most popular and misunderstood strategies in options trading: the Wheel Strategy. Drawing inspiration from a (possibly misattributed) Yogi Berra quote — “In theory, there’s no difference between theory and practice, but in practice there is” — Dan explores how the wheel works in real life, why some trad
Ep27 - Frickin’ Hulu
In this episode of Wealth Building with Options, Dan Passarelli opens with a hilarious rant about Hulu's "double dipping" business model—charging subscribers AND showing ads—which becomes the perfect metaphor for today's topic: covered strangles and covered straddles. These underused strategies allow options traders to "double dip" by collecting premium from both calls and puts, creating excellent
Ep 26 - Interview with Options Thought Leader, Andrew Lowenthal
A candid conversation with one of the options industry’s most influential figures, tracing the explosive growth of the options market, the evolution of strategies like covered calls and cash-secured puts, and what’s ahead for global adoption.
Key Takeaways
From 1983 to 2025: Andy shares how a fractions test in the Chicago Board of Trade building launched his 40-year career with CBOE Global Market
Ep25 - Party Like A Pachyderm
In this episode, Dan explores the strategic rationale behind trading long-term buy-writes, even when they offer lower theta compared to shorter-term options. While conventional wisdom might suggest optimizing for higher theta, Dan lays out a compelling case for why going long may actually lead to more consistent, reliable results—especially when thinking like an investor rather than a trader.
What
Ep24 - Commitment Issues
"There's the kind of stock you date, and the kind of stock you marry."
In this episode of Wealth Building With Options, Dan explores what it means to have "commitment issues"—not in relationships, but in trading. Sometimes you don't want to marry a stock for life. You just want to take it for a profitable spin while managing your risk. That's where short-term buy-writes shine.
What You'll Learn:
Ep23 - The Day I Bit The Nurse
In this episode, Dan shares a hilarious childhood story (yes, he did bite a nurse) and takes a nostalgic look at Highlights magazine to set up a powerful trading lesson about spotting subtle—but meaningful—differences between two nearly identical options strategies: the buy-write and the cash-secured put.
Both strategies aim to acquire stock and generate income, and from a risk-reward standpoint,
Ep22 - "Hey Butthole"
Dan Passarelli kicks off this episode with a wild story from the trading floor—complete with Hulk-like rage and a colorful nickname—and uses it to dive deep into one of the most powerful and misunderstood ideas in options trading: synthetic positions.
This episode explores how synthetics reveal the truth about covered calls and cash-secured puts—that they are, in fact, two sides of the same coin.
Ep21-The Edge of Reason: And the Reason for Edge
In this episode of Wealth Building with Options, host Dan Passarelli explores one of the most powerful, yet often overlooked, concepts in successful trading: edge. Whether you're seeking an advantage like a card counter at the blackjack table or building consistency through disciplined investing, edge—the measurable statistical advantage—is what separates consistent winners from the rest.
What You
Ep20 - Square, Level and All Effed Up
Description:
You wouldn’t build a garden without a plan (or at least you shouldn’t). And you sure as heck shouldn’t place a covered call or cash-secured put without knowing exactly why you’re doing it.
In this episode, Dan shares a hilariously frustrating story about building a backyard garden with his daughter — and how forgetting one small measurement led to a big headache. Then he breaks down
Ep19- The Triple Lindy and Making a Big Splash
In this episode of Wealth Building with Options, Dan dives deep into the three critical criteria for selecting the best strike and expiration when selling cash-secured puts:
Support levels
Theta (both straight and aggregate)
Implied volatility and skew
Dan breaks down the logic behind what makes these factors so valuable—especially for investors who want to either generate premium or strategical
Ep18 - Chewing the Fat About Meat and Tasty Chicken Feet
In this episode, Dan Passarelli dives deep into the strategy that many investors think they understand — but often get wrong: cash-secured puts. While most investors learn to sell puts early in their options journey, few truly master the nuance and mindset that separate solid trades from subtle mistakes.
Dan unpacks the six core guidelines for executing high-quality CSPs, shares his personal evolu
Ep 17- Seasonality, Cycles & the Calendar Edge with Jeffrey Hirsch Editor-in-Chief of the Stock Trader's Almanac
Dan Passarelli is joined by Jeffrey Hirsch, editor-in-chief of the Stock Trader’s Almanac, to talk seasonality, market cycles, and the powerful edge of timing your trades around historical patterns. From family legacy to tactical trade execution, Jeff breaks down how decades of research—plus some good old-fashioned intuition—can give traders a powerful boost.
What You’ll Learn in This Episode:
Wh
Ep16 - OG CC Setups (part II)
Welcome back to Wealth Building with Options! In this episode, we’re diving deep into a trader's secret weapon: the Trade Objective of the covered call strategy — specifically, using covered calls to strategically exit a stock position.
If you’ve ever wondered:
How do I get the most out of a stock I already own?
What role does theta really play in my premium income?
How do I avoid leaving money o
Ep15 - OG CC Setups (part I)
In this deep-dive episode, Dan Passarelli lays out the OG Covered Call setup—the foundational approach to trading covered calls that every serious trader should understand. This episode is Part 1 of a two-part series that walks through the “Skate” Objective—a strategy focused on collecting premium while avoiding assignment.
Dan brings together technical chart analysis, volatility evaluation, and d
Ep14 - Greek Geekery and Skewed Truth
Episode Summary:
In this episode, Dan dives into one of the most misunderstood aspects of options trading: the Greeks — and more importantly, where the real edge in trading actually comes from. Contrary to what many novice traders believe, theta is not the edge. The real advantage lies in volatility and skew.
With practical examples and 30 years of trading experience, Dan breaks down how delta wor
Ep13 - The Golden Age of Options: A Conversation with Steven Sears
Episode 13 – The Golden Age of Options: A Conversation with Steven Sears
In this episode of Wealth Building With Options, Dan Passarelli sits down with one of the most influential voices in the options world—Steven Sears. A former senior editor at Barron’s, senior advisor to the Philadelphia Stock Exchange, and a key figure in the rise of electronic options trading, Sears brings decades of front-l
Ep12 - I've Reached My Limit
Episode Summary:
In this episode, Dan Passarelli breaks down a powerful trading concept: using cash-secured puts as a smarter, more strategic version of limit orders. If you've ever hesitated about assignment or second-guessed a put trade, this episode is for you.
Dan shares real-world stories (including a Vegas twist involving a mastermind event that… wasn’t) and psychological lessons from 7,000+
Ep11- Cash-Secured Puts: The Brother from Another Mother
In this episode, Dan dives into a powerful but often misunderstood options strategy: the cash-secured put. Often considered the sibling of the covered call, this strategy blends the best of investing discipline with the premium-collecting power of options trading.
What You’ll Learn:
Why Dan used to hate cash-secured puts—and what changed his mind
How selling puts can feel like setting a “limit
Ep10 - Jumping into the Deep End of Covered Calls with Russell Rhoads
Episode Summary:
In this special episode, Dan Passarelli is joined by longtime friend and options expert Russell Rhoads—Associate Clinical Professor at Indiana University, former CBOE educator, and seasoned trader. They dive deep into real-world options education, covering everything from teaching college students about derivatives to building structured outcomes with options.
Topics Covered:
Why
Ep9 - Effing Around and Finding Out Why Covered Calls Work
Welcome back, Wealth Builders! In this episode, Dan Passarelli takes a deep dive into why covered calls continue to outperform the market over time—but only when done right. If you've ever wondered what gives covered calls their edge, this is your episode.
Key Topics Covered
The Truth Behind Covered Calls: Why the strategy works statistically—but why most investors still fail with it.
The Optio
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