What exactly is the VIX? How is it calculated? Why doesn't it always move opposite the market? And what's really driving VIX futures, options and volatility ETPs?

This week on Options Boot Camp, Mark Longo welcomes back the legendary "Dr. VIX" himself, Russell Rhoads, for an extended deep dive into the world's most popular volatility index.

Whether you're new to volatility trading or looking to sharpen your understanding of advanced VIX concepts, this episode is packed with practical insights, common pitfalls, and actionable ideas.

In this episode, you'll learn:

• What the VIX actually measures (and what it doesn't)
• How the VIX is calculated using SPX options
• Why VIX can sometimes rise alongside the stock market
• The mechanics and risks of VIX settlement
• Spot VIX vs. VIX futures—and why the difference matters
• Contango, backwardation and the infamous "negative roll yield"
• How VIX options are priced and what futures drive them
• Common mistakes new VIX traders make
• The pros and cons of VXX, UVXY, UVIX and SVIX
• How Russell uses volatility products as hedges and trading tools
• Listener questions on volatility products, risk reversals and today's market environment

What happens when paper trading meets the real world? On this episode of Options Boot Camp, Mark Longo is joined by Dan Passarelli (Market Taker Mentoring) and Matt Amberson (ORATS) to tackle one of the biggest challenges for premium sellers: why a single losing iron condor can wipe out weeks of steady gains.

The discussion covers practical risk management techniques for credit spreads, when to take profits, how to manage losing trades, and why backtesting is just as important as paper trading. The panel also dives into the explosive launch of SPCX (SpaceX) options, including record-breaking volume, sky-high implied volatility, and why experienced traders approached the frenzy very differently.

Finally, the crew answers listener questions about zero-DTE options, VIX term structure, calendar spreads, and whether the options market has fundamentally changed over the past few years.

In this episode you'll learn:

• Why paper trading can create unrealistic expectations
• Managing iron condors before one trade wipes out multiple winners
• Profit-taking vs. stop-loss rules for credit spreads
• How backtesting can improve trading discipline
• What made the SPCX options launch historic
• Trading ultra-high implied volatility
• Have 0DTE options changed options trading forever?
• Managing calendar spreads during volatility spikes
• Why you still can't trade spot VIX

Is the 0DTE premium-selling boom finally running out of steam? Or are premium sellers still holding the winning hand?

In this highly anticipated follow-up to one of our most popular episodes, Mark Longo and Dan Passarelli revisit the question: Should you stop selling 0DTE options? This time, they're armed with something they didn't have before—real intraday backtesting data.

Joining the program is Matt Amberson, Founder of ORATS, who brings years of options analytics expertise and a treasure trove of intraday options data to the discussion. Together they dive deep into:

• The results of extensive 0DTE SPX backtesting
• Why short strangles continue to outperform in many market environments
• The surprising impact of trade timing on 0DTE profitability
• Why selling premium near the open may be far superior to waiting until midday
• The risks and rewards of short strangles versus iron condors
• Double calendars and other alternatives for traders seeking defined risk
• How ORATS built one-minute options data and intraday backtesting tools
• Whether the new generation of single-name 0DTE options (NVDA, TSLA, MSFT and more) changes the game