Welcome to the Wealth Building With Options Podcast with Dan Passarelli. This podcast is dedicated to making you a calm, consistent and confident options trader. Inside each episode, Passarelli, an options industry veteran, helps you avoid the common mistakes, pitfalls and misconceptions about options trading as a consistent wealth building activity. You will discover actionable strategies to build wealth using assets you may already own. With a primary focus on the traditional “Wheel Strate ...
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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 o…
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Ep32 - Actual Results May Vary
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40:54Most 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 straig…
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Ep31 - A Well-Endowed Trader with Some Issues
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38:18In 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 ch…
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Ep30 - Dealers, Dispersion Trading and Payment for Orderflow: Interview with Kevin “Lex” Luthringshausen
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41:13Dan 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 finishe…
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Ep29 - The Truth Is More Profitable Than Fiction
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34:01Options 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,…
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Ep28 - I Never Said Most of the Things I Said
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40:09In 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 explor…
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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 pr…
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Ep 26 - Interview with Options Thought Leader, Andrew Lowenthal
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37:35A 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 la…
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Ep25 - Party Like A Pachyderm
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33:29In 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 th…
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"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…
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Ep23 - The Day I Bit The Nurse
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39:35In 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 ge…
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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—th…
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Ep21-The Edge of Reason: And the Reason for Edge
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47:28In 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 se…
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Ep20 - Square, Level and All Effed Up
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37:40Description: 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 measur…
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Ep19- The Triple Lindy and Making a Big Splash
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52:33In 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 wh…
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Ep18 - Chewing the Fat About Meat and Tasty Chicken Feet
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49:21In 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 exec…
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Ep 17- Seasonality, Cycles & the Calendar Edge with Jeffrey Hirsch Editor-in-Chief of the Stock Trader's Almanac
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38:47Dan 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 powe…
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Ep16 - OG CC Setups (part II)
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45:13Welcome 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 …
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Ep15 - OG CC Setups (part I)
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41:55In 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 tech…
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Ep14 - Greek Geekery and Skewed Truth
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32:36Episode 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…
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Ep13 - The Golden Age of Options: A Conversation with Steven Sears
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45:18Episode 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 electroni…
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Ep12 - I've Reached My Limit
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33:39Episode 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 t…
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Ep11- Cash-Secured Puts: The Brother from Another Mother
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50:15In 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 H…
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Ep10 - Jumping into the Deep End of Covered Calls with Russell Rhoads
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46:18Episode 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 stru…
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Ep9 - Effing Around and Finding Out Why Covered Calls Work
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50:06Welcome 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 w…
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Ep8 - They Lied to You! (Not) Why Covered Calls Work
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44:38Episode Summary: In this eye-opening episode, Dan Passarelli challenges the common misconceptions surrounding covered calls. While most traders focus on “why” covered calls work, Dan flips the script and digs into the false narratives and misguided logic that lead investors astray. Dan explains why some of the most popular justifications for tradin…
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Ep7 - The Future of Options Trading with Fidelity’s Greg Stevens
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42:43Episode Summary: In this special Thought Leader Series episode of Wealth Building with Options, host Dan Passarelli sits down with longtime friend and industry veteran Greg Stevens, Vice President of Options Strategy at Fidelity Investments. With nearly 30 years of experience across firms like Charles Schwab, the CBOE, and now Fidelity, Greg shares…
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Ep6 - How Covered Calls Work
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39:37Episode Summary: In this meaty episode of Wealth Building with Options, host Dan Passarelli breaks down one of the most powerful strategies for investors—covered calls. Whether you're a beginner looking to understand the basics or an experienced investor searching for new insights, this episode dives into the mechanics of covered calls, why they wo…
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Ep5 - Options: Better Tools
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44:53Episode Summary: In this episode of Wealth Building with Options, host Dan Passarelli explores the foundational concepts of options trading. Using relatable analogies, Dan breaks down the mechanics of options, explaining calls, puts, and their practical applications. Additionally, he discusses how options function as financial tools for risk manage…
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Ep4 - Guest Episode: Mark Benzaquen, Principal at OCC Education
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59:36Episode Summary: In this special guest episode of Wealth Building with Options, host Dan Passarelli sits down with Mark Benzaquen, a principal at the Options Clearing Corporation (OCC). Mark shares his journey from the trading floor to investor education, shedding light on the critical role of the OCC in the options trading ecosystem. This episode …
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Ep3 - How Wealth is Created in the Stock Market
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40:34Episode Summary In this episode, Dan Passarelli explores how wealth is created in the stock market and how the stock and options markets intertwine to generate opportunities beyond a zero-sum game. He discusses the fundamental differences between stocks and options, the role of market makers, and how investors can leverage options for long-term wea…
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Ep2 - The Case for Building Wealth
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34:37In this episode, we kick off the podcast by tackling a fundamental question: Why should you focus on building wealth? Some say “money is the root of all evil,” but the truth is, money is just a tool—one that can help you achieve what truly matters in life. Whether it’s financial security, supporting loved ones, or pursuing your dreams, having more …
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Wealth Building With Options Ep 1 - Prologue
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19:17Prologue Episode Summary: Welcome to the inaugural episode of Wealth Building with Options, a podcast that takes you behind the scenes of writing a book on trading strategies and financial growth. In this episode, Dan Passarelli introduces his ambitious new book project, Wealth Building with Options, and explains why he decided to document the jour…
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