This session dives deep into LEAPS — how they behave differently from short-term options, where they shine, and where traders often make costly mistakes.
LEAPS (Long-Term Equity Anticipation Securities) look like regular options — but they don’t act like them.
We’re extending our holiday special for a short time.
Due to a technical issue, the holiday coupon expired earlier than intended at the end of December. That has now been corrected, and we’ve extended the offer a few more days so anyone who attempted to subscribe can still take advantage of the discount.
For a limited time, you can save 50% on two of McMillan Analysis Corp.’s most popular daily services — both built around Lawrence G. McMillan’s proven market analysis and option strategies.
Option spreads are often introduced as “defined-risk” strategies — but that description barely scratches the surface. In practice, the success or failure of a spread depends on how it is structured, the volatility environment, and how the trade is managed over time.
Many traders are drawn to buying calls and puts because of the leverage options provide. Unfortunately, that same leverage is the reason so many option buyers struggle, even when their market outlook is correct.
Since its launch in June 2020, The Daily Put-Writer has maintained consistent subscription pricing. During that time, the service has expanded significantly — with daily trade identification, continuous position tracking, and ongoing investment in research, data, and technology.
Beginning January 1, 2026, subscription rates for The Daily Put-Writer will increase.
Naked option writing is one of the most powerful strategies available to experienced options traders — and also one of the most misunderstood. While time decay can work strongly in the seller’s favor, the risks are real, margin requirements can expand quickly, and poor discipline can turn a single trade into a serious problem.
We recently upgraded our Free Probability Calculator, making it an even more useful tool for traders who want a deeper understanding of market expectations. The calculator helps estimate the probability of a stock finishing above or below a target price by expiration—a powerful perspective when evaluating strategies such as covered call writing, naked put-selling, or directional trades.
We’ve just published a detailed Substack post walking through the core principles of covered call writing—a strategy many traders use for income, but one that carries important nuances and risks. The post includes a full one-hour webinar from our archives, where I explain how to evaluate returns, incorporate probability and volatility, and manage positions with a disciplined framework.
If you’d like to watch the full video and access the complete write-up, it’s available to paid subscribers here:
Last week, I didn’t get all the statistics into the newsletter regarding the post-Thanksgiving trading, plus other related T-day trades. So, here’s a quick summary updated with current data.
First, we’ll repeat the one table that was in last week’s newsletter: Buy Russell 2000 ($RUT; IWM) on the close of day before Thanksgiving and holding through the second trading day of the new year:
