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Control 100 Shares of Apple for $3,000. The Zebra Strategy Explained.
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ticker lesson
Breakdown
0:00lesson
Zebra spread setup
- Zebra strips extrinsic value via duration
- Profit target = stock sell price
- Duration depends on management
- 10-day minimum for zebra
- 15-day/43-day option durations
1:32AAPL· ticker
Apple — Zebra profit potential
- Sell 150 delta call, buy two 70 delta calls
- Net 100 delta position
- Defined risk setup
- $3k controls 100 shares
- Extrinsic value cancellation
3:14lesson
Zebra vs. Lizard comparison
- Zebra cancels extrinsic value
- Lizard is premium selling
- IRA usage: $30k controls 100 AAPL
- Defined risk in market corrections
4:50lesson
Hedging correlated assets
- Index puts track baskets vs. single-name
- Market risk vs. idiosyncratic risk
- Use index for broad risk
- Use individual puts for earnings
- Crash scenarios correlate all assets
6:25SPX· ticker
S&P 500 — market update
- S&P down 0.1%
- Light trading volumes
- Q3 GDP growth at 5.8%
- 48% earnings growth
- Earnings/nonfarm payrolls ahead
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