Every options book you've read was written about the same forty-five days, priced off a surface that barely has time to move, and has nothing useful to say about an option expiring in eighteen months. A LEAPS position doesn't decay, carry Vega, or expose you to rates and dividends the way a 30-day option does. Manage it with weekly-option instincts and you'll misprice it, mismanage it, and blame the strategy for a failure of framework.
Existing LEAPS books are pre-2008 relics or thin weekend guides, this is the Greek-first treatment the instrument has never had.
Inside, you'll build:
- LEAPS-scale Theta, Vega, and Rho/dividend risk, modeled properly
- The five strategy families that matter: stock replacement, the Poor Man's Covered Call, the buy-write, calendar/diagonal construction, and portfolio hedging, with the rolling mechanics most books skip
- The U.S. tax treatment unique to long-dated equity options
- A framework for sizing a LEAPS portfolio without
over-concentrating on one sector
Three full case studies close the book, entry to exit with complete P&L attribution. This isn't an options primer or a 108-strategy survey, it assumes you know the Greeks, and it's built for a trader ready to think in years, not days.
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