# A Trader's Guide to Capturing Volatility Premium with Options ▴ Guide

**Published:** 2025-08-16
**Categories:** Guide

---

![Two intersecting metallic structures form a precise 'X', symbolizing RFQ protocols and algorithmic execution in institutional digital asset derivatives. This represents market microstructure optimization, enabling high-fidelity execution of block trades with atomic settlement for capital efficiency via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-execution.jpg)

![A dark, metallic, circular mechanism with central spindle and concentric rings embodies a Prime RFQ for Atomic Settlement. A precise black bar, symbolizing High-Fidelity Execution via FIX Protocol, traverses the surface, highlighting Market Microstructure for Digital Asset Derivatives and RFQ inquiries, enabling Capital Efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-1.jpg)

## The Volatility Discrepancy

Successful options trading is a function of understanding market structure, not predicting market direction. At the core of sophisticated derivatives strategy lies the persistent and observable phenomenon of the [volatility risk premium](https://prime.greeks.live/area/volatility-risk-premium/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (VRP). This premium represents the systematic difference between the anticipated volatility priced into options ▴ known as implied volatility ▴ and the volatility that subsequently occurs, or [realized volatility](https://prime.greeks.live/area/realized-volatility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The existence of this spread is a structural feature of modern markets, driven by the institutional demand for financial protection.

Large funds and commercial hedgers consistently purchase options as a form of portfolio insurance, paying a premium for certainty in an uncertain world. This behavior creates a market imbalance where the cost of this insurance, reflected in [implied volatility](https://prime.greeks.live/area/implied-volatility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), trends higher than the actual cost of market movements over time. Capturing this premium is the process of systematically selling this insurance to the market.

The operation is analogous to running a specialized insurance firm. The firm collects consistent premiums from clients seeking protection against specific, high-impact events. While payouts are necessary during periods of acute stress, the business model is profitable over the long term because the total premiums collected exceed the total claims paid. A trader selling volatility operates on the same principle, collecting [time decay](https://prime.greeks.live/area/time-decay/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (theta) from option buyers.

The primary risk is a sudden, sharp increase in realized volatility, which can lead to significant losses, mirroring an insurer’s exposure to a catastrophic event. Mastering this domain requires a shift in perspective, moving from a speculator’s mindset to that of a risk manager who methodically prices and sells protection. The edge comes from understanding that fear is consistently overpriced in financial markets.

> Empirical evidence consistently shows that option implied volatility is, on average, higher than the subsequent realized volatility of the underlying security, creating a structural premium for sellers.

Understanding the mechanics of implied and realized volatility is foundational. Implied volatility is a forward-looking metric derived from an option’s market price. It represents the collective market consensus on the potential magnitude of future price swings in the [underlying asset](https://prime.greeks.live/question/how-does-the-underlying-assets-liquidity-profile-affect-the-cost-of-anonymity-in-rfqs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). A higher implied volatility indicates expectations of greater price movement, leading to more expensive options.

Conversely, realized volatility is a historical, backward-looking measure that quantifies the actual price movement of the asset over a specific period. The VRP exists in the gap between these two metrics. Professional traders exploit this by constructing positions that profit from the convergence of implied volatility down to the level of realized volatility, a process that accelerates as an option approaches its expiration date. This convergence is the engine of premium capture.

This process is distinct from directional trading. A volatility seller’s primary thesis is that the market’s expectation of future movement is overstated. The position can be profitable whether the underlying asset moves up, down, or sideways, as long as its movement is less dramatic than what was priced into the option. The core competency becomes risk assessment and position structuring.

Success depends on the ability to select the right environments for selling premium, manage the risks of sharp volatility spikes, and execute trades with maximum efficiency. Advanced platforms, particularly those offering [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) functionalities, become critical infrastructure for deploying these strategies at scale, ensuring that the theoretical edge is preserved through precise and cost-effective execution.

![A sleek, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.jpg)

![A reflective disc, symbolizing a Prime RFQ data layer, supports a translucent teal sphere with Yin-Yang, representing Quantitative Analysis and Price Discovery for Digital Asset Derivatives. A sleek mechanical arm signifies High-Fidelity Execution and Algorithmic Trading via RFQ Protocol, within a Principal's Operational Framework](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-digital-asset-derivatives-rfq-protocols-principal-trading-infrastructure-automated-liquidity-aggregation-intelligence-layer.jpg)

## Systematic Volatility Harvesting

Deploying a volatility-selling strategy requires a structured, systematic approach to trade selection and [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The objective is to construct positions that generate income from the decay of extrinsic value, or theta, while controlling exposure to directional risk (delta) and the risk of accelerating price moves (gamma). Each strategy offers a unique risk-reward profile, tailored to specific market outlooks and risk tolerances. Efficient execution, especially for multi-leg structures or large orders, is paramount.

Utilizing an RFQ system allows traders to source competitive, institutional-grade liquidity from multiple dealers, minimizing slippage and ensuring the captured premium is accurately reflected in the final execution price. This is the operational backbone of a professional volatility trading program.

![A curved grey surface anchors a translucent blue disk, pierced by a sharp green financial instrument and two silver stylus elements. This visualizes a precise RFQ protocol for institutional digital asset derivatives, enabling liquidity aggregation, high-fidelity execution, price discovery, and algorithmic trading within market microstructure via a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-high-fidelity-execution-via-rfq-protocols-optimizing-market-microstructure-and-price-discovery.jpg)

## Foundational Premium Capture Strategies

The entry point for most volatility sellers involves defined-risk and undefined-risk strategies that isolate the premium-selling component of an option’s price. These are the building blocks of more complex portfolio overlays.

![Translucent and opaque geometric planes radiate from a central nexus, symbolizing layered liquidity and multi-leg spread execution via an institutional RFQ protocol. This represents high-fidelity price discovery for digital asset derivatives, showcasing optimal capital efficiency within a robust Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-layer.jpg)

## Selling Cash-Secured Puts

A [cash-secured put](https://prime.greeks.live/area/cash-secured-put/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) [involves selling](https://prime.greeks.live/guide/why-selling-options-is-a-superior-long-term-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) a put option while holding enough cash to purchase the underlying asset if it is assigned. This is a bullish-to-neutral strategy that profits from the passage of time and stable or rising prices. The seller collects a premium with the obligation to buy the underlying at the strike price if the option finishes in-the-money.

Its primary appeal is its dual purpose, serving as a method for income generation or as a mechanism for acquiring an asset at a discount to its current market price. The risk is concentrated in a sharp downward move in the underlying asset, where the trader is forced to buy at a price above the prevailing market rate.

![A precision probe, symbolizing Smart Order Routing, penetrates a multi-faceted teal crystal, representing Digital Asset Derivatives multi-leg spreads and volatility surface. Mounted on a Prime RFQ base, it illustrates RFQ protocols for high-fidelity execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-digital-asset-derivatives-high-fidelity-execution-probe.jpg)

## The Covered Call

The [covered call](https://prime.greeks.live/area/covered-call/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a strategy for generating income from an existing long position in an asset. It involves selling a call option against that holding, creating an obligation to sell the asset at the [strike price](https://prime.greeks.live/guide/the-ultimate-guide-to-covered-call-strike-price-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) if the option is exercised. This is a neutral-to-mildly-bullish strategy. The premium collected from the sold call provides a consistent income stream and offers a limited buffer against small price declines in the underlying asset.

The main trade-off is the capped upside potential; if the asset price rallies significantly beyond the strike price, the seller forgoes those gains. It is a favored strategy for long-term investors seeking to enhance the yield of their portfolio holdings.

![A smooth, light-beige spherical module features a prominent black circular aperture with a vibrant blue internal glow. This represents a dedicated institutional grade sensor or intelligence layer for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-for-optimal-digital-asset-rfq-execution.jpg)

## Advanced Structures for Neutral Market Conditions

When a trader has no strong directional bias, strategies that profit from market stagnation and declining volatility become highly effective. These structures are designed to capture premium from both sides of the market simultaneously.

![Abstract bisected spheres, reflective grey and textured teal, forming an infinity, symbolize institutional digital asset derivatives. Grey represents high-fidelity execution and market microstructure teal, deep liquidity pools and volatility surface data](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

## The Short Strangle

A [short strangle](https://prime.greeks.live/area/short-strangle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is an undefined-risk strategy that involves selling an out-of-the-money put and an out-of-the-money call with the same expiration date. This position profits if the underlying asset trades within the range defined by the two strike prices. The maximum profit is the total premium collected from selling both options.

Because it is an undefined-risk strategy, the potential losses are theoretically unlimited if the underlying asset makes a dramatic move in either direction. This strategy is best suited for experienced traders who are confident that the underlying asset will exhibit low volatility and are prepared to actively manage the position by adjusting the legs to control directional risk.

![Sleek Prime RFQ interface for institutional digital asset derivatives. An elongated panel displays dynamic numeric readouts, symbolizing multi-leg spread execution and real-time market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-options.jpg)

## The Iron Condor

The [iron condor](https://prime.greeks.live/area/iron-condor/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a defined-risk evolution of the short strangle. It involves selling an out-of-the-money put and call (the short strikes) while simultaneously buying a further out-of-the-money put and call (the long strikes) as protection. This four-legged structure creates a position with a high probability of profit within a specific trading range, but with strictly defined maximum loss. The profit is limited to the net credit received from the four options, and the loss is capped by the distance between the short and long strikes, minus the credit received.

Iron condors are a powerful tool for systematically harvesting premium in range-bound markets without exposing the portfolio to the open-ended risk of a strangle. The complexity of executing four legs simultaneously makes RFQ systems invaluable, as they can ensure all parts of the trade are filled at a competitive net price.

Below is a comparative analysis of these core strategies:

| Strategy | Market Outlook | Profit Source | Maximum Profit | Maximum Risk | Ideal Implied Volatility |
| --- | --- | --- | --- | --- | --- |
| Cash-Secured Put | Bullish to Neutral | Time Decay & Volatility Drop | Premium Received | Strike Price – Premium | High |
| Covered Call | Neutral to Mildly Bullish | Time Decay & Volatility Drop | Premium Received | Asset Price Decline – Premium | High |
| Short Strangle | Neutral / Range-Bound | Time Decay & Volatility Drop | Premium Received | Unlimited | High |
| Iron Condor | Neutral / Range-Bound | Time Decay & Volatility Drop | Net Premium Received | Spread Width – Net Premium | High |

![A sleek, circular, metallic-toned device features a central, highly reflective spherical element, symbolizing dynamic price discovery and implied volatility for Bitcoin options. This private quotation interface within a Prime RFQ platform enables high-fidelity execution of multi-leg spreads via RFQ protocols, minimizing information leakage and slippage](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-hub.jpg)

## Execution the Professional Standard

The theoretical edge of any volatility-selling strategy can be eroded by poor execution. For complex multi-leg trades like iron condors or large block trades in single-leg options, using public order books can lead to significant slippage and partial fills. A Request for Quote system solves this. By submitting the desired trade structure to a network of professional market makers, a trader can receive a single, firm price for the entire package.

This anonymous, competitive bidding process ensures best execution and transforms a complex logistical challenge into a streamlined operation. It is the standard for institutional-grade trading.

![A precise system balances components: an Intelligence Layer sphere on a Multi-Leg Spread bar, pivoted by a Private Quotation sphere atop a Prime RFQ dome. A Digital Asset Derivative sphere floats, embodying Implied Volatility and Dark Liquidity within Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-7.jpg)

![A central glowing blue mechanism with a precision reticle is encased by dark metallic panels. This symbolizes an institutional-grade Principal's operational framework for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-core-enabling-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Portfolio Alpha Generation

Integrating volatility-selling strategies into a broader portfolio framework elevates them from individual trades to a systematic source of alpha. The objective is to construct a portfolio where the VRP acts as a distinct and uncorrelated return stream, enhancing overall risk-adjusted performance. This requires a deep understanding of portfolio Greeks, risk factor correlation, and the disciplined application of hedging techniques. It is the transition from being a trader of options to a manager of a volatility book.

The core principle is viewing short volatility positions as a unique asset class. The returns generated by systematically selling options are driven by factors different from those that drive traditional equity or fixed-income markets. While a catastrophic market crash will negatively impact both a long equity portfolio and a short put position, the day-to-day returns are largely decoupled. The income from [theta decay](https://prime.greeks.live/area/theta-decay/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides a steady tailwind to a portfolio, particularly during periods of market calm or gradual trending.

This diversification benefit is one of the most compelling reasons for sophisticated investors to incorporate these strategies. However, this benefit is only realized through rigorous risk management.

![Abstract layers in grey, mint green, and deep blue visualize a Principal's operational framework for institutional digital asset derivatives. The textured grey signifies market microstructure, while the mint green layer with precise slots represents RFQ protocol parameters, enabling high-fidelity execution, private quotation, capital efficiency, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-layered-rfq-protocol-for-digital-asset-execution-system.jpg)

## Managing Portfolio-Level Risk

A portfolio of short option positions has a complex risk profile that must be managed holistically. The primary exposures are measured by the “Greeks,” and maintaining a balanced portfolio requires constant monitoring and adjustment.

- 
**Delta Management** The first layer of risk is directional exposure. A portfolio’s net delta indicates its sensitivity to small movements in the underlying asset. A common practice is to maintain a delta-neutral stance, using futures or options on the underlying asset to offset the directional risk of the short premium positions. This isolates the volatility component as the primary driver of profit and loss. Daily or intra-day [delta hedging](https://prime.greeks.live/area/delta-hedging/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a standard institutional practice.

- 
**Gamma Exposure** Gamma represents the rate of change of delta and is the most critical risk for a volatility seller. A short options portfolio is short gamma, meaning that as the underlying asset moves, the portfolio’s delta will change adversely. A sharp move down will make the portfolio shorter, and a sharp move up will make it longer. This convexity risk can lead to accelerating losses during periods of high realized volatility. Managing gamma involves setting strict limits on the total gamma exposure of the portfolio and using long options in other structures to offset some of the risk.

- 
**Vega and Theta Dynamics** Vega measures sensitivity to changes in implied volatility, while theta measures sensitivity to the passage of time. A short volatility portfolio is short vega and long theta. The goal is to have the daily profit from theta decay outweigh any potential losses from increases in implied volatility. A key risk management metric is the theta/vega ratio, which provides an indication of how many days of time decay are needed to offset a one-point increase in implied volatility.

![A futuristic, dark grey institutional platform with a glowing spherical core, embodying an intelligence layer for advanced price discovery. This Prime RFQ enables high-fidelity execution through RFQ protocols, optimizing market microstructure for institutional digital asset derivatives and managing liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-intelligence-layer.jpg)

## Advanced Application the Volatility Overlay

A powerful institutional application is the use of a volatility overlay on top of a traditional asset portfolio. For example, a large equity portfolio can be enhanced by systematically selling out-of-the-money index call options against it. This covered call program generates a consistent income stream that can be used for reinvestment or to cushion against minor market downturns. Similarly, a portfolio manager might systematically sell intermediate-term puts to collect premium, using a portion of that premium to buy far-out-of-the-money, short-term puts for crash protection.

This creates a structured payout profile that funds its own hedging activities. These sophisticated applications require a robust operational setup for execution and risk management, where RFQ platforms are essential for implementing complex, multi-leg strategies without disrupting the market.

> Refinements, including more frequent hedging and diversification across strike prices and expiration dates, are suggested to improve performance and reduce exposure to sudden market shocks.

The ultimate stage of mastery is viewing the portfolio as a dynamic engine of risk transfer. The trader is actively sourcing and pricing different types of volatility risk across various assets and time horizons. They may sell expensive, short-term volatility on one asset while buying cheaper, long-term volatility on another, trading the term structure of volatility itself.

This involves a deep, quantitative understanding of market microstructure and derivatives pricing models. It is a domain where the lines between trading, portfolio management, and actuarial science begin to blur, creating a powerful and enduring source of investment returns.

![An intricate, high-precision mechanism symbolizes an Institutional Digital Asset Derivatives RFQ protocol. Its sleek off-white casing protects the core market microstructure, while the teal-edged component signifies high-fidelity execution and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-market-microstructure-optimization.jpg)

## The Price of Time

Engaging with the volatility premium is an exercise in valuing time itself. Every expiring option is a testament to the immutable forward march of the calendar, a force that systematically erodes the value of uncertainty. To sell an option is to take a position on the side of this certainty, to collect a fee for assuming a risk that is often overestimated by the collective market psyche. This is a business of probabilities, not predictions.

It demands the cool, detached mindset of an actuary, one who understands that a portfolio of carefully underwritten risks will, over a large sample size, yield a predictable profit. The discipline is in treating each trade not as a singular event but as one entry in a vast ledger. There will be losses, sometimes sharp and sudden, just as an insurer faces unexpected claims. The professional endures these periods by trusting the integrity of the long-term mathematical edge, a premium paid by the market for the comfort of protection.

![An opaque principal's operational framework half-sphere interfaces a translucent digital asset derivatives sphere, revealing implied volatility. This symbolizes high-fidelity execution via an RFQ protocol, enabling private quotation within the market microstructure and deep liquidity pool for a robust Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-13.jpg)

## Glossary

<a href="https://prime.greeks.live/area/volatility-risk-premium/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms converge around a central RFQ protocol engine, symbolizing institutional digital asset derivatives trading. Transparent elements represent real-time market data and algorithmic execution paths, while solid panels denote principal liquidity and robust counterparty relationships](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-for-high-fidelity-execution.jpg)

## Volatility Risk Premium

Meaning ▴ The Volatility Risk Premium (VRP) denotes the empirically observed and persistent discrepancy where implied volatility, derived from options prices, consistently exceeds the subsequently realized volatility of the underlying asset. </a><a href="https://prime.greeks.live/area/realized-volatility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, dark components with glowing teal accents cross, symbolizing high-fidelity execution pathways for institutional digital asset derivatives. A luminous, data-rich sphere in the background represents aggregated liquidity pools and global market microstructure, enabling precise RFQ protocols and robust price discovery within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-layer.jpg)

## Realized Volatility

Meaning ▴ Realized Volatility quantifies the historical price fluctuation of an asset over a specified period. </a><a href="https://prime.greeks.live/area/implied-volatility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A large, smooth sphere, a textured metallic sphere, and a smaller, swirling sphere rest on an angular, dark, reflective surface. This visualizes a principal liquidity pool, complex structured product, and dynamic volatility surface, representing high-fidelity execution within an institutional digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimized-market-microstructure-precision.jpg)

## Implied Volatility

Meaning ▴ Implied Volatility quantifies the market's forward expectation of an asset's future price volatility, derived from current options prices. </a><a href="https://prime.greeks.live/area/time-decay/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image displays a sleek, intersecting mechanism atop a foundational blue sphere. It represents the intricate market microstructure of institutional digital asset derivatives trading, facilitating RFQ protocols for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution.jpg)

## Time Decay

Meaning ▴ Time decay, formally known as theta, represents the quantifiable reduction in an option's extrinsic value as its expiration date approaches, assuming all other market variables remain constant. </a><a href="https://prime.greeks.live/question/how-does-the-underlying-assets-liquidity-profile-affect-the-cost-of-anonymity-in-rfqs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A stylized rendering illustrates a robust RFQ protocol within an institutional market microstructure, depicting high-fidelity execution of digital asset derivatives. A transparent mechanism channels a precise order, symbolizing efficient price discovery and atomic settlement for block trades via a prime brokerage system](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-execution-digital-asset-derivatives-options-high-fidelity-trading.jpg)

## Underlying Asset

An asset's liquidity profile dictates the cost of RFQ anonymity by defining the risk of information leakage and adverse selection. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sharp, teal, blade-like forms crossed, featuring circular inserts, resting on stacked, darker, elongated elements. This represents intersecting RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread construction and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, angular teal object with an embedded dark circular lens rests on a light surface. This visualizes an institutional-grade RFQ engine, enabling high-fidelity execution and precise price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-high-fidelity-execution.jpg)

## Risk Management

Meaning ▴ Risk Management is the systematic process of identifying, assessing, and mitigating potential financial exposures and operational vulnerabilities within an institutional trading framework. </a><a href="https://prime.greeks.live/guide/why-selling-options-is-a-superior-long-term-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central axis with angular, teal forms, radiating transparent lines. Abstractly represents an institutional grade Prime RFQ execution engine for digital asset derivatives, processing aggregated inquiries via RFQ protocols, ensuring high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-market-microstructure-price-discovery-volatility-surface-analytics.jpg)

## Involves Selling

Harness the volatility risk premium to generate consistent income and achieve superior risk-adjusted returns. </a><a href="https://prime.greeks.live/area/cash-secured-put/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, multi-faceted geometric structure, a Prime RFQ core for institutional digital asset derivatives. Its precise design embodies high-fidelity execution via RFQ protocols, enabling price discovery, liquidity aggregation, and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-options-rfq-engine.jpg)

## Cash-Secured Put

Meaning ▴ A Cash-Secured Put represents a foundational options strategy where a Principal sells (writes) a put option and simultaneously allocates a corresponding amount of cash, equal to the option's strike price multiplied by the contract size, as collateral. </a><a href="https://prime.greeks.live/guide/the-ultimate-guide-to-covered-call-strike-price-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

## Strike Price

Master covered calls by selecting strike prices that align your income goals with market dynamics. </a><a href="https://prime.greeks.live/area/covered-call/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract image features angular, parallel metallic and colored planes, suggesting structured market microstructure for digital asset derivatives. A spherical element represents a block trade or RFQ protocol inquiry, reflecting dynamic implied volatility and price discovery within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-protocol-framework-ensuring-principal-best-execution-and-latent-liquidity-capture.jpg)

## Covered Call

Meaning ▴ A Covered Call represents a foundational derivatives strategy involving the simultaneous sale of a call option and the ownership of an equivalent amount of the underlying asset. </a><a href="https://prime.greeks.live/area/short-strangle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic circular financial instrument with segmented teal and grey zones, centered by a precision indicator, symbolizes an advanced Crypto Derivatives OS. This system facilitates institutional-grade RFQ protocols for block trades, enabling granular price discovery and optimal multi-leg spread execution across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-platform.jpg)

## Short Strangle

Meaning ▴ The Short Strangle is a defined options strategy involving the simultaneous sale of an out-of-the-money call option and an out-of-the-money put option, both with the same underlying asset, expiration date, and typically, distinct strike prices equidistant from the current spot price. </a><a href="https://prime.greeks.live/area/iron-condor/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, bisected by dark rods, symbolizes an RFQ protocol's core. This represents multi-leg spread execution within a high-fidelity market microstructure for institutional grade digital asset derivatives, ensuring optimal price discovery and capital efficiency via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

## Iron Condor

Meaning ▴ The Iron Condor represents a non-directional, limited-risk, limited-profit options strategy designed to capitalize on an underlying asset's price remaining within a specified range until expiration. </a><a href="https://prime.greeks.live/area/theta-decay/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust institutional framework composed of interlocked grey structures, featuring a central dark execution channel housing luminous blue crystalline elements representing deep liquidity and aggregated inquiry. A translucent teal prism symbolizes dynamic digital asset derivatives and the volatility surface, showcasing precise price discovery within a high-fidelity execution environment, powered by the Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.jpg)

## Theta Decay

Meaning ▴ Theta decay quantifies the temporal erosion of an option's extrinsic value, representing the rate at which an option's price diminishes purely due to the passage of time as it approaches its expiration date. </a><a href="https://prime.greeks.live/area/delta-hedging/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.jpg)

## Delta Hedging

Meaning ▴ Delta hedging is a dynamic risk management strategy employed to reduce the directional exposure of an options portfolio or a derivatives position by offsetting its delta with an equivalent, opposite position in the underlying asset. </a>

**Tags:** [Gamma Risk](https://options.greeks.live/area/gamma-risk/), [Options Selling](https://options.greeks.live/area/options-selling/), [Iron Condor](https://options.greeks.live/area/iron-condor/), [Time Decay](https://options.greeks.live/area/time-decay/), [Implied Volatility](https://options.greeks.live/area/implied-volatility/), [Realized Volatility](https://options.greeks.live/area/realized-volatility/)	

## Discover More

- 
### [Generate Consistent Income by Selling the Market’s Overpriced Fear](https://options.greeks.live/guide/generate-consistent-income-by-selling-the-markets-overpriced-fear/)
![A sophisticated digital asset derivatives RFQ engine's core components are depicted, showcasing precise market microstructure for optimal price discovery. Its central hub facilitates algorithmic trading, ensuring high-fidelity execution across multi-leg spreads. This system supports institutional prime brokerage operations, minimizing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-multi-leg-spreads-for-optimal-capital-efficiency.jpg)

Transform market anxiety into a systematic income stream by selling the asset investors overpay for: fear.

- 
### [Generate Monthly Alpha by Selling Options the Right Way](https://options.greeks.live/guide/generate-monthly-alpha-by-selling-options-the-right-way/)
![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.jpg)

Engineer consistent portfolio returns by systematically harvesting the market's inherent volatility risk premium.

- 
### [Generating Consistent Income through Volatility Selling](https://options.greeks.live/guide/generating-consistent-income-through-volatility-selling/)
![A dynamic composition depicts an institutional-grade RFQ pipeline connecting a vast liquidity pool to a split circular element representing price discovery and implied volatility. This visual metaphor highlights the precision of an execution management system for digital asset derivatives via private quotation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-pipeline-for-precise-price-discovery-and-volatility-surface-analysis.jpg)

Systematically harvest market anxiety as a consistent income stream through disciplined volatility selling strategies.

- 
### [How to Engineer an Income Strategy Using Theta and Vega](https://options.greeks.live/guide/how-to-engineer-an-income-strategy-using-theta-and-vega/)
![A sleek, circular, metallic-toned device features a central, highly reflective spherical element, symbolizing dynamic price discovery and implied volatility for Bitcoin options. This private quotation interface within a Prime RFQ platform enables high-fidelity execution of multi-leg spreads via RFQ protocols, minimizing information leakage and slippage.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-hub.jpg)

Engineer a systematic income stream by harnessing the persistent forces of time decay and volatility.

- 
### [Why the Volatility Premium Is a Core Portfolio Yield Driver](https://options.greeks.live/guide/why-the-volatility-premium-is-a-core-portfolio-yield-driver/)
![A modular institutional trading interface displays a precision trackball and granular controls on a teal execution module. Parallel surfaces symbolize layered market microstructure within a Principal's operational framework, enabling high-fidelity execution for digital asset derivatives via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-controls.jpg)

Systematically harvesting the persistent gap between implied and realized volatility is a core driver of institutional yield.

- 
### [Why Selling Options Premium Is the Ultimate Market Edge](https://options.greeks.live/guide/why-selling-options-premium-is-the-ultimate-market-edge/)
![Sleek Prime RFQ interface for institutional digital asset derivatives. An elongated panel displays dynamic numeric readouts, symbolizing multi-leg spread execution and real-time market microstructure. A transparent sphere signifies RFQ protocol private quotation and implied volatility, emphasizing atomic settlement and low latency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-options.jpg)

Systematically harvest income by selling the market's inherent fear premium, turning time and volatility into your edge.

- 
### [The Professional’s Method for Harvesting Volatility Risk Premium](https://options.greeks.live/guide/the-professionals-method-for-harvesting-volatility-risk-premium/)
![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading. The central indicator suggests Atomic Settlement within a Prime RFQ Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.jpg)

Harvest the market's fear premium through a systematic, professional approach to selling options.

- 
### [Why Selling Volatility Is the Ultimate Edge in Modern Markets](https://options.greeks.live/guide/why-selling-volatility-is-the-ultimate-edge-in-modern-markets/)
![A precision metallic instrument with a black sphere rests on a multi-layered platform. This symbolizes institutional digital asset derivatives market microstructure, enabling high-fidelity execution and optimal price discovery across diverse liquidity pools. Essential for managing counterparty risk and multi-leg spread strategies within the Prime RFQ protocol intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.jpg)

Harness the market's structural inefficiencies by systematically selling time and transforming volatility into a consistent return stream.

- 
### [How to Systematically Harvest Volatility Risk Premium](https://options.greeks.live/guide/how-to-systematically-harvest-volatility-risk-premium/)
![A polished metallic needle, crowned with a faceted blue gem, precisely inserted into the central spindle of a reflective digital storage platter. This visually represents the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, enabling atomic settlement and liquidity aggregation through a sophisticated Prime RFQ intelligence layer for optimal price discovery and alpha generation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimization-for-high-fidelity-execution-and-liquidity-aggregation-via-prime-os-intelligence-layer.jpg)

Systematically convert the market’s inherent fear into a consistent, harvestable return stream through disciplined options selling.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Guide",
            "item": "https://options.greeks.live/guide/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "A Trader&#8217;s Guide to Capturing Volatility Premium with Options",
            "item": "https://options.greeks.live/guide/a-traders-guide-to-capturing-volatility-premium-with-options/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/guide/a-traders-guide-to-capturing-volatility-premium-with-options/"
    },
    "headline": "A Trader's Guide to Capturing Volatility Premium with Options \u25b4 Guide",
    "description": "Master the art of selling financial insurance by systematically capturing the persistent premium embedded in options volatility. \u25b4 Guide",
    "url": "https://options.greeks.live/guide/a-traders-guide-to-capturing-volatility-premium-with-options/",
    "datePublished": "2025-08-16T01:11:31+00:00",
    "dateModified": "2025-08-16T01:11:33+00:00",
    "articleSection": [
        "Guide"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocols-digital-asset-microstructure-execution.jpg",
        "caption": "Abstract intersecting geometric planes symbolize the intricate market microstructure underpinning institutional grade digital asset derivatives trading. This interplay highlights RFQ protocols facilitating high-fidelity execution and price discovery across diverse liquidity pools. Speckled elements denote granular order book dynamics and implied volatility surfaces. Smooth planes represent structured private quotation and multi-leg spread strategies, capturing the Prime RFQ framework ensuring best execution, minimizing slippage and latency for optimal capital efficiency in block trade environments."
    },
    "keywords": [
        "Block Trading",
        "Cash-Secured Put",
        "Covered Call",
        "Delta Hedging",
        "Gamma Risk",
        "Implied Volatility",
        "Iron Condor",
        "Options Selling",
        "Realized Volatility",
        "Request for Quote",
        "Risk Management",
        "Short Strangle",
        "Theta Decay",
        "Time Decay",
        "Vega Exposure",
        "Volatility Risk Premium"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/guide/a-traders-guide-to-capturing-volatility-premium-with-options/
