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Feature Articles

What’s All the Fuss About Box Spreads?
It's purely a replacement for a margin loan and the loan rate you'd pay to your broker. It’s not free money.
 • 
Lawrence G. McMillan
October Seasonal Buy Signal - 2025
A reliable end-of-October pattern has offered traders an edge for nearly five decades — when specific conditions align.
 • 
Lawrence G. McMillan
Disorder In the Volatility Markets
The “volatility genie” is out of the bottle.
 • 
Lawrence G. McMillan
Some Volatility Considerations: Rare $VIX–$SPX Moves and a Wide Implied–Realized Gap
A simultaneous rise in $SPX and $VIX and a stretched $VIX–HV20 spread point to elevated volatility ahead.
 • 
Lawrence G. McMillan
$VIX and $SPX Are Both Rising! What’s Going On? — Originally Published in 2009
Revisiting Our 2009 Research on the Unusual Case of $VIX Rising with $SPX
 • 
Lawrence G. McMillan
A Longer-Term Perspective on Put-call Ratio
A historical look at what current put-call ratio levels really mean for the market.
 • 
Lawrence G. McMillan
Option Basics: Option Trading Procedures
From Phone Calls to Trading Platforms: How Option Orders Are Placed and Executed
 • 
Lawrence G. McMillan
Option Basics: The History of Listed Options
From its 1973 launch with just 16 stocks to today’s global markets, the history of listed options is a story of innovation and growth.
 • 
Lawrence G. McMillan
Option Basics: Option Definition and Terms
Every option contract is defined by a few simple terms. Learn the meaning of underlyings, strikes, expirations, and premiums, the core building blocks…
 • 
Lawrence G. McMillan
Option Basics: Equivalent Positions
A closer look at interchangeable option strategies and how to optimize your positions.
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Lawrence G. McMillan
Is it Too Soon to “Buy Volatility?”
Volatility tends to bottom in July. Could a seasonal surge be setting up for August?
 • 
Lawrence G. McMillan
Understanding Volatility Derivatives: VIX, Futures, and ETNs
A comprehensive guide to VIX futures, options, and volatility-linked ETFs—from foundational concepts to advanced trading implications.
 • 
Lawrence G. McMillan
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