Charlie,
I’ve read that book. It’s not very general and it’s kind of simple in some respects, but the trade he’s advocating is intriguing. He mostly focuses on his one (Cha-ching if I recall correctly?) trade. It’s a very quick read that may not meet your needs.
Note: He (and others) point out that ETF weeklies exist but many have very low volume. Stay away from the weaker volume bc you can get trapped in a position. Weeklies can whipsaw violently. Obviously, volume is not often a problem with SPY and its like.
A good chunk of the small book is devoted to his favorite trade. He basically writes a diagonal (bullish) put spread repeatedly over time.
He buys an OTM 90 day put to fairly cheaply cover his downside. Then he writes weekly ATM/NTM puts, pocketing that premium. After expiry, he writes another weekly ATM, and another… It adds up over the weeks to cover the cost of the long put, eventually banking profit.
To work ideally, he looks for strong stocks consolidating off their highs and moving sideways. He’s also looking at high IV options, so that they have enough open interest and premium for the weekly to fetch a good chunk of the premium he’s paying on the 90 day put.
If the stock moves too much, he rolls the long put out and up or down as required to control risk. That’s why he’s ideally looking for sideways movement in the underlying. Less adjustments to the long leg of the diagonal…
His method is predicated on collecting premium, which is why he uses a bull put spread. In principle, the same strategy could work with a bear call spread. But that requires higher options approval at most brokers (no problem, except that you need to apply). There’s also little point, since he focuses on high IV options with the underlying caught in sideways patterns.
Peter
(Not the same Pete)