Core concepts covered: how IV ramps into events and crushes after, how to compute expected moves from option chain pricing, when long premium structures (straddles, strangles, backspreads) make sense vs short premium structures (iron condors, iron butterflies), and how to size event positions to survive surprise outcomes. The curriculum emphasizes that retail traders consistently underestimate IV crush impact relative to the realized move.
Practical framework: before trading any binary event, calculate the implied move (the option chain's pricing of expected post-event range). If your thesis requires a move smaller than the implied, sell premium with defined risk. If it requires a larger move, buy premium and accept the IV crush risk. If your thesis is uncertain, skip the event — it's the discipline most retail traders lack.