Chang Pengyao (Oliver) @Oliver 的期权旅途 is a seasoned investor with years of hands-on options trading experience. Starting with a five-figure portfolio and gradually building it to an eight-figure level, he has gone through multiple market cycles, mistakes and drawdowns along the way. Over time, he developed a trading framework centred on probability, pricing, position sizing and risk management. “Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.” Oliver quoted this line from The Art of War as the central idea behind his sharing. He used the Chu–Han Contention as an example. Liu Bang lost repeatedly to Xiang Yu in direct battles, yet Xiang Yu was ultimately the

$Micron Technology(MU)$ $SK hynix(SKHY)$ recently rebounded alongside the broader memory and semiconductor sectors after pulling back sharply from their recent highs. Both stocks surged around 18% on July 30, quickly recovering part of their earlier losses. The rally was mainly supported by improving market expectations for the memory supply outlook, as well as continued investment in AI infrastructure by major technology companies. From a fundamentals perspective, Micron’s latest results showed record revenue and earnings for the third quarter of fiscal year 2026. Management also provided a stronger outlook for the fourth quarter. However, a sharp one-day rebound does not ne

$IBM(IBM)$ - Underlying: IBM - View: Cautiously optimistic for a short-term oversold bounce, but with significant downside risk. The strategy aims to capitalize on the high IV to collect premium while defining risk. - Strategy Type: Credit Spread / Defined Risk - Option Contract Portfolio: - Sell 1 IBM Put, Strike $210, Expiry 2026-07-24 - Buy 1 IBM Put, Strike $205, Expiry 2026-07-24 - Max Gain & Loss: - Max Gain: Net Credit Received = ~$1.34 - Max Loss: (Strike Difference - Net Credit) = ($5 - $1.34) = ~$3.66 - Initial Cost/Credit: Net Credit of ~$1.34 per share.