By the way, addressing this @Shenlong Wei Wuming bro's request. For tutorials on Leaps Calls, check out my previous two posts.    Let's start with a story first: from July 13 to July 17, everyone likely experienced an unexpected market crash last week. If in the options market at that time, one chased Put arbitrage regardless of cost, alongside the expansion of volatility, the implied volatility of options also started to surge. This gave institutions an opportunity—they actively took the other side, selling more put options to retail investors to harvest option premiums...