Tom explains that the ZEBRA (a kind of backspread--a trade in which you buy more options than you sell) is sort of the mirror image of the ratio spread. A ratio spread is a high probability, undefined risk (and capped profit) trade where you sell 2 options, and buy 1. With a ZEBRA, a lower probability trade with defined risk and unlimited gains, you buy 2 options and sell 1. Kay’s KR ZEBRA worked out well for her. She made a $111 profit! It doesn’t always work out that way. With a trade like this, you need the market to do what you want it to do, but if it does, you could make a lot of money. E has on a GPS ZEBRA. Tom explains that he should want to know how much the stock will move per day so that he knows how much he can expect to make in a day (he can use this information to decide when he might want to take the trade off). He lays out a little math for the yutes:Look at the expiration closest to 30 daysDivide the IVx % in this expiration cycle by the number of days to expirationMultiply by the stock’s current price The number you get is how much you can expect the stock to move in price during one day. To wrap things up, Tom breaks down what makes a fair market. The key is that the brokerage, exchange, and market maker must all be different parties. He compares the weighted casino, sports, and crypto betting markets with the fair market world of stock, options, and futures trading. Bonus Lesson: With meme stocks, volatility increases when the stock increases--the complete opposite of what we expect with any other stock. This is because all the risk is to the UPSIDE, not the downside like we usually see. Keep this in mind when placing trades in these special equities.