Last week we talked about diagonal spreads, which can be found on page 99 of the Options Playbook. You can always find this on the Options Playbook website.

First up, a listener question:

• Question from Mike - Hello Brian, Love the show. I am curious as to why one would ever use a collar instead of a bull put spread. Am I incorrect in thinking these strategies are identical with respect to risk/reward? Since the put spread will cost less to put on, it seems like the better trade. As an additional advantage, there is no need to tie up the capitol to hold the underlying.
• If you want to read the blog post Brian mentions, you can find it here.

Next, a review of last time:

• We were bearish going into earnings in LEN
• What happened after the paper trade?
• The gaggle of securities (it started out as a strangle)

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