Implied volatility overstates realized volatility. Time always passes. Those two facts are the entire foundation of why premium selling works. But most traders focus on theta and completely ignore the other half of the equation: vega decay. When you enter at 45 days, you are at peak vega exposure. Every day that passes without a major move, that sensitivity to implied volatility shrinks. By 21 days it is roughly halved. Most of your edge has already been captured or lost. Nick and Tony explain why the 45-day entry is not arbitrary, what the vega decay curve actually looks like, and how calendar and diagonal spreads exploit something that strangles never can. Helpful links: tastylive: tastylive.com Get Tom's pre-market analysis every morning: tastylive.com/newsletters FREE Options Strategy Guide: tinyurl.com/bp9ms763 Follow tastylive on X: x.com/tastyliveshow CHAPTERS: 00:00 Two Forces Premium Sellers Trade for Every Day 00:54 Implied Vol Overstates Real...