# @tastyliveshow on YouTube

- **Type:** Video
- **Original URL:** https://youtube.com/watch?v=m5t4I56IWuc
- **Gondola URL:** https://gondola.cc/posts/68869107-tastyliveshow-youtube
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/4a472852ca.jpg
- **Posted:** 2026-08-09T19:00:36.000+00:00
- **Account Owner:** tastylive (@tastyliveshow) — https://gondola.cc/tastyliveshow

## Caption

In this live Q&A, Chris Vecchio and Liz Dierking break down one of tastytrade's most powerful homegrown strategies: the Zebra, short for Zero Extrinsic Back Ratio. The setup is simple, sell one 50-delta call and buy two 70-delta calls, netting roughly 100 delta so you get one-for-one upside like owning stock, but with defined risk and far less capital, think controlling 100 shares of Apple for a fraction of the outright cost.

The trick is that the extrinsic value of the short option roughly cancels the extrinsic on the longs, which effectively neutralizes time decay. Liz explains why she uses it in her IRA, the duration sweet spot she likes and why she won't hold one under 10 days, the origin of the tastytrade animal names from the Jade Lizard to the Zebra, and closes on a sharp viewer question about hedging a basket of tech names with index puts versus single-name puts. Educational, not a recommendation.

📊 tastylive: https://www.tastylive.com/
📘 FREE Options Strategy Guide: https://tinyurl.com/bp9ms763
📱 Follow tastylive on X: https://x.com/tastyliveshow

Chapters:
00:00 The Zebra and its duration sweet spot
00:56 The structure, one short, two longs
01:18 Controlling 100 shares for less
01:41 How it neutralizes time decay
02:32 Where the animal names came from
03:02 A new one, the Zephro
03:34 Hedging a basket versus single names
05:30 Puts, the weather, and the leaky roof

#tastylive #zebra #options #optionstrading #optionsstrategies #timedecay #liz #tastytrade #optionseducation #hedging

tastylive is a real financial network, producing hours of live programming every day. Follow along as our experts navigate the markets, provide actionable trading insights, and teach you how to trade. With over 120 original segments, and over 25 personalities, we'll help you take your trading to the next level, whether you are new to trading or a seasoned veteran.

tastylive content is created, produced, and provided solely by tastylive, Inc. ("tastylive") and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read all applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange Traded Options Risk Disclosure Statement found at https://tastytrade.com/disclosures/.

Past performance is not indicative of future results. Performance is not presented net of all commissions, fees, and expenses. Multi-leg option strategies incur higher transaction costs than single leg trades as they involve multiple commission charges. Examples provided are for illustrative, informational, and educational purposes only and are not intended to be reflective of results you can expect to achieve. Supporting documentation for any claims, including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request.

tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.

## Stats

- **Views:** 3,491
- **Likes:** 79
- **Shares:** 0
- **Comments:** 8

## Tags

liz, timedecay, zebra, tastylive, optionstrading, optionsstrategies, options, hedging, tastytrade, optionseducation

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