The most frustrating thing in options: the stock finally falls and your long put barely gains. On Confirm and Send, Jermal Chandler and Chris Vecchio decompose why, because it is almost never just Delta. Delta tells you how much the put moves per dollar of stock, but Theta is quietly charging you for every day that passes, and if your strike is far out of the money with little time left, the odds of getting there shrink faster than the drop helps you. 📊 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 When to use a put ratio spread 01:24 Only in liquid names you trust 02:20 Why they rarely do these 03:30 Why your put barely gains 03:45 Delta, theta and vega defined 05:40 Explaining it simply 06:13 A zero DTE put example 07:30 Adding time changes everything 08:00 The protection timi...