Returning from Germany's CBOE Risk Management Conference, Jenny Andrews and Tom Preston discussed how retail traders have transformed SPX options trading, with zero-DTE strategies pioneered by tastytrade now dominating the market.

Preston emphasized that retail traders have significant advantages over institutional managers, who face career-risk constraints when making trading decisions. "The American financial markets, as far as depth and liquidity, nobody can touch us," Preston noted.

Research presented at the conference showed iron condors outperforming strangles in low-volatility environments. While institutions are increasingly interested in retail trading strategies, Preston advised traders to look beyond low-IV index products to find opportunities in individual stocks with higher volatility.

The discussion concluded with trade management advice for Jenny's challenged Oklo position, with Preston recommending gradually chipping away at losses rather than trying to recover everything at once.