Summary: Should we be buying options with greater than 1 year to expiration (known as LEAP options) in low [IV](https://www.tastytrade.com/tt/learn/implied-volatility) environments? Even though implied volatility is currently low, the further out months price in greater volatility. This means you will be paying a greater premium if you want to buy a LEAP. Since IV is mean-reverting, you are most likely locking in losses by buying this further out premium. When the market does sell off, you do not get the same bang for your buck via long [vega](https://www.tastytrade.com/tt/learn/vega). This makes long LEAP options especially tough to make money in. Tune in as Frank, Bat and Pete explain more of the implications of this strategy.
