In this Theta LIVE session, held on November 5, 2025, host John Einar Sandvand talked with three experienced traders — Simon Black, Steve Ganz, and Ravish Ahuja — each known for building systematic, short-term trading strategies focused on weekly options income. We also took many questions from the audience.
- Simon Black from New Zealand is the creator of the Time Flies strategy, a structured way to profit from time decay while minimizing gamma risk.
- Steve Ganz, living in California, developed the similar Flyagonal, a hybrid spread that combines elements of diagonals and butterflies to deliver consistent, defined-risk returns.
- Ravish Ahuja from New Jersey specializes in Double Calendars, combining volatility edge and theta decay to capture steady profits across weekly expirations.
Together, they share practical insights into how to design, manage, and refine trades that generate reliable income — one week at a time.
Watch the Theta LIVE replay about weekly options
Why weekly options are so popular
Weekly options have become the go-to choice for many retail traders.
They offer:
- Faster time decay — more theta in less time.
- Lower capital requirement — smaller, shorter trades.
- Frequent opportunities — new setups every few days.
But while weekly options can accelerate profits, they can also amplify mistakes. That’s why defined-risk structures like flies, diagonals, and calendars are so effective — they harness time decay while keeping losses under control.
Simon Black: The power of Time Flies
Simon’s Time Flies strategy is a unique variation of the broken-wing butterfly designed specifically for weekly options trading.
He explains how he:
- Builds positions around key price levels rather than chasing direction.
- Uses time decay as the main profit driver.
- Adjusts early when the underlying moves quickly to protect profits.
“The key,” Simon says, “is to let theta do the work — not delta.”
Simon’s approach combines a call broken wing butterfly with a put diagonal. His approach demonstrates that you don’t need large directional bets to succeed with weeklies. A disciplined, mechanical setup can generate returns from nothing more than the passing of time.
Steve Ganz: The Flyagonal advantage
Next, Steve Ganz introduces the Flyagonal, a hybrid between a diagonal spread and a butterfly. The strategy is quite similar to Simon’s Time Flies, but with different mechanics.
It’s designed for traders who want more flexibility than a standard fly but still want to keep risk clearly defined.
Steve highlights how the Flyagonal:
- Adapts well to changing volatility conditions.
- Maintains manageable margin requirements.
- Allows fine-tuning of theta vs. vega exposure.
“You can shape the trade depending on whether the market’s calm or moving,” he explains.
This blend of structure and adaptability makes the Flyagonal especially useful in fast-changing weekly environments.
Ravish Ahuja: Double Calendars done right
Ravish Ahuja rounds out the panel with his Double Calendar approach — two calendars placed on opposite sides of the underlying’s price.
This setup thrives in stable, range-bound markets — exactly the kind that can frustrate directional traders.
Ravish discusses how he:
- Balances the trade so small moves don’t hurt either side.
- Takes advantage of implied volatility changes between expirations.
- Uses careful timing to roll or close legs before the final days.
“You’re letting both time and volatility work for you,” he says.
His method highlights how calendars can be powerful theta-harvesting machines — when traded with discipline.
Key takeaways
- Weekly options can provide frequent, repeatable income opportunities — if traded with discipline.
- Defined-risk structures like flies, diagonals, and calendars reduce exposure to large directional moves.
- Managing time decay, volatility, and position sizing is more important than predicting price direction.
- A clear trade plan and consistent process outperform “gut feel” every time.
