LEAPS options are long-term options that expire between one and two and a half years. Learn how to trade LEAPS options in this short options-trader tutorial. 

LEAPS can make a great addition to a longer-term investor’s portfolio, adding both leverage and protection. These longer-term options are also more affected by changes in volatility and the interest rate, giving traders and investors more opportunities to trade options nuances. LEAPS options are also often traded as part of a diagonal in what is sometimes referred to as a “Poor-man’s covered call”.