We focus many of our studies on probability of profit (POP), the average profit, and the risk associated with trading short options.Risk, return, and probability are inherently related, meaning that you cannot have high probability, high returns, and limited risk.This is best seen when looking at expectancy, so let’s take a look at some popular tasty strategies to see what to expect when trading.Expectancy is equal to: (win rate x average size of win) + (loss rate x average size of loss)