Options Education
Learn options trading with a practical, lesson-by-lesson path
A free curriculum covering the full progression from contracts and pricing fundamentals to strategy selection, management, and risk.
Starting point
Options Trading Basics
Focus
Execution, Greeks, and management
Outcome
Cleaner decision framework
Core Lessons
Build the foundation first
Start with contracts, pricing, and chain mechanics before adding strategy complexity.
Options Trading Basics
Learn what options are, how calls and puts work, pricing fundamentals, and how options can benefit you as a trader.
Start lessonLesson 2Option Pricing Basics
Understand intrinsic vs extrinsic value, time decay (theta), moneyness, and how expiration outcomes affect results.
Start lessonLesson 3Option Chains & Quotes
Learn to read option chains, analyze bid/ask spreads, volume, open interest, and choose strikes and expirations.
Start lessonLesson 4Orders, Expiration & P&L Basics
Master market vs limit orders, expiration and assignment, slippage costs, and basic P&L concepts.
Start lessonLesson 5Greeks & Volatility 101
Understand the Greeks without the math, see how volatility moves prices, and learn why IV matters.
Start lessonBeginner Strategies
Put the basics into action
Four practical strategy playbooks with setup logic, risks, and expected trade behavior.
Covered Calls
Generate income on stocks you own, learn when CCs make sense, and master expiration outcomes.
Start lessonBeginner StrategyCash-Secured Puts
Get paid to wait for a lower entry price and compare CSPs to limit buy orders.
Start lessonBeginner StrategyVertical Spreads (Defined Risk)
Compare debit vs credit spreads, calculate max risk/reward, and choose the right setup.
Start lessonBeginner StrategyProtective Puts (Hedging 101)
Learn how protective puts insure your stock, how much they cost, and when to use them.
Start lessonAdvanced Strategies
Shape risk with multi-leg structures
Intermediate approaches for defined-risk premium selling, directional leverage, and time-structure trades.
Thetagang Core & Short Option Management
Learn the premium-selling mindset, risk controls, profit targets, and rolling decisions that define Thetagang.
Start lessonAdvanced StrategyThe Wheel (Income Cycle)
Combine cash-secured puts and covered calls into a repeatable income cycle with clear entry rules.
Start lessonAdvanced StrategyIron Condors
Build a range-bound trade using a short call spread + short put spread with defined risk.
Start lessonAdvanced StrategyStrangles & Straddles
Learn the difference between tight vs wide range trades and how volatility changes the setup.
Start lessonAdvanced StrategyCalendars & Diagonals
Time spreads that profit from fast front-month decay and slow back-month decay.
Start lessonAdvanced StrategyButterflies
Target a precise price with a defined-risk "profit tent" and strong gamma near the strike.
Start lessonAdvanced StrategyZEBRAs
Use deep ITM calls to create stock-like exposure with lower cost and muted theta decay.
Start lesson