Options

Eight modules in a fixed order. Each one assumes only what came before it - start at module 1 unless you know exactly what you skipped.

Module 1
How options markets work
Rights, not obligations: calls, puts, strikes and expiries, and the exchange-listed chain. This track assumes the equities track throughout - options are priced on an underlying you must already understand. Greeks and the volatility surface are module 8's territory; this module is structure and vocabulary.
9 lessons, about 57 minutes
Module 2
Reading options markets
Reading a chain: bid-ask by strike, volume against open interest, expiry columns and moneyness. Why quoted prices are per share but contracts are for 100. Implied volatility appears as a number here - it becomes a tool in module 8.
9 lessons, about 55 minutes
Module 3
What trading options costs
Per-contract commissions and fees, spreads that widen away from the money, and assignment and exercise costs. Theta introduced honestly: holding an option has a running cost even when nothing happens.
9 lessons, about 54 minutes
Module 4
Managing options risk
Defined-risk versus undefined-risk structures, sizing by maximum loss rather than premium, assignment risk around dividends and expiry, and why selling options needs stricter rules than buying them.
9 lessons, about 58 minutes
Module 5
Options analysis foundations
The underlying's analysis plus the option layer: direction, timing and volatility as three separate judgements. A cheap-looking option and a good trade are different things. Surface-level IV reading here; the full surface in module 8.
9 lessons, about 58 minutes
Module 6
Building an options strategy
Structures as rule sets - spreads, covered positions - tested with realistic fills and expiry handling. Expectancy when the payoff is non-linear. Teaches evaluation of structures, never recommends one.
0 of 9 · membership
Module 7
Options process and review
Journalling by structure and by thesis - direction, time or volatility - reviewing assignment events separately, and closing the record on every expiry.
0 of 9 · membership
Module 8
Options specialist topics
The greeks as working tools, the volatility surface and term structure, skew, and spread construction in depth. The hardest tier-4 material on the platform - modules 1 to 7 are assumed cold.
0 of 9 · membership