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Education / Options

Options.
From the inside out.

We teach options the way we trade them.
By mechanism, not by recipe.

V
Tracks
24
Lessons
∆ S
House Curriculum
The Approach

Most options instruction starts at the wrong end. It begins with strategies, then attempts to back-fill the structure underneath them.

We invert the order. Foundations first, then the Greeks, then the volatility surface, and only then the trades that exploit it.

Each lesson closes a single concept. Read in sequence or out of order, the structure holds.

Featured · Quick-Start Guide
Vol. 01 · ~25 min read
Options, from zero
A fast track for the absolute beginner. The structure of the contract, the way it decays, and the shape of its payoff. Prepared for you to read end-to-end as a single narrative.
Read the guide →
The Curriculum
I
Foundations
04 Lessons
II
The Greeks
05 Lessons
III
Volatility
05 Lessons
IV
Strategies
05 Lessons
V
Microstructure
05 Lessons
Mechanism → Sensitivity → Surface → Construction → Flow
Track I
Foundations
How an option is built, priced, and settled. The vocabulary and the contract before the trade.
L.01 What an Option Is 10 min L.02 Calls, Puts, and Payoff Diagrams 14 min L.03 Reading the Options Chain 12 min L.04 Settlement, Exercise, and Assignment 11 min
Track II
The Greeks
The five sensitivities that govern every position. What moves a price when something else moves.
L.05 Delta: Directional Exposure 13 min L.06 Gamma: The Convexity of Delta 15 min L.07 Theta: The Cost of Carrying Time 12 min L.08 Vega: Pricing the Surface 14 min L.09 Rho and the Quiet Greeks 11 min
Track III
Volatility
Where the edge actually lives. The surface, the premium embedded in it, and how it deforms under stress.
L.10 Implied vs Realized Volatility 13 min L.11 The Variance Risk Premium 18 min L.12 Skew and the Smirk 14 min L.13 Term Structure: Contango and Backwardation 15 min L.14 The VIX Complex 15 min
Track IV
Strategies
Constructions that express specific views. Each strategy is a payoff shape engineered for a regime.
L.15 Vertical Spreads: Bull and Bear 14 min L.16 Iron Condors and Iron Butterflies 16 min L.17 Calendars and Diagonals 15 min L.18 Straddles and Strangles 13 min L.19 Covered Calls and Cash-Secured Puts 13 min
Track V
Microstructure
What the dealer sees, and how that shapes price. The plumbing of the options market and the pressure points it creates.
L.20 Dealer Gamma Exposure (GEX) 17 min L.21 25-Delta Skew as a Positioning Signal 15 min L.22 Pin Risk and Expiration Dynamics 12 min L.23 Event Volatility: FOMC, CPI, NFP 14 min L.24 Options Flow and Order Internalization 14 min
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