Learn Options
Organized education covering contracts, pricing, volatility, strategy mechanics, and risk.
Learning Center
Use these topic hubs to build your options knowledge in a deliberate order.
Options 101
Calls, puts, strikes, premiums, expiration, exercise, and assignment.
Start the fundamentals →
The Greeks
Delta, gamma, theta, vega, and how exposures change.
Learn the Greeks →
Volatility
Implied volatility, historical volatility, IV crush, and event risk.
Understand volatility →
Risk Management
Position sizing, liquidity, exit planning, and portfolio exposure.
Manage risk →
Strategy Library
Bear Call Spread
Selling a lower-strike call and buying a higher-strike call to receive credit while defining upside risk.
- Maximum riskStrike width minus credit
- Maximum rewardCredit received
Bear Put Spread
Buying a higher-strike put and selling a lower-strike put with the same expiration to define bearish risk and cap reward.
- Maximum riskNet debit paid
- Maximum rewardStrike width minus net debit
Bull Call Spread
Buying a call and selling a higher-strike call with the same expiration to create defined bullish risk and capped reward.
- Maximum riskNet debit paid
- Maximum rewardStrike width minus net debit
Bull Put Spread
Selling a higher-strike put and buying a lower-strike put to receive credit while defining downside risk.
- Maximum riskStrike width minus credit
- Maximum rewardCredit received
Calendar Spread
Selling a nearer-dated option and buying a farther-dated option at the same strike to create time- and volatility-dependent exposure.
- Maximum riskNet debit, generally
- Maximum rewardVariable and not fixed at entry
Cash-Secured Put
Selling a put while maintaining enough cash to buy the shares if assigned.
- Maximum riskStrike price minus premium if underlying falls to zero
- Maximum rewardPremium received