Using options to express directional, neutral, or volatility-based views.
This scope is designed to help you build a practical understanding of Options Strategies. Lessons move from core definitions to real-world context and common failure points.
Reading in order is recommended, but each lesson stands on its own.
Options can reshape risk, isolate specific market views, and formalize repeatable trading rules. This article explains what options add to a trading system, the core logic behind option-based strategies, and the risk management practices that keep them disciplined.
A rigorous explanation of directional options strategies, how they express a view on price movement using delta and convexity, and how they fit into structured, rules-based trading systems with defined risk controls and operational discipline. Includes payoff logic, risk management, and a high-level system example without trade signals or recommend…
A rigorous introduction to market-neutral options strategies, their core logic, risk characteristics, and how they can be organized into structured, repeatable trading systems without relying on directional forecasts or specific trade signals. Readers learn the roles of the Greeks, volatility assumptions, risk controls, and high-level operational e…
An in-depth explanation of covered calls, including the mechanics, payoff logic, risk management, and how to embed the approach within a structured, repeatable trading system without giving trade signals or recommendations.','content':'OverviewA covered call combines a long stock position with a short call option on the same stock, in the same quan…
An in-depth explanation of protective puts, including mechanics, payoff structure, risk management, and how the strategy fits into structured, repeatable trading systems without prescribing trades or price levels. Designed for learners who want to understand how downside protection can be integrated methodically.
A rigorous overview of volatility-based options strategies, including the core logic that links implied and realized volatility, how these ideas become structured trading systems, and the risk management practices required to implement them responsibly.
A vertical spread is an options position built with two options of the same type and expiration but different strikes. This article explains the structure, logic, risk controls, and operational details that make verticals suitable for rule-based trading systems.
An in-depth explanation of credit and debit option spreads, how they function, how risk and reward are defined, and how they can be organized within structured, rules-based trading systems without relying on forecasts or discretionary judgment. The article covers payoff logic, time decay and volatility effects, margin mechanics, and practical risk…
A rigorous introduction to options risk profiles, how payoff shapes are constructed, and how those shapes inform structured, repeatable trading systems. Emphasis on the mechanics of profit and loss across price, volatility, and time, with practical considerations for risk management and monitoring.
A rigorous, practitioner-oriented explanation of time decay in options, how theta functions inside structured strategies, and the risk controls required to use time as a repeatable source of edge without giving investment advice or trade signals.','content':'Time decay, or theta, is one of the central mechanics that differentiates options from othe…
