⚠️ Options involve significant risk and are not suitable for all investors. Before trading options, read the OCC Characteristics and Risks of Standardized Options. Educational only; not investment advice.
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Learn Options
Plain-English articles that explain the ideas behind options, in a sensible reading order. All examples use hypothetical numbers.
New to options? An option is a contract giving its buyer the right, but not the obligation, to buy (a call) or sell (a put) 100 shares at a set strike price before expiration. The buyer pays a premium. Implied volatility is how much movement the market is pricing in, and the Greeks measure how an option's price reacts to changes. Start with the first article and work down. Unfamiliar word? See the glossary.
Calls vs Puts for Beginners
The two building blocks of every options strategy, what changes when you buy or sell them, and how to read a quote.
What Is Implied Volatility (IV)?
What IV measures, how it moves option prices, IV crush, and how to turn IV into an expected move.
How to Read the Option Greeks
Delta, gamma, theta, vega and rho in plain English, with a worked example.
Covered Call vs Cash-Secured Put
Two common income strategies side by side, and why their payoffs look almost the same.
The Wheel Strategy Explained
How selling puts and covered calls link into a cycle, with a full hypothetical example and the risks.
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Put it into practice
Strategy guides · Options profit calculator · Black-Scholes calculator · Glossary