Learn

Options, from
first principles.

74 free guides, no account needed. A five-stage path from what an option is to volatility surfaces and dealer gamma, each step with a real chain, a real Greek, a real number.

Start the path Browse every guide Or open the Terminal on AAPL
74Guides, all free
5Stages, in order
50Terminal modules to practise on

The path

Five stages,
in order.

Language first, then behaviour, then the thing that actually drives price. Strategies come fourth on purpose: a spread is easy to place and hard to understand without the three stages before it. Want it taught in order, with questions you answer on a live chain? Take the Volcademy course. Module one is free.

  1. 01 ~35 min

    Foundations

    The language of options.

    1. What are options?
    2. Calls vs puts
    3. ITM, ATM, OTM
    4. Options premium
    5. Read the chain
  2. 02 ~45 min

    The Greeks

    How options behave.

    1. Greeks overview
    2. Delta
    3. Gamma
    4. Theta & decay
    5. Vega
  3. 03 ~50 min

    Volatility

    The true driver of price.

    1. Implied volatility
    2. IV rank & percentile
    3. IV crush
    4. Vol skew
    5. Vol surface
  4. 04 ~55 min

    Strategies

    Put it to work.

    1. Vertical spreads
    2. Covered calls
    3. Iron condor
    4. Spread trading
    5. Options for income
  5. 05 ~60 min

    Advanced

    Trade the edge.

    1. Gamma exposure
    2. Max pain
    3. Zero DTE
    4. LEAPS
    5. Portfolio hedging

Investing basics 6 guides

What is a stock?Complete beginner's guide to stock investing. What is a bond?How fixed income investments work. ETFs vs mutual fundsWhich investment vehicle should you choose? Market capitalizationSmall cap, mid cap, and large cap explained. Bull vs bear marketsWhat they mean and how to trade them. What is a dividend?How dividend investing works.

Options fundamentals 11 guides

What are options?The beginner's introduction, explained simply. How to trade optionsComplete beginner's guide — place your first trade. How to buy optionsStep-by-step buying guide. What is a call option?Complete explanation with examples. What is a put option?Complete explanation with examples. Calls vs putsThe fundamental difference, side by side. Options expirationWhat happens when options expire. ITM, ATM, OTMUnderstanding options moneyness. Options premiumHow option prices are determined. Intrinsic vs extrinsicThe two components of option pricing. Options vs stocksKey differences explained.

Trading mechanics 9 guides

Read an options chainStep-by-step guide to the chain. Options order typesMarket, limit, stop, and more. Bid-ask spreadWhy the spread matters for your trades. Open interest & volumeWhat these metrics actually tell you. Options liquidityHow to find liquid options to trade. Exercise vs assignmentWhat happens when options are exercised. American vs EuropeanStyle differences that affect your trades. Options settlementPhysical vs cash settlement. The OCCOptions Clearing Corporation, explained.

Greeks 7 guides

Options GreeksMaster Delta, Gamma, Theta, Vega, and Rho. DeltaDirectional sensitivity, explained. GammaThe rate of change of delta. ThetaTime decay in options. VegaVolatility sensitivity. Theta decayHow time erodes option value. Greeks cheat sheetQuick reference for all five Greeks.

Volatility 6 guides

Implied volatilityHow IV drives options prices. IV rank & percentileComparing IV levels across time. IV crushWhy options lose value after events. Volatility skewWhy IV differs across strikes. Volatility surface3D IV across strikes & expirations. Volatility tradingHow to trade vol as an asset class.

Risk management 6 guides

Risk managementProtecting your portfolio from catastrophic losses. Assignment guideUnderstanding assignment and exercise. Early assignment riskWhen and why early assignment happens. Pin riskManaging expiration risk near the strike. Margin requirementsHow options margin works. Portfolio hedgingProtect your investments with options.

Advanced topics 12 guides

Gamma exposure (GEX)How dealer positioning moves markets. Max pain theoryWhere stocks pin at expiration. Zero DTE optionsSame-day expiration trading guide. LEAPS optionsLong-term options strategies. Vertical spreadsYour first multi-leg strategy. Spread tradingThe complete guide to spreads. Earnings tradingStrategies for trading around earnings. Put/call ratioUsing sentiment indicators. Rolling optionsHow to extend and adjust trades. Synthetic positionsReplicating stock with options. Day trading optionsStrategies and PDT rules. Options tax guideHow options are taxed.

Looking for a term rather than a guide? The glossary defines every word on these pages. Strategies have their own directory at /strategies.

Keep reading

The Volcademy course

  1. What an option is
  2. Forward price, carry and parity
  3. How pricing models think
  4. Volatility, four ways
  5. The Greeks, one at a time
  6. Dynamic hedging
  7. Position risk
  8. Spreads for a volatility view
  9. Directional spreads
  10. Arbitrage and early exercise
  11. The volatility surface
  12. Hedging and the real world
  13. Trading mechanics
  14. Income strategies
  15. Volatility products and same-day options
  16. Final exam

Latest videos

This Week in Vol, the newsletter

Expected moves this week

What options are pricing for the move on each report.

See all 26
VRT ±7.9% Oct 28, before the open NOW ±7.6% Oct 28, after the close CMG ±5.8% Oct 28, after the close KLAC ±5.6% Oct 28, after the close F ±4.7% Oct 28, after the close GEV ±4.6% Oct 28, before the open GOOGL ±4.4% Oct 28, after the close MSFT ±3.8% Oct 28, after the close

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