Volcademy
A course in 16 modules, from what an option is to the volatility surface, trading mechanics, income strategies and same-day options, about 12 hours in all. Each lesson ends with questions you answer by reading the real numbers in the Terminal, checked against the market as it is right now.
How it works
Most courses teach volatility from a textbook chain that stopped moving years ago. Here every question points at a Terminal panel showing the market right now, and the answer is checked against that same live data. You learn the theory, the Terminal, and why the two belong together, in one pass.
A short, plain-English lesson with one worked example. Each term is defined before it is used, then used the way a desk uses it.
One click opens the right panel on the right ticker and expiration: the chain, the Vol Snapshot, the cone, the Strategy Lab. The question tells you exactly which column to read.
Type the number. The server checks it against the same live data the panel shows, with room for the market moving while you read. Your progress is saved.
Intrinsic and time value for every strike, the implied move for every expiry, the Greeks of a three-leg position, where today's volatility sits against a year of history. Each is an afternoon of arithmetic by hand and one glance in the Terminal, kept live all session.
Run a full morning review of any ticker: is volatility rich or cheap against its own history, is the market pricing more movement than the stock delivers, which way does the curve slope, how steep is the skew, what event is priced in, and which structure fits. The last module is that checklist.
The course
Every lesson is free to read. Module one's questions are free too; from module two on, the questions come with any plan, including the free trial, because they use the full Terminal.
Calls and puts, what you pay for, how profit and loss take shape, and what the chain is telling you.
Why the forward sits above spot, how calls and puts are chained together, and what the price on an index chain really is.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
The five inputs, the lognormal picture, running the model backwards, where it breaks, why it uses the rate instead of a forecast, and pricing American options on a tree.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
What the stock did, what options expect, what a model forecasts, and how to turn any of them into a move.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
From the price curve to the second-order Greeks: what each Greek measures, what it looks like, and how to read it off a live chain.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
Sell shares against an option and direction drops out; what is left is a bet on how much the stock moves.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
Add the Greeks of every leg into one position, stress it across price, vol and time, and know which risks no hedge removes.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
Straddles, butterflies, calendars and ratios: what each one pays for, where it makes money, and how to pick one from a live read.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
Verticals: what they cost, what they can make, how volatility and skew move them, and how to pick the strikes by delta.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
Conversions, reversals and boxes, the riskless positions that tie call and put prices to rates and dividends, and the two cases where exercising early is right.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
One volatility per strike and per date: skew, term structure, the earnings bump, and how the whole sheet moves when the stock does.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
Insurance on stock you own, index options and the VIX as a volatility number, hedging a whole portfolio with SPY puts, and the morning checklist that puts it all to work on one ticker.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
How orders fill, how exercise and assignment work, what margin asks for, how big to trade and how to manage a position once it is on.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
Selling puts for income, running the wheel from put to shares to call, and building a covered call with a long option instead of stock.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
VIX futures and options, variance swaps and the VIX formula, and options that expire the day you trade them.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
One exam across the whole course, answered on live chains, with a pointer back to the lesson for every question.
Read every lesson free. The live questions come with any plan, including the 7-day free trial. See plans
Volcademy questions are answered in the Terminal. Module one runs on AAPL with a free account; every plan includes a 7-day free trial of the rest.
Real market data, not a sandbox. See it live on AAPL.