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Built by a former licensed financial advisor with over a decade of experience in options trading. Meet Sal
Free Options Trading Courses Learn calls, puts, spreads, Greeks, and real strategies
Options Crash Course
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Income Trading
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Risk Management
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Beginner Course
- 1.1What Are Options?Understand what an options contract is, how it works, and why traders use them.
- 1.2How Options Contracts WorkThe mechanics of an options contract — size, expiration, and obligation.
- 1.3Call Options ExplainedEverything you need to know about call options and the right to buy.
- 1.4Put Options ExplainedEverything you need to know about put options and the right to sell.
- 1.5Buying vs Selling OptionsThe fundamental difference between being a buyer and a seller.
- 1.6Strike Price ExplainedHow to pick a strike price and what it means for your trade.
- 1.7Expiration Dates — How to ChooseWeekly, monthly, and LEAPS expirations and when to use each.
- 1.8Option Premium — What You're Paying ForWhat makes up the price of an option and why it changes.
- 1.9In the Money, At the Money, Out of the MoneyHow moneyness works and why it affects everything.
- 1.10How to Read an Option ChainBreak down a real option chain — strikes, bids, asks, volume, and open interest.
- 1.11Intrinsic vs Extrinsic ValueThe two components that make up every option's price.
- 1.12Delta — Your Option's DirectionHow delta measures your option's sensitivity to stock price movement.
- 1.13Theta — Time DecayHow options lose value every day and what that means for your trades.
- 1.14Gamma and Vega — The Other GreeksTwo more Greeks that affect your positions in important ways.
- 1.15How Option Prices MoveWhat actually drives option prices up and down day to day.
- 1.16Implied Volatility for BeginnersWhat IV is, why it matters, and how to read it.
- 1.17Your First Options Trade — Step by StepA complete walkthrough from picking a stock to closing the position.
- 1.18How to Close an Options PositionSell to close, buy to close, and when to let options expire.
- 1.19Paper Trading — Practice Risk-FreeHow to practice trading without risking real money.
- 1.20Common Beginner MistakesThe most expensive mistakes new options traders make — and how to avoid them.
Intermediate Course
- 2.1Why Spreads? Introduction to Multi-Leg TradesWhy traders use spreads and how they limit risk and cost.
- 2.2Bull Call SpreadBuy a call, sell a higher call — a defined-risk bullish trade.
- 2.3Bear Put SpreadBuy a put, sell a lower put — a defined-risk bearish trade.
- 2.4Bull Put Spread (Credit Spread)Sell a put, buy a lower put — collect credit if the stock stays up.
- 2.5Bear Call Spread (Credit Spread)Sell a call, buy a higher call — collect credit if the stock stays down.
- 2.6Debit Spreads vs Credit SpreadsWhen to pay for a spread vs when to collect premium.
- 2.7Iron Condor — Setup and MechanicsSell both sides of the market with a defined-risk neutral strategy.
- 2.8Iron Butterfly — Setup and MechanicsA tighter version of the iron condor with higher premium.
- 2.9Calendar SpreadsTrade time decay across different expiration dates.
- 2.10Diagonal SpreadsCombine different strikes and expirations in one spread.
- 2.11Straddles and StranglesProfit from big moves in either direction.
- 2.12How to Pick Strike PricesA framework for choosing the right strikes for any strategy.
- 2.13How to Choose Expiration DatesThe trade-offs between short-term and long-term options.
- 2.14Managing Winning TradesWhen to take profits and why 50% is often the right target.
- 2.15Managing Losing TradesWhen to cut losses and when to hold through drawdowns.
- 2.16Rolling Options — How and WhenExtending trades by rolling to new strikes or expirations.
- 2.17Trade AdjustmentsHow to adjust positions when the market moves against you.
- 2.18Earnings Trades — What to KnowHow to trade options around earnings announcements.
- 2.19IV Rank and IV PercentileHow to measure whether implied volatility is high or low.
- 2.20Building a Trade PlanHow to create rules for entries, exits, and position sizing.
Advanced Course
- 3.1Selling Premium for IncomeWhy selling options can be more consistent than buying them.
- 3.2Covered Calls Deep DiveAdvanced covered call strategies and management techniques.
- 3.3Cash-Secured Puts Deep DiveUsing puts to buy stocks at a discount while collecting income.
- 3.4The Wheel StrategyThe full put-sell, assignment, call-sell cycle explained and optimized.
- 3.5Selling StranglesAdvanced premium selling with undefined risk and high probability.
- 3.6Portfolio Margin vs Reg-THow portfolio margin works and when to upgrade.
- 3.7Position Sizing — How Much to RiskRules and frameworks for sizing every trade properly.
- 3.8Portfolio Greeks — Managing the Big PictureHow to read and manage Greeks across your entire portfolio.
- 3.9Hedging with OptionsUsing options to protect stock positions and reduce portfolio risk.
- 3.10Trading Volatility — High IV vs Low IVFrameworks for choosing strategies based on volatility environment.
- 3.11Volatility Skew in PracticeHow to read and trade the volatility skew across strikes.
- 3.12LEAPS — Long-Term OptionsUsing long-dated options for leverage and income strategies.
- 3.13Options on ETFs and IndexesTrading SPY, SPX, QQQ, and index options vs stock options.
- 3.140DTE Options — Same Day ExpirationThe risks and opportunities of zero days to expiration trading.
- 3.15Tax Implications of Options TradingHow options are taxed and strategies to minimize your tax bill.
- 3.16Backtesting StrategiesHow to test strategies against historical data before risking real money.
- 3.17Trading Psychology — Fear and GreedManaging emotions and building the mental game.
- 3.18Building a Trading JournalHow to track and review your trades to improve over time.
- 3.19Scaling Up — Growing Your AccountHow to safely increase position sizes as your account grows.
- 3.20Common Advanced MistakesMistakes experienced traders still make and how to avoid them.
Options Trading Strategies 68+ strategies for every market direction
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Bullish Strategies
- 1Long CallBuy a call option to profit from a stock going up.
- 2Bull Call SpreadBuy a call, sell a higher call. Defined risk, bullish.
- 3Bull Put SpreadSell a put, buy a lower put. Collect credit if stock stays up.
- 4LEAPSLong-term options that act like stock ownership for less capital.
- 5Short PutSell a naked put to collect premium with a bullish outlook.
Bearish Strategies
- 1Long PutBuy a put option to profit from a stock going down.
- 2Bear Put SpreadBuy a put, sell a lower put. Defined risk, bearish.
- 3Bear Call SpreadSell a call, buy a higher call. Collect credit if stock stays down.
- 4Short CallSell a naked call to profit from a stock dropping or staying flat.
- 5Put Ratio BackspreadSell one put, buy two lower puts. Profits from a big drop.
Neutral Strategies
- 1Iron CondorSell both sides of the market with defined risk. Most popular neutral strategy.
- 2Iron ButterflyTighter version of the iron condor with higher premium collected.
- 3Short StrangleSell a call and a put to profit from the stock staying in a range.
- 4Short StraddleSell a call and put at the same strike. Maximum premium if stock stays flat.
- 5Calendar SpreadTrade time decay across different expiration dates. Neutral directional bias.
Income Strategies
- 1Covered CallOwn stock, sell a call to collect premium every month.
- 2Cash-Secured PutSell a put to buy stock at a discount while earning income.
- 3The WheelFull put-sell, assignment, call-sell cycle for steady income.
- 4Poor Man's Covered CallUse a LEAPS call instead of stock to run covered calls cheaper.
- 5Covered StrangleOwn stock, sell a call and a put. Double the premium income.
Volatility Strategies
- 1Long StraddleBuy a call and put at the same strike. Profit from big moves either way.
- 2Long StrangleBuy a call and put at different strikes. Cheaper than a straddle.
- 3Volatility CrushSell options before events and profit when IV drops sharply.
- 4VIX OptionsTrade the market's fear gauge directly.
- 5VIX SpreadUse VIX call or put spreads to trade volatility with defined risk.
Hedging Strategies
- 1Protective PutBuy a put to protect stock you own from dropping.
- 2CollarOwn stock, buy a put, sell a call. Protection with reduced cost.
- 3Married PutBuy stock and a put at the same time as insurance.
- 4Portfolio Put HedgeUse index puts to protect your entire portfolio from a downturn.
- 5Put Spread CollarCheaper collar using a put spread instead of a single put.
Options Trading Dictionary 170+ terms explained in plain English
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Options Basics
- 1Call OptionThe right to buy a stock at a specific price.
- 2Put OptionThe right to sell a stock at a specific price.
- 3Strike PriceThe price at which you can buy or sell the stock.
- 4PremiumThe price you pay to buy an options contract.
- 5Expiration DateThe date your options contract expires.
The Greeks
- 1DeltaHow much your option moves when the stock moves $1.
- 2GammaHow fast delta changes as the stock moves.
- 3ThetaHow much value your option loses each day.
- 4VegaHow much your option moves when volatility changes.
- 5RhoHow interest rates affect your option's price.
Volatility
- 1Implied VolatilityWhat the market expects the stock to do.
- 2IV RankWhere current IV sits compared to the past year.
- 3IV PercentileHow often IV has been lower than today.
- 4Volatility SkewWhy puts and calls at different strikes have different IVs.
- 5VIXThe market's fear gauge. Measures expected volatility.
Technical Analysis
- 1Moving AverageSmooths price data to show the trend direction.
- 2RSIMeasures if a stock is overbought or oversold.
- 3MACDShows momentum and trend changes using moving averages.
- 4Bollinger BandsShows volatility range around the average price.
- 5Support & ResistancePrice levels where stocks tend to stop and reverse.
Market Structure
- 1Market MakerThe firms that provide liquidity by quoting bid and ask prices.
- 2Bid-Ask SpreadThe difference between what buyers pay and sellers receive.
- 3Open InterestThe total number of active options contracts.
- 4VolumeHow many contracts traded today.
- 5Order TypesMarket, limit, stop, and other ways to place a trade.
Trading Psychology
- 1Fear & GreedThe two emotions that drive most trading decisions.
- 2Loss AversionWhy losses hurt twice as much as gains feel good.
- 3FOMOFear of missing out and how it leads to bad trades.
- 4Revenge TradingChasing losses with bigger trades to get even.
- 5OvertradingTrading too often when the best move is to wait.
Free Options Trading Calculators Calculate profit, position size, expected move, and compound growth
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Compound Interest Calculator
See how your investments grow over time with the power of compound returns.
Options Profit Calculator
Max profit, max loss, breakeven, and a visual P&L chart for any strategy before you trade.
Coming soonPosition Size Calculator
Enter your account size and risk tolerance. Get the exact number of contracts to trade.
Coming soonExpected Move Calculator
See the expected price range based on IV. Know what the market is pricing in before events.
Coming soonOptions Trading FAQ
Common questions about options trading, our free courses, and how to get started.
There is no catch. Every course, every lesson, every tool is completely free. No paywall, no credit card, no brokerage account required. Options Academy is built by one person who believes financial education should be accessible to everyone.
Anyone who wants to learn options trading and investing. Whether you have never placed a trade or you are an intermediate trader looking to level up, there is a course for you. The beginner course assumes zero prior knowledge.
Start with the Beginner Course. It is 20 lessons that take you from zero to understanding how options work, what calls and puts are, and how to place your first trade. No prior knowledge required.
Yes, options trading involves real risk. You can lose money. That is exactly why education matters. Our courses teach risk management, position sizing, and how to choose strategies that match your goals and risk tolerance. Education is the best risk management tool you have.
All content is written by Sal Mutlu, a former licensed financial advisor and active options trader with over a decade of experience. Sal is no longer licensed and does not provide personalized financial advice. Learn more about Sal.
Yes. Short 2-3 minute video lessons are coming for every lesson. Sal will personally walk you through each topic. No AI voices, no generic presentations. Videos will appear on each lesson page when ready.
No. Options Academy provides education, not financial advice. We teach you how options work and what strategies exist, but we never tell you what to buy or sell. Every trading decision is yours. Read our full disclaimer.