Learn Options Trading For Free. For Real.

Intermediate Course

• Lesson 1Why Spreads? Introduction to Multi-Leg TradesWhy traders use spreads and how they limit risk and cost.
• Lesson 2Bull Call SpreadBuy a call, sell a higher call: a defined-risk bullish trade.
• Lesson 3Bear Put SpreadBuy a put, sell a lower put: a defined-risk bearish trade.
• Lesson 4Bull Put Spread (Credit Spread)Sell a put, buy a lower put: collect credit if the stock stays up.
• Lesson 5Bear Call Spread (Credit Spread)Sell a call, buy a higher call: collect credit if the stock stays down.
• Lesson 6Debit Spreads vs Credit SpreadsWhen to pay for a spread vs when to collect premium.
• Lesson 7Iron Condor: Setup and MechanicsSell both sides of the market with a defined-risk neutral strategy.
• Lesson 8Iron Butterfly: Setup and MechanicsA tighter version of the iron condor with higher premium.
• Lesson 9Calendar SpreadsTrade time decay across different expiration dates.
• Lesson 10Diagonal SpreadsCombine different strikes and expirations in one spread.
• Lesson 11Straddles and StranglesProfit from big moves in either direction.
• Lesson 12How to Pick Strike PricesA framework for choosing the right strikes for any strategy.
• Lesson 13How to Choose Expiration DatesThe trade-offs between short-term and long-term options.
• Lesson 14Managing Winning TradesWhen to take profits and why 50% is often the right target.
• Lesson 15Managing Losing TradesWhen to cut losses and when to hold through drawdowns.
• Lesson 16Rolling Options: How and WhenExtending trades by rolling to new strikes or expirations.
• Lesson 17Trade AdjustmentsHow to adjust positions when the market moves against you.
• Lesson 18Earnings Trades: What to KnowHow to trade options around earnings announcements.
• Lesson 19IV Rank and IV PercentileHow to measure whether implied volatility is high or low.
• Lesson 20Building a Trade PlanHow to create rules for entries, exits, and position sizing.

Advanced Course

• Lesson 1Selling Premium for IncomeWhy selling options can be more consistent than buying them.
• Lesson 2Covered Calls Deep DiveAdvanced covered call strategies and management techniques.
• Lesson 3Cash-Secured Puts Deep DiveUsing puts to buy stocks at a discount while collecting income.
• Lesson 4The Wheel StrategyThe full put-sell, assignment, call-sell cycle explained and optimized.
• Lesson 5Selling StranglesAdvanced premium selling with undefined risk and high probability.
• Lesson 6Portfolio Margin vs Reg-THow portfolio margin works and when to upgrade.
• Lesson 7Position Sizing: How Much to RiskRules and frameworks for sizing every trade properly.
• Lesson 8Portfolio Greeks: Managing the Big PictureHow to read and manage Greeks across your entire portfolio.
• Lesson 9Hedging with OptionsUsing options to protect stock positions and reduce portfolio risk.
• Lesson 10Trading Volatility: High IV vs Low IVFrameworks for choosing strategies based on volatility environment.
• Lesson 11Volatility Skew in PracticeHow to read and trade the volatility skew across strikes.
• Lesson 12LEAPS: Long-Term OptionsUsing long-dated options for leverage and income strategies.
• Lesson 13Options on ETFs and IndexesTrading SPY, SPX, QQQ, and index options vs stock options.
• Lesson 140DTE Options: Same Day ExpirationThe risks and opportunities of zero days to expiration trading.
• Lesson 15Tax Implications of Options TradingHow options are taxed and strategies to minimize your tax bill.
• Lesson 16Backtesting StrategiesHow to test strategies against historical data before risking real money.
• Lesson 17Trading Psychology: Fear and GreedManaging emotions and building the mental game.
• Lesson 18Building a Trading JournalHow to track and review your trades to improve over time.
• Lesson 19Scaling Up: Growing Your AccountHow to safely increase position sizes as your account grows.
• Lesson 20Common Advanced MistakesMistakes experienced traders still make and how to avoid them.

Intermediate Strategies

15 strategies · Two-leg spreads that cap your risk and cost while you pick a direction.

• BearishBear Call SpreadSell a call spread to collect credit as long as the stock stays down.
• BullishBull Put SpreadSell a put spread to collect credit as long as the stock holds up.
• NeutralCalendar SpreadSell near-term time and buy longer-term to profit from a stock that stalls.
• BullishCall CalendarSell a near-term call and buy a longer-dated one to lean bullish while selling time.
• IncomeCovered StrangleOwn stock and sell both a call and a put to double the premium income.
• NeutralIron ButterflyA tighter iron condor that collects more premium for a narrower range.
• NeutralIron CondorSell a call spread and a put spread to profit from a quiet, range-bound stock.
• NeutralLong Call ButterflyA cheap, defined-risk bet that the stock pins a specific price.
• NeutralLong CondorA wider, cheaper butterfly with a flat profit zone between two strikes.
• NeutralLong Put ButterflyA put-based butterfly that profits if the stock pins a lower strike.
• IncomePoor Man's Covered CallUse a long-dated call instead of 100 shares to run a covered call for less cash.
• BearishPut CalendarSell a near-term put and buy a longer-dated one for a slow drift down.
• VolatilityReverse Iron ButterflyA tighter reverse condor that pays more if the stock makes a sharp move.
• VolatilityReverse Iron CondorBuy both spreads for a defined-risk bet that the stock breaks out of its range.
• BullishShort PutSell a put to get paid for a bullish view and a price you would buy at.

Advanced Strategies

45 strategies · Multi-leg structures for precise views on direction, time, and volatility.

• NeutralAlbatross SpreadA condor with far-apart wings for a wide, low-cost profit range on a quiet stock.
• BearishBear Put LadderAdd a lower short put to a bear put spread for extra credit.
• BearishBearish Risk ReversalSell a call to fund a put for a leveraged, low-cost bearish bet.
• NeutralBig LizardA short straddle plus a call spread that removes all upside risk.
• NeutralBroken Wing ButterflyA skewed butterfly that can open for a credit with a directional lean.
• BullishBull Call LadderAdd a short call above a bull call spread for extra credit with a capped top.
• BullishCall DiagonalBlend strikes and expirations to lean bullish while collecting time decay.
• BullishCall Ratio BackspreadSell one call and buy two higher ones for a low-cost bet on a big rise.
• IncomeCovered PutShort stock and sell a put for income with a bearish-to-neutral lean.
• IncomeDiagonal Call WriteSell short-dated calls against a long LEAPS call, month after month.
• IncomeDividend CollarCollect a dividend while a collar caps both your risk and your upside.
• NeutralDouble CalendarTwo calendars at different strikes for a wider profit range on a quiet stock.
• NeutralDouble DiagonalDiagonals on both sides for range-bound income with longer-dated protection.
• VolatilityEarnings StrangleBuy a strangle before earnings to trade the expected move.
• VolatilityGamma ScalpingTrade the stock against a long-option position to harvest big daily swings.
• HedgingIndex Put HedgeHedge a basket of stocks with broad index puts in one trade.
• NeutralJade LizardA short put plus a short call spread for premium with no upside risk.
• BullishLEAPS Call SpreadBuy a long-dated call and sell a higher one for cheaper, defined-risk long-term upside.
• BearishLEAPS Put SpreadBuy a long-dated put and sell a lower one for cheaper, defined-risk long-term downside.
• VolatilityLong GutsBuy an in-the-money call and put for a straddle-like bet with less time value.
• IncomeMonthly Income CondorSell a monthly iron condor for steady, defined-risk premium.
• HedgingPortfolio Put HedgeUse index puts to protect your whole portfolio from a broad downturn.
• HedgingProtective Put SpreadBuy a put spread for cheaper, partial downside protection.
• BearishPut DiagonalBlend strikes and expirations to lean bearish while collecting time decay.
• BearishPut Ratio BackspreadSell one put and buy two lower ones for a low-cost bet on a big drop.
• HedgingPut Spread CollarA collar that uses a put spread instead of a single protective put.
• NeutralRatio Call SpreadBuy one call, sell two higher ones for a near-free bet on flat to modest upside.
• NeutralRatio Put SpreadBuy one put, sell two lower ones for a near-free bet on flat to modest downside.
• IncomeRatio WriteSell more calls than you have stock to cover for a higher-income, higher-risk write.
• BullishRisk ReversalSell a put to fund a call for a leveraged, low-cost bullish position.
• BearishShort CallSell a naked call for premium with a bearish view and undefined risk.
• NeutralShort GutsSell an in-the-money call and put for a wide, high-premium range.
• NeutralShort StraddleSell a call and put at the same strike for maximum premium if price sits still.
• NeutralShort StrangleSell a call and a put to collect premium while the stock stays in a range.
• VolatilityStrapTwo calls and one put for a big move biased to the upside.
• VolatilityStripTwo puts and one call for a big move biased to the downside.
• BullishSynthetic Long StockBuy a call and sell a put to mirror owning the shares for less cash.
• BearishSynthetic Short StockBuy a put and sell a call to mirror shorting the shares for less cash.
• HedgingTail Risk HedgeHold cheap far-out-of-the-money puts as insurance against a crash.
• HedgingVIX Call HedgeOwn VIX calls that spike in value when the market drops hard.
• VolatilityVIX OptionsTrade the market's fear gauge directly to hedge or speculate on volatility.
• VolatilityVIX SpreadUse VIX call or put spreads to trade volatility with defined risk.
• VolatilityVolatility Crush PlaySell inflated options before an event and profit when volatility collapses after.
• IncomeWeekly Put SellingSell short-dated cash-secured puts each week for faster, smaller premium.
• BullishZEBRAA zero-extrinsic back ratio that tracks the stock with almost no time decay.

Bullish Strategies

13 strategies · Ways to profit when a stock climbs, from the plain long call to defined-risk spreads.

• BullishLong CallBuy a call to profit if the stock rises, with risk capped at the premium.
• BullishBull Call SpreadBuy a call and sell a higher one to cap both the cost and the risk.
• BullishBull Put SpreadSell a put spread to collect credit as long as the stock holds up.
• BullishShort PutSell a put to get paid for a bullish view and a price you would buy at.
• BullishLEAPS CallA long-dated call that acts like cheaper stock for a patient bullish view.
• BullishLEAPS Call SpreadBuy a long-dated call and sell a higher one for cheaper, defined-risk long-term upside.
• BullishCall CalendarSell a near-term call and buy a longer-dated one to lean bullish while selling time.
• BullishCall DiagonalBlend strikes and expirations to lean bullish while collecting time decay.
• BullishCall Ratio BackspreadSell one call and buy two higher ones for a low-cost bet on a big rise.
• BullishBull Call LadderAdd a short call above a bull call spread for extra credit with a capped top.
• BullishRisk ReversalSell a put to fund a call for a leveraged, low-cost bullish position.
• BullishSynthetic Long StockBuy a call and sell a put to mirror owning the shares for less cash.
• BullishZEBRAA zero-extrinsic back ratio that tracks the stock with almost no time decay.

Bearish Strategies

12 strategies · Ways to profit when a stock falls, from the long put to defined-risk call spreads.

• BearishLong PutBuy a put to profit if the stock falls, with risk capped at the premium.
• BearishLEAPS PutA long-dated put that owns downside for years, for a fraction of shorting's capital.
• BearishLEAPS Put SpreadBuy a long-dated put and sell a lower one for cheaper, defined-risk long-term downside.
• BearishBear Put SpreadBuy a put and sell a lower one to cap both the cost and the risk.
• BearishBear Call SpreadSell a call spread to collect credit as long as the stock stays down.
• BearishShort CallSell a naked call for premium with a bearish view and undefined risk.
• BearishPut Ratio BackspreadSell one put and buy two lower ones for a low-cost bet on a big drop.
• BearishPut DiagonalBlend strikes and expirations to lean bearish while collecting time decay.
• BearishPut CalendarSell a near-term put and buy a longer-dated one for a slow drift down.
• BearishBear Put LadderAdd a lower short put to a bear put spread for extra credit.
• BearishBearish Risk ReversalSell a call to fund a put for a leveraged, low-cost bearish bet.
• BearishSynthetic Short StockBuy a put and sell a call to mirror shorting the shares for less cash.

Neutral Strategies

17 strategies · Ways to get paid when a stock goes nowhere, selling both sides with defined risk.

• NeutralIron CondorSell a call spread and a put spread to profit from a quiet, range-bound stock.
• NeutralIron ButterflyA tighter iron condor that collects more premium for a narrower range.
• NeutralShort StrangleSell a call and a put to collect premium while the stock stays in a range.
• NeutralShort StraddleSell a call and put at the same strike for maximum premium if price sits still.
• NeutralCalendar SpreadSell near-term time and buy longer-term to profit from a stock that stalls.
• NeutralDouble CalendarTwo calendars at different strikes for a wider profit range on a quiet stock.
• NeutralLong Call ButterflyA cheap, defined-risk bet that the stock pins a specific price.
• NeutralLong Put ButterflyA put-based butterfly that profits if the stock pins a lower strike.
• NeutralBroken Wing ButterflyA skewed butterfly that can open for a credit with a directional lean.
• NeutralJade LizardA short put plus a short call spread for premium with no upside risk.
• NeutralLong CondorA wider, cheaper butterfly with a flat profit zone between two strikes.
• NeutralDouble DiagonalDiagonals on both sides for range-bound income with longer-dated protection.
• NeutralBig LizardA short straddle plus a call spread that removes all upside risk.
• NeutralShort GutsSell an in-the-money call and put for a wide, high-premium range.
• NeutralAlbatross SpreadA condor with far-apart wings for a wide, low-cost profit range on a quiet stock.
• NeutralRatio Call SpreadBuy one call, sell two higher ones for a near-free bet on flat to modest upside.
• NeutralRatio Put SpreadBuy one put, sell two lower ones for a near-free bet on flat to modest downside.

Income Strategies

11 strategies · Ways to collect premium on stock you own or want to own, the covered call, cash-secured put, and the wheel.

• IncomeCovered CallOwn 100 shares and sell a call against them to collect premium as rent.
• IncomeCash-Secured PutSell a put with cash set aside to get paid while you wait to buy lower.
• IncomeThe WheelSell puts until assigned, then sell calls until called away, collecting at every turn.
• IncomePoor Man's Covered CallUse a long-dated call instead of 100 shares to run a covered call for less cash.
• IncomeCovered StrangleOwn stock and sell both a call and a put to double the premium income.
• IncomeRatio WriteSell more calls than you have stock to cover for a higher-income, higher-risk write.
• IncomeDiagonal Call WriteSell short-dated calls against a long LEAPS call, month after month.
• IncomeDividend CollarCollect a dividend while a collar caps both your risk and your upside.
• IncomeCovered PutShort stock and sell a put for income with a bearish-to-neutral lean.
• IncomeWeekly Put SellingSell short-dated cash-secured puts each week for faster, smaller premium.
• IncomeMonthly Income CondorSell a monthly iron condor for steady, defined-risk premium.

Volatility Strategies

12 strategies · Ways to profit from a big swing either way, or from volatility itself rising or falling.

• VolatilityLong StraddleBuy a call and a put at the same strike to profit from a big move either way.
• VolatilityLong StrangleBuy an out-of-the-money call and put for a cheaper bet on a large move.
• VolatilityReverse Iron CondorBuy both spreads for a defined-risk bet that the stock breaks out of its range.
• VolatilityReverse Iron ButterflyA tighter reverse condor that pays more if the stock makes a sharp move.
• VolatilityVolatility Crush PlaySell inflated options before an event and profit when volatility collapses after.
• VolatilityVIX OptionsTrade the market's fear gauge directly to hedge or speculate on volatility.
• VolatilityVIX SpreadUse VIX call or put spreads to trade volatility with defined risk.
• VolatilityGamma ScalpingTrade the stock against a long-option position to harvest big daily swings.
• VolatilityLong GutsBuy an in-the-money call and put for a straddle-like bet with less time value.
• VolatilityStrapTwo calls and one put for a big move biased to the upside.
• VolatilityStripTwo puts and one call for a big move biased to the downside.
• VolatilityEarnings StrangleBuy a strangle before earnings to trade the expected move.

Hedging Strategies

10 strategies · Ways to insure stock you own against a drop, capping your downside for a known cost.

• HedgingProtective PutBuy a put on stock you own to set a floor under a possible drop.
• HedgingCollarSell a call to pay for a protective put, capping both your risk and your upside.
• HedgingMarried PutBuy stock and a put together so your downside is insured from day one.
• HedgingCostless CollarA collar built so the call fully pays for the put, at zero net cost.
• HedgingProtective Put SpreadBuy a put spread for cheaper, partial downside protection.
• HedgingPut Spread CollarA collar that uses a put spread instead of a single protective put.
• HedgingPortfolio Put HedgeUse index puts to protect your whole portfolio from a broad downturn.
• HedgingIndex Put HedgeHedge a basket of stocks with broad index puts in one trade.
• HedgingTail Risk HedgeHold cheap far-out-of-the-money puts as insurance against a crash.
• HedgingVIX Call HedgeOwn VIX calls that spike in value when the market drops hard.