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Free Options Trading Courses — Beginner to Advanced
Options Crash Course
Learn Fast · Coming Soon
Income Trading
Monthly Income · Coming Soon
Volatility Trading
Master IV · Coming Soon
Risk Management
Protect Capital · Coming Soon
Beginner Course
- 1.1 What Are Options? Understand what an options contract is, how it works, and why traders use them.
- 1.2 How Options Contracts Work The mechanics of an options contract — size, expiration, and obligation.
- 1.3 Call Options Explained Everything you need to know about call options and the right to buy.
- 1.4 Put Options Explained Everything you need to know about put options and the right to sell.
- 1.5 Buying vs Selling Options The fundamental difference between being a buyer and a seller.
- 1.6 Strike Price Explained How to pick a strike price and what it means for your trade.
- 1.7 Expiration Dates — How to Choose Weekly, monthly, and LEAPS expirations and when to use each.
- 1.8 Option Premium — What You're Paying For What makes up the price of an option and why it changes.
- 1.9 In the Money, At the Money, Out of the Money How moneyness works and why it affects everything.
- 1.10 How to Read an Option Chain Break down a real option chain — strikes, bids, asks, volume, and open interest.
- 1.11 Intrinsic vs Extrinsic Value The two components that make up every option's price.
- 1.12 Delta — Your Option's Direction How delta measures your option's sensitivity to stock price movement.
- 1.13 Theta — Time Decay How options lose value every day and what that means for your trades.
- 1.14 Gamma and Vega — The Other Greeks Two more Greeks that affect your positions in important ways.
- 1.15 How Option Prices Move What actually drives option prices up and down day to day.
- 1.16 Implied Volatility for Beginners What IV is, why it matters, and how to read it.
- 1.17 Your First Options Trade — Step by Step A complete walkthrough from picking a stock to closing the position.
- 1.18 How to Close an Options Position Sell to close, buy to close, and when to let options expire.
- 1.19 Paper Trading — Practice Risk-Free How to practice trading without risking real money.
- 1.20 Common Beginner Mistakes The most expensive mistakes new options traders make — and how to avoid them.
Intermediate Course
- 2.1 Why Spreads? Introduction to Multi-Leg Trades Why traders use spreads and how they limit risk and cost.
- 2.2 Bull Call Spread Buy a call, sell a higher call — a defined-risk bullish trade.
- 2.3 Bear Put Spread Buy a put, sell a lower put — a defined-risk bearish trade.
- 2.4 Bull Put Spread (Credit Spread) Sell a put, buy a lower put — collect credit if the stock stays up.
- 2.5 Bear Call Spread (Credit Spread) Sell a call, buy a higher call — collect credit if the stock stays down.
- 2.6 Debit Spreads vs Credit Spreads When to pay for a spread vs when to collect premium.
- 2.7 Iron Condor — Setup and Mechanics Sell both sides of the market with a defined-risk neutral strategy.
- 2.8 Iron Butterfly — Setup and Mechanics A tighter version of the iron condor with higher premium.
- 2.9 Calendar Spreads Trade time decay across different expiration dates.
- 2.10 Diagonal Spreads Combine different strikes and expirations in one spread.
- 2.11 Straddles and Strangles Profit from big moves in either direction.
- 2.12 How to Pick Strike Prices A framework for choosing the right strikes for any strategy.
- 2.13 How to Choose Expiration Dates The trade-offs between short-term and long-term options.
- 2.14 Managing Winning Trades When to take profits and why 50% is often the right target.
- 2.15 Managing Losing Trades When to cut losses and when to hold through drawdowns.
- 2.16 Rolling Options — How and When Extending trades by rolling to new strikes or expirations.
- 2.17 Trade Adjustments How to adjust positions when the market moves against you.
- 2.18 Earnings Trades — What to Know How to trade options around earnings announcements.
- 2.19 IV Rank and IV Percentile How to measure whether implied volatility is high or low.
- 2.20 Building a Trade Plan How to create rules for entries, exits, and position sizing.
Advanced Course
- 3.1 Selling Premium for Income Why selling options can be more consistent than buying them.
- 3.2 Covered Calls Deep Dive Advanced covered call strategies and management techniques.
- 3.3 Cash-Secured Puts Deep Dive Using puts to buy stocks at a discount while collecting income.
- 3.4 The Wheel Strategy The full put-sell, assignment, call-sell cycle explained and optimized.
- 3.5 Selling Strangles Advanced premium selling with undefined risk and high probability.
- 3.6 Portfolio Margin vs Reg-T How portfolio margin works and when to upgrade.
- 3.7 Position Sizing — How Much to Risk Rules and frameworks for sizing every trade properly.
- 3.8 Portfolio Greeks — Managing the Big Picture How to read and manage Greeks across your entire portfolio.
- 3.9 Hedging with Options Using options to protect stock positions and reduce portfolio risk.
- 3.10 Trading Volatility — High IV vs Low IV Frameworks for choosing strategies based on volatility environment.
- 3.11 Volatility Skew in Practice How to read and trade the volatility skew across strikes.
- 3.12 LEAPS — Long-Term Options Using long-dated options for leverage and income strategies.
- 3.13 Options on ETFs and Indexes Trading SPY, SPX, QQQ, and index options vs stock options.
- 3.14 0DTE Options — Same Day Expiration The risks and opportunities of zero days to expiration trading.
- 3.15 Tax Implications of Options Trading How options are taxed and strategies to minimize your tax bill.
- 3.16 Backtesting Strategies How to test strategies against historical data before risking real money.
- 3.17 Trading Psychology — Fear and Greed Managing emotions and building the mental game.
- 3.18 Building a Trading Journal How to track and review your trades to improve over time.
- 3.19 Scaling Up — Growing Your Account How to safely increase position sizes as your account grows.
- 3.20 Common Advanced Mistakes Mistakes experienced traders still make and how to avoid them.
Options Crash Course
Income Trading
Volatility Trading
Risk Management
Options Trading Strategies 68+ strategies for every market direction
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.
- 6Call Ratio BackspreadSell one call, buy two higher calls. Unlimited upside potential.
- 7Synthetic Long StockBuy a call and sell a put at the same strike. Acts like owning stock.
- 8Diagonal Call SpreadCombine different strikes and expirations for a bullish trade.
- 9Poor Man's Covered CallUse a LEAPS call instead of stock to run covered calls cheaper.
- 10Bull Call LadderBuy one call, sell two at higher strikes. Lower cost, capped profit.
- 11Long Call ButterflyThree strikes, defined risk. Profit if stock lands near the middle.
- 12Bull Put LadderSell a put spread and buy another lower put. Modified credit spread.
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.
- 6Synthetic Short StockBuy a put and sell a call at the same strike. Acts like shorting stock.
- 7Diagonal Put SpreadCombine different strikes and expirations for a bearish trade.
- 8Long Put ButterflyThree strikes with puts. Profit if stock lands near the middle.
- 9Bear Put LadderBuy one put, sell two at lower strikes. Modified debit spread.
- 10StripBuy one call and two puts. Profits more from downside moves.
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 low volatility.
- 4Short StraddleSell a call and put at the same strike. Maximum premium, highest risk.
- 5Calendar SpreadTrade time decay across different expiration dates.
- 6Long ButterflyThree strikes, very low cost. Profit if stock stays near the center.
- 7Long CondorFour strikes, wider profit zone than a butterfly.
- 8Double DiagonalCombine two diagonal spreads for a neutral position with time decay.
- 9Jade LizardShort put spread plus a short call. No upside risk if done right.
- 10Ratio SpreadBuy one option, sell two. Neutral with extra premium collected.
- 11Broken Wing ButterflyUnbalanced butterfly that removes risk on one side.
- 12Christmas Tree SpreadMultiple strikes at different widths. Low cost, narrow profit zone.
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.
- 6Iron Condor for IncomeSell both sides monthly for consistent premium collection.
- 7Put WritingSystematically sell puts on stocks you want to own.
- 8Call OverwritingSell calls against existing stock positions for extra income.
- 9Dividend Capture with OptionsUse options around ex-dividend dates to capture dividends efficiently.
- 10Short Put Spread for IncomeSell a put spread to collect premium with defined risk.
- 11Jade Lizard for IncomeCollect premium from three legs with no upside risk.
- 12Poor Man's Covered PutUse a LEAPS put to sell puts against for bearish 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.
- 6Reverse Iron CondorBuy both sides of the market. Profit from a big move in either direction.
- 7Reverse Iron ButterflyBuy a straddle, sell wings. Defined risk volatility play.
- 8Gamma ScalpingBuy options and hedge with stock to profit from realized volatility.
- 9BackspreadSell one option, buy two. Unlimited profit potential on big moves.
- 10StrapBuy two calls and one put. Profits more from upside moves.
- 11Calendar Spread for VolatilityTrade the difference in IV between near and far expirations.
- 12Earnings StraddleBuy a straddle before earnings to profit from the big move.
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.
- 6Tail Risk HedgeBuy cheap, far out-of-the-money puts for crash protection.
- 7VIX Call HedgeBuy VIX calls to profit when the market panics.
- 8Risk ReversalBuy a put and sell a call to create a zero-cost hedge.
- 9FenceThree-leg hedge that caps both upside and downside.
- 10Delta HedgingContinuously adjust stock position to neutralize option risk.
Options Trading Dictionary 170+ terms explained in plain English
Look up a term...
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 before you trade.
Compound Interest Calculator
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.