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Options
Option Foundations
- Calls, Puts and Who Owes Whom30 min read · Every option pairs a right with an obligation: the buyer pays premium for the right, the
- Strike, Expiry and the Shape of the Chain25 min read · Every field on the chain is a decision: the strike sets the intrinsic-versus-extrinsic
- Exercise, Assignment and the Closing Bell25 min read · The buyer holds the right and the seller carries the obligation, so assignment is a
- Payoff at Expiration30 min read · At expiration an option is worth exactly its intrinsic value, so a position’s whole
- Chains, Spreads and Liquidity30 min read · An option’s real price is the one you can trade at rather than the one printed, so open
The Greeks and the Priced Move
- Delta and Theta: Sensitivity and Decay25 min read · Delta converts contracts into share-equivalent exposure and approximates the chance of
- IV Rank: When Premium Is Rich25 min read · Implied volatility is a price, so it means nothing without a range: IV rank says where
- The Move the Market Priced25 min read · Implied volatility is a forecast only once it is converted: IV times the square root of
- Put–Call Parity and Synthetics35 min read · A call minus a put plus cash at the strike replicates the stock, so parity links all four
- Pricing: Trees, Hedges and Black-Scholes40 min read · An option’s price is the cost of the portfolio that replicates it, so the real
- Gamma: How Fast the Exposure Changes35 min read · Delta is the share-equivalent exposure and gamma is its rate of change — about ½γΔS² in
- Theta and Vega: The Two Leaks35 min read · Theta is what a long option pays for its leverage and its floor, and vega is what it is
Structures: Income, Insurance and Volatility
- Covered Calls: Income You Pay For25 min read · A covered call converts shares into a lower-volatility, lower-upside position: the
- Cash-Secured Puts: Getting Paid to Wait25 min read · A cash-secured put is a limit order that pays you to wait — which only makes sense on a
- Buying the Risk Down30 min read · A vertical spreads the same directional view across two strikes, so the debit is the
- Protective Puts and Collars30 min read · A protective put is insurance in the literal sense — a periodic premium for a floor under
- Straddles, Strangles, Condors and Butterflies40 min read · These four structures are the same bet from opposite sides — a long straddle buys
- The Term Structure, Calendars and the Shape of Volatility35 min read · A stock has many implied volatilities rather than one, and the two ways they change
- 0DTE, Events and the Short-Dated Edge35 min read · Near expiry the Greeks concentrate: gamma and theta both become enormous while vega
The Book and the Policy
- Position Greeks and the Book35 min read · Greeks add: three positions that look like separate trades are one set of four numbers
- One Full Rotation, With Numbers25 min read · The wheel is a paid limit order followed by a paid exit on a stock you are content to
- Stress-Testing Your Wheel25 min read · The wheel fails in three ways — a sustained decline, a melt-up that re-enters higher, and
- The Day Volatility Broke: 5 February 201835 min read · Inverse volatility products promised a fixed multiple of the daily index return and reset
- The Options Policy30 min read · Options mastery is an order of operations rather than a favourite structure: the view
Learn content is for education only — not individualized financial advice, a recommendation, or a solicitation to buy or sell any security. Options involve substantial risk. Examples are simplified and historical patterns never guarantee future results.