Start here if options are new. Six lessons that build the contract from nothing, then show exactly what changes hands at expiration.

• What an Option Contract Actually Is

  Assemble a contract field by field, and see exactly where the money is when you buy or sell one.

  Beginner·9 min

• Calls and Puts, Side by Side

  One interactive chart, two contract types. Flip between them and the difference stops being abstract.

  Beginner·8 min

• Why Selling an Option Is Not Just Buying in Reverse

  The same contract, from both sides. This is the lesson that explains why premium selling pays at all.

  Beginner·10 min

• Moneyness: Where the Stock Sits Relative to Your Strike

  Move the stock price through your strike and watch the labels — and the money — change.

  Beginner·7 min

• Every Premium Is Two Numbers Stacked Together

  Split any premium into its two halves and watch which one disappears as expiration approaches.

  Beginner·9 min

• What Actually Happens on Expiration Day

  Set the closing price and follow the shares and cash that actually change hands.

  Intermediate·11 min

Everything you need to look at a live option chain and understand why each number is what it is.

In progress: Reading an Option Chain Without Getting Lost · What a Wide Spread Really Costs You · Implied Volatility Is a Price, Not a Prediction · Is This IV High? Rank, Percentile and Skew

Each greek gets its own page and its own moving model. By the end you can look at a position and predict how it reacts before it moves.

• Delta: Three Questions, One Number

  Delta answers three questions at once — and traders routinely confuse the useful two with the misleading third.

  Intermediate·13 min

• Theta: Watching Time Value Bleed Out

  Press play and watch the time value drain out day by day. The curve's shape is the whole lesson.

  Intermediate·12 min

In progress: Gamma: Why Delta Refuses to Stay Still · Vega: The Greek That Moves Without the Stock · Rho: Small, Until the Contract Is Long-Dated · All Five Greeks on One Screen

The strategies Premium Tracker was built to track. Strike selection, rolling, and knowing when to close.

• Cash-Secured Puts, From Cash to Assignment

  Move the strike and watch the capital, the breakeven and the annualised return move with it.

  Beginner·14 min

• Covered Calls and the Upside You Sell

  Set your cost basis, pick a strike, and see precisely which part of the upside you just sold.

  Beginner·13 min

• The Wheel Strategy

  The full cycle: sell puts, take assignment, sell calls, repeat — and what it does to your cost basis.

  Intermediate·12 min

• Choosing a Strike: What 0.16 Delta Buys You

  Three delta targets, side by side. The premium-versus-probability tradeoff stops being a slogan.

  Intermediate·12 min

• Rolling: Buying Time, and What It Costs

  Close one leg, open another. Watch the net credit, the new breakeven and the blended return update.

  Intermediate·14 min

In progress: Closing Early: The 50% Rule, Tested · Covered Calls vs Just Holding the Stock

How multiple legs combine into a single payoff, and what you give up in exchange for a known worst case.

In progress: How Multiple Legs Become One Payoff · Bull Put Spreads: A CSP That Costs Less · Bear Call Spreads: Selling the Upside · Debit Spreads: Buying a Range Instead of a Direction · Iron Condors: Getting Paid for a Range · Straddles and Strangles: Trading Movement Itself

The lessons that decide whether a good strategy survives contact with a real account.

In progress: Probability of Profit, and Why It Is Not Enough · How Many Contracts Can You Actually Sell? · Earnings: The Setup That Punishes Being Right