Premium track · Options

Options Trading

Calls and puts first, then the Greeks, then real strategies — covered calls, verticals, condors, the wheel. Every concept lands as a simulated trade you place yourself, not a formula sheet.

6 stages · 65 lessons · interactive
Stage 112 lessons

Options Fundamentals

Understand what options are and how they work.

  1. What Are Derivatives and Why They Exist
  2. Call Options — The Right to Buy
  3. Put Options — The Right to Sell
  4. Options vs Stocks — Key Differences
  5. Strike Price, Premium, Expiration — The Three Variables
  6. Intrinsic Value vs Extrinsic (Time) Value
  7. In the Money, At the Money, Out of the Money
  8. Reading an Options Chain
  9. American vs European Options
  10. How Options Are Exercised and Assigned
  11. Options Settlement and Expiration Mechanics
  12. Options Basics Challenge
Stage 212 lessons

Options Pricing & the Greeks

Master implied volatility and the Greeks.

  1. What Determines an Option's Price
  2. Implied Volatility — The Most Important Concept in Options
  3. IV Rank and IV Percentile — Is Volatility High or Low
  4. Volatility Smile and Skew
  5. Delta — Directional Exposure and Probability Proxy
  6. Gamma — The Rate of Change of Delta
  7. Theta — Time Decay, the Options Seller's Best Friend
  8. Vega — Sensitivity to Volatility Changes
  9. Rho — Interest Rate Sensitivity
  10. How the Greeks Interact With Each Other
  11. IV Crush — What Happens After Earnings
  12. Greeks Calculation Challenge
Stage 310 lessons

Basic Options Strategies

Learn single-leg and simple options strategies.

  1. Long Calls — Bullish Leverage
  2. Long Puts — Bearish Bets and Portfolio Insurance
  3. Covered Calls — Generating Income on Stocks You Own
  4. Cash-Secured Puts — Getting Paid to Buy at a Discount
  5. Protective Puts — Insurance for Your Portfolio
  6. Married Puts
  7. LEAPS — Long-Term Options as Stock Substitutes
  8. Choosing Expiration Dates for Each Strategy
  9. Choosing Strike Prices for Each Strategy
  10. Basic Strategies Challenge
Stage 412 lessons

Spread Strategies

Master multi-leg spreads for defined risk trading.

  1. What Is a Spread and Why Use One
  2. Bull Call Spread — Defined-Risk Bullish Bet
  3. Bear Put Spread — Defined-Risk Bearish Bet
  4. Bull Put Spread (Credit) — Collecting Premium Bullish
  5. Bear Call Spread (Credit) — Collecting Premium Bearish
  6. Debit Spreads vs Credit Spreads — When to Use Each
  7. Calendar Spreads — Trading Time Decay
  8. Diagonal Spreads — Combining Direction and Time
  9. Ratio Spreads
  10. Butterfly Spreads
  11. Choosing Width and Expiration for Spreads
  12. Spread Strategy Challenge
Stage 510 lessons

Advanced Options Strategies

Complex multi-leg strategies for income and hedging.

  1. Iron Condors — Profiting From Sideways Markets
  2. Iron Butterflies — High Probability Income
  3. Straddles — Betting on Big Moves (Either Direction)
  4. Strangles — Cheaper Big-Move Bets
  5. The Wheel Strategy — Systematic Income Generation
  6. Poor Man's Covered Call — LEAPS + Short Calls
  7. Jade Lizards and Broken Wing Butterflies
  8. Collar Strategy — Protecting Gains
  9. Synthetic Positions — Replicating Stock With Options
  10. Advanced Strategy Challenge
Stage 69 lessons

Options Trading in Practice

Apply options knowledge to real trading scenarios.

  1. Options Around Earnings — Strategies and Risks
  2. Managing Winning Trades — When to Take Profit
  3. Managing Losing Trades — Rolling, Adjusting, Closing
  4. Position Sizing for Options — Risk Per Trade
  5. Portfolio-Level Greeks Management
  6. Building an Options Income Portfolio
  7. Common Options Mistakes That Blow Up Accounts
  8. Choosing a Broker for Options
  9. Building Your Options Trading Plan

Every TradeWize account starts with the free Foundations curriculum — 20 investing stages, no card required. The Options track is part of Premium, alongside the other advanced trading tracks, real-time market data, and unlimited hearts.

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