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 Foundations

Define the contract — the four things written into it, who owes what to whom, how to read a chain, and the three ways it can end.

  1. What an Option Actually Is — A Contract, Not a Stock
  2. Calls & Puts — The Right to Buy, The Right to Sell
  3. Buyer vs Seller — Rights on One Side, Obligations on the Other
  4. Anatomy of a Contract — Underlying, Strike, Expiry & the ×100
  5. Reading an Options Chain — Rows, Columns & What Each Number Means
  6. Moneyness — In, At & Out of the Money
  7. Intrinsic vs Extrinsic — The Two Halves of Every Premium
  8. Payoff Diagrams — Drawing What You Can Make & Lose
  9. The Life of a Contract — Sell to Close, Exercise, or Expire Worthless
  10. Where Options Come From — Market Makers & the Other Side
  11. Getting Access — Broker Approval Levels
  12. Options Foundations Mastery 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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