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.

10 stages · 116 lessons · interactive
Stage 113 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
  2. What's Written on the Contract
  3. Calls — the Right to Buy
  4. Puts — the Right to Sell
  5. Reading the Payoff Picture
  6. The Other Side — Buying and Writing
  7. Where the Price Comes From — the Chain
  8. In the Money, Out of the Money
  9. What's Inside the Premium
  10. How a Trade Actually Happens
  11. How a Contract Ends
  12. Getting Access
  13. Options Foundations Mastery Challenge
Stage 211 lessons

What an Option Is Worth

Price the contract — why two contracts on the same shares cost different amounts, what the five inputs are, and what you actually pay once the gap is crossed.

  1. Why Two Contracts on the Same Shares Cost Different Amounts
  2. The Time Half, Up Close
  3. The Decay Curve — Why Time Runs Out Faster at the End
  4. Reading Price Down the Ladder
  5. The Five Things a Price Depends On
  6. How Much These Shares Move About
  7. The Quiet Inputs — Money and Dividends
  8. What You Actually Pay
  9. Liquidity — Why Some Rows Are Cheap to Trade and Some Are Not
  10. Right on Direction, Still Lost Money
  11. Option Pricing Mastery Challenge
Stage 312 lessons

The Greeks, One by One

Gauge the position — five answers to "if this moves a little, how much do I move?", then the same five read across strikes, across dates, and added up over a whole book.

  1. Five Dials on One Position
  2. Delta — How Much It Moves When the Shares Move
  3. Delta Read Two Other Ways
  4. Gamma — Why Delta Will Not Sit Still
  5. Theta — A Daily Price on Time
  6. Vega — Your Exposure to the Forecast Itself
  7. Rho — The One You Can Usually Ignore
  8. The Dials Across Strikes
  9. The Dials Across Dates — Weeklies and Long-Dated Contracts
  10. The Last Week Is a Different Game
  11. Adding Up a Whole Book
  12. The Greeks Mastery Challenge
Stage 411 lessons

Long Calls & Puts

Buy the contract — a view with a deadline attached. Which price you deal at, which date, what the shares have to reach, and how to get in and back out again.

  1. What Buying One Really Buys You
  2. Choosing Which Price to Deal At
  3. Giving the Trade Enough Time
  4. The Price You Need Just to Get Even
  5. Trading a Fall Without Borrowing Anything
  6. Owning the Move for Less Money
  7. Right on the News, Wrong on the Trade
  8. Placing the Order
  9. Getting Out
  10. Why Most Bought Contracts Lose
  11. Directional Options Mastery Challenge
Stage 511 lessons

Implied Volatility

Forecast the range — the movement forecast inside every option price, what it predicts over your own dates, and whether premium is dear or cheap for this company today.

  1. The Forecast That Is Already in the Price
  2. The Forecast Against What Actually Happened
  3. Is Premium Dear or Cheap Right Now?
  4. Why Premium Collapses the Morning After
  5. Trading Around a Date Everyone Can See
  6. Why the Downside Costs More
  7. The Forecast Across Dates
  8. When the Forecast IS the Trade
  9. The Market's Own Forecast
  10. Buy Premium or Sell It?
  11. Implied Volatility Mastery Challenge
Stage 612 lessons

Selling Premium

Sell the contract — the other side of the trade, run as a business. What you take on, what stands behind the promise, what the broker holds while you are in, and what it costs when nothing is behind it.

  1. What You Take On When You Sell One
  2. Renting Out Shares You Already Own
  3. Where to Put the Ceiling
  4. Getting Paid to Wait for Your Price
  5. The Wheel — Running the Two Together
  6. What the Broker Holds Against You
  7. Being Assigned Is Not a Failure
  8. Buying It Back
  9. Selling With Nothing Behind It
  10. The Honest Version of the Return
  11. When It Goes Wrong — the Gap Through Your Price
  12. Premium Selling Mastery Challenge
Stage 711 lessons

Exercise, Assignment & Expiration

Settle the contract — what actually happens at the end, on both sides, and how to be ready for it before the last day rather than after.

  1. What Happens at the Close on the Last Day
  2. Why You Almost Never Use the Right
  3. How the Picking Actually Works
  4. The Position You Did Not Ask For
  5. Expiring Worth Nothing
  6. The Nights It Really Happens
  7. Two Kinds of Deadline, Two Kinds of Delivery
  8. When It Closes Right On Your Price
  9. Assigned, and Short of the Money
  10. When the Contract Itself Changes
  11. Expiration & Assignment Mastery Challenge
Stage 810 lessons

Hedging With Options

Protect what you already own — options as insurance rather than as a bet, what a floor costs, and what permanent cover drags off a portfolio.

  1. Insurance, Not a Bet
  2. A Floor Under Something You Own
  3. How Much Protection to Buy
  4. Buying the Shares and the Floor Together
  5. Selling the Upside to Pay for the Downside
  6. Capping the Cover to Cut the Cost
  7. Protecting More Than One Holding
  8. What Permanent Protection Costs
  9. Small Bets on Very Large Moves
  10. Hedging Mastery Challenge
Stage 913 lessons

Spreads & Multi-Leg Structures

Combine the contracts — two legs and more, built on purpose, so a view costs less, has a cap on it, or targets a range instead of a direction.

  1. Why Anybody Uses Two Contracts
  2. Paying Less for a Directional View
  3. Selling Risk With a Cap On It
  4. Reading a Picture With More Than One Bend
  5. Buying and Selling the Move Itself
  6. Getting Paid for a Range
  7. Betting on a Price, Not a Direction
  8. Trading Time Against Time
  9. When the Legs Do Not Match
  10. Why a Covered Call Is a Sold Put
  11. The Max-Loss Myth
  12. One Ticket, Not Two
  13. Multi-Leg Mastery Challenge
Stage 1012 lessons

Trade Management & Your Options Playbook

Manage the position — what happens after the fill, how much to put on, when to take money off, and the playbook you write for yourself at the end.

  1. The Trade Is Not Over When You Enter It
  2. From a Risk Limit to a Number of Contracts
  3. Taking Money Off the Table
  4. Getting Out Before the Last Stretch
  5. Rolling — and When Rolling Becomes Hoping
  6. Adjust, Close, or Accept It
  7. Knowing What Is Coming
  8. What a Trade Really Costs
  9. Choosing What to Trade At All
  10. What to Write Down
  11. Writing Your Own Playbook
  12. Options Trading Capstone

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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