PandoraOptions

The curriculum

Learn options, in order.

Three levels, each lesson building on the last. Everything here is free. Start at the top if options are new to you; jump to Level 2 or 3 if calls and puts are already old friends.

Level 1

Foundations

What options are, how they are priced, and the first four strategies worth knowing.

  1. 01What is an option? Calls and puts from zeroThe two basic option contracts explained with plain numbers: what a call and a put give you, what they cost, and how their payoffs look at expiration.
Level 2

Intermediate

The Greeks, implied volatility, spreads, and the mechanics of trading them well.

  1. 01Vertical spreads: debit vs creditOne long option plus one short option, same expiration: how verticals cap risk on both sides, and why the debit-or-credit choice matters less than the strikes.
Level 3

Professional

Volatility risk premium, term structure, skew, and portfolio-level risk.

  1. 01The volatility risk premiumWhy implied volatility persistently exceeds realized volatility, what selling that gap actually earns, and how professionals size a strategy whose losses arrive all at once.