Course 14Individual lesson
OB08 — Premium: Intrinsic & Extrinsic Value
Options Basics (ES & SPX)
The premium is the price of an option, and it has two parts: intrinsic value + extrinsic (time) value. Intrinsic value is the option's real exercise value
30 days access
$9
Course 14Individual lesson
OB09 — How Option Buyers Profit and Lose
Options Basics (ES & SPX)
An option buyer pays the premium and has defined risk — the most they can lose is that premium. A long call profits if the underlying rises above its break
30 days access
$9
Course 14Individual lesson
OB10 — How Option Sellers Profit and Lose
Options Basics (ES & SPX)
An option seller receives the premium up front — and that premium is the most they can gain. In exchange they take on an obligation and large risk. A short
30 days access
$9
Course 14Individual lesson
OB11 — Exercise & Assignment
Options Basics (ES & SPX)
Exercise is the holder using their right (buy at the strike for a call, sell at the strike for a put). Assignment is the seller being obligated to fulfill
30 days access
$9
Course 14Individual lesson
OB12 — Expiration Outcomes
Options Basics (ES & SPX)
At expiration, only intrinsic value remains. An in-the-money option is typically auto-exercised (and a seller assigned) and settled — in cash (SPX: the cas
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$9
Course 14Individual lesson
OB13 — The Option Chain
Options Basics (ES & SPX)
The option chain is the table that lists all the options available for an underlying. It's organized by expiration (usually selectable), with strikes down
30 days access
$9
Course 14Individual lesson
OB14 — Payoff Diagrams
Options Basics (ES & SPX)
A payoff diagram graphs a position's profit or loss at expiration against the underlying's price. The four basic positions have signature shapes: a long ca
30 days access
$9
Course 14Individual lesson
OB15 — Why Trade Options?
Options Basics (ES & SPX)
People use options for several purposes — leverage/capital efficiency, defined risk (for buyers), hedging/protection, income (for sellers), and flexibility
30 days access
$9
Course 14Individual lesson
OB16 — The Risks of Options
Options Basics (ES & SPX)
This module gathers, in one honest place, the real risks of options. Buyers can lose 100% of the premium and fight time decay. Sellers face large or even t
30 days access
$9
Course 14Individual lesson
OB17 — Options and the Volatility Bridge
Options Basics (ES & SPX)
Options are priced largely on implied volatility: it's the dominant driver of an option's extrinsic value, and the VIX is essentially packaged S&P implied
30 days access
$9
Course 14Individual lesson
OB18 — Capstone: Your Options Foundation
Options Basics (ES & SPX)
This capstone ties the whole book together: what an option is; calls and puts; the four basic positions; the anatomy (strike, expiration, moneyness, premiu
30 days access
$9
Course 15Individual lesson
GK01 — Start Here: The Greeks
The Greeks (ES & SPX)
Welcome to The Greeks — the second book of the options vertical. An option's price depends on several things at once (the underlying's price, time, and vol
30 days access
$9
Course 15Individual lesson
GK02 — What Is a Greek?
The Greeks (ES & SPX)
A Greek is a rate of change: it measures how much an option's value changes when one input changes, holding the others steady. Each Greek is ‘per unit' — p
30 days access
$9
Course 15Individual lesson
GK03 — The Option-Pricing Picture
The Greeks (ES & SPX)
An option's price is set by a handful of inputs: the underlying's price, the strike, the time to expiration, the (implied) volatility, and interest rates (
30 days access
$9
Course 15Individual lesson
GK04 — Delta: Directional Sensitivity
The Greeks (ES & SPX)
Delta measures how much an option's value changes per one-point move in the underlying — its directional sensitivity. A call's delta runs from 0 to +1 (it
30 days access
$9
Course 15Individual lesson
GK05 — Delta as Probability and Hedge Ratio
The Greeks (ES & SPX)
Beyond directional sensitivity, delta has two further interpretations. As a rough probability: an option's delta roughly approximates the chance it finishe
30 days access
$9
Course 15Individual lesson
GK06 — Delta Across Moneyness and the Position
The Greeks (ES & SPX)
Delta varies with moneyness: deep in-the-money options have delta near ±1, at-the-money options near ±0.50, and far out-of-the-money options near 0. Delta
30 days access
$9
Course 15Individual lesson
GK07 — Gamma: How Delta Changes
The Greeks (ES & SPX)
Gamma measures how fast delta changes as the underlying moves — the rate of change of delta per one-point move. It's why delta isn't constant. Long options
30 days access
$9
Course 15Individual lesson
GK08 — Gamma, Moneyness, and Time
The Greeks (ES & SPX)
Gamma is highest for at-the-money options and grows as expiration approaches — so an at-the-money option near expiration has the most gamma, meaning its de
30 days access
$9
Course 15Individual lesson
GK09 — Theta: Time Decay
The Greeks (ES & SPX)
Theta measures time decay — how much value an option loses for each day that passes, all else equal. It's the measurable form of the ‘options are wasting a
30 days access
$9
Course 15Individual lesson
GK10 — Theta, Moneyness, and Time
The Greeks (ES & SPX)
Theta is largest for at-the-money options, and it accelerates as expiration approaches — time decay speeds up in the final days and hours, so an at-the-mon
30 days access
$9
Course 15Individual lesson
GK11 — Vega: Volatility Sensitivity
The Greeks (ES & SPX)
Vega measures how much an option's value changes for each one-point change in implied volatility — the precise, measurable form of the ‘options are priced
30 days access
$9
Course 15Individual lesson
GK12 — Vega, Moneyness and Time
The Greeks (ES & SPX)
Vega is highest for at-the-money options and grows with more time to expiration — so a long-dated, at-the-money option has the most vega, and a near-expira
30 days access
$9
Course 15Individual lesson
GK13 — Rho: Interest-Rate Sensitivity
The Greeks (ES & SPX)
Rho measures how much an option's value changes for each one-percentage-point change in interest rates. It's usually the least-watched of the main Greeks b
30 days access
$9