Course 17Individual lesson
OX02 — The S&P 500 and Its Instruments
ES & SPX Options Specifics
The S&P 500 is an index — a number that tracks 500 large US companies. You can't trade the index directly; it's a measurement, not a product. Instead, a fa
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Course 17Individual lesson
OX03 — ES and SPX at a Glance
ES & SPX Options Specifics
ES options and SPX options both let you trade options on the S&P 500, but they differ in ways that matter. ES options are options on the E-mini S&P 500 fut
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Course 17Individual lesson
OX04 — The ES Futures Contract
ES & SPX Options Specifics
ES options are options on the ES future, so you need to understand the future first. The E-mini S&P 500 (ES) is a futures contract on the S&P 500, traded a
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Course 17Individual lesson
OX05 — ES Options Specifications
ES & SPX Options Specifics
An ES option is an option on one ES futures contract. Its dollar value inherits the future's $50-per-index-point multiplier, so an ES option's premium, quo
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Course 17Individual lesson
OX06 — ES Options Are American-Style
ES & SPX Options Specifics
ES options are American-style: they can be exercised any time before expiration, not only at expiration. For the option holder, that's flexibility. For the
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Course 17Individual lesson
OX07 — ES Options Settle Into Futures
ES & SPX Options Specifics
ES options are physically settled into a futures position — not cash. When an ES option is exercised or assigned, the result is a long or short ES futures
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Course 17Individual lesson
OX08 — SPX Index Options Specifications
ES & SPX Options Specifics
SPX options are options on the S&P 500 index itself — the underlying is the index level (a number), with no deliverable shares and no futures contract. The
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Course 17Individual lesson
OX09 — SPX Options Are European-Style
ES & SPX Options Specifics
SPX options are European-style: they can be exercised only at expiration, not before. This means there is no early exercise and no early assignment — an SP
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Course 17Individual lesson
OX10 — SPX Options Settle in Cash
ES & SPX Options Specifics
SPX options are cash-settled: an in-the-money option at expiration results in a cash payment based on the index level — no position is delivered and no sha
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Course 17Individual lesson
OX11 — Expiration Cycles and Listings
ES & SPX Options Specifics
ES and SPX options are listed across many expirations — not just one. Both have traditional monthly expirations, plus weekly expirations (often several per
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Course 17Individual lesson
OX12 — AM vs PM Settlement
ES & SPX Options Specifics
OX12 — AM vs PM SETTLEMENT
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Course 17Individual lesson
OX13 — How the Settlement Price Is Determined
ES & SPX Options Specifics
The final settlement value an option settles against is set by a defined procedure — not simply ‘the index price you see.' For AM-settled SPX options, it's
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Course 17Individual lesson
OX14 — Notional Value and Contract Size
ES & SPX Options Specifics
One ES or SPX contract controls a large dollar amount of index exposure — its notional value. For the ES future it's about the index level × $50; for SPX i
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Course 17Individual lesson
OX15 — The VIX and the S&P Complex
ES & SPX Options Specifics
The VIX is the market's packaged measure of S&P 500 implied volatility — a single number, published by Cboe, derived largely from SPX option prices. It ris
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Course 17Individual lesson
OX16 — Capstone: Choosing and Understanding Your Contract
ES & SPX Options Specifics
This capstone brings the whole book together. You now understand the two main S&P 500 option vehicles in detail: ES options (futures options — CME, America
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Course 18Individual lesson
OS01 — Start Here: Options Strategies
Options Strategies (ES & SPX)
Welcome to Options Strategies. The first four books built the foundation: what options are (Options Basics), how they're priced and respond (The Greeks, Im
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Course 18Individual lesson
OS02 — What a Strategy Is
Options Strategies (ES & SPX)
An options strategy is built from legs — individual options (long or short calls and puts) and sometimes the underlying. The legs' combined payoff defines
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Course 18Individual lesson
OS03 — Defined vs Undefined Risk
Options Strategies (ES & SPX)
The single most important way to classify any options strategy is by whether its risk is defined or undefined. A defined-risk strategy has a known, capped
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Course 18Individual lesson
OS04 — The Long Call
Options Strategies (ES & SPX)
A long call is the simplest bullish strategy: you buy one call option. It's a defined-risk strategy — the most you can lose is the premium you paid, no mat
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Course 18Individual lesson
OS05 — The Long Put
Options Strategies (ES & SPX)
A long put is the simplest bearish strategy: you buy one put option. It's a defined-risk strategy — the most you can lose is the premium you paid, no matte
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Course 18Individual lesson
OS06 — The Short Call
Options Strategies (ES & SPX)
A short call (naked, or uncovered) is selling one call you don't cover with the underlying or an offsetting option. It is the canonical undefined-risk stra
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Course 18Individual lesson
OS07 — The Short Put
Options Strategies (ES & SPX)
A short put is selling one put option. The most you can make is the premium received; as the underlying falls below the strike, the loss grows — large (bou
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Course 18Individual lesson
OS08 — The Covered Call
Options Strategies (ES & SPX)
A covered call combines a long position in the underlying with a short call on it. The short call is ‘covered' because the long position can deliver the un
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Course 18Individual lesson
OS09 — The Cash-Secured Put
Options Strategies (ES & SPX)
A cash-secured put is a short put backed by enough cash to buy (or settle) the underlying at the strike if assigned. The framing is willing-to-acquire: you
30 days access
$9