Options School
Options from scratch: what they are, how their price moves, buying and selling them, one idea at a time.
7 articles · Watch the playlist on YouTube →
Options School #1 · 9 min video
What are options? From a farmer's put to the S&P 500
What an option is and where it comes from: the farmer's put, the forward, the clearing house and the four words behind every option. Options School #1.
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Options School #2 · 13 min video
Call options explained: the long call, its payoff and the Greeks
The long call: the hockey stick at expiry, the softer curve before it, delta, gamma, theta and vega, and why being right isn't enough. Options School #2.
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Options School #3 · 8 min video
The long put: insurance on the index
What a put buys, its payoff at and before expiry, its greeks, and why volatility amplifies it on the index. Options School #3, with the video.
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Options School #4 · 13 min video
In, at or out of the money: sell or exercise?
ITM, ATM and OTM explained, and why selling an option before expiry almost always beats exercising it. Options School #4, with the video.
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Options School #5 · 9 min video
The short call: covered call and collar
Why the short call is feared, why sellers collect time value, and how the covered call and the collar cover it. Options School #5, with the video.
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Options School #6 · 10 min video
The short put: selling insurance after a fall
Why some sell a put after a fall, the greeks that work for the seller or against, how much you can lose, and the cash-secured put. Options School #6.
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Options School #7 · 15 min video
The greeks explained: delta, gamma, theta and vega
What delta, gamma, theta and vega measure, the surprise behind each one, and the four positions, bought and sold, side by side. Options School #7.
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