Module 10
US Options
Options on the world's most traded underlyings. Learn the Greeks, volatility, SPX versus SPY, and the rise of 0DTE trading.
- 1
Calls and puts
The two building blocks, their payoffs, and the rights and obligations on each side.
- 2
Moneyness and premium
In, at and out of the money, and what makes up an option's price.
- 3
The Greeks
Delta, gamma, theta and vega, and how each one changes your position.
- 4
Implied volatility
What IV measures, IV rank, and why options get cheaper after events.
- 5
SPX vs. SPY
Cash-settled index options versus ETF options: size, settlement, style and tax.
- 6
0DTE options
Same-day expiries, why they are popular, and the risks that come with them.
- 7
Core strategies
Spreads, straddles, strangles and iron condors, and when each suits the market.
- 8
Options for hedging
Protecting a portfolio or a futures position with options.