Quantool · Reading CoursesFictional examples · no live trading
Separate learning path · 39 written lessons

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Detailed structures, surviving-leg valuation, skew, term structure, hedging, correlation and advanced management.

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ADV-01 · CoreThink in risk shapesWhat exposure does the combination actually create?ADV-02a · AdvancedLong straddleHow does long straddle express a large movement with uncertain direction view?ADV-03a · AdvancedLong strangleHow does long strangle express a large movement beyond an initial interval view?ADV-04a · AdvancedShort straddleHow does short straddle express a short movement near one strike view?ADV-04b · AdvancedShort strangleHow does short strangle express a short movement inside a wider range view?ADV-05a · AdvancedLong call butterflyHow does long call butterfly express a a concentrated settlement target view?ADV-06a · AdvancedBroken-wing call butterflyHow does broken-wing call butterfly express a an asymmetric price target view?ADV-07a · AdvancedIron butterflyHow does iron butterfly express a short movement around one center view?ADV-08a · AdvancedCall calendarWhy do different expirations require a different valuation question?ADV-08b · AdvancedPut calendarWhy do different expirations require a different valuation question?ADV-09a · AdvancedCall diagonalWhy do different expirations require a different valuation question?ADV-09b · AdvancedPut diagonalWhy do different expirations require a different valuation question?ADV-10a · AdvancedPoor man's covered callWhy do different expirations require a different valuation question?ADV-11a · AdvancedCall ratio spreadHow does call ratio spread express a a limited rise with uncovered upside risk view?ADV-11b · AdvancedPut ratio spreadHow does put ratio spread express a a limited decline with extra downside risk view?ADV-12a · AdvancedCall backspreadHow does call backspread express a large upside with an intermediate loss valley view?ADV-12b · AdvancedPut backspreadHow does put backspread express a large downside with an intermediate loss valley view?ADV-13a · AdvancedBullish risk reversalHow does bullish risk reversal express a upside financed by a downside obligation view?ADV-13b · AdvancedBearish risk reversalHow does bearish risk reversal express a downside financed by an upside obligation view?ADV-14a · AdvancedCollarHow does collar express a stock ownership with a floor and a cap view?ADV-15a · AdvancedSynthetic long stockHow does synthetic long stock express a linear bullish exposure view?ADV-15b · AdvancedSynthetic short stockHow does synthetic short stock express a linear bearish exposure view?ADV-16a · AdvancedLong box spreadHow does long box spread express a fixed terminal cash under matched settlement view?ADV-17a · AdvancedJade lizardHow does jade lizard express a bullish-to-neutral premium with a put tail view?ADV-18a · AdvancedReverse jade lizardHow does reverse jade lizard express a bearish-to-neutral premium with a call tail view?ADV-19a · AdvancedBullish ZEBRA exampleHow does bullish zebra example express a stock-like bullish exposure with engineered extrinsic cost view?ADV-20a · AdvancedCovered strangleHow does covered strangle express a ownership plus willingness to add shares view?ADV-21 · CoreVolatility skewWhich volatility are you buying or selling?ADV-22 · CoreVolatility term structureHow much event risk belongs to each maturity?ADV-23 · CoreVolatility crushHow can a favorable stock move lose option value?ADV-24 · CoreExpected moveWhat does an option-implied movement estimate mean?ADV-25 · CoreGamma scalpingCan hedge gains pay for owning convexity?ADV-26 · CoreDelta-hedged volatility tradingWhat exposure remains after direction is reduced?ADV-27 · CoreDispersion and correlationWhy can index volatility differ from component volatility?ADV-28 · CoreProbability of profit versus expected valueCan a high win rate hide a losing trade?ADV-29 · CoreManage winners from today's positionHow much reward remains for the risk still held?ADV-30 · CoreManage losses without hiding themDoes an adjustment improve the new trade?ADV-31 · CoreThe advanced trade journalWhat record makes a trade understandable afterward?ADV-32 · CoreThe advanced acceptance checkCan you defend every risk in the ticket?