BearishIntermediate
Bear Call Spread
Selling a lower-strike call and buying a higher-strike call to receive credit while defining upside risk.
- Maximum riskStrike width minus credit
- Maximum rewardCredit received
Options education for real markets
Options, explained.
Options, explained.
Risk, defined.
Build your knowledge from calls and puts to complete strategies. Compare risk, understand volatility, and study every trade before placing it.
✓ Defined-risk focus✓ Worked examples✓ No hype
Strategy SnapshotEducational Example
OutlookBullish
RiskDefined
Time decayModerate
ComplexityBeginner+
20Starter strategy guides
3Interactive calculators
100%Educational focus
0Guaranteed outcomes
Choose your path
Learn around your objective
Start with the material that fits how you invest, then build outward into pricing, volatility, and risk.
New to Options
Learn contracts, calls, puts, premiums, expiration, exercise, and assignment.
Begin here →Income Investor
Explore covered calls, cash-secured puts, collars, and systematic planning.
Explore income →Active Trader
Study spreads, volatility, event risk, position sizing, and trade management.
Manage risk →Stock Investor
Use options education to understand hedging, entry prices, and portfolio protection.
Learn hedging →Strategy library
View all strategies →
Compare before you trade
BearishBeginner+
Bear Put Spread
Buying a higher-strike put and selling a lower-strike put with the same expiration to define bearish risk and cap reward.
- Maximum riskNet debit paid
- Maximum rewardStrike width minus net debit
BullishBeginner+
Bull Call Spread
Buying a call and selling a higher-strike call with the same expiration to create defined bullish risk and capped reward.
- Maximum riskNet debit paid
- Maximum rewardStrike width minus net debit
BullishIntermediate
Bull Put Spread
Selling a higher-strike put and buying a lower-strike put to receive credit while defining downside risk.
- Maximum riskStrike width minus credit
- Maximum rewardCredit received
NeutralAdvanced
Calendar Spread
Selling a nearer-dated option and buying a farther-dated option at the same strike to create time- and volatility-dependent exposure.
- Maximum riskNet debit, generally
- Maximum rewardVariable and not fixed at entry
NeutralBeginner+
Cash-Secured Put
Selling a put while maintaining enough cash to buy the shares if assigned.
- Maximum riskStrike price minus premium if underlying falls to zero
- Maximum rewardPremium received
Free tools
Turn strategy mechanics into numbers
Use simple educational calculators to estimate position risk, implied moves, and common strategy outcomes. Enter your own figures; no brokerage connection is required.
- Position-size calculator
- Earnings implied-move calculator
- Strategy profit-and-loss calculator
Position RiskExample
Account size$25,000
Maximum risk1.0%
Risk budget$250Educational estimate
Latest insights
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Learn from market mechanics
An Options Trade Checklist Before Every Entry
A repeatable checklist for thesis, structure, liquidity, events, assignment, and exits.
Read article →Why Options Traders Lose Money Buying Calls
Direction, timing, volatility, strike selection, liquidity, and position sizing all matter.
Read article →Exercise, Assignment, and Expiration: What Can Happen
A practical overview of contract exercise, seller assignment, expiration, and resulting stock positions.
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