Forty-four interactive tools, ordered from your very first option all the way to defined-risk spreads. Every one is built around a single idea: when you buy an option, the most you can lose is the premium you paid. Part of tanakaryan.com.
New to options? Start at 1 and work down like a course. Already trading? Jump to any tool you want.
The most important terms in plain English. Searchable. Learn the words first.
2Every column of a broker's chain, explained in plain English.
3Pick an expiration and read a live chain. See why longer-dated costs more.
4Where the strike sits versus the stock: in, at, or out of the money.
5Weeklies to LEAPS, what happens at expiration, and why days-to-expiration matters.
6The same idea seen three ways: how an option is like, and unlike, a sports bet and an insurance policy.
The four beginner strategies and their payoffs, side by side.
8Answer a couple of questions and get pointed to the strategy that fits your view.
9Grab the dot to move price and volatility. Loss capped at the premium.
10One call or 100 shares? Compare the capital, the payoff, and the tax treatment side by side.
11Max loss, max profit, and breakeven for four strategies.
12Same capital, three ways: a long call vs shares vs margin.
13ITM vs ATM vs OTM: cost, breakeven, and chance of profit.
Drag price, time, and volatility. Watch Delta, Gamma, Theta, and Vega respond.
15See how delta doubles as a rough chance of finishing in the money.
16Why an at-the-money option fades fastest near expiration.
17Watch an option bleed value to time, in real time.
18Raise volatility and watch the outcome bell curve widen and options get pricier.
19See the price range volatility implies, and how it widens with time.
20You buy at the ask and sell at the bid. See how a wide spread quietly taxes a trade.
21Change one variable at a time and watch the P/L curve shift.
22A page of stationary payoff illustrations to just look at.
Own shares, sell a call. Drag to see the capped upside and the trade-off.
24Income, breakeven, and assignment price before you sell.
25Get paid to promise to buy lower. Drag to feel the downside.
26Insurance on shares you own. Drag to see your downside floor.
Your whole trade on one screen: P/L at every price and date, color-coded green and red.
28Turn an idea into a plan: size, breakeven, profit target, stop, and max loss before you buy.
29How many contracts to buy so one bad trade never takes you out.
30Weigh the odds and outcomes to see if a trade is a bet or a gamble.
31How sports bets, prediction markets, and options all bake a fee into both sides.
32You do not have to hold to expiration. See what your option is worth if you sell it back today.
33What actually happens at expiration, and why assignment is nothing to fear when you buy.
34Close one option and open another in one move. See what a roll costs and buys you.
Watch an option lose value after earnings even when the stock moves up.
36The stock price sweeps and your P/L rides the payoff line.
37Watch the whole today-curve breathe as implied volatility rises and falls.
38A short-dated call whips around while a long-dated LEAP glides.
39Why a dividend is not free money: the stock drops by roughly the payout.
Defined risk. Drag two strikes and watch the max gain and loss.
41The P/L heatmap for vertical spreads. See how a spread caps both your gain and loss.
42A put floor paid for by a sold call. Bracket a stock you want to keep.
43Cash-secured puts and covered calls run in a loop for income. Assignment risk and all.
These tools show payoffs and prices, not after-tax results. Options and the underlying stock are taxed differently depending on your holding period and account type. None of this is tax advice.