All guides
The complete training
From beginner to advanced — follow the path in order or jump straight to the topic you need.
Introduction to Financial Options
Call vs Put, premium, strike, expiration. The basics explained simply with everyday analogies.
The Greeks: Delta, Gamma, Theta, Vega, Rho
Decode the sensitivities of your options. The essential dashboard every serious trader needs.
Basic Strategies: Call, Put, Covered Call, Protective Put
The first strategies to master before moving on to advanced setups.
Advanced Strategies: Straddle, Strangle, Iron Condor, Butterfly
The major multi-leg strategies to profit from any market regime.
Risk Management with Options
Sizing, stop-loss, premium management and survival rules to protect your capital.
Index Options: SPX, NDX, DAX
The specifics of index options and their optimal use in prop firm trading.
7 Fatal Mistakes Options Traders Make
The most common pitfalls and how to absolutely avoid them so you don't burn your capital.
Recommended path
Progress in the right order
Follow this path to build solid understanding, from simplest to most complex.
Understand what an option is, the call, the put, the premium and expiration. Articles 1 & 2
Start →Buying call/put, covered call, protective put. Apply on real examples. Article 3
Discover →Sizing, stop-loss, survival rules. Essential before moving on to advanced strategies. Article 5
Learn →Iron condor, butterfly, SPX/DAX indices. Trade like a pro in prop firm. Articles 4, 6 & 7
Master →Find your starting point
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Free tool
Calculator ITM / ATM / OTM
Enter your option's data to instantly know if it's in the money, at the money or out of the money.
Essential vocabulary
The key terms to know
Option giving the right to buy an asset at a fixed price. The bullish strategy par excellence.
Option giving the right to sell an asset. Used to bet on a decline or protect a portfolio.
The cost of the option. Intrinsic value + time value. Maximum loss for the buyer.
Exercise price of the option. The level at which you can buy or sell the underlying asset.
Sensitivity of option price to underlying movement. Between 0 and 1 for a call.
Daily erosion of time value. The buyer's enemy, the seller's friend.
Sensitivity to implied volatility. Watch out for volatility crush after an announcement!
4-leg strategy collecting a credit by betting on a range-bound market. Probability ~75%.
Go further on options
Beyond theory
Complementary resources, active community and capital to put options theory into practice.
VIP Discord — Options Room
Daily exchanges between options traders: SPX/NDX setups, live Greeks analysis, position reviews. Intermediate to advanced level.
Join the Discord Capital — Code LUCAS -80%Phidias Prop Firm — Trade options on capital
Trade index options with pro capital. Clear rules, regular payouts, explicit authorization for multi-leg strategies (spreads, condors).
Start a challenge Go deeperIndex options in prop firm
The ultra-specific guide to using SPX, NDX and DAX options in prop firm: sizing, margin management, strategies validated by firms.
Read article 06 Before you trade7 fatal mistakes to avoid
Before deploying capital, read the most common pitfalls — sizing, theta decay, IV crush, naked selling. One single mistake can wipe out 6 months of gains.
See the mistakes