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Course track

Sell options for premium

Sell your first cash-secured put as a practice trade in the free demo, then follow it through one full wheel.

Start lesson 1

Lessons

The lessons in order

The basics come first, then the lessons for this track.

  1. The buyer gets a right, the seller takes an obligationThe buyer pays a premium for a right. The seller receives the premium and takes the obligation if the buyer uses that right.
  2. What a call isA call gives the buyer the right to buy 100 shares at the strike price.
  3. What a put isA put gives the buyer the right to sell 100 shares at the strike price.
  4. What the strike isThe strike price is the fixed price in the contract.
  5. What the premium isThe premium is the price of an option. The buyer pays it and the seller receives it. For a call alone, strike price plus premium gives break-even at expiration, before fees.
  6. What expiration isThe expiration is the last day an option can be used. An option with more days left usually costs more, because the stock has more time to move. After the expiration, the option ends.
  7. One contract covers 100 sharesAn option's price is for one share, and one contract covers 100 shares. Multiply the price by 100 to find the total for one contract.
  8. How to read an options chainAn options chain puts the calls and puts for one expiration beside their strike prices.
  9. Bid and askThe bid is what a buyer offers. The ask is what a seller wants. Their gap is the bid-ask spread.
  10. Intrinsic and extrinsic valueAn option price has intrinsic value from being in the money and extrinsic value above it.
  11. What implied volatility isImplied volatility is the market's expected size of price changes, worked out from option prices.
  12. What delta isDelta estimates how much an option's price changes when the stock price changes by one dollar.
  13. What theta isTheta estimates how much an option's value changes as a day passes, with other pricing inputs unchanged.
  14. Exercise and assignmentA buyer exercises an option to use its right. An assigned seller must fulfil the contract.
  15. Buying versus selling an optionBuying an option pays for a right. Selling to open collects a premium and creates an obligation.
  16. QuantWheel in 10 minutesTour the demo before an order. Connecting a supported broker and the Options Journal need a signed-in account.
  17. Pick a stock you would ownChoose a stock you can afford to own before comparing put premiums.
  18. Sell your first putLearn what a cash-secured put pays, what cash it sets aside and how to pick one on a sample chart.
  19. Expiration, assignment and real cost basisLearn what a put can become at expiration and how net premiums affect real cost basis.
  20. Sell your first covered callCheck your available shares, choose a sale price and review a sample covered call.
  21. Selling your shares to finish a wheelFollow the possible steps from selling a put to selling the resulting shares.
  22. Picking the strike price and expirationChoose an affordable purchase price and an expiration you can manage before comparing put premiums.
  23. Setting your yield goalCompare put premiums on the same basis without treating yearly yield as a promised return.
  24. Rolling a call to a later dateUnderstand what a roll closes, what it opens and which obligation remains.
  25. Earnings, implied volatility, when not to sellCheck whether an option stays open through earnings before comparing its premium.
  26. Position size across several wheelsCount the cash and shares committed across all your wheels before adding a contract.
  27. GEX levels for picking strikesCompare a strike price with the sample put wall and call wall, then check the trade itself.
  28. Journal review and certificateReview the share cost, net option premiums and open obligation before judging a wheel.