Covered Call
Selling a call option against shares you own to earn premium income, capping upside in exchange.
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The Butterfly Spread
The butterfly is a defined-risk, three-strike strategy that profits when the underlying finishes near a chosen central price. This lesson builds the long call and long put butterfly, shows the tent-shaped payoff, then covers the iron butterfly (its credit-based cousin) and the broken-wing butterfly (a skewed version that can be opened for a credit), with worked numbers and how to practise each in the Options Lab.
0DTE & Short-Dated Options
Zero-days-to-expiration options — contracts that live and die in a single trading session — have grown from a curiosity to roughly half of all S&P 500 index-option volume. This lesson explains what 0DTE, 1DTE and weeklies are, why their gamma and theta behave so violently, the crucial difference between cash-settled index and physically-settled stock options, and the risks that make them a professional's precision tool and a beginner's fast way to lose money.
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