Intermediate to advanced · 7 lessons · Free
Options income strategies
A structured path from what an option seller is paid for to a complete written trading plan. Each lesson adds one layer: the variance risk premium and tail risk, the Greeks that drive a short option, covered calls and cash-secured puts, the wheel, credit spreads and iron condors, volatility and earnings risk, and finally position sizing, rolling rules and when to stop. Every lesson has original payoff diagrams, worked numbers, rules for entry, exit and invalidation, and a scenario quiz, and it shows where to find each input on the Clear Tape Options page. Lessons 1 and 2 are free.
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Lessons
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Lesson 1
Options income basics: what a premium seller is paid forSelling options is selling insurance. The seller collects a premium that, on average, has exceeded the cost of the moves that followed, but the payoff is lopsided: many small gains and occasional large losses. This lesson sets out where the edge comes from and why it is not free income.
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Lesson 2
The Greeks for option sellersA short option earns Theta and pays for it with negative Gamma and negative Vega. This lesson shows how those forces change as expiry approaches and how to turn them into choices: how many days to sell, which delta to sell, and when to leave.
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Lesson 3
Covered calls and cash-secured putsThe covered call and the cash-secured put are the two simplest income trades and, at the same strike, nearly the same trade. This lesson covers how to pick strikes and expiries, what happens at assignment, how dividends cause early exercise, and the tax points to check.
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Lesson 4
The wheel: a process, not a promiseThe wheel alternates cash-secured puts and covered calls on a stock you want to own. It works best on a stock that moves sideways to higher. This lesson turns it into written rules and shows, with numbers, how it fails when a stock keeps falling or when the book is concentrated.
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Lesson 5
Credit spreads and iron condorsCredit spreads and iron condors cap the loss with a long option bought further out. This lesson shows how width and strike choice trade probability against payoff, why the two always balance in a fairly priced market, when adjusting beats closing, and how pin risk at expiry can break the cap.
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Lesson 6
Volatility and event riskPremium is only worth selling when it is rich, and the richest premium often sits on top of a binary event. This lesson shows how to judge whether volatility is expensive, how to read the expected move, how earnings and IV crush work for a seller, and when to stand aside.
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Lesson 7
Position sizing and a written trading planPremium selling fails far more often from size than from strategy. This lesson turns the course into a written plan: risk per trade measured by maximum or stress loss, limits for the whole book, rules for rolling, a journal, and clear points at which to stop trading.
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