Options Education.
Built as a Guided Track.
Don't know where to start? Follow the tracks below. Every guide is based on mechanics I use in my real-money portfolio, moving from basic pricing concepts all the way up to leveraged long-term LEAPS positioning.
My Approach
First and foremost, I am a buy-and-hold investor. I use covered calls, cash-secured puts, and LEAPS to enhance my portfolio.
I generally sell options around 0.10 to 0.20 delta, favor shorter expirations, and review earnings and major macroeconomic events before opening positions.
I do not sell naked options or use margin. I also do not believe an option needs to be sold every week simply because capital or shares are available.
Level 1: Beginner Track
Start here to learn the fundamentals of options pricing, reading a chain, and basic income strategies.
How to Read an Options Chain: Strike, Premium, and Expiration
The options chain is the dashboard of the market. Learn what every column means — from the bid/ask spread to open interest and implied volatility.
Covered Calls: Generating Premium on Shares You Own
Learn how covered calls generate premium, why they cap upside, and how I evaluate delta and expiration when I sell them.
Cash-Secured Puts: Premium and Potential Stock Entry
Learn how cash-secured puts work and why I only sell puts on companies I am comfortable owning long-term if assigned.
Level 2: Intermediate Track
Dive deeper into options mechanics, volatility, and how to systematically manage your positions.
Implied Volatility: Understanding Option Premium
Learn how implied volatility affects option pricing, the difference between IV Rank and IV Percentile, and how to use it.
Understanding Options Greeks: Delta, Gamma, Theta & Vega
Learn how the Greeks describe an option’s sensitivity to stock movement, time, volatility, and interest rates.
Rolling Options: Strike, Expiration, and Premium
Learn how rolling closes an existing option and opens a new contract, and how I evaluate adjusting my positions.
The Wheel Strategy: Cash-Secured Puts and Covered Calls
Learn the mechanics of the wheel, including assignment, call-away risk, and why I do not manage my portfolio as a rigid wheel system.
Level 3: Advanced Track
Leveraged long-term positioning, portfolio risk management, and the complete ExpiredOptions strategy.
What Are LEAPS Options and How Do They Work?
Learn how I use LEAPS as a way to gain long-term exposure to companies I am interested in owning without committing the full capital upfront.
Poor Man's Covered Call (PMCC)
Learn how a long call diagonal spread uses a longer-dated LEAPS call and a shorter-dated short call to generate yield.
Managing Risk When Selling Options
Learn how I think about position sizing, assignment obligations, multiple simultaneous assignments, event risk, and margin.
The Expired Options Strategy: Long-Term Investing and Options Premium
Learn how I combine long-term stock ownership with covered calls, cash-secured puts, and LEAPS while managing 100+ tickers.
Expired Options publicly documents portfolio performance, options activity, and LEAPS positions from a real-money portfolio.
⚠️ All content on ExpiredOptions is for educational and informational purposes only. Options trading involves substantial risk. Past performance is not a guarantee of future results. This is not financial advice.
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