ThetifyLessons
Lesson 0 · 6 min · Free
What an option is: calls, puts, and who holds which side
Right, obligation, strike, expiration: the four words the course runs on
After this lesson: Say in one sentence what a call and a put give their buyer, and what the seller takes on in exchange.
Lesson 1 · 7 min · Free
What you sell when you sell a put
Obligation, premium, assignment
After this lesson: Explain in one sentence what a short put obligates you to do, and what you are paid for it.
Lesson 2 · 10 min · Free
Cash-secured means the whole strike
Capital at work = strike × 100, not the stock price
After this lesson: Compute the capital a cash-secured put ties up and the return on that capital, before you sell it.
Lesson 3 · 9 min · Free
Covered calls: being called away is not a loss
Shares plus a short call, and what you give up
After this lesson: Work out the max profit, the breakeven and the opportunity cost of a covered call from strike, premium and share cost.
Lesson 4 · 11 min · Free
The wheel: put, assignment, call, repeat
One cycle, three states, one running cost basis
After this lesson: Track a running cost basis across a full wheel cycle and say which state the position is in at any time.
Lesson 5 · 9 min · Free
Picking the strike: delta is (roughly) probability
The 16-delta / 30-delta trade-off
After this lesson: Read a put’s delta as a probability of finishing in the money and choose a strike inside the course’s 16–30 delta band.
Lesson 6 · 8 min · Free
Picking the expiry: the 30–45 DTE window
Theta curves, and why 7 DTE looks great until it doesn’t
After this lesson: Explain, from the shape of the theta curve, why the course opens at 30–45 DTE and decides by 21.
Lesson 7 · 12 min · Pro
Is the premium rich? IV rank and HV
Implied vs realised, without a data feed
After this lesson: Compute IV rank and IV percentile from a history, and compare IV to HV to judge whether an option is priced above what the stock usually does.
Lesson 8 · 9 min · Pro
Event weeks: FOMC, CPI, earnings
Why the course keeps naked short options out of the window
After this lesson: Explain IV crush from both sides and state the course rule on an earnings date inside a short option’s window.
Lesson 9 · 12 min · Pro
Why expected value lies to you
Lognormal vs fat tails, with March 2020 as the witness
After this lesson: Compute the EV of a short put under the lognormal model and under an empirical fat-tailed distribution, and explain why the second number is the one the course uses.
Lesson 10 · 13 min · Pro
Taking profit: 50% and 21 DTE
Why you close a winner early, and what the history says
After this lesson: Apply the 50% profit rule and the 21-DTE rule to an open position and explain the risk-per-day logic behind each.
Lesson 11 · 13 min · Pro
Three ways to roll
Out in time, down in strike, or both — and what each costs
After this lesson: Write a roll as a close plus an open, compute its net credit or debit, and say which roll the course accepts for each trigger.
Lesson 12 · 11 min · Pro
When the strike is breached
Four defences and what each one costs
After this lesson: Classify a tested short put as "tested" or "deep in the money" by the course thresholds and list the defences the rules allow for each.
Lesson 13 · 13 min · Pro
Assignment and early exercise
Ex-dividend dates, deep ITM, and the last seven days
After this lesson: Predict when early assignment is likely, and apply the course’s ≤7-DTE in-the-money rule.
Lesson 14 · 10 min · Pro
Position size: surviving five losses in a row
Beta-weighted delta and the number that keeps you in the game
After this lesson: Size a short put so the account survives a run of tail losses, and compute beta-weighted delta across several positions.
Lesson 15 · 10 min · Pro
From backtest to live
Why the equity curve you simulated is not the one you will get
After this lesson: List the ways a backtest overstates a premium-selling result and apply the full rulebook to a mixed set of scenarios.
Lesson 16 · 12 min · Pro
Turn a naked put into a spread: verticals and the iron condor
Buy a cheaper put below, cap the loss, and count what it costs
After this lesson: Compute a credit spread’s max profit, max loss, capital and breakeven, and explain what the long leg costs in EV and buys in tail risk.
Lesson 17 · 8 min · Pro
What happens on expiration day
Automatic exercise, pin risk, and the window after the close
After this lesson: Say what happens to a short option that finishes one cent in the money, and name the two windows where the outcome stops being yours to choose.
Lesson 18 · 8 min · Pro
Liquidity: what the spread actually costs
Bid, ask, mid, and the round trip you pay every cycle
After this lesson: Turn a bid-ask spread into a per-trade cost, subtract it from the edge before you judge the trade, and say what it does to the annual number.
Lesson 19 · 9 min · Pro
Tax concepts a seller keeps running into
Wash sales, qualified covered calls, 60/40 — mechanics only
After this lesson: Describe the shape of a wash sale, what makes a covered call “qualified”, and why some contracts are split 60/40 — and say who has to answer the question for your own account.
Lesson 20 · 8 min · Pro
A wheel on a 3× fund is a different trade
Daily rebalancing, path dependence, and a left tail the premium does not pay for
After this lesson: Explain why a 3× fund is not three times the index over a month, and read what the fat-tail number does when only the history behind it is swapped.
Lesson 21 · 9 min · Pro
PMCC: using a long call as the stock
A deep in-the-money LEAPS instead of 100 shares
After this lesson: Compute what a PMCC ties up next to 100 shares, and name three ways the long leg is more fragile than the shares it imitates.
Lesson 22 · 9 min · Pro
Short straddles and strangles: selling both sides
Twice the credit, two strikes to defend, and no assignment plan
After this lesson: Draw the payoff of a short strangle, say where it differs from a single short put at the same delta, and name why it is the hardest structure in this course to defend.
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