Trader Mentoring · Options
Strategy & Trade Construction
Level II · 16 live sessions · 90 minutes each
Apply multi-leg options strategies to express market views, manage risk, exploit volatility and structure asymmetric payoffs.
Fee
US$1,800
Payment for every course is 40% at enrolment, 30% after session 4, and 30% after session 8.
US$720 at enrolment · US$540 after session 4 · US$540 after session 8
Cancel before session 4: refund of 50% of the deposit.
Designed for
Intermediate options traders who understand option mechanics, Greeks, basic volatility concepts and defined-risk positions, and are ready to construct and manage multi-leg trades.
Prerequisites
Options Level I or demonstrated equivalent competency.
Curriculum
16 live sessions
Each session includes a learning objective, practical work, and a competency demonstration. Session titles below are the full syllabus.
01The Options Strategy Framework
What you learn. Learn how to select an options structure based on direction, magnitude, timing, volatility, probability, payoff, liquidity and risk. Understand why there is rarely a universally "best" strategy.
Practical work. Given the same market thesis, compare several possible structures and identify how each changes the payoff and risk profile.
Competency. Given a market view and risk constraint, select an appropriate strategy and explain why it is preferable to the alternatives.
02Vertical Spreads
What you learn. Understand vertical spreads as a fundamental building block of options strategies. Compare debit versus credit, width, strike selection, probability, maximum risk and maximum reward.
Practical work. Construct a spread matrix across different strikes and widths.
Competency. Select an appropriate spread based on the underlying thesis and explain the trade-offs created by strike selection and spread width.
03Bull Call & Bear Put Spreads
What you learn. Use directional debit spreads when expecting a defined directional move. Understand the trade-off between premium paid, probability, reward potential and timing.
Practical work. Construct several bull call and bear put spreads around the same underlying thesis.
Competency. Choose between buying the option outright and using a debit spread, explaining what is gained and what is sacrificed.
04Bull Put & Bear Call Spreads
What you learn. Understand directional credit spreads and the relationship between premium received, probability, maximum loss, distance from the underlying and assignment risk.
Practical work. Construct credit spreads under different volatility and directional conditions.
Competency. Define entry, profit-taking, loss management and adjustment rules for a credit spread.
05Spread Risk & Trade Management
What you learn. Understand how a spread behaves as price, time and volatility change. Study maximum loss, early exits, gaps, liquidity, assignment and management thresholds.
Practical work. Stress-test spreads under multiple underlying-price and volatility scenarios.
Competency. Manage an open spread through several simulated market outcomes without confusing unrealized P&L with changing trade risk.
06Calendars & Time Spreads
What you learn. Understand calendar spreads as structures with exposure to time decay, implied volatility and relative movement between expirations.
Practical work. Construct calendars at different strikes and expiration combinations and map their behavior through time.
Competency. Explain when a calendar may be appropriate and identify the conditions that could cause the thesis to fail.
07Diagonals & Long-Duration Structures
What you learn. Understand diagonals, LEAPS-based structures and the concept of combining different strikes and expirations. Explore the trade-offs between capital efficiency, leverage, theta, volatility exposure and assignment.
Practical work. Compare a long stock position, long call, calendar and diagonal structure.
Competency. Select a long-duration structure appropriate for a defined market thesis and explain its major risks.
08Iron Condors & Defined-Range Strategies
What you learn. Understand iron condors as range-based structures, including wing width, premium, probability, maximum loss, breakevens and tail risk.
Practical work. Construct iron condors under different volatility and expected-range assumptions.
Competency. Determine when an iron condor is appropriate—and when a range assumption is too fragile to justify the trade.
09Butterflies & Iron Butterflies
What you learn. Understand concentrated payoff structures and the trade-off between precision, probability, reward and execution quality.
Practical work. Compare butterflies with vertical spreads and iron condors under different market assumptions.
Competency. Select and construct a butterfly based on a specific price or range hypothesis and identify the risks of being wrong.
10Ratio Spreads & Backspreads
What you learn. Understand nonlinear structures created by unequal numbers of options. Study asymmetric payoff, directional exposure, volatility sensitivity and tail risk.
Practical work. Map the P&L and Greeks as the underlying moves through multiple price levels.
Competency. Explain where the position makes and loses money and identify the price regions where risk changes materially.
11Collars, Risk Reversals & Synthetic Positions
What you learn. Understand how options can be combined to reshape an existing exposure. Study collars, risk reversals, synthetic stock, synthetic calls and synthetic puts.
Practical work. Construct alternative hedging structures around an existing equity position.
Competency. Given a portfolio objective, select the appropriate structure and explain what risk is removed, what risk remains and what return is sacrificed.
12Income Strategies & the Wheel
What you learn. Analyze systematic premium-selling approaches, including covered calls, cash-secured puts and wheel-style frameworks. Focus on the economics rather than the marketing concept of "income": assignment, downside exposure, concentration, opportunity cost and volatility risk.
Practical work. Build a simulated wheel process and track the underlying position through multiple assignments and exits.
Competency. Explain when the strategy makes sense and identify situations where repeated premium collection can mask accumulating downside risk.
13LEAPS & Long-Duration Options
What you learn. Understand long-dated options as alternatives to stock ownership and short-term options. Study capital efficiency, delta exposure, theta, volatility and time horizon.
Practical work. Compare stock, LEAPS and shorter-dated options for the same long-term thesis.
Competency. Select the appropriate structure based on capital, timeframe, conviction and acceptable risk.
14Earnings, Events & Volatility Risk
What you learn. Understand the special characteristics of earnings and event-driven options trading, including implied move, volatility expansion, volatility crush, gap risk, skew and liquidity.
Practical work. Analyze historical earnings events and compare option pricing before and after the announcement.
Competency. Evaluate whether an options position is being compensated adequately for the event risk it is taking.
15Strategy Selection Laboratory
What you learn. Learn to select an options structure from the market thesis rather than starting with a favorite strategy.
Practical work. Work multiple scenarios—bullish/bearish/neutral × low/high IV, strong directional view with uncertain timing, strong view with a defined price target, and an existing stock position requiring protection—and for each select and compare several structures.
Competency. Defend the selected strategy against at least two reasonable alternatives.
16Integration: Build the Options Trade Playbook
What you learn. Integrate thesis, strategy selection, strikes, expirations, volatility, Greeks, payoff, liquidity, risk and management into a complete options trading process.
Practical work. Build a complete trade playbook covering market thesis, expected direction/magnitude/timing, volatility view, selected and alternative strategies, strikes, expiration, max profit/loss, breakevens, Greeks, IV exposure, liquidity, entry/exit/adjustment rules, assignment considerations and no-trade conditions.
Competency. Defend the trade and answer: Why this structure, why now, why these strikes, why this expiration, and why is the risk worth taking?
Ready to enrol?
Submit an application for Strategy & Trade Construction. Placement and payment instructions follow after review.
Educational content only. Not investment advice. Trading involves substantial risk of loss, including loss exceeding amounts invested. Trade at your own risk. Full educational disclaimer.