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A field guide to options research

Learn options research for free.See how it works.

A guided path from your first stock quote to options flow, market structure and independent research. No experience needed: start with shares and quotes, then build up.

Free · No account or payment required

63Lessons

10Learning modules

63Free lessons

—Marked as studied

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Tradely courses and sample exercises are free. Partner labs run in TradingFlow and require its own account and access.

Start with a question about options.

Three free guides. Worked examples, clear assumptions and a chance to check your understanding.

Modeled contributions +80, −50 and +20 have net +50 and gross magnitude 150.+80−50+20Net +50Gross 150Model contributions · $ delta per 1% move
Free guide 7 min
Understand net and gross gamma exposure, calculate a worked example, and see how missing data and position assumptions change a GEX chart.
Session trade volume builds while a prior dated OI report remains unchanged.Session volumePrior OI report5003010 + 20 printsDated, not liveNew volume does not reveal today's ending OI
Free guide 6 min
Learn why options volume and open interest differ. Follow opening, closing and transferred positions through an interactive two-ledger example.
Realized volatility measures past returns; implied volatility comes from option prices.Realized RVImplied IV24%32%NowMeasured history and price-implied estimates differ
Free guide 6 min
Understand implied volatility crush with hypothetical before-and-after option prices. Separate the stock move, time and volatility from realized profit.

A core path, then three deeper branches

Less noise. A clear place to start.

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  1. Lessons 01–24

    From zero to reading flow

    Start with shares, quotes and your first option, then learn contracts, trades, side and sentiment before interpreting flow.

  2. Lessons 26–34

    Build and audit research

    Ask an answerable question, compare fairly, then build and audit a research packet.

  3. Lessons 36–53

    Go deeper

    Two optional branches: Greeks, volatility and market structure, and your own portfolio's risk and performance.

Put your learning to work in TradingFlow

Guided labs connect concepts to a repeatable research routine in TradingFlow. Read the lessons and worked examples free; TradingFlow access is required to run the labs.

TradingFlow lab

Investigate unusual activity

Compare a contract’s activity with the right baseline before choosing what to investigate.

Suggested preparation: Volume and open interest: why they move differently

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TradingFlow lab

Read a gamma structure map

Explain a dated GEX snapshot while keeping concentrations separate from forecasts.

Suggested preparation: Gamma: how delta changes · Volume and open interest: why they move differently

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TradingFlow lab

Write an evidence-backed recap

Turn one completed session into a short recap whose claims can be checked.

Suggested preparation: Research packets: work someone else can rerun

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TradingFlow lab

Read which session a run shows

Read a recipe's session and run time before any number, then re-run it for an earlier session.

Suggested preparation: Research packets: work someone else can rerun

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TradingFlow lab

Trace a sentence through the recipe map

Audit a report's text: find what each sentence is computed from, and what was written in advance.

Suggested preparation: Recipes: research that re-runs on fresh data

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TradingFlow lab

Draft, run and discard an input

See exactly when a report changes, and what the screen's floors keep out.

Suggested preparation: Read a recipe like an auditor

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TradingFlow lab

Build and keep a research checklist

Turn one decision into steps a tool can check, and keep your version before Home resets it.

Suggested preparation: Change the inputs, keep the question

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TradingFlow lab

Ask about a report, then sort the answer

Use TradingFlow AI on a recipe run and check every sentence before you keep it.

Suggested preparation: Start from a research checklist

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TradingFlow lab

Build a formula column and guard it

Write a formula column on Rank Symbols, check its unit in the live preview, and keep thin rows from leading it.

Suggested preparation: Ask TradingFlow AI, then verify

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TradingFlow lab

Fork a recipe and make one reviewed change

Make one bounded AI edit to a private copy, review it against the previous version, and save only what you checked.

Suggested preparation: Build your own Rank column

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TradingFlow lab

Connect an agent and prove it

Connect one AI agent to TradingFlow, prove the connection with your client's own check, and check one answer against the app.

Suggested preparation: Fork or write a recipe with AI

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Built around your learning

See the idea. Follow the change.

Animated diagrams explain the relationships. Worked examples show the reasoning. Explore at your own pace.

Animated explanations

Watch the relationship unfold.

Follow price, premium and profit together, with every unit in view.
A long call at strike 100 bought for 2 per share breaks even at 102 at expiration.SpotProfit / share−$2$102Long callBreak-evenStrike $100 · premium $2 · at expiration
Saved progress

Pick up where you left off.

Sign in to save study marks across devices. Resume your last scene on this device.
  1. 01Not started
  2. 02In progress
  3. 03Studied
Interactive diagrams

Change an input. See the effect.

Move a slider or compare examples to see how the diagram and calculation respond together.
Session trade volume builds while a prior dated OI report remains unchanged.Session volumePrior OI report5003010 + 20 printsDated, not liveNew volume does not reveal today's ending OI
Guided learning

A clear next step.

Watch a visual explanation, explore the relationship, then follow a worked example.
  1. 01Watch the explanation
  2. 02Explore the relationship
  3. 03Follow the worked example
English & Chinese

Learn in your language.

Switch diagrams, captions and lesson notes between English and Chinese.

Your learning path

The whole path. Nothing hidden.

Start from zero and explore contracts, flow, Greeks and research through 63 visual lessons. Follow the diagrams, check yourself when you are ready, and continue freely.

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Start with curiosity. Take it further.

Explore all 63 lessons with no sign-in or payment required. Create a free account when you want to save your work.

Browse the curriculum

A little curiosity goes a long way.

Make room for a better question.

Your next research question starts with one lesson.

Start learning