Crypto options
Options are the clearest window onto what the market expects and fears. This course starts from what a call and a put are and ends with volatility surfaces, dealer positioning and how to read them.
Beginner
- What an option isCalls, puts, strikes, expiries and premium: the plain-English start of CryptoKeyhole's options course, with crypto's settlement rules.
- Payoffs: what you can win and loseLong calls, long puts and their sellers: how option payoffs work at expiry, where break-even sits and why selling options is a different risk.
- What's in the premiumIn the money, at the money and out of the money: how an option's price splits into intrinsic and time value, and why time value melts.
Intermediate
- Implied volatilityWhat implied volatility is, how to turn it into an expected daily move, and how it differs from the volatility the market actually delivers.
- The GreeksDelta, gamma, theta and vega in plain English: how an option's price responds to the market, time and volatility.
- Skew and term structureWhy options on the same coin trade at different implied volatilities, and how to read skew and the term structure.
Advanced
- Open interest and max painReading open interest by strike, what max pain really is, and the limits of the put/call ratio in crypto options markets.
- Dealer gamma and hedging flowsHow market makers' hedging can dampen or amplify price moves, and why every estimate of gamma exposure rests on an assumption.
- Strategy shapesCovered calls, cash-secured puts, spreads and straddles: what each position is really a bet on, and how to compare them.