Position-level Greeks, vertical spread mechanics, iron condors and strangles, calendars and diagonals, butterflies, portfolio hedging and a risk process for multi-leg trading. Full P&L tables, Greeks tables and worked numbers throughout, including what goes wrong in a tail. No hype.
Module 1: Thinking in Greeks at the position level
Net delta, gamma, theta and vega of a spread and a whole book, delta-neutral adjusting, gamma risk into expiration, and vega exposure by structure.
Module 2: Vertical spread mastery
Strike selection by delta, width versus probability, credit and debit equivalence, the 50% profit rule, rolling, early assignment and dividend risk on the short leg.
Module 3: Iron condors and strangles
Construction from the expected move, IV-rank entry filters, wing width and margin, managing a tested side, when to close, and the tail that ends careers.
Module 4: Calendars and diagonals
Term structure, why calendars profit, earnings calendars and IV crush, the poor man's covered call as a diagonal, and what happens when the volatility curve collapses.
Module 5: Butterflies and broken wings
Long and short butterflies, the iron butterfly, pinning, broken-wing butterflies for a credit, and low-cost directional flies.
Module 6: Hedging a portfolio
Protective puts and their cost, collars, put spreads, tail hedges with far-OTM puts and their bleed, VIX product caveats, and hedge sizing by beta-weighted delta.
Module 7: Process and risk
Sizing by max loss and by vega, portfolio margin, liquidity and legging on multi-leg orders, the 0DTE trap, and a weekly risk review checklist.
Educational content, not financial advice.