# Options 101: a free course that teaches first, then checks it Canonical URL: https://mrkts.gg/learn/options Last updated: Nov 9, 2026, 9:00 AM ET > A free options course for beginners. Ten short lessons that teach each idea first, with worked examples, then check it with a few questions. From what a contract is to planning around earnings and CPI. A free interactive options course from mrkts. Each lesson teaches one idea with worked examples and payoff charts, then checks it with a few questions. No account needed. ## Lessons 1. [What an option is](https://mrkts.gg/learn/options/what-is-an-option.md): What an option contract is, who has the right and who has the obligation, and why one contract covers 100 shares. A free lesson with examples. 2. [Calls vs puts](https://mrkts.gg/learn/options/calls-and-puts.md): Long and short calls and puts at expiration: P&L, breakeven, max loss and max gain, with worked examples and a few questions. 3. [Premium, intrinsic and extrinsic value, moneyness](https://mrkts.gg/learn/options/premium-and-moneyness.md): Split any option's premium into intrinsic and extrinsic value, tell ITM from OTM for calls and puts, and see what strike choice trades off. 4. [Expiration and time decay](https://mrkts.gg/learn/options/time-decay.md): Why options lose value as expiration nears, why the last week costs the most, and what theta means per contract. A free lesson with examples. 5. [Implied volatility and earnings IV crush](https://mrkts.gg/learn/options/iv-and-earnings.md): What implied volatility means, how to read an earnings implied move from a straddle, and why options can lose even when you're right. 6. [The greeks in plain words, and strike choice](https://mrkts.gg/learn/options/greeks.md): Delta, gamma, theta and vega without the math: estimate how an option's price reacts, and use delta to compare strikes. 7. [Buying vs selling, and defined-risk spreads](https://mrkts.gg/learn/options/spreads.md): Debit spreads, credit spreads and iron condors: max loss, max gain and breakevens, plus why win rate alone doesn't make a trade good. 8. [Position sizing and max loss](https://mrkts.gg/learn/options/sizing.md): Size an options trade from its max loss and a risk budget, and see why premium, margin and real risk aren't the same. Example policies only. 9. [Exercise, assignment, early exercise, pin risk](https://mrkts.gg/learn/options/assignment.md): What exercise and assignment do to your account, the automatic-exercise rule, early exercise before dividends, and pin risk at expiration. 10. [Planning around events with the mrkts.gg calendar](https://mrkts.gg/learn/options/event-planning.md): Plan an options position around earnings, CPI, FOMC, ex-dividend dates and expiration with the mrkts.gg calendars. A free lesson with examples. ## By the end you can - Explain what an equity option contract is, who has the right and who has the obligation, and why one contract covers 100 shares. - Describe the payoff at expiration of long and short calls and puts, and compute breakevens. - Split any option's premium into intrinsic and extrinsic value, and classify strikes as ITM, ATM, or OTM. - Explain why time decay (theta) speeds up as expiration nears, and which options lose the most. - Explain implied volatility, estimate an earnings implied move from a straddle price, and explain IV crush. - Use delta, gamma, theta, and vega in plain words to estimate how an option's price reacts. - Compare buying vs selling options, and compute max loss, max gain, and breakevens for vertical spreads and iron condors. - Size a position from its max loss and a stated risk budget, and explain why premium paid and max loss aren't always the same thing. - Explain exercise, assignment, automatic exercise at expiration, early exercise (including the dividend case), and pin risk. - Use the mrkts.gg economic and earnings calendars to list which scheduled events fall inside a position's life, and explain what each could do to the price and IV. Start the course: https://mrkts.gg/learn/options. A printable field guide with every lesson is at https://mrkts.gg/learn/options/field-guide. Education only, not investment advice. Example numbers are illustrative, not real quotes. --- Get the Desk's daily market feature by email: https://mrkts.gg/newsletter?ref=ai&src=learn-options AI-assisted commentary. Not investment advice.