Lesson

Contracts, strikes & expirations | Options Educator

Set strikes, expirations, and see intrinsic vs. extrinsic value live.

What you'll practice

• Move the call's strike into the money, below the stock price, until its intrinsic value is about $10.00, within $0.50.
• After "7 days pass", what happens to the call's intrinsic value?

In this lesson

Strike Selection: The Foundation

• ITM = safer but more expensive
• ATM = balanced, most popular
• OTM = cheap but low probability
• Strike choice defines your trade profile

Expiration Strategy

• Weeklies = cheap but risky
• 45-60 days = sweet spot for many trades
• LEAPS = less leverage, more time
• Match expiration to your thesis timeline

Delta as Your Guide

• Delta ≈ probability of expiring ITM
• Higher delta = safer but pricier
• Lower delta = cheaper but longer odds
• Match delta to your conviction level

Explore

• Learn workspace — your current module and lesson
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• Roadmap — the full learning path
• Simulator — guided practice tied to lessons
• AI assistant — ask a question, get the concept
• Career mode — gamified progression and the open-world trading city