Options Course

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Three and a half hours with Sven Hubens, recorded in one sitting. Ten years making options markets at Optiver and Maven, where he also trained their new traders; he now trains traders at prop firms and sits on the faculty of The Options Institute at Cboe.

1. Option basics and use cases — what an option is, how calls and puts pay off, intrinsic versus extrinsic value, and the Greeks one at a time.
2. Option pricing — the pricing factors, what an implied volatility of 20% actually means, the straddle approximation, and where Black-Scholes stops working.
3. Market making — how wide to quote, when to hedge, risk limits, left-over positions, and what the desk actually analyses.
4. Positional volatility trading — relative value within and between products, sizing, holding period, and why you never capture the whole edge.
5. Going for the trading job — what firms select on, the application process, the interviews and the final assessment day.

The slides follow the video on their own. Turn that off with the toggle under the player, or by picking a slide by hand, and use the arrows to move through the deck yourself. Four quizzes appear as you reach them; answering all eighteen and scoring twelve unlocks the certificate.