XSP vs SPY vs SPX: The Mini Index Option
The Mini-SPX option gives a smaller account index mechanics at SPY-sized notional — cash-settled, European, 60/40 taxed — at the cost of a thinner order book.
Options Trading
Options Payoff Diagrams: All 30 Strategies
Every payoff diagram on the site in a single gallery, grouped by market outlook, with the max profit and max loss numbers under each chart.
Options Max Loss & Max Profit: Formulas by Strategy
One reference table for the two numbers that matter before any trade opens: maximum loss and maximum profit, with the breakeven formula for all 30 strategies in the library.
Cash-Settled vs Physically Settled Options Explained
What changes hands when an option expires ITM: a cash transfer for index options like SPX, or 100 shares per contract for equity and ETF options.
European vs American Style Options: Exercise & Assignment
The difference between European and American exercise, what early assignment does to a spread, and which products use which style.
Section 1256 Options: The 60/40 Tax Rule Explained
How Section 1256 taxes broad-based index options: 60% long-term, 40% short-term on every gain, no matter how short the holding period.
SPX AM vs PM Settlement: SET, SPXW & Expiration Times
The two SPX settlement clocks: PM-settled SPXW dailies that expire at the 4:00 PM close, and AM-settled third-Friday monthlies that settle on the Friday opening SET print.
SPX vs SPY Options: 4 Key Structural Differences
The structural and tax differences between SPX and SPY options — settlement, exercise style, contract size, Section 1256 — and which one suits 0DTE index traders.
Introduction to Options Trading: A Complete Beginner's Guide
Options trading is one of the most powerful and flexible tools available to modern traders — and one of the most misunderstood. Most retail traders encounter options as a way to make large leveraged bets, but the professionals who trade them consistently use them for the opposite purpose: to collect income by selling premium to others. This guide covers everything a new options trader needs to understand before executing a single trade. ...