Learn about options trading, from how to place your first options trade to more advanced topics. Or explore other trading topics:

How to Help Manage Risk with Vertical Spreads

Learn how vertical spreads can potentially be a cost-effective way to speculate on direction.

Unbalanced Butterfly and Strong Directional Bias

A trader's guide to tweaking a butterfly when they have a strong directional bias, time to expiration is short, and they want to squeeze as much as they can out of their position.

Options Strategy: The Covered Call

Selling covered calls is a strategy that can help you potentially make money if the stock price doesn't move. Consider the covered call options strategy for your portfolio.

Hedging Principles on thinkorswim®

Learn three primary concepts traders think of when managing their portfolio—delta, capital requirements, and return on capital—and why these concepts matter to investors.

Adjusting Losing Trades: Four Scenarios

You have a losing trade, but you don't want to sell. Here are four options strategies to try and adjust losing trades.

Conditional Orders on thinkorswim® Desktop

Learn how to create conditional orders on thinkorswim® desktop.

Using the Position Statement on thinkorswim®

Learn how to monitor positions using the Position Statement on thinkorswim® to review and group your accounts and positions.

Analyzing Probabilities on thinkorswim® Desktop

In this tutorial, we’ll explain how the probability analysis tool can help you gauge potential trade outcomes.

Options Delta, Probability, and Other Risk Analytics

Learn how options delta calculations and the options Probability ITM feature on thinkorswim® can potentially help traders gauge their risk in an options position.

TTM Squeeze Indicator: Technical Signals for Traders

The TTM Squeeze indicator can help identify when prices might break out of consolidation. Learn how this tool can help traders potentially detect when a switch might occur.