Study path
Derivatives and options
From payoff diagrams to the volatility surface: what an options market maker has to know before they can quote.
8 topics · 33 lessons · about 7 hoursOptiver, SIG, IMC, Akuna
- 1
Mental maths and numerical fluencyFLUShared
Arithmetic fast enough to quote from: multiplication, fractions, percentages and estimation under a clock.
2 chapters · 2 lessons
- 2
Time value, rates and linear productsTVM
Discounting, bonds, forwards and swaps — the no-arbitrage groundwork options are built on.
4 chapters · 4 lessons
- 3
Options: fundamentals and arbitrageOPT
Payoffs, parity, early exercise and the static arbitrage constraints a market maker must never violate.
5 chapters · 5 lessons
- 4
Option pricing modelsPRC
Replication, trees, Black–Scholes and the numerical methods that do the work in practice.
5 chapters · 5 lessons
- 5
The Greeks and hedgingGRK
What each sensitivity measures, how it moves with moneyness and time, and what a delta-hedged option is really a bet on.
4 chapters · 4 lessons
- 6
VolatilityVOL
Measuring it, reading the surface, and the relative-value trades built on its shape.
4 chapters · 4 lessons
- 7
Exotics and structured productsEXO
Digitals, barriers and multi-asset payoffs — and why the hedging is the hard part.
4 chapters · 4 lessons
- 8
Stochastic calculusSCShared
Brownian motion, Itô calculus and the measure change that makes risk-neutral pricing work.
5 chapters · 5 lessons