⚙️Options & derivatives
Calls, puts, covered calls and implied volatility — advanced tools for hedging and leverage. From basics to strategies.
Options & derivatives — overview
Options are derivatives — contracts whose value derives from the price of an underlying stock. They give the right (not the obligation) to buy (call) or sell (put) a stock at a preset price by a certain date. They serve two very different purposes: hedging (insuring a portfolio against a drop) and leverage (larger exposure with less capital). Leverage is exactly what makes options a powerful but risky tool: both gains and losses are amplified, and a poorly used option can expire worthless. Key terms are the strike price, expiration date, premium (the option's price) and implied volatility (IV) — the market's expectation of future swings. An option's value is driven not only by the underlying's move but also by time decay (theta) and changes in volatility. Popular conservative strategies such as a covered call (selling a call against a held stock) generate income but cap upside; buying calls offers leverage at the cost of time decay. Options are not suitable for complete beginners without understanding the mechanics and risks. This section runs from the basics (what a call and put are) through pricing to specific strategies, always emphasizing risk. QMA tracks options flow as one smart-money layer and provides theoretical payoff calculations — this is educational and analytical content, not a trade instruction.
Options & derivatives articles
如何找到具有潜在逼空的股票（以及什么是FTD）
小白指南：如何寻找具有潜在逼空的股票，什么是空头利率和未交割（FTD）——以及如何在QMA中跟踪增长的FTD，这是常规工具无法显示的。
Options Hub — the complete guide
What the Options Hub is and what each tab does (Guide, Pick a strategy, Strategies, Hedging, Income screener, Paper practice, Candidates, Confluence, Flow & IV). Call/put/strike/IV/POC/theta in plain language + where to start as an absolute beginner.
重复期权流：揭示机构的重复期权流
一个大型期权交易通常只是对冲——噪音。但在多个交易日内以高额溢价购买相同的行权价，看起来像是在建立机构头寸。QMA根据（活跃天数×总溢价）进行排序。
期权入门 1/5 — 写给完全零基础者的期权指南
期权课程第一部分：认购期权与认沽期权的含义、行权价、到期日、权利金、实值/虚值。以一只100美元的股票为例，用通俗语言和类比说明期权的杠杆效应与100%亏损风险。
Options 3/5 — IV and IV Crush Around Earnings
Part three of the course: what implied volatility is, why options are expensive before earnings, and how IV crush takes the profit even from someone who got the direction right. Expected move and the two sides of the crush — descriptively.
Advanced Options: Hedging, Income, and Working with Implied Volatility
Options are not just a “bet on direction.” When used with discipline, they can serve as portfolio insurance or an income source, but they also bring leverage, asymmetry, and risks that must be understood in advance.
期权入门 2/5 — 希腊字母简明解读
课程第二部分：用通俗类比解释 Delta、Theta、Vega 和 Gamma。每个希腊字母衡量什么、为何 Theta 和 Vega 会让大多数新手买入遭受损失，以及如何综合解读它们。
Options 4/5 — Assignment and Rolling
Part four of the course: what happens on assignment for a covered call and a cash-secured put, what sequence risk is (small gain, big rare loss), early assignment, and what rolling a position means.
Options 5/5 — Which Strategy for Which View + Timing
The course finale: a directory of 9 structures by view plus timing — volume levels (POC/VAH/VAL, naked POC), IV rank (when to buy cheap / sell expensive) and an EMA trend filter. Descriptive, not signals.
期权交易完全指南
从绝对基础（看涨期权、看跌期权、权利金）到希腊字母和盈亏图，再到收益策略、价差和股票对冲——配有精确图表、具体示例及互动模拟器链接。
Frequently asked questions
What is the difference between a call and a put option?
A call gives the right to buy a stock at the strike price; a put gives the right to sell it. A call leans on an upside move, a put on a downside move or as a hedge. Both have a limited life until expiration.
What is implied volatility (IV)?
Implied volatility is the market's expectation of the underlying's future swings, built into the option price. Higher IV means more expensive options. QMA tracks IV as part of its options-flow analysis.
Are options suitable for beginners?
Options are an advanced tool with leverage and time decay where you can lose the entire premium paid. Without understanding the mechanics and risks they are not suitable for complete beginners. QMA provides educational content and analytical tools, not trade instructions.
QMA provides analytical and educational tools, not investment advice. Past performance does not guarantee future results.