Risk, capital, and time tradeoffs.

Vocabulary that makes everything else easier.

Core shapes, break-evens, and payoff logic.

Delta, gamma, theta, and vega intuition.

What IV means and how it shapes price.

Time value, intrinsic value, and theta.

Why spreads change payoff and risk.

Expected value, win rate, and edge.

Simulation thinking for uncertain outcomes.

Combine concepts into a complete mental model.