Covered call
Sell a call against stock you own to earn premium, capping upside in exchange.
Options
Options, with the discipline to use them well.
Multi-leg strategies, live Greeks, and a clear profit-and-loss diagram before you commit a single contract. Powerful when you understand them — and we work hard to make sure you do.
Options, in plain terms
An option is a contract giving you the right — not the obligation — to buy (a call) or sell (a put) 100 shares of an underlying security at a set strike price before the contract expires. You pay a premium for that right.
Used carefully, options can generate income, hedge a position, or define your risk precisely. Used carelessly, certain strategies can lose money quickly — some more than your initial outlay. The tools below are built to keep the trade-offs visible.
Built-in clarity
See the payoff before you place it.
- Payoff diagrams render profit, loss, and break-even for every strategy.
- Live Greeks — delta, gamma, theta, vega — update with the chain.
- Multi-leg builder places spreads as one defined-risk order.
- Probability tools estimate the odds of finishing in the money.
Long call · payoff at expiry
illustrative
Δ
0.52
Γ
0.04
Θ
−0.08
V
0.11
Common strategies
From conservative income to defined-risk bets.
Cash-secured put
Sell a put backed by cash to get paid while waiting to buy at a lower price.
Vertical spread
Buy and sell options of the same type to define both risk and reward.
Iron condor
A range-bound, defined-risk strategy that profits if the underlying stays put.
Protective put
Buy a put as insurance against a drop in a stock you hold.
Long call / put
A directional bet with capped loss equal to the premium paid.
Approval & pricing
Options trading requires approval, and access to riskier strategies is tiered by experience and suitability. [Define your approval levels and what each unlocks.]
Pricing is a flat per-contract fee shown before you trade, plus standard regulatory fees. [Insert your per-contract rate and exercise/assignment terms.]
Required risk disclosure
Options involve substantial risk and are not suitable for all investors. Spreads and other multi-leg strategies can entail additional costs, and certain strategies can lose more than the initial investment. Before trading, read the Characteristics and Risks of Standardized Options. [Link the OCC disclosure document.]
Questions, answered plainly.
Do I need approval to trade options?
Yes. You apply for options trading and are approved for a level based on your experience, objectives, and financial situation.
What happens at expiration?
In-the-money options may be automatically exercised or assigned; out-of-the-money options expire worthless. We notify you ahead of expiration.
Can I lose more than I put in?
With some strategies, yes. Long options cap your loss at the premium, but short and certain spread positions carry greater or undefined risk.
What are the Greeks?
Sensitivities of an option's price: delta (price), gamma (delta's change), theta (time decay), and vega (volatility). They update live on every chain.
Trade options with your eyes open.
Defined-risk orders, live Greeks, and a payoff diagram before every trade.