> For the complete documentation index, see [llms.txt](https://docs.callput.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.callput.app/options-education/readme.md).

# README

This section is a structured course for traders who understand crypto markets but want a deeper framework for trading options responsibly.

It is not a replacement for the product pages in this documentation set. The goal here is different:

* build first-principles understanding
* explain how strategy payoffs actually work
* teach when to prefer long options, short options, or spreads
* connect theory to the specific strategies available on Callput

## What you will learn in 60 seconds

* options let traders shape payoff, not just direction
* calls and puts behave differently before and at expiry because time and implied volatility matter
* spreads often express a view more efficiently than single-leg options
* on Callput, strategy education must be combined with request-based execution, collateral rules, and close-versus-settlement mechanics
* this section is designed for BTC and ETH traders on Base, not for stock-option workflows

## Who this section is for

This section is written for:

* traders who know spot and perpetuals but are new to options
* traders who know basic options vocabulary but want better structure selection
* builders and agent developers who need strategy intuition before working with Callput's product mechanics

## What this section covers

The current course focuses on the strategy families that matter most for the public Callput surface:

* `Buy Call`
* `Sell Call`
* `Buy Put`
* `Sell Put`
* `Buy Call Spread`
* `Sell Call Spread`
* `Buy Put Spread`
* `Sell Put Spread`

The course teaches the broader option concepts needed to understand those structures:

* calls and puts
* long versus short optionality
* intrinsic and extrinsic value
* moneyness
* time decay
* implied volatility
* delta, gamma, theta, and vega
* debit and credit spreads
* trade planning and risk management

## Note on current Callput access

This course teaches vanilla calls and puts because they are the foundation of options literacy.

That should not be read as a claim that the current public Callput trading surface lets users open vanilla single-leg positions. Use the education pages to learn payoff logic, then verify the live product surface before trading.

## What this section does not try to do

This is not a general encyclopedia of every options structure used in every market.

The course does not center:

* covered calls
* cash-secured puts as brokerage approval products
* straddles or strangles
* butterflies or condors
* calendars
* broker-specific assignment workflows
* equity-market conventions such as 100-share contract sizing

Those concepts may matter in other venues. They are not the center of the current public Callput trading surface.

## Recommended reading order

1. [OPTIONS BASICS FOR CRYPTO TRADERS](/options-education/options-basics-for-crypto-traders.md)
2. [CRYPTO OPTIONS CONTEXT](/crypto-options-context.md)
3. [OPTION PAYOFFS, VALUE, AND THE GREEKS](/options-education/option-payoffs-value-and-the-greeks.md)
4. [LONG OPTION STRATEGIES](/options-education/long-option-strategies.md)
5. [SHORT OPTION STRATEGIES](/options-education/short-option-strategies.md)
6. [VERTICAL SPREAD STRATEGIES](/options-education/vertical-spread-strategies.md)
7. [OPTIONS STRATEGY CHEAT SHEET](/options-education/options-strategy-cheat-sheet.md)
8. [CHOOSING STRIKES, EXPIRIES, AND TRADE PLANS](/options-education/choosing-strikes-expiries-and-trade-plans.md)
9. [RISK MANAGEMENT AND COMMON MISTAKES](/options-education/risk-management-and-common-mistakes.md)
10. [TRADING OPTIONS ON CALLPUT](/options-education/trading-options-on-callput.md)

## How to use this section

If you are completely new to options, read the pages in order.

If you already trade options, you can jump directly to:

* [VERTICAL SPREAD STRATEGIES](/options-education/vertical-spread-strategies.md) for structure selection
* [CHOOSING STRIKES, EXPIRIES, AND TRADE PLANS](/options-education/choosing-strikes-expiries-and-trade-plans.md) for planning
* [TRADING OPTIONS ON CALLPUT](/options-education/trading-options-on-callput.md) for the product bridge

## How this maps to the rest of the docs

This course explains the strategy layer.

The rest of the documentation explains the product layer:

* [INSTRUMENTS, STRATEGIES, AND COLLATERAL](/traders/instruments-strategies-and-collateral.md)
* [PRICING AND EXECUTION](/traders/pricing-and-execution.md)
* [PRICING MECHANICS](/traders/pricing-mechanism.md)
* [POSITION LIFECYCLE](/traders/position-lifecycle.md)
* [FEES, LIMITS, AND FAQ](/traders/fees-limits-and-faq.md)

Read those pages after this section if your goal is to trade on Callput rather than just learn option theory.