Leon Moyer
Expert reviewer, OptionsPro Academy
Leon has been trading since 2018. Before options, he spent years in stocks, futures, forex, and crypto, learning each market mostly by putting his own money on the line and paying attention to what held up. Options have become his preferred way to trade day to day.
Leon Moyer reviews every OptionsPro Academy lesson before it is published.
Lessons reviewed by Leon Moyer
- What Is an Option? The Plain-English Definition
- Call Options Explained - The Right to Buy
- Put Options Explained - The Right to Sell
- Buyers and Sellers - The Two Sides of Every Option
- Why Traders Use Options - Leverage, Income and Protection
- What Is a Strike Price? How Option Strikes Work
- When Do Options Expire? Expiration Dates Explained
- What Is an Option Premium? How Option Prices Are Quoted
- The Contract Multiplier and Adjusted Options
- In the Money vs Out of the Money - Option Moneyness Explained
- How to Read an Options Chain
- Bid, Ask and the Spread - What Trading an Option Costs
- Volume and Open Interest - How to Judge an Option's Liquidity
- How to Choose a Strike Price and Expiration from the Chain
- From Options Chain to Payoff - Charting a Long Call
- The Option Greeks Explained - Delta, Gamma, Theta and Vega
- What Is Delta in Options? How Option Prices Follow the Stock
- What Is Gamma in Options? How Delta Changes, and Why It Matters Near Expiration
- What Is Theta in Options? Time Decay in Dollars per Day
- What Is Vega in Options? How Implied Volatility Moves Option Prices
- Intrinsic and Extrinsic Value - What an Option's Price Is Made Of
- How Options Are Priced - The Six Inputs That Move a Premium
- What Is Implied Volatility? IV vs Historical Volatility
- IV Crush After Earnings - Why Options Can Lose Value
- IV Rank and IV Percentile - Is Implied Volatility High or Low?
- Options Trading Levels - Broker Approval and Permissions
- Buy to Open vs Buy to Close - The Four Options Order Actions
- Limit Order vs Market Order for Options - How to Get a Good Fill
- Rolling Options Explained - Close, Roll or Let a Trade Expire
- What Happens When Options Expire? Exercise, Assignment and Pin Risk
- Position Sizing - How Much to Risk on Each Options Trade
- How to Write an Options Trading Plan, With a Template
- Trading Psychology: FOMO, Revenge Trading and Overconfidence
- Cash vs Margin Accounts for Options Trading
- How to Keep an Options Trading Journal You Will Actually Use
- What Is a Covered Call? Income, Capped Upside and the Full Downside
- How to Choose a Covered Call Strike Price and Expiration
- What Happens When a Covered Call Is Assigned?
- How to Roll a Covered Call - Up, Out and Down
- What Is a Buy-Write? Opening a Covered Call in One Order
- What Is a Cash-Secured Put? Selling Puts With the Cash Ready
- How Much Cash Does a Cash-Secured Put Need?
- Choosing the Strike and Expiration for a Cash-Secured Put
- Cash-Secured Put Assignment: What Happens When You Have to Buy
- The Wheel Strategy: Cash-Secured Puts, Then Covered Calls
- Protective Puts in Depth - Insuring Shares You Own
- Choosing a Protective Put's Strike and Expiration
- The Collar Strategy - Long Stock, Long Put, Short Call
- Zero-Cost Collars - What a "Free" Hedge Really Costs
- When Is Hedging Stocks With Options Worth It?
- What Is a Vertical Spread? Debit and Credit Spreads Explained
- Bull Call Spread - A Lower-Cost Bullish Trade With a Capped Payoff
- Bear Put Spread - A Defined-Risk Way to Bet on a Decline
- Credit Spreads Explained - Bull Put and Bear Call Spreads
- Spread Width and Early Assignment - Managing a Vertical's Short Leg
- Max Profit, Max Loss and Break-Even - The Three Numbers for Any Options Trade
- Risk-to-Reward Ratio in Options - What It Tells You and What It Hides
- Probability of Profit in Options - A Model Estimate, Not a Forecast
- Expected Value in Options Trading - Weighing Every Outcome
- Options Strategies Cheat Sheet - Max Profit, Max Loss and Break-Even
- How Many Contracts to Trade - Sizing Spreads by Maximum Loss
- Sizing Covered Calls and Cash-Secured Puts - Buying Power vs Real Risk
- How Many Options Positions Should You Have Open at Once?
- Diversifying an Options Portfolio - Underlyings, Expirations and Strategies
- A Simple Options Portfolio Risk Check You Can Run Every Week
- Options Exit Strategy - Plan Every Exit Before You Enter
- Taking Profits Early on Short Options - The 50% Rule and Other Profit Exits
- Stop-Loss Orders on Options - How Stops Work and Where They Fail
- When to Roll Options - Rolling for Time, Strike or a Credit
- How to Track Options Rolls and Adjustments - Measuring the Whole Trade
- How to Choose an Options Strategy for Your Goals and Account
- How to Write Entry, Exit and Sizing Rules for Each Options Strategy
- A Weekly Trading Review Routine for Options Traders
- An Options Trading Plan Example: Three Strategies, One Account
- Options Trading Checklist: Building a Strategy in Review
- Iron Condor Explained - Selling a Range With Defined Risk
- Iron Butterfly Explained - A Short Straddle With Wings
- Butterfly Spread Explained - The Long Call Butterfly
- How to Choose Iron Condor Strikes and Wing Width
- Managing an Iron Condor - Taking Profits, Expiration and Pin Risk
- Long Straddle - Profiting From a Big Move Either Way
- Long Strangle - A Cheaper Bet on a Big Move
- Straddle vs Strangle - Which Volatility Trade Fits?
- Short Straddle - Selling Premium With Undefined Risk
- Short Strangle - A Wide Range, a Small Credit, Undefined Risk
- Call Ratio Spread - Payoff, Max Loss and Break-Even
- Put Ratio Spread - How the 1x2 Works and Where It Loses
- Call Backspread - Unlimited Upside With a Defined Worst Case
- Put Backspread - Profiting From a Sharp Drop
- Ratio Spread Risk - The Naked Leg, Margin and Broker Approval
- The Expected Move Before Earnings - How to Read the Implied Move
- Buying vs Selling Options Before Earnings - Long or Short Premium
- The Earnings Iron Condor - Selling the Implied Move With Defined Risk
- Debit Spreads for Earnings - A Directional Trade That Softens the Crush
- Calendar Spread Explained - Selling Time Against Time
- Diagonal Spread Explained - A Calendar With a Directional Tilt
- Poor Man's Covered Call - A Diagonal That Stands In for Shares
- Calendar Spread Payoff - Why It Depends on a Pricing Model
- Calendar Spread Volatility - Why Time Spreads Are Long Vega
- Volatility Skew - Why Out-of-the-Money Puts Cost More
- Volatility Term Structure - How IV Changes Across Expirations
- Realized vs Implied Volatility - The Volatility Risk Premium
- How Skew Prices Collars and Risk Reversals
- Choosing Options Strategies for High and Low Implied Volatility
- What Is Portfolio Delta? Adding Up Net Delta Across Your Positions
- What Is Beta-Weighted Delta? Comparing Delta Across Different Stocks
- Portfolio Theta and Vega - Adding Up Time Decay and Volatility Risk
- Short Gamma Risk - Why a Portfolio's Delta Jumps Near Expiration
- How to Delta Hedge an Options Portfolio - Shares, Options and Index Hedges
- How to Roll a Credit Spread That Moves Against You
- Iron Condor Adjustments - Rolling the Untested Side and Going Inverted
- The Stock Repair Strategy - Lowering Your Break-Even with Options
- Converting a Losing Option Into a Spread - Call Repair and Capping Risk
- The Sunk Cost Fallacy in Trading - When to Take the Loss
- Early Assignment and Dividends - When a Short Call Gets Exercised Early
- How to Find Your Trading Edge: The Journal Fields That Matter
- Trading Expectancy: How Much You Make per Trade, on Average
- What Is Profit Factor in Trading? Formula, Examples and Pitfalls
- How to Analyze Your Trading Performance by Strategy and Setup
- How Many Trades Do You Need? Sample Size and Forward Testing
- What Are LEAPS Options? Long-Term Options Explained
- LEAPS Stock Replacement - Deep In-the-Money Calls Instead of Shares
- LEAPS Theta and Vega - Why Long-Dated Options Behave Differently
- Managing a LEAPS Diagonal - When to Roll the Short Call and the LEAPS
- 0DTE Options Explained - Same-Day Expiration and Its Risks
- Gamma and Theta on Expiration Day - Why 0DTE Prices Swing
- Defined-Risk 0DTE Trades - Credit Spreads and Iron Condors
- 0DTE Expiration and Assignment - What Happens After the Close
- Cash-Settled Options: How Index Options Pay Out Without Shares
- European vs American Options: When Each Can Be Exercised
- SPX vs SPXW Options: AM vs PM Settlement Explained
- SPX vs SPY Options: Index Options vs ETF Options, and XSP
- Special Opening Quotation (SOQ): How AM-Settled Index Options Settle
- How to Journal Index Options: Recording Cash Settlement Cleanly
- Options on Futures - How Futures Options Work
- Futures Option Contract Specs and Multipliers
- Futures Options Expiration - Quarterly, Serial and Weekly
- SPAN Margin - How Futures Option Margin Works
- Exercising Futures Options - What Happens When You Exercise
- Sector ETF Options - Trading a Whole Industry with One Contract
- Trading Options Around FOMC, CPI and the Jobs Report
- Pairs Trading with Options - Betting on One Name Beating Another
- Hedging Sector Exposure with ETF Puts
- How Options Are Taxed: Premium, Expiration, Exercise and Assignment
- Section 1256 Options and the 60/40 Rule
- The Wash Sale Rule and Options
- Covered Calls, Protective Puts and the Straddle Rules
- Options Tax Records: What to Keep and When to Get Help
- How to Write Testable Trading Rules You Can Backtest
- Backtesting Options Strategies: Overfitting, Hidden Biases and Costs
- Paper Trading Options: What It Teaches and What It Hides
- Tracking Rule Adherence: How to Measure Whether You Follow Your Trading Rules
- What Is Tail Risk? Rare Crashes and How Options Hedge Them
- How to Hedge a Portfolio With Index Puts
- Put Spreads and Collars - Selling Options to Pay for a Portfolio Hedge
- How Much Does It Cost to Hedge a Portfolio?
- VIX Options Explained - Hedging With Volatility
OptionsPro Academy is general educational content published by Full Throttle Media, LLC. It is not investment, tax or legal advice, and nothing here is a recommendation to buy or sell any security or to use any strategy. Options involve risk and are not suitable for all investors; it is possible to lose more than the amount invested with some strategies. Before trading options, read Characteristics and Risks of Standardized Options published by The Options Clearing Corporation.