Own the Greeks.
Train on realistic scenarios for the strategies you trade, and see exactly where your understanding breaks down.
Ten questions · five minutes · no sign-up needed
QELO is at $99, IV 23%, 60 days to expiry. Covered call: 100 shares, short $104 call. Your position earns about $3.17 a day in time decay (theta 0.032 a share).
The stock gaps down to $95.68 on the open; IV is unchanged.
What happened to your position's theta?
Press 1–4 or A–D to answer
Own the Greeks LLC is an educational service. It does not give investment, financial, legal or tax advice, and it is not a registered investment adviser or broker-dealer. All examples use made-up stocks and hypothetical figures. Options involve substantial risk and are not suitable for every investor. Read the full disclaimer.
Your map
Exam-style training for options traders: realistic scenarios, scored and ranked, on the strategies you trade.
Pilots log simulator hours before they fly. Traders go straight to live money.
No pilot learns to handle an engine failure at 30,000 feet for the first time with passengers on board. Yet most options traders meet their first overnight gap, IV crush or early assignment with real money on the line. Own the Greeks gives you the simulator hours: realistic positions, real numbers, instant feedback and an explanation behind every answer, so even a wrong one teaches you something. The best in every high-stakes field train this way. Trading shouldn't be any different.
Complexity is not a barrier; it is an invitation to pay closer attention.
Not trivia. Trades.
You won't be asked to define delta. You'll be handed a position (a stock price, an implied volatility, days to expiry, your strikes) and then the market moves. A gap down. A volatility spike. Three weeks of time decay. Your job is to know what your Greeks just did, and why.
That's the difference between knowing the textbook and knowing your trade.
Understanding begins at the exact moment passive observation ends.
Three steps. No fluff.
Step 1 — Take the test. Ten scenario questions on the strategy you trade. About five minutes. No sign-up.
Step 2 — See your map. Your score, your biggest gap and every Greek on your strategy, scored. A free account, with no credit card, saves it.
Step 3 — Train the gaps. Practice free on all six Essentials, or go Pro for all 21 and a daily drill aimed at your weak cells. Watch them change color as you improve.
The gaps you avoid looking at are the ones the market finds first.
Your blind spots, in one picture.
Most traders have a hunch about what they don't know. The weakness map replaces the hunch with a score: every Greek, on every strategy you trade. Maybe you've got delta on covered calls nailed, but vega on spreads is a coin flip. Now you'll know, and you'll know exactly what to practice next.
The eye only sees what the mind has been trained to comprehend.
Three ways to train.
PracticeFree
Free play. Pick any strategy, Greek, kind of move and difficulty level, and work at your own pace. Unrated, so mistakes cost nothing.
DrillPro
Your daily workout. Ten scored questions aimed at your weakest cells. Every answer moves your score.
Check-ridePro
The exam. Twenty-five timed questions, no hints until the end. Pass with twenty and earn a certificate you can share.
Practice fills the gaps. The drill builds the habit. The check-ride proves it.
Knowledge is the residue of deliberate action.
Earn your seat on the desk.
A Pro member's score starts at 1,350 and moves with every drill and check-ride answer. It's what carries you from Trainee to Junior Trader, Trader, Senior Trader, and finally Head Trader. Ranks aren't handed out for logging in. They're earned the same way they are on a real trading desk: by getting it right when it counts.
- TraineeLearns the language: delta, theta and vega on single options.
- Junior TraderStarts reading the Greeks on spreads and knows how a position reacts to a move.
- TraderManages positions through gaps, volatility shifts and time decay.
- Senior TraderThinks in second-order Greeks; vanna, charm and vomma hold no surprises.
- Head TraderReads every Greek on any position, even the third-order ones.
Slide to where you think you are.
Trainee · Next Step: Junior Trader
Calls and puts make sense; the Greeks are still a blur.
Where Trainees get caught: right on direction but still losing to time decay · delta isn't the whole story · prices moving when the stock doesn't. Training teaches you to see them coming.
Start free. Take the ten-question test on a covered call or a cash-secured put, see your first weakness map, and start building the knowledge that earns you Junior Trader.
Start with: the free test, then up to 20 free practice questions a day on all six Essentials.
Mastery lives in the space between what you observe and how you respond.
Confidence is earned in rehearsal, long before it is needed.
Train on the strategies you actually trade.
Essentials FREE
6 strategies · all free
Intermediate PRO
8 strategies · spreads and volatility
Advanced PRO
7 strategies · multi-leg and time
- Level 1One Greek, one movedelta, gamma, theta, vega
- Level 2The position's Greeks togetherdelta, gamma, theta, vega, rho
- Level 3Second-order Greeksvanna, charm, veta, vomma
- Level 4Third-order Greeks, management and assignmentspeed, zomma, color, ultima
- Level 5Anything can come upevery Greek but rho, every strategy
Choose any difficulty level, on any strategy.
Action accelerates understanding.
Membership
Try it first: the free test. Ten questions, no sign-up, no card.
Membership | Free account $0 Free sign-up. No card. Create free account | Pro monthly $14.95 / month plus applicable tax Cancel any time. Subscribe monthly | BEST VALUE Pro annual plus applicable tax Founding price, locked while you stay a member. First 500 annual members. Subscribe annually |
|---|---|---|---|
| Training | |||
| Free testTen questions, scored. Anyone can take it, no sign-up; a free account keeps the full report. | Included | Included | Included |
| StrategiesWhat you can train on. | All 6 Essentials | All 21 | All 21 |
| Difficulty levelsFrom one Greek to anything at all. | Level 1 + one Level 2 preview | All 5 | All 5 |
| PracticeUnscored questions you choose. | 20 a day | Unlimited | Unlimited |
| Daily drillTen scored questions aimed at your weakest cells. | Not included | Included | Included |
| Check-rides and certificatesThe timed exam, and a certificate when you pass. | Not included | Included | Included |
| Progress | |||
| Weakness mapEvery Greek on every strategy, scored. | All 6 Essentials | All 21 | All 21 |
| Score and rankFrom Trainee to Head Trader. | Not included | Included | Included |
| Flexibility | |||
| Changing strategiesSwitch what you focus on. | All 6 included | Any time | Any time |
| ExplainersWhat each strategy is and how its Greeks behave. | The basics, for the 6 Essentials | All 21 in full, with stories | All 21 in full, with stories |
Your price never goes up while your membership stays active.
Prices are in U.S. dollars, plus applicable sales tax or VAT, which Link, our payment provider, adds at checkout. You may see them in your local currency there. Cancel any time from Settings; you keep Pro until the period you paid for ends.
Consistency turns small lessons into lasting instinct.
Training a team?
Teams of 5 or more get a group price. Tell us your team size and we'll send you a code to use at checkout.
Ask about team pricing
Every discipline reserves its truest secrets strictly for the practitioner.
FAQ
- Do I need an account for the free test?
- No. Take the ten questions and see your score, your biggest gap and your weakness map, all without signing up. Your result stays in this browser for 24 hours. To keep it, see every question with the right answer, and carry your map into practice, create a free account. No credit card needed. Your test is saved to it, on any device.
- I've traded options for years. Will this teach me anything?
- Take the test and find out. Years of trading and knowing your Greeks aren't the same thing.
- How long does it take?
- The free test takes about five minutes. After that, train as much or as little as you like. When you're ready, take a check-ride: the timed exam that earns a certificate.
- Is this financial advice?
- No. Own the Greeks is education and practice. We don't recommend trades or tell you what to buy or sell.
- What are the Greeks in options trading?
- Measures of how an option's price reacts when one thing changes: the stock price, volatility or time. Delta, gamma, theta and vega are the best known. Meet the whole Greek family →
Risk is not just a number you manage; it is a boundary you learn to draw.
Under the hood
The math behind every question
Every price and Greek on Own the Greeks comes from one model, computed exactly.
Black–Scholes–Merton
What we useFischer Black and Myron Scholes published the model in 1973; Robert Merton extended it the same year, including dividends. Scholes and Merton received the 1997 Nobel Prize in economics for it. Because it's a closed formula, every Greek, from delta to ultima, is exact.
Growth is the slow gathering of deliberate choices.
Built by a trader, for traders.
I'm Allan. I placed my first options trade in 1996, over an ISDN line that felt lightning-fast at the time, and I've traded options ever since, alongside a career that took me around the world. Thirty years is long enough to have made most of the expensive mistakes, and to know which ones a little practice would have prevented.
For a large part of my career I trained people in a new field of the computer industry, which taught me how a complex subject goes in: in small pieces, with repetition, and with mistakes that cost nothing. That's how the drills on this site are built.
I've also written software since the mainframe days, and I built the trading platform I use every day. So the scenarios here come from real positions, real numbers and real, hard-earned experience.
And I've been a pilot since 1976, which is where the idea of a simulator comes from. Pilots don't learn emergencies in the air; they rehearse them in a simulator until the right response is automatic. Own the Greeks is that simulator for options traders, so you learn the expensive lessons here, not in your account.
“When I built my own trading platform, I added a testing system to keep me sharp on the Greeks behind the strategies I trade. That's when it hit me how much it would have helped me in my early days. That testing system became the starting point for Own the Greeks.”
— Allan
Your next trade is coming.
Get your hours in first.
Ten questions · five minutes · no sign-up needed