Reading list

We don't offer one-on-one tutoring, so we've done the next best thing: for every rank, the books and free courses we'd point you to. The ranks are where to start, not a rule; if a book feels too easy or too hard, move up or down. We don't earn anything from these links.

New to a Greek on this list? Meet the whole family on one page: The Greeks.

Trainee

Learns the language: delta, theta and vega on single options.

OIC Options AcademyFree
The Options Industry Council (OIC)
Clear, broker-neutral basics, from what an option is to the first Greeks.
Go to the courses (free sign-up) (opens in a new tab)
Characteristics and Risks of Standardized OptionsFree
The Options Clearing Corporation (OCC)
The document every broker asks you to acknowledge, worth reading properly once.
Read it on the OCC's site (opens in a new tab)
Understanding Options
Michael Sincere · 2nd edition
A plain-English first book on calls, puts and why prices move.
See it on Amazon (opens in a new tab)

Junior Trader

Starts reading the Greeks on spreads and knows how a position reacts to a move.

Options as a Strategic Investment
Lawrence G. McMillan · 5th edition
The classic strategy reference; read the chapters for the spreads you trade.
See it on Amazon (opens in a new tab)
The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies
Guy Cohen · 2nd edition
Each strategy on a few pages, with its payoff and its Greeks.
See it on Amazon (opens in a new tab)

Trader

Manages positions through gaps, volatility shifts and time decay.

Option Volatility and Pricing: Advanced Trading Strategies and Techniques
Sheldon Natenberg · 2nd edition
The book professional traders start with: how volatility drives everything.
See it on Amazon (opens in a new tab)
Option Trading: Pricing and Volatility Strategies and Techniques
Euan Sinclair
A practical bridge from pricing theory to managing real positions.
See it on Amazon (opens in a new tab)

Senior Trader

Thinks in second-order Greeks; vanna, charm and vomma hold no surprises.

Volatility Trading
Euan Sinclair · 2nd edition
Trading volatility itself, and where vanna, charm and vomma start to matter.
See it on Amazon (opens in a new tab)
Positional Option Trading: An Advanced Guide
Euan Sinclair
Holding and managing option positions over time.
See it on Amazon (opens in a new tab)
Options, Futures, and Other Derivatives
John C. Hull · 11th edition
The standard university textbook, with the full math behind the Greeks.
See it on Amazon (opens in a new tab)

Head Trader

Reads every Greek on any position, even the third-order ones.

Dynamic Hedging: Managing Vanilla and Exotic Options
Nassim Nicholas Taleb
The practitioner's deep dive into hedging and higher-order risk.
See it on Amazon (opens in a new tab)
The Complete Guide to Option Pricing Formulas
Espen Gaarder Haug · 2nd edition
Every major formula in one place, including Bjerksund–Stensland.
See it on Amazon (opens in a new tab)
The Volatility Surface: A Practitioner's Guide
Jim Gatheral
How skew and the term structure really behave.
See it on Amazon (opens in a new tab)

Education only, not financial advice. Options involve substantial risk. Read the full disclaimer.