Knowla / Learn / Options guide
Options guide
New to options positioning? Start here.
Eleven short lessons, one idea each, written for crypto options. No jargon you have not been given first. Every “How to read this” in the app links back to the lesson that explains it.
- 01
The options chain
What one row of an options chain is, and which columns carry the information.
- 02
Open interest and the put/call ratio
What open interest is, what it means when it builds, and how to read the put/call ratio without being fooled by an expiry.
- 03
IV, skew, and the expected move
What implied volatility is, what skew says, and how an option price becomes a range.
- 04
Max pain, and how often it holds
The strike where option holders would be owed the least, and a measured record of how close it lands.
- 05
Dealers and positive or negative gamma
Why option positions can push the price, and what the weather words on every page mean.
- 06
Walls and the gamma flip
Two levels with the most open interest, and the price where the gamma sign changes.
- 07
Reading a GEX heatmap
One grid of strikes against expiries, and how to scan it in order.
- 08
Open interest changes
What a rise or fall in open interest means, and how Knowla compares two trading days.
- 09
Unusual activity and z-scores
How a contract gets flagged for trading more than usual for itself, and what that does not mean.
- 10
The greeks, and where the price went
Seven sensitivities of an option price, and how a price move is split into causes.
- 11
A five-minute daily routine
An order for the screens that gets you from the headline to the detail without wandering.
Everything here describes public option books and is an approximation. It is education, not financial advice. For exactly how each number is computed, see the methodology.