# Options strategies: understand every moving part

MF005 first explains bell height, cumulative area, z-scores, quantiles, N(d1) and N(d2). Then continue to the Greeks.

Greeks foundations: GK001 Delta, GK002 Gamma, GK003 Theta, GK004 Vega and GK005 All the Greeks together. Five narrated chapters introduce local sensitivities before the strategies.

Start with long calls, puts, covered calls and short puts, then combine legs into spreads, straddles, strangles, butterflies, condors and a calendar.

Each strategy has eight steps. Predict, explore, read the formula aloud and explain the trade-offs.

Model probabilities are risk-neutral estimates, not forecasts. These lessons are education, not financial advice.

Canonical page: https://21ifm.com/quant/options

## Explore

- [Start here: MF005 normal-curve foundations](https://21ifm.com/quant/mathematics/normal-black-scholes)
- [GK001 Delta](https://21ifm.com/quant/options/greeks/delta)
- [GK002 Gamma](https://21ifm.com/quant/options/greeks/gamma)
- [GK003 Theta](https://21ifm.com/quant/options/greeks/theta)
- [GK004 Vega](https://21ifm.com/quant/options/greeks/vega)
- [GK005 All the Greeks together](https://21ifm.com/quant/options/greeks/all-greeks)
- [OP101 Long call](https://21ifm.com/quant/options/long-call)
- [OP102 Long put](https://21ifm.com/quant/options/long-put)
- [OP103 Covered call](https://21ifm.com/quant/options/covered-call)
- [OP104 Short put](https://21ifm.com/quant/options/short-put)
- [OP105 Bull call spread](https://21ifm.com/quant/options/bull-call-spread)
- [OP106 Bear put spread](https://21ifm.com/quant/options/bear-put-spread)
- [OP107 Long straddle](https://21ifm.com/quant/options/long-straddle)
- [OP108 Long strangle](https://21ifm.com/quant/options/long-strangle)
- [OP109 Short strangle](https://21ifm.com/quant/options/short-strangle)
- [OP110 Iron condor](https://21ifm.com/quant/options/iron-condor)
- [OP111 Iron butterfly](https://21ifm.com/quant/options/iron-butterfly)
- [OP112 Call butterfly](https://21ifm.com/quant/options/call-butterfly)
- [OP113 Calendar spread](https://21ifm.com/quant/options/calendar-spread)