About JSM Options

jsm-options.com is a free educational site for learning listed equity options — calls, puts, spreads, and multi-leg structures — with plain language and a browser-based Strategy Builder.

What you can learn here

Basics — what an option is, calls vs puts, strike, premium, expiration, the ×100 multiplier
Fundamentals — long call, long put, covered call, intrinsic vs time value, simple Greeks
Spreads — vertical spreads and the iron condor (defined risk)
Advanced — cash-secured puts, the Wheel, calendars, LEAPS, longer DTE ideas
Strategies library — many named structures with outlook and risk notes
Builder — build legs, view expiry vs theoretical payoff, and inspect educational Greeks

How the Builder works

The Builder runs in your browser. Illustrative pricing uses a simple Black–Scholes-style model with the inputs you set (spot, IV, rates, dividends). It is not a live options chain, not a broker, and not a recommendation to trade.