Option delta, and what it actually measures
Delta is the most quoted number on an options screen and the most misread. It answers one narrow question exactly, and four others only approximately.
StrikeViews · concepts
Learn the numbers behind the calculators
The calculators show you numbers. These pages explain where the numbers come from, what they leave out, and the situations in which they stop being useful. Every one of them ends with the limits rather than a recommendation.
What probability of profit does and does not tell you
A probability of profit is a single number produced by a specific model. Understanding the model is the difference between using it and being misled by it.
DTE and theta: how time decay actually behaves
Theta is quoted as a daily amount, which invites the assumption that decay happens in equal daily instalments. It does not.
Implied volatility and IV rank: what rich premium really means
Selling options looks best exactly when it is most dangerous, and implied volatility is the number that explains why.
Assignment and pin risk: how options really settle
The payoff chart ends cleanly at expiration. Real positions do not — they settle through an allocation process that has its own rules and its own surprises.
Breakeven points: what they include and what they miss
A breakeven is one of the few numbers on an options screen that is arithmetic rather than an assumption. That is what makes it useful — and what makes its limits easy to state.