Option Strategy Payoff Calculator

Payoff charts, break-even points and risk-reward ratios for 54 strategies. Great way to learn options.

Option Strategy Simulator

Aggregate Greeks, what-ifs, volatility skew, and more advanced option strategy modelling. Also intraday.

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Options: The Basics

Basic Option Positions

Option Pricing and Greeks


VIX (CBOE Volatility Index)


Technical Analysis


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Black-Scholes Model History and Key Papers

This page is an overview of main events and papers related to the Black-Scholes option pricing model. Besides works of its main authors, Black, Scholes, and Merton, we will also investigate earlier ideas which influenced the model, and other researchers (many of them famous for other models) who played a role in its development, such [more…]

VIX All-Time Lows and Sub-10 Days Overview

The following is an overview of all-time lowest VIX closes, record low intraday VIX values, and sub-10 days. Here is a similar page for VIX all-time highs. The figures below include VIX data up to and including 3 November 2017. All-Time Lowest VIX Close All-time lowest VIX close was 9.14 on 3 November 2017. 20 [more…]

Is VIX a Stock? Is VIX an ETF?

The VIX is not a stock. It is not an ETF either. The VIX is an index. In fact, “VIX” is just the symbol used for an index whose official name is CBOE Volatility Index. As its name suggests, the VIX is a volatility index – a number that measures volatility. It is maintained and [more…]


While VIX ETFs and ETNs include a wide range of products with different strategies and exposures, the universe of European volatility products is much younger and smaller. Two VSTOXX ETNs were launched on 2 May 2017 by VelocityShares, issued by UBS (VelocityShares also manage the VIIX, XIV, TVIX, and a number of other VIX ETNs [more…]

Normalized ATR: Two Ways of Expressing ATR as Percentage

Average True Range (ATR) is a very useful measure of volatility, but it has downsides. Because it is derived from range (or to be precise, true range) and expressed as absolute dollar value, it is not directly comparable across securities and over time. For example, a stock trading around 10 with ATR of 0.5 is [more…]

Average True Range (ATR) Period and Which to Use

Average True Range (ATR) takes only one parameter and that is the period length. Some users of the ATR Calculator have asked the question which period setting they should use – which is “the best”. The answer is of course there is no such thing as the best or most profitable ATR period, like there [more…]

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