LEVEL I · SELF-PACED ONLINE · CPD ACCREDITED

The Foundations of the Protocol

Every core options structure, from a single call to an iron condor, worked through at expiry: what it costs, what it can make, what it can lose, and where it breaks even.
  • Ten hours, five lessons, and a Desk Check after each one: trade problems you solve yourself before moving on.

  • Options calculator spreadsheet

  • Six months on The Floor included
LEVEL I ONLINE

EUR 995

One payment. Start immediately.
14-day cooling-off period: full refund if you have accessed no more than 20% of the content.
Not sure you need it?
Take the free 15-minute qualifying test first.
Take the test

What you will be able to do

For every structure in the course, you will calculate the same five numbers until they become second nature.
Price any position
Trade price, debit or credit, maximum profit, maximum loss and break-even points, for every structure, long and short.
Read the payoff at expiry
See at a glance where a structure makes money, where it loses, and where its inflection points sit.
Choose the right structure
Know when a spread beats an outright option, and when a ratio or a condor fits your view better.
Speak the market's language
The terms and variations practitioners actually use on desks, so you are understood the first time.

The curriculum

Five lessons of about two hours each. Every lesson builds on the one before.
LESSON 1
Calls and puts: terms and definitions
The vocabulary, from underlying and derivative to American and European exercise. Long and short calls and puts. Introduction to the options calculator spreadsheet.
LESSON 2
Vertical spreads
Long and short call spreads and put spreads: the first multi-leg structures, and how a spread caps both risk and reward.
LESSON 3
Straddles and strangles
Long and short, with the two break-even points that frame every non-directional trade.
LESSON 4
Ratio spreads
Call and put ratios, long and short, plus ladders and other ratios. Why an open-ended leg changes the risk profile.
LESSON 5
Butterflies and condors
Long and short butterflies and condors, and their iron variants: precise views on where price will sit at expiry.

What is included

  • All five video lessons, with lifetime access

  • The options calculator spreadsheet and all course materials

  • Course test and certificate of completion

  • CPD-accredited by The CPD Certification Service, 10 hours of learning

  • The CIOPC exam fee: sit the proctored certification exam at no extra cost

  • If you pass: three years of CIOPC certification, with the first 12 months of the Annual Maintenance Fee included

  • Six months' membership of The Floor, including the bi-weekly Town Halls with the Course Directors

Is Level I right for you?

Take it if you work around options, or trade them, and want the structures cold: analysts, junior desk professionals, allocators and private practitioners building a serious options practice.
Skip it if you already price these structures without thinking. Take the free qualifying test to confirm it, then go straight to The Floor, Level II or the CIOPC exam.

Taught by

Santo Volpe
Course Director, former market maker, founder of Aurora Partnership
Hilton Fay
Course Director, senior options trader, traded on many exchanges around the world, floor and screen-based
Read the full Course Director profiles

After Level 1

Level I is the first step of the Protocol, not the last.
INCLUDED
The Floor
Six months in the gated community of options practitioners. Bring your questions to the Course Directors and your peers.
NEXT
Level II
Advanced Options Trading and Risk Management: the Greeks, the volatility surface and hedging.
About Level II
NEXT
The CIOPC exam
Pass the proctored exam to earn the Chicago International Options Protocol Certification.
About the CIOPC

Questions

Do I need any prior knowledge?

No. Level I starts from the definitions. Familiarity with markets helps, but no options experience is required.

How long does it take?

About 10 hours of video across five lessons, at your own pace. Allow extra time to work through the spreadsheet examples.

Does Level I include the CIOPC exam?

The Level I course test leads to a certificate of completion; the CIOPC is a separate, proctored examination. If you pass, you hold the certification for three years, with the first 12 months of the Annual Maintenance Fee included.

What happens after my six months on The Floor?

You can continue as a member of The Floor on a monthly or annual subscription, or leave at no cost.

Can my employer pay?

Yes. We can invoice your company directly. Contact us

Begin with the foundations.

Level I Online · EUR 995 · CIOPC exam and six months on The Floor included