Trade Hull Street,
one level at a time.

Walk onto the exchange. Learn what a forward and a future really are, how margin keeps the system honest, how to hedge with them, and how no-arbitrage alone pins down their fair price.

1. 🏛️
   Level 1 Futures Markets: A First Look ★★★ ◆
2. 🔒
   Level 2 Margin, Settlement & Mechanics ★★★ ◆ Needs: L01
3. 🔒
   Level 3 Hedging with Futures ★★★ ◆◆ Needs: L01
4. 🔒
   Level 4 Interest Rates, Essentials ★★★ ◆◆ Needs: L01
5. 🔒
   Level 5 Pricing Forwards & Futures ★★★ ◆◆ Needs: L03, L04
6. 🔒
   Level 6 Interest Rate Futures ★★★ ◆◆◆ Needs: L04, L05
7. 🔒
   Level 7 Swaps ★★★ ◆◆◆ Needs: L04
8. 🔒 👑
   Level 8 · EXAM The Floor Exam ★★★ ◆◆◆ Needs: L05, L07

Meet the option: the right, but not the obligation. Build the intuition for payoffs, the iron logic of put–call parity, trading strategies, and the two engines that price them — the binomial tree and Black–Scholes.

1. 🔒
   Level 9 How Options Work ★★★ ◆◆ Needs: L05
2. 🔒
   Level 10 Put–Call Parity & Bounds ★★★ ◆◆◆ Needs: L09
3. 🔒
   Level 11 Trading Strategies with Options ★★★ ◆◆◆ Needs: L09
4. 🔒
   Level 12 The Binomial Tree ★★★ ◆◆◆ Needs: L09
5. 🔒
   Level 13 Black–Scholes at a Glance ★★★ ◆◆◆◆ Needs: L12
6. 🔒
   Level 14 The Greeks ★★★ ◆◆◆◆ Needs: L13
7. 🔒
   Level 15 Volatility & the Smile ★★★ ◆◆◆◆ Needs: L13, L14
8. 🔒 👑
   Level 16 · EXAM The Options Desk Exam ★★★ ◆◆◆◆ Needs: L14, L10

Where the pieces come together: options on futures, exotic payoffs, the credit derivatives at the heart of 2008, and the structured products banks sell to investors. The grand finale.

1. 🔒
   Level 17 Options on Futures & Black's Model ★★★ ◆◆◆◆ Needs: L13, L06
2. 🔒
   Level 18 Exotic Options ★★★ ◆◆◆◆ Needs: L13, L11
3. 🔒
   Level 19 Credit Derivatives & 2008 ★★★ ◆◆◆◆ Needs: L07, L10
4. 🔒
   Level 20 Structured Products in Practice ★★★ ◆◆◆◆◆ Needs: L18, L19
5. 🔒 👑
   Level 21 · EXAM The Risk Manager's Final ★★★ ◆◆◆◆◆ Needs: L20, L15