Learn options trading, then practice it

OptionsKing is a free options learning app for iPhone, iPad and Android. Work through short lessons, check your understanding with quizzes, then practice with virtual cash. The same app includes a screener for covered calls, cash-secured puts and defined-risk spreads, so you can connect the concepts to an options position.

Download OptionsKing for iPhone and iPad or get OptionsKing for Android. You can also open the web app.

A course you can work through one lesson at a time

The Learn tab contains 107 lessons in 11 series. Start with your first contract: what a call or put means, how a strike and expiration define it, and what buying or selling the contract commits you to. Later lessons cover the wheel, spreads, the Greeks and trade management.

Each lesson includes worked examples and a five-question check. You can continue where you left off, revisit missed questions and see your completed lessons in Progress. The native apps bundle the lessons, so reading does not depend on a signal.

Screenshots use a demonstration account. Any balances or outcomes shown are simulated.

From an explanation to a paper trade

1. Read a lesson. For example, learn why a cash-secured put needs enough cash to buy 100 shares per contract.
2. Check your understanding. Answer the questions and review the explanation for anything you missed.
3. Try the practice mission. Use virtual cash to explore the strategy and write down what you expect to happen.
4. Review the outcome. Compare your prediction with the paper result, then replay a different stock price to explore how the outcome changes.

See the options paper trading walkthrough for the practice workflow, or watch the app tour.

What you can learn

• Covered calls: premium, capped upside, the stock position and assignment.
• Cash-secured puts: collateral, break-even and buying shares at the strike.
• The wheel: how a put entry and a covered call fit into a cycle.
• Defined-risk spreads: how multiple legs change maximum gain, loss and break-even.
• Risk and pricing: the Greeks, liquidity, expiration and earnings events.

You can read the public options guides before installing. Use the covered call calculator and cash-secured put calculator to work through your own illustrative inputs.

Who this app fits

OptionsKing fits learners who want explanations, repeated checks and paper practice in one place. It also provides a watchlist screener for comparing option-selling candidates. It does not connect to a broker, place real orders or provide personalized investment advice. Market quotes are delayed by roughly 15 minutes.

Questions about learning in the app