Foundations

• Edge and Expectancy for Premium Sellers — What edge means when selling options — expectancy arithmetic, the volatility risk premium (IV > RV on average), and why a business framework beats trade-picking. status: stable
• Option Mechanics — Contracts, Exercise, and Product Differences — Contract anatomy, calls vs puts, exercise and assignment, American vs European style, settlement modes, and how SPX and SPY differ. status: stable
• Payoffs, Put-Call Parity, and Synthetics — Payoff profiles of the four basic positions, put-call parity and its intuition, synthetic stock/calls/puts, and the conversions and reversals built on them. status: stable
• The TOMIC Insurance Model — The One Man Insurance Company thesis — trading options like an insurance company, with underwriting, claims management, and a full business framework replacing trade-picking. status: stable

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