Launch App
A complete, practical guide to trading Bitcoin and Ethereum options — written for the new, institution-dominated crypto market. It starts at "what is a call option?" and takes you all the way to reading dealer gamma, judging the volatility regime, and choosing strategies that actually fit the market in front of you.
From your first call
to your first edge
No abstract derivations and no hype. Every concept is explained in plain language and grounded in real Bitcoin and Ethereum examples, so you can apply it the same day you read it.
Delta, gamma, theta and vega explained with real BTC trades — what each one does to your position and how they move together as price and time change.
Gamma exposure (GEX), dealer hedging and max-pain magnetism — why the options market quietly steers spot into expiry, and how to read it.
How to tell whether the market is compressing or about to expand — and which options strategy fits each regime instead of fighting it.
Calls, puts, spreads, straddles, condors and calendars — every structure with a clear profit-and-loss diagram and the conditions where it earns its keep.
Where the durable edge in options actually lives — how implied volatility tends to overprice realized risk, and how to harvest that gap without blowing up.
The unglamorous discipline that separates traders who survive from those who don't — position sizing rules, a journaling framework and clear exit logic.
The book is built as a progression. Each part assumes only what came before it, so a complete beginner and a futures trader crossing into options can both start at page one and arrive at the same edge.
What options are, how calls and puts work, and why crypto options behave differently from equities — 24/7 markets, perpetual-driven flow and a young volatility surface.
Delta, gamma, theta, vega and rho — not as formulas, but as the live forces acting on your position every minute the market is open.
Gamma exposure, dealer hedging and the feedback loop between the options book and spot price — the machinery most retail traders never see.
Implied versus realized volatility, the volatility risk premium, and the five Bitcoin regimes that tell you which playbook to open.
A full library of single-leg and multi-leg structures, each with a payoff diagram, the thesis it expresses and the regime it belongs to.
Turning a thesis into a sized order: strike and expiry selection, position sizing, journaling, and exit rules — plus four printable cheat sheets.
You understand spot or futures, but options still feel like a black box. This book opens it, one clear step at a time.
You trade BTC and ETH and want a convex tool — defined-risk longs, hedges and income — without leaving the assets you know.
You know the Greeks from equities or FX and want to map that knowledge onto crypto's 24/7, perpetual-driven, institutionally hedged market.
With spot ETFs and a maturing institutional stance, Bitcoin and Ethereum are now traded with the same machinery that runs traditional markets — gamma, dealer hedging, volatility regimes and algorithmic flow. Candles and RSI describe what already happened. Options show you who is positioning, where, and why. This book teaches you to read that layer, whether or not you ever trade a single contract.
It's a complete guide to trading Bitcoin and Ethereum options — ten parts and fifty-one chapters covering the Greeks, dealer gamma, volatility regimes and a full strategy catalog, written by FOCSAL founder Marek Szlązak.
Yes. It begins at "what is a call option?" and builds up gradually, so you don't need any prior options experience. Each chapter assumes only what the previous one taught.
Yes. Every concept is illustrated with real BTC and ETH examples and the realities of the crypto options market — 24/7 trading, perpetual-driven flow and the Deribit volatility surface.
Yes — you can read a free sample covering the foundations and the start of the Greeks before deciding.
The complete book — a $49 value — is included free with every paid FOCSAL plan. See the plans, subscribe to any tier, and the download is yours.
The complete crypto options book — normally a $49 value — comes free with any paid FOCSAL plan, from Plus to Enterprise. Pick a plan, and the download lands in your account.
Choose which cookies we may use. Necessary cookies keep the site working and are always on. You can change this anytime via the "Cookie settings" link in the footer.
Authentication, session security, payment handling. Always active.
Google Analytics 4 — pseudonymized usage statistics that help us improve FOCSAL. No marketing profiling.