A Practical Guide to Crypto Options

Learn How to Sell Crypto Options With Confidence, Using Clear, Repeatable Rules

A step-by-step framework for identifying market conditions and selling high-probability options.

  • 3 PDFs, 65 pages
  • Illustrated, real-world examples
  • Beginner-friendly explanations
The guide's cover, A Practical Guide to Crypto Options, open on a tablet beside a trading screen
A Practical Guide to Crypto OptionsHow to identify the right market conditions and choose the right options to sell

Waiting to buy cheaper? Let your cash earn while you wait.

You hold USDT or USDC and want to buy BTC, ETH or XRP below today's price.

MonthCash just waitingCash selling puts
JanWaitingPremium collected
FebWaitingPremium collected
MarWaitingPremium collected
AprPrice drops, you buy BTCPremium collected, and you buy BTC at the price you chose
ResultYou own BTC.
Extra income: none
You own BTC.
Plus 4 premiums

Same goal, same coin. The difference is that your stablecoins were paid while they waited. The guide shows how to choose the price, the expiry and the size of each trade with clear rules.

Illustration only, not financial advice. Premiums change with the market, the price may never reach your level, and it can keep falling after you buy.

Inside the guide3 PDFs, 65 pages
  • 1
    Strategy Selection FrameworkWhen to sell, and which strategy fits the market
  • 2
    Cash-Secured PutsBuild consistent income with a structured approach
  • 3
    Covered CallsTurn your BTC or ETH holdings into cash flow

Professional strategy, predictable results

This is a step-by-step framework for selling options the professional way, with defined risk, repeatable systems, and a focus on long-term consistency.

Defined riskKnow your worst case before you enter a trade.
Repeatable systemsThe same decision process, every time, without emotion.
Long-term consistencyBuilt for steady income, not short-term bets.

A practical guide to crypto options

This guide is for you if:

You want to earn yield from BTC, ETH, XRP instead of just holding

You are new to options and don't know where to start

You want a clear and repeatable, step-by-step framework you can follow

You are focused on long-term, consistent income

Most beginners lose money with options because

  • They sell strikes too closeThe guide shows how to choose strikes by probability, not guesswork.
  • They don't understand settlementYou'll see how cash settlement really works, with BTC examples.
  • They ignore market biasYou'll define market bias using 3 objective tools.
  • They rely on random strategiesThe Strategy Selection Framework replaces them with one decision process.
Example from page 5 of the guide: The Strategy Selection Framework

What's inside the PDFs

Everything you need to go from your first option sale to a structured, repeatable routine.

Inside the PDFs you'll learn how to:

  • Identify the right market conditions for selling options
  • Choose proper strikes and expirations based on probability, not guesswork
  • Understand settlement before it happens
  • Manage risk in a structured, professional way
  • Apply the framework consistently over time

The guide includes

3

PDFsThree focused guides you can work through in order

65

Pages in totalPractical, step-by-step material

Illustrated, real-world examplesScreens and numbers from real exchanges

Beginner-friendly explanationsNo prior options experience needed

Furthermore, you will learn from these PDFs:

  • How to define market bias using 3 objective tools
  • When to sell puts vs calls
  • How delta affects premium
  • How cash settlement really works (with BTC examples)
  • How to size positions safely
  • Real trade examples with numbers
Example from page 15 of the guide: How to navigate volatility
The market is a device for transferring money from the impatient to the patient.
Warren Buffett

What you'll learn inside the options guide

Three parts that build on each other: first decide what to trade, then execute it step by step.

1Part 1

The Strategy Selection Framework

The decision engine behind every profitable trade

This is where most traders fail: they jump into trades without understanding the volatility and risk environment. In this section, you'll learn how to think like a professional options seller:

  • How to analyze the volatility environment, and use it to your advantage instead of being trapped by it
  • Multiple practical tools to measure and interpret volatility
  • How to read the market environment and match it with the right strategy
  • A structured framework to assess the current risk environment
  • A repeatable decision process that removes emotional trading
A page from Part 1 showing the BTC Volatility Index on Deribit
2Part 2

Cash-Secured Puts

Build consistent income with a structured approach

This is a complete, practical step-by-step guide to executing Cash-Secured Puts in crypto markets. You'll learn:

  • A clear overview of how the strategy truly works
  • How to select the right expiration date based on your experience and risk tolerance
  • How to choose strike prices strategically, not randomly
  • How volatility influences strike selection (and how to use it properly)
  • How to select the correct margin type
  • How to calculate profitability before entering the trade
  • A professional Pre-Trade Checklist to avoid costly mistakes
  • Real numerical settlement examples on Deribit and on Bybit (USDT options)

This section transforms you from “selling puts” to executing a structured income strategy.

A page from Part 2 comparing put strikes and their delta on Deribit
3Part 3

Covered Calls

Turn your spot holdings into cash flow

If you already hold BTC or ETH, this strategy allows you to generate additional yield on top of your position. Inside this practical guide, you'll discover:

  • How Covered Calls truly generate income
  • How to select expiration dates based on your goals and experience
  • How to choose strike prices strategically
  • How to integrate volatility into your strike selection
  • How to calculate profitability and understand payoff scenarios
  • A professional Pre-Trade Checklist to avoid costly mistakes
  • Real settlement examples on Deribit and on Bybit (USDT options)

This is not theory. It's a structured execution framework.

The guide open on a tablet at a volatility chart, next to an exchange order book

Frequently asked questions

Yes. The framework is explained step-by-step, even if you've never sold an option before.

No. Both strategies can be adapted to smaller accounts. You can start with minimal assets: at least 0.01 BTC, or 0.1 ETH, or 300 USDT, depending on position sizing and risk management.

Absolutely. The Strategy Selection Framework gives you a clear decision process based on volatility and market conditions.

Yes. You'll learn a structured method instead of guessing or copying others.

It's highly practical, including checklists, profitability calculations, and numerical settlement examples.

No strategy guarantees profits, but this guide helps you reduce mistakes and make structured, probability-based decisions.

Start selling options with a plan

3 PDFs, 65 pages of clear, repeatable rules for Cash-Secured Puts and Covered Calls on BTC, ETH and XRP.

Get the guide

Secure checkout through Whop

The book A Practical Guide to Crypto Options by Edward Kay