# What is The Hedge?

The Hedge is a three-course options education series powered by Options Insight within SpotGamma Academy.

The Hedge combines decades of experience from Wall Street veterans Imran Lakha and Brent Kochuba to deliver a 3-course intensive options training series.

The Hedge is the flagship education series inside SpotGamma Academy, with the mission to empower traders by leveling the playing field around options education so that all traders and investors can learn to see what the professionals see.

Here are the skills you will obtain in each of the 3 levels of this series:

**Level One: Junior Trader**

This introductory course teaches skills required of a Junior Trader.

- Analyze call and put options profit profiles
- Understand the variables that determine an options price
- Differentiate between intrinsic and time value
- Read an options chain and compare pricing of different strikes and maturities

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**Level Two: Senior Trader**

This intermediate course teaches skills required of a Senior Trader.

- Evaluate each of the key Greeks and their role in risk management
- Appreciate the role market-makers have on stock price movement through Delta hedging
- Differentiate between realized and implied volatility and the Greeks associated with each
- Apply multi-dimensional scenarios to spot price, time, and volatility to project the path of an options value

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**Level Three: Portfolio Manager**

This advanced course teaches skills required of a Portfolio Manager.

- Interpret the shape of the term structure
- Understand forward implied volatility and how it applies to VIX futures
- Assess volatility skew, why it exists and how it informs you about tail risk in a certain asset
- Understand second order Greeks including Vanna and Charm and the impact they have on markets due to dealer positioning
- Implement new trading strategies including spreads, ratios and butterflies
- Trading volatility and skew via straddles and collars
- Identify and trade gamma squeezes before and after the fact

Register for The Hedge through SpotGamma Academy here.