LEARN THE MODEL.
CHALLENGE THE HEDGE.
Choose a track, keep the essential lesson visible, and open derivations or implementation only when you need the depth.
Probability, measures & pricing
A rigorous route from distributions and stochastic calculus through Black–Scholes, conditional expectation, Girsanov and forward-measure pricing.
View all 9 stages
Volatility
A sequenced path through measurement, option-implied coordinates, surface construction, dynamics, calibration and hedge risk.
View all 12 stages
Rates & curves
A sequenced rates path through conventions, overnight compounding, products, curve construction, multi-curve valuation, risk and no-arbitrage dynamics.
View all 13 stages
Numerical finance
Reproducible Monte Carlo, SDE schemes, variance reduction and transform pricing with visible error controls.
Greeks & hedging
Desk-unit Greeks, nonlinear cross-risk and a discrete hedging loop with explicit costs and residuals.
Risk & xVA
Portfolio exposure, counterparty and funding adjustments, tail metrics and the controls that make model outputs defensible.
Explore every concept.
The existing typed catalog remains intact beneath the sequenced flagship curriculum.
⌘K Search by concept, model, instrument or tag.
Spot vs Futures
Separate immediate physical value from exchange-traded future delivery.
Forward Curves
Commodity delivery prices across maturities.
Contango
A forward curve whose later deliveries trade above nearby prices.
Backwardation
A forward curve whose later deliveries trade below nearby prices.
Convenience Yield
The non-cash benefit of holding physical inventory.
Black-76
Option pricing on forwards under lognormal forward dynamics.
Asian Options
Options whose payoff depends on an average price.
Storage Costs
Embed physical warehousing, insurance and financing in commodity carry.
Seasonality
Model recurring calendar patterns in supply, demand and forward prices.
Roll Yield
Measure the return from moving exposure along a forward curve.
Calendar Spreads
Trade relative value between delivery months.
Commodity Swaps
Exchange floating commodity prices for fixed contractual levels.
Commodity Options
Attach optionality to forwards, futures or physical indices.
Mean Reversion
Model commodity prices returning toward an equilibrium level.
Spread Options
Option the difference between related prices.
Swing Options
Optimise repeated exercise volumes under operational constraints.
Weather Derivatives
Link payoffs to temperature or other weather indices.
Crack Spreads
Track refinery margin between crude and products.
Spark Spreads
Track power-generation margin between electricity and fuel.
Real Options
Value operational flexibility using option-pricing logic.