Learn / Learn by Doing
How to use Replay the Market
Pick a past date. See that day’s close. Trade estimated option prices. Advance a day, a week, or to expiration. Later days stay hidden until you ask.
Replay is a past date. Journal is trades you already placed. Practice is today’s delayed quotes. Keep them separate.
You pick January 2, 2024 (or another closed session). You see that day’s last — not the next day, not the rest of the year. Take a structure, then Advance 1 Day, Advance 1 Week, or jump to Expiration to see how it marked.
Stock last is the real daily close. Option bid/ask on this clock are estimates from volatility frozen at the start date, not the real 2024 chain.
Advance the clock to see theta in the marks. The lesson labs use the same example math — they just let you slide without waiting a day.
Tickets for this structure
BTO (buy to open) · STO (sell to open) · BTC (buy to close) · STC (sell to close). Illustrative fills only. We never send these orders.
BTO (buy to open)
Open a long
Open on the as-of chain
Ticker PLTR. As of 2024-01-02. Click a teaching call ask, read the card, Take the replay trade. That is a classroom mark on the frozen tape, not a broker BTO (buy to open), and not a Journal row.
STC (sell to close)
Close a long
Advance the clock, then close
Advance 1 Day reveals the next Yahoo close and re-marks the teaching chain. Close writes an STC (sell to close) at the new teaching mid. Expiration settles remaining open rows at intrinsic versus the real close that day.
STO (sell to open)
Open a short
Short premium on the replay clock
After the matching Learn quiz, a cash-secured put or credit vertical can be STO (sell to open) on the as-of chain. Replay cash is separate from Practice cash. Assignment is not simulated here — use Practice for the wheel.
BTC (buy to close)
Close a short
Cover before expiration
Close on a short replay row is BTC (buy to close) at the teaching mid for that session. The Yahoo close you have not advanced to stays hidden.
What stays hidden
Later daily closes are not sent to the browser until you advance. Trailing HV is computed from sessions before the start date and then frozen, so the path ahead cannot leak into the teaching IV (implied volatility).
Three books
Replay: a past date’s Yahoo last plus a teaching options chain. Practice: today, delayed mids. Journal: the live fill you typed. None of them place orders.
How the Greeks move
Replay Greeks on the as-of chain are teaching figures when Yahoo has no 2024 NBBO. Slide the matching structure on its Learn lesson if you want stock and days without advancing the tape.
Checking for a quiz…
Teaching numbers only — not a live quote, not a fill, not financial advice. All lessons · Back to Practice · Replay · Journal.