{"id":3252,"date":"2026-02-24T05:54:06","date_gmt":"2026-02-24T05:54:06","guid":{"rendered":"http:\/\/demo.playoptions.it\/?page_id=3252"},"modified":"2026-03-02T12:43:42","modified_gmt":"2026-03-02T12:43:42","slug":"advanced-professional","status":"publish","type":"page","link":"https:\/\/www.playoptions.it\/en\/advanced-professional\/","title":{"rendered":"Advanced \/ Professional"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"3252\" class=\"elementor elementor-3252\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-83ae0b0 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"83ae0b0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-1727b5c e-con-full e-flex e-con e-child\" data-id=\"1727b5c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3ba7835 e-con-full e-flex e-con e-child\" data-id=\"3ba7835\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b0111cf elementor-widget__width-initial leftbd elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"b0111cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7855393 textcontain elementor-widget elementor-widget-text-editor\" data-id=\"7855393\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Path 2 \u2013 Advanced \/ Professional<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3810831 elementor-widget__width-initial rghtbd elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"3810831\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26b86a1 elementor-widget elementor-widget-heading\" data-id=\"26b86a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The Advanced Level of the PlayOptions Framework<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9135a23 elementor-widget elementor-widget-text-editor\" data-id=\"9135a23\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The <strong>Advanced \/ Professional Path<\/strong> represents the final stage of the PlayOptions training path.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c484654 elementor-widget elementor-widget-text-editor\" data-id=\"c484654\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If the Learning \/ Foundation level builds the structural foundations, the Advanced \/ Professional level develops advanced decision-making capability, integrating structure, volatility regimes, sentiment, and dynamic risk management.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d75798d elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"d75798d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"50\" height=\"50\" viewBox=\"0 0 50 50\" fill=\"none\"><rect width=\"50\" height=\"50\" rx=\"16\" fill=\"#0D7E40\"><\/rect><g clip-path=\"url(#clip0_477_1197)\"><path d=\"M20 27C22.206 27 24 25.206 24 23C24 20.794 22.206 19 20 19C17.794 19 16 20.794 16 23C16 25.206 17.794 27 20 27ZM20 20C21.654 20 23 21.346 23 23C23 24.654 21.654 26 20 26C18.346 26 17 24.654 17 23C17 21.346 18.346 20 20 20ZM27 36V36.5C27 36.6326 26.9473 36.7598 26.8536 36.8536C26.7598 36.9473 26.6326 37 26.5 37C26.3674 37 26.2402 36.9473 26.1464 36.8536C26.0527 36.7598 26 36.6326 26 36.5V36C26 32.691 23.309 30 20 30C16.691 30 14 32.691 14 36V36.5C14 36.6326 13.9473 36.7598 13.8536 36.8536C13.7598 36.9473 13.6326 37 13.5 37C13.3674 37 13.2402 36.9473 13.1464 36.8536C13.0527 36.7598 13 36.6326 13 36.5V36C13 32.141 16.14 29 20 29C23.86 29 27 32.141 27 36ZM32.535 13H22.5C21.5021 12.9993 20.5323 13.3305 19.7433 13.9415C18.9543 14.5526 18.391 15.4086 18.142 16.375C18.1088 16.5035 18.1281 16.6399 18.1955 16.7542C18.2629 16.8685 18.373 16.9513 18.5015 16.9845C18.63 17.0177 18.7664 16.9984 18.8807 16.931C18.995 16.8636 19.0778 16.7535 19.111 16.625C19.3046 15.8733 19.7428 15.2073 20.3565 14.732C20.9703 14.2568 21.7247 13.9992 22.501 14H32.536C34.466 14 36.036 15.57 36.036 17.498L36.001 26.5C36.001 28.43 34.431 30 32.501 30H32.001V28.5C32.001 27.673 31.328 27 30.501 27H28.501C27.674 27 27.001 27.673 27.001 28.5V29.5C27.001 30.327 27.674 31 28.501 31H32.501C34.982 31 37.001 28.981 37.001 26.502L37.036 17.5C37.036 15.019 35.016 13 32.535 13ZM31 30H28.5C28.3674 30 28.2402 29.9473 28.1464 29.8536C28.0527 29.7598 28 29.6326 28 29.5V28.5C28 28.3674 28.0527 28.2402 28.1464 28.1464C28.2402 28.0527 28.3674 28 28.5 28H30.5C30.6326 28 30.7598 28.0527 30.8536 28.1464C30.9473 28.2402 31 28.3674 31 28.5V30Z\" fill=\"white\"><\/path><\/g><defs><clipPath id=\"clip0_477_1197\"><rect width=\"24\" height=\"24\" fill=\"white\" transform=\"translate(13 13)\"><\/rect><\/clipPath><\/defs><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><span style=\"color:#6F6F6F;font-weight:400\">Instructor <\/span>: Tiziano Cagalli<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a877673 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"a877673\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-53e790d e-con-full e-flex e-con e-child\" data-id=\"53e790d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7f2f594 elementor-widget elementor-widget-heading\" data-id=\"7f2f594\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"color: #000\">Who This<\/span>  Path Is For<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-79a0fd5 e-con-full e-flex e-con e-child\" data-id=\"79a0fd5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-6362972 e-con-full e-flex e-con e-child\" data-id=\"6362972\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4d75a70 elementor-widget elementor-widget-image\" data-id=\"4d75a70\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"500\" height=\"550\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/path.webp\" class=\"attachment-large size-large wp-image-5663\" alt=\"\" srcset=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/path.webp 500w, https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/path-273x300.webp 273w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-695b7af e-con-full e-flex e-con e-child\" data-id=\"695b7af\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-31fa85b elementor-widget elementor-widget-heading\" data-id=\"31fa85b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"color:#000\">This path is <\/span>designed for:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1fd1c95 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"1fd1c95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"50\" height=\"50\" viewBox=\"0 0 50 50\" fill=\"none\"><circle cx=\"25\" cy=\"25\" r=\"25\" fill=\"#0D7E40\"><\/circle><path d=\"M26.2907 15.688L26.5987 15.828V27.672C26.5987 29.0347 26.6267 30.1173 26.6827 30.92C26.7387 31.7227 26.8694 32.32 27.0747 32.712C27.2987 33.104 27.6347 33.3653 28.0827 33.496C28.5307 33.608 29.1374 33.664 29.9027 33.664L29.9587 34H21.2787L21.3347 33.664C22.1187 33.664 22.7254 33.608 23.1547 33.496C23.6027 33.3653 23.9294 33.104 24.1347 32.712C24.3587 32.32 24.4987 31.7227 24.5547 30.92C24.6107 30.1173 24.6387 29.0347 24.6387 27.672V20.28C24.6387 19.5707 24.5267 19.076 24.3027 18.796C24.0787 18.516 23.7801 18.376 23.4067 18.376C22.9961 18.376 22.5294 18.4693 22.0067 18.656C21.4841 18.8427 20.8961 19.0853 20.2427 19.384L20.0187 18.852C21.1201 18.3667 22.2307 17.8627 23.3507 17.34C24.4894 16.8173 25.4694 16.2667 26.2907 15.688Z\" fill=\"white\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">traders who have completed the Learning \/ Foundation level or already possess solid options foundations<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-03685c5 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"03685c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"50\" height=\"50\" viewBox=\"0 0 50 50\" fill=\"none\"><circle cx=\"25\" cy=\"25\" r=\"25\" fill=\"#0D7E40\"><\/circle><path d=\"M21.1947 32.88C23.0054 32.88 24.5827 32.8147 25.9267 32.684C27.2894 32.5347 28.3534 32.2547 29.1187 31.844C29.8841 31.4147 30.2667 30.7987 30.2667 29.996H30.6027V34H19.3747V33.636C21.1107 31.9187 22.6321 30.2293 23.9387 28.568C25.2454 26.888 26.2627 25.3107 26.9907 23.836C27.7187 22.3613 28.0827 21.0733 28.0827 19.972C28.0827 18.964 27.8214 18.124 27.2987 17.452C26.7761 16.78 25.9921 16.444 24.9467 16.444C24.2561 16.444 23.6961 16.5933 23.2667 16.892C22.8561 17.172 22.5201 17.4987 22.2587 17.872C21.9974 18.2453 21.7547 18.5813 21.5307 18.88C21.3067 19.16 21.0267 19.3 20.6907 19.3C20.4107 19.3 20.1774 19.2067 19.9907 19.02C19.8227 18.8333 19.7387 18.6187 19.7387 18.376C19.7387 17.9093 19.9721 17.48 20.4387 17.088C20.9054 16.6773 21.5307 16.3507 22.3147 16.108C23.1174 15.8467 24.0041 15.716 24.9747 15.716C25.8147 15.716 26.6267 15.8467 27.4107 16.108C28.2134 16.3693 28.8667 16.8173 29.3707 17.452C29.8934 18.0867 30.1547 18.964 30.1547 20.084C30.1547 21.2973 29.7534 22.576 28.9507 23.92C28.1667 25.2453 27.0934 26.6547 25.7307 28.148C24.3867 29.6227 22.8747 31.2 21.1947 32.88Z\" fill=\"white\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">operators seeking to understand institutional dynamics behind options positioning<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10fb219 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"10fb219\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"50\" height=\"50\" viewBox=\"0 0 50 50\" fill=\"none\"><circle cx=\"25\" cy=\"25\" r=\"25\" fill=\"#0D7E40\"><\/circle><path d=\"M25.3387 24.284C26.6081 24.34 27.6161 24.6013 28.3627 25.068C29.1094 25.5347 29.6414 26.0947 29.9587 26.748C30.2947 27.4013 30.4627 28.0547 30.4627 28.708C30.4627 29.8093 30.1547 30.78 29.5387 31.62C28.9414 32.46 28.1667 33.1133 27.2147 33.58C26.2627 34.0467 25.2547 34.28 24.1907 34.28C23.3134 34.28 22.3987 34.1213 21.4467 33.804C20.4947 33.468 19.6921 32.8987 19.0387 32.096L19.5987 31.564C20.1401 32.18 20.8027 32.6187 21.5867 32.88C22.3894 33.1227 23.1454 33.244 23.8547 33.244C24.6387 33.244 25.3761 33.0853 26.0667 32.768C26.7574 32.432 27.3174 31.956 27.7467 31.34C28.1761 30.724 28.3907 29.9773 28.3907 29.1C28.3907 28.092 28.1667 27.2987 27.7187 26.72C27.2707 26.1227 26.6921 25.684 25.9827 25.404C25.2921 25.1053 24.5641 24.9093 23.7987 24.816C23.0334 24.7227 22.3334 24.676 21.6987 24.676V24.144C22.3147 24.144 22.9587 24.06 23.6307 23.892C24.3214 23.724 24.9654 23.4627 25.5627 23.108C26.1787 22.7347 26.6734 22.2587 27.0467 21.68C27.4201 21.1013 27.6067 20.4107 27.6067 19.608C27.6067 18.712 27.3734 17.9653 26.9067 17.368C26.4401 16.752 25.7214 16.444 24.7507 16.444C24.1161 16.444 23.6027 16.5933 23.2107 16.892C22.8187 17.172 22.4827 17.508 22.2027 17.9C21.9414 18.292 21.6801 18.6373 21.4187 18.936C21.1761 19.216 20.8867 19.356 20.5507 19.356C20.2521 19.356 20.0094 19.2627 19.8227 19.076C19.6361 18.8707 19.5427 18.6373 19.5427 18.376C19.5427 17.8907 19.7761 17.452 20.2427 17.06C20.7094 16.6493 21.3347 16.3227 22.1187 16.08C22.9214 15.8373 23.8081 15.716 24.7787 15.716C25.6187 15.716 26.4121 15.8373 27.1587 16.08C27.9054 16.304 28.5121 16.696 28.9787 17.256C29.4454 17.816 29.6787 18.6093 29.6787 19.636C29.6787 20.4573 29.4547 21.176 29.0067 21.792C28.5774 22.3893 28.0267 22.8933 27.3547 23.304C26.6827 23.696 26.0107 23.9853 25.3387 24.172V24.284Z\" fill=\"white\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">professionals aiming to manage complex strategies with coherence and structural control<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2b01833 e-con-full e-flex e-con e-child\" data-id=\"2b01833\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d44bd54 elementor-widget elementor-widget-heading\" data-id=\"d44bd54\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">It is Not <span style=\"color:#0D7E40\">introductory<\/span>.<br>It is a program of  <span style=\"color:#0D7E40\">advanced methodological<\/span> and operational depth.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6cf56b3 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"6cf56b3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-2418b27 e-con-full e-flex e-con e-child\" data-id=\"2418b27\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-f256633 e-con-full for-bgblu e-flex e-con e-child\" data-id=\"f256633\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b8bcc9b elementor-widget elementor-widget-heading\" data-id=\"b8bcc9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"color: #000\">Path<\/span> Objective<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51e86c9 elementor-widget elementor-widget-text-editor\" data-id=\"51e86c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The objective is to enable participants to:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d443e8f e-con-full e-flex e-con e-child\" data-id=\"d443e8f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-64b3c18 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"64b3c18\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">read market structure through open interest and strike defense<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0758f6f elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"0758f6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">correctly interpret contract positioning across strike and expiration<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d858ef elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"6d858ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">evaluate contract strength and DPD distribution<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdb6a8b elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"fdb6a8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">integrate trend, sentiment, and volatility into strategy construction<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-111823d elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"111823d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">dynamically adjust structures based on time, P&amp;L, and evolving market context<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e9d651 elementor-widget__width-initial elementor-widget-tablet__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"9e9d651\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The purpose is not to execute complex strategies.\u2028It is to <span style=\"color: #0d7e40;\">govern them.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5ec44e5 e-con-full elementor-hidden-mobile e-flex e-con e-child\" data-id=\"5ec44e5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-202fe87 is-relati e-flex e-con-boxed e-con e-parent\" data-id=\"202fe87\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;none&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-baa60e8 e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"baa60e8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-36be39e elementor-widget elementor-widget-heading\" data-id=\"36be39e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"color: #000\">Program<\/span> Structure<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5e6561b e-con-full e-flex e-con e-child\" data-id=\"5e6561b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-6a5684b e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"6a5684b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-e924380 e-con-full e-flex e-con e-child\" data-id=\"e924380\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-624ea3b e-con-full e-flex e-con e-child\" data-id=\"624ea3b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-925656c elementor-widget elementor-widget-heading\" data-id=\"925656c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">01<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f8a2a50 e-con-full e-flex e-con e-child\" data-id=\"f8a2a50\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4b23393 elementor-widget elementor-widget-heading\" data-id=\"4b23393\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"color:#000\">Market Structure &amp; <\/span>Contract Dynamics<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ea65a27 e-con-full e-flex e-con e-child\" data-id=\"ea65a27\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-60d318f elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"60d318f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Obligation vs discretion in option contracts<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3304ecd elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"3304ecd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Economic differences between buyers and sellers<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d30edf elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"6d30edf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Strike defense mechanisms<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-931f48c elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"931f48c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Contract positioning by strike and expiration<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8db69a elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"e8db69a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"> Synthetic open interest (ITM contracts)<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46a881c elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"46a881c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Contract strength evaluation (DPD)<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0e0b3e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f0e0b3e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-487e1d2 e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"487e1d2\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-b6c44be e-con-full e-flex e-con e-child\" data-id=\"b6c44be\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-68effad e-con-full e-flex e-con e-child\" data-id=\"68effad\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c787129 elementor-widget elementor-widget-heading\" data-id=\"c787129\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">02<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ae12775 e-con-full e-flex e-con e-child\" data-id=\"ae12775\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e575456 elementor-widget elementor-widget-heading\" data-id=\"e575456\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"color:#000\">Sentiment and <\/span>Trend Interpretation<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-eb4f467 e-con-full e-flex e-con e-child\" data-id=\"eb4f467\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4a49e98 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"4a49e98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Market sentiment within options markets<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-264d1b8 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"264d1b8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Relationship between trend and structural force<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b840d9 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"2b840d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Operational interpretation of directional strength<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e756927 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"e756927\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9d3031e e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"9d3031e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-39548f6 e-con-full e-flex e-con e-child\" data-id=\"39548f6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-4455ae0 e-con-full e-flex e-con e-child\" data-id=\"4455ae0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-97776bf elementor-widget elementor-widget-heading\" data-id=\"97776bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">03<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-29eaf38 e-con-full e-flex e-con e-child\" data-id=\"29eaf38\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6de3b81 elementor-widget elementor-widget-heading\" data-id=\"6de3b81\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"color:#000\">Advanced <\/span>Volatility<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2e35cb0 e-con-full e-flex e-con e-child\" data-id=\"2e35cb0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6a41dbb elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"6a41dbb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Volatility extremes and regime identification<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35ccf7f elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"35ccf7f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Historical vs implied volatility<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0332ca4 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"0332ca4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Strategic use of Vega<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6c4e64 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"d6c4e64\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Volatility indices across futures and equities<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0726721 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"0726721\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Skewness and its predictive implications<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5db6400 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5db6400\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e15353 e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"1e15353\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3a6c7d6 e-con-full e-flex e-con e-child\" data-id=\"3a6c7d6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-9ccdf4c e-con-full e-flex e-con e-child\" data-id=\"9ccdf4c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-80ea34c elementor-widget elementor-widget-heading\" data-id=\"80ea34c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">04<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dd9256f e-con-full e-flex e-con e-child\" data-id=\"dd9256f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-03fb208 elementor-widget elementor-widget-heading\" data-id=\"03fb208\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"color:#000\">Advanced <\/span> Strategy Construction<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-80058ff e-con-full e-flex e-con e-child\" data-id=\"80058ff\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-badaed8 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"badaed8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Strategic insertion of bought legs<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28654dd elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"28654dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Strategic insertion of sold legs<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-238a0d1 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"238a0d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Rolling implications<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0eefb9c elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"0eefb9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Assignment considerations<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2acb378 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"2acb378\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Hedging integration<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11bb031 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"11bb031\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5191f8e e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"5191f8e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-06430ce e-con-full e-flex e-con e-child\" data-id=\"06430ce\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-59a9649 e-con-full e-flex e-con e-child\" data-id=\"59a9649\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-709df48 elementor-widget elementor-widget-heading\" data-id=\"709df48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">05<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c0df428 e-con-full e-flex e-con e-child\" data-id=\"c0df428\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b38e249 elementor-widget elementor-widget-heading\" data-id=\"b38e249\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"color:#000\">Modification &amp;<\/span> Risk Control Techniques<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f257736 e-con-full e-flex e-con e-child\" data-id=\"f257736\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-82b2167 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"82b2167\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Rolling techniques<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d84b70 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"0d84b70\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">\u201cWhat if\u201d scenario construction<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8df9260 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"8df9260\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Worst-case scenario modeling<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b88bc1 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"9b88bc1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Structural consistency with market conditions<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6726dab elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"6726dab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Post-analysis and performance evaluation<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ce61a0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6ce61a0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-af098f1 e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"af098f1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-bf1b12e e-con-full e-flex e-con e-child\" data-id=\"bf1b12e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-78a3d6b e-con-full e-flex e-con e-child\" data-id=\"78a3d6b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f4c3fe3 elementor-widget elementor-widget-heading\" data-id=\"f4c3fe3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">06<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dfa3793 e-con-full e-flex e-con e-child\" data-id=\"dfa3793\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9892fb4 elementor-widget elementor-widget-heading\" data-id=\"9892fb4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"color:#000\">Hedging \u2013 <\/span>A Structural Approach<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8777e99 e-con-full e-flex e-con e-child\" data-id=\"8777e99\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a3b1267 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"a3b1267\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Threshold hedging<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-98c912f elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"98c912f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Long-only \/ short-only logic<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-034cd3d elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"034cd3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Institutional \/ continuous hedging<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-884479b elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"884479b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Underlying-based hedging<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ba22a1 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"6ba22a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Option-based hedging<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e19793 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"5e19793\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-hashtag\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M440.667 182.109l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l14.623-81.891C377.123 38.754 371.468 32 363.997 32h-40.632a12 12 0 0 0-11.813 9.891L296.175 128H197.54l14.623-81.891C213.477 38.754 207.822 32 200.35 32h-40.632a12 12 0 0 0-11.813 9.891L132.528 128H53.432a12 12 0 0 0-11.813 9.891l-7.143 40C33.163 185.246 38.818 192 46.289 192h74.81L98.242 320H19.146a12 12 0 0 0-11.813 9.891l-7.143 40C-1.123 377.246 4.532 384 12.003 384h74.81L72.19 465.891C70.877 473.246 76.532 480 84.003 480h40.632a12 12 0 0 0 11.813-9.891L151.826 384h98.634l-14.623 81.891C234.523 473.246 240.178 480 247.65 480h40.632a12 12 0 0 0 11.813-9.891L315.472 384h79.096a12 12 0 0 0 11.813-9.891l7.143-40c1.313-7.355-4.342-14.109-11.813-14.109h-74.81l22.857-128h79.096a12 12 0 0 0 11.813-9.891zM261.889 320h-98.634l22.857-128h98.634l-22.857 128z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Micro and macro interventions<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c6ef8a elementor-absolute elementor-hidden-mobile elementor-hidden-tablet elementor-widget elementor-widget-image\" data-id=\"6c6ef8a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"112\" height=\"150\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/round.webp\" class=\"attachment-large size-large wp-image-5648\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd452a0 elementor-absolute elementor-hidden-mobile elementor-hidden-tablet elementor-widget elementor-widget-image\" data-id=\"cd452a0\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"112\" height=\"150\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/round.webp\" class=\"attachment-large size-large wp-image-5648\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6979706 elementor-absolute elementor-hidden-mobile elementor-hidden-tablet elementor-widget elementor-widget-image\" data-id=\"6979706\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"133\" height=\"150\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/decoimg.webp\" class=\"attachment-large size-large wp-image-5647\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22c2078 elementor-absolute elementor-hidden-mobile elementor-widget elementor-widget-image\" data-id=\"22c2078\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"470\" height=\"700\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/Ellipse.webp\" class=\"attachment-large size-large wp-image-5665\" alt=\"\" srcset=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/Ellipse.webp 470w, https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/Ellipse-201x300.webp 201w\" sizes=\"(max-width: 470px) 100vw, 470px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ef84e3 elementor-absolute elementor-hidden-mobile elementor-widget elementor-widget-image\" data-id=\"4ef84e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"470\" height=\"700\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/Ellipse.webp\" class=\"attachment-large size-large wp-image-5665\" alt=\"\" srcset=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/Ellipse.webp 470w, https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/Ellipse-201x300.webp 201w\" sizes=\"(max-width: 470px) 100vw, 470px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-190691d e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"190691d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-05f2a3d e-con-full e-flex e-con e-child\" data-id=\"05f2a3d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-e0d8b1e e-con-full e-flex e-con e-child\" data-id=\"e0d8b1e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3be99b2 elementor-widget elementor-widget-image\" data-id=\"3be99b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"625\" height=\"600\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img1.webp\" class=\"attachment-large size-large wp-image-5666\" alt=\"\" srcset=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img1.webp 625w, https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img1-300x288.webp 300w\" sizes=\"(max-width: 625px) 100vw, 625px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1613ed1 e-con-full e-flex e-con e-child\" data-id=\"1613ed1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-02663e4 elementor-widget elementor-widget-heading\" data-id=\"02663e4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"color: #000\">Teaching<\/span> Methodology<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f47c96f elementor-widget elementor-widget-text-editor\" data-id=\"f47c96f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The course integrates advanced theory, real-world examples, and structured simulations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da54747 elementor-widget elementor-widget-text-editor\" data-id=\"da54747\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The approach remains consistent with the PlayOptions framework: control before execution, structure before complexity.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65acc36 elementor-hidden-mobile elementor-widget elementor-widget-image\" data-id=\"65acc36\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"133\" height=\"150\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/decoimg.webp\" class=\"attachment-large size-large wp-image-5647\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fa0e05b e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"fa0e05b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-f690503 e-con-full e-flex e-con e-child\" data-id=\"f690503\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-52528f4 e-con-full e-flex e-con e-child\" data-id=\"52528f4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-76c54d0 elementor-widget elementor-widget-heading\" data-id=\"76c54d0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"color: #000\">Position Within the<\/span> Training Path<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c10f9b elementor-widget elementor-widget-text-editor\" data-id=\"4c10f9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Advanced \/ Professional Path is the advanced level of the PlayOptions educational framework.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1601967 elementor-widget elementor-widget-text-editor\" data-id=\"1601967\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>It requires full mastery of the structural foundations introduced in the Learning \/ Foundation level.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb99129 elementor-widget elementor-widget-text-editor\" data-id=\"fb99129\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>It is where methodology becomes controlled application.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5454296 e-con-full e-flex e-con e-child\" data-id=\"5454296\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7a2a1a3 elementor-widget elementor-widget-image\" data-id=\"7a2a1a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"625\" height=\"600\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img-2.webp\" class=\"attachment-large size-large wp-image-5667\" alt=\"\" srcset=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img-2.webp 625w, https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img-2-300x288.webp 300w\" sizes=\"(max-width: 625px) 100vw, 625px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d0bc2ed e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"d0bc2ed\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-8ae0e7b e-con-full e-flex e-con e-child\" data-id=\"8ae0e7b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-52ef8aa e-con-full e-flex e-con e-child\" data-id=\"52ef8aa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-30e75fc elementor-widget elementor-widget-image\" data-id=\"30e75fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"625\" height=\"600\" src=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img-3.webp\" class=\"attachment-large size-large wp-image-5668\" alt=\"\" srcset=\"https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img-3.webp 625w, https:\/\/www.playoptions.it\/wp-content\/uploads\/2026\/02\/img-3-300x288.webp 300w\" sizes=\"(max-width: 625px) 100vw, 625px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1f82894 e-con-full e-flex e-con e-child\" data-id=\"1f82894\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-642b7c5 elementor-widget elementor-widget-heading\" data-id=\"642b7c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"color: #000\">Final<\/span> Note<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-834e1c8 elementor-widget elementor-widget-text-editor\" data-id=\"834e1c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Advanced \/ Professional Path does not teach you to do more.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5dbac18 elementor-widget elementor-widget-text-editor\" data-id=\"5dbac18\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>It teaches you to control better.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Path 2 \u2013 Advanced \/ Professional The Advanced Level of the PlayOptions Framework The Advanced \/ Professional Path represents the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"site-sidebar-layout":"no-sidebar","site-content-layout":"","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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