In terms of learning options, fundamental analysis isn't relevant: the "why" doesn't matter. If you're wearing a bunch of 20 delta call spreads, and the underly

In terms of learning options, fundamental analysis isn't relevant: the "why" doesn't matter. If you're wearing a bunch of 20 delta call spreads, and the underlying jumps 10% it's more important to learn what that means for your risk than it is to learn why the underlying moved. Now of course you want to do both, because ultimately you'll want to know why vols are trading where they are, which will be determined by the behavior of the underlying. But at first you just want to get a qualitative sense of how all the pieces fit together. Then once you do, you can do you fundamental analysis and incorporate that thesis, and start to develop a vol thesis.