Explore our comprehensive collection of 130+ options strategies. Understand payoffs, risk profiles, and optimal market conditions.
Buy a call option expecting the underlying to rise significantly.
Buy a lower strike call and sell a higher strike call to profit from moderate upward movement.
Sell a higher strike put and buy a lower strike put to collect premium in a bullish market.
Buy a put option expecting the underlying to fall significantly.
Buy a higher strike put and sell a lower strike put to profit from downward movement.
Sell a lower strike call and buy a higher strike call to collect premium in a bearish market.
A combination of a bear call spread and a bull put spread.
Buy an ITM call, sell two ATM calls, and buy an OTM call.
Buy an ATM call and an ATM put of the same strike.
Buy an OTM call and an OTM put of the same expiration.
Buy a put option for a stock you already own to limit downside.
Own stock, buy protective put below current price, sell covered call above.
Sell a call option against 100 shares of the underlying stock.
Sell an ATM call and an ATM put of the same strike.
Sell call and put at different strikes to profit from low volatility and range-bound movement.
A bullish credit spread using deep in-the-money put options.
Sell a put option without holding a short position in the underlying.
Sell a put option with enough cash to buy the underlying stock.
Buy a call and sell a larger number of further OTM calls.
Sell a call and buy a larger number of further OTM calls.
Sell an OTM put and buy an OTM call to simulate a long stock position.
A neutral-to-bullish butterfly spread that profits from a specific target price.
A wider profit zone version of the butterfly spread with a bullish bias.
Extend a bull call spread by selling an even higher strike call.
A bearish credit spread using deep in-the-money call options.
Sell a call option without holding a long position in the underlying.
Buy a put and sell a larger number of further OTM puts.
Sell a put and buy a larger number of further OTM puts.
Sell an OTM call and buy an OTM put to simulate a short stock position.
A neutral-to-bearish butterfly spread targeting a lower price.
Extend a bear put spread by selling an even lower strike put.
Combine an ATM straddle with OTM wing protection.
Buy an ITM call, sell a slightly ITM call, sell an OTM call, and buy a further OTM call.
Buy an OTM put, sell two ATM puts, and buy an ITM put.
A wider profit zone neutral strategy using four different put strikes.
Sell more calls than you buy, typically at different strikes.
Sell more puts than you buy, typically at different strikes.
A volatility strategy biased towards the downside (2 puts, 1 call).
A volatility strategy biased towards the upside (2 calls, 1 put).
Sell a near-term call and buy a longer-term call of the same strike.
Combine a put calendar and a call calendar.
An arbitrage strategy using four options to create a risk-free return.
Sell an ITM call and buy a larger number of OTM calls.
Sell an ITM put and buy a larger number of OTM puts.
Buy an ATM call and sell an ATM put to mimic owning stock.
Sell an ATM call and buy an ATM put to mimic shorting stock.
Sell a put option against a short stock position.
Buy a stock and a put option simultaneously.
A risk-free arbitrage strategy using stock, a short call, and a long put.
Short stock, buy a call, and sell a put at the same strike.
Sell an OTM put and an OTM credit call spread.
A systematic process of selling puts until assigned, then selling covered calls.
Zero Extrinsic Back Ratio - a synthetic stock position using options.
A variation of the butterfly with skipped strikes to create a biased profit zone.
A neutral to bullish strategy collecting premium by selling a put.
A neutral to bullish strategy selling out-of-the-money puts.
A conservative covered call strategy using deep ITM options.
A neutral to bullish strategy selling 1 call and 2 puts at the same strike.
A neutral to bearish strategy selling 2 calls and 1 put at the same strike.
A neutral strategy selling OTM calls and puts with more calls.
A neutral strategy selling OTM calls and puts with more puts.
A neutral strategy selling ITM call and ITM put.
A neutral strategy that profits from time decay and rising volatility.
A neutral to slightly bullish strategy using different strikes and expirations.
A neutral-to-bullish strategy exploiting time decay differences.
A neutral strategy that profits from time decay using puts.
A neutral to slightly bearish strategy using different strikes and expirations.
A neutral strategy that profits from time decay using calls.
A neutral strategy using calls with the same strike and different expirations.
A neutral strategy using calls with different strikes and expirations.
A neutral strategy that profits from time decay using puts.
A neutral strategy using puts with the same strike and different expirations.
A neutral strategy using puts with different strikes and expirations.
A neutral strategy that combines a credit spread and a debit spread to profit from low volatility.
A volatility strategy consisting of two butterfly spreads placed side-by-side.
An asymmetrical butterfly spread that transfers risk from one side to the other.
A broken wing butterfly that eliminates downside risk.
A broken wing butterfly that eliminates upside risk.
A neutral strategy similar to a butterfly but with a wider profitable plateau.
An asymmetrical condor that transfers risk to one side.
A broken wing condor that eliminates downside risk.
A broken wing condor that eliminates upside risk.
An even wider version of the Condor Spread with a very broad profitable range.
The credit version of the Albatross Spread collecting premium over a wide range.
A neutral strategy that collects premium by selling both call and put spreads.
A neutral strategy that combines an ATM straddle with OTM wings.
A neutral strategy that sells more calls than it buys for a credit or zero cost.
A ratio spread using different expirations for the long and short legs.
A neutral strategy that sells more puts than it buys for a credit or zero cost.
A ratio spread using different expirations for the long and short legs.
A neutral strategy using both calls and puts across different expirations.
A volatility strategy buying a long-term strangle against a short-term strangle.
A volatility strategy buying 1 call and 2 puts at the same strike.
A volatility strategy buying 2 calls and 1 put at the same strike.
A volatility strategy buying OTM calls and puts with more puts.
A volatility strategy buying OTM calls and puts with more calls.
A volatility strategy buying ITM call and ITM put.
A volatility strategy selling the wings and buying the body of a butterfly.
A volatility strategy selling outer wings and buying inner body of a condor.
A volatility strategy with very wide inner strikes.
A neutral credit strategy selling ATM straddle and buying OTM wings.
A neutral credit strategy selling OTM call/put spreads.
A volatility strategy buying ATM straddle and selling OTM wings.
A volatility strategy buying OTM call/put spreads.
A neutral strategy using ITM spreads to create an iron condor.
A volatility strategy with very wide inner strikes using iron wings.
A bullish backspread using different expirations for long and short legs.
A bearish backspread using different expirations for long and short legs.
A bearish strategy exploiting volatility contraction in the back month.
A complex bearish strategy using different strikes and expirations.
A bullish strategy exploiting volatility contraction in the back month.
A complex bullish strategy using different strikes and expirations.
A volatility strategy selling a long-term straddle against a short-term straddle.
A volatility strategy selling a long-term strangle against a short-term strangle.
A volatility strategy that involves selling an ITM put and buying two OTM puts.
A volatility strategy that involves selling an ITM call and buying two OTM calls.
A conservative bullish strategy buying a call and holding cash for assignment.
A bullish strategy using puts to protect a stock position.
A bullish strategy where stock and puts are bought simultaneously.
A bearish strategy using calls to protect a short stock position.
A bullish strategy synthetically creating a long call using stock and puts.
Replicates a long put position using a short stock position and a long call option.
A bearish strategy synthetically creating a short call using stock and puts.
A bullish strategy synthetically creating a short put using stock and calls.
A volatility strategy creating a straddle using stock and puts.
A neutral strategy creating a short straddle using stock and puts.
A bullish strategy mimicking a covered call using a long call and a short call.
An arbitrage strategy exploiting mispricing between stock and options.
An arbitrage strategy exploiting mispricing between different option strikes.
An arbitrage strategy exploiting dividend announcements and option premiums.
A neutral strategy that places two iron butterflies at different strike prices.