Beginner Strategies
- Bullish Long Call Buy a call to profit if the stock rises, with risk capped at the premium. View strategy
- Bearish Long Put Buy a put to profit if the stock falls, with risk capped at the premium. View strategy
- Bullish LEAPS Call A long-dated call that acts like cheaper stock for a patient bullish view. View strategy
- Bearish LEAPS Put A long-dated put that owns downside for years, for a fraction of shorting's capital. View strategy
- Income Cash-Secured Put Sell a put with cash set aside to get paid while you wait to buy lower. View strategy
- Income Covered Call Own 100 shares and sell a call against them to collect premium as rent. View strategy
- Income The Wheel Sell puts until assigned, then sell calls until called away, collecting at every turn. View strategy
- Bullish Bull Call Spread Buy a call and sell a higher one to cap both the cost and the risk. View strategy
- Bearish Bear Put Spread Buy a put and sell a lower one to cap both the cost and the risk. View strategy
- Hedging Protective Put Buy a put on stock you own to set a floor under a possible drop. View strategy
- Hedging Married Put Buy stock and a put together so your downside is insured from day one. View strategy
- Hedging Collar Sell a call to pay for a protective put, capping both your risk and your upside. View strategy
- Hedging Costless Collar A collar built so the call fully pays for the put, at zero net cost. View strategy
- Volatility Long Straddle Buy a call and a put at the same strike to profit from a big move either way. View strategy
- Volatility Long Strangle Buy an out-of-the-money call and put for a cheaper bet on a large move. View strategy
Intermediate Strategies
- Bearish Bear Call Spread Sell a call spread to collect credit as long as the stock stays down. View strategy
- Bullish Bull Put Spread Sell a put spread to collect credit as long as the stock holds up. View strategy
- Neutral Calendar Spread Sell near-term time and buy longer-term to profit from a stock that stalls. View strategy
- Bullish Call Calendar Sell a near-term call and buy a longer-dated one to lean bullish while selling time. View strategy
- Income Covered Strangle Own stock and sell both a call and a put to double the premium income. View strategy
- Neutral Iron Butterfly A tighter iron condor that collects more premium for a narrower range. View strategy
- Neutral Iron Condor Sell a call spread and a put spread to profit from a quiet, range-bound stock. View strategy
- Neutral Long Call Butterfly A cheap, defined-risk bet that the stock pins a specific price. View strategy
- Neutral Long Condor A wider, cheaper butterfly with a flat profit zone between two strikes. View strategy
- Neutral Long Put Butterfly A put-based butterfly that profits if the stock pins a lower strike. View strategy
- Income Poor Man's Covered Call Use a long-dated call instead of 100 shares to run a covered call for less cash. View strategy
- Bearish Put Calendar Sell a near-term put and buy a longer-dated one for a slow drift down. View strategy
- Volatility Reverse Iron Butterfly A tighter reverse condor that pays more if the stock makes a sharp move. View strategy
- Volatility Reverse Iron Condor Buy both spreads for a defined-risk bet that the stock breaks out of its range. View strategy
- Bullish Short Put Sell a put to get paid for a bullish view and a price you would buy at. View strategy
Advanced Strategies
- Neutral Albatross Spread A condor with far-apart wings for a wide, low-cost profit range on a quiet stock. View strategy
- Bearish Bear Put Ladder Add a lower short put to a bear put spread for extra credit. View strategy
- Bearish Bearish Risk Reversal Sell a call to fund a put for a leveraged, low-cost bearish bet. View strategy
- Neutral Big Lizard A short straddle plus a call spread that removes all upside risk. View strategy
- Neutral Broken Wing Butterfly A skewed butterfly that can open for a credit with a directional lean. View strategy
- Bullish Bull Call Ladder Add a short call above a bull call spread for extra credit with a capped top. View strategy
- Bullish Call Diagonal Blend strikes and expirations to lean bullish while collecting time decay. View strategy
- Bullish Call Ratio Backspread Sell one call and buy two higher ones for a low-cost bet on a big rise. View strategy
- Income Covered Put Short stock and sell a put for income with a bearish-to-neutral lean. View strategy
- Income Diagonal Call Write Sell short-dated calls against a long LEAPS call, month after month. View strategy
- Income Dividend Collar Collect a dividend while a collar caps both your risk and your upside. View strategy
- Neutral Double Calendar Two calendars at different strikes for a wider profit range on a quiet stock. View strategy
- Neutral Double Diagonal Diagonals on both sides for range-bound income with longer-dated protection. View strategy
- Volatility Earnings Strangle Buy a strangle before earnings to trade the expected move. View strategy
- Volatility Gamma Scalping Trade the stock against a long-option position to harvest big daily swings. View strategy
- Hedging Index Put Hedge Hedge a basket of stocks with broad index puts in one trade. View strategy
- Neutral Jade Lizard A short put plus a short call spread for premium with no upside risk. View strategy
- Bullish LEAPS Call Spread Buy a long-dated call and sell a higher one for cheaper, defined-risk long-term upside. View strategy
- Bearish LEAPS Put Spread Buy a long-dated put and sell a lower one for cheaper, defined-risk long-term downside. View strategy
- Volatility Long Guts Buy an in-the-money call and put for a straddle-like bet with less time value. View strategy
- Income Monthly Income Condor Sell a monthly iron condor for steady, defined-risk premium. View strategy
- Hedging Portfolio Put Hedge Use index puts to protect your whole portfolio from a broad downturn. View strategy
- Hedging Protective Put Spread Buy a put spread for cheaper, partial downside protection. View strategy
- Bearish Put Diagonal Blend strikes and expirations to lean bearish while collecting time decay. View strategy
- Bearish Put Ratio Backspread Sell one put and buy two lower ones for a low-cost bet on a big drop. View strategy
- Hedging Put Spread Collar A collar that uses a put spread instead of a single protective put. View strategy
- Neutral Ratio Call Spread Buy one call, sell two higher ones for a near-free bet on flat to modest upside. View strategy
- Neutral Ratio Put Spread Buy one put, sell two lower ones for a near-free bet on flat to modest downside. View strategy
- Income Ratio Write Sell more calls than you have stock to cover for a higher-income, higher-risk write. View strategy
- Bullish Risk Reversal Sell a put to fund a call for a leveraged, low-cost bullish position. View strategy
- Bearish Short Call Sell a naked call for premium with a bearish view and undefined risk. View strategy
- Neutral Short Guts Sell an in-the-money call and put for a wide, high-premium range. View strategy
- Neutral Short Straddle Sell a call and put at the same strike for maximum premium if price sits still. View strategy
- Neutral Short Strangle Sell a call and a put to collect premium while the stock stays in a range. View strategy
- Volatility Strap Two calls and one put for a big move biased to the upside. View strategy
- Volatility Strip Two puts and one call for a big move biased to the downside. View strategy
- Bullish Synthetic Long Stock Buy a call and sell a put to mirror owning the shares for less cash. View strategy
- Bearish Synthetic Short Stock Buy a put and sell a call to mirror shorting the shares for less cash. View strategy
- Hedging Tail Risk Hedge Hold cheap far-out-of-the-money puts as insurance against a crash. View strategy
- Hedging VIX Call Hedge Own VIX calls that spike in value when the market drops hard. View strategy
- Volatility VIX Options Trade the market's fear gauge directly to hedge or speculate on volatility. View strategy
- Volatility VIX Spread Use VIX call or put spreads to trade volatility with defined risk. View strategy
- Volatility Volatility Crush Play Sell inflated options before an event and profit when volatility collapses after. View strategy
- Income Weekly Put Selling Sell short-dated cash-secured puts each week for faster, smaller premium. View strategy
- Bullish ZEBRA A zero-extrinsic back ratio that tracks the stock with almost no time decay. View strategy
Bullish Strategies
- Bullish Long Call Buy a call to profit if the stock rises, with risk capped at the premium. View strategy
- Bullish Bull Call Spread Buy a call and sell a higher one to cap both the cost and the risk. View strategy
- Bullish Bull Put Spread Sell a put spread to collect credit as long as the stock holds up. View strategy
- Bullish Short Put Sell a put to get paid for a bullish view and a price you would buy at. View strategy
- Bullish LEAPS Call A long-dated call that acts like cheaper stock for a patient bullish view. View strategy
- Bullish LEAPS Call Spread Buy a long-dated call and sell a higher one for cheaper, defined-risk long-term upside. View strategy
- Bullish Call Calendar Sell a near-term call and buy a longer-dated one to lean bullish while selling time. View strategy
- Bullish Call Diagonal Blend strikes and expirations to lean bullish while collecting time decay. View strategy
- Bullish Call Ratio Backspread Sell one call and buy two higher ones for a low-cost bet on a big rise. View strategy
- Bullish Bull Call Ladder Add a short call above a bull call spread for extra credit with a capped top. View strategy
- Bullish Risk Reversal Sell a put to fund a call for a leveraged, low-cost bullish position. View strategy
- Bullish Synthetic Long Stock Buy a call and sell a put to mirror owning the shares for less cash. View strategy
- Bullish ZEBRA A zero-extrinsic back ratio that tracks the stock with almost no time decay. View strategy
Bearish Strategies
- Bearish Long Put Buy a put to profit if the stock falls, with risk capped at the premium. View strategy
- Bearish LEAPS Put A long-dated put that owns downside for years, for a fraction of shorting's capital. View strategy
- Bearish LEAPS Put Spread Buy a long-dated put and sell a lower one for cheaper, defined-risk long-term downside. View strategy
- Bearish Bear Put Spread Buy a put and sell a lower one to cap both the cost and the risk. View strategy
- Bearish Bear Call Spread Sell a call spread to collect credit as long as the stock stays down. View strategy
- Bearish Short Call Sell a naked call for premium with a bearish view and undefined risk. View strategy
- Bearish Put Ratio Backspread Sell one put and buy two lower ones for a low-cost bet on a big drop. View strategy
- Bearish Put Diagonal Blend strikes and expirations to lean bearish while collecting time decay. View strategy
- Bearish Put Calendar Sell a near-term put and buy a longer-dated one for a slow drift down. View strategy
- Bearish Bear Put Ladder Add a lower short put to a bear put spread for extra credit. View strategy
- Bearish Bearish Risk Reversal Sell a call to fund a put for a leveraged, low-cost bearish bet. View strategy
- Bearish Synthetic Short Stock Buy a put and sell a call to mirror shorting the shares for less cash. View strategy
Neutral Strategies
- Neutral Iron Condor Sell a call spread and a put spread to profit from a quiet, range-bound stock. View strategy
- Neutral Iron Butterfly A tighter iron condor that collects more premium for a narrower range. View strategy
- Neutral Short Strangle Sell a call and a put to collect premium while the stock stays in a range. View strategy
- Neutral Short Straddle Sell a call and put at the same strike for maximum premium if price sits still. View strategy
- Neutral Calendar Spread Sell near-term time and buy longer-term to profit from a stock that stalls. View strategy
- Neutral Double Calendar Two calendars at different strikes for a wider profit range on a quiet stock. View strategy
- Neutral Long Call Butterfly A cheap, defined-risk bet that the stock pins a specific price. View strategy
- Neutral Long Put Butterfly A put-based butterfly that profits if the stock pins a lower strike. View strategy
- Neutral Broken Wing Butterfly A skewed butterfly that can open for a credit with a directional lean. View strategy
- Neutral Jade Lizard A short put plus a short call spread for premium with no upside risk. View strategy
- Neutral Long Condor A wider, cheaper butterfly with a flat profit zone between two strikes. View strategy
- Neutral Double Diagonal Diagonals on both sides for range-bound income with longer-dated protection. View strategy
- Neutral Big Lizard A short straddle plus a call spread that removes all upside risk. View strategy
- Neutral Short Guts Sell an in-the-money call and put for a wide, high-premium range. View strategy
- Neutral Albatross Spread A condor with far-apart wings for a wide, low-cost profit range on a quiet stock. View strategy
- Neutral Ratio Call Spread Buy one call, sell two higher ones for a near-free bet on flat to modest upside. View strategy
- Neutral Ratio Put Spread Buy one put, sell two lower ones for a near-free bet on flat to modest downside. View strategy
Income Strategies
- Income Covered Call Own 100 shares and sell a call against them to collect premium as rent. View strategy
- Income Cash-Secured Put Sell a put with cash set aside to get paid while you wait to buy lower. View strategy
- Income The Wheel Sell puts until assigned, then sell calls until called away, collecting at every turn. View strategy
- Income Poor Man's Covered Call Use a long-dated call instead of 100 shares to run a covered call for less cash. View strategy
- Income Covered Strangle Own stock and sell both a call and a put to double the premium income. View strategy
- Income Ratio Write Sell more calls than you have stock to cover for a higher-income, higher-risk write. View strategy
- Income Diagonal Call Write Sell short-dated calls against a long LEAPS call, month after month. View strategy
- Income Dividend Collar Collect a dividend while a collar caps both your risk and your upside. View strategy
- Income Covered Put Short stock and sell a put for income with a bearish-to-neutral lean. View strategy
- Income Weekly Put Selling Sell short-dated cash-secured puts each week for faster, smaller premium. View strategy
- Income Monthly Income Condor Sell a monthly iron condor for steady, defined-risk premium. View strategy
Volatility Strategies
- Volatility Long Straddle Buy a call and a put at the same strike to profit from a big move either way. View strategy
- Volatility Long Strangle Buy an out-of-the-money call and put for a cheaper bet on a large move. View strategy
- Volatility Reverse Iron Condor Buy both spreads for a defined-risk bet that the stock breaks out of its range. View strategy
- Volatility Reverse Iron Butterfly A tighter reverse condor that pays more if the stock makes a sharp move. View strategy
- Volatility Volatility Crush Play Sell inflated options before an event and profit when volatility collapses after. View strategy
- Volatility VIX Options Trade the market's fear gauge directly to hedge or speculate on volatility. View strategy
- Volatility VIX Spread Use VIX call or put spreads to trade volatility with defined risk. View strategy
- Volatility Gamma Scalping Trade the stock against a long-option position to harvest big daily swings. View strategy
- Volatility Long Guts Buy an in-the-money call and put for a straddle-like bet with less time value. View strategy
- Volatility Strap Two calls and one put for a big move biased to the upside. View strategy
- Volatility Strip Two puts and one call for a big move biased to the downside. View strategy
- Volatility Earnings Strangle Buy a strangle before earnings to trade the expected move. View strategy
Hedging Strategies
- Hedging Protective Put Buy a put on stock you own to set a floor under a possible drop. View strategy
- Hedging Collar Sell a call to pay for a protective put, capping both your risk and your upside. View strategy
- Hedging Married Put Buy stock and a put together so your downside is insured from day one. View strategy
- Hedging Costless Collar A collar built so the call fully pays for the put, at zero net cost. View strategy
- Hedging Protective Put Spread Buy a put spread for cheaper, partial downside protection. View strategy
- Hedging Put Spread Collar A collar that uses a put spread instead of a single protective put. View strategy
- Hedging Portfolio Put Hedge Use index puts to protect your whole portfolio from a broad downturn. View strategy
- Hedging Index Put Hedge Hedge a basket of stocks with broad index puts in one trade. View strategy
- Hedging Tail Risk Hedge Hold cheap far-out-of-the-money puts as insurance against a crash. View strategy
- Hedging VIX Call Hedge Own VIX calls that spike in value when the market drops hard. View strategy