Options strategies
Compare strategies by risk, outlook, complexity, and estimated probability before testing them in paper trading.
Covered Call
Sell calls against shares you own to generate income
Cash-Secured Put
Sell puts to get paid while waiting to buy shares
Bull Call Spread
Bullish debit spread with defined risk
Bear Put Spread
Bearish debit spread with defined risk
Iron Condor
Profit when stock stays in a range
Iron Butterfly
Neutral strategy targeting a specific price
Long Straddle
Profit from big moves in either direction
Long Strangle
Cheaper way to play big moves
Short Straddle
Profit when stock stays still
Short Strangle
Profit from stock staying in a range
Long Call
Simple bullish bet with limited risk
Long Put
Simple bearish bet or portfolio hedge
Protective Put
Insurance for shares you own
Collar
Low-cost protection by capping upside
Butterfly Spread
Precise bet on stock price at expiration
Calendar Spread
Profit from time decay differential
Diagonal Spread
Calendar spread with directional bias
Bull Put Spread
Bullish credit spread for income
Bear Call Spread
Bearish credit spread for income
Double Diagonal
Two diagonal spreads for neutral income
Jade Lizard
Short put + call spread with no upside risk
Ratio Spread
Buy 1, sell 2 for directional play with extra premium
Back Spread
Sell 1, buy 2 for explosive move potential
Broken Wing Butterfly
Butterfly with directional bias and credit potential
Poor Man's Covered Call
LEAPS-based covered call for less capital
ZEBRA
Synthetic stock with defined risk
Skip Strike Butterfly
Butterfly with skipped strike for wider profit zone
Long Condor
Four-leg neutral strategy with wider profit zone
Double Calendar
Two calendar spreads at different strikes
Christmas Tree
Asymmetric butterfly for range-bound premium collection