Options Strategies Library

Bullish — pay debit, unlimited upside, max loss = premium paid.

Bearish — pay debit, downside profit, max loss = premium paid.

Also called: Uncovered Call · Short Call

Bearish — collect premium. UNLIMITED LOSS unless covered.

Also called: Short Put · Naked Put (without the cash set aside) · CSP

Bullish — collect premium. Max loss = strike − credit if assigned.

Also called: Call Debit Spread · Vertical Call Spread · Long Call Spread

Buy lower-strike call + sell higher-strike call. Defined risk; bull call debit spread.

Also called: Put Debit Spread · Vertical Put Spread · Long Put Spread

Buy higher-strike put + sell lower-strike put. Defined risk; bear put debit spread.

Also called: Put Credit Spread · Short Put Spread · Bull Put Vertical · Put Spread (credit)

Sell a put + buy a lower-strike put. Collect a credit; defined risk; profits if the stock holds above the short strike.

Also called: Call Credit Spread · Short Call Spread · Bear Call Vertical

Sell a call + buy a higher-strike call. Collect a credit; defined risk; profits if the stock stays below the short strike.

Also called: Horizontal Call Spread · Time Spread

Sell near-dated call + buy farther-dated call at the SAME strike.

Also called: Horizontal Put Spread · Time Spread

Sell near-dated put + buy farther-dated put at the SAME strike.

Sell near-dated call + buy farther-dated call at a DIFFERENT strike.

Sell near-dated put + buy farther-dated put at a DIFFERENT strike.

Buy 1 long call + sell 2 short calls higher. Credit; tail risk above the shorts.

Buy 1 long put + sell 2 short puts lower. Credit; tail risk below the shorts.

Also called: Synthetic Stock

Buy ATM call + sell ATM put. Replicates long stock with options.

Also called: Synthetic Short Stock

Sell ATM call + buy ATM put. Replicates short stock with options.

Also called: Risk Reversal · Bullish Split-Strike Combo

Buy OTM call + sell OTM put. Bullish for little or no upfront cost.

Also called: Bearish Risk Reversal

Sell OTM call + buy OTM put. Bearish for little or no upfront cost.

Also called: Long Call Butterfly · Call Fly

Buy 1 lower call + sell 2 ATM calls + buy 1 higher call. Max profit at the body strike.

Also called: Long Put Butterfly · Put Fly

Buy 1 higher put + sell 2 ATM puts + buy 1 lower put. Max profit at the body strike.

Also called: Skip-Strike Butterfly (calls)

Butterfly with an asymmetric lower wing (2w below, w above): risks only a small debit below, and CANNOT lose above the top strike. Max profit at the body.

Also called: Skip-Strike Butterfly (puts)

Bearish mirror: asymmetric upper wing (2w above, w below) — risks only a small debit above, and CANNOT lose below the bottom strike.

Also called: Call Ratio Backspread

Sell 1 call + buy 2 higher calls. Wins big on a rally; small credit if it fades.

Also called: Put Ratio Backspread

Sell 1 put + buy 2 lower puts. Wins big on a crash; small credit if it holds.

Sell OTM put + sell call spread. No upside risk when credit > call-spread width.

Sell put spread + sell naked call. Mirror lizard: no downside risk if credit > put-spread width.

Bull call spread + one more short call higher. Cheaper entry; risk above the top strike.

Short call spread + one more long call higher. Profits on a big rally or a fade.

Short put spread + one more long put lower. Profits on a big drop or a hold.

Bear put spread + one more short put lower. Cheaper entry; risk below the bottom strike.

Also called: Long Call Condor

All-call condor: buy lower, sell middle two, buy upper. Wider profit zone than a butterfly.

Also called: Long Put Condor

All-put condor: buy upper, sell middle two, buy lower. Wider profit zone than a butterfly.

Also called: IC · Short Iron Condor

Sell put + buy lower put + sell call + buy higher call. Profit if price stays between shorts.

Also called: Iron Fly

Sell ATM put & call + buy wings. Max profit at the body strike.

Also called: Long Iron Condor

Buy the inner strangle, sell the outer wings. Defined-risk bet ON a big move.

Also called: Long Iron Butterfly

Buy the ATM straddle, sell the wings. Defined-risk big-move bet, cheaper than a straddle.

Sell near-dated strangle + buy farther-dated wider strangle. Income with defined wings.

Also called: Buy-Write · Covered Stock

Buy 100 shares + sell call. Shares cap upside, premium cushions downside.

Also called: Sell-Write

Short 100 shares + sell put. Mirror of covered call for bearish setups.

Also called: Married Call

Short shares + buy call as upside hedge. Caps loss if the stock rallies.

Also called: Married Put

Long shares + buy put as downside hedge. Caps loss if the stock falls.

Also called: Long Straddle

Long ATM call + long ATM put. Profits from a big move either way.

Also called: Long Strangle

Long OTM call + long OTM put. Cheaper than a straddle, needs a bigger move.

Sell ATM call + sell ATM put. Max premium collected; UNLIMITED risk both ways.

Sell OTM call + sell OTM put. Wider profit zone than a short straddle; UNLIMITED risk.

Also called: In-the-Money Strangle

Buy ITM call + buy ITM put. Straddle cousin built from in-the-money legs.

Sell ITM call + sell ITM put. Premium-rich short-vol structure; UNLIMITED risk.

Buy 1 ATM call + 2 ATM puts. Big-move play weighted toward the downside.

Buy 2 ATM calls + 1 ATM put. Big-move play weighted toward the upside.