Sell OTM put + sell call spread. No upside risk when credit > call-spread width.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Sell an out-of-the-money put AND an out-of-the-money call spread. When the total credit exceeds the call-spread width, the position has NO upside risk — a rally past the calls still nets a profit.
Rich implied volatility with a neutral-to-bullish lean. You are paid three premiums to be wrong slowly, and structurally immune to being wrong upward.
Downside is the short put: full assignment risk below its strike, softened by the larger total credit. Check the no-upside-risk condition holds at YOUR fill — credit greater than call-spread width.
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Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.