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Option trading strategies
Pick a strategy by your market view and the risk you are willing to take. Each one shows its payoff at expiry, legs, breakeven and maximum profit and loss.
Market view
Risk
67 strategiesBullish strategies
You expect the market to riseLong CallBuy ATM call
Short PutSell OTM put
Bull Call SpreadBuy ATM call, Sell OTM call
Bull Put SpreadBuy ATM put, Sell ITM put
Bear Call LadderSell ITM call, Buy ATM call, Buy OTM call
Bull Call LadderBuy ITM call, Sell ATM call, Sell OTM call
Call Ratio Back spreadSell ATM call, Buy 2 OTM calls
Ratio Call SpreadBuy ATM call, Sell 2 OTM calls
Synthetic LongBuy ATM call, Sell ATM put
Bullish Risk ReversalBuy OTM call, Sell OTM put
Call Broken Wing ButterflyBuy ATM call, Sell 2 OTM calls, Buy OTM call
Bullish SeagullBuy ATM call, Sell OTM call, Sell OTM put
Bull Call CondorBuy OTM call, Sell OTM call, Sell OTM call, Buy OTM call
Call Christmas TreeBuy ATM call, Sell 3 OTM calls, Buy 2 OTM calls
Covered CallBuy future, Sell OTM call
Protective PutBuy future, Buy OTM put
CollarBuy future, Buy OTM put, Sell OTM call
Bearish strategies
You expect the market to fallLong PutBuy ATM put
Short CallSell OTM call
Bear Call SpreadBuy ATM call, Sell ITM call
Bear Put SpreadBuy ATM put, Sell OTM put
Bear Put LadderBuy ATM put, Sell OTM put, Sell OTM put
Bull Put LadderSell ITM put, Buy ATM put, Buy OTM put
Put Ratio Back spreadSell ATM put, Buy 2 OTM puts
Ratio Put SpreadBuy ATM put, Sell 2 OTM puts
Synthetic ShortSell ATM call, Buy ATM put
Bearish Risk ReversalBuy OTM put, Sell OTM call
Put Broken Wing ButterflyBuy ATM put, Sell 2 OTM puts, Buy OTM put
Bearish SeagullBuy ATM put, Sell OTM put, Sell OTM call
Bear Put CondorBuy OTM put, Sell OTM put, Sell OTM put, Buy OTM put
Put Christmas TreeBuy ATM put, Sell 3 OTM puts, Buy 2 OTM puts
Covered PutSell future, Sell OTM put
Protective CallSell future, Buy OTM call
Neutral strategies
You expect the market to stay in a rangeLong Call ButterflyBuy ITM call, Sell 2 ATM calls, Buy OTM call
Long Put ButterflyBuy OTM put, Sell 2 ATM puts, Buy ITM put
Calendar CallSell ATM call, Buy ATM call (next expiry)
Calendar PutSell ATM put, Buy ATM put (next expiry)
Diagonal CallSell OTM call, Buy ITM call (next expiry)
Diagonal PutSell ITM put, Buy OTM put (next expiry)
Short GutsSell ITM call, Sell ITM put
Short StraddleSell ATM call, Sell ATM put
Short StrangleSell OTM call, Sell OTM put
Long Call CondorBuy ITM call, Sell ATM call, Sell OTM call, Buy OTM call
Short Iron ButterflyBuy OTM put, Sell ATM put, Sell ATM call, Buy OTM call
Long Put CondorBuy OTM put, Sell ATM put, Sell ITM put, Buy ITM put
Short Iron CondorBuy OTM put, Sell OTM put, Sell OTM call, Buy OTM call
Jade LizardSell OTM put, Sell OTM call, Buy OTM call
Double CalendarSell OTM call, Buy OTM call (next expiry), Sell OTM put, Buy OTM put (next expiry)
Reverse Jade LizardSell OTM call, Sell OTM put, Buy OTM put
Big LizardSell ATM call, Sell ATM put, Buy OTM call
Double DiagonalSell OTM call, Buy OTM call (next expiry), Sell OTM put, Buy OTM put (next expiry)
BatmanBuy OTM call, Sell 2 OTM calls, Buy OTM call, Buy OTM put, Sell 2 OTM puts, Buy OTM put
Volatile strategies
You expect a big move but not its directionGutsBuy ITM call, Buy ITM put
StraddleBuy ATM call, Buy ATM put
StrangleBuy OTM call, Buy OTM put
StrapBuy 2 ATM calls, Buy ATM put
StripBuy ATM call, Buy 2 ATM puts
Short Call ButterflySell ITM call, Buy 2 ATM calls, Sell OTM call
Short Call CondorSell ITM call, Buy ATM call, Buy OTM call, Sell OTM call
Long Iron ButterflySell OTM put, Buy ATM put, Buy ATM call, Sell OTM call
Short Put ButterflySell OTM put, Buy 2 ATM puts, Sell ITM put
Short Put CondorSell OTM put, Buy ATM put, Buy ITM put, Sell ITM put
Long Iron CondorSell OTM put, Buy OTM put, Buy OTM call, Sell OTM call
Reverse CalendarBuy ATM call, Sell ATM call (next expiry)
Arbitrage strategies
You lock in a price gap between options and futuresNo strategy matches both filters.