Options strategies

Buy a call to profit if the stock rises, risking only the premium.

Buy a put to profit if the stock falls, risking only the premium.

Sell a call against shares you own to collect premium, capping your upside.

Sell a put backed by cash, to collect premium or buy the stock cheaper.

Sell a call without owning the shares. Profit is capped, loss is not.

Sell a put without setting cash aside. Large but bounded downside.

Short the stock and sell a put against it for premium income.

Buy a call and sell a higher one. Cheaper than a long call, with a capped gain.

Sell a call and buy a higher one for a credit, with defined risk.

Sell a put and buy a lower one for a credit, with defined risk.

Buy a put and sell a lower one. Cheaper than a long put, with a capped gain.

Any two-leg vertical that pays you to open, with the loss capped by the long leg.

A deep in-the-money long-dated call stands in for the shares in a covered call.

Sell a near-dated option and buy a later one at the same strike.

Sell one nearer option and buy two further out for a big-move payoff.

Buy one call and sell two higher ones. Cheap, until the stock keeps going.

Buy one put and sell two lower ones. Best if the stock eases down and stops.

A calendar with different strikes as well as different expirations.

Sell a call spread and a put spread to profit from the stock staying in a range.

An iron condor with both short strikes at the same price. More credit, narrower range.

Buy one call low, sell two in the middle, buy one high. Cheap, narrow, defined risk.

The put-based equivalent of a long call butterfly, with the same payoff shape.

Own shares, buy a protective put, and sell a call to pay for it.

Own shares and buy a put as insurance against a fall.

A diagonal on the call side and another on the put side at once.

Buy a call and a put at the same strike to profit from a large move either way.

Sell a call and a put at the same strike. Maximum credit, unlimited risk.

Buy an out-of-the-money call and put. Cheaper than a straddle, needs a bigger move.

Sell an out-of-the-money call and put. Wider profit range than a short straddle, unlimited risk.

Own shares, sell a call above and a put below. Double premium, doubled downside.

Long stock plus a long put behaves like a long call.

Short stock plus a long call behaves like a long put.

Sell a put to pay for a call. Strongly directional, with large downside.

Short stock with a synthetic long: an arbitrage structure, not a directional trade.

Own the stock against a synthetic short. The mirror image of a reverse conversion.

Buy a call and sell a put at the same strike to replicate owning shares.

Sell a call and buy a put at the same strike to replicate a short position.

A bull call spread and a bear put spread on the same strikes. A financing trade.

A butterfly with a flat top: four call strikes, profitable across a range.

The put-based equivalent of a long call condor, with the same payoff shape.

A butterfly turned upside down: paid to open, profits if the stock moves.

A short put and a short call spread, sized so there is no risk to the upside.

A straddle weighted to the upside: two calls and one put at the same strike.

A straddle weighted to the downside: two puts and one call at the same strike.

A strangle built from in-the-money options instead of out-of-the-money ones.

Build any 2-leg position from scratch.

Build any 3-leg position from scratch.

Build any 4-leg position from scratch.

Build any 5-leg position from scratch.

Build any 6-leg position from scratch.

Build any 8-leg position from scratch.