All options strategies

66 strategies

By the TradingCalculator.Pro team · Updated on 2026-09-23 · About us

• Long Call · BUY — BUY one Call. Pay premium. Unlimited profit if underlying rises above Strike + Premium (break-even).
• Short Put (CSP) · SELL — SELL a cash-secured Put. Collect premium. If it falls below Strike you get assigned the stock at discounted…
• Bull Call Spread — Buy call lower + sell call higher. Defined debit.
• Bull Put Spread — Sell higher put + buy lower put. Bullish net credit.
• Call Ratio Backspread — Sell 1 call ATM + buy 2 calls OTM. Unlimited upside.
• Collar — Stock + buy put OTM + sell call OTM. Protection with reduced cost.
• Synthetic Long — Buy call ATM + sell put ATM. Replicates long stock position.
• Long Combo — Buy call OTM + sell put OTM. Bullish exposure with less capital.
• Long Put · BUY — BUY one Put. Pay premium. Profit if underlying falls below Strike − Premium (break-even). Ideal as insurance.
• Short Call (Naked) · SELL — SELL a naked Call. Collect premium. UNLIMITED upside risk. Requires high margin.
• Bear Put Spread — Buy put higher + sell put lower. Bearish debit.
• Bear Call Spread — Sell lower call + buy higher call. Bearish credit.
• Put Ratio Backspread — Sell 1 put ATM + buy 2 puts OTM. Large profit if it drops sharply.
• Synthetic Short — Buy put ATM + sell call ATM. Replicates short stock position.
• Short Combo — Sell call OTM + buy put OTM. Bearish exposure with less capital.
• Covered Call — Long stock + sell call OTM. Income on position.
• Iron Condor — Sell put spread + call spread OTM. Profit in range.
• Iron Butterfly — Sell straddle ATM + buy wings OTM. Maximum credit ATM.
• Butterfly Call — Buy 1 call low + sell 2 ATM + buy 1 high.
• Butterfly Put — Buy 1 put high + sell 2 ATM + buy 1 low. Put version.
• Jade Lizard — Short put spread + naked short call. No upside risk if credit > put width.
• Short Straddle — Sell call + put same strike ATM. Maximum Theta, high risk.
• Short Strangle — Sell call OTM + put OTM. Profit in wide range.
• Ratio Call Spread — Buy 1 call ATM + sell 2 calls OTM. Neutral-bullish with credit.
• Ratio Put Spread — Buy 1 put ATM + sell 2 puts OTM. Neutral-bearish with credit.
• Broken Wing Butterfly — Asymmetric butterfly. Buy 1 low + sell 2 ATM + buy 1 more OTM.
• Long Straddle — Buy call + put same strike. Profits from strong movement.
• Long Strangle — Buy call OTM + put OTM. Cheaper than straddle.
• Reverse Iron Condor — Buy strangle + sell strangle more OTM. Profit if it breaks range.
• Reverse Iron Butterfly — Buy straddle ATM + sell OTM wings. Profit if it moves.
• Long Guts — Buy call ITM + put ITM. Similar to straddle but with intrinsic value.
• Strap — Buy 2 calls + 1 put same strike. Volatile with bullish bias.
• Strip — Buy 1 call + 2 puts same strike. Volatile with bearish bias.
• Cash Secured Put — Sell a put with 100% of the strike set aside in cash. Same payoff as a short put, different capital tied up.
• Protective Put — Stock plus a put bought below it: insurance with a deductible.
• Covered Put — Short stock plus a sold put. Collects premium as long as the price does not rise.
• Covered Strangle — Stock plus an out-of-the-money call and put sold. Double premium, an obligation on both sides.
• Ratio Call Write — Stock with two calls sold: one covered, one naked.
• Ratio Put Write — Short stock with two puts sold: one covered, one naked.
• Stock Repair — On a losing stock position: one call bought and two sold higher, to lower the break-even without adding money.
• Call Calendar Spread — Sell the near-dated call and buy the same call further out. It lives off time running faster on the short leg.
• Put Calendar Spread — Sell the near-dated put and buy the same put further out in time.
• Call Diagonal Spread — A calendar with different strikes: the higher short leg adds a bullish lean to the time collected.
• Put Diagonal Spread — A put calendar with different strikes: the lower short leg adds a bearish lean.
• Double Calendar — Two calendars, one in puts below and one in calls above. It pays if the price ends between them.
• Double Diagonal — A double calendar with the long legs further out: widens the profit zone at the cost of more debit.
• Jelly Roll — The difference between two synthetics on the same strike in two expiries. Its price is pure interest rate…
• Poor Man's Covered Call — A deep in-the-money long-dated call stands in for the stock, and a near-dated call is sold against it. The…
• ZEBRA — Two in-the-money calls bought against one sold: delta near 100 with no net extrinsic value.
• Risk Reversal — Funds the bought call by selling a put. A bullish synthetic at near-zero cost.
• Seagull Spread — A risk reversal capped by a call sold higher: cheaper structure in exchange for giving up the final stretch.
• Big Lizard — A short straddle with a call bought above: removes the upside risk and leaves only the downside.
• Reverse Jade Lizard — A sold call plus a sold put spread: no risk below, risk above.
• Long Call Condor — Four calls defining a profit plateau between the two inner strikes.
• Long Put Condor — The same condor built entirely from puts.
• Long Put Butterfly — A put butterfly: maximum at the middle strike, risk limited to the debit.
• Put Broken Wing Butterfly — A put butterfly with one wing wider than the other. Usually opened for a credit, it moves all the risk to…
• Christmas Tree Butterfly (Call) — An asymmetric 1-3-2 call butterfly: cheaper than the classic butterfly, with the profit zone shifted.
• Christmas Tree Butterfly (Put) — The put version of the 1-3-2 butterfly, shifted downwards.
• Bull Call Ladder — A bull call spread with a third call sold higher. The extra credit opens unlimited risk above.
• Bear Call Ladder — A call sold low and two bought higher: loses in the range, wins on a large move up.
• Bull Put Ladder — A put sold high and two bought lower: loses in the range, wins on a sharp fall.
• Bear Put Ladder — A bear put spread with a third put sold lower. The extra credit opens risk below.
• Box Spread — A bull call spread plus a bear put spread on the same strikes. Worth the discounted strike difference: it is…
• Conversion — Stock plus a bought put and a sold call at the same strike: a directionally riskless position whose value is…
• Reversal — The conversion inverted: short stock, a bought call and a sold put.