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Option Strategies

Explore our library of 26 popular options strategies and find the one that fits your market outlook.
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Long call example

Long Call

Bullish · Defined Risk · Debit Trade
Bullish
Payoff Profile
Max Profit
Unlimited
Max Loss
Debit Paid
Breakeven
Long strike + debit
Trade Profile
Forecast
Extremely Bullish
Time Decay
Unfavorable
Entry Cost
Debit Paid
Risk Profile
High
Profit Probability
Low
Long Call In-Depth
Long Call In-Depth
long put option

Long Put

Bearish • Defined Risk • Debit Trade
Bearish
Payoff Profile
Max Profit
Substantial
Max Loss
Debit paid
Breakeven
Long strike - debit
Trade Profile
Forecast
Extremely bearish
Time Decay
Unfavorable
Entry Cost
Debit paid
Risk Profile
High
Profit Probability
Low
Long Put In-Depth
Long Put In-Depth
short put payoff diagram

Short Put

Bullish • High Risk • Credit Trade
Bullish
Payoff Profile
Max Profit
Premium
Max Loss
Substantial
Breakeven
Short strike - premium
Trade Profile
Forecast
Neutral to bullish
Time Decay
Favorable
Entry Cost
High margin
Risk Profile
Very High
Profit Probability
High
Short Put In-Depth
Short Put In-Depth
naked uncovered call option

Short Call

Bearish • Unlimited Risk • Credit Trade
Bearish
Payoff Profile
Max Profit
Premium
Max Loss
Unlimited
Breakeven
Short strike + premium
Trade Profile
Forecast
Neutral to bearish
Time Decay
Favorable
Entry Cost
High margin
Risk Profile
Very High
Profit Probability
High
Short Call In-Depth
Short Call In-Depth
Covered call chart

Covered Call

Neutral to Bullish • Moderate Risk
Bullish
Payoff Profile
Max Profit
Premium + stock gain to strike
Max Loss
Stock price - premium
Breakeven
Stock price - premium
Trade Profile
Forecast
Neutral to Bullish
Time Decay
Favorable
Entry Cost
Stock price - premium
Risk Profile
Moderate
Profit Probability
Medium - High
Covered Call In-Depth
Covered Call In-Depth
Covered put payoff

Covered Put

Neutral to Bearish • Unlimited Risk
Bearish
Payoff Profile
Max Profit
Premium + stock gain to strike
Max Loss
Unlimited
Breakeven
Stock entry + premium
Trade Profile
Forecast
Moderately Bearish
Time Decay
Favorable
Entry Cost
Stock price - premium
Risk Profile
High
Profit Probability
Medium
Covered Put In-Depth
Covered Put In-Depth
bull call spread chart

Bull Call Spread

Bullish • Defined Risk • Debit Trade
Bullish
Payoff Profile
Max Profit
Strike width - debit
Max Loss
Debit Paid
Breakeven
Long strike + debit
Trade Profile
Forecast
Moderately Bullish
Time Decay
Unfavorable
Entry Cost
Debit Paid
Risk Profile
Moderate
Profit Probability
Medium
Bull Call Spread In-Depth
Bull Call Spread In-Depth
bear put spread payoff

Bear Put Spread

Bearish • Defined Risk • Debit Trade
Bearish
Payoff Profile
Max Profit
Strike width - debit
Max Loss
Debit Paid
Breakeven
Long strike - debit
Trade Profile
Forecast
Moderately Bearish
Time Decay
Unfavorable
Entry Cost
Debit Paid
Risk Profile
Moderate
Profit Probability
Medium
Bear Put Spread In-Depth
Bear Put Spread In-Depth
short put spread chart

Bull Put Spread

Bullish • Defined Risk • Credit Trade
Bullish
Payoff Profile
Max Profit
Credit received
Max Loss
Strike width - credit
Breakeven
Short strike - credit
Trade Profile
Forecast
Moderately bullish
Time Decay
Favorable
Entry Cost
Strike width - credit
Risk Profile
Moderate
Profit Probability
Medium - High
Bull Put Spread In-Depth
Bull Put Spread In-Depth
Bear call spread chart

Bear Call Spread

Bearish • Defined Risk • Credit Trade
Bearish
Payoff Profile
Max Profit
Credit received
Max Loss
Strike width - credit
Breakeven
Short strike + credit
Trade Profile
Forecast
Moderately Bearish
Time Decay
Favorable
Entry Cost
Strike width - credit
Risk Profile
Moderate
Profit Probability
Medium - High
Bear Call Spread In-Depth
Bear Call Spread In-Depth
protective put strategy

Protective Put

Bullish • Defined Risk
Hedging
Payoff Profile
Max Profit
Unlimited
Max Loss
(Stock - put strike) + premium
Breakeven
Stock price + premium paid
Trade Profile
Forecast
Bullish
Time Decay
Unfavorable
Entry Cost
Stock cost + premium paid
Risk Profile
Low - Moderate
Profit Probability
Medium
Protective Put In-Depth
Protective Put In-Depth
Option Collar payoff

Collar

Neutral to Bullish • Defined Risk • Credit/Debit Trade
Hedging
Payoff Profile
Max Profit
Call strike - stock ± premium
Max Loss
Stock - put strike ± premium
Breakeven
Stock cost ± premium
Trade Profile
Forecast
Neutral/Bullish
Time Decay
Slightly favorable
Entry Cost
Stock cost ± premium
Risk Profile
Low - Moderate
Profit Probability
Medium - High
Collar In-Depth
Collar In-Depth
long straddle options strategy

Long Straddle

Neutral • Defined Risk • Debit Trade
Long Volatility
Payoff Profile
Max Profit
Unlimited
Max Loss
Debit Paid
Breakeven
1. Strike - debit 2. Strike + debit
Trade Profile
Forecast
Volatile
Time Decay
Unfavorable
Entry Cost
Debit Paid
Risk Profile
High
Profit Probability
Medium - Low
Long Straddle In-Depth
Long Straddle In-Depth
short straddle payoff chart

Short Straddle

Neutral • Unlimited Risk • Credit Trade
Neutral
Payoff Profile
Max Profit
Credit received
Max Loss
Unlimited
Breakeven
1. Strike + credit 2. Strike = credit
Trade Profile
Forecast
Neutral
Time Decay
Favorable
Entry Cost
High margin
Risk Profile
Very High
Profit Probability
High
Short Straddle In-Depth
Short Straddle In-Depth
strangle chart options trade

Long Strangle

Volatile • Defined Risk • Debit Trade
Long Volatility
Payoff Profile
Max Profit
Unlimited
Max Loss
Debit paid
Breakeven
1. Upper strike + debit 2. Lower strike - debit
Trade Profile
Forecast
Volatile
Time Decay
Unfavorable
Entry Cost
Debit Paid
Risk Profile
High
Profit Probability
Medium - Low
Long Strangle In-Depth
Long Strangle In-Depth
short strangle payoff chart

Short Strangle

Neutral • Unlimited Risk • Credit Trade
Neutral
Payoff Profile
Max Profit
Credit received
Max Loss
Unlimited
Breakeven
1. Upper strike + credit. 2. Lower strike - credit
Trade Profile
Forecast
Neutral
Time Decay
Favorable
Entry Cost
High margin
Risk Profile
Very High
Profit Probability
High
Short Strangle In-Depth
Short Strangle In-Depth
iron butterfly payoff chart

Iron Butterfly

Neutral • Defined Risk • Credit Trade
Neutral
Payoff Profile
Max Profit
Credit received
Max Loss
Wing width - credit
Breakeven
1. Short strike - credit 2. Short strike + credit
Trade Profile
Forecast
Neutral
Time Decay
Favorable
Entry Cost
Wing width - credit
Risk Profile
Moderate
Profit Probability
Medium - High
Iron Butterfly In-Depth
Iron Butterfly In-Depth
butterfly options strategy payoff

Butterfly

Neutral • Defined Risk • Debit Trade
Neutral
Payoff Profile
Max Profit
Spread width -debit
Max Loss
Debit paid
Breakeven
1. Lower strike + debit 2. Upper strike - debit
Trade Profile
Forecast
Neutral
Time Decay
Favorable
Entry Cost
Debit paid
Risk Profile
Moderate
Profit Probability
Medium
Butterfly In-Depth
Butterfly In-Depth
iron condor payoff profile

Short Iron Condor

Neutral • Defined Risk • Credit Trade
Neutral
Payoff Profile
Max Profit
Credit received
Max Loss
Strike width - credit
Breakeven
1. Short call strike + credit 2. Short put strike - credit
Trade Profile
Forecast
Neutral
Time Decay
Favorable
Entry Cost
Strike width - credit
Risk Profile
Moderate
Profit Probability
Medium - High
Short Iron Condor In-Depth
Short Iron Condor In-Depth
long iron condor options trade

Long Iron Condor

Volatile • Defined Risk • Debit Trade
Long Volatility
Payoff Profile
Max Profit
Strike width - debit
Max Loss
Debit paid
Breakeven
Long call strike + debit Long put strike - debit
Trade Profile
Forecast
Volatile
Time Decay
Unfavorable
Entry Cost
Debit paid
Risk Profile
Moderate - High
Profit Probability
Medium - Low
Long Iron Condor In-Depth
Long Iron Condor In-Depth
calendar option spread chart

Calendar Spread

Neutral • Defined Risk • Debit Trade
Neutral
Payoff Profile
Max Profit
Undefined
Max Loss
Debit paid
Breakeven
Not fixed
Trade Profile
Forecast
Neutral
Time Decay
Favorable
Entry Cost
Debit paid
Risk Profile
Moderate
Profit Probability
Medium - High
Calendar In-Depth
Calendar In-Depth
Call and put diagonal spread

Call Diagonal Spread

Neutral to Bullish • Defined Risk • Debit Trade
Bullish
Payoff Profile
Max Profit
Undefined
Max Loss
Debit paid
Breakeven
Not fixed
Trade Profile
Forecast
Moderately Bullish
Time Decay
Favorable
Entry Cost
Debit paid
Risk Profile
Moderate
Profit Probability
Medium
Diagonal In-Depth
Diagonal In-Depth
Call and put diagonal spread

Put Diagonal Spread

Neutral to Bearish • Defined Risk • Debit Trade
Bearish
Payoff Profile
Max Profit
Undefined
Max Loss
Debit paid
Breakeven
Not fixed
Trade Profile
Forecast
Moderately bearish
Time Decay
Favorable
Entry Cost
Debit paid
Risk Profile
Moderate
Profit Probability
Medium
Diagonal In-Depth
Diagonal In-Depth
LEAPS options comparison

LEAPS Call

Bullish • Defined Risk • Debit Trade
Bullish
Payoff Profile
Max Profit
Unlimited
Max Loss
Debit paid
Breakeven
Strike + debit
Trade Profile
Forecast
Bullish
Time Decay
Unfavorable
Entry Cost
Debit paid
Risk Profile
Moderate - High
Profit Probability
Medium - Low
LEAPS In-Depth
LEAPS In-Depth
LEAPS options comparison

LEAPS Put

Bearish • Defined Risk • Debit Trade
Bearish
Payoff Profile
Max Profit
Substantial
Max Loss
Debit paid
Breakeven
Strike - debit
Trade Profile
Forecast
Bearish
Time Decay
Unfavorable
Entry Cost
Debit paid
Risk Profile
Moderate - High
Profit Probability
Medium - Low
LEAPS In-Depth
LEAPS In-Depth
poor man's covered call payoff chart

Poor Man's Covered Call

Bullish • Defined Risk • Debit Trade
Bullish
Payoff Profile
Max Profit
Undefined
Max Loss
Debit paid
Breakeven
Undefined
Trade Profile
Forecast
Bullish / neutral
Time Decay
Favorable
Entry Cost
Debit paid
Risk Profile
Moderate
Profit Probability
Medium
PMCC In-Depth
PMCC In-Depth

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