Option Strategies

Bullish directional buy — unlimited upside, risk capped at premium.

Own stock + short call — income with capped upside.

Long stock + long put — call-like payoff with defined downside.

Long call + short put — synthetic long futures exposure.

Sell a put for income when mildly bullish or neutral.

Debit call spread — moderate upside with capped risk.

Credit put spread — income when expecting support to hold.

Short fewer calls, long more — bullish volatility play.

Long call + short put — mimics a long futures position.

Collar-style structure with a defined trading range.

Shifted butterfly targeting a higher expiry price.

Condor skewed higher — profit if price drifts up into the body.

Long call + short put — directional synthetic with skew exposure.

Short put + short call spread — no upside risk when sized right.

Bearish directional buy — profits as the underlying falls.

Neutral-to-bearish short call — premium income with large upside risk.

Short stock + short put — income when mildly bearish.

Short stock + long call — hedge a short equity position.

Credit call spread — income when expecting resistance to hold.

Debit put spread — moderate downside with capped risk.

Short fewer puts, long more — bearish volatility play.

Short call + long put — mimics a short futures position.

Shifted butterfly targeting a lower expiry price.

Condor skewed lower — profit if price drifts down into the body.

Short call + short put spread — bearish cousin of the jade lizard.

Long call + long put — profits from a big move either way.

Short call + short put — profits if price stays near strike.

OTM call + OTM put — cheaper volatility long than a straddle.

Short OTM call + put — range-bound premium collection.

Long fewer calls, short more — profits in a mild rally.

Long fewer puts, short more — profits in a mild decline.

Multi-leg structure with twin wings — range and breakout zones.

Debit iron fly — profits from a large move away from the body.

Credit iron fly — profits if price expires near the short strike.

Two butterflies stacked — wider profit zone around two targets.

Debit iron condor — profits from a breakout beyond the wings.

Credit iron condor — classic range-bound premium strategy.

Two condors — broader profit band for sideways markets.