Not financial advice. Options involve risk and are not suitable for all investors. Data is delayed up to 15 minutes.
Explore 40+ options strategies with interactive calculators, P&L diagrams, and educational content.
Buy a call option to profit from a bullish move with limited risk.
Buy a put option to profit from a bearish move with limited risk.
Sell a call option to collect premium, with unlimited risk.
Sell a put option to collect premium with large downside risk.
Sell calls against stock you own to generate income and reduce cost basis.
Sell puts while short the underlying stock.
Sell puts with cash reserved to buy stock, collecting premium while waiting.
Buy a put against long stock to create a floor under the position.
Protect stock with a bought put while financing it by selling a covered call. Caps both risk and reward.
Buy a lower-strike call and sell a higher-strike call for a bullish position with defined risk.
Sell a lower-strike call and buy a higher-strike call for a bearish credit spread.
Sell a higher-strike put and buy a lower-strike put for a bullish credit spread.
Buy a higher-strike put and sell a lower-strike put for a bearish position with defined risk.
Buy a call and put at the same strike to profit from a large move in either direction.
Sell a call and put at the same strike to profit from low volatility.
Buy an OTM call and OTM put to profit from a large move in either direction, cheaper than a straddle.
Sell an OTM call and OTM put to profit from low volatility with a wider profit range than a straddle.
Buy an ITM call and ITM put to create a higher-cost strangle with intrinsic value on both legs.
Buy one call and two puts at the same strike for a volatility trade with bearish bias.
Buy two calls and one put at the same strike for a volatility trade with bullish bias.
Buy one option, sell two middle options, and buy a farther wing to skew risk and reward.
A butterfly-style spread with unequal contract quantities to tilt the payoff profile.
Buy one call and sell multiple higher-strike calls for a bullish trade with upside risk.
Buy one put and sell multiple lower-strike puts for a bearish trade with downside risk.
Sell one call and buy multiple higher-strike calls to create convex bullish upside.
Sell one put and buy multiple lower-strike puts to create convex bearish downside.
Buy a longer-dated option and sell a shorter-dated option at a different strike.
Sell near-term call and put options while buying longer-dated options at matching strikes.
Combine bullish and bearish diagonals by selling near-term OTM options and buying farther-dated wings.
Buy a deep ITM LEAPS call and sell short-term OTM calls against it. Lower capital than a covered call.
Buy a deep ITM put and sell shorter-term OTM puts against it for bearish income exposure.
Buy a longer-dated option and sell a shorter-dated option at the same strike to profit from time decay.
Buy a call and sell a put at the same strike to mimic long stock exposure.
Sell a call and buy a put at the same strike to mimic short stock exposure.
Sell a put to create a payoff similar to a covered call without buying shares upfront.
Buy an OTM call and sell an OTM put for leveraged bullish exposure, or invert the legs for bearish exposure.
Sell an OTM put and an OTM call spread to collect credit with no upside risk when the credit exceeds call spread width.
A wider-wing Jade Lizard variation that sells a put and a wider call spread for more credit.
Sell an OTM call and an OTM put spread to create a bearish-to-neutral credit strategy.