Strategies

Every trade,
by what it is for.

26 guides grouped by the job the trade does: income, a direction, a range, a move, or protection. Each one with the payoff, the Greeks that matter, and the level it asks of you.

Browse the strategies Build one on AAPL New to options? Start at Learn

26Strategy guides

5Groups, by purpose

3Levels, on every card

The directory

Pick the job,
then the trade.

A covered call and a short strangle are both "selling premium" and ask for completely different things from you. The groups sort by what the position is for; the chip on each card says what it expects.

Income Strategies 6 guides

Generate consistent premium income from range-bound markets.

Covered Call BeginnerGenerate monthly income on stocks you own. Wheel Strategy BeginnerSell puts → get assigned → sell calls. Systematic income. Credit Spreads IntermediateSell spreads for credit with defined risk. Iron Condor IntermediateProfit from range-bound markets with defined risk. Jade Lizard AdvancedShort put + short call spread. No upside risk. Short Strangle AdvancedSell OTM put and call. High premium, undefined risk.

Directional Strategies 5 guides

Profit from bullish or bearish moves with defined risk.

Debit Spreads BeginnerBull call or bear put spreads with defined risk. Bull Put Spread IntermediateCredit spread for bullish outlook. High probability. Synthetic Long IntermediateStock-like exposure with less capital. Diagonal Spread AdvancedDifferent strikes AND expirations. Rolling income. Ratio Spread AdvancedBuy 1, sell 2+. Low cost with directional bias.

Neutral Strategies 5 guides

Profit when you expect the underlying to stay in a range.

Butterfly Spread IntermediateHigh R:R ratio when expecting price at specific strike. Condor Spread IntermediateWider profit zone than butterfly. Calendar Spread AdvancedProfit from time decay differential. Broken Wing Butterfly AdvancedAsymmetric butterfly with directional bias. Double Diagonal AdvancedTwo diagonals for neutral theta positive position.

Volatility Strategies 4 guides

Profit from big moves in either direction or volatility changes.

Long Straddle IntermediateBuy ATM call and put. Profit from big moves. Long Strangle IntermediateCheaper than straddle, needs bigger move. Back Spread AdvancedLow cost with huge upside on explosive moves. Short Straddle AdvancedMax premium but unlimited risk. Experts only.

Hedging & Protection 2 guides

Protect existing positions from downside risk.

Protective Put BeginnerBuy puts as insurance on stocks you own. Limited downside, unlimited upside. Collar Strategy IntermediateZero-cost protection by funding puts with call premium. Caps upside.

Every guide opens in the Strategy Lab with its legs already on the chain. The vocabulary is in the glossary; the theory is at /learn.

Price it on
a live chain.

The Strategy Lab loads any of these onto the real chain with payoff, breakevens and probability of profit. A free account runs it on AAPL, no card; every plan includes a 7-day free trial.

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Real market data, not a sandbox. Open the Strategy Lab on AAPL.

Every trade, by what it is for.

Pick the job,then the trade.