Most Popular Strategies

Start with these trader favorites — the strategies most commonly used by successful options traders.

🦅 #1 Income

Iron Condor

The most popular premium-selling strategy. Profit from range-bound markets.

70-80% Win Rate Defined Risk

📈 Beginner

Covered Call

Generate income on stocks you own. The #1 strategy for beginners.

60-70% Win Rate Low Risk

💰 Versatile

Credit Spreads

Sell spreads with defined risk. Works in any market direction.

65-75% Win Rate Defined Risk

Income Strategies

Generate consistent premium income from range-bound markets.

Covered Call

Beginner

Generate monthly income on stocks you own.

Wheel Strategy

Beginner

Sell puts → get assigned → sell calls. Systematic income.

Credit Spreads

Intermediate

Sell spreads for credit with defined risk.

Iron Condor

Intermediate

Profit from range-bound markets with defined risk.

Jade Lizard

Advanced

Short put + short call spread. No upside risk.

Short Strangle

Advanced

Sell OTM put and call. High premium, undefined risk.

Directional Strategies

Profit from bullish or bearish moves with defined risk.

Debit Spreads

Beginner

Bull call or bear put spreads with defined risk.

Bull Put Spread

Intermediate

Credit spread for bullish outlook. High probability.

Synthetic Long

Intermediate

Stock-like exposure with less capital.

Diagonal Spread

Advanced

Different strikes AND expirations. Rolling income.

Ratio Spread

Advanced

Buy 1, sell 2+. Low cost with directional bias.

Neutral Strategies

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

Butterfly Spread

Intermediate

High R:R ratio when expecting price at specific strike.

Condor Spread

Intermediate

Wider profit zone than butterfly.

Calendar Spread

Advanced

Profit from time decay differential.

Broken Wing Butterfly

Advanced

Asymmetric butterfly with directional bias.

Double Diagonal

Advanced

Two diagonals for neutral theta positive position.

Volatility Strategies

Profit from big moves in either direction or volatility changes.

Long Straddle

Intermediate

Buy ATM call and put. Profit from big moves.

Long Strangle

Intermediate

Cheaper than straddle, needs bigger move.

Back Spread

Advanced

Low cost with huge upside on explosive moves.

Short Straddle

Advanced

Max premium but unlimited risk. Experts only.

Hedging & Protection

Protect existing positions from downside risk.

Protective Put

Beginner

Buy puts as insurance on stocks you own. Limited downside, unlimited upside.

Learn more →

Collar Strategy

Intermediate

Zero-cost protection by funding puts with call premium. Caps upside.

Learn more →

Not Sure Which Strategy to Use?

High IV (Rank > 50)?

Iron Condor, Credit Spreads, Covered Calls

Low IV (Rank < 30)?

Calendar Spreads, Debit Spreads, Straddles

Expecting Big Move?

Long Straddle, Long Strangle, Back Spread

Expecting Sideways?

Iron Condor, Butterfly, Calendar

Test in Strategy Simulator Check IV Rank

Need to brush up on the basics first? ← Back to Learning Center

Practice Strategies Risk-Free

Test any strategy with our free simulator before risking real capital.

Try Strategy Simulator View Free Demo