Options Profit Calculator

Option Strategies

Bear Call Ladder
BearishNeutralVolatile
Advanced
Ladder Spread
Capped Profit
High Risk
Capped Loss
High Capital Requirement
High Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a call at strike A
- Buy a call at strike B
- Buy a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Bear Call Spread
BearishStable
Intermediate
Credit Spread, Premium Income
Capped Profit
Moderate Risk
Capped Loss
Low Capital Requirement
Moderate Delta Sensitivity
Low Gamma Sensitivity
High Theta Sensitivity
Low Vega Sensitivity
Positive Theta Impact
Structure
- Sell a call at strike A
- Buy a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Bear Put Ladder
BearishNeutralVolatile
Advanced
Ladder Spread
Capped Profit
High Risk
Nearly Unlimited Loss
High Capital Requirement
High Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Negative Theta Impact
Structure
- Sell a put at strike A
- Sell a put at strike B
- Buy a put at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Bear Put Spread
BearishStable
Intermediate
Debit Spread
Capped Profit
Moderate Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Low Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Negative Theta Impact
Structure
- Sell a put at strike A
- Buy a put at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Bull Call Ladder
BullishNeutralVolatile
Advanced
Ladder Spread
Capped Profit
High Risk
Unlimited Loss
High Capital Requirement
High Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Negative Theta Impact
Structure
- Buy a call at strike A
- Sell a call at strike B
- Sell a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Bull Call Spread
BullishStable
Intermediate
Debit Spread
Capped Profit
Moderate Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Low Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Negative Theta Impact
Structure
- Buy a call at strike A
- Sell a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Bull Put Ladder
BullishNeutralVolatile
Advanced
Ladder Spread
Capped Profit
High Risk
Nearly Unlimited Loss
High Capital Requirement
High Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Buy a put at strike A
- Buy a put at strike B
- Sell a put at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Bull Put Spread
BullishStable
Intermediate
Credit Spread, Premium Income
Capped Profit
Moderate Risk
Capped Loss
Low Capital Requirement
Moderate Delta Sensitivity
Low Gamma Sensitivity
High Theta Sensitivity
Low Vega Sensitivity
Positive Theta Impact
Structure
- Buy a put at strike A
- Sell a put at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Calendar Call Spread
NeutralStable
Intermediate
Calendar Spread, Premium Income
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a call at strike A
- Buy a call at strike A (further expiration)
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Calendar Put Spread
NeutralStable
Intermediate
Calendar Spread, Premium Income
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a put at strike A
- Buy a put at strike A (further expiration)
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Call Broken Wing Butterfly
NeutralStable
Advanced
Asymmetric Spread
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a call at strike A
- Sell two calls at strike B
- Buy a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Call Ratio Backspread
BullishVolatile
Advanced
Ratio Spread
Unlimited Profit
High Risk
Capped Loss
Moderate Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
Moderate Theta Sensitivity
High Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a call at strike A
- Buy two calls at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Call Ratio Spread
BullishStable
Expert
Ratio Spread
Capped Profit
Moderate Risk
Unlimited Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a call at strike A
- Sell two calls at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Cash-Secured Put
NeutralBearishStable
Novice
Premium Income, Risk Management
Capped Profit
Low Risk
Nearly Unlimited Loss
Moderate Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
Low Vega Sensitivity
Positive Theta Impact
Structure
- Sell a put at strike A
- Have cash to buy shares if assigned
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Collar
BullishStable
Intermediate
Risk Management
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Low Theta Sensitivity
Low Vega Sensitivity
Mixed Theta Impact
Structure
- Own the underlying
- Buy a put at strike A
- Sell a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Covered Call
BullishStable
Novice
Premium Income
Capped Profit
Low Risk
Nearly Unlimited Loss
High Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Low Vega Sensitivity
Positive Theta Impact
Structure
- Own the underlying
- Sell a call at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Covered Short Straddle
NeutralStable
Advanced
Premium Income, Risk Management
Capped Profit
High Risk
Nearly Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Own the underlying
- Sell a call at strike A
- Sell a put at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Covered Short Strangle
NeutralStable
Advanced
Premium Income, Risk Management
Capped Profit
High Risk
Nearly Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Own the underlying
- Sell a put at strike A
- Sell a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Diagonal Call Spread
Bullish
Intermediate
Diagonal Spread
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a call at strike A (further expiration)
- Sell a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Diagonal Put Spread
Bearish
Intermediate
Diagonal Spread
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a put at strike A
- Buy a put at strike B (further expiration)
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Double Diagonal
NeutralStable
Expert
Directional, Diagonal Spread
Capped Profit
Moderate Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a put at strike A (further expiration)
- Sell a put at strike B
- Sell a call at strike C
- Buy a call at strike D (further expiration)
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Guts Spread
BullishBearishVolatile
Expert
Directional
Unlimited Profit
High Risk
Capped Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
Low Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy a call at strike A
- Buy a put at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Inverse Call Broken Wing Butterfly
NeutralStable
Advanced
Asymmetric Spread
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a call at strike A
- Buy two calls at strike B
- Sell a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Inverse Iron Butterfly
BullishBearishVolatile
Intermediate
Directional
Capped Profit
High Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a put at strike A
- Buy a put at strike B
- Buy a call at strike B
- Sell a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Inverse Iron Condor
BullishBearishVolatile
Intermediate
Directional
Capped Profit
Moderate Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a put at strike A
- Buy a put at strike B
- Buy a call at strike C
- Sell a call at strike D
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Inverse Put Broken Wing Butterfly
NeutralStable
Advanced
Asymmetric Spread
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Sell a put at strike A
- Buy two puts at strike B
- Sell a put at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Iron Butterfly
NeutralStable
Intermediate
Neutral, Premium Income
Capped Profit
Moderate Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Buy a put at strike A
- Sell a put at strike B
- Sell a call at strike B
- Buy a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Iron Condor
NeutralStable
Intermediate
Neutral, Premium Income
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Buy a put at strike A
- Sell a put at strike B
- Sell a call at strike C
- Buy a call at strike D
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Iron Corridor
Neutral
Intermediate
Neutral
Capped Profit
Moderate Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Sell a put at strike A
- Sell a call at strike A
- Buy a put at strike B
- Buy a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Jade Lizard
BullishNeutral
Advanced
Premium Income, Volatility
Capped Profit
Moderate Risk
Nearly Unlimited Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Sell a put at strike A
- Sell a call at strike B
- Buy a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Long Call
Bullish
Novice
Basic, Directional
Unlimited Profit
Moderate Risk
Capped Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy a call at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Long Call Butterfly
NeutralStable
Intermediate
Neutral
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a call at strike A
- Sell two calls at strike B
- Buy a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Long Call Condor
NeutralStable
Intermediate
Neutral
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a call at strike A
- Sell a call at strike B
- Sell a call at strike C
- Buy a call at strike D
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Long Combo
Bullish
Expert
Arbitrage, Synthetic
Unlimited Profit
High Risk
Nearly Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
Moderate Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Sell a put at strike A
- Buy a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Long Put
Bearish
Novice
Basic, Directional
Nearly Unlimited Profit
Moderate Risk
Capped Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy a put at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Long Put Butterfly
NeutralStable
Intermediate
Neutral
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a put at strike A
- Sell two puts at strike B
- Buy a put at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Long Put Condor
NeutralStable
Intermediate
Neutral
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a put at strike A
- Sell a put at strike B
- Sell a put at strike C
- Buy a put at strike D
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Long Synthetic Future
Bullish
Expert
Directional, Synthetic
Unlimited Profit
High Risk
Nearly Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Sell a put at strike A
- Buy a call at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Protective Put
Bullish
Novice
Risk Management
Unlimited Profit
Moderate Risk
Capped Loss
High Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Negative Theta Impact
Structure
- Own the underlying
- Buy a put at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Put Broken Wing Butterfly
NeutralStable
Advanced
Asymmetric Spread
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Buy a put at strike A
- Sell two puts at strike B
- Buy a put at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Put Ratio Backspread
BearishVolatile
Advanced
Ratio Spread
Nearly Unlimited Profit
High Risk
Capped Loss
Moderate Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
Moderate Theta Sensitivity
High Vega Sensitivity
Mixed Theta Impact
Structure
- Buy two puts at strike A
- Sell a put at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Put Ratio Spread
BearishStable
Expert
Ratio Spread
Capped Profit
Moderate Risk
Nearly Unlimited Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Mixed Theta Impact
Structure
- Sell two puts at strike A
- Buy a put at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Reverse Jade Lizard
BearishNeutral
Advanced
Premium Income, Volatility
Capped Profit
Moderate Risk
Unlimited Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Buy a put at strike A
- Sell a put at strike B
- Sell a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Short Call
BearishNeural
Advanced
Naked, Premium Income
Capped Profit
High Risk
Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
Low Vega Sensitivity
Positive Theta Impact
Structure
- Sell a call at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Short Call Butterfly
NeutralStable
Intermediate
Neutral
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Sell a call at strike A
- Buy two calls at strike B
- Sell a call at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
Keep Reading
Short Call Condor
NeutralStable
Intermediate
Neutral
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Sell a call at strike A
- Buy a call at strike B
- Buy a call at strike C
- Sell a call at strike D
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Short Combo
Bearish
Expert
Arbitrage, Synthetic
Nearly Unlimited Profit
High Risk
Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
Moderate Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy a put at strike A
- Sell a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Short Guts Spread
NeutralStable
Expert
Directional
Capped Profit
High Risk
Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
Low Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Sell a call at strike A
- Sell a put at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Short Put
BullishNeutral
Advanced
Naked, Premium Income
Capped Profit
High Risk
Nearly Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
Low Vega Sensitivity
Positive Theta Impact
Structure
- Sell a put at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Short Put Butterfly
NeutralStable
Intermediate
Neutral
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Sell a put at strike A
- Buy two puts at strike B
- Sell a put at strike C
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Short Put Condor
NeutralStable
Intermediate
Neutral
Capped Profit
Low Risk
Capped Loss
Moderate Capital Requirement
Low Delta Sensitivity
Low Gamma Sensitivity
Moderate Theta Sensitivity
Moderate Vega Sensitivity
Positive Theta Impact
Structure
- Sell a put at strike A
- Buy a put at strike B
- Buy a put at strike C
- Sell a put at strike D
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Short Straddle
NeutralStable
Advanced
Neutral, Premium Income
Capped Profit
High Risk
Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
Low Vega Sensitivity
Positive Theta Impact
Structure
- Sell a put at strike A
- Sell a call at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Short Strangle
NeutralStable
Advanced
Neutral, Premium Income
Capped Profit
High Risk
Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
Low Vega Sensitivity
Positive Theta Impact
Structure
- Sell a put at strike A
- Sell a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Short Synthetic Future
Bearish
Expert
Directional, Synthetic
Nearly Unlimited Profit
High Risk
Unlimited Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy a put at strike A
- Sell a call at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Straddle
BullishBearishVolatile
Intermediate
Volatility
Unlimited Profit
High Risk
Capped Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy a put at strike A
- Buy a call at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Strangle
BullishBearishVolatile
Intermediate
Volatility
Unlimited Profit
High Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy a put at strike A
- Buy a call at strike B
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Strap
Bullish
Expert
Directional
Unlimited Profit
High Risk
Capped Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy two calls at strike A
- Buy a put at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Strip
Bearish
Expert
Directional
Unlimited Profit
High Risk
Capped Loss
High Capital Requirement
High Delta Sensitivity
High Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Buy a call at strike A
- Buy two puts at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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Synthetic Put
Bearish
Advanced
Synthetic
Nearly Unlimited Profit
Moderate Risk
Capped Loss
Moderate Capital Requirement
Moderate Delta Sensitivity
Moderate Gamma Sensitivity
High Theta Sensitivity
High Vega Sensitivity
Negative Theta Impact
Structure
- Short the underlying
- Buy a call at strike A
Overview
  • A multi-leg, bearish strategy designed for experienced traders.
  • Involves selling one call at a lower strike, buying one at a higher strike, and selling another call at an even higher strike.
  • Targets scenarios where the stock price is expected to drop or remain stagnant.
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