Options Strategies
The most important options strategies for every market — with concrete example trades, strikes, premiums, and interactive payoff diagrams across 30 underlyings.
Featured: Strategy × Ticker Examples
Six hand-picked example trades — ready to click through and replicate.
Long Straddle · Tesla
Tesla Inc.
Highly volatile — no clear direction · highly volatile mover
Covered Call · Apple
Apple Inc.
Neutral to mildly bullish · calm stock
Iron Condor · S&P 500 ETF
SPDR S&P 500 ETF
Neutral / Sideways · calm stock
Cash-Secured Put · Amazon
Amazon.com Inc.
Neutral to mildly bullish · medium-volatility stock
Bull Call Spread · NVIDIA
NVIDIA Corporation
Bullish · volatile stock
Bear Put Spread · Coinbase
Coinbase Global Inc.
Bearish · highly volatile mover
Choose your strategy
Each strategy with complete example trades on SAP, NVIDIA, Tesla, Allianz, and 26 more underlyings.
Covered Call
Monthly income from your stock positions
Iron Condor
Sideways income with defined risk
Cash-Secured Put
Buy stocks cheaper or collect premium
Butterfly Strategy
Precision trading for low volatility
Bull Call Spread
Capital-efficient bullish strategy with capped risk
Bear Put Spread
Cost-efficient downside strategy with profit potential
Long Straddle
Profit from large moves in either direction
Collar Strategy
Protect your stock position without paying full insurance
Complete Strategy Guides
In-depth guides with step-by-step tutorials, examples, and FAQ — organized by market goal.
Income Strategies
Regular premium income
- Covered CallLow
You own the underlying asset and sell a call option. Strategy to generate additional income with neutral to slightly bullish market expectations.
Read guide - Cash-Secured PutMedium
Sell puts on stocks you would like to own. Get paid while waiting for a good entry.
Read guide - Iron CondorMedium
Combination of bull put spread and bear call spread. Profitable in low volatility and sideways trending markets.
Read guide - Credit SpreadLow-Medium
Sell one option, buy a cheaper one for protection. Limited profit and risk.
Read guide
Directional Strategies
For bullish or bearish expectations
- Bull Call SpreadLow-Medium
Buy a call option with lower strike and sell a call option with higher strike. Limited profit potential with rising prices.
Read guide - Bear Put SpreadLow-Medium
Buy a put option with higher strike and sell a put option with lower strike. Limited profit potential with falling prices.
Read guide - Long CallMedium
Buy a call when you expect prices to rise. Unlimited upside, limited risk.
Read guide - Long PutMedium
Buy a put when you expect prices to fall. Profit from declines.
Read guide
Hedging Strategies
Protect your portfolio
- Protective PutLow
You own the underlying asset and buy a put option as insurance against falling prices.
- CollarLow
Combines covered call with protective put. Caps both profit and loss.
Read guide - Married PutLow
Buy stock and put simultaneously. Full downside protection.
Volatility Strategies
Profit from market swings
- Long StraddleMedium-High
Simultaneous purchase of a call and put option with the same strike and expiration. Profits from strong price movements in either direction.
Read guide - Long StrangleMedium-High
Like a straddle but with OTM options. Cheaper, needs a bigger move.
- Iron ButterflyMedium
Like an iron condor but with the same middle strike. Higher risk, higher premium.
Which strategy for which market?
- Bear Put Spread
- Long Put
- Protective Put
- Long Straddle
- Long Strangle
- Iron Butterfly