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Options strategy calculators
48 options strategies, from a long call to a jade lizard. Each has its outlook, its legs, its payoff, and a live example on SPY, and opens in the strategy calculator ready to edit.
Novice
Basic
Income
Intermediate
Credit Spreads
Neutral
- Iron butterflyNeutral. Short the ATM straddle and buy wings to cap risk.
- Iron condorNeutral. Combine a bull put spread and a bear call spread around spot.
- Long put butterflyNeutral debit. Buy one put, sell two at a middle strike, buy one further put.
- Long call butterflyNeutral debit. Buy one call, sell two at a middle strike, buy one further call.
Calendar Spreads
- Calendar call spreadNeutral to mildly directional. Sell a near call and buy the same strike further out.
- Calendar put spreadNeutral to mildly directional. Sell a near put and buy the same strike further out.
- Diagonal call spreadBullish calendar. Sell a near call and buy a further-dated call at a different strike.
- Diagonal put spreadBearish calendar. Sell a near put and buy a further-dated put at a different strike.
Debit Spreads
Directional
- Inverse iron butterflyWants a move. Long the ATM straddle and sell the wings — a debit iron fly.
- Inverse iron condorWants a move. Long the wings and short the inner strikes — a debit condor.
- Short put butterflyWants a move. Short the put fly so you profit outside the wings.
- Short call butterflyWants a move. Short the call fly so you profit outside the wings.
- StraddleBuy a call and put at the same strike. Profit from a large move either way.
- StrangleBuy an OTM call and OTM put. Cheaper than a straddle, needs a bigger move.
Advanced
Naked
Neutral
- Short straddleNeutral. Sell the ATM call and put. Profit if the stock stays near A.
- Short strangleNeutral. Sell an OTM call and OTM put for a wider pin range than a straddle.
- Long call condorNeutral debit with four calls. Profit if the stock stays between the inner strikes.
- Long put condorNeutral debit with four puts. Profit if the stock stays between the inner strikes.
Ratio Spreads
- Call ratio backspreadBullish. Sell one call and buy two higher calls. Unlimited upside on a squeeze.
- Put ratio backspreadBearish. Sell one put and buy two lower puts. Large profit on a crash.
- Put broken wingBullish skewed fly. Skip a put wing so a crash is less painful than a standard fly.
- Call broken wingBearish skewed fly. Skip a call wing so a melt-up is the defined-risk side.
Income
Expert
Ratio Spreads
Synthetic
Arbitrage
Other
- StripLong one call and two puts at A. A straddle that leans bearish.
- StrapLong two calls and one put at A. A straddle that leans bullish.
- GutsBuy an ITM call and ITM put. An expensive strangle that is already in the money.
- Short gutsSell an ITM call and ITM put. A rich short strangle with undefined risk.