Options strategies, by structure and outlook

Buy a call. Pay premium. Profit if the underlying rises past strike + premium.

Buy a put. Pay premium. Profit if the underlying falls below strike - premium.

Sell a call without owning shares. Collect premium. Theoretically unlimited loss.

Sell a put backed by cash. Either collect premium or buy the stock at the strike.

Long lower-strike call, short higher-strike call. Bullish, defined risk, defined reward, debit.

Long higher-strike put, short lower-strike put. Bearish, defined risk, debit.

Short higher-strike put, long lower-strike put. Neutral-to-bullish, credit, theta-positive.

Short lower-strike call, long higher-strike call. Neutral-to-bearish, credit, theta-positive.

Three-strike call structure. Pays max if underlying lands at the middle strike on expiration.

A short straddle with defined risk via long wings. Tighter than an iron condor; more credit, smaller profit zone.

Bull put spread + bear call spread. Defined-risk neutral premium selling. The named product.

Same strike, two expirations. Sell the near, buy the far. Theta arbitrage with a vega tilt.

Different strike, different expiration. A vertical and a calendar combined.

Diagonal with deep-ITM long-dated call replacing 100 shares. Capital-efficient covered call.

Long 1 call + short 2 calls higher up. Pays best at the short strike. Naked tail above breakeven.

Short 1 put + long 2 puts lower. Defined max loss in the middle, unlimited downside profit.

Long 1 ATM call + long 1 ATM put. Direction-blind bet on movement.

Long 1 OTM call + long 1 OTM put. Cheaper than a straddle, needs a larger move.

Short 1 ATM call + short 1 ATM put. Collects max premium. Open-ended risk both ways.

Short 1 OTM call + short 1 OTM put. Wider profit zone than short straddle. Open-ended risk.

Long 100 shares + short 1 call above the price. Income trade against held shares.

Long 100 shares + long 1 put. Floor under the position; payoff identical to a long call.

Long 100 shares + long put below + short call above. Caps both sides; near-zero net cost possible.

Cycle: cash-secured put → assignment → covered call → assignment → repeat. Systematic income.