Every Options strategy,
clearly explained.
29 strategies explained with payoff diagrams, real examples, and clear rules for when to use each — from covered calls to iron condors. Free, no login required.
Long Call
The simplest way to bet that a stock will rise — limited risk, unlimited reward.
Bull Call Spread
A cheaper, safer way to profit when you think a stock will rise.
Bull Put Spread
Collect money upfront on a bullish bet — get paid to be right.
Long Put
Profit from a falling stock — limited risk, large potential reward.
Bear Put Spread
A cheap, safe way to profit when you think a stock will fall.
Bear Call Spread
Collect money upfront on a bearish bet — profit if the stock stays below your level.
Iron Condor
Make money when the market just sits there and does nothing.
Iron Butterfly
Maximum premium collection with defined risk — the best of both worlds.
Short Straddle
Collect maximum premium — but only if the market stays very still.
Short Strangle
Wider profit zone than a short straddle — still collect premium, still risky.
Long Straddle
Profit from big price moves — you don't need to know which direction.
Long Strangle
A cheaper way to bet on a huge move — needs a bigger move to win.
Long Call Butterfly
A tiny bet that the price pins at one level — huge payout if right.
Long Put Butterfly
Same butterfly payoff, built with put options instead of calls.
Bull Butterfly
A targeted bullish bet with an absurdly cheap entry price.
Bull Condor
Bullish with a wide target range — like a bull butterfly but more forgiving.
Bear Condor
Bearish with a wide target range — cheap, defined risk, and forgiving.
Call Ratio Spread
Low-cost bullish trade — but watch out for the hidden risk above.
Put Ratio Spread
Low-cost bearish trade — profits from a moderate drop, risky if it crashes.
Call Ratio Backspread
Unlimited upside for cheap — the inverted ratio spread for explosive rallies.
Long Call Calendar
Profit from time itself — near-term decay works for you while the far-term holds value.
Long Put Calendar
Time decay works for you — the put version of the calendar spread.
Batman
Two profit peaks, one strategy — the bat-signal of range-bound markets.
Double Plateau
The safe Batman — two flat profit zones, fully defined risk.
Jade Lizard
Collect premium with ZERO upside risk — the tastytrade classic.
Reverse Jade Lizard
Zero downside risk — the mirror Jade Lizard for bearish premium sellers.
Range Forward
Zero-cost directional exposure — the hedge fund favourite from FX markets.
Protective Put
Insurance for your shares — protect your stocks from a crash.
Covered Call
Get paid to wait — earn income from shares you already own.