01
Long Call
Buy a call. Limited risk, unlimited upside.
Bullish
Payoff Reference · Profit & loss at expiration
The 56 Options Strategies
Every core structure a single- or multi-leg trader uses, drawn to its expiration payoff. Calendars, diagonals and the jelly roll are priced at their near-term expiry with Black–Scholes. Tap any strategy to scrub a spot price and read live risk, reward and breakevens.
02
Long Put
Buy a put. Bearish, limited risk.
BearishSell a call uncovered. Unlimited risk.
BearishSell a put. Mildly bullish income.
Bullish
05
Covered Call
Long stock + short call. Income on a holding.
Income
06
Covered Put
Short stock + short put. Income on a short.
IncomeShort put backed by cash to buy shares lower.
IncomeLong stock + long put. Downside insurance.
BullishShort stock + long call. Caps short-side risk.
Bearish
10
Collar
Stock + protective put + short call. Capped range.
NeutralCollar where the call premium funds the put.
NeutralBuy lower / sell higher call. Debit, bullish.
BullishSell lower / buy higher call. Credit, bearish.
BearishSell higher / buy lower put. Credit, bullish.
BullishBuy higher / sell lower put. Debit, bearish.
BearishBuy 1 / sell 2 calls. Credit, range-bound.
NeutralBuy 1 / sell 2 puts. Credit, range-bound.
NeutralSell 1 / buy 2 calls. Strong-upside bet.
BullishSell 1 / buy 2 puts. Strong-downside bet.
BearishBuy 1 / sell 2 calls at higher strikes.
NeutralBuy 1 / sell 2 puts at lower strikes.
NeutralBuy call + put, same strike. Big move either way.
VolatileSell call + put, same strike. Low volatility.
NeutralBuy OTM call + OTM put. Cheaper big-move bet.
VolatileSell OTM call + OTM put. Range-bound income.
Neutral
26
Strap
2 calls + 1 put, same strike. Volatile, bullish lean.
Volatile
27
Strip
2 puts + 1 call, same strike. Volatile, bearish lean.
Volatile
28
Long Guts
Buy ITM call + ITM put. Big-move variant.
Volatile
29
Short Guts
Sell ITM call + ITM put. Range-bound variant.
NeutralBuy 1 / sell 2 / buy 1 calls. Pin the center.
NeutralSame structure with puts. Pin the center.
NeutralInverse fly. Profits on a move away.
VolatileInverse fly with puts.
VolatileShort straddle + long strangle wings. Credit.
NeutralLong straddle + short wings. Debit.
VolatileUnequal wings to skew risk / cost.
NeutralSkip-strike fly with a directional tilt.
NeutralFour-strike call spread. Wide profit zone.
NeutralSame with puts. Wide profit zone.
NeutralInverse condor. Profits on a breakout.
VolatileInverse condor with puts.
Volatile
42
Iron Condor
Short strangle + long wings. Credit, range-bound.
NeutralLong strangle + short wings. Debit, breakout.
VolatileSkewed condor. Removes one side's risk.
NeutralSell near / buy far call, same strike. Theta play.
NeutralSame with puts. Theta play.
NeutralInverse. Profits on a sharp near-term move.
VolatileCalendar with different strikes. Directional lean.
BullishSame with puts. Directional lean.
BearishCall + put diagonals combined.
NeutralLong call + short put. Replicates shares.
BullishShort call + long put. Replicates a short.
Bearish
53
Conversion
Long stock + synthetic short. Locks arbitrage.
ArbitrageShort stock + synthetic long.
Arbitrage
55
Box Spread
Bull call + bear put spread. Fixed payoff / financing.
Arbitrage
56
Jelly Roll
Offsetting calendar spreads. Captures carry / dividends.
ArbitrageNo strategy matches that filter.
Spiking Press · from Dr. Clemen Chiang
The Wall Came Down.
Options trading for the generation that was locked out. All 56 structures, built from one transparent option chain you can recompute yourself — no signals, no winning-trade screenshots. Foreword by Marty Kearney, The Options Institute at Cboe.
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