A long call gives you the right to buy 100 shares of the underlying stock at a specific strike price. This is a bullish 🐂 bet that profits on the underlying asset going up and outpacing the negative effects of theta and volatility.

A short call obligates you to sell 100 shares of the underlying stock at a specific strike price (if assigned). This is a neutral to bearish 🚫🐂 bet that profits through time decay as well as the underlying asset going down.

A long put gives you the right to sell 100 shares of the underlying stock at a specific price. This is a bearish 🐻 bet that profits on the underlying asset going down and outpacing the negative effects of theta and volatility.

A short put obligates you to buy 100 shares of the underlying stock at a specific strike price (if assigned). This is a neutral to bullish 🚫🐻 bet that profits through time decay as well as the underlying asset going up.

A call credit spread is an alternative to the short call, which involves selling a call at one strike and buying a call at a higher strike price with the same expiration date. Similarly to a short call this is a neutral to bearish 🚫🐂 bet that profits through time decay as well as the underlying asset going down.

A call debit spread is an alternative to the long call, which involves buying a call at one strike price and selling a call at a higher strike price with the same expiration date. Similarly to a long call this is a bullish 🐂 bet that profits on the underlying asset going up and outpacing the negative effects of theta and volatility.

A put credit spread is an alternative to the short put, which involves selling a put at one strike and buying a put at a lower strike with the same expiration date. Similarly to a short put this is a neutral to bullish 🚫🐻 bet that profits through time decay as well as the underlying asset going up.

A put debit spread is an alternative to the long put, which involves buying a put at one strike and selling a put at a lower strike with the same expiration date. Similarly to the long put this is a bearish 🐻 bet that profits on the underlying asset going down and outpacing the negative effects of theta and volatility.

A bet on volatility 🌊🤪. You purchase both calls and puts with different strikes on both sides of the trade, and with similiar expiration, expecting a large move in volatility but unsure of direction.

A bet on calm 🐌⛵. You usually sell OTM puts and calls and are short volatility, expecting things not to move much in either direction.

A bet on volatility 🌊🤪. You purchase both calls and puts with the same expiration and strike, expecting a large move in volatility but unsure of direction. You make money if the move is larger than the premium paid.

A bet on calm 🐌⛵. You sell both calls and puts with the same expiration and strike, expecting a small move in volatility regardless of direction. You keep the premium but open yourself to risk of large movements.

A bet on volatility 🌊🤪. You are neutral of direction but require price/IV to increase. You are bullish on volatility.

A bet on calm 🐌⛵. You are neutral of direction but want price/IV to remain the same. You are bearish on volatility.

A bet on calm.

A bet on volatility 🐌⛵.

A bet on calm.

A bet on volatility 🐌⛵.

A bet on volatility 🌊🤪. Go long on an ITM call option at a lower strike price and also with a put option at a higher strike for same expiry. You are unsure of direction but hope for major upside in direction/volatility.

A bet on calm 🐌⛵. You are short and selling in the money call and put options for the same expiry, where strikes are equidistant to the current underlying price. You are short volatility here.

A bet on calm 🐌⛵. A combination of long call spread and short call spread, converging at one strike. You buy one call at a lower strike, one call at a higher strike, selling two calls at a middle price with same expiration, all strikes equidistant. You are hoping to collect premium here and for no large movements in price/volatility. You have no bias on direction.

A bet on calm 🐌⛵. A combination of long put spread and short put spread, converging at one strike. You buy one put at a higher strike, one at a lower strike, and selling two puts at a middle strike with same expiration, all strikes equidistant. You are hoping to collect premium here and for no large movements in price/volatility. You have no bias on direction.

A bet on volatility 🌊🤪. Buy two calls at a middle strike and sell the outer wings of a lower/higher striked calls. You are hoping for lots of volatility or a big directional move. You have no bias on direction.

A bet on volatility 🌊🤪. Buy two puts at a middle strike and sell the outer wings of a lower/higher striked put. You are hoping for lots of volatility or a big directional move. You have no bias on direction.

A bet on volatility 🌊🤪 with bearish 🐻 bias. You sell an ITM put, and then buy an ATM put as well as another lower OTM strike put with the same expiration. You have limited downside and unlimited upside.

A bet on volatility 🌊🤪 with bullish 🐂 bias. You sell an ITM call, and purchase an ATM call with another OTM call at a higher strike for the same expiration. You have limited downside and unlimited upside.

A bet on calm 🐌⛵ with unlimited downside risk 💣. You purchase an ITM put, and then sell an ATM put, while also selling another lower strike OTM put with similiar expiration. You expect volatility to remain constant.

A bet on calm 🐌⛵ with large upside risk 💣. You purchase an ITM call, and then sell an ATM call, while also selling another higher strike OTM call with similiar expiration. You expect volatility to remain constant.

A bet on calm 🐌⛵ with unlimited upside risk 💣. You are hoping for a drop in volaility, theta, or no large moves by purchasing an ITM call and two short calls at higher OTM strikes with all having the same expiry. Both OTM calls have the same strike.

A bet on calm 🐌⛵ with large downside risk 💣. You are hoping for a drop in volaility, theta, or no large moves by purchasing an ITM put and two short puts at lower OTM strikes with all having the same expiry. Both OTM puts have the same strike.

Call backspread

Put backspread

A bet on volatility 🌊🤪 with a bullish 🐂 bias. Like a straddle, but doubles profit on upward movement. You buy two ATM call options and one ATM put options with similiar expirations, hoping for large upward movement or a bounce in volatility.

A bet on volatility 🌊🤪 with a bearish 🐻 bias. Very similiar to a long straddle expect doubling on downward movement. You buy one ATM call as well as two ATM puts, hoping for a large volatility or downward move.

A slightly bullish direction bet, high implied volatility, selling an OTM put and selling a credit spread.

A bullish direction bet, selling put, longing calls.

A neutral to slightly bullish strategy, moderate implied volatility, buying a longer-term call option and selling a shorter-term call option with the same strike price.

A neutral to slightly bearish strategy, moderate implied volatility, buying a longer-term put option and selling a shorter-term put option with the same strike price.