Option Strategies Overview

Long Call
1 Leg
Debit
Price Forecast:
Volatility Forecast:
You buy (long) a Call
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Long Put
1 Leg
Debit
Price Forecast:
Volatility Forecast:
You buy (long) a Put
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Cash Secured Put
1 Leg
Credit
Price Forecast:
Volatility Forecast:
You sell (short) an OTM Put at a strike price where you want to buy (long) 100 shares
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Covered Call
1 Leg
Credit
Price Forecast:
Volatility Forecast:
You buy (or already own) 100 shares and sell 1 OTM Call
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Covered Put
1 Leg
Credit
Price Forecast:
Volatility Forecast:
You sell (or are already short) 100 shares and sell 1 OTM Put
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Protective Call
1 Leg
Debit
Price Forecast:
Volatility Forecast:
You sell (or are already short) 100 shares and buy 1 ATM or OTM Call
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Protective Put
1 Leg
Debit
Price Forecast:
Volatility Forecast:
You buy (or already own) 100 shares and buy 1 ATM or OTM Put
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Long Strangle
2 Legs
Debit
Price Forecast:/
Volatility Forecast:
You buy (long) one OTM Put and buy (long) one OTM Call
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Long Straddle
2 Legs
Debit
Price Forecast:/
Volatility Forecast:
You buy (long) an ATM Call and buy (long) an ATM Put
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Call Credit Spread
2 Legs
Credit
Price Forecast:/
Volatility Forecast:/
You sell (short) a Call and buy (long) a further OTM Call
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Price Forecast:
Volatility Forecast:/
You buy (long) a Call and sell (short) a further OTM Call
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Collar
2 Legs
debit
credt
Price Forecast:
Volatility Forecast:
You own (long) 100 shares of stock then sell (short) an OTM Call and buy (long) an OTM Put
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Put Credit Spread
2 Legs
Credit
Price Forecast:/
Volatility Forecast:/
You sell (short) a Put and buy (long) a further OTM Put
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Put Debit Spread
2 Legs
Debit
Price Forecast:
Volatility Forecast:/
You buy (long) a Put and sell (short) a further OTM Put
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Price Forecast:
Volatility Forecast:
You buy (long) one OTM Call, sell (short) two further OTM Calls, buy (long) one even further OTM Call that is closer to the sold OTM Calls than the first long OTM Call
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Price Forecast:
Volatility Forecast:
You buy (long) one OTM Call, sell (short) two further OTM Calls, buy (long) one even further OTM Call
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Price Forecast:
Volatility Forecast:
You sell (short) one ATM Put and buy (long) one OTM Put and sell (short) one ATM Call and buy (long) one OTM Call
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Short Iron Condor
4 Legs
Credit
Price Forecast:
Volatility Forecast:
You sell (short) one OTM Put and buy (long) one further OTM Put and sell (short) one OTM Call and buy (long) one further OTM Call
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Price Forecast:
Volatility Forecast:
You buy (long) one OTM Put, sell (short) two further OTM Puts, buy (long) one even further OTM Put
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Price Forecast:
Volatility Forecast:
You buy (long) one OTM Put, sell (short) two further OTM Puts, buy (long) one even further OTM Put that is closer to the sold OTM Puts than the first long OTM Put
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Call Backspread
2 Legs
debit
credt
Price Forecast:
Volatility Forecast:
You sell (short) one ATM Call and buy (long) at least two OTM Calls
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Put Backspread
2 Legs
debit
credt
Price Forecast:
Volatility Forecast:
You sell (short) one ATM Put and buy (long) at least two OTM Puts
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Short Call
1 Leg
Credit
Price Forecast:/
Volatility Forecast:
You sell (short) a Call
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Short Put
1 Leg
Credit
Price Forecast:/
Volatility Forecast:
You sell (short) a Put
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Short Straddle
2 Legs
Credit
Price Forecast:
Volatility Forecast:
You sell (short) an ATM Call and sell (short) an ATM Put, both at the same strike
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Short Strangle
2 Legs
Credit
Price Forecast:
Volatility Forecast:
You sell (short) one OTM Put and sell (short) one OTM Call
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Bearish Risk Reversal
2 Legs
debit
credt
Price Forecast:
Volatility Forecast:
You sell (short) an OTM Call and buy (long) an OTM Put
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Call Frontspread
2 Legs
Credit
Price Forecast:/
Volatility Forecast:
You sell at least two (2) OTM Calls and buy one ATM Call
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Put Frontspread
2 Legs
Credit
Price Forecast:/
Volatility Forecast:
You sell at least two (2) OTM Puts and buy one ATM Put
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Risk Reversal
2 Legs
debit
credt
Price Forecast:
Volatility Forecast:
You sell (short) an OTM Put and buy (long) an OTM Call
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Synthetic Short
2 Legs
debit
credt
Price Forecast:
Volatility Forecast:
You sell one ATM Call and buy one ATM Put
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Synthetic Long
2 Legs
debit
credt
Price Forecast:
Volatility Forecast:
You sell one ATM Put and buy one ATM Call
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