• Long Call

  Buy a call option for leveraged upside exposure with limited risk.

• Long Put

  Buy a put option to profit from downward price movement.

• Short Call

  Sell a call option to collect premium with unlimited upside risk.

• Short Put

  Sell a put option to collect premium with the risk of assignment if price drops.

• Long Straddle

  Buy a call and a put at the same strike to profit from major movement in either direction.

• Long Strangle

  Buy an OTM call and an OTM put to profit from large price movements.

• Short Straddle

  Sell a call and put at the same strike to profit from tight price movement; very high risk.

• Short Strangle

  Sell an OTM call and put to profit from low volatility with unlimited risk.

• Bear Call Spread

  Sell a lower-strike call and buy a higher-strike call to express a mildly bearish outlook with limited risk.

• Bull Call Spread

  Buy a lower-strike call and sell a higher-strike call to take a defined-risk bullish position.

• Bear Put Spread

  Buy a higher-strike put and sell a lower-strike put for a limited-risk bearish trade.

• Bull Put Spread

  Sell a higher-strike put and buy a lower-strike put to profit from stable or rising prices.

• Iron Butterfly

  Sell an ATM call and put while buying OTM wings to profit from low volatility.

• Iron Condor

  Sell OTM call and put spreads simultaneously to benefit from low volatility.

• Long Iron Butterfly

  Buy an ATM call and put while selling OTM wings to profit from a sharp move in either direction with defined risk.

• Long Iron Condor

  Buy OTM call and put spreads to profit from a large breakout beyond a defined range.

• Long Call Butterfly

  Buy a call butterfly to profit from the underlying expiring near a specific strike.

• Short Call Butterfly

  Sell a call butterfly to benefit from the underlying moving away from the center strike.

• Long Put Butterfly

  Buy a put butterfly to profit if the underlying settles near a target price.

• Short Put Butterfly

  Sell a put butterfly to profit from a strong move away from the middle strike.

• Long Call Condor

  Buy a call condor to benefit from the underlying expiring within a specific upper price range.

• Short Call Condor

  Sell a call condor to profit from price moving beyond a defined upper range.

• Long Put Condor

  Buy a put condor to profit from the underlying expiring within a defined lower price range.

• Short Put Condor

  Sell a put condor to benefit from a move outside a defined lower price range.

• Synthetic Long

  Combine a long call and short put at the same strike to replicate long stock exposure.

• Synthetic Short

  Combine a short call and long put at the same strike to replicate short stock exposure.

• Long Guts

  Buy an ITM call and an ITM put to profit from a significant move in either direction.

• Short Guts

  Sell an ITM call and an ITM put to profit from minimal price movement with high risk.