Common exchange traded options strategies.

  • Name Description
    BackRatio Consists of two options, of same type and expiry, but with different amounts and strike prices.
    Butterfly Non directional strategy that combines legs of same expiry, but with varying amounts and strike prices.
    CalendarSpread A calendar spread is a long-short position is two calls or two puts. Both options have the same strike, but they have different expirations.
    Combo Sell call, buy put at lower strike. Buy call, Sell put at lower strike (1:1 ratio).
    Condor A condor strategy leverages four options with same expiry. A buy and a sell in the money, and a buy and a sell out of the money. Can also be characterized as two call spreads.
    Custom User defined custom strategy.
    Diagonal A diagonal spread is two options of the same type, one buy and one sell, but with different expiry times and different strike prices. Essentially a combination of a Vertical and Calendar spread.
    Gut Buy a call and then buy a put at a higher strike price, Sell a call and then sell a put at higher strike price. 1:1 ratio
    IronButterfly Two overlapping vertical spreads. One of the verticals is on the call side and one is on the put side.
    IronCondor A combined put and call spread with same expiration but varying different strikes.
    RiskReversal One leg is an OTM put, the other leg is an OTM call.
    Straddle A position in both a call and a put with the same underlier, strike price and maturity expiration date
    Strangle A position in both a call and put with different strike prices but with the same maturity and underlier
    Synthetic Buy a call, sell a put at the same strike. Sell a call, buy a put at the same strike. 1:1 ratio
    Vertical A vertical spread has two legs. One is buy and one is sell with same expiration date, but with different strike prices.