Learn options trading
- Video lessons
- 24
- Strategies
- 22
- Deep dives
- 2
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Strategy videos
The Covered Call
beginnerThe Cash-Secured Put
beginnerThe Long Call
beginnerThe Long Put
beginnerThe Bull Call Spread
beginnerThe Bear Put Spread
intermediateThe Bull Put Spread
intermediateThe Bear Call Spread
intermediateThe Protective Put
beginnerThe Long Straddle
intermediateThe Long Strangle
intermediateThe Collar
intermediateThe Iron Condor
advancedThe Iron Butterfly
advancedThe Long Call Butterfly
advancedThe Long Put Butterfly
advancedThe Short Straddle
advancedThe Short Strangle
advancedThe Ratio Spread
advancedThe Jade Lizard
advancedThe Calendar Spread
advancedThe Diagonal Spread
advancedQuick references
Deep dives
Strategy library
22 of 22Novice
5 strategiesSingle legs and basic income, where everyone starts.
Long Call
bullish · defined risk · single leg
Long Put
Buying a put gives you the right to sell 100 shares of the underlying at the strike price on or before expiration.
Covered Call
Own 100 shares of the underlying, then sell one out-of-the-money call against them.
Cash-Secured Put
Sell an out-of-the-money put while holding enough cash to buy 100 shares at the strike if you're assigned.
Protective Put
Own 100 shares of the underlying and buy a put against them.
Intermediate
7 strategiesTwo-leg spreads and directional volatility plays.
Bull Call Spread
Buy a call and sell a higher-strike call in the same expiration.
Bear Put Spread
Buy a put and sell a lower-strike put in the same expiration.
Bull Put Spread
Sell a put and buy a lower-strike put in the same expiration.
Bear Call Spread
Sell a call and buy a higher-strike call.
Long Straddle
Buy an ATM call and an ATM put with the same strike and expiration.
Long Strangle
Buy an OTM call and an OTM put with different strikes but the same expiration.
Collar
Own 100 shares, buy a protective put, and sell a covered call to help finance the put.
Advanced
6 strategiesFour-leg structures, butterflies, and calendar plays.
Iron Condor
A bull put spread + a bear call spread on the same underlying and expiration.
Iron Butterfly
An iron condor with the short strikes pinned at the same price.
Long Call Butterfly
Buy 1 ITM call, sell 2 ATM calls, buy 1 OTM call, all equidistant, same expiration.
Long Put Butterfly
Buy 1 ITM put, sell 2 ATM puts, buy 1 OTM put, equidistant, same expiration.
Calendar Spread
Sell a near-term option and buy a longer-dated option at the same strike.
Diagonal Spread
theta · directional · two expirations
Expert
4 strategiesUndefined-risk short premium and asymmetric combos.
Short Straddle
Sell an ATM call and an ATM put with the same strike and expiration.
Short Strangle
Sell an OTM call and an OTM put.
Ratio Spread
Buy fewer options at one strike, sell more at another.
Jade Lizard
income · no upside risk · asymmetric