Option Strategies
Risk-defined and portfolio-linked option strategies, including covered calls, protective puts, iron condors, and iron butterflies.
Options strategies that combine calls, puts, strikes, and expirations to shape payoff, premium, risk, and breakeven behavior.
Spreads, combinations, and payoff strategies show how options can be combined to create a specific risk profile instead of a simple long call, long put, or uncovered short option.
Use this section when the practical question is payoff design. A spread strategy can cap risk, reduce premium, define a trading range, or trade volatility more precisely. Strategies such as a straddle, strangle, iron condor, or protective put should be read through its payoff diagram, breakevens, premium, margin, and exit plan.
The core distinction is whether the position is directional, range-bound, volatility-seeking, volatility-selling, income-oriented, or protective. The same option legs can look attractive or dangerous depending on strike selection, expiration, implied volatility, bid-ask spread, and whether assignment or early exercise can change the result.
For basic contract mechanics, step back to Options. For uncovered premium-selling risk, use Naked and Written Option Strategies. For model inputs and valuation logic, use Pricing and Valuation.
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Risk-defined and portfolio-linked option strategies, including covered calls, protective puts, iron condors, and iron butterflies.
Defined option payoff structures built from multiple legs, including spreads, boxes, straddles, and strangles.