Strategy library
Every options strategy, priced on a real stock
34 interactive strategies with live payoff curves. Pick a ticker and every strike, credit and break-even below re-prices to the market. No account needed.
Income
7 strategiesSell options against cash or shares you hold; collect premium while you wait.
Set aside cash, sell a put at your target buy price, collect premium.
Hold shares, sell a call against them, collect premium. Rent out your upside.
Sell an ATM call and hold cash equal to the strike. A synthetic short put with call mechanics.
Cycle: sell puts until assigned, then sell calls until called away. Repeat.
Own 100 shares, sell 2 OTM calls. One call is covered; the second is naked above the strike.
Own stock, sell an OTM put and an OTM call. Double income, double assignment risk.
Sell a put without holding the cash. High margin requirement, large loss if stock crashes.
Bullish
6 strategiesPositions that profit when the stock goes up.
Buy a call. Defined risk, unlimited upside if the stock rallies past your strike.
Buy and hold shares. Simple directional bet — unlimited upside, limited downside.
Buy a lower-strike call, sell a higher-strike call. Defined debit, defined upside.
Sell a higher-strike put, buy a lower-strike put. Net credit; profits if stock stays above short strike.
Sell a higher-strike put, buy a lower-strike put — defined risk income.
Own underwater shares — buy 1 ATM call, sell 2 OTM calls. Lowers your breakeven at near-zero cost.
Bearish
6 strategiesPositions that profit when the stock goes down.
Buy a put. Defined risk, large profit if the stock falls below your strike.
Sell a lower-strike call, buy a higher-strike call. Net credit; profits if stock stays below short strike.
Buy a higher-strike put, sell a lower-strike put. Defined debit, profits as stock falls.
Short shares and sell a put below market. Bullish exit floor — bearish overall.
Sell a call without owning the shares. Theoretically unlimited loss if the stock rips.
Borrow and sell shares you don't own. Profit if stock falls — unlimited loss if it rises.
Neutral / range-bound
8 strategiesProfit when the stock stays inside a range. Time decay does the work.
Short straddle at ATM + buy OTM wings. High credit, defined risk, very narrow profit zone.
Put credit spread + call credit spread around the price. Bet on chop.
Buy low strike call, sell 2 middle calls, buy high strike call. Max profit if stock pins the middle strike.
4-leg call spread. Buy outer calls, sell inner calls. Profit if stock stays between inner strikes.
Buy high strike put, sell 2 middle puts, buy low strike put. Mirror of the call butterfly.
4-leg put spread. Buy outer puts, sell inner puts. Profit if stock stays between inner strikes.
Sell an ATM call and put. Collect max premium — but lose if the stock makes a big move.
Sell OTM call and OTM put. Collect premium — profit if stock stays between the strikes.
Big move either way
5 strategiesProfit from a large move when direction is unclear: earnings, catalysts, chaos.
Buy an ATM call and put at the same strike. Profit from a big move in either direction.
Buy an OTM put and OTM call. Cheaper than a straddle — needs a bigger move to profit.
Buy the iron condor (net debit). Profits from a large move outside the inner strikes — opposite of selling one.
Sell low + high calls, buy 2 middle calls. Net credit; profits if stock moves away from the middle.
Sell high + low puts, buy 2 middle puts. Net credit; profits if stock moves away from the middle.
Protection
2 strategiesInsurance for shares you already own. A floor under your downside.
Ready to run one for real income?
The planner ranks covered calls and cash-secured puts on your watchlist by monthly premium, with the full chain, Greeks and earnings warnings.
New to options? The glossary defines every term in a sentence, and the plain-English guides walk through the ideas behind these curves.
More strategy guides (reference only, no payoff diagram): Bear Spread · Bull Spread
Educational only, not financial advice. Quotes are delayed at least 15 minutes. Modelled premiums are estimates; confirm at your broker.