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Decision matrix · 37 strategies

Which strategy fits your view?

Every option strategy on LikeOptions in one dense table — market outlook, complexity, risk, capital needs, and payoff shape side by side. Filter by outlook, then open the guide or calculator for any row. New to options? Start with the strategy finder or the strategy recommender instead.

StrategyOutlookComplexityRiskCapital needMax profitMax lossExplore
Bear Call SpreadSemi-ProModerately bearishIntermediateMediumModerate$500 per default position$500 per default positionBear Call Spread guideCalculator
Bear Put LadderInstitutionalModerately bearishAdvancedMediumModest net debit$600 per default position$8,400 per default positionBear Put Ladder guideCalculator
Bear Put SpreadSemi-ProModerately bearishIntermediateMediumModerate margin$500 per default position$500 per default positionBear Put Spread guideCalculator
Bull Call LadderInstitutionalModerately bullishAdvancedMediumModest net debit$600 per default positionUnlimitedBull Call Ladder guideCalculator
Bull Call SpreadSemi-ProModerately bullishIntermediateMediumModerate net debit$500 per default position$500 per default positionBull Call Spread guideCalculator
Bull Put SpreadSemi-ProModerately bullishIntermediateMediumModerate margin requirement$500 per default position$500 per default positionBull Put Spread guideCalculator
Bullish Risk ReversalSemi-ProBullishIntermediateHighOften generates creditUnlimited$9,500 per default positionBullish Risk Reversal guideCalculator
Call Calendar SpreadInstitutionalNear the strikeAdvancedMediumModest net debitModel-dependent at the earliest expiry; every later-dated leg retains theoretical time valueModel-dependent at the earliest expiry; every later-dated leg retains theoretical time valueCall Calendar Spread guideCalculator
Call Ratio BackspreadAdvanced InstitutionalStrongly bullishAdvancedVery HighModest net debit with undefined loss riskUnlimited$800 per default positionCall Ratio Backspread guideCalculator
Cash-Secured PutSemi-ProModerately bullishIntermediateMediumHigh: cash to cover 100 shares at strike$300 per default position$9,200 per default positionCash-Secured Put guideCalculator
CollarSemi-ProProtected rangeIntermediateMedium100+ shares; low/zero net cost$1,000 per default position$1,000 per default positionCollar guideCalculator
Covered CallSemi-ProModerately bullishBeginnerMedium100+ shares$1,200 per default position$9,800 per default positionCovered Call guideCalculator
Covered PutAdvanced InstitutionalModerately bearishAdvancedVery HighHigh: margin for short shares$1,200 per default positionUnlimitedCovered Put guideCalculator
Iron ButterflyAdvanced InstitutionalNear one priceAdvancedMediumModerate margin$600 per default position$400 per default positionIron Butterfly guideCalculator
Iron CondorInstitutionalRange-boundIntermediateMediumModerate margin$400 per default position$600 per default positionIron Condor guideCalculator
Long CallRetailBullishBeginnerHighModest: only premium costUnlimited$500 per default positionLong Call guideCalculator
Long Call ButterflySemi-ProNear one priceIntermediateLowModest net debit$800 per default position$200 per default positionLong Call Butterfly guideCalculator
Long GutsAdvanced InstitutionalLarge move either wayAdvancedHighVery high: ITM options expensiveUnlimited$400 per default positionLong Guts guideCalculator
Long PutRetailBearishBeginnerHighModest: only premium cost$9,500 per default position$500 per default positionLong Put guideCalculator
Long Put ButterflySemi-ProNear one priceIntermediateLowModest net debit$800 per default position$200 per default positionLong Put Butterfly guideCalculator
Long StraddleRetailLarge move either wayIntermediateHighModerate: double premiumUnlimited$1,000 per default positionLong Straddle guideCalculator
Long StrangleRetailLarge move either wayIntermediateHighLow to moderateUnlimited$400 per default positionLong Strangle guideCalculator
Poor Man's Covered CallSemi-ProModerately bullishAdvancedMediumModerate: cost of the long-dated deep ITM call, a fraction of 100 shares' valueModel-dependent at the earliest expiry; every later-dated leg retains theoretical time valueModel-dependent at the earliest expiry; every later-dated leg retains theoretical time valuePoor Man's Covered Call guideCalculator
Protective PutSemi-ProBullish with protectionBeginnerLow100+ shares plus put costUnlimited$800 per default positionProtective Put guideCalculator
Put Calendar SpreadInstitutionalNear the strikeAdvancedMediumModest net debitModel-dependent at the earliest expiry; every later-dated leg retains theoretical time valueModel-dependent at the earliest expiry; every later-dated leg retains theoretical time valuePut Calendar Spread guideCalculator
Put Ratio BackspreadAdvanced InstitutionalStrongly bearishAdvancedVery HighModest with undefined risk$8,700 per default position$800 per default positionPut Ratio Backspread guideCalculator
Reverse Iron ButterflyAdvanced InstitutionalLarge move either wayAdvancedMediumModest net debit$400 per default position$600 per default positionReverse Iron Butterfly guideCalculator
Reverse Iron CondorAdvanced InstitutionalLarge move either wayAdvancedMediumModerate net debit$100 per default position$400 per default positionReverse Iron Condor guideCalculator
Short GutsAdvanced InstitutionalRange-boundAdvancedVery HighVery high: two ITM short positions$400 per default positionUnlimitedShort Guts guideCalculator
Short StraddleInstitutionalNeutralIntermediateVery HighVery high: naked shorts$1,000 per default positionUnlimitedShort Straddle guideCalculator
Short StrangleInstitutionalNeutralIntermediateVery HighHigh: two naked positions$400 per default positionUnlimitedShort Strangle guideCalculator
Short StrapAdvanced InstitutionalRange-bound with upside risk toleranceAdvancedVery HighVery high: naked short options, margin-intensive$1,500 per default positionUnlimitedShort Strap guideCalculator
StrapSemi-ProLarge move, bullish tiltAdvancedHighHigh: three legsUnlimited$1,500 per default positionStrap guideCalculator
StripSemi-ProLarge move, bearish tiltAdvancedHighHigh: three legsUnlimited$1,500 per default positionStrip guideCalculator
Synthetic CallSemi-ProBullishIntermediateMediumHigh: 100+ shares plus put premium, versus the modest premium-only outlay of buying a call outrightUnlimited$500 per default positionSynthetic Call guideCalculator
Synthetic Long StockSemi-ProBullishIntermediateHighModest net debit or creditUnlimited$10,000 per default positionSynthetic Long Stock guideCalculator
Synthetic Short StockSemi-ProBearishIntermediateHighModest$10,000 per default positionUnlimitedSynthetic Short Stock guideCalculator

How to read this table

Outlook is the market view the strategy is built for — the direction and/or volatility regime where it performs best.

Risk level reflects the maximum loss profile of the default configuration, not a guarantee — every strategy's actual risk depends on the strikes and premiums used.

Capital need is the rough collateral or premium outlay required to open the position, before margin rules specific to your broker.