Beginner
New to options? Start here with single-leg strategies and basic overlays. Limited moving parts, defined risk, clear payoffs.
- Long calls and puts
- Covered calls
- Protective puts
- Cash-secured puts
Browse Option Strategies
All traders start somewhere. Choose your experience level or market outlook below to browse strategies that match your profile. Want a ranked shortlist instead of browsing? Try the strategy recommender, which asks a few questions and scores strategies against your answers.
By Experience Level
The most straightforward path: start with strategies suited to your skill level.
Intermediate
Ready to combine legs? Master spreads, volatility trades, and neutral structures with precise risk control.
- Bull and bear spreads
- Straddles and strangles
- Iron condors and butterflies
- Calendar spreads
Advanced
Master complex structures. Ratio spreads, synthetics, reverse condors, and custom multi-leg combinations for expert traders.
- Ratio spreads
- Synthetic positions
- Reverse condors
- Diagonal and double diagonals
By Market Outlook
If you already know how the market will move, find strategies aligned with your conviction.
Bullish
You expect prices to rise. Explore strategies that profit from upward movement while managing risk.
Start with Long Call →Bearish
You expect prices to fall. Discover strategies that profit from downward movement with defined risk.
Start with Long Put →Neutral
You expect the market to stay flat or range-bound. Use premium-selling strategies to profit from time decay.
Explore Neutral Strategies →Volatile
You expect a big move but aren't sure which direction. Trade volatility with straddles and strangles.
Explore Volatility Strategies →Build Your Own
Ready to create a custom payoff profile? Use our multi-leg builder to design and visualize your own strategy before trading.
Launch Custom Strategy Builder→Compare Every Strategy
Already know what you're comparing? See all strategies in one table — outlook, complexity, risk, and capital needs side by side.
Open the Comparison Matrix→How to Choose
- Start with experience: If you're unsure, begin with your skill level. Beginner strategies build the foundation for more complex trades.
- Use outlook as a filter: Once you've chosen a complexity level, narrow down by how you expect the market to move.
- Understand the Greeks: Before moving to intermediate strategies, learn about delta, gamma, theta, and vega.
- Paper-trade first: Simulate trades before risking real capital. Most brokers offer free paper-trading accounts.
- Manage actively: Options have expiration dates. Monitor positions and adjust or close them as conditions change.