Strategy library
Every options strategy covered on Stryke, with bias and difficulty at a glance.
Covered call
Sell a call against 100 shares to collect premium with capped upside.
Iron condor
Sell an OTM call spread and put spread to profit from a range-bound move.
Bull put spread
Sell a put and buy a lower-strike put for defined-risk bullish exposure.
Short straddle
Sell an ATM call and put to profit from a sharp drop in implied volatility.
Bear call spread
Sell a call and buy a higher-strike call for defined-risk bearish exposure.
Diagonal spread
Combine different strikes and expiries to harvest theta with directional tilt.
Cash-secured put
Sell a put backed by cash to buy stock at a discount or keep the premium.
Long call
Buy a call for leveraged upside with capped downside.
Long put
Buy a put for leveraged downside exposure or portfolio hedging.
Long straddle
Buy an ATM call and put to profit from a large move in either direction.
Long strangle
Buy an OTM call and OTM put for a cheaper bet on a sharp move.
Calendar spread
Sell a near-term option and buy a longer-dated one at the same strike to harvest theta.
Bull call spread
Buy a call and sell a higher-strike call for defined-risk bullish exposure.
Bear put spread
Buy a put and sell a lower-strike put for defined-risk bearish exposure.
Protective put
Hold stock and buy a put as downside insurance against a drawdown.
Naked put
Sell a put without cash collateral for premium income with assignment risk.
Naked call
Sell a call without owning the underlying, undefined upside risk.
Married put
Buy stock and a protective put together to floor downside while keeping upside.
Married call
Short stock and buy a call as a ceiling against a squeeze.
Short strangle
Sell an OTM call and OTM put to collect premium in a range-bound market.
Iron butterfly
Sell an ATM straddle with protective wings for a high-credit pinning bet.
Call butterfly
Buy 1 ITM call, sell 2 ATM calls, buy 1 OTM call for a low-cost pin trade.
Put butterfly
Buy 1 OTM put, sell 2 ATM puts, buy 1 ITM put for a low-cost pin trade.
The wheel
Sell cash-secured puts until assigned, then sell covered calls until called away, a continuous income cycle.
Collar
Own stock, buy a protective put, and sell a covered call to fund it, creating a defined floor and ceiling at little or no net cost.
Ratio spread
Buy one option and sell two at a further strike for a low-cost or credit directional bet, with an uncovered leg introducing extra risk beyond the target.
Poor man's covered call
Use a deep ITM LEAPS call as a stock substitute and sell short-term calls against it for covered-call-style income with a fraction of the capital.