Options strategies, explained and tracked
Each strategy has its own page: a payoff chart, a plain-language description and, later, the results of our hypothetical examples. The charts below use generic prices so you can see the shape of each strategy.
Bullish
Strategies that gain when the stock rises.
Long call
You buy a call option.
BullishBull call spread
You buy a call and sell a higher-strike call with the same expiry.
BullishBull put spread
You sell a put and buy a lower-strike put.
BullishCash-secured put
You sell a put and keep enough cash to buy the shares if assigned.
Bearish
Strategies that gain when the stock falls.
Long put
You buy a put option.
BearishBear put spread
You buy a put and sell a lower-strike put with the same expiry.
BearishBear call spread
You sell a call and buy a higher-strike call.
Neutral
Strategies that gain when the stock stays in a range.
Iron condor
A bull put spread and a bear call spread together.
NeutralLong call butterfly
You buy one lower call, sell two middle calls and buy one higher call.
NeutralCovered call
You own 100 shares and sell a call against them.
Volatility
Strategies that gain from a large move in either direction.
Long straddle
You buy a call and a put at the same strike.
VolatilityLong strangle
You buy an out-of-the-money call and an out-of-the-money put.
How results will be published
| Stage | What happens |
|---|---|
| Day 0 | We log a hypothetical play privately. Nothing is published. |
| Monthly | We record its value each month until expiry. |
| Expiry | We compute the final result from the closing price of the stock, and note which legs finished in or out of the money. |
| Expiry + 30 days | The result and the monthly follow-ups are published here, win or lose, with a link to the research behind it. |