Trading Structure

Bear Call Spread

  • Sell to open, call
  • Buy to open, call at higher strike

Bear Put Spread

  • Buy to open, put
  • Sell to open, put at lower strike

Bull Call Spread

  • Buy to open, call
  • Sell to open, call at higher strike

Bull Put Spread

  • Sell to open, put
  • Buy to open, put at lower strike

Butterfly

  • Buy to open, call or put
  • Sell to open, 2 times number of calls or puts
  • Buy to open, call or put

Call Calendar Spread

  • Buy to open, call with longer expiration
  • Sell to open, call with shorter expiration

Call Ratio Backspread

  • Sell to open, call
  • Buy to open, greater number of call options at a higher strike

Cash Secured Put

  • Sell to open, put
  • Cash in account to cover total risk

Condor

  • Buy to open, put or call
  • Sell to open, put or call closer to ATM
  • Sell to open, put or call closer to ATM
  • Buy to open, put or call

Covered Call

  • Purchase stock
  • Sell to open, call

Iron Butterfly

  • Buy to open, put
  • Sell to open, put at higher strike
  • Sell to open, call at same strike as short put
  • Buy to open, call

Iron Condor

  • Buy to open, put
  • Sell to open, put at higher strike
  • Sell to open, call
  • Buy to open, call at higher strike

Long Call

  • Buy to open, call

Long Put

  • Buy to open, put

Married Put

  • Purchase stock
  • Buy to open, put

Protective Put

  • Buy to open, put

Put Calendar Spread

  • Buy to open, put with longer expiration
  • Sell to open, put with shorter expiration

Put Ratio Backspread

  • Sell to open, put
  • Buyer to open, greater number of puts at a lower strike price

Short Call

  • Sell to open, call

Short Put

  • Sell to open, put

Straddle

  • Buy to open, call
  • Buy to open, put

Strangle

  • Buy to open, call
  • Buy to open, put at different strike

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