Options Strategies List

1. Covered Call: Long Stock + Short Call (income strategy)

2. Protective Put: Long Stock + Long Put (insurance strategy, the exercise of the put is near the current stock price, also known as a married put)

3. Collar: Long Stock, Out of the Money Short Call and Out of the Money Long Put

4. Bull Spread:

a) Long Call at X and Short Call at X+Y (Bull Call Spread)
b) Short Put at X and Long Put at X-Y (Bull Put Spread)

5. Bear Spread:

a) Short Call at X-Y and Long Call at X (Bear Call Spread)
b) Long Put at X and Short Put at X-Y (Bear Put Spread)

6. Seagull Spread:

a) Bullish Seagull = Bull Call Spread + Sell Put
b) Bear Seagull = Bear Put Spread + Short Call

7. Butterfly Spread:
 Long Call at X1 + 2 Short Calls at X2 and Long Call at X3 (Bull Call Spread + Bear Call Spread)

Alternatively you can construct a butterfly spread with a Bear Put and a Bull Put

The Butterfly spread is a bet on low volatility that the share price will not go up or down a lot.

A short butterfly spread is a bet on higher volatility

8. Condor Spread: Bull Call Spread and Bear Call Spread. (Volatility Bet)

9. Straddle: Long Call and Long Put Both at the Same Strike Price

10. Strangle: Long Call and Long Put wtih Different Strike Prices

11. Short Risk Reversal: Long Call + Short Put

12. Box Spread: Bear Put Spread + Bull Call Spread

13. Put Spread: Buy Put and Short Call



It is worth while to recall the put call parity relation when considering these:

p+S=c+X/(1+rf)^T
(for European options)