sTraderZ.com · Strategy Catalog
The 6 Strategy Families
All key options strategies at a glance — grouped by character, outlook and risk.
As of: 08/2026
🎯
Single Options
Basics
Outlook Directional / Premium
Long Call
Long Put
Short Call
Short Put
The building blocks. Highest leverage, highest risk. Short side only with experience — naked short calls have unlimited loss potential.
🛡️
Covered Strategies
Income
Outlook Moderately directional
Covered Call
Cash-Secured Put
Married Put
Collar
Options as an income or protection overlay on stocks. The backbone of Wheel trading — collect premium continuously, pick up quality stocks on assignment.
📐
Vertical Spreads
Defined Risk
Outlook Directional with defined risk
Bull Call
Bull Put
Bear Call
Bear Put
Two strikes, one expiry. Both profit and loss are capped — ideal for systematic account protection and reduced margin.
🦋
Neutral Spreads
Range
Outlook Sideways / Range
Iron Condor
Iron Butterfly
Reverse IC
Reverse IB
Four strikes. Profit when price stays in a range. The favourite trade of premium sellers — small steady premiums with a mathematically positive expectation.
💥
Volatility Plays
Vega
Outlook Big move expected / not expected
Long Straddle
Short Straddle
Long Strangle
Short Strangle
Long = bet on a breakout (e.g. before earnings). Short = bet on calm (after IV spike). Pure Vega play — direction irrelevant, movement is everything.
⏳
Time Spreads
Theta
Outlook Neutral to slightly directional
Calendar
Double Calendar
Diagonal
Exploits different expiries — the short contract loses time value faster than the long one. Benefits from Theta and a moderate volatility increase on the long leg.
📈 Bullish?
Long Call · Bull Call · Cash-Secured Put · Covered Call
↔️ Neutral?
Iron Condor · Iron Butterfly · Calendar · Short Strangle
📉 Bearish?
Long Put · Bear Put · Bear Call · Protective Put
Not investment advice. All strategies carry loss risk; short sides in single options and short straddles/strangles even unlimited. Only trade with capital you can afford to lose.