1. Bull Put / Bear Call (Credit Spreads)

Sell an OTM put (Bull Put = bullish) or OTM call (Bear Call = bearish) plus buy further OTM protection. Premium strategy with defined risk.

▸ At a Glance

📋 Setup

DTE 30–45Short Delta 0.20–0.30Spread width 5–10IV-Rank > 30

⚙️ Mgmt

Close at ~50% profitmanage no later than 21 DTEroll when short testedmax loss = width − credit

🎯 Target

Credit expires worthlessprice moves in desired directiondefined risk, high win rate

Structure:

Bull Put: Short Put (Delta 0.20–0.30) + Long Put further OTM
Bear Call: Short Call + Long Call further OTM
Profit = net credit — expires worthless if underlying moves in desired direction
Max loss = spread width – credit

✅ Defined risk
✅ Lower capital requirement than CSP
✅ High win rate

⚠️ Limited profit potential
⚠️ Asymmetric payoff
⚠️ Harder to manage when losing

💡 Konkrét példa

Bull Put Spread

SPY $540 · Sell Put $530 Δ -0.32 · Buy Put $520 Δ -0.18 · Net Credit ~$1.40

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 43

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
7,200	1,000	18.5	-0.12	-0.80	23.50	23.30	560	0.43	0.53	0.20	-0.09	15.1	370	2,700
12,100	1,900	17.2	-0.20	-0.65	15.30	15.10	550	1.80	1.95	0.35	-0.15	15.7	1,100	7,000
21,700	4,600	16.2	-0.25	-0.50	7.20	7.00	540	7.00	7.20	0.50	-0.25	16.2	4,600	21,700
12,500	2,100	15.8	-0.18	-0.32	3.65	3.50	530	13.90	14.10	0.68	-0.18	15.2	1,050	7,100
8,600	1,400	15.5	-0.13	-0.18	2.25	2.10	525	19.30	19.50	0.82	-0.13	14.9	580	3,800
5,000	820	15.1	-0.08	-0.09	1.50	1.35	520	23.10	23.30	0.91	-0.08	14.6	260	1,900

█ Eladott oldal█ Vásárolt oldal / Hedge

Bear Call Spread

SPY $540 · Sell Call $550 Δ 0.35 · Buy Call $560 Δ 0.20 · Net Credit ~$1.10

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 43

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
5,500	800	18.8	-0.10	-0.80	28.40	28.20	565	0.37	0.47	0.20	-0.08	15.2	330	2,400
8,000	1,100	18.0	-0.14	-0.65	23.50	23.30	560	0.78	0.90	0.35	-0.11	15.5	860	5,700
12,200	1,900	17.1	-0.21	-0.58	15.30	15.10	550	2.75	2.90	0.42	-0.17	15.8	1,400	9,000
21,700	4,600	16.2	-0.25	-0.50	7.20	7.00	540	7.00	7.20	0.50	-0.25	16.2	4,600	21,700
12,300	2,000	15.8	-0.18	-0.32	3.65	3.50	530	13.90	14.10	0.68	-0.18	15.2	1,050	7,000
5,000	820	15.1	-0.08	-0.09	1.50	1.35	520	23.10	23.30	0.91	-0.08	14.6	260	1,900

█ Vásárolt oldal / Hedge█ Eladott oldal

2. Bull Call / Bear Put (Debit Spreads)

Buy ATM/ITM option + sell further OTM option in the same direction. Defined debit, defined max profit.

▸ At a Glance

📋 Setup

DTE 45–60Long strike ATM or slightly ITMSpread width 5–15

⚙️ Mgmt

Profit target ~50–75%close on trend breakmanage theta before final thirdlong strike ATM/ITM

🎯 Target

Max profit = spread width − debitprice moves in spread directionless IV-Crush than long option alone

Structure:

Bull Call: Long Call ATM + Short Call further OTM
Bear Put: Long Put ATM + Short Put further OTM
Max profit = spread width – debit
Profits when underlying moves in spread direction

✅ Lower debit than long option
✅ Clear risk/reward
✅ Less IV crush than long option

⚠️ Limited max profit
⚠️ Theta loss in range market
⚠️ Upside capped

💡 Konkrét példa

Bull Call Spread

SPY $540 · Buy Call $540 Δ 0.50 · Sell Call $555 Δ 0.35 · Net Debit ~$4.50

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 38

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
5,400	780	18.7	-0.10	-0.80	28.30	28.10	565	0.36	0.46	0.20	-0.08	15.1	320	2,300
10,000	1,500	17.4	-0.16	-0.65	19.70	19.50	555	2.65	2.80	0.35	-0.13	15.6	1,350	8,700
13,600	2,000	16.9	-0.21	-0.58	13.10	12.90	548	5.20	5.40	0.42	-0.20	15.8	1,900	12,400
21,700	4,600	16.2	-0.25	-0.50	7.20	7.00	540	7.00	7.20	0.50	-0.25	16.2	4,600	21,700
12,200	2,000	15.7	-0.19	-0.34	4.25	4.10	532	13.50	13.70	0.66	-0.19	15.2	1,000	6,900
7,400	1,200	15.4	-0.12	-0.18	2.35	2.20	525	19.70	19.90	0.82	-0.12	14.9	490	3,500

█ Eladott oldal█ Vásárolt oldal / Hedge

Bear Put Spread

SPY $540 · Buy Put $540 Δ -0.50 · Sell Put $525 Δ -0.25 · Net Debit ~$4.90

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 38

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
6,200	900	18.5	-0.12	-0.80	23.40	23.20	560	0.43	0.53	0.20	-0.09	15.1	360	2,700
12,000	1,800	17.2	-0.20	-0.65	15.20	15.00	550	1.78	1.93	0.35	-0.15	15.7	1,100	6,900
21,700	4,600	16.2	-0.25	-0.50	7.20	7.00	540	7.00	7.20	0.50	-0.25	16.2	4,600	21,700
12,200	2,000	15.8	-0.18	-0.32	3.65	3.50	530	13.80	14.00	0.68	-0.18	15.2	1,000	7,000
8,600	1,400	15.5	-0.13	-0.18	2.25	2.10	525	19.20	19.40	0.82	-0.13	14.9	580	3,700
4,400	700	15.1	-0.08	-0.09	1.03	0.90	515	26.80	27.00	0.91	-0.08	14.5	250	1,800

█ Vásárolt oldal / Hedge█ Eladott oldal

3. Long Call / Long Put (Directional)

Pure long options for directional bets with leverage. High profit potential, but theta decay and volatility risk.

▸ At a Glance

📋 Setup

DTE 60–120Delta 0.50–0.70 (ITM for less theta)IV-Rank low (volatility increase helps)

⚙️ Mgmt

Disciplined profit target + stop lossITM for less thetamonitor IV around earningsset time stop

🎯 Target

Leveraged profit in correct directionrisk = premium paidexit at target or theta burn

Structure:

Long Call: bullish bet with leverage
Long Put: bearish bet or portfolio hedge
Strike + DTE choice determines leverage and theta burn rate
Exit at profit target or stop-loss — disciplined

✅ Defined risk = premium
✅ High leveraged profit potential
✅ Portfolio hedging possible

⚠️ Daily theta loss
⚠️ IV crush on earnings
⚠️ High win-rate hurdle due to spread + theta

💡 Konkrét példa

Long Call

SPY $540 · Buy Call $545 Δ ~0.46 · Debit ~$6.20 · Max Loss = Premium · Unlimited Upside

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 35

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
6,100	870	18.4	-0.12	-0.80	23.30	23.10	560	0.41	0.51	0.20	-0.09	15.1	350	2,600
9,700	1,400	17.4	-0.17	-0.65	18.80	18.60	555	1.70	1.85	0.35	-0.13	15.6	1,100	7,200
15,400	2,400	16.7	-0.22	-0.54	10.70	10.50	545	6.10	6.30	0.46	-0.22	15.8	2,000	13,200
21,500	4,500	16.2	-0.25	-0.50	7.10	6.90	540	6.90	7.10	0.50	-0.25	16.2	4,500	21,500
12,100	2,000	15.8	-0.18	-0.32	3.60	3.45	530	13.70	13.90	0.68	-0.18	15.2	990	6,900
4,900	790	15.1	-0.08	-0.09	1.45	1.30	520	22.90	23.10	0.91	-0.08	14.6	250	1,850

Long Put

SPY $540 · Buy Put $535 Δ -0.46 · Debit ~$6.10 · Max Loss = Premium · Downside Protected

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 35

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
6,100	870	18.4	-0.12	-0.80	23.30	23.10	560	0.41	0.51	0.20	-0.09	15.1	350	2,600
11,900	1,800	17.2	-0.20	-0.65	15.10	14.90	550	1.76	1.91	0.35	-0.15	15.7	1,100	6,900
21,500	4,500	16.2	-0.25	-0.50	7.10	6.90	540	6.90	7.10	0.50	-0.25	16.2	4,500	21,500
16,500	2,800	16.0	-0.23	-0.46	5.20	5.00	535	9.70	9.90	0.54	-0.23	15.9	2,200	13,800
8,500	1,400	15.5	-0.13	-0.18	2.20	2.05	525	19.10	19.30	0.82	-0.13	14.9	570	3,700
4,300	690	15.1	-0.08	-0.09	1.01	0.88	515	26.70	26.90	0.91	-0.08	14.5	240	1,750

4. Ratio Spreads & Backspreads

Unequal leg count instead of 1:1. Ratio Spread (e.g. 1 Long / 2 Short) brings a credit with limited directional expectation; Backspread (1 Short / 2 Long) profits from large moves and volatility expansion.

▸ At a Glance

📋 Setup

DTE 45–60Ratio usually 1:2Ratio Spread: monitor naked sideBackspread: before vol events

⚙️ Mgmt

Ratio: watch naked side closelySet up Backspread before vol eventactively manage in the valley zoneadjust early

🎯 Target

Ratio: credit with limited moveBackspread: profit on large move + vol expansion

Structure:

Call Ratio Spread: 1 Long Call + 2 Short Calls above — limited bullish, often credit, naked side = risk
Put Ratio Spread: mirror image for limited bearish
Call/Put Backspread: 1 Short + 2 Long — profits from a large move in one direction
Backspread often as credit or zero-cost; profit scales with a large move

✅ Cheap to set up, up to credit-neutral
✅ Backspread benefits from vol expansion
✅ Flexibly constructable bullish or bearish

⚠️ Ratio Spread has unlimited risk on the naked side
⚠️ Backspread loses in the valley zone between strikes
⚠️ Complex Greeks and margin profile

💡 Konkrét példa

SPY $540 · Buy 1 Call $530 Δ ~0.64 · Sell 2 Calls $550+$555 · Net Credit

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 39

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
6,400	900	18.7	-0.11	-0.80	23.80	23.60	560	0.42	0.52	0.20	-0.08	15.0	360	2,700
9,800	1,400	17.6	-0.16	-0.65	19.10	18.90	555	1.75	1.90	0.35	-0.13	15.4	950	6,800
13,500	2,000	17.1	-0.20	-0.58	14.40	14.20	550	3.40	3.55	0.42	-0.17	15.7	1,500	9,900
16,700	2,800	16.6	-0.23	-0.54	9.90	9.70	545	6.10	6.30	0.46	-0.22	15.8	2,200	13,900
22,200	4,700	16.2	-0.25	-0.50	7.20	7.00	540	7.00	7.20	0.50	-0.25	16.2	4,700	22,200
11,800	1,900	15.6	-0.18	-0.36	3.65	3.50	530	14.10	14.30	0.64	-0.18	15.1	1,000	7,300

█ Eladott oldal█ Vásárolt oldal / Hedge

5. Risk Reversal & ZEBRA (Stock Synthetic)

Capital-efficient stock replacement with options. Risk Reversal: Short Put + Long Call (synthetic long, often zero-cost). ZEBRA: 2 Long ITM Calls minus 1 Short ATM Call → approx. Delta 100 without time decay.

▸ At a Glance

📋 Setup

Risk Reversal: DTE 30–60symmetric OTM strikes for near zero-costZEBRA: ITM calls Delta ~0.75same expiry

⚙️ Mgmt

Monitor short leg assignmentReserve margin for naked legKeep ZEBRA Theta-neutralManage like a stock position

🎯 Target

Stock replacement with less capitalZEBRA Delta ~100 without ThetaRisk Reversal often zero-cost

Structure:

Risk Reversal (long): Short Put (OTM) finances Long Call (OTM) → synthetic long position
Short variant mirrored (Long Put + Short Call) for bearish
ZEBRA: 2× Long ITM Call (Delta ~0.75) minus 1× Short ATM Call → net Delta ~100, minimal Theta
Both replace 100 shares with significantly less capital

✅ Stock replacement with less capital
✅ ZEBRA: virtually no time decay (Theta-neutral)
✅ Risk Reversal often zero-cost to set up

⚠️ Full directional risk like a stock position
⚠️ Short leg carries assignment risk
⚠️ Margin required for the naked short leg (Risk Reversal)

6. Related Chapters

Practical Application — CyclesPortfolio in the Cycle ContextLong Puts and Tail Hedges in the context of Phase-5 portfolios and All-Weather allocation

⚔ Direkcionális spreadek

Ebben a fejezetben

1. Bull Put / Bear Call (Credit Spreads)

2. Bull Call / Bear Put (Debit Spreads)

3. Long Call / Long Put (Directional)

4. Ratio Spreads & Backspreads

5. Risk Reversal & ZEBRA (Stock Synthetic)