Strategies
Options strategies for everyone.
Income
In the money (ITM) Covered Call
Useful for existing stock positions when you want added premium income and a bit more downside buffer.
- Trigger Sideways to mildly bullish view with attractive implied volatility.
- Execution Hold the stock and sell an ITM call against it.
Income
Covered Call (OTM)
Useful for existing stock positions when recurring premium should be collected while leaving more upside open.
- Trigger Sideways to moderately bullish view with healthy implied volatility.
- Execution Hold the stock and sell an OTM call against it.
Income
Wheel Strategy
Useful for investors who want to acquire a stock at a lower entry price and then sell covered calls against it.
- Trigger Solid underlying with liquid options.
- Execution Sell OTM put, take assignment if needed, then sell OTM covered call.
Directional
Bull Put Spread
Suitable for a bullish view with defined downside and premium collection through a credit spread.
- Trigger Bullish thesis with a clearly defined support zone.
- Execution Sell the higher put and buy the lower put.
Premium
Jade Lizard
Useful for neutral to mildly bullish phases when elevated IV offers rich premium and upside should remain controlled.
- Trigger Sideways to slightly bullish thesis with solid IV.
- Execution Short put plus bear call spread in the same expiration.
Volatility
Flyagonal
Useful for structured volatility setups with a defined target zone and deliberately chosen expiries.
- Trigger Limited move expectation with an interesting term-structure setup.
- Execution Combine butterfly logic with diagonal expiry selection.
Time Spread
Calendar Spreads
Useful for defined target zones when the decay differential and IV term structure should work together.
- Trigger SPX near the target strike or between two double-calendar strikes.
- Execution Short 14 DTE and long 21 DTE at the same strike.
Event
Earnings Trade
Useful for liquid stocks with near-term earnings when event IV is rich and expected to compress after the report.
- Trigger Liquid underlying with a visible expected move.
- Execution Short put and short call at the expected-range boundaries; use a short strangle or iron condor.
Intraday
0DTE on SPX
Only for disciplined intraday setups with tight risk and a clearly defined exit rule.
- Trigger Intraday momentum, key levels, or event reaction in SPX.
- Execution Small size, a fast exit, and no hope-driven averaging down.
Hedge
Collar
Useful for existing positions when downside should be capped and part of the hedge cost should be offset.
- Trigger Uncertain market conditions or elevated event risk.
- Execution Hold the stock, buy a put, and sell a call to offset part of the cost.