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 take stock at a lower entry 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.
Event
Earnings Trade
Useful for stocks with near-term earnings when IV is rich before the report and expected to compress afterwards.
- Trigger Liquid underlying with a visible expected move.
- Execution Calendar, diagonal, or an iron fly around the expected range.
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, fast exit, and no averaging out of hope.
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.