All 30 strategies

Every option strategy in one table

This table puts all 30 Academy option strategies side by side. Each row shows the market phase the strategy suits, the driver you actually get paid by, the maximum profit and loss, whether the risk is defined, the number of legs, the broker approval level needed, and the experience level it suits. Every strategy name links to a full detail page with a worked example and an explanation. Use the bar below to filter by market phase, driver, experience, approval level, risk or category — filtering only hides rows, and the URL stays shareable.

Market phase

Driver

Experience

Approval level

Max loss defined

Category

Active filters:Goal: Speculation

Strategy	Market phase	Driver	Direction	Max profit	Max loss	Legs	Level	Experience
Long Call	Strong uptrend	Direction	bullish	unlimited	D	1	2	Beginner
Long Put	Strong downtrend	Direction	bearish	K - D	D	1	2	Beginner
Naked Short Call	SidewaysModerate downtrend	Time decay	bearish / neutral	C	unlimited	1	4	Advanced
Naked Short Put	SidewaysModerate uptrend	Time decay	bullish / neutral	C	K - C	1	4	Advanced
Cash-Secured Put	SidewaysModerate uptrend	Time decay	bullish / neutral	C	K - C	1	2	Beginner
Covered Call	SidewaysModerate uptrend	Time decay	neutral to mildly bullish	(Kc - S0) + C	S0 - C	2	1	Beginner
Protective Put	Strong uptrendBreakout, direction unknownStrong downtrend	Direction	bullish with downside protection	unlimited	(S0 - Kp) + D	2	1	Beginner
Collar	SidewaysBreakout, direction unknownStrong downtrend	Direction	neutral, capital preservation	(Kc - S0) + (C - D)	(S0 - Kp) - (C - D)	3	1	Intermediate
Bull Call Spread	Moderate uptrendStrong uptrend	Direction	bullish	W - D	D	2	3	Beginner
Bear Call Spread	SidewaysModerate downtrendStrong downtrend	Time decay	bearish / neutral	C	W - C	2	3	Intermediate
Bull Put Spread	SidewaysModerate uptrend	Time decay	bullish / neutral	C	W - C	2	3	Intermediate
Bear Put Spread	Moderate downtrendStrong downtrend	Direction	bearish	W - D	D	2	3	Beginner
Short Iron Condor	SidewaysCalming down	Time decay	neutral	C	max(W_put, W_call) - C	4	3	Intermediate
Short Iron Butterfly	SidewaysCalming down	Time decay	neutral, price pinned at the strike	C	W - C	4	3	Advanced
Long Call Butterfly	SidewaysCalming down	Time decay	neutral with a price target	W - D	D	3	3	Intermediate
Long Put Butterfly	SidewaysCalming down	Time decay	neutral with a price target	W - D	D	3	3	Intermediate
Broken Wing Butterfly	SidewaysModerate uptrendModerate downtrend	Time decay	neutral with a directional tilt	narrow width minus the debit, or narrow width plus the credit, at the middle strike	(W_breit - W_eng) - C	3	3	Advanced
Jade Lizard	SidewaysModerate uptrend	Time decay	neutral to mildly bullish	C	Kp - C	3	4	Advanced
Long Straddle	Breakout, direction unknown	Movement	direction-neutral, needs a big move	unlimited	D	2	2	Intermediate
Short Straddle	SidewaysCalming down	Time decay	direction-neutral	C	unlimited	2	4	Advanced
Long Strangle	Breakout, direction unknown	Movement	direction-neutral, needs a very big move	unlimited	D	2	2	Intermediate
Short Strangle	SidewaysCalming down	Time decay	neutral	C	unlimited	2	4	Advanced
Call Ratio Spread	Moderate uptrend	Time decay	mildly bullish with a target at the upper strike	W + C	unlimited	2	4	Advanced
Call Backspread	Breakout, direction unknownStrong uptrend	Movement	strongly bullish	unlimited	W + D	2	4	Advanced
Synthetic Long Stock	Strong uptrend	Direction	strongly bullish	unlimited	K + D	2	4	Advanced
Long Call Calendar	SidewaysCalming down	Volatility	neutral near term, bullish longer term	no closed form - it depends on IV and remaining time	approximately the debit	2	3	Advanced
Long Put Calendar	SidewaysCalming down	Volatility	neutral near term, bearish longer term	by simulation only	approximately the debit	2	3	Advanced
Long Call Diagonal	Moderate uptrendSideways	Time decay	moderately bullish	by simulation only - it depends on the residual value of the long call	approximately the debit	2	3	Intermediate
Long Put Diagonal	Moderate downtrendSideways	Time decay	moderately bearish	by simulation only	approximately the debit	2	3	Advanced
The Wheel	SidewaysModerate uptrend	Time decay	neutral to bullish over the long run	no single payoff - the sum of the credits plus or minus the price move	full stock risk in phases 2 and 3, less every credit collected	1	2	Beginner

Long CallDirection

Strong uptrend

Direction: bullish
Max profit: unlimited
Max loss: D
Risk defined
Legs: 1
Level: 2
Experience: Beginner

Long PutDirection

Strong downtrend

Direction: bearish
Max profit: K - D
Max loss: D
Risk defined
Legs: 1
Level: 2
Experience: Beginner

Naked Short CallTime decay

SidewaysModerate downtrend

Direction: bearish / neutral
Max profit: C
Max loss: unlimited
Risk defined
Legs: 1
Level: 4
Experience: Advanced

Naked Short PutTime decay

SidewaysModerate uptrend

Direction: bullish / neutral
Max profit: C
Max loss: K - C
Risk defined
Legs: 1
Level: 4
Experience: Advanced

Cash-Secured PutTime decay

SidewaysModerate uptrend

Direction: bullish / neutral
Max profit: C
Max loss: K - C
Risk defined
Legs: 1
Level: 2
Experience: Beginner

Covered CallTime decay

SidewaysModerate uptrend

Direction: neutral to mildly bullish
Max profit: (Kc - S0) + C
Max loss: S0 - C
Risk defined
Legs: 2
Level: 1
Experience: Beginner

Protective PutDirection

Strong uptrendBreakout, direction unknownStrong downtrend

Direction: bullish with downside protection
Max profit: unlimited
Max loss: (S0 - Kp) + D
Risk defined
Legs: 2
Level: 1
Experience: Beginner

CollarDirection

SidewaysBreakout, direction unknownStrong downtrend

Direction: neutral, capital preservation
Max profit: (Kc - S0) + (C - D)
Max loss: (S0 - Kp) - (C - D)
Risk defined
Legs: 3
Level: 1
Experience: Intermediate

Bull Call SpreadDirection

Moderate uptrendStrong uptrend

Direction: bullish
Max profit: W - D
Max loss: D
Risk defined
Legs: 2
Level: 3
Experience: Beginner

Bear Call SpreadTime decay

SidewaysModerate downtrendStrong downtrend

Direction: bearish / neutral
Max profit: C
Max loss: W - C
Risk defined
Legs: 2
Level: 3
Experience: Intermediate

Bull Put SpreadTime decay

SidewaysModerate uptrend

Direction: bullish / neutral
Max profit: C
Max loss: W - C
Risk defined
Legs: 2
Level: 3
Experience: Intermediate

Bear Put SpreadDirection

Moderate downtrendStrong downtrend

Direction: bearish
Max profit: W - D
Max loss: D
Risk defined
Legs: 2
Level: 3
Experience: Beginner

Short Iron CondorTime decay

SidewaysCalming down

Direction: neutral
Max profit: C
Max loss: max(W_put, W_call) - C
Risk defined
Legs: 4
Level: 3
Experience: Intermediate

Short Iron ButterflyTime decay

SidewaysCalming down

Direction: neutral, price pinned at the strike
Max profit: C
Max loss: W - C
Risk defined
Legs: 4
Level: 3
Experience: Advanced

Long Call ButterflyTime decay

SidewaysCalming down

Direction: neutral with a price target
Max profit: W - D
Max loss: D
Risk defined
Legs: 3
Level: 3
Experience: Intermediate

Long Put ButterflyTime decay

SidewaysCalming down

Direction: neutral with a price target
Max profit: W - D
Max loss: D
Risk defined
Legs: 3
Level: 3
Experience: Intermediate

Broken Wing ButterflyTime decay

SidewaysModerate uptrendModerate downtrend

Direction: neutral with a directional tilt
Max profit: narrow width minus the debit, or narrow width plus the credit, at the middle strike
Max loss: (W_breit - W_eng) - C
Risk defined
Legs: 3
Level: 3
Experience: Advanced

Jade LizardTime decay

SidewaysModerate uptrend

Direction: neutral to mildly bullish
Max profit: C
Max loss: Kp - C
Risk defined
Legs: 3
Level: 4
Experience: Advanced

Long StraddleMovement

Breakout, direction unknown

Direction: direction-neutral, needs a big move
Max profit: unlimited
Max loss: D
Risk defined
Legs: 2
Level: 2
Experience: Intermediate

Short StraddleTime decay

SidewaysCalming down

Direction: direction-neutral
Max profit: C
Max loss: unlimited
Risk defined
Legs: 2
Level: 4
Experience: Advanced

Long StrangleMovement

Breakout, direction unknown

Direction: direction-neutral, needs a very big move
Max profit: unlimited
Max loss: D
Risk defined
Legs: 2
Level: 2
Experience: Intermediate

Short StrangleTime decay

SidewaysCalming down

Direction: neutral
Max profit: C
Max loss: unlimited
Risk defined
Legs: 2
Level: 4
Experience: Advanced

Call Ratio SpreadTime decay

Moderate uptrend

Direction: mildly bullish with a target at the upper strike
Max profit: W + C
Max loss: unlimited
Risk defined
Legs: 2
Level: 4
Experience: Advanced

Call BackspreadMovement

Breakout, direction unknownStrong uptrend

Direction: strongly bullish
Max profit: unlimited
Max loss: W + D
Risk defined
Legs: 2
Level: 4
Experience: Advanced

Synthetic Long StockDirection

Strong uptrend

Direction: strongly bullish
Max profit: unlimited
Max loss: K + D
Risk defined
Legs: 2
Level: 4
Experience: Advanced

Long Call CalendarVolatility

SidewaysCalming down

Direction: neutral near term, bullish longer term
Max profit: no closed form - it depends on IV and remaining time
Max loss: approximately the debit
Risk defined
Legs: 2
Level: 3
Experience: Advanced

Long Put CalendarVolatility

SidewaysCalming down

Direction: neutral near term, bearish longer term
Max profit: by simulation only
Max loss: approximately the debit
Risk defined
Legs: 2
Level: 3
Experience: Advanced

Long Call DiagonalTime decay

Moderate uptrendSideways

Direction: moderately bullish
Max profit: by simulation only - it depends on the residual value of the long call
Max loss: approximately the debit
Risk defined
Legs: 2
Level: 3
Experience: Intermediate

Long Put DiagonalTime decay

Moderate downtrendSideways

Direction: moderately bearish
Max profit: by simulation only
Max loss: approximately the debit
Risk defined
Legs: 2
Level: 3
Experience: Advanced

The WheelTime decay

SidewaysModerate uptrend

Direction: neutral to bullish over the long run
Max profit: no single payoff - the sum of the credits plus or minus the price move
Max loss: full stock risk in phases 2 and 3, less every credit collected
Risk defined
Legs: 1
Level: 2
Experience: Beginner

Legend

Driver colours

Direction: Delta - you get paid because price moves your way
Time decay: Theta - you get paid because time passes and premium decays
Volatility: Vega - you get paid on a change in implied volatility
Movement: Gamma / realised vol - you get paid on the size of the move, whichever way it goes
Price path: Path-dependent - the outcome depends on WHEN price is where, not just where it ends up

Notation

K: strike
Kp: put strike
Kc: call strike
K_low: lower strike
K_high: higher strike
S0: your cost basis in the stock
S_T: price at expiration
D: net debit paid
C: net credit received
W: width of the spread (K_high - K_low)

Why the driver is the column that matters most

Market phase tells you where price is supposed to go. The driver tells you what you actually get paid by — direction, time decay, volatility, movement, or the path price takes. Two strategies can suit the same market phase and still work in completely different ways. Sort or filter by driver and you see at once which strategies run on the same mechanism — far more useful than sorting by name or by number of legs. So start from the question: what should your profit depend on? Then filter the table for it.

Payoff values are per unit of the underlying at expiration, before fees. Every formula was validated numerically against a brute-force payoff scan. Not investment advice.

Go to the strategy finder Cheat sheet as a PDF

This material is general information about option strategies, written for a general audience. It is not investment advice, not a recommendation, and not financial analysis. Options can lose their entire value, and uncovered positions can lose more than the amount committed. Anything said about tax is general in nature and is no substitute for professional tax advice. Last reviewed: 2026-08-06.