0DTE Credit Spread
IncomeDirectional
Credit spread opened/closed same day
Source: SPX traders
0DTE Iron Condor
IncomeNeutral
IC opened and closed same expiry day; very high theta
Source: SPX traders
0DTE Iron Fly
IncomeNeutral
Iron fly on 0DTE
Source: SPX traders
Albatross
OtherNeutral
Wide-winged condor variant
Source: Public Forums
American option early exercise
ExoticMulti
American option early exercise allowed US equity
Source: encyclopedia
Asian option avg price
ExoticMulti
Asian option average price European-style
Source: encyclopedia
Barrier option knock-in
ExoticMulti
Barrier option knock-in path-dependent
Source: encyclopedia
Barrier option knock-out
ExoticMulti
Barrier option knock-out path-dependent
Source: encyclopedia
Batman Spread
OtherNeutral
Two iron flies side by side; wide tent payoff
Source: Public Forums
Bear Call Spread
Vertical SpreadBearish
Sell lower-strike call + buy higher-strike call; credit; capped profit/loss
Source: CBOE
Bear Put Ladder
HedgingHedged Bearish
Sell ATM + long higher OTM + long lower OTM puts
Source: Investopedia
Bear Put Spread
Vertical SpreadBearish
Buy higher-strike put + sell lower-strike put; debit; capped profit/loss
Source: CBOE
Bermudan option discrete-exercise
ExoticMulti
Bermudan option discrete exercise dates
Source: encyclopedia
Binary option digital
ExoticMulti
Binary option digital all-or-nothing
Source: encyclopedia
Binomial CRR tree
PricingMulti
Cox-Ross-Rubinstein binomial tree 1979
Source: encyclopedia
Black-Scholes 1973
PricingMulti
Black-Scholes-Merton 1973 European option pricing
Source: encyclopedia
Box Spread
SyntheticArbitrage/Financing
Bull call spread + bear put spread same strikes; locks in interest rate
Source: CBOE
Box spread arbitrage
StrategyMulti
Box spread risk-free arb financing rate
Source: encyclopedia
Broken Wing Butterfly
ButterflyDirectional
Asymmetric butterfly with one wing wider; can be initiated for credit
Source: CBOE
Broken wing fly
StrategyMulti
Broken wing butterfly asymmetric wings
Source: encyclopedia
Bull Call Ladder
HedgingHedged Bullish
Long ATM + short higher OTM + short higher OTM calls
Source: Investopedia
Bull Call Spread
Vertical SpreadBullish
Buy lower-strike call + sell higher-strike call; debit; capped profit/loss
Source: CBOE
Bull Put Spread
Vertical SpreadBullish
Sell higher-strike put + buy lower-strike put; credit; capped profit/loss
Source: CBOE
Bullish leveraged ATM call
StrategyLong
Bullish leveraged ATM call buying delta
Source: encyclopedia
CIR Cox-Ingersoll-Ross
PricingMulti
CIR Cox-Ingersoll-Ross 1985 IR model
Source: encyclopedia
Calendar diagonal trade
StrategyMulti
Calendar diagonal trade time + strike
Source: encyclopedia
Call Backspread
RatioStrongly Bullish
Sell 1 ITM call + buy 2 OTM calls; unlimited up; small loss in middle
Source: CBOE
Call Diagonal Spread
DiagonalBullish
Long far-term lower-strike call + short near-term higher-strike call
Source: CBOE
Call Ratio Spread
RatioMildly Bullish
Buy 1 ITM call + sell 2 OTM calls; credit/debit; loss if huge up move
Source: CBOE
Cambria Tail Risk TAIL
Tail HedgeMulti
Cambria Tail Risk ETF TAIL Faber put protection
Source: encyclopedia
Cap option interest rate
ExoticMulti
Cap option interest rate ceiling floating
Source: encyclopedia
Charm flow Friday close
BehaviorMulti
Charm flow Friday close OPEX dealer hedging
Source: encyclopedia
Chooser option pick C/P later
ExoticMulti
Chooser option choose call or put later
Source: encyclopedia
Christmas Tree (Call)
OtherBullish
Buy 1 ATM + skip strike + sell 3 calls + buy 2 higher calls
Source: CBOE
Christmas Tree (Put)
OtherBearish
Buy 1 ATM + skip strike + sell 3 puts + buy 2 lower puts
Source: CBOE
Christmas tree options
StrategyMulti
Christmas tree 1x3x2 ratio strategy
Source: encyclopedia
Cliquet option ratchet
ExoticMulti
Cliquet option series of forward starts
Source: encyclopedia
Combo / Combination
OtherDirectional
Generic term for combined options to mimic stock or directional view
Source: CBOE
Compound option opt on opt
ExoticMulti
Compound option option on option
Source: encyclopedia
Condor (Long Call)
OtherNeutral
Long lower call + 2 short middle calls + long higher call all calls
Source: CBOE
Condor (Long Put)
OtherNeutral
All-puts version of condor
Source: CBOE
Conversion
SyntheticArbitrage
Long stock + short call + long put at same strike; locks in arbitrage
Source: CBOE
Conversion arb
StrategyMulti
Conversion arb stock + put short call
Source: encyclopedia
Costless Collar
CollarNeutral-Bullish
Collar where call premium funds put premium; net zero cost
Source: CBOE
Costless collar
StrategyMulti
Costless collar zero-cost call paying for put
Source: encyclopedia
Covered Call
Covered/IncomeMildly Bullish
Hold long stock and sell call against it; income generation; capped upside
Source: CBOE/Investopedia
Covered Strangle
IncomeMildly Bullish
Long stock + sell OTM call + sell OTM put
Source: Investopedia
Dealer gamma profile
BehaviorMulti
Dealer gamma profile market structure
Source: encyclopedia
Diagonal Calendar Hybrid
OtherNeutral
Mix of calendar and diagonal at separate strikes
Source: Public
Diagonal Earnings Calendar
EarningsVol Sell
Diagonal version of earnings calendar
Source: Tastytrade
Dispersion Trading
VolatilityStat Arb
Sell index vol + buy single-stock vol (or vice versa)
Source: Hedge Funds
Double Calendar
CalendarNeutral
Calendar at OTM call strike + calendar at OTM put strike; wider range of profit
Source: Tastytrade
Double Diagonal
DiagonalNeutral
Diagonal calls + diagonal puts; complex range play
Source: Tastytrade
Double Diagonal Iron Condor
OtherNeutral
IC + calendars combined
Source: Tastytrade
Early assignment risk dividend
BehaviorShort
Early assignment risk dividend deep ITM call
Source: encyclopedia
Earnings IV Crush Short Strangle
EarningsPremium Sell
Short strangle right before earnings to capture IV crush
Source: Tastytrade
Earnings Iron Condor
EarningsNeutral
IC into earnings
Source: Tastytrade
Earnings Strangle Swing (Long)
EarningsVol Buy
Long strangle into earnings expecting outsized move
Source: Public
Equity Collar
CollarNeutral-Bullish
Long stock + long OTM put + short OTM call; bounded P&L; cheap hedge
Source: CBOE
European option expiry only
ExoticMulti
European option expiry-only exercise Indian
Source: encyclopedia
Finite difference PDE
PricingMulti
Finite difference PDE Black-Scholes equation
Source: encyclopedia
Floor option interest rate
ExoticMulti
Floor option interest rate floor floating
Source: encyclopedia
Gamma Scalping
VolatilityDelta-Neutral
Long gamma trade hedged dynamically
Source: Banks/MMs
Gamma squeeze 2021 GME
BehaviorLong
Gamma squeeze GME 2021 dealer hedging
Source: encyclopedia
Guts (Long)
OtherNeutral
Long ITM call + long ITM put; expensive long-vol
Source: Investopedia
Guts (Short)
OtherNeutral
Short ITM call + short ITM put; range collection
Source: Investopedia
Heston stochastic vol
PricingMulti
Heston model stochastic volatility 1993
Source: encyclopedia
Hull-White IR model
PricingMulti
Hull-White interest rate model
Source: encyclopedia
Iron Albatross
OtherNeutral
Wider-strike iron condor
Source: Public
Iron Butterfly (Short)
ButterflyNeutral
Short ATM straddle + long OTM strangle wings; defined risk version of straddle
Source: CBOE
Iron Condor SPX index
StrategyMulti
SPX Iron Condor index European-style
Source: encyclopedia
Jade Lizard
LizardMildly Bullish
Short put + short call spread; no risk on upside if credit > spread width
Source: Tastytrade
Jelly Roll
SyntheticArbitrage
Long synthetic stock near-term + short synthetic stock far-term
Source: CBOE
Jelly Roll arb
StrategyMulti
Jelly Roll spread cost-of-carry arb
Source: encyclopedia
LEAPS long-dated 1-3yr
StrategyLong
LEAPS long-dated 1-3yr options call/put
Source: encyclopedia
Local vol Dupire
PricingMulti
Dupire local volatility model 1994
Source: encyclopedia
Long Call
Single-LegBullish
Buy call to profit from rising underlying with limited risk equal to premium paid
Source: CBOE/Investopedia
Long Call Butterfly
ButterflyNeutral
Buy 1 ITM + Sell 2 ATM + Buy 1 OTM call; max profit at middle strike
Source: CBOE
Long Call Calendar
CalendarNeutral
Sell near-term call + buy far-term call same strike; profits on time decay near + IV up far
Source: CBOE
Long Combo (Risk Reversal)
IncomeBullish
Long call + short put OTM
Source: Investopedia
Long Iron Condor
Iron CondorNeutral
Long strangle + short wings; debit; profits on breakout
Source: CBOE
Long Put
Single-LegBearish
Buy put to profit from falling underlying with limited risk equal to premium paid
Source: CBOE/Investopedia
Long Put Butterfly
ButterflyNeutral
Buy 1 OTM + Sell 2 ATM + Buy 1 ITM put; max profit at middle strike
Source: CBOE
Long Put Calendar
CalendarNeutral
Sell near-term put + buy far-term put same strike; same logic with puts
Source: CBOE
Long Straddle
Volatility-LongNeutral
Buy ATM call + ATM put; profits on large move; loses if range-bound
Source: CBOE
Long Strangle
Volatility-LongNeutral
Buy OTM call + OTM put; cheaper than straddle; needs larger move
Source: CBOE
Lookback option max/min
ExoticMulti
Lookback option max-min over period
Source: encyclopedia
Married Put
HedgingBullish
Buy stock and put simultaneously; same as protective put done at entry
Source: CBOE/Investopedia
Mega Condor
OtherNeutral
Multi-expiry condor
Source: Public
Monte Carlo simulation
PricingMulti
Monte Carlo simulation path-dependent options
Source: encyclopedia
OTM put hedge insurance
StrategyLong
OTM put hedge insurance for portfolio drawdown
Source: encyclopedia
Pin Risk Trading
VolatilityExpiry
Trade probability of stock pinning a strike at expiry
Source: MMs
Pin risk at expiry
BehaviorMulti
Pin risk options expire ATM assignment risk
Source: encyclopedia
Poor Mans Covered Call (PMCC)
IncomeBullish
Long deep-ITM LEAPS call as stock proxy; sell short-term call against it
Source: Tastytrade
Poor Mans Covered Put
IncomeBearish
Long deep-ITM LEAPS put + sell short-term put against it
Source: Tastytrade
Poor man's covered call
StrategyLong
Poor man's covered call LEAPS + short OTM call
Source: encyclopedia
Pre-Earnings Calendar (IV crush play)
EarningsVol Sell
Sell front-month + buy back-month into earnings
Source: Tastytrade
Pre-Earnings Long Straddle
EarningsVolatility
Long straddle into earnings; profits if move > implied
Source: CBOE
Protective Put
HedgingBullish
Long stock + long put as insurance; limits downside risk
Source: CBOE/Investopedia
Pterodactyl
OtherNeutral
Asymmetric wide-wing condor
Source: Public Forums
Put Backspread
RatioStrongly Bearish
Sell 1 ITM put + buy 2 OTM puts; profits on crash
Source: CBOE
Put Diagonal Spread
DiagonalBearish
Long far-term higher-strike put + short near-term lower-strike put
Source: CBOE
Put Ratio Spread
RatioMildly Bearish
Buy 1 ITM put + sell 2 OTM puts; loss if huge down move
Source: CBOE
Put Spread Collar
HedgingHedged Bullish
Long stock + put spread + short call to fund
Source: Public
QQQ weekly options Tue Thu
StrategyMulti
QQQ weekly options 4 expiries per week
Source: encyclopedia
Quanto option FX-cleansed
ExoticMulti
Quanto option FX-translated underlying
Source: encyclopedia
Rainbow option multi-asset
ExoticMulti
Rainbow option multi-asset basket
Source: encyclopedia
Reverse Conversion (Reversal)
SyntheticArbitrage
Short stock + long call + short put at same strike; reverse arb
Source: CBOE
Reverse Jade Lizard
LizardMildly Bearish
Short call + short put spread; no risk on downside
Source: Tastytrade
Reverse conversion arb
StrategyMulti
Reverse conversion arb stock + put short call
Source: encyclopedia
Reverse/Long Iron Butterfly
ButterflyNeutral
Long ATM straddle + short OTM strangle; debit; profits on big move
Source: CBOE
Risk Reversal (Bearish)
OtherBearish
Long put + short call
Source: CBOE
Risk reversal
StrategyMulti
Risk reversal long call + short put OTM same expiry
Source: encyclopedia
Roll Down
RepairAdjustment
Close existing leg and reopen at lower strike
Source: CBOE
Roll Out
RepairAdjustment
Close near expiry leg and reopen at later expiry same strike
Source: CBOE
Roll Out & Up/Down
RepairAdjustment
Combine roll out + up/down
Source: CBOE
Roll Up
RepairAdjustment
Close existing call and open higher-strike call same expiry
Source: CBOE
SABR vol model
PricingMulti
SABR Stochastic Alpha Beta Rho model
Source: encyclopedia
SPX 0DTE explosion 2023+
StrategyMulti
SPX 0DTE same-day expiry 50%+ volume 2024+
Source: encyclopedia
SPY weekly options 4/week
StrategyMulti
SPY weekly options Mon Wed Fri Tue Thu
Source: encyclopedia
SWAN Amplify BlackSwan
Tail HedgeMulti
Amplify BlackSwan Growth & Treasury SWAN convex
Source: encyclopedia
Short Call (Naked)
Single-LegBearish
Sell call without underlying; unlimited upside risk; collects premium
Source: CBOE/Investopedia
Short Combo (Reverse Risk Reversal)
IncomeBearish
Long put + short call OTM
Source: Investopedia
Short Iron Condor
Iron CondorNeutral
Short strangle + long wings; defined risk neutral premium-collection trade
Source: CBOE
Short Put (Naked / Cash-Secured)
Single-LegBullish
Sell put with cash held aside; willing buyer at strike if assigned
Source: CBOE/Investopedia
Short Straddle
Volatility-ShortNeutral
Sell ATM call + ATM put; collects premium; unlimited risk
Source: CBOE
Short Strangle
Volatility-ShortNeutral
Sell OTM call + OTM put; wider safe zone than straddle; unlimited risk
Source: CBOE
Simplify Tail Risk CYA
Tail HedgeMulti
Simplify Tail Risk Strategy CYA convex hedge
Source: encyclopedia
Skew Roll-Down
VolatilityVol Surface
Trade evolution of vol skew over time
Source: Banks
Skew Trade (Risk Reversal)
VolatilityVol Surface
Long OTM call + short OTM put or vice versa
Source: Banks
Skip Strike Butterfly
ButterflyDirectional
Butterfly with one strike skipped; biases payoff direction
Source: Investopedia
Stock Repair Strategy
RepairRecovery
Long stock at loss; buy 1 ATM call + sell 2 OTM calls to recover
Source: Investopedia
Stock replacement deep ITM
StrategyLong
Stock replacement deep ITM call lower capital
Source: encyclopedia
Strap
OtherBullish (vol)
Long 2 calls + 1 put ATM; biased long-vol
Source: Investopedia
Strip
OtherBearish (vol)
Long 1 call + 2 puts ATM; biased short-vol
Source: Investopedia
Swaption option on swap
ExoticMulti
Swaption option on interest rate swap
Source: encyclopedia
Synthetic Long Call
SyntheticBullish
Long stock + long put = synthetic long call
Source: CBOE
Synthetic Long Put
SyntheticBearish
Short stock + long call = synthetic long put
Source: CBOE
Synthetic Long Stock
SyntheticBullish
Long ATM call + short ATM put = synthetic long stock
Source: CBOE
Synthetic Short Stock
SyntheticBearish
Short ATM call + long ATM put = synthetic short stock
Source: CBOE
Synthetic long stock
StrategyLong
Synthetic long stock long call + short put
Source: encyclopedia
Synthetic short stock
StrategyShort
Synthetic short stock short call + long put
Source: encyclopedia
Tail Risk Hedge (OTM Puts)
HedgingInsurance
Long deep OTM index puts as black-swan hedge
Source: Universa-style
Theta Decay Capture
VolatilityDelta-Neutral
Short premium delta-hedged
Source: Banks/MMs
Theta Gang Sell-Premium
IncomeNeutral
Generic short-vol high-IV-rank premium selling regime
Source: r-thetagang
Trinomial tree
PricingMulti
Trinomial tree pricing American options
Source: encyclopedia
Twisted Sister (Risk Reversal)
OtherBullish
Short put + long call at different strikes; cheap bullish
Source: CBOE
Universa Spitznagel
Tail HedgeMulti
Universa Investments Spitznagel tail hedge
Source: encyclopedia
VIX Call Spread
VolatilityTail Hedge
Long VIX call spread; cheaper hedge
Source: CBOE
VIX Long Calls
VolatilityTail Hedge
Long VIX calls as portfolio insurance
Source: CBOE
VIX Term Structure (Contango / Backwardation)
VolatilityVolatility Trade
Trade contango vs backwardation in VIX curve
Source: CBOE
Vanna flow vol change
BehaviorMulti
Vanna flow when vol changes dealer hedge
Source: encyclopedia
Variance Swap (OTC)
VolatilityVolatility
Pure volatility exposure via OTC variance swap
Source: Banks
Vasicek IR model
PricingMulti
Vasicek short-rate model 1977
Source: encyclopedia
Vega Spread
VolatilityVol Surface
Long vega far + short vega near
Source: Banks
Volatility Arbitrage
VolatilityStat Arb
Trade implied vs realized vol; delta-hedged
Source: Banks/Hedge funds
Wheel Strategy
IncomeMildly Bullish
Sell cash-secured put -> if assigned sell covered call -> repeat
Source: Tastytrade/r-options
Wheel strategy
StrategyLong
Wheel = CSP → assignment → CC repeating
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.