SyntheticSynthetic long stock
Long ATM call + short ATM put
Source: encyclopedia
SyntheticSynthetic short stock
Long ATM put + short ATM call
Source: encyclopedia
SyntheticSynthetic long call
Long stock + long put = long call equivalent
Source: encyclopedia
SyntheticRisk reversal (long call short put)
Sells put to fund call; bullish bet
Source: encyclopedia
SyntheticReverse risk reversal
Long put short call; bearish exposure
Source: encyclopedia
Married PutMarried put protection
Long stock + long put = capped downside
Source: encyclopedia
Married PutProtective put 5-10% OTM
5-10% OTM put for affordable protection
Source: encyclopedia
Married PutMarried put 0DTE rolling
Roll daily 0DTE puts for cheap insurance
Source: encyclopedia
ATM call calendar
Calendar SpreadIncome
Sell front-month buy back-month at same strike
Source: optionstradingiq.com
ATM put calendar
Calendar SpreadIncome
Same with puts; profits on time decay
Source: optionstradingiq.com
Avoid earnings on short premium
Risk MgmtRisk
Avoid earnings or close before announcement
Source: steadyoptions.com
BATS strategy
CustomIncome
Bull and Bear with theta strategy
Source: panoptic.xyz
Big Lizard same strike
Jade LizardIncome
Same strike for short put + short call (straddle-like)
Source: optionstradingiq.com
Broken Heart Butterfly
ButterflyIncome
Skewed BWF with adjustment
Source: optionstradingiq.com
Broken wing butterfly call
ButterflyIncome
Asymmetric BWF for credit
Source: encyclopedia
Broken wing butterfly put
ButterflyIncome
Asymmetric BWF for credit
Source: encyclopedia
Broken wing fly (BWF call)
Ratio WritingIncome
Asymmetric butterfly with wider wing for credit
Source: optionstradingiq.com
Broken wing fly (BWF put)
Ratio WritingIncome
Put-side broken wing for credit
Source: optionstradingiq.com
Bull put + bear call combo
CustomIncome
Two credit spreads for income
Source: encyclopedia
Calendar 30-day fronts
Calendar SpreadIncome
Use 30-day fronts for steady theta capture
Source: optionstradingiq.com
Calendar IV skew trade
Calendar SpreadIncome
Trade IV term structure via calendars
Source: optionstradingiq.com
Call ratio backspread
Ratio WritingLong vol
Short 1 call long 2 calls higher; profits on big moves up
Source: encyclopedia
Call ratio spread (1x2)
Ratio WritingIncome
Long 1 call short 2 calls higher; capped upside short tail risk
Source: encyclopedia
Cash-secured put start (CSP)
WheelIncome
Sell OTM put on quality stock; collect premium or get assigned
Source: steadyoptions.com
Christmas tree calls (1-3-2)
Ratio WritingIncome
Long-short pattern across 3 strikes for income
Source: optionstradingiq.com
Christmas tree puts (2-3-1)
Ratio WritingIncome
Put version of christmas tree spread
Source: optionstradingiq.com
Collar (long stock + put + short call)
CollarIncome
Long stock + long put + short call = capped both sides
Source: encyclopedia
Covered call after assignment
WheelIncome
Sell OTM call against assigned shares; collect premium
Source: steadyoptions.com
DEBUNKED 'free money' wheel
DEBUNKEDN/A
Wheel has full downside risk; not free money
Source: steadyoptions.com
DEBUNKED 0-DTE every day
DEBUNKEDN/A
0-DTE daily exposes massive tail risk on outlier days
Source: quantpedia.com
DEBUNKED PMCC always wins
DEBUNKEDN/A
PMCC loses if stock crashes; LEAP loses value
Source: tastytrade.com
Daily 0-DTE iron condor
Iron CondorIncome
Daily 0-DTE iron condors for theta
Source: quantpedia.com
Diagonal IV crush trade
Diagonal SpreadIncome
Diagonal pre-earnings to capture IV crush
Source: tastytrade.com
Diagonal vs vertical comparison
Diagonal SpreadMethodology
Diagonal has positive theta vs vertical
Source: tastytrade.com
Diagonal weekly income
Diagonal SpreadIncome
Sell weekly against monthly long for income
Source: optionsamurai.com
Diversify across 10+ underlyings
Risk MgmtRisk
Diversify income strategies across many names
Source: steadyoptions.com
Double calendar (call + put)
Calendar SpreadIncome
Both call and put calendars for wider profit zone
Source: optionstradingiq.com
Double diagonal
Diagonal SpreadIncome
Both call and put diagonals; positive theta
Source: optionstradingiq.com
Earnings calendar spread
Calendar SpreadLong vol
Long short-dated short long-dated for IV expansion
Source: quantpedia.com
High-IV-rank wheel filter
WheelFilter
Wheel only stocks with IV rank >50%
Source: steadyoptions.com
IB vs IC capital efficiency
Iron ButterflyMethodology
IB more efficient but narrower profit zone
Source: encyclopedia
IC + calendar combo
Iron CondorIncome
Combine IC with calendar for vega-neutral income
Source: optionstradingiq.com
IC 16-delta short strikes
Iron CondorIncome
16-delta short strikes for ~70% prob ITM
Source: optionstradingiq.com
IC 30-45 DTE
Iron CondorIncome
Sell strangle + buy wings; classic income trade
Source: optionstradingiq.com
IC SPX/SPY/RUT income
Iron CondorIncome
Index ICs for tax efficiency (1256)
Source: optionstradingiq.com
IC manage at 21 DTE
Iron CondorMethodology
Close at 21 DTE or 50% profit
Source: optionstradingiq.com
IC stop at 200% credit
Iron CondorRisk
Cut losses at 2x premium received
Source: optionstradingiq.com
Income butterfly weekly
ButterflyIncome
Weekly income via butterflies
Source: optionstradingiq.com
Iron Butterfly (IB)
Iron ButterflyIncome
Sell ATM straddle + buy wings; high theta low prob
Source: encyclopedia
Jade Lizard 45 DTE entry
Jade LizardIncome
45 DTE optimal for jade lizard time decay
Source: optionstradingiq.com
Jade Lizard high IV rank
Jade LizardFilter
IV rank >40% for sufficient premium
Source: optionstradingiq.com
Jade Lizard short put + call spread
Jade LizardIncome
Short put + short call spread; uncapped down only
Source: optionstradingiq.com
Jade Lizard skew arb
Jade LizardIncome
Sell rich OTM put vol; buy cheaper OTM call vol
Source: optionstradingiq.com
Jade Lizard zero upside risk
Jade LizardIncome
Premium > call spread width = no upside risk
Source: optionstradingiq.com
LEAP delta 0.80+ for PMCC
PMCCMethodology
Long LEAP with 0.80+ delta for stock-like exposure
Source: tastytrade.com
Layered IC (multiple expiries)
Iron CondorIncome
Open ICs across multiple weeks for staggered income
Source: optionstradingiq.com
Long call butterfly
ButterflyIncome
1-2-1 long-short-long calls; max profit at middle strike
Source: encyclopedia
Long call diagonal (LCD)
Diagonal SpreadBullish
Buy long-dated lower strike sell short-dated higher
Source: tastytrade.com
Long put butterfly
ButterflyIncome
Same with puts
Source: encyclopedia
Long put diagonal (LPD)
Diagonal SpreadBearish
Buy long-dated higher strike sell short-dated lower
Source: tastytrade.com
Loose collar more upside
CollarIncome
Wider strikes; more upside less protection
Source: encyclopedia
Lower break-even via repair
Stock RepairMethodology
Reduce break-even on losing stock position
Source: optionstradingiq.com
Modified IB (skewed)
Iron ButterflyIncome
Skew strikes for directional bias
Source: encyclopedia
PMCC vs covered call capital
PMCCMethodology
PMCC requires ~30% capital of covered call
Source: tastytrade.com
Poor Man's Covered Call (PMCC)
PMCCIncome
Buy ITM LEAPS sell OTM monthly call (cheap covered call replacement)
Source: tastytrade.com
Poor Man's Covered Put (PMCP)
PMCCIncome
Long ITM put + short OTM put for short stock equivalent
Source: tastytrade.com
Position sizing 5% per trade
Risk MgmtRisk
Cap risk per trade at 5% account
Source: steadyoptions.com
Premium selling 1SD weekly
VolatilityIncome
Sell 1-SD strangles weekly
Source: quantpedia.com
Protected wheel (with hedges)
WheelHedge
Wheel with portfolio puts or VIX call hedges
Source: optionstradingiq.com
Put ZEBRA
ZEBRAShort
Long 2 ITM puts short 1 ATM put; replicates short stock
Source: kamiltaylan.blog
Put ratio backspread
Ratio WritingLong vol
Short 1 put long 2 puts lower; profits on big moves down
Source: encyclopedia
Put ratio spread (1x2)
Ratio WritingIncome
Long 1 put short 2 puts lower; capped downside short tail
Source: encyclopedia
Quality stock screen wheel
WheelFilter
Only wheel high-quality dividend stocks
Source: snideradvisors.com
Rhino BWF strategy
ButterflyIncome
SPX broken-wing fly with management rules
Source: optionstradingiq.com
Roll PMCC short calls
PMCCMethodology
Roll short call for credit on minimal extrinsic
Source: tastytrade.com
Seagull (long call + 2 short puts)
CustomBoth
Long call + short put + further short put
Source: optionstradingiq.com
Short call 0.30 delta PMCC
PMCCMethodology
Sell 30-delta calls 30-45 DTE against LEAP
Source: tastytrade.com
Stock repair strategy
Stock RepairMethodology
Long stock loss + add 1 ATM call sell 2 OTM calls
Source: optionstradingiq.com
Strangle short premium 16-delta
VolatilityIncome
Sell 16-delta short strangle
Source: quantpedia.com
Super Bear spread
CustomShort
Aggressive short-bias spread
Source: panoptic.xyz
Super Bull spread
CustomLong
Aggressive long-bias spread
Source: panoptic.xyz
Tail-risk hedge for premium sellers
Risk MgmtHedge
Buy occasional puts as tail hedge
Source: steadyoptions.com
Tight collar high protection
CollarIncome
Closer strikes for higher protection lower upside
Source: encyclopedia
Twisted Sister double-jade
Jade LizardIncome
Two jade lizards for double exposure
Source: optionstradingiq.com
Unbalanced IC bearish
Iron CondorIncome
Closer put wing for slight bearish bias
Source: optionstradingiq.com
Unbalanced IC bullish
Iron CondorIncome
Closer call wing for slight bullish bias
Source: optionstradingiq.com
VXX calendar spread
Calendar SpreadIncome
Trade vol calendar via VXX options
Source: quantpedia.com
Vol harvesting via short premium
VolatilityShort vol
Short ATM/OTM premium for VRP harvesting
Source: quantpedia.com
Weekly IC SPX
Iron CondorIncome
Weekly SPX IC strategy with 1256 treatment
Source: optionstradingiq.com
Weekly wheel for income
WheelIncome
Use weekly options for higher annualized income
Source: snideradvisors.com
Wheel 21 DTE management
WheelMethodology
Manage at 21 DTE; close at 50% credit or roll
Source: steadyoptions.com
Wheel 30-45 DTE entries
WheelIncome
Sell options at 30-45 DTE for optimal theta
Source: steadyoptions.com
Wheel ETF (SPY QQQ IWM)
WheelIncome
Wheel index ETFs for diversification
Source: snideradvisors.com
Wheel basket diversification
WheelMethodology
Run wheel on 5-10 names simultaneously
Source: snideradvisors.com
Wheel position size 5-10%
WheelRisk
Cap each wheel position at 5-10% capital
Source: steadyoptions.com
Wheel rolling assigned
WheelIncome
Roll covered call for credit if approaching ITM
Source: optionstradingiq.com
Wheel sector ETF
WheelIncome
Wheel XLF XLE etc for sector exposure
Source: snideradvisors.com
ZEEHBS combination
ZEBRABoth
Call ZEBRA + put ZEBRA combination
Source: panoptic.xyz
Zero Extrinsic Back Ratio (ZEBRA)
ZEBRALong
Long 2 ITM calls short 1 ATM call; replicates stock cheaply
Source: kamiltaylan.blog
Zero-cost collar
CollarIncome
Adjust strikes to make put cost = call premium
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.