|
Call Spread |
Buy call, sell any call (same month) at higher
strike. |
|
Put Spread |
Buy put, sell any put (same month) lower
strike. |
|
Combo |
Sell call, buy put at lower strike. |
|
Straddle |
Buy put, buy call at same strike. |
|
Strangle |
Buy put, buy call at higher strike. |
|
Guts |
Buy call, buy put at higher strike. |
|
Call
Butterfly |
Buy call, sell two calls at higher strikes, buy call at
a higher strike. (The strikes do not have to be consecutive and the
gaps between them do not have to be equal.) |
|
Put
Butterfly |
Buy put, sell two puts at higher strikes, buy put at a
higher strike. (The strikes do not have to be consecutive and the
gaps between them do not have to be equal.) |
|
Condor |
Buy put (call), sell put (call) at two even higher
strikes, buy put (call) at yet higher strike. (The strikes do not
have to be consecutive and the gaps between them do not have to be
equal.) |
|
Iron
Butterfly |
Buy the straddle, sell the strangle. This must be
entered in the following sequence, which equates to the same: sell put,
buy put and call at higher strike, sell call at a higher strike. (The
strikes do not have to be consecutive and the gaps between them do not
have to be equal.) |
|
Iron Condor |
Sell put, buy put at higher strike, buy call at even
higher strike, sell call at even higher strike. (All series in the same
expiry month.) |
|
Call Strip |
Buy between three and eight calls. (The strikes
and expiry months do not need to be the same but strikes and expiry months
must be entered in ascending order.) |
|
Put Strip |
Buy between three and eight puts. (The strikes
and expiry months do not need to be the same but strikes and expiry months
must be entered in ascending order.) |
|
Call
Calendar Spread |
Sell near month call, buy far month call (same strikes
across the two months). |
|
Put Calendar
Spread |
Sell near month put, buy far month put (same strikes
across the two months). |
|
Call
Diagonal Calendar Spread |
Sell near month call, buy any far month call at a
different strike. |
|
Put Diagonal
Calendar Spread |
Sell near month put, buy any far month put at a
different strike |
|
Straddle
Calendar Spread |
Sell Straddle in near month, buy Straddle in far month
at same strike. (Sell near month put, sell near month call, buy far
put, buy far call.) |
|
Diagonal
Straddle Calendar Spread |
Sell Straddle in near month, buy Straddle in far month
at different strike: sell near month put, sell near month call, buy far
month put, buy far month call. |
|
Jelly Roll |
Sell call, buy put at same strike in near month, buy
call, sell put at same strike in far month. (Strike price in far
month need not equal strike price in near month.) |
|
Straddle
Strip |
Buy between two and four straddles in one or more
expiry months. (Must be entered as buy call, buy put with strikes
and expiry months entered in ascending order.) |
|
Box |
Buy call and sell put, buy put and sell call at higher
strike. |
|
2x1 Ratio
Call Spread |
Sell call, buy two calls at higher strike. |
|
2x1 Ratio
Put Spread |
Sell put, buy two puts at lower strike. |
|
Call Ladder |
Buy call, sell call at higher strike, sell call at even
higher strike. (The strikes do not have to be consecutive and the
gaps between them do not have to be equal.) |
|
Put Ladder |
Sell put, sell put at higher strike, buy put at even
higher strike. (The strikes do not have to be consecutive and the
gaps between them do not have to be equal.) |
|
Synthetic
Underlying |
This is a standard conversion/reversal strategy but
without the Underlying leg. Reversal: buy a call, sell a put at the
same strike. To trade a Conversion the order must be entered in the
same sequence as above, but submitted to the market as a sell/offer
order. |
|
3 Way: Buy a
Call spread versus a Put |
Buy a Call spread versus selling a put: buy a call,
sell a call at a higher strike, sell a put at any strike. |
|
3 Way: Buy a
Put spread versus a Call |
Buy a Put spread versus selling a call: buy a put, sell
a put at a lower strike, sell a call at any strike. |
|
3 Way:
Straddle versus a Call |
Buy a Straddle versus selling a call: buy a put and
call at the same strike, as well as selling a call at any
strike. |
|
3 Way:
Straddle versus a Put |
Buy a Straddle versus selling a put: buy the straddle
(i.e. buy a put and call at the same strike), as well as selling a put at
any strike. |