STRATEGY

STRATEGY STRUCTURE - BUY PERSPECTIVE
(Sequence that the strategy must always be created)

Call Volatility Trade

Buy call, sell Underlying to give zero net delta.

Put Volatility Trade

Buy put, buy Underlying to give zero net delta.

Reversal/Conversion (Synthetic)

Reversal: Buy call, sell put at same strike, sell Underlying.  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.

Call Spread versus Underlying

Buy call, sell call at higher strike, sell the Underlying.

Put Spread versus Underlying

Buy put, sell put at lower strike, buy the Underlying.

Straddle versus buying Underlying

Buy put, buy call at same strike, buy the Underlying.

Straddle versus selling Underlying

Buy put, buy call at same strike, sell the Underlying.

Call Ladder versus buying Underlying

Buy call, sell call at higher strike, sell call at even higher strike, buy the Underlying.

Call Ladder versus selling Underlying

Buy call, sell call at higher strike, sell call at even higher strike, sell the Underlying.

Put Ladder versus buying Underlying

Sell Put, sell Put at higher strike, buy put at even higher strike, buy the Underlying.

Put Ladder versus selling Underlying

Sell put, sell put at higher strike, buy put at even higher strike, sell the Underlying.

Combo versus buying Underlying

Sell call, buy a put at a lower strike, buy the Underlying.

Call Calendar Spread versus buying Underlying

Sell near month call, buy far month call (same strike across the two months), buy the Underlying.

Call Calendar Spread versus selling Underlying

Sell near month call, buy far month call (same strike across the two months), sell the Underlying.

Put Calendar Spread versus buying Underlying

Sell near month put, buy far month put (same strikes across the two months), buy the Underlying.

Put Calendar Spread versus selling Underlying

Sell near month put, buy far month put (same strikes across the two months), sell the Underlying.

2x1 Ratio Call Spread versus buying Underlying

Sell call, buy two calls at higher strike, buy the Underlying.

2x1 Ratio Call Spread versus selling Underlying

Sell call, buy two calls at higher strike, sell the Underlying.

2x1 Ratio Put Spread versus buying Underlying

Sell put, buy two puts at lower strike, buy the Underlying.

2x1 Ratio Put Spread versus selling Underlying

Sell put, buy two puts at lower strike, sell the Underlying.

Call Spread versus sell Put versus Underlying

Buy a Call spread versus selling a put versus selling the Underlying: buy a call, sell a call at a higher strike, sell a put at any strike, selling the Underlying.

Put Spread versus sell Call versus Underlying

Buy Put spread versus selling a call: buy a put, sell a put at a lower strike, sell a call at any strike, buy the Underlying.