Option Strategies

Combinations of options (and underlying) that produce a specific payoff shape — directional, vol-only, neutral, or asymmetric.

Difficulty advanced

Reading order

1. Covered Call — long stock + short call (yield enhancement)
2. Straddle / Strangle — long vol, direction-agnostic
3. Iron Condor — short vol with defined risk
4. Butterfly Spread — pin-the-strike
5. Calendar Spread — vol term structure
6. Synthetic Positions — replicating stock or other options

What you should walk away with

• A mapping from view ("range-bound", "long vol", "tail-hedge") to structure.
• An understanding of how each strategy expresses Greek exposure.
• The ability to read any option position as a sum of these building blocks.