Build a strategy

Start from a blank slate — add any legs you want.

Buy a call — unlimited upside if the stock rallies past the strike.

Buy a put — profit as the stock falls below the strike.

Own 100 shares, sell a call against them for income.

Own shares plus a put as downside insurance.

Buy a call, sell a higher call — cheaper bullish bet, capped gain.

Buy a put, sell a lower put — defined-risk bearish debit.

Sell a put, buy a lower put — collect credit if price holds up.

Sell a call, buy a higher call — credit that wins if price stays down.

Sell an OTM put spread + call spread — profit in a range.

Sell ATM straddle, buy wings — high credit, narrow sweet spot.

Buy both spreads — defined-risk bet on a big move.

Buy the body, sell wings — volatility play with capped risk.

Buy-sell-sell-buy calls — cheap pin play at the middle strike.

Put butterfly — profits if price pins the middle strike.

Buy ATM call + put — profit on a large move either way.

Buy OTM call + put — cheaper straddle, needs a bigger move.

Sell near call, buy far call at same strike — harvest time decay.

Sell near put, buy far put at same strike — time-decay play.

Far lower call vs near higher call — bullish with income.

Far higher put vs near lower put — bearish with income.

Deep ITM far call stands in for shares; sell near calls.

Own shares, buy a put, sell a call — bracket the outcome.

Sell a call unhedged — income with unlimited upside risk.

Sell a put unhedged — bullish income, assignment risk below strike.

Short shares plus a short put — bearish income.

Sell ATM call + put — max income if price goes nowhere.

Sell OTM call + put — wider profit zone, undefined risk.

Four calls, capped body — low-cost range-bound play.

Four puts — profits inside the middle strikes.

Inverted call condor — profits on a move out of the range.

Inverted put condor — volatility bet with defined risk.

Buy 1 call, sell 2 higher — cheap upside until it runs too far.

Buy 1 put, sell 2 lower — cheap downside with a floor risk.

Sell 1 call, buy 2 higher — explosive upside, small credit zone.

Sell 1 put, buy 2 lower — crash insurance that can pay big.

Butterfly with a skipped strike — removes one-side risk.

Put butterfly with a wider lower wing — credit pin play.

Covered call plus short put — aggressive income on shares.

Shares + short strangle — income with assignment on both sides.

Bull call spread plus an extra short call above.

Bear put spread plus an extra short put below.

Sell 1, buy 2 higher calls — long volatility on the upside.

Sell 1, buy 2 lower puts — long volatility on the downside.

Short put + short call spread — credit with no upside risk.

Put spread + naked call — credit with no downside risk.

Long call + short put ≈ owning 100 shares.

Short call + long put ≈ shorting 100 shares.

Sell a put to fund a call — bullish risk reversal.

Sell a call to fund a put — bearish risk reversal.

Shares + synthetic short — lock in a small arbitrage.

Short shares + synthetic long — the mirror arbitrage.

Bull call spread + bear put spread — pure interest-rate trade.

1 call + 2 puts ATM — volatility bet leaning bearish.

2 calls + 1 put ATM — volatility bet leaning bullish.

Buy ITM call + ITM put — deep straddle variant.

Sell ITM call + ITM put — range play with big credit.

Short near strangle, long far strangle — income plus vega.