W
The Wheel Strategy
The Wheel Strategy generates consistent cash flow by selling cash-secured puts and covered calls.
Options Strategies
Learn the most popular options trading strategies used by retail traders — including the Wheel Strategy, Covered Calls, Iron Condors, Straddles, Spreads, Protective Puts, and more.
Each guide explains how the strategy works, when to use it, the risks involved, and how to track real P&L.
Income Strategies
CC
Covered Calls
Covered Calls generate income from shares you already own by selling calls.
PM
Poor Man's Covered Call
The Poor Man's Covered Call uses a LEAP as stock replacement, then sells short calls for income.
IC
Iron Condor
The Iron Condor is a neutral, defined-risk strategy for range-bound markets.
IB
Iron Butterfly
The Iron Butterfly is a high-income neutral strategy for stable markets.
Directional Strategies
BC
Bull Call Spread
The Bull Call Spread is a defined-risk bullish spread with lower cost than buying calls.
BP
Bear Put Spread
The Bear Put Spread is a defined-risk bearish spread for moderately lower prices.
BF
Long Call Butterfly
The Long Call Butterfly is a low-cost neutral trade for targeting a specific price.
Volatility Strategies
LS
Long Straddle
The Long Straddle profits from large price moves in either direction.
LSt
Long Strangle
The Long Strangle is a lower-cost volatility trade for big directional moves.
Hedging Strategies
PC
Protective Collar
The Protective Collar combines a covered call and protective put to hedge stock positions.
PP
Protective Put
The Protective Put helps protect stock ownership while keeping upside open.
What are options trading strategies?
Options trading strategies are structured ways to combine calls, puts, stock, and cash so a trade has a clearer goal, risk profile, and payoff range.
Some strategies focus on income, such as covered calls and the Wheel. Others are directional strategies that express a bullish or bearish view, volatility strategies that need a large move, or hedging strategies that protect an existing stock position.
You can track all these strategies with real P&L inside Optioneer.
Options calculator
Estimate break-even, max profit/loss, and P&L before opening a strategy.
Paper trading simulator
Practice options trading strategies risk-free before using real capital.
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