option strategies cheat sheet options cheat sheet options trading cheat sheet option implied volatility implied volatility options
Option Strategy | Long Calls |
Price Outlook | Bullish |
Volatility Outlook | ⬆️ |
Profit Potential | Unlimited |
Risk | Limited |
Option Strategy | Long Puts |
Price Outlook | Bearish |
Volatility Outlook | ⬆️ |
Profit Potential | Unlimited |
Risk | Limited |
Option Strategy | Short Calls |
Price Outlook | Bearish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Unlimited |
Option Strategy | Short Puts |
Price Outlook | Bullish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Unlimited |
Option Strategy | Covered Call |
Price Outlook | Bullish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Unlimited |
Option Strategy | Protective Put |
Price Outlook | Bullish |
Volatility Outlook | Stable |
Profit Potential | Unlimited |
Risk | Limited |
Option Strategy | Bull Put Spread |
Price Outlook | Bullish |
Volatility Outlook | ⬆️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Bear Call Spread |
Price Outlook | Bearish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Iron Condors |
Price Outlook | Neutral |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Butterfly Spreads |
Price Outlook | Neutral |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Calendar Spreads |
Price Outlook | Neutral |
Volatility Outlook | ⬆️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Double Calendar |
Price Outlook | Neutral |
Volatility Outlook | ⬆️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Short Strangle |
Price Outlook | Neutral |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Unlimited |
Option Strategy | Short Straddle |
Price Outlook | Neutral |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Unlimited |
Option Strategy | Put Ratio Spreads |
Price Outlook | Neutral to Bullish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Put Ratio Backspreads |
Price Outlook | Neutral to Bullish |
Volatility Outlook | ⬆️ |
Profit Potential | Unlimited |
Risk | Limited |
Option Strategy | Call Ratio Spreads |
Price Outlook | Neutral to Bullish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Unlimited |
Option Strategy | Call Ratio Backspreads |
Price Outlook | Neutral to Bullish |
Volatility Outlook | ⬆️ |
Profit Potential | Unlimited |
Risk | Limited |
Option Strategy | Poor Man’s Covered Call |
Price Outlook | Bullish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Poor Man’s Covered Put |
Price Outlook | Bearish |
Volatility Outlook | ⬆️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | The Collar |
Price Outlook | Bullish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Broken Wing Butterfly With Puts |
Price Outlook | Bullish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Broken Wing Butterfly With Calls |
Price Outlook | Bearish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
Option Strategy | Synthetic Long Stock |
Price Outlook | Bullish |
Volatility Outlook | Neutral |
Profit Potential | Unlimited |
Risk | Limited |
Option Strategy | Synthetic Short Stock |
Price Outlook | Bearish |
Volatility Outlook | Neutral |
Profit Potential | Limited |
Risk | Unlimited |
Option Strategy | Risk Reversal |
Price Outlook | Bullish |
Volatility Outlook | Neutral |
Profit Potential | Unlimited |
Risk | Limited |
Option Strategy | Stock Repair Strategy |
Price Outlook | Bullish |
Volatility Outlook | ⬇️ |
Profit Potential | Limited |
Risk | Limited |
⬆️ Rising
⬇️ Falling

Option Strategies Cheat Sheet Conclusion
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