Long call
BullishPay a premium for upside exposure. At expiration, the stock must rise past the strike plus the premium to break even.
Net debit$500.00
Max profitUnlimited
Max loss$500.00
The entire premium can be lost.
Build long call →The strategy library
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Find the structure.
Compare prebuilt options strategies by outlook and payoff. Open any setup in the calculator to make the strikes, premiums and sizing your own.
14prebuilt strategies
Editable in one click
Editable in one click
14 strategies · Illustrative prices for a $100 stock · Standard 100-share contracts · Before fees
Long put
BearishPay a premium for downside exposure. A larger fall increases the payoff, with gains capped if the stock reaches zero.
Net debit$500.00
Max profit$9,500.00
Max loss$500.00
The entire premium can be lost.
Build long put →Call debit spread
BullishBuy a call and sell a higher-strike call with the same expiry. The short call reduces the cost and caps the upside.
Net debit$500.00
Max profit$500.00
Max loss$500.00
Both the potential gain and loss are capped at expiration.
Build call debit spread →Put debit spread
BearishBuy a put and sell a lower-strike put with the same expiry. Express a bearish view with a defined expiration payoff.
Net debit$500.00
Max profit$500.00
Max loss$500.00
Both the potential gain and loss are capped at expiration.
Build put debit spread →Put credit spread
BullishSell a put and buy a lower-strike put. Keep the net credit if both options expire out of the money.
Net credit$200.00
Max profit$200.00
Max loss$300.00
Loss can exceed the credit received, but is capped at expiration.
Build put credit spread →Call credit spread
BearishSell a call and buy a higher-strike call. Keep the net credit if the stock finishes below the short strike.
Net credit$200.00
Max profit$200.00
Max loss$300.00
Loss can exceed the credit received, but is capped at expiration.
Build call credit spread →Covered call
NeutralHold 100 shares and sell one call. The premium cushions a small decline in exchange for capping the stock’s upside.
Net debit$9,700.00
Max profit$800.00
Max loss$9,700.00
The shares retain substantial downside risk.
Build covered call →Protective put
BullishHold shares and buy a put to establish an expiration loss floor. The insurance premium reduces the net return.
Net debit$10,300.00
Max profitUnlimited
Max loss$800.00
Protection expires with the put.
Build protective put →Long straddle
Big moveBuy a call and put at the same strike and expiry. The stock must move far enough in either direction to cover both premiums.
Net debit$1,000.00
Max profitUnlimited
Max loss$1,000.00
A small move can leave both premiums at risk.
Build long straddle →Long strangle
Big moveBuy a lower-strike put and higher-strike call. The wider strikes usually require a bigger move to reach breakeven.
Net debit$600.00
Max profitUnlimited
Max loss$600.00
Both premiums can be lost if the stock stays between the strikes.
Build long strangle →Iron condor
NeutralCombine a put credit spread and call credit spread. The maximum expiration profit occurs between the two short strikes.
Net credit$400.00
Max profit$400.00
Max loss$100.00
Either wing can lose money; the expiration loss is capped.
Build iron condor →Call butterfly
NeutralBuy one lower call, sell two middle calls and buy one higher call. The peak expiration payoff is at the middle strike.
Net debit$300.00
Max profit$700.00
Max loss$300.00
Moving too far from the middle strike can lose the debit.
Build call butterfly →Short put
BullishReceive a premium in return for the obligation to buy shares at the strike if assigned. Model the cash needed separately.
Net credit$300.00
Max profit$300.00
Max loss$9,200.00
Substantial loss if the stock falls; assignment requires buying shares.
Build short put →Short call
BearishSell a call without shares to cover it. The premium is the maximum gain while upside moves increase the loss.
Net credit$300.00
Max profit$300.00
Max lossUnlimited
Unlimited potential loss. Assignment can create a short stock position.
Build short call →Reading the payoff shapes
Each chart shows the expiration payoff for an illustrative setup, not a current opportunity or a recommendation. Green is profit; pink is loss. Dollar amounts apply to the entire example position, including stock where shown. All legs share one expiration.
Strikes, premiums and quantities determine the payoff. Changing them in the calculator can change the risk profile. Defined expiration risk does not remove early-assignment, liquidity or execution risk. A short call without covering shares can lose an unlimited amount.
Explore the Options Industry Council strategy guide for further education.
THE METHODOLOGY
Read the options activity guideWhat is the options activity telling you?
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THE METHODOLOGY
Read the strategy planning guideTurn an options idea into a strategy.
Explore calls, puts and spreads. Map the premium at risk, breakeven and expiration payoff before choosing your setup.
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Unusual volume. Call and put positioning. Liquidity and strategy selection. Bring the clues together as you explore options opportunities and research-backed signals in the app.
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Options activity does not identify hedge funds or confirm what “smart money” is buying. Signals are research ideas; options can lose their entire premium.