Sr.

Strategy / Combination Positions Strike Expiry

No.
Buy Call, Lower Strike
1 Bull Call Spread Different Same
Sell Call, Higher Strike

Buy Put, Lower Strike

2 Bull Put Spread Different Same
Sell Put, Higher Strike

Buy Call, Higher Strike

3 Bear Call Spread Different Same
Sell Call, Lower Strike

Buy Put, Higher Strike

4 Bear Put Spread Different Same
Sell Put, Lower Strike

Buy Call
Same
5 Long Straddle Same
Buy Put (Generally, ATM)

Sell Call
Same
6 Short Straddle Same
Sell Put (Generally, ATM)

Buy Call, Higher Strike

7 Long Strangle Different Same
Buy Put, Lower Strike

Sell Call, Higher Strike

8 Short Strangle Different Same
Sell Put, Lower Strike

Buy Call, Lowest Strike

Long Butterfly Spread Buy Call, Highest Strike

9 Different Same
with Calls
Sell 2 Calls, Mid Strike

Buy Put, Lowest Strike

Long Butterfly Spread Buy Put, Highest Strike

10 Different Same
with Puts
Sell 2 Puts, Mid Strike

Buy Stock
13 Covered Call Generally, OTM NA
Sell Call

Buy Stock
14 Protective Put Generally, ATM NA
Buy Put

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 Buy Call
Same
15 Synthetic Futures Same
Sell Put (Generally, ATM)

Buy Put (say, X-40)

Sell Put (say, X-45)

Different
16 Condor Same
Sell Call (say, X-55) (say, Spot-50)

Buy Call (say, X-60)

Buy 1 Call
Same
17 Strip Same
Buy 2 Puts (Generally, ATM)

Buy 2 Calls
Same
18 Strap Same
Buy 1 Put (Generally, ATM)

Buy Stock

Buy Put, OTM

19 Collar Different Same
Sell Call, OTM

Detailed notes on the strategies can be obtained from the below link –
https://www.fidelity.com/learning-center/investment-products/options/options-strategy-
guide/overview

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