Option Samurai: What strategies we support?

Help

What strategies we support?

We support over 45 strategies, and we are adding more. Our custom scanner feature allows you to build custom strategies even if they are not common.

If you still find something is missing, don't be afraid to contact us.

Covered calls

Also known as: Buy write

How to build: Buy 100 shares at and sell 1 call (default is bid price)

Naked puts

Also known as: Cash secured puts, sell puts, puts selling.

How to build: Sell 1 put (default is bid price)

Naked calls

Also known as: Sell calls

How to build: sell 1 call (default is bid price)

Long calls

Also known as: Buy calls, Bull calls, call as stock replacement.
How to build: Buy 1 call (default is ask price)

Long puts

Also known as: Buy puts, bear puts.
How to build: Buy 1 put (default is ask price)

Married puts

Also known as: Protective puts.

How to build: Buy 100 shares and buy 1 put (default is ask price)

Married calls

Also known as: Protective calls.

How to build: Short 100 shares and buy 1 call (default is ask price)

Bull Put Spread

Also known as: Sell put vertical, OTM put vertical spreads
How to build: Sell put and buy put with a lower strike for same expiration(default is mid-price)

Bull Call Spread

Also known as: Buy call vertical spread
How to build: Buy call and sell call with a higher strike for same expiration (default is mid-price)

Bear Put Spread

Also known as: Buy put vertical spread
How to build: Buy put and sell put with a lower strike for same expiration (default is mid-price)

Bear Call Spread

Also known as: Sell call vertical spread
How to build: Sell call and buy call with a higher strike for same expiration (default is mid-price)

Iron Condor:

Also known as: Sell Iron condor
How to build: (4 legs, a combination of bull put spread+bear call spread) Buy put and sell put with a higher strike. Sell Call and buy a call with a higher strike. (default is mid)

Read the article here.

Long straddle

Also known as: Buy straddle
How to build: Buy a call and a put for the same strike and same expiration (default is mid)

Short Straddle

Also known as: Sell Straddle
How to build: Short a call and a put for the same strike and same expiration (default is mid)

Long Strangle

Also known as: Buy Strangle
How to build: Buy a put and a call OTM for same expiration (default is mid)

Short Strangle

Also known as: Sell strangle
How to build: Sell a put and a call OTM for the same expiration (default is mid)

Long Call Calendar

Also Known as: Buy call calendar

How to build: Sell call for closer expiration, buy call at the same strike but further expiration date.

Read the knowledge base article here.

Long Put Calendar

Also Known as: Buy put calendar
How to build: Sell put for closer expiration, buy put at the same strike but further expiration date.

Read the knowledge base article here.

Long Call Diagonal

Also Known as: Buy Call Diagonal
How to build: Sell call for closer expiration, buy a call at the further expiration date. Strikes can be different, depends on market outlook.

Read the knowledge base article here.

Long Put Diagonal

Also Known as: Buy put Diagonal
How to build: Sell put for closer expiration, buy a put at the further expiration date. Strikes can be different, depends on market outlook.

Read the knowledge base article here.

Butterfly - Iron Butterfly

Also Known as: Butterfly, Call butterfly, Put butterfly.

How to build: The strategy has a similar profit/loss profile but can be built from different options.

Iron Butterfly: Sell a put spread and call spread for the same expiration where the short strikes are the same.

Call Butterfly: Buy one OTM call, sell two further calls and buy another call with a higher strike. All at the same expiration.

Put Butterfly: Buy one OTM put, sell two further puts and buy another put with a lower strike. All at the same expiration.

Read more in the blog guide: Understanding the Iron Butterfly Option Strategy.

Collar

How to build: Buy 100 shares, sell 1 call option for premium and buy 1 protective put below the call strike.

Call Ratio Spread (New)

Also known as: Back/Front spread, Call Ratio Write, Ratio Vertical Spread
How to build: Buy call options and sell multiple calls with a higher strike for the same expiration (You can control the ratio, but the number of sold calls has to be greater than the number of bought calls).

Put Ratio Spread (New)

Also known as: Back/Front spread, Put Ratio Write, Ratio Vertical Spread
How to build: Buy put options and sell multiple puts with a lower strike for the same expiration (You can control the ratio, but the number of sold puts has to be greater than the number of bought puts).

Strategies Supported by the Custom Scan Feature

The following are some of the common strategies that we support through the custom scan feature.

Jade Lizard

Also known as: Short put + short call spread

How to build: Sell 1 OTM put, sell 1 OTM call, and buy 1 further OTM call (same expiration).

Read more on our blog here.

Put ZEBRA

Also known as: Zero extrinsic value back ratio spread with puts

How to build: Buy 2 ITM puts, sell 1 ATM put. The ATM put you sell should remove all the extrinsic value.

Read more on our blog here.

Call Zebra

Also known as: Zero extrinsic value back ratio spread with calls

How to build: Buy 2 ITM calls, sell 1 ATM call. The ATM call you sell should remove all the extrinsic value.

Read more on our blog here.

Put Ratio Backspread

Also known as: Bearish back spread, ratio backspread with puts

How to build: Sell 1 ATM put and buy 2 OTM puts with the same expiration.

Read more on our blog here.

Call Ratio Backspread

Also known as: Bullish back spread, ratio backspread with calls

How to build: Sell 1 ATM call and buy 2 OTM calls with the same expiration.

Read more on our blog here.

Reverse Iron Condor

Also known as: Long Iron Condor, Buy Iron Condor

How to build: Buy 1 OTM call, sell 1 further OTM call, buy 1 OTM put, and sell 1 further OTM put

Read more on our blog here.

Reverse Iron Butterfly

Also known as: Reverse butterfly, reverse butterfly spread

How to build: Buy 1 ATM call and 1 ATM put. Sell 1 OTM call above and 1 OTM put below the current price, using the same expiration for all four legs.

Synthetic Long Put

Also known as: synthetic put

How to build: Sell short 100 shares and buy 1 call option.

Read more on our blog here.

Synthetic Short Put

Also known as: synthetic naked put

How to build: Buy 100 shares and sell 1 call option.

Read more on our blog here.

Synthetic Short Straddle

Also known as: Short call synthetic straddle, short put synthetic straddle

How to build: Buy 100 shares and sell 2 call options at the same strike. Alternatively, short 100 shares and sell 2 put options at the same strike.

Read more on our blog here.

Synthetic Long Straddle

Also known as: Long call synthetic straddle, long put synthetic straddle

How to build: Short 100 shares and buy 2 call options, or buy 100 shares and buy 2 put options.

Read more on our blog here.

Synthetic Short

Also known as: Synthetic short stock position

How to build: Sell 1 call and buy 1 put at the same strike and expiration.

Read more on our blog here.

Covered Straddle

Also known as: Covered short straddle

How to build: Buy 100 shares of a stock and sell 1 call + 1 put at the same strike and expiration.

Read more on our blog here.

Covered Put Strategy

Also known as: Short stock with short put

How to build: Short 100 shares of a stock and sell 1 put option.

Read more on our blog here.

Long Christmas Tree Strategy

Also known as: Call tree spread, put tree spread

How to build: Use either all calls or all puts with the same expiration. Buy 1 option, skip a strike, sell 3, then buy 2 further out.

Short Christmas Tree Strategy

Also known as: Inverted call tree, inverted put tree

How to build: Use either all calls or all puts with the same expiration. Sell 1 option, skip a strike, buy 3, then sell 2 further out.

Long Call Ladder Strategy

Also known as: Bull call ladder

How to build: Buy 1 lower strike call, sell 2 higher strike calls. All options have the same expiration.

Long Put Ladder Strategy

Also known as: Bear put ladder

How to build: Buy 1 higher strike put, sell 2 lower strike puts. All options have the same expiration.

Short Call Ladder Strategy

Also known as: Bear call ladder

How to build: Sell 1 lower strike call, buy 2 higher strike calls. All options have the same expiration.

Short Put Ladder Strategy

Also known as: Bull put ladder

How to build: Sell 1 higher strike put, buy 2 lower strike puts. All options have the same expiration.

Long Call Strap Strategy

Also known as: Bullish strap option strategy

How to build: Buy 2 ATM calls and 1 ATM put, all with the same expiration.

Long Put Strap Strategy

Also known as: Bearish strap option strategy

How to build: Buy 2 ATM puts and 1 ATM call, all with the same expiration.

Batman Strategy

Also known as: Double long butterfly
How to build: Buy 1 slightly OTM call and 1 slightly OTM put, then sell 2 further OTM calls and 2 further OTM puts.

Read more on our blog here.

Was this article helpful?

How can we help you?