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The ZEBRA (Zero Extrinsic Back Ratio) strategy gives you almost 1-to-1 exposure to stock movement, but with limited risk and reduced cost.
It's especially useful when trading strong stocks that are trending higher: you retain the upside while defining your downside.

Instead of just buying shares or long calls, the ZEBRA offers a unique blend of both, giving you a breakeven point very close to the current stock price and defined risk. You achieve this by buying two calls in-the-money and selling one call at-the-money, so you sell away all the extrinsic value but still keep one extra call option.

We've recently created educational materials to help you learn, analyze, and trade zebras more effectively. Our blog posts have theoretical materials, use-case examples, and a predefined scan you can use to get started quickly.
📖 Read the blog post here
📈 Click here for the predefined scan (premium users)

This feature utilizes our custom option strate​​gy scanner, which we recently released, allowing you to scan for any strategy you can think of and find trades that you wouldn't be able to find otherwise. After you played around with the Zebra, I suggest trying this feature more.

Another quarter has passed, and we're excited to roll out the latest version of Option Samurai, which this time includes really unique features and improvements. The quarter began with high volatility around 'Liberation Day,' but sentiment quickly shifted, and markets rallied. No matter the market direction, our goal remains the same: to help you trade options with confidence and clarity.

What are the new features for this version?

Read more in our blog post.

We are happy to announce that Dark mode is now available for all our users. After testing, it's ready to be released and will be part of the Q2-2025 version (along with other amazing features).

This feature is available for everyone. Go to Settings > Appearance and switch between light and dark themes anytime.

The new year brings new improvements! In Q1 2025, we're rolling out updates to make Option Samurai more powerful, flexible, and user-friendly. These features will allow us to deliver even more value later this year (so stay tuned).

Here's what's new:

These upgrades give you more flexibility, better insights, and a faster workflow. Read more on our bl​​og post.

Many traders watch 52-week highs and lows closely. Stocks breaking to new highs often signal strength, while those hitting lows may indicate weakness. But do these patterns actually offer an edge?

In our latest blog post, we backtested a strategy using options to capitalize on these breakouts and breakdowns. We analyzed how stocks behaved after reaching these key levels and provided a backtest file (free of charge) so you can explore the results yourself. Plus, our predefined scans make it easy to find potential trade opportunities a​​nd apply this strategy to your trading.

Read more in our article: Use a Backtest to Build a 52-Week High or Low Options Trading Strategy [Free Backtest File]

Buying LEAP options can give you benefits over buying the stocks. This can help with diversification, leverage and risk management. The long time horizon of the options also reduce the main risk of the options of time decay.

In our blog post, we break down the pros and cons of buying options vs. investing in stocks so you can make a smarter trading decision. We also included a backtest to help you see how those strategies have performed in the past.

Read more on​ ​our blog: Gain a Market Edge with Leap Options: Long-Term Strategies and Stock Comparisons.

We’ve updated the strategies filters system to make it more powerful and consistent. Filters are now unified across all strategies, and we’ve added new options, including Gamma, to give you greater control over your results.

These changes are designed to help you get more accurate results and make the platform easier to use. They are also needed improvements before we release our Custom scanner.

The new version is already deployed.

As we wrap up 2024 and look ahead to the new year, we hope you've had a prosperous trading year! The holiday spirit is here with Christmas around the corner 🎄, but we're still hard at work creating tools to empower your trading journey.

We have more surprises and features next year, including our unique custom strategy scanner, so look for those announcements in the future. 

Read more in ​our blog​.

We're thrilled to announce that Dark Mode is coming to Option Samurai! 🌚 This has been one of our most requested features, and we're excited to roll it out for early access during Black Friday!

Upgrade or purchase now to be among the first to experience our sleek new Dark Mode, perfect for long trading sessions. Dark Mode is easy on the eyes, blends seamlessly with other trading platforms, and looks fantastic on mobile, too.

You can find it under Settings > Appearance and switch between light and dark themes anytime.

We’re excited to introduce our new self-service section, making it easier than ever to tailor your trading plan! Now, you can independently upgrade or downgrade your premium plan, moving between Beginner and Advanced, and switching from monthly to annual cycles whenever it suits you. Find the perfect plan that matches your trading needs—on your own terms!

Check it out here.