Start with calls, puts, vertical spreads and the other core strategies. These advanced variations change the ratios, strike spacing or expiration dates. Learn the base structure first, then use the relevant guide to compare the added risks.
Butterflies and Condors
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Alternative payoff structures
Stock replacement
- ZEBRA Options Strategy
- Diagonal Bull Call Spread (Poor Man’s Covered Call)
- Diagonal Bear Put Spread (Poor Man’s Covered Put)
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Different expirations
Names and Existing Guides
Poor Man’s Covered Call and Put are covered within the existing diagonal guides. The Christmas Tree guide explains the 1:3:2 construction, distinct from the call ladder. Broken Heart is an unequal-wing Condor variation. ZEBRA uses different strike placement from a conventional Call Backspread.
Strategy Comparisons
Compare options strategies — focused examples for choosing between similar structures.
