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๐Ÿ“ˆ Options Strategies

CSP Scanner / Long Call / Long Put / Cash-Secured Put / Covered Call

Long Call

BULLISH DEFINED RISK
Straight Call Purchase

The simplest bullish options play โ€” buy a call option and profit when the stock moves up. Your max loss is the premium paid, with unlimited upside potential. No spreads, no hedges, just directional conviction.

When to use: High conviction bullish. You expect a significant move higher within your timeframe. Best when IV is low (cheap premiums) and you have a clear catalyst โ€” earnings, breakout, sector rotation.

Select Strike

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

Long Call Recipe

  • Strike selection: ATM (50ฮ”) for balanced risk/reward. Slightly ITM (55โ€“65ฮ”) for higher probability. OTM (30โ€“40ฮ”) for leverage on big moves.
  • Expiration: Give yourself time โ€” 45โ€“60+ DTE. Theta accelerates in the final 30 days, so don't cut it close.
  • IV matters: Buy when IV rank is low (<30%). High IV = expensive premium = harder to profit.
  • Exit plan: Take profits at 50โ€“100% gain on the option. Cut losses at 50% of premium paid. Don't hold to expiration.
  • Position sizing: Risk no more than 2โ€“5% of portfolio on a single long call. The entire premium is at risk.

Long Put

BEARISH DEFINED RISK
Straight Put Purchase

The simplest bearish options play โ€” buy a put option and profit when the stock moves down. Your max loss is the premium paid, with profit potential all the way to zero. No spreads, no hedges, just directional conviction to the downside.

When to use: High conviction bearish. You expect a significant move lower within your timeframe. Best when IV is low (cheap premiums) and you have a clear catalyst โ€” earnings miss, breakdown, sector weakness. Also useful as portfolio insurance.

Select Strike

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

Long Put Recipe

  • Strike selection: ATM (-0.50ฮ”) for balanced risk/reward. Slightly ITM (-0.55 to -0.65ฮ”) for higher probability. OTM (-0.30 to -0.40ฮ”) for leverage on big drops.
  • Expiration: Give yourself time โ€” 45โ€“60+ DTE. Theta accelerates in the final 30 days, so don't cut it close.
  • IV matters: Buy when IV rank is low (<30%). High IV = expensive premium = harder to profit.
  • Exit plan: Take profits at 50โ€“100% gain on the option. Cut losses at 50% of premium paid. Don't hold to expiration.
  • Position sizing: Risk no more than 2โ€“5% of portfolio on a single long put. The entire premium is at risk.
  • As a hedge: Buy OTM puts (-0.20 to -0.30ฮ”) against long stock positions as portfolio insurance during uncertain markets.

ZEBRA

BULLISH
Zero Extrinsic Back Ratio Spread

Synthetic long stock using options. Buy 2 deep ITM calls and sell 1 ATM call. Net delta โ‰ˆ +1.00 replicates stock ownership with defined downside risk and no upside cap.

When to use: Strong bullish conviction. You want stock-like upside without full capital outlay. Max loss is capped at the net debit โ€” no margin risk, no assignment headaches.

Customize Strikes

Buy 2Long Calls
Sell 1Short Call

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

ZEBRA Recipe

  • Long calls: Pick strikes at 70โ€“75 delta โ€” deep ITM to minimize extrinsic value.
  • Short call: ATM or near-ATM at ~50 delta โ€” this funds most of the extrinsic from the longs.
  • Target net delta: 2 ร— 0.72 โ€“ 1 ร— 0.50 โ‰ˆ +1.00 (synthetic 100 shares).
  • Ideal conditions: Low IV environment, strong directional conviction, underlying above major support levels.

Put Ratio Spread

BEARISH UNDEFINED RISK
1ร—2 Put Spread โ€” Buy 1 ITM Put, Sell 2 OTM Puts

Buy 1 higher-strike put and sell 2 lower-strike puts. Often entered for a small debit or even a credit. Max profit at the short strike at expiration. Profits from a moderate decline โ€” but has naked downside risk if the stock crashes hard below the lower break-even.

When to use: You expect a moderate pullback to a specific level (the short strike). Works well when IV is elevated โ€” selling 2 puts collects fat premium. Be aware of the naked leg: unlimited risk below the lower break-even.

Customize Strikes

Buy 1Long Put (higher strike)
Sell 2Short Puts (lower strike)

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

Put Ratio Spread Recipe

  • Long put: Slightly ITM at -0.55 to -0.65 delta โ€” gives you the bearish hedge.
  • Short puts: OTM/ATM at -0.30 to -0.45 delta โ€” this is your target price. Selling 2ร— collects more premium than the long costs.
  • Net credit vs debit: If entered for a credit, you can't lose if the stock stays above the long strike. If a debit, max loss above the long strike is the debit paid.
  • Max profit: At the short strike at expiration = spread width ร— 100 ยฑ net credit/debit.
  • Danger zone: Below the lower break-even, you're effectively naked short 1 put. Have a stop-loss plan or be willing to own shares.

Bull Call Spread

BULLISH DEFINED RISK
Vertical Call Debit Spread

Buy a lower-strike call and sell a higher-strike call at the same expiration. Defined risk, defined reward. You pay a net debit and profit if the stock moves above your break-even by expiration.

When to use: Moderately bullish. You have a price target in mind and want to reduce cost basis vs. buying a naked call. Great when IV is elevated โ€” selling the upper strike offsets inflated premium.

Customize Strikes

Buy 1Long Call
Sell 1Short Call

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

Bull Call Spread Recipe

  • Long call: ATM or slightly ITM at 50โ€“60 delta.
  • Short call: OTM at 25โ€“35 delta, same expiration.
  • Spread width: $5โ€“$10 strikes apart depending on underlying price.
  • Target entry: Pay less than 50% of spread width for favorable risk/reward.
  • Ideal DTE: 30โ€“45 days to balance premium cost and time decay.

Bear Put Spread

BEARISH DEFINED RISK
Vertical Put Debit Spread

Buy a higher-strike put and sell a lower-strike put at the same expiration. Defined risk, defined reward. You pay a net debit and profit when the stock drops below your break-even by expiration.

When to use: Moderately bearish. You expect the stock to decline but want to cap your risk. Great when IV is elevated โ€” selling the lower strike offsets inflated premium. Cheaper than buying a naked put.

Customize Strikes

Buy 1Long Put
Sell 1Short Put

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

Bear Put Spread Recipe

  • Long put: ATM or slightly ITM at -0.50 to -0.60 delta.
  • Short put: OTM at -0.25 to -0.35 delta, same expiration.
  • Spread width: $5โ€“$10 strikes apart depending on underlying price.
  • Target entry: Pay less than 50% of spread width for favorable risk/reward.
  • Ideal DTE: 30โ€“45 days to balance premium cost and time decay.
  • Exit at: 50โ€“75% of max profit. Don't hold to expiration โ€” close early to lock in gains and avoid pin risk.

PMCC

BULLISH INCOME
Poor Man's Covered Call

Buy a deep ITM LEAPS call (6โ€“12 months out) as a stock substitute, then sell short-term OTM calls against it to collect premium. Like a covered call strategy but with far less capital deployed.

When to use: Long-term bullish on the stock but want to generate income while you wait. Capital efficient โ€” deploy $3โ€“5K instead of $15โ€“20K+ for 100 shares. Repeat the short call sales monthly.

Customize Strikes

Buy 1LEAPS Call
Sell 1Short Call

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

PMCC Recipe

  • LEAPS call: Buy at 70โ€“80 delta, 6โ€“12 months out. Deep ITM minimizes extrinsic value and maximizes delta.
  • Short call: Sell at 25โ€“35 delta, 30โ€“45 DTE. OTM enough to have room to run but close enough to collect decent premium.
  • Short strike rule: Short strike should be above LEAPS strike + LEAPS debit to avoid a potential loss if called away.
  • Roll monthly: After short call expires or is bought back at 50% profit, sell a new one. Rinse and repeat.

Call Debit Spread

BULLISH DEFINED RISK
Tight Vertical for Moderate Moves

Similar to a bull call spread but with tighter strikes and an ITM long leg. Buy an ITM call and sell an OTM call at a nearby strike. Higher probability of profit, lower max gain, defined risk on both sides.

When to use: Moderately bullish with a specific price target. You don't need a huge move โ€” just a nudge above break-even. Works well when you want high probability of a smaller, defined win.

Customize Strikes

Buy 1Long Call
Sell 1Short Call

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

Call Debit Spread Recipe

  • Long call: Buy ITM at 60โ€“70 delta. Starts with intrinsic value for higher win rate.
  • Short call: Sell OTM at 35โ€“45 delta. Nearby strike for tighter spread.
  • Spread width: $2.50โ€“$5 between strikes. Tighter = higher probability, less reward.
  • Target DTE: 30โ€“45 days. Enough time for the move but not so much that you overpay for theta.
  • Exit at: 50โ€“75% of max profit. Don't hold to expiration โ€” close early to lock in gains and avoid pin risk.

Cash-Secured Put

BULLISH INCOME
Sell Puts for Premium Income

Sell an OTM put option and collect premium upfront. If the stock stays above your strike, you keep 100% of the premium as profit. If assigned, you buy 100 shares at the strike โ€” a price you were willing to pay anyway. Win-win if you're bullish.

When to use: Bullish or neutral on the stock. You'd be happy owning 100 shares at the strike price. Works best when IV is elevated (fatter premiums) and you have cash to secure the position. Great income strategy on pullbacks.

Select Put Strike

Sell 1Put

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

Cash-Secured Put Recipe

  • Strike selection: OTM at -0.25 to -0.35 delta โ€” gives you a cushion below current price while collecting decent premium.
  • Expiration: 30โ€“45 DTE is the sweet spot โ€” theta decay accelerates and you collect premium faster.
  • Cash requirement: You need strike ร— 100 in cash to secure the put. This is your max risk.
  • IV matters: Sell when IV is high (>30%). Elevated IV = fatter premiums = better income.
  • Exit plan: Buy back at 50% profit to free up capital and reduce risk. Don't get greedy for the last 50%.
  • If assigned: You now own 100 shares at an effective cost basis of strike โ€“ premium collected. Start selling covered calls!

Covered Call

BULLISH INCOME DEFINED RISK
Own 100 Shares + Sell OTM Call

You own 100 shares of the stock and sell an OTM call against them. You collect premium upfront, which lowers your cost basis. If the stock stays below your call strike, you keep the premium and your shares. If it rallies above, your shares get called away at the strike โ€” you keep the premium plus the capital gain.

When to use: You already own shares and are neutral to mildly bullish. You're willing to cap your upside in exchange for income. Works best when IV is elevated and you have a target price where you'd be happy to sell. Great for generating consistent income on a long stock position.

Select Call Strike

Sell 1Call

Trade Legs

ActionQtyTypeStrikeExpDeltaBidAskMidSpread
Enter a ticker above to load options data

Payoff Notes

  • Enter a ticker to see strategy-specific payoff analysis.
Payoff Diagram
P/L vs Underlying Price

Covered Call Recipe

  • Strike selection: OTM at 0.25 to 0.35 delta โ€” gives you room for the stock to appreciate while collecting decent premium.
  • Expiration: 30โ€“45 DTE sweet spot โ€” theta decay accelerates, maximizing income per day.
  • Requirement: You must own (or buy) 100 shares of the underlying stock.
  • IV matters: Sell when IV is high (>30%). Elevated IV = fatter premiums = better income on your shares.
  • Exit plan: Buy back at 50% profit to free up the position for a new call. Don't get greedy for the last 50%.
  • If called away: Shares sold at strike + you keep the premium. Effective sell price = strike + premium collected. Restart by buying shares or selling a cash-secured put.

The Wheel

BULLISH INCOME REPEATABLE
Sell Put โ†’ Get Assigned โ†’ Sell Covered Call โ†’ Repeat

The Wheel is the full income cycle. Step 1: Sell a cash-secured put. Step 2: If assigned, you now own shares at a discount. Step 3: Sell covered calls against your shares for more income. Step 4: If called away, you keep the premium + gains. Repeat forever.

When to use: You're bullish or neutral on a stock you'd love to own. You have enough cash for 100 shares. You want to generate consistent income regardless of direction. Best on quality stocks with decent IV โ€” not meme stocks.

Configure Wheel

Step 1Sell Put
Step 3Sell Call

Wheel Breakdown

  • Enter a ticker to see the full wheel analysis.
Wheel Income Projection
Estimated annual income from repeating the wheel

The Wheel Recipe

  • Step 1 โ€” Sell Put: Cash-secured put at -0.25 to -0.35ฮ”, 30โ€“45 DTE. Collect premium while waiting to buy shares at a discount.
  • Step 2 โ€” Get Assigned: If the stock drops below your strike, you now own 100 shares at your effective cost basis (strike โ€“ premium). This is fine โ€” you wanted to own it anyway.
  • Step 3 โ€” Sell Covered Call: Sell OTM calls at 0.25โ€“0.35ฮ” against your 100 shares, 30โ€“45 DTE. Collect more premium on top of your position.
  • Step 4 โ€” Get Called Away: If the stock rallies above your call strike, shares are sold at a profit + you keep the premium. Back to Step 1.
  • Ideal stocks: Quality names you'd own long-term. Moderate IV (25โ€“50%). Liquid options. Stocks with support levels you can anchor your put strikes to.
  • Avoid: Earnings week (unless you want the IV), biotech binary events, stocks in freefall. The Wheel works on stocks that range or grind higher.

CSP Scanner

INCOME PREMIUM SCREENER
Top 10 Cash-Secured Put Plays โ€” 20ฮ” Premium Income

Scans 40+ popular, high-volume options stocks to find the best cash-secured put plays at the ~20 delta strike (~80% probability OTM). Ranked by annualized return on capital. Only shows options with real volume and last traded prices.

Best results during market hours (9:30amโ€“4:00pm ET) โ€” volume and greeks may be stale outside trading sessions.
# Ticker Price Strike Delta % OTM Mid Contracts Premium โ–ผ Capital Req. Return Ann. Return Volume Open Int DTE IV EMA Signal
Click "Scan Market" to find the top cash-secured put plays

How It Works

  • Ticker universe: Scans 40+ of the most popular, high-volume options trading stocks โ€” names like SOFI, HOOD, AMD, PLTR, COIN, NVDA, TSLA, and more.
  • Strike selection: Targets the ~20 delta put using real greeks data (delta range -0.15 to -0.25). ~80% probability of expiring worthless (you keep the premium).
  • Expiration: Auto-selects the first expiration 30โ€“45 DTE out โ€” the theta decay sweet spot.
  • Liquidity filter: Only shows puts with volume, valid greeks, and real implied volatility. No illiquid garbage.
  • Annualized return: (premium / collateral) ร— (365 / DTE) ร— 100. Normalized so you can compare across different stock prices.
  • Click any column header to re-sort the table.

Covered Call Scanner

INCOME PREMIUM SCREENER
Top 10 Covered Call Plays โ€” 30ฮ” Premium Income

Scans popular options stocks to find the best covered call plays at the ~30 delta strike (~70% probability OTM). Assumes you own 100 shares and sell 1 call. Ranked by annualized return on capital.

Best results during market hours (9:30amโ€“4:00pm ET) โ€” volume and greeks may be stale outside trading sessions.
# Ticker Price Strike Delta % OTM Mid Contracts Premium โ–ผ Capital (Shares) Return Ann. Return Volume Open Int DTE IV EMA Signal
Click "Scan Market" to find the top covered call plays

How It Works

  • Ticker universe: Same 15-ticker watchlist as the CSP scanner โ€” blue-chip tech, growth, and fintech under $400.
  • Strike selection: Targets the ~30 delta call (delta range 0.25โ€“0.35). ~70% probability of expiring OTM (you keep shares + premium).
  • Expiration: Auto-selects the first expiration 30โ€“45 DTE out โ€” the theta decay sweet spot.
  • Capital required: Stock price ร— 100 shares ร— contracts. This is the cost of owning the underlying.
  • Annualized return: (premium / share cost) ร— (365 / DTE) ร— 100. Normalized so you can compare across stocks.
  • Click any column header to re-sort the table.

Unusual Options Activity

FLOW SMART MONEY
High Volume/OI Ratio โ€” Potential Institutional Positioning

Scans for options contracts where today's volume significantly exceeds open interest โ€” a classic signal of new positioning. A Vol/OI ratio above 3ร— often indicates institutional or informed money entering a trade.

Best results during market hours (9:30amโ€“4:00pm ET) โ€” volume and greeks may be stale outside trading sessions.
# Ticker Type Price Strike Delta % OTM Mid Volume Open Int Vol/OI โ–ผ IV DTE EMA Signal
Click "Scan Market" to find unusual options activity

How It Works

  • Vol/OI ratio: Volume รท Open Interest. A ratio above 3.0ร— means today's traded volume exceeds existing open interest โ€” new money is coming in.
  • Why it matters: Large institutional orders show up as volume spikes. If someone buys 5,000 contracts on a strike with 2,000 OI, that's a 2.5ร— Vol/OI โ€” a clear signal of conviction.
  • Filters: Only shows contracts with volume โ‰ฅ 100, open interest โ‰ฅ 50, and Vol/OI โ‰ฅ 2.0ร—. Sorted by Vol/OI descending.
  • Calls vs Puts: Unusual call activity = bullish bets. Unusual put activity = bearish bets or hedging. Context matters.
  • Expiration: Scans 7โ€“60 DTE to capture near-term and medium-term positioning.
  • Click any column header to re-sort the table.