Options Strategy Master Table
Every options strategy on OptionsGyan, side by side — outlook, risk, reward and breakeven in one scannable reference. Click any strategy for the full lesson.
Strategy Master Table: This table summarises all 23 textbook options strategies by market outlook, difficulty, legs, maximum profit, maximum loss and breakeven, so you can compare them at a glance and click through to a full lesson.
| Strategy | Outlook | Difficulty | Legs | Max profit | Max loss | Breakeven |
|---|---|---|---|---|---|---|
| Long Call | Bullish | Beginner | Buy 1 Call | Unlimited — rises as the underlying climbs above the strike. | Limited to the net premium paid. | Strike + Premium paid |
| Long Put | Bearish | Beginner | Buy 1 Put | Large but capped — maximum when the underlying goes to zero (Strike − Premium). | Limited to the net premium paid. | Strike − Premium paid |
| Covered Call | Neutral-to-Bullish | Beginner | Long stock + Sell 1 Call | (Strike − Purchase price) + Premium received — capped at the strike. | Substantial — underlying can fall to zero; premium only cushions part of it. (Cost basis − Premium). | Underlying purchase price − Premium received |
| Protective Put | Bullish (with insurance) | Beginner | Long stock + Buy 1 Put | Unlimited — the underlying can keep rising; profit is reduced only by the premium paid. | Limited — (Purchase price − Put strike) + Premium paid. | Underlying purchase price + Premium paid |
| Bull Call Spread | Moderately Bullish | Intermediate | Buy lower Call + Sell higher Call | (Difference between strikes − Net debit). | Net debit paid. | Lower strike + Net debit |
| Bear Put Spread | Moderately Bearish | Intermediate | Buy higher Put + Sell lower Put | (Difference between strikes − Net debit). | Net debit paid. | Higher strike − Net debit |
| Bull Put Spread | Neutral-to-Bullish | Intermediate | Sell higher Put + Buy lower Put | Net credit received. | (Difference between strikes − Net credit). | Higher strike − Net credit |
| Bear Call Spread | Neutral-to-Bearish | Intermediate | Sell lower Call + Buy higher Call | Net credit received. | (Difference between strikes − Net credit). | Lower strike + Net credit |
| Iron Condor | Neutral (range-bound) | Advanced | Bull Put Spread + Bear Call Spread | Total net credit received (kept if price finishes between the two short strikes). | (Width of one spread − Net credit) — occurs beyond either long wing. | Lower breakeven = Short put strike − Net credit; Upper breakeven = Short call strike + Net credit. |
| Iron Butterfly | Neutral (pinning) | Advanced | Sell ATM straddle + Buy OTM wings | Net credit received — realised only if price finishes exactly at the short strike. | (Wing width − Net credit) — beyond either long wing. | Centre strike ± Net credit. |
| Long Straddle | Big move, either direction | Intermediate | Buy ATM Call + Buy ATM Put | Unlimited on the upside, very large on the downside. | Total premium paid (both legs) — realised if price sits exactly at the strike at expiry. | Upper = Strike + Total premium; Lower = Strike − Total premium. |
| Long Strangle | Big move, either direction | Intermediate | Buy OTM Call + Buy OTM Put | Unlimited on the upside, very large on the downside. | Total premium paid — realised if price finishes between the two strikes at expiry. | Upper = Call strike + Total premium; Lower = Put strike − Total premium. |
| Short Straddle | Neutral (low volatility) | Advanced | Sell ATM Call + Sell ATM Put | Total premium received — realised if price finishes exactly at the strike. | Unlimited (upside) and very large (downside). | Upper = Strike + Total premium; Lower = Strike − Total premium. |
| Short Strangle | Neutral (range-bound) | Advanced | Sell OTM Call + Sell OTM Put | Total premium received (kept if price finishes between the two short strikes). | Unlimited (upside) and very large (downside). | Upper = Call strike + Total premium; Lower = Put strike − Total premium. |
| Long Call Butterfly | Neutral (pinning a target) | Advanced | Buy 1 low + Sell 2 mid + Buy 1 high Call | (Distance between adjacent strikes − Net debit) at the middle strike. | Net debit paid (occurs outside the outer strikes). | Lower = Low strike + Net debit; Upper = High strike − Net debit. |
| Collar | Neutral-to-Bullish (protected) | Intermediate | Long stock + Buy Put + Sell Call | (Call strike − Purchase price) − Net premium paid (capped at the call strike). | (Purchase price − Put strike) + Net premium paid (capped below the put strike). | Purchase price ± Net premium (near the purchase price for a zero-cost collar). |
| Call Ratio Back Spread | Bullish (big move) | Advanced | Sell 1 lower Call + Buy 2 higher Calls | Unlimited on a strong rally (two long calls run). | Limited — occurs if the underlying pins the long strike at expiry: (Strike difference − Net credit). | Upper breakeven above the long strike; also profitable below the short strike by the net credit. |
| Put Ratio Back Spread | Bearish (big move) | Advanced | Sell 1 higher Put + Buy 2 lower Puts | Very large on a steep fall (two long puts run), maximised near zero. | Limited — occurs if the underlying pins the long strike at expiry: (Strike difference − Net credit). | Lower breakeven below the long strike; also profitable above the short strike by the net credit. |
| Jade Lizard | Neutral-to-Bullish | Advanced | Sell Put + Sell Call Spread | Total net credit received (if price finishes between the short put and short call strikes). | Large on the downside only — (Short put strike − downside price) − Net credit; no loss on the upside. | Downside breakeven = Short put strike − Net credit. There is no upside breakeven. |
| Broken Wing Butterfly | Neutral (range-bound) | Advanced | Buy 1 + Sell 2 + Buy 1 (skewed wing) | (Distance between the two lower strikes − Net debit, plus any credit) — peaks at the middle strike. | Limited to the width of the wider wing minus the near-wing width and credit — occurs on a moderate move toward the far wing. | One breakeven only, on the side with retained risk; no breakeven on the protected side. |
| Long Call Ladder | Moderately Bullish | Advanced | Buy 1 ITM + Sell 1 ATM + Sell 1 OTM Call | Capped — realised in the plateau between the two short strikes. | Unlimited above the highest strike (the extra naked short call). | A lower breakeven near the long strike and an upper breakeven above the top strike, beyond which losses are unlimited. |
| Strap | Bullish (big move) | Advanced | Buy 2 ATM Calls + Buy 1 ATM Put | Unlimited on the upside (two calls run), large on the downside. | Total premium paid — realised if price finishes at the strike at expiry. | Upper = Strike + (Total premium ÷ 2); Lower = Strike − Total premium. |
| Strip | Bearish (big move) | Advanced | Buy 1 ATM Call + Buy 2 ATM Puts | Very large on the downside (two puts run), unlimited-style on the upside via the single call. | Total premium paid — realised if price finishes at the strike at expiry. | Upper = Strike + Total premium; Lower = Strike − (Total premium ÷ 2). |
Each row links to a full lesson with a payoff diagram, construction steps, the Greeks, a Nifty worked example and FAQs. Browse the full strategy library or model any of these in the payoff calculator.
Frequently Asked Questions
Which options strategy has limited risk?
Debit strategies like the Long Call, Long Put, Bull Call Spread and Bear Put Spread have risk limited to the net premium paid. Defined-risk credit strategies like the Iron Condor and Iron Butterfly also cap the maximum loss.
Which options strategy is best for beginners?
Beginners usually start with single-leg strategies — the Long Call (bullish) and Long Put (bearish) — because the risk is limited to the premium and the payoff is easy to understand, before progressing to spreads.
Which strategies profit in a range-bound market?
Neutral, range-bound strategies such as the Iron Condor, Iron Butterfly and short straddles/strangles profit when the underlying stays within a range and time decay erodes the options sold.
Educational content only — not investment advice. Figures are illustrative; confirm live specifications on the NSE.