Long stock
Buy shares
1 leg
Short stock
Sell shares short
1 leg
Short call
Sell a call (naked)
1 leg
Cash-secured put
Sell a put backed by cash collateral
1 leg
Vertical call
Two calls, same expiry, different strikes
2 legs
Vertical put
Two puts, same expiry, different strikes
2 legs
Iron condor
Bear-call spread + bull-put spread
4 legs
Iron butterfly
ATM straddle + protective wings
4 legs
Long strangle
Buy OTM call + OTM put
2 legs
Short strangle
Sell OTM call + OTM put
2 legs
Long straddle
Buy ATM call + ATM put
2 legs
Short straddle
Sell ATM call + ATM put
2 legs
Call calendar
Same call strike, two expirations
2 legs · 2 expiries
Put calendar
Same put strike, two expirations
2 legs · 2 expiries
Call diagonal
Different call strikes + expirations
2 legs · 2 expiries
Put diagonal
Different put strikes + expirations
2 legs · 2 expiries
Covered call
Sell a call against shares you already own
1 leg
Covered put
Short 100 shares + short put
2 legs
Protective put
Long 100 shares + long put hedge
2 legs
Collar
Long stock + short call + long put
3 legs
Jade lizard
Short put + short call vertical credit spread (no upside risk)
3 legs
Call butterfly (debit)
Long lower call + 2 short ATM calls + long upper call
4 legs
Call butterfly (credit)
Inverted: short wings + long body in calls
4 legs
Put butterfly (debit)
Long lower put + 2 short ATM puts + long upper put
4 legs
Put butterfly (credit)
Inverted: short wings + long body in puts
4 legs