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Quick Guide to Options Strategies

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Quick Guide to Options Strategies Important notes (please read): a. This quick guide is for reference only and no strategy should be traded without knowledge and testing of the strategy, and a formal written trading including entry and exit criteria b. Strike price placement is key in many of these strategies on should be based on criteria beyond simply ITM/OTM c. Time to expiry may differ dependent on prevailing market conditions and the specific stock in question. As a general rule net credit position should be short in duration to limit risk and take advantage of time decay d. Note with credit option positions a cash margin requirement is often necessary e. Intensity - 1=every 2-3 days, 2 = daily, 3 = x2 daily f. Experience - B = Beginner; I = Intermediate; A = Advanced g. The ultimate outcome of some strategies e.g. Covered calls, diagonal call spreads involving the multiple sale of options positions on a monthly basis is not reflected below. Quick guide to Options Strategies ©3 Hawkeye Options – Options Strategy guide 1 Credit/ Strategy Trade set up Outlook Duration Debit Profit Risk Intensity Experience Long Call Buy Call Bullish 2-3 months Debit Uncapped Capped 3 B Long Put Buy Put Bearish 2-3 months Debit Uncapped Capped 3 B Short Call Sell OTM Call Bearish 1 month Credit Capped Uncapped 2 I Short Put Sell OTM Put Bullish 1 month Credit Capped Uncapped 2 I Covered Call Buy stock; Sell ATM/OTM call Neutral/Bull On-going Debit Capped Uncapped 2 B Diagonal Buy ITM Long dated call; Sell Call Spread monthly ATM.OTM calls Neutral/Bull On-going Debit Capped Capped 2 I Buy stock; Sell ATM/OTM call; Collar Buy long dated ATM /OTM Put Neutral/Bull On-going Debit Capped Capped 1 I Bull Call 2-3 months OTM/1 spread Buy Call, Sell higher strike Call Bullish month ITM Debit Capped Capped 1 I Bull Put Spread Sell Put; buy lower put Bullish 1 month Credit Capped Capped 1 I Bear Call Spread Sell Call; Buy higher Call Bearish 1 month Credit Capped Capped 1 A Bear Put 2-3 months OTM/1 Spread Buy Put; Sell Lower Put Bearish month ITM Debit Capped Capped 1 A Long call buy ITM call; Sell ATM call (x2); neutral (bullish butterfly buy OTM call bias) 1-2 months Debit Capped Capped 1 I Long Put Buy ITM Put; Sell ATM Put (x2); neutral (bearish Butterfly Buy OTM Put bias) 1-2 months Debit Capped Capped 1 I Short Call Sell ITM Call; Buy ATM Call(x2); butterfly Sell OTM Call Move either way 2-3 months Credit Capped Capped 2 A Long Straddle Buy ATM Call; Buy ATM Put Move either way 2-3 months Debit Uncapped Capped 3 B Long Strangle Buy OTM Call; Buy OTM Put Move either way 2-3 months Debit Uncapped Capped 3 B ©3 Hawkeye Options – Options Strategy guide 2 Credit/ Strategy Trade set up Outlook Duration Debit Profit Risk Intensity Experience Short Straddle Sell ATM Call, Sell ATM Put Neutral 1 month Credit Capped Uncapped 3 A Short Strangle Sell OTM Call; Sell OTM Put Neutral 1 month Credit Capped Uncapped 3 A Short Iron OTM Bull Call spread; OTM Move either Condor Bear Put spread way 2-3 months Debit Capped Capped 1 I Long Iron OTM Bear Call Spread; OTM Condor Bull Put spread Neutral 1 month Credit Capped Capped 1 I Ratio call Buy ITM call; Sell multiple Calls spread OTM Neutral 1 month Credit Capped Uncapped 3 A Ratio Call Sell ATM/ITM Call; buy OTM Backspread multiple Calls Bullish 2 months Debit Uncapped Capped 3 A Ratio Put Buy ITM Put; Sell multiple Spread OTM Puts Neutral 1 month Credit Capped Uncapped 3 A Ratio Put Sell ATM/ITM Out; buy OTM Backspread multiple Puts Bearish 2 months Debit Uncapped Capped 3 A Diagonal Put Buy long dated ITM Put; Sell Spread ATM/OTM puts monthly neutral/Bear On-going Debit Capped Capped 2 I Calendar Call Buy long dated ATM Call; Sell Spread ATM Call monthly Neutral/Bull On-going Debit Capped Capped 2 A Synthetic stock Sell ATM Put/Buy ATM Call Bullish On-going Neutral Uncapped Uncapped 1 A Mike Smith ©3 Horizon Professional Pty Ltd/Hawkeye Options. This guide offered by Hawkeye Options from Horizon Professional Pty Ltd is for general information and educational purposes only. Investing, including that in vehicles originating in the share market, carries with a degree of risk which must be appropriately managed. All readers are strongly advised not only to educate themselves appropriately prior to investing in any share market product but also discuss the suitability of such products to their overall wealth objectives with a licence financial professional. Horizon Professional Pty Ltd is a Corporate Authorised Representative (314938) for Financial Services of Australia Pty Ltd AFSL (338961) ©3 Hawkeye Options – Options Strategy guide 3.
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