Strategy Catalog

Every strategy,
explained simply.

Payoff diagrams, breakeven points, max profit/loss, and when to use each strategy, all in one place.

📈 Bullish
Long Call
Buy a call option expecting the market to rise above the strike price before expiry.
Max Profit
Unlimited
Max Loss
Premium paid
Level
Beginner
Ideal for: Strong bullish view
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📉 Bearish
Long Put
Buy a put option expecting the market to fall below the strike price before expiry.
Max Profit
Strike − Premium
Max Loss
Premium paid
Level
Beginner
Ideal for: Strong bearish view
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⚖️ Bullish
Bull Call Spread
Buy a lower strike call, sell a higher strike call. Reduces cost but caps profit.
Max Profit
Width − Net Debit
Max Loss
Net Debit
Level
Intermediate
Ideal for: Moderately bullish view
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📊 Bearish
Bear Put Spread
Buy a higher strike put, sell a lower strike put. Defined risk bearish strategy.
Max Profit
Width − Net Debit
Max Loss
Net Debit
Level
Intermediate
Ideal for: Moderately bearish view
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🤸 Volatile
Long Straddle
Buy ATM call and put. Profit if market makes a large move in either direction. Great for event plays.
Max Profit
Unlimited
Max Loss
Total Premium
Level
Intermediate
Ideal for: Pre-event, expecting big move
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🎯 Neutral
Short Straddle
Sell ATM call and put. Profit from time decay when market stays flat. High risk strategy.
Max Profit
Total Premium
Max Loss
Unlimited
Level
Advanced
Ideal for: Low volatility, range-bound market
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🦋 Volatile
Long Strangle
Buy OTM call and OTM put. Cheaper than straddle, needs larger move to profit.
Max Profit
Unlimited
Max Loss
Total Premium
Level
Intermediate
Ideal for: Expecting large move, lower cost
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🦅 Neutral
Iron Condor
Sell OTM call spread + sell OTM put spread. Profit from range-bound markets with defined risk.
Max Profit
Net Credit
Max Loss
Width − Credit
Level
Advanced
Ideal for: Range-bound, high IV environment
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💰 Bullish
Bull Put Spread
Sell a higher strike put, buy a lower strike put. Collect credit if market stays above sold put.
Max Profit
Net Credit
Max Loss
Width − Credit
Level
Intermediate
Ideal for: Mildly bullish, high IV
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🔻 Bearish
Bear Call Spread
Sell a lower strike call, buy a higher strike call. Collect credit if market stays below sold call.
Max Profit
Net Credit
Max Loss
Width − Credit
Level
Intermediate
Ideal for: Mildly bearish, high IV
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🛡️ Neutral
Covered Call
Hold underlying (or futures) and sell OTM call to collect premium. Reduces cost basis.
Max Profit
Premium + Move to Strike
Max Loss
Holdings decline
Level
Intermediate
Ideal for: Existing long position, moderate view
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📅 Neutral
Calendar Spread
Sell near-term option, buy far-term option at same strike. Profit from faster near-term theta decay.
Max Profit
At expiry of front month
Max Loss
Net Debit
Level
Advanced
Ideal for: Low IV, stable spot near strike
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