Directional Option Strategies
Expressing a bullish or bearish view with defined risk and better odds than a naked option.
Lessons
- Long Call & Long PutThe simplest bets — limited risk, large upside, and the time-decay headwind you must respect.
- The Covered CallEarn income on stock you already own — the gateway strategy for option sellers.
- The Protective PutInsurance for a stock holding — pay a premium to cap your downside.
- Bull Call SpreadCap your cost and your reward to bet on a moderate rise — cheaper than a naked call.
- Bear Put SpreadThe mirror image — a defined-risk way to profit from a moderate fall.
- Cash-Secured PutGet paid to wait for a stock to reach your buy price — income with intent.