Advanced Options Strategies
Ten strategies beyond the basics — from protective hedges to multi-leg volatility plays. Each carries significantly more complexity and risk than covered calls or cash-secured puts.
These strategies carry significantly more risk
All strategies on this page involve multiple legs, complex interactions between positions, and in some cases unlimited or very large potential losses. They are intended for experienced traders who fully understand options mechanics, Greeks, and position management. Do not trade these strategies without understanding every component. Past performance is not indicative of future results. Options trading involves substantial risk of loss.
All 10 strategies at a glance
Click any strategy below to expand the full mechanics, risk/reward profile, and a worked example.
Hedging strategies
Directional spreads
Volatility plays
Neutral / range-bound
Ratio spreads — high risk
Glossary of terms
Key terms used across all advanced strategies.
Start with the fundamentals
Before trading advanced strategies, make sure you are comfortable with covered calls and cash-secured puts. The dashboard's Yield Scanner and Calculator are built for those strategies first.