Application
Options Strategies
Learn how cash-secured puts, covered calls, the wheel, vertical spreads and iron condors are constructed, including payoff boundaries, assignment exposure and practical risks.
See how common options strategies are built, what market view each one expresses and where profit, loss, assignment and management risk can arise. Work from single-leg income strategies into spreads and defined-risk combinations.
Explore Options Strategies
Cash-Secured Put
Learn the cash-secured put payoff, collateral, assignment outcome and key risks. Includes a worked example, risks and primary sources.
Read moreCovered Call
Learn how covered calls exchange some upside for premium while retaining share downside. Includes a worked example, risks and primary sources.
Read moreWheel Strategy
Understand how the wheel cycles between cash-secured puts and covered calls and where risk accumulates. Includes a worked example, risks and primary sources.
Read moreVertical Spreads
Learn how same-expiration options at different strikes create defined-risk debit or credit spreads. Includes a worked example, risks and primary sources.
Read moreIron Condor
Learn how an iron condor combines two credit spreads to define a range and cap risk. Includes a worked example, risks and primary sources.
Read moreFrequently asked questions
Does a strategy name guarantee a particular result?
No. A named structure only describes the legs and payoff shape. Price, volatility, liquidity, timing and management can materially change the outcome.
Should beginners start with multi-leg strategies?
Beginners should first understand calls, puts, assignment and payoff calculations. Defined-risk structures can cap loss, but multiple legs add execution and management complexity.
Sources
Verified July 16, 2026