Options Strategies Cheat Sheet: 10 Structures on One Page
Ten options structures on one page: the view each one fits, how it is built, max profit, max loss and breakeven, with a real trade for each and a free PDF.
This cheat sheet puts the 10 options structures I use or write about on one page: what view each one fits, how it is built, the most it can make and lose, and where it breaks even. Each row links to a post with a real trade, so you can see the numbers behind the formula. A printable PDF version is at the end.
New to options? Start with Options Trading for Beginners: The Complete Guide.
How to read it
- Premium is the price of one option per share. One contract covers 100 shares, so a $3.00 premium costs $300.
- Debit is what you pay to open a structure. Credit is what you receive.
- Width is the distance between two strikes.
- All results are per share, at expiration, before fees.
First, pick by your view
The structure follows the view, not the other way around. Before choosing, I set three things: the target price, the catalyst and when it is due, and how far the stock is from the target today.
| Your view | Structures that fit |
|---|---|
| Strongly bullish, soon | Long call |
| Bullish, with a target | Bull call spread |
| Bullish, but it will take a year or more | LEAPS call |
| Bullish, and you want to lower the cost of holding | Call calendar or diagonal |
| Mildly bullish, want income | Covered call |
| Happy to buy lower, want income | Cash-secured put, the wheel |
| Strongly bearish, soon | Long put |
| Bearish, with a target | Bear put spread |
| Bearish, and you want to lower the cost of holding | Put calendar or diagonal |
The cheat sheet
| Structure | How it is built | Max profit | Max loss | Breakeven |
|---|---|---|---|---|
| Long call | Buy 1 call | Unlimited | Premium paid | Strike + premium |
| Long put | Buy 1 put | Strike − premium (stock at zero) | Premium paid | Strike − premium |
| Bull call spread | Buy a call, sell a higher call, same expiry, same number of contracts | Width − debit | Debit | Long strike + debit |
| Bear put spread | Buy a put, sell a lower put, same expiry, same number of contracts | Width − debit | Debit | Long strike − debit |
| Calendar | Buy a later option, sell an earlier one, same strike | Not fixed: depends on the long option's value later | Debit | Not fixed: depends on volatility |
| Diagonal | Like a calendar, but the short option has a different strike | Not fixed | Debit | Not fixed |
| LEAPS call | Buy a call with more than a year to expiry | Unlimited | Premium paid | Strike + premium |
| Covered call | Own 100 shares, sell 1 call | Strike − stock price + premium | Stock price − premium (stock at zero) | Stock price − premium |
| Cash-secured put | Sell 1 put, hold cash to buy 100 shares at the strike | Premium received | Strike − premium (stock at zero) | Strike − premium |
| The wheel | Cash-secured puts until assigned, then covered calls until called away | Premiums + gain to the call strike | Cost basis − premiums (stock at zero) | Strike − all premiums collected |
Calendars and diagonals in this table assume the same number of contracts on both legs. I usually sell 2 to 3 times fewer short options than long ones, which leaves part of the upside open. That changes the payoff: a big move in your direction pays on the extra long options.
Each structure, with a real trade
Long call
The simplest bullish bet: pay a premium for the right to buy 100 shares at the strike. Real walkthrough: How to Buy a Call Option, on Vertiv in January 2026.
Long put
The mirror image for a bearish view. In my TMUS trade, I bought 12 October $170 puts at $6.90 with a $155 target. See Vertical vs Calendar Spreads.
Bull call spread and bear put spread
A vertical spread sells a second option to lower the cost and caps the profit at the short strike. Put the short strike at or past your target, and the cap costs you nothing if you are right. On TMUS, I sold $155 puts against the long $170 puts, at my $155 target. Same post: Vertical vs Calendar Spreads.
Calendar
Sell a near-term option against a later one at the same strike. The short option decays faster and pays part of the rent on the long one. On MMM, I held 44 April $165 calls against 12 short February $165 calls. Same post as above.
Diagonal
A calendar with a different strike on the short leg. On ODFL in August, I held long October $200 puts against short September $190 puts.
LEAPS call
A long call with more than a year to expiry, for a thesis that needs several catalysts. Worked example on CoreWeave: LEAPS Options: How to Use Them Around Catalysts.
Covered call and cash-secured put
Two ways to earn income from one stock. On TTWO, I sold the December $180 put for $6.47, with a breakeven of $173.53. The comparison with a $220 covered call is in Covered Call vs Cash-Secured Put.
The wheel
Puts until assigned, then calls until the shares are called away. My live test on TTWO: The Wheel Strategy for Options, Tested With Real Money.
Three rules that apply to every structure
- Set the maximum loss before entry. For any debit structure, that is the debit. For short puts and covered calls, it is close to the full value of the shares.
- Match the expiration to the catalyst. The option has to outlast the event your thesis depends on. See What Happens When an Option Expires.
- Check the cost of time. Every long option loses value each day. Short legs, calendars and diagonals are ways to pay less of it.
Download the cheat sheet
Download the Options Strategies Cheat Sheet (PDF, one page). Free, no sign-up. Print it or keep it next to your option chain.
FAQ
What is the safest options strategy?
No structure is safe in every case. Debit structures, such as long calls, long puts and spreads, cap the loss at what you paid. Covered calls and cash-secured puts lose less than owning the stock outright, but can still lose most of the share value if the stock collapses.
What is the best options strategy for beginners?
A long call or long put with money you can afford to lose, or a cash-secured put on a stock you want to own. Both are simple, and the risk is clear before you enter.
Which options strategies have limited risk?
Long calls, long puts, vertical spreads, calendars and diagonals with the same number of contracts on both legs, and LEAPS calls. In all of them, the most you can lose is what you paid.
If you want to see how I choose the stock, the structure and the strike for a trade, book a free walkthrough of the Method.
This post is educational and is not investment advice. Options involve substantial risk and are not suitable for every investor.
