Straddles & Strangles
Direction-neutral volatility strategies: buying a call and a put together to profit from a big move either way. The long straddle (same strike) and long strangle (cheaper, wider strikes), their V-shaped payoffs, two break-evens, the volatility-crush trap, and when betting on movement beats betting on direction.
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The Option Greeks: Vega & Implied Volatility
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The Iron Condor
A four-legged, defined-risk, market-neutral strategy: sell an out-of-the-money put spread and an out-of-the-money call spread to collect a credit and profit if the stock stays in a range. The payoff plateau, the high-probability trade-off, and how time decay pays you for stillness.
What Is A Put Option?
A focused guide to the put option — the right, but not the obligation, to sell. How a put pays off, its break-even and capped maximum gain, its dual use as a bearish bet and as portfolio insurance, the difference between buying and writing a put, and a full worked example.
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