The Playbook
Strategies
What Are Call And Put Options (for dummies!) ?
Calls and puts explained in plain English with real numbers: what an option actually is, what the premium buys you, why most of them expire worthless, and how traders build strategies out of them.
Strategy 1
⏱️ 4 min readWhat Is A Straddle? The Bet That Doesn't Care Which Way The Stock Goes
The long straddle explained with real numbers: buy a call and a put at the same strike, profit from a big move in either direction, and lose it all if the stock naps. Includes the earnings IV crush trap.
Strategy 2
⏱️ 4 min readWhat Is A Strangle? The Straddle's Cheaper, Greedier Cousin
The long strangle explained with real numbers: an out-of-the-money call plus an out-of-the-money put, a fraction of the straddle's cost, and a wider dead zone where both legs expire worthless.
Strategy 3
⏱️ 4 min readIron Condor Explained: How Traders Get Paid When Nothing Happens
The iron condor explained with real numbers: sell a put spread and a call spread, collect the credit, and profit if the stock stays in a range. Defined risk, defined reward, and a very specific way to lose.
Strategy 4
⏱️ 4 min readReverse Iron Condor Explained: Betting On A Big Move With A Fixed Bill
The reverse iron condor explained with real numbers: buy a call spread and a put spread, pay a small debit, and profit from a big move in either direction with both risk and reward capped.
Strategy 5
⏱️ 4 min readCovered Calls Explained: Renting Out Shares You Were Holding Anyway
The covered call explained with real numbers: own 100 shares, sell a call against them, collect premium every month. What it earns, what it caps, and the one risk everyone talks themselves out of.
Strategy 6
⏱️ 5 min readThe Wheel Strategy Explained: Get Paid to Buy Stocks You Already Wanted
The wheel strategy explained with real numbers: sell a cash-secured put to get paid while you wait to buy, then sell covered calls once you own the shares. What it earns, and where it breaks.