Options strategist program

Intermediate options traders move from outright calls and puts to multi-leg structures: iron condors, butterflies, calendars, and diagonals. Each structure has a unique risk/reward profile tied to a specific market view.

An iron condor sells an out-of-the-money call spread and an out-of-the-money put spread simultaneously. It profits from low volatility and time decay, with the stock staying within a defined range.

Position sizing for options should account for the maximum risk per trade, not the premium paid. Always size so that a full loss on any single trade doesn't materially impair your overall portfolio.