# StrategyGyan

> The reference library of trading and option strategies for the Indian market (NIFTY, BANKNIFTY). 52 strategies across seven families, each explained answer-first with a plain-English definition, an original payoff diagram, construction steps, its net Greeks, volatility and time-decay behaviour, maximum profit and loss stated as a formula AND as a computed number, worked NIFTY and BANKNIFTY examples, common mistakes, and 20+ FAQs. All payoff figures and Greek signs are computed by the site's own pricing engine from each strategy's illustrative legs — the cheat sheet, the matrix and the strategy page cannot disagree.
>
> StrategyGyan is an educational platform only and is NOT a SEBI-registered investment adviser. It publishes no trade calls, no performance claims, no win rates and no "best strategy" rankings. 21 of the documented strategies carry theoretically unlimited loss; each says so above the fold.

## Option Buying Strategies

- [Long Call](https://strategygyan.bulansarkar.com/strategies/long-call): A Long Call is the purchase of a call option, giving the holder the right but not the obligation to buy the underlying at the strike. The loss is capped at the premium paid; the gain rises as the underlying climbs above the strike plus premium. (Bullish; defined risk; Debit)
- [Long Put](https://strategygyan.bulansarkar.com/strategies/long-put): A Long Put is the purchase of a put option, giving the holder the right but not the obligation to sell the underlying at the strike. The loss is capped at the premium paid; the maximum gain is the strike minus the premium, reached only if the underlying falls to zero. (Bearish; defined risk; Debit)
- [Married Put](https://strategygyan.bulansarkar.com/strategies/married-put): A Married Put is the simultaneous purchase of the underlying and a protective put on it, bought together as one planned position. The put caps the downside at the strike while leaving the upside open, in exchange for the premium paid for that protection. (Bullish; defined risk; Debit)
- [Protective Put](https://strategygyan.bulansarkar.com/strategies/protective-put): A Protective Put is a put bought against an underlying already held, to insure existing holdings against a fall. The put caps the downside at its strike while the position keeps its upside, at the cost of the premium paid for the protection. (Bullish; defined risk; Debit)
- [Synthetic Long Call](https://strategygyan.bulansarkar.com/strategies/synthetic-long-call): A Synthetic Long Call is a long position in the underlying combined with a long at-the-money put, a pairing whose payoff matches an ordinary long call. Put-call parity makes the two equivalent; the loss is capped near the put premium and the upside stays open. (Bullish; defined risk; Debit)
- [Synthetic Long Put](https://strategygyan.bulansarkar.com/strategies/synthetic-long-put): A Synthetic Long Put is a short position in the underlying combined with a long at-the-money call, a pairing whose payoff matches an ordinary long put. Put-call parity makes them equivalent; the loss is capped near the call premium and the gain is finite, limited by the underlying reaching zero. (Bearish; defined risk; Debit)

## Option Selling Strategies

- [Covered Call](https://strategygyan.bulansarkar.com/strategies/covered-call): Covered Call is a long position in the underlying with a call sold against it: the premium lowers the cost of the holding and caps its upside at the strike, while the entire downside of the holding remains. (Neutral; undefined risk; Credit)
- [Cash-Secured Put](https://strategygyan.bulansarkar.com/strategies/cash-secured-put): Cash-Secured Put is a short put backed by enough cash to buy the underlying at the strike if assigned: you collect a premium for accepting the obligation to buy, and the set-aside cash makes that purchase funded rather than forced. (Bullish; undefined risk; Credit)
- [Naked Put](https://strategygyan.bulansarkar.com/strategies/naked-put): Naked Put is a short put held on margin rather than against reserved cash: the payoff is identical to a cash-secured put, but because only margin is posted, an adverse move can trigger mark-to-market calls and a forced liquidation the trader cannot fund. (Bullish; undefined risk; Credit)
- [Naked Call](https://strategygyan.bulansarkar.com/strategies/naked-call): Naked Call is a short call with no underlying and no long call above it: the premium is the entire reward, while the loss is theoretically unlimited because the underlying can rise without bound. It appears here to complete the map, as an educational reference only. (Bearish; undefined risk; Credit)
- [Short Straddle](https://strategygyan.bulansarkar.com/strategies/short-straddle): Short Straddle sells a call and a put at the same strike, collecting both premiums to profit if the underlying barely moves: the combined credit is the maximum reward, while the short call leaves the loss theoretically unlimited on the upside. (Neutral; undefined risk; Credit)
- [Short Strangle](https://strategygyan.bulansarkar.com/strategies/short-strangle): Short Strangle sells an out-of-the-money call and an out-of-the-money put, collecting both premiums to profit if the underlying stays between the strikes: the credit is smaller than a straddle's but the profit band is wider, while the short call still leaves the upside loss unlimited. (Neutral; undefined risk; Credit)

## Spread Strategies

- [Bull Call Spread](https://strategygyan.bulansarkar.com/strategies/bull-call-spread): A Bull Call Spread buys a lower-strike call and sells a higher-strike call of the same expiry for a net debit, giving a moderately bullish position whose maximum profit and maximum loss are both capped. (Bullish; defined risk; Debit)
- [Bear Put Spread](https://strategygyan.bulansarkar.com/strategies/bear-put-spread): A Bear Put Spread buys a higher-strike put and sells a lower-strike put of the same expiry for a net debit, a moderately bearish position whose maximum profit and maximum loss are both fixed at entry. (Bearish; defined risk; Debit)
- [Bull Put Spread](https://strategygyan.bulansarkar.com/strategies/bull-put-spread): A Bull Put Spread sells a higher-strike put and buys a lower-strike put of the same expiry for a net credit, a moderately bullish position that keeps the credit if the underlying holds above the short strike. (Bullish; defined risk; Credit)
- [Bear Call Spread](https://strategygyan.bulansarkar.com/strategies/bear-call-spread): A Bear Call Spread sells a lower-strike call and buys a higher-strike call of the same expiry for a net credit, a moderately bearish position that keeps the credit if the underlying stays below the short strike. (Bearish; defined risk; Credit)
- [Call Ratio Spread](https://strategygyan.bulansarkar.com/strategies/call-ratio-spread): A Call Ratio Spread buys one call and sells two higher-strike calls of the same expiry, usually for a net credit; because it is net short one call, the loss above the short strikes is genuinely unlimited. (Neutral; undefined risk; Credit)
- [Put Ratio Spread](https://strategygyan.bulansarkar.com/strategies/put-ratio-spread): A Put Ratio Spread buys one put and sells two lower-strike puts of the same expiry, usually for a net credit; because it is net short one put, the worst case is a large but finite loss if the underlying collapses toward zero. (Neutral; undefined risk; Credit)
- [Call Ratio Backspread](https://strategygyan.bulansarkar.com/strategies/back-ratio-spread): A Call Ratio Backspread sells one lower-strike call and buys two higher-strike calls of the same expiry; being net long one call, its risk is defined and its profit on a strong rally is unlimited. (Bullish; defined risk; Debit)
- [Calendar Spread](https://strategygyan.bulansarkar.com/strategies/calendar-spread): A Calendar Spread sells a near-dated option and buys a longer-dated option at the same strike for a net debit, profiting when time decays the short leg faster than the long leg while the underlying sits near the strike. (Neutral; defined risk; Debit)
- [Diagonal Spread](https://strategygyan.bulansarkar.com/strategies/diagonal-spread): A Diagonal Spread sells a near-dated option and buys a longer-dated option at a different strike, combining the time-decay edge of a calendar with the directional lean of a vertical, for a net debit and defined risk. (Bullish; defined risk; Debit)
- [Vertical Spread](https://strategygyan.bulansarkar.com/strategies/vertical-spread): A Vertical Spread combines a long and a short option of the same type and expiry but different strikes; the shared expiry and the strike width together fix both the maximum profit and the maximum loss. (Direction-agnostic; defined risk; Debit)
- [Horizontal Spread](https://strategygyan.bulansarkar.com/strategies/horizontal-spread): A Horizontal Spread, the taxonomic name for a calendar, pairs two options of the same strike and type whose expiries differ along the time axis of the option chain, for a net debit and defined risk. (Neutral; defined risk; Debit)

## Neutral Strategies

- [Iron Condor](https://strategygyan.bulansarkar.com/strategies/iron-condor): An Iron Condor is a defined-risk neutral strategy that sells an out-of-the-money put spread and an out-of-the-money call spread, collecting a net credit that is kept in full if the underlying settles between the two short strikes. (Neutral; defined risk; Credit)
- [Iron Butterfly](https://strategygyan.bulansarkar.com/strategies/iron-butterfly): An Iron Butterfly is a defined-risk neutral strategy that sells an at-the-money put and call on one strike and buys wings above and below, collecting a large credit kept in full only if the underlying settles at the centre strike. (Neutral; defined risk; Credit)
- [Long Butterfly](https://strategygyan.bulansarkar.com/strategies/long-butterfly): A Long Butterfly is a defined-risk neutral strategy of three equally spaced call strikes — buy one lower, sell two middle, buy one higher — for a small debit that pays a large multiple only if the underlying settles at the middle strike. (Neutral; defined risk; Debit)
- [Short Butterfly](https://strategygyan.bulansarkar.com/strategies/short-butterfly): A Short Butterfly is a defined-risk, three-strike call strategy that collects a small credit kept only if the underlying finishes away from the middle strike, and takes its capped maximum loss if price pins the centre. (Volatile; defined risk; Credit)
- [Long Condor](https://strategygyan.bulansarkar.com/strategies/long-condor): A Long Condor is a defined-risk neutral strategy built from four call strikes for a debit, paying a flat maximum across the range between its two inner strikes rather than at a single point — a wider, gentler cousin of the long butterfly. (Neutral; defined risk; Debit)
- [Short Condor](https://strategygyan.bulansarkar.com/strategies/short-condor): A Short Condor is a defined-risk strategy of four call strikes that collects a small credit kept only if the underlying finishes outside the range, and loses its capped maximum if price settles between the two inner strikes. (Volatile; defined risk; Credit)
- [Christmas Tree Spread](https://strategygyan.bulansarkar.com/strategies/christmas-tree-spread): A Christmas Tree Spread is a defined-risk, mildly bullish strategy built from calls in a 1×3×2 ratio — buy one lower, sell three middle, buy two higher — so the two upper longs offset the three shorts and cap the risk. (Neutral; defined risk; Credit)
- [Box Spread](https://strategygyan.bulansarkar.com/strategies/box-spread): A Box Spread combines a bull call spread and a bear put spread on the same two strikes so the payoff is fixed at the strike distance whatever the underlying does, making it a synthetic loan whose only return is an implied interest rate. (Direction-agnostic; defined risk; Debit)
- [Jade Lizard](https://strategygyan.bulansarkar.com/strategies/jade-lizard): A Jade Lizard is a neutral-to-bullish strategy that sells an out-of-the-money put and an out-of-the-money call spread, structured so the total credit exceeds the width of the call spread, which removes all risk above the market and leaves the only risk on the unhedged downside. (Neutral; undefined risk; Credit)
- [Broken Wing Butterfly](https://strategygyan.bulansarkar.com/strategies/broken-wing-butterfly): A Broken Wing Butterfly is a defined-risk butterfly with deliberately unequal wing widths, skewed so the structure costs almost nothing and the loss is small on one side and larger on the other, moving risk toward the direction the trader considers less likely. (Neutral; defined risk; Debit)

## Volatility Strategies

- [Long Straddle](https://strategygyan.bulansarkar.com/strategies/long-straddle): Long Straddle buys an at-the-money call and an at-the-money put on the same strike and expiry, so it profits from a large move in either direction, and loses the whole premium if the underlying sits still. (Volatile; defined risk; Debit)
- [Long Strangle](https://strategygyan.bulansarkar.com/strategies/long-strangle): Long Strangle buys an out-of-the-money call and an out-of-the-money put, so it costs less than a straddle but needs a larger move to break even and loses the whole premium across a wide dead zone in between. (Volatile; defined risk; Debit)
- [Reverse Iron Condor](https://strategygyan.bulansarkar.com/strategies/reverse-iron-condor): Reverse Iron Condor is a four-leg long-volatility structure — an iron condor with every leg reversed — that pays a capped profit when the underlying makes a large move in either direction, and loses its net debit if it stays range-bound. (Volatile; defined risk; Debit)
- [Long Calendar Spread](https://strategygyan.bulansarkar.com/strategies/long-calendar): Long Calendar Spread sells a near-dated option and buys a far-dated option at the same strike, profiting from the faster decay of the near leg while remaining long volatility — but it collapses if the underlying moves far from the strike. (Neutral; defined risk; Debit)
- [Double Calendar Spread](https://strategygyan.bulansarkar.com/strategies/double-calendar): Double Calendar Spread places two calendars at different strikes — one below spot, one above — widening the single calendar's tent into a profit plateau, at the cost of a larger debit and a maximum loss that can exceed that debit. (Neutral; defined risk; Debit)

## Futures & Directional Strategies

- [Trend Following](https://strategygyan.bulansarkar.com/strategies/trend-following): Trend Following is a futures approach that assumes returns are autocorrelated — that a move already underway is more likely to continue than to reverse — so it holds long in rising markets and short in falling ones until the trend turns. (Direction-agnostic; undefined risk; Margin-based)
- [Breakout Trading](https://strategygyan.bulansarkar.com/strategies/breakout): Breakout Trading is a futures approach that assumes volatility clusters — that a period of contraction is followed by expansion — so it takes a position in the direction price moves as it clears a defined range, accepting that most such breaks fail. (Direction-agnostic; undefined risk; Margin-based)
- [Pullback Trading](https://strategygyan.bulansarkar.com/strategies/pullback): Pullback Trading is a futures approach that assumes an established trend persists through a temporary counter-move, so it enters in the trend's direction during that dip, accepting that a pullback and a full reversal look identical until after the fact. (Direction-agnostic; undefined risk; Margin-based)
- [Mean Reversion](https://strategygyan.bulansarkar.com/strategies/mean-reversion): Mean Reversion is a futures approach that assumes returns are negatively autocorrelated — that a market stretched away from its average tends to snap back — so it fades the extreme, winning often but risking rare catastrophic losses when the move keeps going. (Neutral; undefined risk; Margin-based)
- [Momentum Trading](https://strategygyan.bulansarkar.com/strategies/momentum): Momentum Trading is a futures approach that buys instruments with strong recent returns and often shorts weak ones, betting that relative performance persists — a bet distinct from trend following, which trades a single instrument's own past direction. (Direction-agnostic; undefined risk; Margin-based)
- [Range Trading](https://strategygyan.bulansarkar.com/strategies/range-trading): Range Trading is a futures approach that assumes a market stays within an identified band, so it buys near the floor and sells near the ceiling — winning often while the range holds, but exposed to the one break that eventually ends every range. (Neutral; undefined risk; Margin-based)
- [Gap Trading](https://strategygyan.bulansarkar.com/strategies/gap-trading): Gap Trading is a futures approach that positions around an opening gap, betting either that price fills back toward the prior close or continues in the gap's direction — a classification that can only be judged before the day resolves, which is the entire difficulty. (Volatile; undefined risk; Margin-based)
- [Pair Trading](https://strategygyan.bulansarkar.com/strategies/pair-trading): Pair Trading is a futures approach that goes long one instrument and short a correlated other, aiming to profit from the spread between them reverting to normal — a relative-value bet whose central risk is that the relationship breaks when most needed. (Neutral; undefined risk; Margin-based)

## Expiry Strategies

- [Weekly Expiry](https://strategygyan.bulansarkar.com/strategies/weekly-expiry): Weekly Expiry refers to index option contracts that expire within days rather than a month, carrying less total time value but much higher theta and gamma per day, which concentrates both decay and risk into a short window. (Direction-agnostic; defined risk; N/A)
- [Monthly Expiry](https://strategygyan.bulansarkar.com/strategies/monthly-expiry): Monthly Expiry refers to index and stock option and futures contracts that expire at month-end, carrying more total time value, slower per-day decay, deeper far-strike liquidity, and the rollover flows on which positional structures and calendars are built. (Direction-agnostic; defined risk; N/A)
- [Zero Days to Expiry (0DTE) Concepts](https://strategygyan.bulansarkar.com/strategies/zero-dte-concepts): Zero Days to Expiry concepts describe the day a contract expires, when at-the-money gamma reaches its maximum and delta becomes a step function, so a small index move can flip an option's value entirely while almost no time value remains to compensate a seller. (Volatile; undefined risk; N/A)
- [Expiry Day Neutral Approaches](https://strategygyan.bulansarkar.com/strategies/expiry-day-neutral): Expiry Day Neutral Approaches are neutral option structures placed near the settlement zone on expiry, where the theta collected is a fraction of a monthly's while the gamma carried is many times larger, so a small move dominates the position. (Neutral; undefined risk; N/A)
- [Expiry Day Volatility Concepts](https://strategygyan.bulansarkar.com/strategies/expiry-day-volatility): Expiry Day Volatility concepts describe how realised and implied volatility behave on the final day — measured intraday volatility often rising into the settlement window while quoted implied volatility becomes unstable and near-meaningless as the pricing model divides by a time to expiry rounding to zero. (Volatile; undefined risk; N/A)
- [Theta Harvest Concepts](https://strategygyan.bulansarkar.com/strategies/theta-harvest): Theta Harvest concepts describe collecting option time decay through short-premium positions, and the honest accounting behind it — theta is not income but compensation for carrying gamma and vega risk, earned every quiet day and paid back, with more, on the day the underlying moves. (Neutral; undefined risk; N/A)

## Comparisons

- [Iron Condor vs Iron Butterfly](https://strategygyan.bulansarkar.com/compare/iron-condor-vs-iron-butterfly): An Iron Condor sells a call spread and a put spread around a price range, so its profit is a plateau. An Iron Butterfly sells the call and put at the same strike, collecting far more credit but peaking at a single point. The choice turns on whether you expect a pin or a zone.
- [Straddle vs Strangle](https://strategygyan.bulansarkar.com/compare/straddle-vs-strangle): A Long Straddle buys the call and put at the same at-the-money strike; a Long Strangle buys separated out-of-the-money strikes. The straddle costs more (₹746 vs ₹416) but needs a smaller move; the strangle is cheaper with a wider dead zone. The choice turns on move size versus price paid.
- [Bull Call vs Bull Put](https://strategygyan.bulansarkar.com/compare/bull-call-vs-bull-put): A Bull Call Spread is a debit — you pay ₹162, and time and falling volatility work against you. A Bull Put Spread is a credit — you receive ₹98, and both work for you. The payoff shape is identical; the choice turns on your view of time and volatility, not on cash flow.
- [Covered Call vs CSP](https://strategygyan.bulansarkar.com/compare/covered-call-vs-cash-secured-put): A Covered Call is long stock plus a short call; a Cash-Secured Put is a short put backed by cash. Put-call parity makes their payoffs the same — both cap the upside and carry loss to zero. The choice turns on capital, dividends, tax and carry, not on which is income; both are short-put risk.
- [Calendar vs Diagonal](https://strategygyan.bulansarkar.com/compare/calendar-vs-diagonal): A Calendar Spread sells and buys the same strike in two expiries; a Diagonal Spread uses different strikes across two expiries, adding a directional lean. Both are defined risk and long vega. The choice turns on whether you want a pure bet on time and volatility, or that bet tilted directionally.
- [Debit vs Credit Spread](https://strategygyan.bulansarkar.com/compare/debit-spread-vs-credit-spread): A Debit Spread and a Credit Spread at the same strikes on opposite sides are near mirror images: width minus debit equals credit, before costs. Here each is ₹162. Neither keeps a free premium. The choice turns on vega, theta, margin and assignment — not cash-flow direction.
- [Buying vs Selling Options](https://strategygyan.bulansarkar.com/compare/buying-vs-selling-options): Buying an option carries defined risk — the long call loses at most its ₹437 premium — with unlimited upside. Selling a naked call caps profit at ₹275 and carries genuinely infinite loss. Buyers lose often and small; sellers win often, then can lose catastrophically. The choice turns on which asymmetry you can bear.
- [Defined vs Undefined Risk](https://strategygyan.bulansarkar.com/compare/defined-vs-undefined-risk): A Defined-risk position has its maximum loss capped by its own structure — a long leg caps a short one, so the payoff stops falling toward zero and toward infinity. An Undefined-risk position is capped only by the underlying reaching zero, or by nothing. The distinction is structural, not size.

## Risk management

- [Position Sizing for Options and Futures Traders](https://strategygyan.bulansarkar.com/risk/position-sizing): Position sizing is the rule that fixes how many lots to trade so that a losing trade costs a pre-chosen fraction of the account. It converts a risk budget in rupees into a whole number of lots, and it dominates outcomes on leveraged instruments.
- [Risk of Ruin Explained with the Classical Formula](https://strategygyan.bulansarkar.com/risk/risk-of-ruin): Risk of ruin is the probability that cumulative losses reduce capital below a threshold at which the account can no longer continue, before any long-run edge can express itself. It is a property of the path, not the average, so a positive-expectancy strategy can still ruin the trader.
- [Maximum Drawdown and the Recovery Asymmetry](https://strategygyan.bulansarkar.com/risk/maximum-drawdown): Maximum drawdown is the largest peak-to-trough decline in account equity over a period, expressed as a percentage of the peak. Its defining feature is recovery asymmetry: a loss requires a proportionally larger gain to undo, so a 50% drawdown needs a 100% gain just to break even.
- [Capital Allocation Across Strategies and Instruments](https://strategygyan.bulansarkar.com/risk/capital-allocation): Capital allocation is the division of a finite account across strategies, instruments and time horizons. The institutional standard is to allocate by risk contribution rather than by rupees deployed, because margin used and risk taken are not proportional, and to reserve headroom for intraday margin expansion.
- [Diversification: What It Does and Does Not Do](https://strategygyan.bulansarkar.com/risk/diversification): Diversification is the reduction of portfolio variance achieved by combining imperfectly correlated positions. It reduces idiosyncratic risk — the part specific to each position — but not systematic risk, and correlations rise toward one in a crash, precisely when the protection is most needed.
- [Trade Management After Entry](https://strategygyan.bulansarkar.com/risk/trade-management): Trade management is the set of decisions taken after a position is opened and before it is closed. It concerns mark-to-market versus realised profit and loss, portfolio-level Greeks, margin behaviour through the life of the trade, and the discipline of separating risk management from re-litigating the entry view.
- [Rolling Positions: What It Really Is](https://strategygyan.bulansarkar.com/risk/rolling-positions): Rolling is closing an existing option leg and simultaneously opening a further-dated or different-strike leg as a single transaction. Rolling a losing position for a credit converts a realised loss into a larger unrealised risk; it is a new trade adjacent to the old one, not a repair of it.
- [Adjustments to Multi-Leg Option Positions](https://strategygyan.bulansarkar.com/risk/adjustments): Adjustments are changes made to a multi-leg option position when the market tests it — adding a leg, converting a strangle to an iron condor, or rolling the untested side. Every adjustment adds risk, cost, or both; it is a decision about risk, not a way to rescue a view.
- [Exit Planning: Defining the Exit Before Entry](https://strategygyan.bulansarkar.com/risk/exit-planning): Exit planning is defining a trade's exits — profit target, time limit, and loss response — before entry. Pre-committing matters because a stop on an option is an instruction, not a guarantee, and because the decision is worst made in the moment; the plan removes it from that moment.

## Library reference views

- [Option Strategy Cheat Sheet — Every Strategy, Risk, Flow and Payoff](https://strategygyan.bulansarkar.com/library/strategy-cheat-sheet): The strategy cheat sheet lists all 52 StrategyGyan strategies in one table, showing each one's family, outlook, defined or undefined risk, debit or credit flow, and per-unit maximum profit and loss — every figure computed by the site's payoff engine, not copied from a textbook.
- [Option Strategy Matrix — Computed Delta, Gamma, Theta & Vega Signs](https://strategygyan.bulansarkar.com/library/strategy-matrix): The strategy matrix shows every strategy's delta, gamma, theta and vega as a computed plus, minus or near-zero sign, derived by the site's Black–Scholes engine from that strategy's actual legs at spot 24,000 with 30 days to expiry — not transcribed from a reference book.
- [Option Strategy Decision Tree — Narrow the Field by Your View](https://strategygyan.bulansarkar.com/library/strategy-decision-tree): The strategy decision tree narrows the field by three ordered questions — is your view directional, neutral or volatile; is implied volatility high or low; do you want defined or undefined risk — and ends at a short list of candidate structures. It filters possibilities and never chooses a trade for you.
- [Option Strategies by Market Direction — Bullish, Bearish, Neutral, Volatile](https://strategygyan.bulansarkar.com/library/by-market-direction): Strategies by market direction groups every structure under the view it expresses — bullish, bearish, neutral, volatile or direction-agnostic. It separates strategies that profit from a rise or fall from those built for a range, a large move either way, or no prior directional opinion at all.
- [Option Strategies by Volatility Regime — Low IV vs High IV](https://strategygyan.bulansarkar.com/library/by-volatility): Strategies by volatility regime groups structures under low IV, high IV, rising IV, falling IV, or any regime. Buyers favour cheap options in low IV, sellers favour rich options in high IV, but high and low are only meaningful relative to the instrument's own volatility history.
- [Option Strategies by Time Horizon — Intraday, Days, Weeks and Months](https://strategygyan.bulansarkar.com/library/by-time-horizon): Strategies by time horizon groups structures under intraday, days, weeks, months or any horizon. The horizon matters because it decides which Greek dominates — delta and gamma intraday, theta and vega over weeks, and the underlying's drift and carry over months.
- [Option Strategies by Risk Appetite — Defined vs Undefined Risk, Precisely](https://strategygyan.bulansarkar.com/library/by-risk-appetite): Strategies by risk appetite split into defined risk, where the position's own structure caps the loss, and undefined risk, where only the underlying reaching zero, or nothing at all, caps it. The test is structural, so a covered call is undefined risk and a long straddle is defined risk.
- [Option Strategies by Capital Requirement — Margin Used Is Not Risk Taken](https://strategygyan.bulansarkar.com/library/by-capital-requirement): Strategies by capital requirement groups structures under low, moderate, high, very high or varies, by the margin or premium they tie up. The central caution is that margin used is not risk taken — a defined-risk spread can cost little margin while a naked option's margin expands as it moves against you.

## Tools (all client-side, no data leaves the browser)

- [Strategy Finder wizard](https://strategygyan.bulansarkar.com/finder)
- [Calculators — payoff, breakeven, risk-reward, position size, Greeks, volatility, time decay, margin](https://strategygyan.bulansarkar.com/calculators)

## Reference

- [All strategies A–Z](https://strategygyan.bulansarkar.com/strategies)
- [Glossary](https://strategygyan.bulansarkar.com/glossary)

## About & legal

- [About](https://strategygyan.bulansarkar.com/about)
- [Methodology — the pricing model and its limits](https://strategygyan.bulansarkar.com/methodology)
- [Editorial policy](https://strategygyan.bulansarkar.com/editorial-policy)
- [Sources](https://strategygyan.bulansarkar.com/sources)
- [SEBI Disclaimer](https://strategygyan.bulansarkar.com/disclaimer)
- [Risk Disclosure](https://strategygyan.bulansarkar.com/risk-disclosure)