BTC & ETH Options Strategies

The payoff, risk and breakeven of each strategy — and how to build it in the Position Builder on live quotes.

Novice

Long Call
Bullish
Long Put
Bearish
Covered Call
Neutral-to-bullish
Cash-Secured Put
Neutral-to-bullish
Protective Put
Bullish with a hedge

Intermediate

Bull Put Spread
Bullish
Bear Call Spread
Bearish
Iron Condor
Neutral (range)
Iron Butterfly
Neutral (pin)
Long Call Butterfly
Neutral (pin)
Long Put Butterfly
Neutral (pin)
Calendar Call Spread
Neutral / rising IV
Calendar Put Spread
Neutral / rising IV
Diagonal Call Spread
Mildly bullish

Advanced

Bull Call Spread
Bullish
Bear Put Spread
Bearish
Short Call
Bearish / neutral
Short Put
Bullish / neutral
Long Straddle
Big move (either direction)
Long Strangle
Big move (either direction)
Short Straddle
Neutral (tight range)
Short Strangle
Neutral (wide range)
Long Call Condor
Neutral (range)
Collar
Hedge (protect a position)
Call Ratio Backspread
Strongly bullish / rising IV
Put Ratio Backspread
Strongly bearish / rising IV

Expert

Call Ratio Spread
Mildly bullish (to a target)
Put Ratio Spread
Mildly bearish (to a target)
Jade Lizard
Neutral-to-bullish
Strip
Big move (downside bias)
Strap
Big move (upside bias)
Long Synthetic Future
Bullish (a long substitute)

Build any strategy on live BTC and ETH quotes in the Position Builder.

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Options Strategies for BTC & ETH — from Long Call to Iron Condor | Crypto Metrics Pro