Strategy library
Every structure the payoff builder knows, with a live example from the current BTC chain. Profit/loss badges are computed from the example — not hand-written — so they always match the chart. Click any card to open it in the builder.
BullishBearishNeutral / rangeBig move
Basic
Buy a call: unlimited upside, risk capped at the premium.
e.g. Buy 66.2k C
Buy a put: profits as price falls, risk capped at the premium.
e.g. Buy 66.2k P
Sell a naked call: collect premium, unlimited risk above.
e.g. Sell 67.4k C
Sell a put: collect premium, obligated to buy if assigned.
e.g. Sell 65.0k P
Income (with spot)
Hold spot, sell a call against it for income; upside capped.
e.g. Buy spot · Sell 67.4k C
Hold spot, buy a put as a floor — insurance with a cost.
e.g. Buy spot · Buy 65.0k P
Spot + protective put financed by a short call; both sides capped.
e.g. Buy spot · Buy 65.0k P · Sell 67.4k C
Spot + short straddle: heavy income, doubled downside below the strike.
e.g. Buy spot · Sell 66.2k C · Sell 66.2k P
Spot + short strangle: income with doubled risk below the put.
e.g. Buy spot · Sell 67.4k C · Sell 65.0k P
Credit spreads
Sell a put, buy a lower put: defined-risk credit if price holds up.
e.g. Sell 65.0k P · Buy 64.0k P
Sell a call, buy a higher call: defined-risk credit if price stays down.
e.g. Sell 67.4k C · Buy 68.4k C
Debit spreads
Buy a call, sell a higher call: cheaper upside, capped profit.
e.g. Buy 66.2k C · Sell 67.4k C
Buy a put, sell a lower put: cheaper downside exposure, capped profit.
e.g. Buy 66.2k P · Sell 65.0k P
Straddles & strangles
Sell ATM call + put: maximum premium, needs price to sit still.
e.g. Sell 66.2k C · Sell 66.2k P
Buy ATM call + put: pays off on a large move either way.
e.g. Buy 66.2k C · Buy 66.2k P
Sell OTM call + put: wider profit zone than a straddle, less premium.
e.g. Sell 67.4k C · Sell 65.0k P
Buy OTM call + put: cheap convexity, needs a big move.
e.g. Buy 67.4k C · Buy 65.0k P
Buy ITM call + ITM put: deep long-vol variant of the strangle.
e.g. Buy 65.0k C · Buy 67.4k P
Sell ITM call + ITM put: strangle economics built from ITM strikes.
e.g. Sell 65.0k C · Sell 67.4k P
Long straddle with 2 puts: wants a big move, leaning bearish.
e.g. Buy 66.2k C · Buy 2× 66.2k P
Long straddle with 2 calls: wants a big move, leaning bullish.
e.g. Buy 2× 66.2k C · Buy 66.2k P
Butterflies
Buy wings, sell the body: cheap bet on price pinning the middle.
e.g. Buy 65.0k C · Sell 2× 66.2k C · Buy 67.4k C
Put-built butterfly: same pin-the-middle profile as the call version.
e.g. Buy 67.4k P · Sell 2× 66.2k P · Buy 65.0k P
Sell the wings, buy the body: small credit if price escapes the middle.
e.g. Sell 65.0k C · Buy 2× 66.2k C · Sell 67.4k C
Put-built short butterfly: profits when price leaves the body.
e.g. Sell 67.4k P · Buy 2× 66.2k P · Sell 65.0k P
Short straddle with bought wings: big credit, defined risk.
e.g. Sell 66.2k C · Sell 66.2k P · Buy 67.8k C · Buy 64.6k P
Buy the straddle, sell the wings: defined-cost bet on movement.
e.g. Buy 66.2k C · Buy 66.2k P · Sell 67.8k C · Sell 64.6k P
Condors
Short strangle with bought wings: the classic defined-risk range trade.
e.g. Sell 67.4k C · Buy 68.4k C · Sell 65.0k P · Buy 64.0k P
Debit condor: defined-risk bet that price leaves the range.
e.g. Buy 67.4k C · Sell 68.4k C · Buy 65.0k P · Sell 64.0k P
Four-call range trade: profit plateau between the middle strikes.
e.g. Buy 64.6k C · Sell 65.6k C · Sell 66.8k C · Buy 67.8k C
Put-built condor: same plateau-in-the-range profile.
e.g. Buy 67.8k P · Sell 66.8k P · Sell 65.6k P · Buy 64.6k P
Inverted call condor: pays if price exits the middle band.
e.g. Sell 64.6k C · Buy 65.6k C · Buy 66.8k C · Sell 67.8k C
Put-built short condor: profits outside the middle strikes.
e.g. Sell 67.8k P · Buy 66.8k P · Buy 65.6k P · Sell 64.6k P
Ratio & broken wing
Buy 1 call, sell 2 higher: profit peak at the short strike, risk above.
e.g. Buy 66.2k C · Sell 2× 67.6k C
Buy 1 put, sell 2 lower: profit peak at the short strike, risk below.
e.g. Buy 66.2k P · Sell 2× 64.8k P
Sell 1 call, buy 2 higher: unlimited upside, worst case at the long strike.
e.g. Sell 66.2k C · Buy 2× 67.6k C
Sell 1 put, buy 2 lower: big downside payoff, worst case at the long strike.
e.g. Sell 66.2k P · Buy 2× 64.8k P
Butterfly with a skipped upper wing: shifts risk to one side for a credit.
e.g. Buy 65.0k C · Sell 2× 66.2k C · Buy 68.4k C
Butterfly with a skipped lower wing: one-sided risk, often entered for credit.
e.g. Buy 67.4k P · Sell 2× 66.2k P · Buy 64.0k P
Reversed broken-wing call fly: profits when the pin fails upward.
e.g. Sell 65.0k C · Buy 2× 66.2k C · Sell 68.4k C
Reversed broken-wing put fly: profits when the pin fails downward.
e.g. Sell 67.4k P · Buy 2× 66.2k P · Sell 64.0k P
Ladders
Bull call spread plus an extra short call: cheap until price runs too far.
e.g. Buy 66.2k C · Sell 67.4k C · Sell 68.4k C
Short call financed into two longs: wants a strong rally.
e.g. Sell 66.2k C · Buy 67.4k C · Buy 68.4k C
Bear put spread plus an extra short put: risk builds far below.
e.g. Buy 66.2k P · Sell 65.0k P · Sell 64.0k P
Short put financed into two longs: wants a hard sell-off.
e.g. Sell 66.2k P · Buy 65.0k P · Buy 64.0k P
Lizards
Short put + short call spread: no upside risk when credit beats the spread width.
e.g. Sell 65.0k P · Sell 67.4k C · Buy 68.0k C
Short call + short put spread: mirror lizard with no downside risk if sized right.
e.g. Sell 67.4k C · Sell 65.0k P · Buy 64.4k P
Synthetics & combos
Long call + short put, same strike: replicates long spot with options.
e.g. Buy 66.2k C · Sell 66.2k P
Short call + long put, same strike: replicates short spot.
e.g. Sell 66.2k C · Buy 66.2k P
Short spot + long call: behaves like a long put.
e.g. Sell spot · Buy 66.2k C
Sell an OTM put to finance an OTM call: bullish risk reversal.
e.g. Sell 65.0k P · Buy 67.4k C
Sell an OTM call to finance an OTM put: bearish risk reversal.
e.g. Buy 65.0k P · Sell 67.4k C
Calendars & diagonals
Sell a near call, buy a far one, same strike: harvest faster front decay.
e.g. Sell 66.2k C (07-23) · Buy 66.2k C (07-24)
Put-built calendar: same time-decay differential, same tent.
e.g. Sell 66.2k P (07-23) · Buy 66.2k P (07-24)
Long back-month call, short near OTM call: covered-call economics on options.
e.g. Sell 67.4k C (07-23) · Buy 66.2k C (07-24)
Long back-month put, short near OTM put: bearish diagonal decay play.
e.g. Sell 65.0k P (07-23) · Buy 66.2k P (07-24)
Short near strangle, long far strangle: an iron condor across time.
e.g. Sell 67.4k C (07-23) · Sell 65.0k P (07-23) · Buy 68.5k C (07-24) · Buy 64.0k P (07-24)
Examples are built from live BTC marks on the nearest expiry that lists enough strikes; shapes and badges refresh with the chain. Multi-expiry structures are valued at the front expiry (surviving legs Black-Scholes at entry IV).