Requirements
- Target platform
- OpenClaw
- Install method
- Manual import
- Extraction
- Extract archive
- Prerequisites
- OpenClaw
- Primary doc
- SKILL.md
Tencent SkillHub ยท Content Creation
options-strategies
Comprehensive guide and execution framework for popular options trading strategies. Use when users ask to explain, set up, analyze, or compare options strate...
skill openclawclawhub Free
Comprehensive guide and execution framework for popular options trading strategies. Use when users ask to explain, set up, analyze, or compare options strate...
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- ZIP package
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- Tencent SkillHub
- What's included
- SKILL.md
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Trust & source
Release facts
- Source
- Tencent SkillHub
- Verification
- Indexed source record
- Version
- 1.0.0
Provenance
- Publisher
- dromlakhani
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Documentation
Overview
This skill provides structured knowledge and step-by-step execution guidance for the most popular options strategies โ from basic single-leg trades to complex multi-leg spreads.
1. Directional Bullish Strategies
Long Call Setup: Buy 1 call option Max Profit: Unlimited Max Loss: Premium paid Breakeven: Strike + Premium Best For: Strong bullish conviction with defined risk Greeks: +Delta, +Vega, -Theta Bull Call Spread (Debit Spread) Setup: Buy lower strike call, Sell higher strike call (same expiry) Max Profit: Width of spread - net debit Max Loss: Net debit paid Breakeven: Lower strike + net debit Best For: Moderate bullish view, lower cost than long call Greeks: +Delta (reduced), -Vega (reduced), -Theta (reduced) Bull Put Spread (Credit Spread) Setup: Sell higher strike put, Buy lower strike put (same expiry) Max Profit: Net credit received Max Loss: Width of spread - net credit Breakeven: Higher strike - net credit Best For: Moderately bullish, income generation, high probability trade Greeks: +Delta, -Vega, +Theta Cash-Secured Put Setup: Sell a put, hold cash to cover assignment Max Profit: Premium received Max Loss: Strike price - premium (stock going to zero) Breakeven: Strike - premium Best For: Willing to own stock at a discount, income generation Synthetic Long Stock Setup: Buy ATM call, Sell ATM put (same strike, same expiry) Max Profit: Unlimited Max Loss: Substantial (like owning stock) Best For: Bullish with less capital than buying stock
2. Directional Bearish Strategies
Long Put Setup: Buy 1 put option Max Profit: Strike - Premium (stock to zero) Max Loss: Premium paid Breakeven: Strike - Premium Best For: Strong bearish conviction, portfolio hedging Greeks: -Delta, +Vega, -Theta Bear Put Spread (Debit Spread) Setup: Buy higher strike put, Sell lower strike put (same expiry) Max Profit: Width of spread - net debit Max Loss: Net debit paid Breakeven: Higher strike - net debit Best For: Moderate bearish view, lower cost than long put Bear Call Spread (Credit Spread) Setup: Sell lower strike call, Buy higher strike call (same expiry) Max Profit: Net credit received Max Loss: Width of spread - net credit Breakeven: Lower strike + net credit Best For: Moderately bearish, income generation
3. Neutral / Range-Bound Strategies
Iron Condor Setup: Sell OTM call + Buy further OTM call (bear call spread) Sell OTM put + Buy further OTM put (bull put spread) All same expiry Max Profit: Total net credit received Max Loss: Width of wider wing - total credit Breakeven: Two breakevens (upper and lower) Best For: Low volatility expected, range-bound market Greeks: -Delta (near zero), -Vega, +Theta Iron Butterfly Setup: Sell ATM call + Buy OTM call Sell ATM put + Buy OTM put ATM strikes are the same (body) Max Profit: Net credit (at expiry at body strike) Max Loss: Wing width - net credit Best For: Very tight range expected around current price, higher credit than condor Short Straddle Setup: Sell ATM call + Sell ATM put (same strike, same expiry) Max Profit: Total premium received Max Loss: Unlimited (on call side) Breakeven: Strike ยฑ total premium Best For: Very low volatility expected โ high risk, requires margin Greeks: -Vega (strong), +Theta (strong), near-zero Delta Short Strangle Setup: Sell OTM call + Sell OTM put (different strikes, same expiry) Max Profit: Total premium received Max Loss: Unlimited (on call side) Breakeven: Call strike + premium / Put strike - premium Best For: Low volatility, wider profit zone than short straddle, still high risk Covered Call Setup: Own 100 shares + Sell 1 OTM call Max Profit: (Call strike - stock cost) + premium Max Loss: Stock price - premium paid (stock goes to zero) Best For: Income generation on existing stock, mildly bullish to neutral Greeks: -Delta (capped), +Theta
4. Volatility Strategies (Volatility Long)
Long Straddle Setup: Buy ATM call + Buy ATM put (same strike, same expiry) Max Profit: Unlimited Max Loss: Total premium paid Breakeven: Strike ยฑ total premium Best For: Big move expected but direction unknown (earnings, events) Greeks: Near-zero Delta, +Vega (strong), -Theta (strong) Long Strangle Setup: Buy OTM call + Buy OTM put (different strikes, same expiry) Max Profit: Unlimited Max Loss: Total premium paid (less than straddle) Breakeven: Wider than straddle Best For: Big move expected, cheaper than straddle, needs larger move to profit Long Guts Setup: Buy ITM call + Buy ITM put Best For: Rare; similar to straddle but higher premium, narrower loss zone
5. Advanced / Multi-Leg Strategies
Calendar Spread (Time Spread) Setup: Sell near-term option, Buy same-strike far-term option Max Profit: When stock at strike at near-term expiry Max Loss: Net debit paid Best For: Low near-term volatility, higher implied vol in back month Greeks: +Vega, +Theta (net positive theta from near-term short) Diagonal Spread Setup: Sell near-term option, Buy far-term option at different strike Max Profit: Variable Best For: Directional bias with theta decay benefit Ratio Spread (Call Ratio / Put Ratio) Setup: Buy 1 option, Sell 2 options at higher/lower strike (same expiry) Max Profit: Selling strike area Max Loss: Can be unlimited on uncovered side Best For: Directional with expectation of limited move; advanced traders only Butterfly Spread Setup: Buy 1 low strike, Sell 2 middle strikes, Buy 1 high strike All same expiry, equidistant strikes Max Profit: At middle strike at expiry Max Loss: Net debit Best For: Precise target price with minimal risk Jade Lizard Setup: Sell OTM put + Sell OTM call spread (bear call spread) Max Profit: Total credit received (no upside risk if credit > call spread width) Max Loss: Put strike - total credit (downside) Best For: Bullish to neutral, eliminates upside risk Broken Wing Butterfly Setup: Standard butterfly with unequal wing widths Best For: Directional bias with defined risk on one side, potential credit received PMCC (Poor Man's Covered Call) Setup: Buy deep ITM long-dated call (LEAPS), Sell near-term OTM call Best For: Simulates covered call at fraction of capital
Decision Framework: Which Strategy to Use?
Market Outlook โโโ Strongly Bullish โ โโโ High conviction โ Long Call โ โโโ Defined risk/reward โ Bull Call Spread โ โโโ Own stock โ Covered Call (slight upside only) โ โโโ Moderately Bullish โ โโโ Income focus โ Bull Put Spread (credit) โ โโโ Capital efficient โ Bull Call Spread (debit) โ โโโ Neutral / Sideways โ โโโ Low volatility expected โ โ โโโ Wide range โ Iron Condor โ โ โโโ Tight range โ Iron Butterfly / Short Straddle โ โ โโโ Income on stock โ Covered Call โ โโโ Elevated IV โ Sell premium (straddle, condor) โ โโโ Moderately Bearish โ โโโ Income focus โ Bear Call Spread (credit) โ โโโ Capital efficient โ Bear Put Spread (debit) โ โโโ Strongly Bearish โ โโโ High conviction โ Long Put โ โโโ Hedging portfolio โ Long Put / Bear Put Spread โ โโโ Big Move Expected (No Direction) โโโ High conviction โ Long Straddle โโโ Lower cost โ Long Strangle
Greeks Quick Reference
GreekMeaningLong OptionsShort OptionsDeltaPrice sensitivity to underlying+ (calls) / - (puts)OppositeGammaRate of delta change+-ThetaTime decay per dayNegative (hurts you)Positive (helps you)VegaSensitivity to IV change+ (benefits from IV rise)- (hurt by IV rise)RhoSensitivity to interest ratesMinor for most retail tradesMinor
Key Metrics to Evaluate Any Strategy
Max Profit โ What's the best case? Max Loss โ What's the worst case? Breakeven(s) โ Where must the stock be to not lose money? Probability of Profit (POP) โ Statistical likelihood of making money Risk/Reward Ratio โ Max profit รท Max loss Days to Expiration (DTE) โ Optimal DTE per strategy Implied Volatility (IV) Rank โ Is IV high (sell premium) or low (buy premium)?
IV Rank Guide
IV RankStrategy Preference< 20Buy premium (long straddle, long calls/puts)20โ40Neutral, directional debit spreads40โ60Credit spreads, iron condors> 60Sell premium (short straddle, strangle, iron condor)
Optimal DTE by Strategy Type
StrategyTypical DTEShort premium (condor, straddle)30โ45 DTELong premium (straddle, calls)60โ90 DTECalendar spreadNear: 7โ14 DTE / Far: 30โ60 DTELEAPS strategies6โ24 monthsEarnings plays1โ7 DTE
Output Format
When presenting a strategy analysis, always include: Strategy Name & Setup (exact legs with strikes, expiry) Cost / Credit (net debit or net credit) Max Profit / Max Loss / Breakeven(s) Probability of Profit (if calculable) Ideal Market Scenario Risk Considerations Adjustment Ideas (if trade goes wrong)
Common Adjustments
Position Going WrongAdjustmentLong call losingRoll down or out, convert to spreadShort put being testedRoll down and out to collect more creditIron condor โ one side testedRoll untested side toward price (inversion); or closeLong straddle not movingConvert to directional by closing one legCovered call in-the-moneyRoll call up and out for credit
Category context
Writing, remixing, publishing, visual generation, and marketing content production.
Source: Tencent SkillHub
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Package contents
Included in package
1 Docs
- SKILL.md