> For the complete documentation index, see [llms.txt](https://docs.callput.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.callput.app/options-education/options-strategy-cheat-sheet.md). # Options strategy cheat sheet This page is the fastest way to compare the eight strategy families that matter on the public Callput surface. ## QUICK ANSWER * the best option strategy depends on direction, expected move size, willingness to pay or receive premium, and whether you need defined risk * single-leg longs are best when you want open-ended convexity * credit and debit spreads are often better when your expected move is bounded or when capital efficiency matters * on Callput, strategy choice also changes funding or collateral type and how you should plan close versus settlement ## WHICH OPTION STRATEGY FITS WHICH MARKET VIEW? | Strategy | Typical view | Entry economics | Max loss character | Max gain character | Typical use case | | ------------------ | --------------------------- | ------------------ | ------------------------------------- | ------------------------------------ | ------------------------------------------------------- | | `Buy Call` | bullish | pay premium | limited to premium paid | open-ended above break-even | upside exposure with capped initial loss | | `Sell Call` | bearish or neutral | receive premium | can become large if spot rallies hard | limited to premium received | premium collection with underlying-backed call exposure | | `Buy Put` | bearish | pay premium | limited to premium paid | grows as spot falls below break-even | downside speculation or hedge | | `Sell Put` | mildly bullish or neutral | receive premium | substantial if spot falls hard | limited to premium received | premium collection with USDC-backed downside exposure | | `Buy Call Spread` | bullish with bounded target | pay net debit | limited to net debit | capped at spread width minus debit | cheaper bullish structure than a single long call | | `Sell Call Spread` | mildly bearish or neutral | receive net credit | limited to spread width minus credit | limited to credit received | defined-risk premium selling on limited upside view | | `Buy Put Spread` | bearish with bounded target | pay net debit | limited to net debit | capped at spread width minus debit | cheaper bearish structure than a single long put | | `Sell Put Spread` | mildly bullish or neutral | receive net credit | limited to spread width minus credit | limited to credit received | defined-risk premium selling on limited downside view | ## WHAT IS THE BEST BULLISH OPTION STRATEGY? There is no single best bullish strategy. The right choice depends on what kind of bullish move you expect. | If your view is... | Usually start with... | Why | | ------------------------------- | ------------------------------- | -------------------------------------------------------- | | strong upside breakout | `Buy Call` | keeps open-ended convex upside | | bullish move into a target zone | `Buy Call Spread` | lowers cost and fits a bounded upside view | | mild bullish or range-bound | `Sell Put` or `Sell Put Spread` | earns premium if the market does not sell off materially | ## WHAT IS THE BEST BEARISH OPTION STRATEGY? | If your view is... | Usually start with... | Why | | ------------------------------- | --------------------------------- | ----------------------------------------------- | | strong downside break | `Buy Put` | keeps open-ended downside convexity | | bearish move into a target zone | `Buy Put Spread` | reduces premium while keeping downside exposure | | mild bearish or capped upside | `Sell Call` or `Sell Call Spread` | earns premium if upside stays contained | ## WHEN SHOULD YOU USE A SPREAD INSTEAD OF A SINGLE-LEG OPTION? Use a spread when: * you expect a move, but not an unlimited one * outright premium feels expensive * you want a clearer max-loss or max-gain boundary * capital efficiency matters more than open-ended upside Use a single-leg option when: * you want the largest convex payoff from a major move * you do not want to cap upside on a long-premium idea * the simpler payoff shape is worth the extra premium or tail exposure ## HOW DO THESE STRATEGIES MAP TO CALLPUT? Note: single-leg rows are included to teach canonical options logic. Do not treat this table as a claim that the current public Callput surface lets users open vanilla single-leg positions without separate live-scope verification. | Strategy | Structure on Callput | Open funding or collateral | Why traders choose it on Callput | | ------------------ | -------------------- | -------------------------- | ----------------------------------------------------------- | | `Buy Call` | one leg | `USDC` premium | bullish upside with limited initial option loss | | `Sell Call` | one leg | underlying asset | premium collection on capped-upside or neutral-bearish view | | `Buy Put` | one leg | `USDC` premium | bearish downside or hedge | | `Sell Put` | one leg | `USDC` collateral | premium collection on neutral-bullish view | | `Buy Call Spread` | two legs | `USDC` premium | cheaper bullish structure than outright long call | | `Sell Call Spread` | two legs | `USDC` collateral | defined-risk bearish or neutral premium selling | | `Buy Put Spread` | two legs | `USDC` premium | cheaper bearish structure than outright long put | | `Sell Put Spread` | two legs | `USDC` collateral | defined-risk bullish or neutral premium selling | ## WHAT MAKES THIS PAGE DIFFERENT FROM A GENERIC OPTIONS CHEAT SHEET? This matrix is specific to the current Callput public surface: * `BTC` and `ETH` on Base * single-leg options and vertical spreads * request-based execution instead of instant-fill assumption * separate close-before-expiry and settle-after-expiry paths That makes the cheat sheet more useful than a generic stock-options matrix when the goal is to actually trade on Callput. ## SEE ALSO * [LONG OPTION STRATEGIES](broken://pages/faa1af7ff42d5459101a8a16f70d083bca242931) * [SHORT OPTION STRATEGIES](broken://pages/92257f6bfdff49a3574fcfb62ad510bf6d050197) * [VERTICAL SPREAD STRATEGIES](broken://pages/a76afd5121553dd24019782a9f70b6e6140805b8) * [TRADING OPTIONS ON CALLPUT](broken://pages/ebf88b5cf55f475512e350874f62811713bba588)