Options Trading Cheat Sheet – Free PDF Download [2023]

Download the Options Trading Cheat Sheet PDF here.

Long Call

When you expect the stock price to go up before the expiration date, you buy a call option. Buying a call option makes it a ‘long call’.

Options Trading Cheat Sheet

Long Put

When you expect the stock price to go down before the expiration date, you buy a put option. Buying a put option makes it a ‘long put’.

Options Trading Cheat Sheet

Short Call

Selling a call option makes this position a ‘short call’

Options Trading Cheat Sheet

Short Put

Selling a put option makes this strategy a ‘short put’.

Options Trading Cheat Sheet

Options Trading Quiz For Beginners

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Bull Call Spread

A bull call spread is a vertical spread created by buying a call option (long call) at a lower strike price and selling a call option (short call) at a higher strike price.

Options Trading Cheat Sheet

Bear Call Spread

A bear call spread is a vertical spread created by buying a call option (long call) at a higher strike price and selling a call option (short call) at a lower strike price.

Options Trading Cheat Sheet

Bull Put Spread

A bull put spread is a vertical spread created by buying a put option (long put) at a lower strike price, and selling a put option (short put) at a higher strike price.

Options Trading Cheat Sheet

Bear Put Spread

A bear put spread is a vertical options spread created by buying a put option (long put) at a higher strike price, and selling a put option (short put) at a lower strike price.

Options Trading Cheat Sheet

Long Straddle

A Long Option Straddle is created by buying a call and buying a put option with the same expiration date and same strike price.

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Options Trading Cheat Sheet

Short Straddle

A Short Straddle Option is created by selling a call and selling a put option with the same expiration date and same strike price.

Options Trading Cheat Sheet

Long Strangle

A Long Strangle Option is created by buying a call option at a higher strike price and buying a put option at a lower strike price with the same expiration date.

Options Trading Cheat Sheet

Short Strangle

A Short Strangle Option is created by selling a call at a higher strike price and selling a put option at a lower strike price with the same expiration date.

Options Trading Cheat Sheet

Long Call Butterfly

A long call butterfly spread is established by buying one in-the-money call option, one out-of-money call option, and selling two at-the-money call options.

Options Trading Cheat Sheet

Short Call Butterfly

A short call butterfly spread is created by selling one ITM call option, selling one OTM call option, and buying two at-the-money call options.

Options Trading Cheat Sheet

Long Put Butterfly

A long put butterfly spread is created by selling 2 at-the-money put options and buying two put options – one in-the-money and one out-of-money.

Options Trading Cheat Sheet

Short Put Butterfly

A short butterfly spread is created by buying 2 at-the-money put options and selling two put options – one in-the-money and one out-of-money.

Options Trading Cheat Sheet

Long Call Condor

A long call condor is created by purchasing one in-the-money call option, one out-of-money call option, and selling two call options in between.

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Options Trading Cheat Sheet

Short Call Condor

A short call condor is created by selling one ITM call option, selling one OTM call option, and buying two call options in between.

Options Trading Cheat Sheet

Long Put Condor

A long put condor spread is created by buying two put options – one in-the-money and one out-of-money, and selling 2 put options in between.

Options Trading Cheat Sheet

Short Put Condor

A short put condor is created by selling two put options – one in-the-money and one out-of-money and buying 2 put options in between.

Options Trading Cheat Sheet

Covered Call

In a Covered Call Option Strategy, you sell a Call Option, while holding the underlying stock (100 shares per Short Call).

Covered Put

In a Covered Put Option Strategy, you sell a Put Option, while shorting the underlying stock (100 shares per Short Put)

Download the Options Trading Cheat Sheet PDF here.

This options trading cheat sheet is a very handy resource to look at the option strategies at a glance – how the strategy is created, and what the profit and loss graphs look like for each strategy.

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OPTIONS TRADING CHEAT SHEET