# The Options Playbook

> Options trading education by Brian Overby, author of The Options Playbook and founder of Options Playbook, Inc. Plain-English guides to 40 option strategies, options basics, position management and an options glossary, plus a Free and Pro membership with Brian's live trades.

All strategy pages follow the same format: the setup, who should run it, when to run it, break-even at expiration, the sweet spot, maximum profit and loss, margin requirement, time decay and implied volatility.

## Option strategies

- [All 40 option strategies](https://www.optionsplaybook.com/option-strategies): index grouped by experience level (Rookies, Veterans, Seasoned Veterans, All-Stars)
- [Covered call](https://www.optionsplaybook.com/option-strategies/covered-call)
- [Protective put](https://www.optionsplaybook.com/option-strategies/protective-put)
- [Collar](https://www.optionsplaybook.com/option-strategies/collar-option)
- [Cash-secured put](https://www.optionsplaybook.com/option-strategies/cash-secured-put)
- [Long call](https://www.optionsplaybook.com/option-strategies/long-call)
- [Long put](https://www.optionsplaybook.com/option-strategies/long-put)
- [Fig leaf (leveraged covered call)](https://www.optionsplaybook.com/option-strategies/leveraged-covered-call)
- [Long call spread (bull call spread)](https://www.optionsplaybook.com/option-strategies/long-call-spread)
- [Long put spread (bear put spread)](https://www.optionsplaybook.com/option-strategies/long-put-spread)
- [Short call spread (bear call spread)](https://www.optionsplaybook.com/option-strategies/short-call-spread)
- [Short put spread (bull put spread)](https://www.optionsplaybook.com/option-strategies/short-put-spread)
- [Long straddle](https://www.optionsplaybook.com/option-strategies/long-straddle)
- [Long strangle](https://www.optionsplaybook.com/option-strategies/long-strangle)
- [Call back spread](https://www.optionsplaybook.com/option-strategies/call-backspread)
- [Put back spread](https://www.optionsplaybook.com/option-strategies/put-backspread)
- [Long calendar spread with calls](https://www.optionsplaybook.com/option-strategies/calendar-call-spread)
- [Long calendar spread with puts](https://www.optionsplaybook.com/option-strategies/calendar-put-spread)
- [Diagonal spread with calls](https://www.optionsplaybook.com/option-strategies/diagonal-call-spread)
- [Diagonal spread with puts](https://www.optionsplaybook.com/option-strategies/diagonal-put-spread)
- [Long butterfly with calls](https://www.optionsplaybook.com/option-strategies/long-call-butterfly-spread)
- [Long butterfly with puts](https://www.optionsplaybook.com/option-strategies/long-put-butterfly-spread)
- [Iron butterfly](https://www.optionsplaybook.com/option-strategies/iron-butterfly)
- [Skip strike (broken wing) butterfly with calls](https://www.optionsplaybook.com/option-strategies/broken-wing-butterfly-call)
- [Skip strike (broken wing) butterfly with puts](https://www.optionsplaybook.com/option-strategies/broken-wing-butterfly-put)
- [Inverse skip strike butterfly with calls](https://www.optionsplaybook.com/option-strategies/inverse-broken-wing-butterfly-call)
- [Inverse skip strike butterfly with puts](https://www.optionsplaybook.com/option-strategies/inverse-broken-wing-butterfly-put)
- [Christmas tree butterfly with calls](https://www.optionsplaybook.com/option-strategies/christmas-tree-butterfly-call)
- [Christmas tree butterfly with puts](https://www.optionsplaybook.com/option-strategies/christmas-tree-butterfly-put)
- [Long condor spread with calls](https://www.optionsplaybook.com/option-strategies/long-call-condor-spread)
- [Long condor spread with puts](https://www.optionsplaybook.com/option-strategies/long-put-condor-spread)
- [Iron condor](https://www.optionsplaybook.com/option-strategies/iron-condor)
- [Short call (naked call)](https://www.optionsplaybook.com/option-strategies/short-call)
- [Short put (naked put)](https://www.optionsplaybook.com/option-strategies/short-put)
- [Short straddle](https://www.optionsplaybook.com/option-strategies/short-straddle)
- [Short strangle](https://www.optionsplaybook.com/option-strategies/short-strangle)
- [Long combination (synthetic long stock)](https://www.optionsplaybook.com/option-strategies/synthetic-long-stock)
- [Short combination (synthetic short stock)](https://www.optionsplaybook.com/option-strategies/synthetic-short-stock)
- [Front spread with calls (call ratio spread)](https://www.optionsplaybook.com/option-strategies/call-ratio-vertical-spread)
- [Front spread with puts (put ratio spread)](https://www.optionsplaybook.com/option-strategies/put-ratio-vertical-spread)
- [Double diagonal](https://www.optionsplaybook.com/option-strategies/double-diagonal-spread)

## Options basics

- [Introduction to trading options](https://www.optionsplaybook.com/options-introduction/intro-page)
- [Options basics: calls, puts and quotes](https://www.optionsplaybook.com/options-introduction/options-basics)
- [Key options terms](https://www.optionsplaybook.com/options-introduction/definitions)
- [A brief history of options](https://www.optionsplaybook.com/options-introduction/stock-option-history)
- [Implied and historical volatility](https://www.optionsplaybook.com/options-introduction/what-is-volatility)
- [The option Greeks](https://www.optionsplaybook.com/options-introduction/option-greeks)
- [Index options](https://www.optionsplaybook.com/options-introduction/index-options)
- [Closing an option position](https://www.optionsplaybook.com/options-introduction/closing-option-position)
- [Open interest](https://www.optionsplaybook.com/options-introduction/open-interest)
- [Who trades options](https://www.optionsplaybook.com/options-introduction/options-traders)

## Rookie's Corner (beginners)

- [Getting started with options](https://www.optionsplaybook.com/rookies-corner/learn-options-trading)
- [Writing covered calls](https://www.optionsplaybook.com/rookies-corner/writing-covered-calls)
- [Buying LEAPS calls as a stock substitute](https://www.optionsplaybook.com/rookies-corner/buying-leap-options)
- [Selling cash-secured puts](https://www.optionsplaybook.com/rookies-corner/cash-secured-puts)
- [Five options trading mistakes to avoid](https://www.optionsplaybook.com/rookies-corner/five-options-trading-mistakes)

## Managing positions

- [An introduction to rolling](https://www.optionsplaybook.com/managing-positions/an-introduction-to-rolling)
- [Rolling a covered call](https://www.optionsplaybook.com/managing-positions/rolling-covered-calls)
- [Rolling a cash-secured put](https://www.optionsplaybook.com/managing-positions/rolling-cash-secured-puts)
- [Rolling a short spread](https://www.optionsplaybook.com/managing-positions/rolling-short-spreads)
- [Early exercise and assignment](https://www.optionsplaybook.com/managing-positions/early-options-exercise)
- [Position delta](https://www.optionsplaybook.com/managing-positions/position-delta)

## Reference

- [Options trading glossary](https://www.optionsplaybook.com/glossary)
- [Options trading blog](https://www.optionsplaybook.com/blogs)

## About

- [Brian Overby](https://www.optionsplaybook.com/about-us): author, founder of Options Playbook, Inc.
- [The Options Playbook book](https://www.optionsplaybook.com/the-options-playbook---book): paperback ISBN 979-8989888702, published by Options Playbook, Inc.
- [Membership pricing](https://www.optionsplaybook.com/pricing): Free and Pro plans

## Notes

- Content is educational and is not investment advice. Options involve risk and are not suitable for all investors.
- Contact: support@optionsplaybook.com