options-strategies-lite（精简版期权策略）

Options Strategies Lite

*"Options are about probabilities, not predictions."*

⚙️ Want Greeks management, IV rank guidance, and full adjustment playbooks? Full version → agentofalpha.com

What This Skill Does

Helps you pick the right options strategy for your market outlook and explains exactly how each of the 5 most widely-used strategies works — in plain English, with P/L breakdowns.

Included in Lite:

• ✅ Strategy selector: Tell me bullish / bearish / neutral → get the right strategy
• ✅ Plain-English breakdown of 5 core strategies
• ✅ Max profit, max loss, and breakeven for each
• ✅ Honest "best for" and "avoid when" guidance

Upgrade to Full for:

• ❌ Greeks management (Delta, Theta, Vega — how to hedge and size)
• ❌ IV Rank guidance (when to buy vs. sell premium based on volatility environment)
• ❌ Position sizing rules (how much capital to risk per trade)
• ❌ DTE optimization (optimal days to expiration for each strategy)
• ❌ Real-world adjustment playbooks (what to do when a trade goes against you)
• ❌ Advanced strategies (butterflies, calendars, diagonals, jade lizards, BWBs)
• ❌ Exit criteria and take-profit rules

Strategy Selector

Tell me your outlook and I'll point you to the right strategy:

Bullish Outlook

Bearish Outlook

Neutral / Range-Bound Outlook

Unknown Direction (Volatility Play)

The 5 Core Strategies — Plain English

1. Covered Call

What it is: You own 100 shares and sell someone the right to buy them from you at a higher price. They pay you premium upfront.

The deal: You cap your upside at the strike price, but collect income whether the stock goes up, stays flat, or drops a little.

Example (stock at $100):

• Sell 1 call at $110 strike, collect $2.50 premium
• Your income: $250 (received now, regardless of what happens)
• Max profit: $1,000 (stock appreciation from $100 to $110) + $250 premium = $1,250
• Max loss: You still own the stock — loss is whatever the stock falls minus the $250 cushion

Best for: Income generation on stocks you already own. Neutral to mildly bullish outlook. Avoid when: You think the stock is about to rip higher — you'll miss the gains.

2. Cash-Secured Put

What it is: You sell someone the right to sell their shares TO you at a specific price. You collect premium upfront and hold cash in reserve equal to the potential purchase price.

The deal: Either you keep the premium (stock stays above strike), or you end up buying the stock at the strike — at a discount to where it was when you sold the put.

Example (stock at $100):

• Sell 1 put at $95 strike, collect $3.00 premium
• Your income: $300 (received now)
• If stock stays above $95: keep the $300, trade done
• If stock drops to $90 at expiry: you buy 100 shares at $95 (your effective cost = $92 after premium)

Best for: Getting paid to potentially buy a stock you want to own anyway at a lower price. Avoid when: You don't actually want to own the stock. Assignment is real — be prepared for it.

3. Vertical Spread (Bull Call Spread / Bear Put Spread)

What it is: You buy one option and sell another at a different strike (same expiry). The sold option reduces your cost but caps your max profit.

Bull Call Spread Example (stock at $100, bullish):

• Buy $100 call + Sell $110 call, same expiry
• Net cost: $3.50 (debit)
• Max profit: $10 wide spread minus $3.50 cost = $6.50 per share ($650 per contract)
• Max loss: $3.50 per share ($350 per contract) — you can never lose more than what you paid

Best for: Directional trades when you want defined risk but don't want to pay full option premium. Advantage over long calls/puts: Much cheaper. IV crush hurts less. Breakeven is lower. Trade-off: You cap your gains. If the stock goes to $150, you still only profit to $110.

4. Iron Condor

What it is: You sell an OTM call spread AND an OTM put spread on the same stock, same expiry. You collect premium from both sides and profit if the stock stays in a range.

Example (stock at $100):

• Sell $115 call / Buy $120 call (bear call spread) = collect $1.00
• Sell $85 put / Buy $80 put (bull put spread) = collect $1.50
• Total credit: $2.50

• You profit if stock stays between $85 and $115 at expiry
• Max profit: $250 per contract (keep all premium)
• Max loss: $250 per side ($500 max on the losing spread, minus $250 credit = $250 net max loss)

Best for: Range-bound stocks during low-volatility or stable periods. Avoid when: Big news or earnings are coming up. Binary events can blow past your wings. Key insight: You don't need to predict direction — you just need the stock to stay in a range. That's why this is popular with income traders.

5. LEAPS (Long-Term Equity Anticipation Securities)

What it is: A call or put option with an expiration date 12-24 months away. Because of the long duration, these move almost like owning the stock — but at a fraction of the cost.

Example (stock at $100, very bullish):

• Buy 1 LEAPS call, $90 strike, 18 months out, for $18.00
• Cost: $1,800 (vs. $10,000 to buy 100 shares)
• If stock goes to $140 in 18 months:

- Stock gain: $4,000 (40%) - LEAPS gain: ~$3,200+ (option moves from $18 to ~$50) = ~175% return on the premium

Best for: Strong multi-month conviction plays. Capital-efficient alternative to buying 100 shares. Avoid when: You need the stock to move quickly — LEAPS give you time, but you're paying for it. Key risk: If the stock doesn't move much, time decay still erodes value — just slowly.

Quick Vocabulary

Where the Lite Version Ends

You now know how to pick a strategy and what the basic mechanics are for the 5 most important strategies in options trading.

What you won't get here:

• Greeks: How to read Delta (directional exposure), Theta (time decay per day), Vega (sensitivity to volatility changes) — essential for managing positions
• IV Rank guidance: The single most important factor in whether to buy or sell premium. High IV = sell premium. Low IV = buy premium. The full version scores this for you.
• Position sizing: How much capital to risk per trade (and why most people risk too much on undefined-risk strategies)
• DTE optimization: Each strategy has an optimal entry and exit window — entering too early or too late kills returns
• Adjustment playbooks: What to actually do when an iron condor gets tested, or a covered call goes deep ITM
• Advanced strategies: Calendars, diagonals, butterflies, the jade lizard, broken wing butterfly

Options edge lives in the details. The full version covers all of it.

⚙️ Want Greeks management, IV rank guidance, and full adjustment playbooks? Full version → agentofalpha.com

Example Queries

• "I'm bullish on AAPL — what's the best options strategy?"
• "Explain how a covered call works in plain English"
• "What's an iron condor and when should I use it?"
• "I want to own MSFT at a lower price — what should I do?"
• "What's the difference between a covered call and a cash-secured put?"
• "I think TSLA is going to move big but I don't know which way"

*Options trading involves significant risk and is not suitable for all investors. This is educational content only — not investment advice. Always understand the full risk of a strategy before trading.*