SpotGamma’s Trade Calculator provides a list of 15 options templates, in the upper right corner, that you can use to design an optimal trading strategy. 

Each template is designed to display frequently used directional, neutral, or volatility driven approaches.  These are not trade recommendations but frameworks you can adjust.  The templates include the following 15 approaches:

Long Call: Bullish strategy where the buyer has the right to purchase stock at a fixed price by a future date.

Long Put: Bearish strategy where the buyer has the right to sell stock at a fixed price by a future date.

Long Call Spread: A bullish setup with a long (bought) call at a lower strike, and a short (sold) call at a higher strike.

Long Put Spread: A bearish setup with a long (bought) put at a higher strike, and a short (sold) put at a lower strike.

Short Call Spread: A bearish-to-neutral setup consisting of a short (sold) call at a lower strike, and a long (bought) call at a higher strike. The bought call can protect against the risk of upward price movement.

Short Put Spread: A bullish-to-neutral setup consisting of a short (sold) put at a higher strike, and a long (bought) put at a lower strike. The bought put can protect against the risk of downward price movement.

Iron Condor: A market-neutral strategy that profits when the underlying asset trades within a specific price range. This setup consists of both a short call spread and a short put spread.

Iron Butterfly: A precision neutral strategy that profits when the underlying asset remains close to the center strike price, constructed by selling both a call and a put at the same strike while buying protective options on either side.

Call Fly: This strategy consists of a long (bought) lower strike call, short (sold) two middle-strike calls, and long (bought) a higher strike call.

Put Fly: This strategy consists of a long (bought) lower strike put, short (sold) two middle-strike puts, and long (bought) a higher strike put.

Call Calendar Spread: This setup consists of selling a shorter-dated call while simultaneously purchasing a longer-dated call. A time-based strategy capitalizing on the difference in time decay between near-term and longer-term options at the same strike price.

Put Calendar Spread: This setup consists of selling a shorter-dated put while simultaneously purchasing a longer-dated put. A time-based strategy capitalizing on the difference in time decay between near-term and longer-term options at the same strike price.

Call Diagonal: This is a variation of a Call Calendar Spread where the long (bought) call has a lower strike price and later expiration, creating a bullish bias.

Put Diagonal: This is a variation of a Put Calendar Spread where the long (bought) put has a higher strike price and later expiration, creating a bearish bias.

Long Straddle: This strategy combines one ATM call and one ATM put, benefiting from volatility and/or skew increasing.

Access the Options Calculator User Guide here. 

SpotGamma subscribers can access the Options Calculator here.