Option Combinations

Market outlook		Profit potential		Loss potential
Volatility exposure		Time exposure		Interest exposure

Long Call

Short Call

Long Put

Short Put

Bull Spread

Bear Spread

Long Straddle

Short Straddle

Long Strangle

Short Strangle

Strap

Strip

Call Backspread

Put Backspread

Long Butterfly

Short Butterfly

Long Condor

Short Condor

Templates

1 option

Long / Short Call Long / Short Put

2 options

Bull / Bear Spread Long / Short Straddle Long / Short Strangle Call / Put Backspread Strap / Strip

3 options

Long / Short Butterfly

4 options

Long / Short Condor