Eight payoff shapes. Eight thesis styles. Eight risk profiles. Click any card to read the full breakdown — construction, Greeks, Nifty example, adjustments, and who it suits. Educational examples, not recommendations.
Buy ATM call + ATM put. Profits on big moves either way.
Buy lower-strike call + sell higher-strike. Defined risk, moderate upside.
Buy higher-strike put + sell lower-strike. Limited risk downside play.
Sell OTM call spread + OTM put spread. Range-bound income structure.
Buy OTM call + OTM put. Cheaper than straddle, needs bigger move.
Sell ATM call + put. Profits on pinning. Undefined risk — advanced only.
Own stock + sell OTM call. Income on sideways-to-up moves.
Sell near-month + buy far-month same strike. Theta + vega play.
Every deep-dive walks you through the thesis, the exact legs, break-evens, the Greeks at entry, a Nifty-based example, adjustments, and the trader archetype it suits. Practice on paper before you commit real capital.