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Trading Academy

Free, in-depth guides on options strategies, price action, candlestick patterns, and trading psychology — written for traders who want substance, not fluff.

All67Basics15Options Strategies10Price Action6Candle Structures21Smart Money Concepts5Trading Psychology5Indicators5

Strategy Quick Reference

11 cards

At-a-glance payoff diagrams. Click any card for the key mechanics, then follow the link to the full guide.

Long Call

Profit from a rising market with capped downside

BullishBeginner
Profitgrows ↑Breakeven$103Max Loss$3.00Buy Call$100

Max Profit

Unlimited — profit grows with the underlying

Max Loss

Premium paid — $3.00

Break-Even

Strike + premium

Click to expandFull guide →

Long Put

Profit from a falling market with capped downside

BearishBeginner
Profitgrows ↑Breakeven$97Max Loss$3.00Buy Put$100

Max Profit

Grows as price falls — very large

Max Loss

Premium paid — $3.00

Break-Even

Strike − premium

Click to expandFull guide →

Bull Call Spread

Bullish play with limited risk and limited reward

BullishBeginner
Max Profit$5Sell Call$105Breakeven$100Max Loss$5Buy Call$95

Max Profit

Spread width − net debit — $5.00

Max Loss

Net debit paid — $5.00

Break-Even

Lower strike + net debit

Click to expandFull guide →

Bear Put Spread

Bearish play with limited risk and limited reward

BearishBeginner
Max Profit$6.00Breakeven$101Max Loss$4.00Sell Put$95Buy Put$105

Max Profit

Spread width − net debit — $6.00

Max Loss

Net debit paid — $4.00

Break-Even

Higher strike − net debit

Click to expandFull guide →

Long Straddle

Profit from a big move in either direction

VolatileBeginner
ProfitProfitBreakeven$92.50Breakeven$107.50Max Loss$7.50ATM Strike$100

Max Profit

Unlimited — profit beyond either breakeven

Max Loss

Net debit paid — $7.50

Break-Even

Strike − net debit · Strike + net debit

Click to expandFull guide →

Long Strangle

Cheaper than a straddle, needs a bigger move to profit

VolatileBeginner
ProfitProfitBreakeven$91Breakeven$109Max Loss$4Buy Put$95Buy Call$105

Max Profit

Unlimited — profit beyond either breakeven

Max Loss

Net debit paid — $4.00

Break-Even

Put strike − net debit · Call strike + net debit

Click to expandFull guide →

Bull Put Spread

Collect premium on a bullish or neutral view

BullishIntermediate
Max Profit$4.00Breakeven$101Max Loss$6.00Buy Put$95Sell Put$105

Max Profit

Net credit received — $4.00

Max Loss

Spread width − net credit — $6.00

Break-Even

Short put strike − net credit

Click to expandFull guide →

Bear Call Spread

Collect premium when the market stalls or falls

BearishIntermediate
Max Profit$4.00Breakeven$99Max Loss$6.00Sell Call$95Buy Call$105

Max Profit

Net credit received — $4.00

Max Loss

Spread width − net credit — $6.00

Break-Even

Short call strike + net credit

Click to expandFull guide →

Iron Condor

Collect premium when the market stays range-bound

NeutralIntermediate
Max Profit$2.50Sell Put$95Sell Call$105Breakeven$92.50Breakeven$107.50Max Loss$2.50Max Loss$2.50Buy Put$90Buy Call$110

Max Profit

Net premium received — $2.50

Max Loss

Wing width − net premium — $2.50

Break-Even

Sell Put strike − net premium · Sell Call strike + net premium

Click to expandFull guide →

Iron Butterfly

Maximum premium, defined maximum loss

NeutralIntermediate
Max Profit$8.00Sell ATM$100Breakeven$92Breakeven$108Max Loss$2.00Max Loss$2.00Buy Put$90Buy Call$110

Max Profit

Net premium received — $8.00

Max Loss

Wing width − net premium — $2.00

Break-Even

Short strike − net premium · Short strike + net premium

Click to expandFull guide →

Short Straddle

Maximum premium — undefined risk, active management required

NeutralAdvanced
Max Profit$10.00ATM Strike$100Breakeven$90Breakeven$110LossgrowsLossgrows

Max Profit

Total premium received — $10.00

Max Loss

Unlimited on upside / large on downside

Break-Even

Strike − net premium · Strike + net premium

Click to expandFull guide →
Options StrategiesBeginner

Long Call: The Most Direct Way to Bet on a Rising Market

A long call is the simplest bullish options trade. You pay a fixed premium, get the right to profit from every point the market moves above your strike, and your loss is capped at exactly what you paid. If you are new to options, this is the place to start.

7 min readRead →
Options StrategiesBeginner

Long Put: The Direct Way to Profit from a Falling Market

A long put is the bearish mirror of a long call. You pay a premium for the right to profit from every point the market falls below your strike. Your loss is limited to what you paid. Your profit grows the further the market drops.

7 min readRead →
Options StrategiesBeginner

Bull Call Spread and Bear Put Spread: Defined-Risk Directional Trades

Vertical spreads are the building blocks of professional options trading. Learn how to structure bull call spreads and bear put spreads to take directional positions with capped risk and no surprises.

8 min readRead →
Options StrategiesBeginner

Bear Put Spread: Defined-Risk Bearish Trade at a Reduced Cost

A bear put spread is the bearish counterpart to a bull call spread. You buy a put and sell a cheaper one below it. The sold put reduces your cost and caps your maximum profit. You get a lower-cost bearish trade with clearly defined risk and reward on both sides.

8 min readRead →
Options StrategiesIntermediate

Long Straddle vs. Strangle: How to Profit from Big Market Moves

When you expect a major price move but don't know the direction, straddles and strangles let you profit from volatility itself. Here is how to choose between them, size them correctly, and avoid the most expensive mistake beginners make.

9 min readRead →
Options StrategiesIntermediate

Bull Put Spread: Collect Premium on a Bullish View with Defined Risk

A bull put spread sells a put to collect premium and buys a cheaper put below it to cap the maximum loss. You profit if the underlying stays above the upper strike. Unlike a bull call spread, you collect money when you enter — not pay it.

8 min readRead →
Options StrategiesIntermediate

Bear Call Spread: Earn Premium When the Market Stalls or Falls

A bear call spread sells a call and buys a cheaper one above it. You collect a credit upfront and keep it if the underlying stays below your short strike. It is the bearish version of a bull put spread — limited risk, defined reward, and time working in your favour.

8 min readRead →
Options StrategiesIntermediate

Iron Condor: The Complete Guide to Selling Range-Bound Options

The iron condor is the professional trader's workhorse — a four-leg options strategy that profits when markets stay quiet. Learn how to build one, price it correctly, and manage it like a pro.

11 min readRead →
Options StrategiesIntermediate

Iron Butterfly: Maximum Premium with Defined Risk

The iron butterfly sits between a short straddle and an iron condor — higher premium than a condor, capped risk unlike a straddle. If you expect the market to barely move, this is the most efficient premium-selling structure available.

9 min readRead →
Options StrategiesIntermediate

Short Straddle: How to Earn from Markets That Stop Moving

A short straddle lets you collect premium from both a call and a put at the same strike. You keep the money if the market sits still. Learn how it works, what can go wrong, and when to use it safely.

9 min readRead →