---
title: "Option Strategies"
description: "You can implement any of the following Option strategies in an algorithm. Click one to learn more."
canonical: https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies
markdown: https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies.md
language: python
source: https://github.com/QuantConnect/Documentation/tree/master/03%20Writing%20Algorithms/22%20Trading%20and%20Orders/08%20Option%20Strategies
modified: 2026-10-30
index: https://www.quantconnect.com/llms.txt
---

# Option Strategies

[Documentation](https://www.quantconnect.com/docs/v2.md) > [Writing Algorithms](https://www.quantconnect.com/docs/v2/writing-algorithms.md) > Trading and Orders > Option Strategies

> Code examples are shown in Python. Append `?lang=csharp` to this URL for the C# version of this page.

You can implement any of the following Option strategies in an algorithm. Click one to learn more.

- [Bear Call Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bear-call-spread.md)
- [Bear Put Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bear-put-spread.md)
- [Bull Call Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bull-call-spread.md)
- [Bull Put Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bull-put-spread.md)
- [Long Call Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-call-butterfly.md)
- [Short Call Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-call-butterfly.md)
- [Long Put Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-put-butterfly.md)
- [Short Put Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-put-butterfly.md)
- [Long Call Calendar Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-call-calendar-spread.md)
- [Short Call Calendar Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-call-calendar-spread.md)
- [Long Put Calendar Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-put-calendar-spread.md)
- [Short Put Calendar Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-put-calendar-spread.md)
- [Covered Call](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/covered-call.md)
- [Covered Put](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/covered-put.md)
- [Long Iron Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-iron-butterfly.md)
- [Short Iron Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-iron-butterfly.md)
- [Long Iron Condor](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-iron-condor.md)
- [Short Iron Condor](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-iron-condor.md)
- [Naked Call](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/naked-call.md)
- [Naked Put](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/naked-put.md)
- [Protective Call](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/protective-call.md)
- [Protective Put](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/protective-put.md)
- [Protective Collar](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/protective-collar.md)
- [Long Straddle](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-straddle.md)
- [Short Straddle](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-straddle.md)
- [Long Strangle](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-strangle.md)
- [Short Strangle](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-strangle.md)
- [Conversion](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/conversion.md)
- [Reverse Conversion](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/reverse-conversion.md)
- [Long Box Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-box-spread.md)
- [Short Box Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-box-spread.md)
- [Long Jelly Roll](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-jelly-roll.md)
- [Short Jelly Roll](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-jelly-roll.md)
- [Bear Call Ladder](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bear-call-ladder.md)
- [Bear Put Ladder](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bear-put-ladder.md)
- [Bull Call Ladder](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bull-call-ladder.md)
- [Bull Put Ladder](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bull-put-ladder.md)
- [Long Call Backspread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-call-backspread.md)
- [Short Call Backspread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-call-backspread.md)
- [Long Put Backspread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-put-backspread.md)
- [Short Put Backspread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-put-backspread.md)

### See Also

- [Equity Options](https://www.quantconnect.com/docs/v2/writing-algorithms/securities/asset-classes/equity-options.md)
- [Future Options](https://www.quantconnect.com/docs/v2/writing-algorithms/securities/asset-classes/future-options.md)
- [Index Options](https://www.quantconnect.com/docs/v2/writing-algorithms/securities/asset-classes/index-options.md)

## Pages in This Section

- [Bear Call Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bear-call-spread.md): Bear call spread, also known as short call spread, consists of selling an ITM call and buying an OTM call.
- [Bear Put Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bear-put-spread.md): Bear put spread, also known as short put spread, consists of buying an ITM put and selling an OTM put.
- [Bull Call Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bull-call-spread.md): Bull call spread, also known as long call spread, consists of buying an ITM call and selling an OTM call.
- [Bull Put Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bull-put-spread.md): Bull put spread, also known as long put spread, consists of buying an OTM put and selling an ITM put.
- [Long Call Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-call-butterfly.md): The long call butterfly strategy is the combination of buying a bull call spread and a bear call spread.
- [Short Call Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-call-butterfly.md): The short call butterfly strategy is the combination of selling a bull call spread and a bear call spread.
- [Long Put Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-put-butterfly.md): Long Put butterfly is the combination of buying a bull put spread and a bear put spread.
- [Short Put Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-put-butterfly.md): Short Put butterfly is the combination of selling a bull put spread and a bear put spread.
- [Long Call Calendar Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-call-calendar-spread.md): Long call calendar spread is a combination of a longer-term (far-leg/front-month) call and a shorter-term (near-leg/back-month) call.
- [Short Call Calendar Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-call-calendar-spread.md): Short call calendar spread is a combination of a longer-term (far-leg/front-month) call and a shorter-term (near-leg/back-month) call.
- [Long Put Calendar Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-put-calendar-spread.md): Long Put calendar spread is a combination of a longer-term (far-leg/front-month) put and a shorter-term (near-leg/back-month) put.
- [Short Put Calendar Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-put-calendar-spread.md): Short Put calendar spread is a combination of a longer-term (far-leg/front-month) put and a shorter-term (near-leg/back-month) put.
- [Covered Call](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/covered-call.md): A Covered Put consists of selling a stock and selling put Options for the same amount of stock.
- [Covered Put](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/covered-put.md): A Covered Call consists of buying a stock and selling call Options for the same amount of stock.
- [Long Iron Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-iron-butterfly.md): The Iron Butterfly is an Option strategy that involves four Option contracts where the order of strike prices for the four contracts is A>B=C>D.
- [Short Iron Butterfly](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-iron-butterfly.md): The Short Iron Butterfly is the inverse of an iron butterfly.
- [Long Iron Condor](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-iron-condor.md): The Iron Condor is an Option strategy that consists of four contracts where the order of strike prices is A>B>C>D.
- [Short Iron Condor](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-iron-condor.md): The Short Iron Condor is an Option strategy that consists of four contracts where the order of strike prices is A>B>C>D.
- [Naked Call](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/naked-call.md): A Naked Call, also known as an uncovered call, involves the sale of call Options without owning the underlying asset.
- [Naked Put](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/naked-put.md): A Naked Put, also known as an uncovered put, involves the sale of put Options without having a corresponding short position in the underlying security.
- [Protective Call](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/protective-call.md): A Protective Call consists of selling a stock and buying call Options for the same amount of stock.
- [Protective Put](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/protective-put.md): A Protective Put consists of buying a stock and buying put Options for the same amount of stock.
- [Protective Collar](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/protective-collar.md): A Protective Collar is an Options strategy that consists of a covered call and a long put with a lower strike price than the short call contract.
- [Long Straddle](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-straddle.md): A Long Straddle consists of buying an ATM call and an ATM put, where both contracts have the same underlying asset, strike price, and expiration date.
- [Short Straddle](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-straddle.md): A Short Straddle consists of selling a call and a put, where both contracts have the same underlying asset, strike price (normally at-the-money), and expiration date.
- [Long Strangle](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-strangle.md): A Long Strangle consists of simultaneously buying an OTM put and an OTM call, where both contracts have the same underlying asset and expiration date.
- [Short Strangle](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-strangle.md): A Short Strangle is an Options trading strategy that consists of simultaneously selling an OTM put and an OTM call, where both contracts have the same underlying asset and expiration date.
- [Conversion](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/conversion.md): A Conversion is a special case of a protective collar with the same strike for all options.
- [Reverse Conversion](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/reverse-conversion.md): A Reverse Conversion is the inverse of a conversion and a special case of a protective collar
- [Long Box Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-box-spread.md): A Long Box Spread is an arbitration strategy that combines a bull call spread and a bear put spread.
- [Short Box Spread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-box-spread.md): A Short Box Spread is an arbitration strategy that invert a box spread. It combines a bear call spread and a bull put spread.
- [Long Jelly Roll](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-jelly-roll.md): A Long Jelly Roll is an arbitrage strategy that combines a long call calendar spread and a short put calendar spread
- [Short Jelly Roll](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-jelly-roll.md): A Short Jelly Roll is an arbitrage strategy that combines a short call calendar spread and a long put calendar spread
- [Bear Call Ladder](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bear-call-ladder.md): Bear call ladder consists of selling a call and buying two calls with increasing strike price order and the same expiry.
- [Bear Put Ladder](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bear-put-ladder.md): Bear put ladder consists of buying a put and selling two puts with decreasing strike price order and the same expiry.
- [Bull Call Ladder](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bull-call-ladder.md): Bull call ladder consists of buying a call and selling two calls with increasing strike price order and the same expiry.
- [Bull Put Ladder](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/bull-put-ladder.md): Bull put ladder consists of selling a put and buying two puts with decreasing strike price order and the same expiry.
- [Long Call Backspread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-call-backspread.md): Long call backspread, a combination of bear call spread and long call, consists of selling a lower-strike call and buying two higher-srtike calls with the same expiry.
- [Short Call Backspread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-call-backspread.md): Short call backspread, a combination of bull call spread and short call, consists of buying a lower-strike call and selling two higher-srtike calls with the same expiry.
- [Long Put Backspread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/long-put-backspread.md): Long put backspread, a combination of bull put spread and long put, consists of selling a higher-strike put and buying two lower-srtike puts with the same expiry.
- [Short Put Backspread](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/option-strategies/short-put-backspread.md): Short put backspread, a combination of bear put spread and short put, consists of buying a higher-strike put and selling two lower-srtike puts with the same expiry.