The Plays

Name: Long Straddle Setup: Buy (long) Strike A put and Buy (long) Strike A call Bias: Bullish and Bearish – expecting a big move but unsure of direction  

Name: Short Straddle Setup: Sell (short) Strike A put and Sell (short) Strike A call Bias: Neutral  

Name: Long Strangle Setup: Buy (long) Strike A put and Buy (long) Strike B call Bias: Extreme Bullish and Extreme Bearish  

Name: Short Strangle Setup: Sell (short) Strike A put and Sell (short) Strike B call Bias: Neutral  

Name: Synthetic Long Setup: Buy (long) Strike A call and Sell (short) Strike A put – same expiration month for both Bias: Bullish  

Name: Synthetic Short Stock Setup: Sell (short) Strike A call and Buy (long) Strike A put Bias: Bearish  

Name: Front Spread w/ Calls Setup: Buy (long) Strike A call and Sell (short) 2 Strike B calls Bias: Neutral to Slightly Bullish  

Name: Front Spread w/ Puts Setup: Sell (short) 2 Strike A puts and Buy (long) Strike B put – contracts will have the same expiration Bias: Neutral to Slightly Bearish  

Name: Back Spread w/ Calls Setup: Sell (short) Strike A call and Buy (long) 2 Strike B calls Bias: Very Bullish  

Name: Back Spread w/ Puts Setup: Buy (long) 2 Strike A puts and Sell (short) Strike B put – contracts will have the same expiration Bias: Very Bearish