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Bullish Strategies / Optimistic Outlook

Bearish Strategies / Pessimistic Outlook

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Theta Trades

Date

• A Put/Call Ratio of ~0.8 is considered as neutral.
• Trade ideas with an annualized profit under 5% or RRR under 0.33 are cut-off.
Symbol Strike Expiration Strategy Rating RRR Put/Call
Volume
Put/Call
Open Int
Implied
Volatility
Annualized
Profit
Warnings

Free Bull Put Credit Spread Screener

Bull Put Credit Spread Overview

  • Strategy Type: Vertical Spread
  • Level: Beginner
  • Market Outlook: Bullish
  • Risk: Limited
  • Reward: Limited
  • Margin Requirement: Yes
  • Max Profit: Limited to the credit or premium received. It's the difference between the premium from selling the put and the premium paid for buying the lower strike put.
  • Max Loss: Limited to the difference in strike prices minus the credit received. This occurs if the underlying security's price falls below the lower strike at expiration.
Bullish Outlook: This strategy is employed when you anticipate an increase in the value of the underlying security.
Option Types: Sell a put option and simultaneously buy a put option with a lower strike price.
Same Expiration: Both options involved in the spread have the same expiration date.
Success Criteria: The Bull Put strategy is successful if the price of the underlying security is above the higher (sold) strike at expiration.

Why Bull Put Credit Spreads?

  • Limited Risk: The risk is capped at a known amount, making it a defined-risk strategy.
  • Income Generation: Generates income through the premium received when initiating the spread.
  • Market Outlook: Ideal for moderately bullish market expectations.

Considerations for Bull Put Credit Spreads

  • Margin Requirements: The margin requirement is the difference between the strike prices. Ensure you have sufficient margin to cover the maximum loss.
  • Strike Selection: Carefully choose strike prices based on your risk tolerance and market analysis.
  • Monitoring: Regularly monitor the position to assess market conditions and potential adjustments.
  • Expiration Timing: Timing is crucial. Ensure the expiration aligns with your market outlook.

In summary, the Bull Put credit spread is a strategy combining income generation with limited risk exposure, suitable for investors expecting a moderately bullish market. Always conduct thorough analysis and consider the specific market context before implementing any options strategy.

Tipps & Tricks

  • When the Implied Volatility is higher than the Stock Volatility, the Option is considered as overpriced: Sell Options for Premium
    Due to insurance demand this is quite often the case, therefor I recommend to check if IV is more than 15% higher then Stock Vola.

Best Call Strategy to hit Take Profit (Theta Backtested)

  • DTE < 6 days: Long Call
  • DTE 6 - 60 days: Bull Call Spread buy 1 Call, sell 1 higher Call
  • DTE > 60 days: Ratio Call Spread buy 1 Call ITM, sell 2 higher Calls OTM