What Happens to Options After a Stock Split
A stock split adjusts outstanding options, so contracts keep the same economic exposure. Learn how OCC handles forward splits, reverse splits, and odd ratios.
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After-Hours Options Trading Guide
After-hours options trading differs from stock trading. Learn exchange hours, liquidity risks, and exercise cutoffs for equity and index options.
What is a Box Spread?
A box spread combines two vertical spreads for a fixed expiration value, letting options prices express an implied borrowing or lending rate.
What Is a Naked Call?
A naked call sells a call option without owning the underlying shares. Learn how profit, breakeven and open-ended risk work in this strategy.
What is a Straddle Options Strategy?
A straddle options strategy lets you profit from big price moves in either direction or collect premium when a stock stays put. This guide breaks down exactly how both sides of the trade work and when to use them.
Straddle vs. Strangle Options Strategies
This guide compares the straddle and strangle options strategies, covering setup, breakevens, and Greek behavior to help traders choose between the two.
Butterfly Spread Strategy: What It Is and How It Works
A butterfly spread combines elements of both credit and debit spreads into a single position, creating a narrow profit zone with capped risk on both sides. Learn how the butterfly spread works, how to calculate its max profit, max loss, breakevens, and when traders use it.
Options on Futures
Options on futures allow traders and investors to gain more dynamic exposure to futures markets. Futures options settle to a specific futures contract prior to settling to cash or a physical product. Learn more about the nuances of futures options.
Futures vs. Options: What Are the Differences?
Futures and options are both derivative contracts that can be bought or sold and used for speculation and hedging purposes, but their trading characteristics vary greatly. Learn more here.
What Are Options & How Do They Work?
Discover what options are and how they work. Learn about calls, puts, strike prices, and how intrinsic and extrinsic value come into play.
What is VIX Volatility Index and How Can You Trade It?
The VIX Volatility Index is a cash-settled index that gives traders context around implied moves in the S&P 500 on a 30-day, forward looking basis. Learn about the nuances of the VIX, and how it relates to VIX futures contracts.
Long Call Calendar Spread
A long call calendar spread consists of a long and short call option on the same strike in different expirations.
Long Put Calendar Spread
A long put calendar spread consists of a long and short put option on the same strike in different expirations.
Long Put Diagonal Spread
Long put diagonal spread: an advanced bearish strategy using options in different expirations. Learn its mechanics, volatility exposure, and profit potential.
Long Call Diagonal Spread
A long call diagonal spread blends a call calendar and a long call vertical spread into the same idea.
Analyzing Exposure with Options Greeks
Learn how to analyze and manage options exposure using Greeks. Learn how to use the tastytrade tools to monitor Delta, Theta, Gamma, Vega in real time.
What is Vega in Options Trading
Discover how Vega affects options pricing and how to use this Greek to manage volatility exposure.
What is Theta in Options Trading
Theta is the rate of decay of an option's extrinsic value given a 1 day passage of time. Learn how it works.
What is Gamma in Options Trading
Discover how Gamma affects Delta sensitivity and why it's crucial for managing risk in options positions.
What is Delta in Options Trading
Discover how Delta indicates price sensitivity, directional bias, and probability of options expiring in-the-money (ITM).
What Are Options Greeks & How to Use Them
Options Greeks can help you understand how the price of your options strategy may change as markets move. Learn how the Greeks work and how to use them in your option trading strategies.
Iron Condor Options Strategy Guide
The iron condor is a four-leg, defined-risk options strategy that profits when the underlying stays in a range. Learn construction, max profit, max loss, and how to trade it.
Short Call Options Strategy Explained
A short call option is a bearish, undefined risk short premium strategy. Learn how to trade it.
How to Sell Puts
Selling puts is a neutral-to-bullish options strategy that collects premium upfront. Learn how short puts work, how to calculate breakeven, and how to place the trade on tastytrade.
Long Call Vertical Spread
A long call vertical spread is a bullish, defined risk debit strategy. Learn how to trade it.
Long Put Vertical Spread
A long put vertical spread is a bearish, defined risk debit strategy. Learn more here.
Short Call Vertical Spread Options Strategy Explained
A short call vertical spread is a bearish, defined risk, short premium strategy. Learn more here.
Short Put Vertical Spread Options Strategy Explained
A short put vertical spread is a bullish, defined risk short premium strategy. Learn how it works and how to trade it.
Covered Put Options Strategy
A covered put strategy combines 100 short shares with a short put. The put's risk is "covered" by the short shares.
Long Call Option Trading Strategy
A long call option is a bullish, defined risk strategy that benefits from a stock price increasing.
Long Put Options Strategy Explained
A long put option is a bearish, defined risk strategy that benefits from a stock price decreasing. Learn how it works and how to trade it.
Covered Call Options Strategy
A covered call strategy combines 100 long shares with a short call. The call's risk is "covered" by the 100 long shares.
How to Trade Options: A Beginner's Guide
Learn how to trade options with our step-by-step guide for beginners. Understand the fundamentals like calls and puts, risk management, and more.
How to Trade SPX Options on tastytrade
SPX options are cash-settled, European-style contracts on the S&P 500 index, traded by active options traders for portfolio-level exposure and potential tax efficiency. This article walks through how to trade SPX options on tastytrade, from opening the options chain to submitting the order.