Most options trading content focuses on a single setup at a time. That makes it hard to understand how different strategies compare — and which ones actually fit your risk tolerance, time commitment, and trading style.
In this video, we walk through 10 options strategies discussed in recent Theta Profits interviews with experienced retail options traders. The strategies span the full spectrum, from conservative, longer-term approaches to aggressive day trading and 0DTE setups.
Watch the overview of 10 options strategies
1. Multiple Entries Iron Condors (MEIC)
The MEIC strategy, presented by Tammy Chambless, is an intraday options strategy built around entering iron condors in multiple steps rather than all at once. The goal is to scale into the position as price action develops, using very tight stop losses to control risk.
A key feature of this approach is that the strategy can break even if only one side of the trade is stopped out. MEIC is typically traded as a 0DTE strategy, making it more aggressive and best suited for traders who can actively manage positions during the trading day.
2. 0DTE Iron Fly
The 0DTE Iron Fly, presented by Doc Severson, focuses on capturing premium around the current price using a very short time horizon. With expiration on the same day, this strategy relies heavily on precise entries, fast decision-making, and strict risk management.
Because gamma risk is high, small price movements can have a big impact on P&L. This makes the strategy aggressive, but potentially attractive for experienced traders who thrive on short-term setups. The trades are entered early in the day and are typically closed after 15-30 minutes.
3. 0DTE Levitation Trades
The 0DTE Levitation Strategy, developed by Boomer Dan, starts with a directional credit position and then evolves into a butterfly structure as the trade develops. By adjusting the position, traders aim to eliminate risk while staying in the trade. The goal is to have several trades floating above the zero line by the end of the day.
Like other 0DTE strategies, this approach requires confidence with trade adjustments and execution. It is best suited for intermediate to advanced options traders who are comfortable managing trades in real time.
4. Time Flies / Flyagonal
Time Flies (Simon Black) and Flyagonal (Steve Ganz) are closely related strategies that combine a put diagonal with a call broken wing butterfly. The idea is to benefit from time decay while allowing the structure to adapt to changes in volatility.
These strategies are typically traded with about one to two weeks to expiration and offer defined risk. They are more complex than basic spreads, but they move more slowly than 0DTE trades, making them suitable for traders who want structure without constant monitoring.
5. Rolling Put Diagonal
The Rolling Put Diagonal, presented by Bill Belt, is an income-focused strategy that combines elements of calendar and vertical spreads. Traders sell short-dated puts and roll them regularly, while holding a longer-dated put further out for protection.
This strategy requires daily attention, but usually only for a few minutes at a time. It works best in flat to slightly bullish markets and offers a structured way to generate recurring premiums.
6. Double Calendar
The Double Calendar strategy, presented by Ravish Ahuja, uses both a call calendar and a put calendar to create a wide profit range. By placing strikes away from the current price, traders aim to benefit from time decay and favorable volatility conditions.
This strategy is typically held for several days to a couple of weeks and has defined risk. It is well-suited for traders who want exposure to theta without the speed and pressure of intraday trading. A good understanding of volatility is needed, as the strategy benefits from increasing volatility and loses with falling volatility.
7. The Wheel Strategy
The Wheel, presented by Paul Gundersen, is a classic options strategy built around selling cash-secured puts on stocks you are willing to own, and then selling covered calls when you are assigned the shares. The focus is on consistency and discipline, rather than short-term price moves.
This strategy is often used by traders looking for steady income and lower stress. While not risk-free, it is generally considered one of the more conservative options strategies when applied correctly.
8. 21 DTE Put Broken Wing Butterfly
This strategy, presented by Carl Allen, uses a broken wing butterfly on the put side, typically entered around 21 days to expiration. By breaking one wing, traders eliminate risk on one side of the trade while keeping risk defined on the other.
The strategy is bullish and has high probability, with clear rules for profit-taking and exits. It appeals to traders who want structure, defined risk, and limited management.
9. Selling Far Out-of-the-Money Puts
Selling far out-of-the-money puts, presented by Lee Lowell, focuses on capital preservation and probability. By choosing strikes well below the current price, traders create a large cushion for directional error.
Premiums are smaller, but the approach is intentionally conservative. This strategy is often used by traders who prefer slower-moving trades and are comfortable potentially owning stock at a discount.
10. No Loss at Expiration Framework
This approach, presented by Christian Czirnich, focuses on structuring trades so that, at expiration, the position shows no loss, even if there are drawdowns along the way. It is not risk-free during the trade, but outcomes at expiration are known in advance.
The strategy relies on carefully constructed options structures and is best suited for traders who value predictability and capital protection over short-term gains.
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