Options 101: Strategies for Equity Traders

A Cboe Global Markets Educational Event

This introductory session is designed for equity traders who want to expand their toolkit using options. The webinar will showcase the Lightspeed Trader Pro platform while covering foundational concepts and then moves into practical, risk-defined strategies commonly used to express directional views, manage risk, or navigate different volatility environments. Using clear examples tied to the S&P 500® Index (SPX®), the session demonstrates how traders can structure positions to pursue specific outcomes while controlling cost and exposure.

Participants will learn how options strategies can help tailor trades to a wide range of market scenarios—including rising, falling, or sideways markets—and how combining long and short options may offer more flexibility than basic single-leg trades.

Topics include:

Common Options Trading Strategies

A structured walkthrough of three widely used, risk-defined strategies:

Bear Put Spread

Designed for traders anticipating a gradual decline in the underlying asset. This strategy pairs a long put with a short put at a lower strike, creating a defined risk/defined reward profile. Covered examples illustrate how profitability changes depending on whether SPX moves below, stays near, or remains above key strike levels.

Bull Call Spread

Built for traders expecting a moderate rise. A long call paired with a short call at a higher strike helps reduce cost while keeping risk capped. Real-market strike scenarios show how traders may profit if SPX moves higher—and how the maximum loss is limited to the net premium paid.

Iron Condor

A four-leg strategy designed for low-volatility conditions when traders expect the underlying to stay within a range. By selling an out-of-the-money put spread and an out-of-the-money call spread, the trader collects premium with defined risk on both sides. SPX examples highlight how maximum profit occurs when the index stays between inner strikes, while losses are capped if it breaks outside the outer ranges.

What Attendees Will Gain

• A clearer understanding of how options can complement existing equity strategies

• Insight into how spreads can help manage risk and trading costs

• Step-by-step demonstrations of directional and neutral positions

• Practical examples using SPX index options for real-world context

• Awareness of the risks and considerations associated with listed options and derivatives

This session is ideal for equity traders new to options, traders transitioning from ETFs to index options, and anyone looking to build confidence in applying structured, multi-leg strategies.

Webinar speakers