# Site Map - The Options Bench Source: https://theoptionsbench.com/site-map/ > Plain-text mirror for AI/LLM ingestion. Canonical HTML page: https://theoptionsbench.com/site-map/ --- Updated 7 September 2026 ยท by Theo Chen Every page on the site, grouped by section. Looking for something specific? (or use Ctrl+F / Cmd+F to find on this page). ## Calculators & Tools ### Core income strategies - Covered Call Calculator - Model max profit, breakeven, annualized return, downside protection and the payoff diagram for a covered call. - Cash-Secured Put Calculator - Return on capital, effective cost basis if assigned, and breakeven for a cash-secured put. - Wheel Strategy Calculator - Track premium, cost basis and P&L across every cycle of the wheel - puts, assignment and called-away events. - Rolling Decision Calculator - Repair an in-the-money short put: net credit, new breakeven, and which of the three roll-repair stages your roll is. - Jade Lizard Calculator - Sell a put plus a call spread for a credit: the no-upside-risk check, net credit, downside breakeven, max loss and return on capital. - Big Lizard Calculator - A Jade Lizard on an at-the-money straddle body: the no-upside-risk check, net credit, downside breakeven, max loss and return on capital. ### Defined-risk & spreads - Poor Man's Covered Call Calculator - Run a covered call on a LEAPS instead of 100 shares: net debit, max profit, breakeven, return on debit and an annualized income yield. - Bull Put Spread Calculator - Sell a put credit spread with defined risk: net credit, max profit, max loss, breakeven, return on risk and the payoff diagram. - Call Spread Calculator - Bull call (debit) or bear call (credit) vertical: net debit/credit, max profit, max loss, breakeven, return on risk and the payoff diagram. - Calendar Spread Calculator - Same-strike call or put calendar: net debit, estimated near-expiry max profit, max loss, both breakevens and return on debit, with the far leg priced by Black-Scholes. - Iron Condor Calculator - Both credit spreads at once: net credit, max profit, max loss, both breakevens, profit-zone width and annualized return on risk. - Condor Spread Calculator - Put or call condor, balanced or broken wing: a credit spread financing a debit spread across four strikes - max profit, max loss, breakevens and the no-risk side. - Iron Butterfly Calculator - Sell the ATM straddle inside protective wings: net credit, max profit, max loss, both breakevens, profit-zone width and return on risk. - Butterfly Spread Calculator - Long 1-2-1 call or put butterfly: net debit, max profit at the body, max loss, both breakevens, profit-zone width and return on risk. - Broken Wing Butterfly Calculator - Skewed-wing butterfly (put or call): credit or debit, max profit, max loss, the no-risk side, breakevens and the probability of profit. - Straddle & Strangle Calculator - Long straddle or strangle: buy a call and a put for a move either way - net debit, max loss, both breakevens and the percentage move needed to profit. - Long Call & Long Put Calculator - Buy a single call or put with defined risk: net debit, max loss, breakeven, max profit and the percentage move the stock needs to reach profit. - Diagonal Spread Calculator - Call or put diagonal - a calendar with two strikes: estimated near-expiry max profit, net debit (max loss), breakeven and return on debit, far leg priced by Black-Scholes. - Protective Put Calculator - Insure long stock with a put: protected floor, maximum loss, breakeven, the cost of protection and its annualized rate. - Collar Calculator - Protect a stock holding with a put and finance it with a call: net cost, protected floor, capped ceiling, max loss and max gain. - Payoff Diagram Builder - Plot the expiration P&L of any multi-leg options position - max profit, max loss and breakevens. ### Undefined-risk (advanced) - Short Strangle & Straddle Calculator - Sell a strangle or straddle for premium: net credit, both breakevens, profit zone and probability of profit - with the undefined-risk warning. - Twisted Sister Calculator - The mirror of a Jade Lizard: sell a call plus a put spread for a credit with no downside risk - but unlimited upside. ### Decision & analysis - IV Rank & IV Percentile Calculator - See where implied volatility sits in its 52-week range - and whether it is a rich or poor time to sell premium. - Expected Move Calculator - Turn implied volatility into a 1SD and 2SD price range by expiration - the move the options market is pricing in. - Black-Scholes Calculator - Price a European call and put from the five Black-Scholes inputs - and see the full set of Greeks: delta, gamma, theta, vega and rho. - Options Probability Calculator - Turn implied volatility into the odds a stock finishes past a target, expires short of it, or ever touches it before expiration. - Strategy Finder - Not sure where to start? Answer four questions and get a matched strategy - with a link straight to its calculator. - Options Expiration Calendar - Upcoming US options expiration dates - every monthly third Friday and weekly expiry, with the days to each, computed live in your browser. ### Position sizing - Kelly Criterion Position Sizing - Size positions by your edge: Full, Half and Quarter Kelly as a percent of your account and in dollars, plus a sensitivity table. - Kelly Criterion Simulator - Watch Full, Half and Quarter Kelly compound an account trade by trade on the same random run - equity curve, ending balance and max drawdown. ### Other tools - Options Profit Calculator - quick profit and loss estimate for a single options position. ## Learn Options Course Learn Options hub - 7-lesson free course covering the full beginner foundations. - Lesson 1: What Is an Option? - Calls, puts, strikes, expirations and premium - the parts of a contract, in plain English. - Lesson 2: Buying vs. Selling Options - Why We Focus on Selling - Most beginners buy options and lose. Here is why this site is about selling them instead. - Lesson 3: The Options Bench Approach - The house rules that keep beginners safe: cash-secured puts first, and a few hard limits. - Lesson 4: Your First Cash-Secured Put - Step by step: pick a stock, pick a strike, set aside the cash, and see what happens at expiration. - Lesson 5: Risk Management for Cash-Secured Puts - Position sizing, what actually goes wrong, when NOT to sell, and how much account you really need. - Lesson 6: Getting Assigned, and the Wheel - Assignment is the plan, not the failure. How owning the shares turns into the wheel. - Lesson 7: Putting It Together - and What's Next - A simple weekly checklist, then where to go next as you graduate past the basics. ## Cash-Secured Puts Deep Dive Cash-Secured Puts hub - a detailed 6-lesson course covering every stage of the trade. - Lesson 1: What Is a Cash-Secured Put? - The mechanics in plain English - the obligation you sell, the cash you set aside, and the three ways it can end. - Lesson 2: Why Sell Cash-Secured Puts? - Getting paid to wait to buy a stock you already want - and the honest risks behind the income. - Lesson 3: Choosing the Strike - Delta, support, and the price you would actually pay - how to pick a strike instead of chasing premium. - Lesson 4: Testing and Sizing the Trade - The breakeven, return, and downside checks - and why you size for the assignment, never the premium. - Lesson 5: Managing and Rolling - Taking profit early, when to roll versus take assignment, and how to roll without digging a hole. - Lesson 6: Assignment and the Wheel - What actually happens when you are assigned - and how owning the shares turns into the wheel. ## Guides Guides hub - plain-English explainers for the strategies behind the calculators. - Why Keep a Trading Journal (and What to Actually Write Down) - How Much Buying Power Do Options Use? Margin for Sellers - How to Tell If an Option Is Liquid (Spread, OI, Volume) - What to Do When an Options Trade Goes Against You - How to Choose Stocks for Cash-Secured Puts - When to Skip a Cash-Secured Put - The Best Options Income Strategies for Beginners - Are Covered Calls Worth It? - The Best Stocks and ETFs for Selling Covered Calls - The Best Stocks and ETFs for the Wheel Strategy - Can You Lose Money on Cash-Secured Puts? - Can You Make a Living Selling Options? - How Much Can You Make Selling Covered Calls? - How Much Money Do You Need to Sell Options? - Is the Wheel Strategy Profitable? - Should I Roll My Option or Take Assignment? - What Happens When a Covered Call Expires In the Money? - The 50% Rule: When to Close an Options Trade Early - The Best Stocks and ETFs for Selling Cash-Secured Puts - How to Roll a Losing Cash-Secured Put, Step by Step - Iron Condors vs Strangles: Defined-Risk Income - IV Rank vs IV Percentile: Timing When to Sell Premium - Seven Options-Selling Mistakes That Quietly Erode Returns - Poor Man's Covered Call vs Covered Call Compared - How Much to Risk Per Options Trade: Position Sizing Basics - A Tax Primer for US Options Income - Theta Decay Explained: How Time Pays the Option Seller - Trading Psychology for Options Sellers - Building a Repeatable Weekly Options-Income Routine - When to Sell Options: Support, Trend and Moving Averages - 0DTE, Weeklies, Monthlies: Which Expiration to Sell - The Greeks for Option Sellers: Delta, Theta, Vega - Reading an Options Chain: A Beginner's Walkthrough - Selling Calls vs Selling Puts: Volatility Skew - Should You Sell Options Through Earnings? - Covered Call vs. Cash-Secured Put: Which Should You Sell? - How to Choose a Strike Price When Selling Options - What Happens When an Option Is Assigned - The Wheel Strategy Explained: A Full Cycle Walkthrough ## Brokers & Reviews - Best Brokers for Options Traders - how the main brokers compare on pricing, platform and fit. - How to Choose an Options Broker - the criteria that actually matter before you compare names. - tastytrade vs Interactive Brokers - a head-to-head on the two most serious options platforms. - tastytrade vs Webull - pay for a better platform, or trade commission-free? - Webull vs Moomoo - the two free, app-first brokers compared on data and feel. - Robinhood vs Webull - the two big commission-free apps compared on simplicity vs tools. - Best Options Trading Tools & Education - software and books worth your time. - Option Alpha Review - education and no-code automation for systematic premium sellers. - TradingView Review - best-in-class charting for options analysis, free vs paid. ## Strategy Explainers - Options Strategy Comparisons - the index of every head-to-head "X vs Y" comparison, grouped by theme. - Iron Condor vs Credit Spread - sell both sides, or just one. - Covered Calls vs Dividends - manufactured income vs passive payouts. - Covered Call vs Poor Man's Covered Call - when to own the shares and when to use a LEAPS. - Iron Condor vs Iron Butterfly - how the two range-bound strategies differ. - Strangle vs Straddle - two ways to sell premium around a stock's expected move. - What Is a Bull Put Spread? - put credit spreads explained. - What Is a Butterfly Spread? - a low-cost, defined-risk pin bet on a target strike. - What Is a Call Spread? - bull call (debit) and bear call (credit) verticals explained. - What Is a Calendar Spread? - selling near-dated time decay against a longer-dated option. - What Is a Protective Put? - insurance that puts a floor under shares you own. - What Is a Collar? - protecting stock with a put, financed by a call. - What Is a Covered Call? - income from shares you own, in exchange for capped upside. - What Is a Poor Man's Covered Call? - covered call exposure without owning 100 shares. - What Is an Iron Condor? - four-leg range-bound premium selling explained. - What Is an Iron Butterfly? - a high-credit, defined-risk bet the stock pins one strike. - What Is the Expected Move? - how the market prices the 1SD move into options. - Debit Spread vs Credit Spread - paying for a directional move vs collecting premium against one. - LEAPS vs Shares - stock-like exposure for less capital, and what you trade away. - Cash-Secured Put vs Buying Stock - get paid to wait for a lower entry, or own the full move now. - What Is a Diagonal Spread? - a calendar with two strikes and a directional tilt. - What Is a Long Call? - buying calls and puts: defined risk, leveraged direction. ## Core concepts & the Greeks - What Is Implied Volatility? - the market's forecast of how far a stock may move, priced into every option. - What Is Delta? - option price change per $1 move in the stock, and a rough probability of finishing in the money. - What Is Theta? - the daily time decay that pays the option seller. - What Is Gamma? - how fast delta changes as the stock moves. - What Is Vega? - how much an option's price reacts to a one-point change in implied volatility. - How to Read a Payoff Diagram - kinks, flat shelves and breakevens, and why the chart shows expiration day rather than today's P&L. ## Reference - Options Glossary - plain-English definitions of options terms, Greeks and key concepts. - Quick Reference Card - formulas, rules of thumb and one-liners for options sellers. - Strategy Setups - how to set up each defined-risk strategy: DTE, delta, IV, profit-take and management. - How We Calculate - the maths behind every calculator on the site. - Strategies Index - all covered strategies with links to calculators and explainers. ## Site pages - Home - Search - find any calculator, guide or glossary term. - What's New - recently added tools and guides. - Tools hub - all calculators grouped by category. - About - Contact - Privacy Policy TC Theo Chen Founder, The Options Bench Theo has traded options as a retail trader out of Asia for over a decade, focused on income strategies - covered calls, cash-secured puts and the wheel, managed around days-to-expiration and the Greeks rather than gut feel. He builds these calculators to get the awkward edge cases right, the ones most options tools quietly skip.