Most popular positional and Intraday option strategies

What are the most suitable option strategies for positional and intraday?

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Positional trades give you more strategies to effectively deploy than intraday. With intraday, you are going to need a substantive directional move (gain based on delta/gamma) or volatility change (gain based on vega). For short strategies (or premium collection strategies), you will only gain on theta for intraday trades if you are trading 0DTE.

In my opinion, I would be looking for strategies that have lower B/E points for intraday. For example, if you are trading directionally, I prefer call spreads vs. calls due to lower costs and lower B/E. If you are trading volatility, you could consider straddles instead of strangles. Even though the cost is higher for a straddle, the B/E will likely be lower. Another alternative would be a reverse butterfly to reduce the cost of the straddle for an even lower B/E point. The caveat to any of these is that they aren’t single leg but multi-leg which will increase difficulty in managing the trade as well as transaction costs and require higher margin in some instances (ex: call vs. call spread).

For positional trades, B/E points are still important but you have time to allow the underlying to work in your favor (of course you are paying for this with ‘theta’ each day). You could simply use long calls or puts for directional trades unless you think the underlying will be only moderately bullish or bearish (in which case spreads are the better answer). The same goes with volatility-based strategies. You can also take advantage of time and collect premium with covered calls or put-writes. Lastly with positional trades, you can trade calendar spreads. An example of this would be to short an OTM call with near expiry and long an ATM (or ITM) call with further out expiry.

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