Defined-risk and structured options strategies designed to generate income, manage exposure, or capitalize on market opportunities.
A futures position expresses one view: the market goes up, or it goes down. An option position can express a great deal more — that a market will stay inside a range, that it will move but you do not know which way, that you will accept a capped gain in exchange for a known floor. That flexibility is the reason to use them.
It is also the reason they get people into trouble. The same contract that defines your risk precisely can, sold naked and sized wrong, lose a multiple of what it collected. We are blunt about which side of that line a strategy sits on before an account is funded.
Most of what we work with falls into three uses: income from collecting premium under strict limits, protection of a position or portfolio you already hold, and positioning where the structure gives better terms than the outright future.
Strategy and structure selection, execution on options across the major exchanges, margin and assignment mechanics explained in writing before you trade, expiry and roll management, and a trader who will tell you when a structure is worse than the simple version.
Income · Range-bound
Selling options to collect premium when a market is expected to stay within a range. Run with position limits, stop levels and a sizing rule agreed in advance, because the failure mode here is not a bad month — it is one bad week that undoes several good years.
Defined risk · Two-legged
Buying one option and selling another to cap both the cost and the loss. Maximum risk is known at entry and does not change, which makes these the usual starting point for anyone new to options on futures.
Movement · Direction-neutral
Structures that profit from a market moving more, or less, than the options market is pricing — independent of which way it goes. Useful ahead of scheduled events, and unforgiving if the expected move does not arrive.
Insurance · Alongside a position
Puts, collars and spreads placed against futures or equities you already hold, to put a floor under a position without closing it. Costs premium, or caps upside, or both — that is the trade, and it should be a deliberate one.
S&P 500 · Nasdaq 100 · Russell 2000
Treasury notes and bonds · SOFR
Crude oil · Natural gas · Products
Gold · Silver · Copper
Corn · Soybeans · Wheat · Livestock
Euro · Yen · Pound · Commodity currencies
Options listed are representative of contracts available through our clearing relationships and are not recommendations. Liquidity varies considerably by contract, strike and expiry, which affects what can be traded sensibly.
Income, protection or positioning — and what you are prepared to give up to get it. The answer usually rules out most structures.
We put the candidate structures side by side with their worst-case outcomes, not just their intended ones.
Options require specific account permissions and margin treatment. We prepare the paperwork and explain what each level allows.
Execution, margin monitoring, and an explicit plan for expiry, assignment and rolls before each position is opened.
Options reward precision and punish approximation. They suit people who want a known worst case, or who already hold a position worth protecting — and they are a poor fit for anyone reaching for income without regard to what is underwriting it.
Risk disclosure. Trading options on futures involves substantial risk of loss and is not suitable for all investors. Writing (selling) options can expose you to losses substantially greater than the premium received, and potentially greater than your initial deposit. Options may expire worthless, and the full premium paid can be lost. Past performance is not necessarily indicative of future results. Before trading options you should read the relevant disclosure documents in full. Nothing on this page is a recommendation or a solicitation in any jurisdiction where such an offer would be unlawful.
Systematic and discretionary strategies designed to participate in opportunities across global futures markets.
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