Strategy backtests

Every built-in strategy at its default settings, unhedged and with a crash put where it has both versions, run day by day from 2020 to Nov 4, 2026. The number is the year's return; the shade is the gap to buying and holding the stock that year.

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Strategy · SPY	2020	2021	2022	2023	2024	2025	2026 YTD	CAGR	Max drawdown
Shares onlyBuy & hold SPY	+15.2%buy & hold	+26.9%buy & hold	−19.5%buy & hold	+24.3%buy & hold	+23.3%buy & hold	+16.4%buy & hold	+12.4%buy & hold	+13.4%	−34.2%
LEAPS onlyGrowth · Unhedged	+77.9%+62.7	+70.5%+43.6	−45.4%−25.9	+65.8%+41.6	+62.7%+39.4	+29.9%+13.5	+22.3%+9.8	+33.0%	−48.4%	Open →
LEAPS onlyGrowth · Hedged	+114.6%+99.4	+78.4%+51.5	−44.3%−24.8	+60.4%+36.1	+60.1%+36.8	+29.0%+12.6	+21.2%+8.8	+36.7%	−47.4%	Open →
Shares + crash putGrowth · Hedged by design	+18.1%+2.9	+28.1%+1.2	−18.9%+0.6	+22.9%−1.4	+22.3%−1.0	+15.7%−0.6	+11.7%−0.7	+13.5%	−28.6%	Open →
LEAPS + Protective putGrowth · Hedged by design	+127.3%+112.1	+80.0%+53.1	−0.8%+18.7	+43.8%+19.5	+36.3%+13.0	+17.8%+1.4	+14.0%+1.5	+41.1%	−39.8%	Open →
LEAPS + Protective spreadsGrowth · Unhedged	+45.6%+30.4	+70.6%+43.7	−14.3%+5.2	+33.5%+9.3	+28.1%+4.8	+16.6%+0.2	+13.4%+1.0	+25.8%	−17.6%	Open →
LEAPS + Protective spreadsGrowth · Hedged	+69.1%+53.9	+77.8%+50.9	−3.7%+15.8	+28.2%+3.9	+25.3%+2.0	+14.2%−2.1	+10.9%−1.5	+29.5%	−19.4%	Open →
LEAPS + CollarGrowth · Hedged by design	+225.1%+209.9	+51.0%+24.1	−16.1%+3.4	+32.6%+8.3	+22.9%−0.4	+26.5%+10.1	+11.3%−1.1	+38.7%	−35.6%	Open →
PMCCIncome · Unhedged	+183.4%+168.2	+73.0%+46.1	−14.3%+5.1	+30.8%+6.6	+29.5%+6.2	+22.4%+6.0	+9.5%−2.9	+38.8%	−37.4%	Open →
PMCCIncome · Hedged	+204.4%+189.2	+73.8%+46.8	−14.0%+5.5	+28.2%+3.9	+27.7%+4.4	+21.2%+4.9	+8.6%−3.8	+39.4%	−35.9%	Open →
Covered callsIncome · Unhedged	+21.5%+6.3	+29.1%+2.1	−10.3%+9.2	+14.7%−9.6	+18.4%−4.9	+14.7%−1.7	+4.6%−7.8	+12.9%	−30.6%	Open →
Covered callsIncome · Hedged	+25.2%+10.0	+31.1%+4.2	−10.4%+9.0	+14.2%−10.0	+18.1%−5.2	+14.4%−1.9	+4.2%−8.2	+13.4%	−26.6%	Open →
Cash-secured putsIncome · Unhedged	+9.9%−5.3	+17.9%−9.0	−6.4%+13.1	+13.1%−11.2	+11.4%−11.9	+6.8%−9.6	+10.4%−2.1	+9.0%	−20.9%	Open →
Cash-secured putsIncome · Hedged	+5.7%−9.5	+12.9%−14.0	−1.4%+18.1	+9.2%−15.0	+9.0%−14.3	+5.8%−10.5	+7.7%−4.7	+7.1%	−5.8%	Open →
Put ratio spread 1×2Income · Unhedged	+4.4%−10.8	−1.0%−27.9	+3.3%+22.8	+7.2%−17.1	+7.6%−15.8	+7.5%−8.9	+5.2%−7.3	+5.0%	−11.1%	Open →
Put ratio spread 1×2Income · Hedged	+3.6%−11.6	+0.5%−26.4	+7.7%+27.2	+8.5%−15.7	+8.8%−14.5	+8.1%−8.2	+5.3%−7.2	+6.2%	−12.1%	Open →
Covered straddle wheelIncome · Unhedged	+5.8%−9.4	+5.6%−21.3	+6.7%+26.2	+8.7%−15.6	+9.4%−13.9	+3.8%−12.5	+9.0%−3.5	+7.1%	−10.8%	Open →
Covered straddle wheelIncome · Hedged	+6.6%−8.6	+4.6%−22.3	+6.9%+26.3	+8.2%−16.0	+9.2%−14.1	+4.3%−12.0	+8.1%−4.4	+7.0%	−8.1%	Open →
Short strangleNeutral · Unhedged	−4.2%−19.4	+3.7%−23.2	+3.1%+22.6	+6.6%−17.7	+3.7%−19.6	+1.1%−15.2	+2.7%−9.7	+2.4%	−6.5%	Open →
Short strangleNeutral · Hedged	+2.4%−12.8	+3.0%−24.0	+4.4%+23.9	+5.8%−18.5	+4.1%−19.2	+2.5%−13.8	+1.2%−11.2	+3.4%	−3.5%	Open →
Iron condorNeutral · Defined risk	+11.7%−3.5	+29.1%+2.1	+14.4%+33.9	+14.7%−9.6	+14.3%−9.0	−10.0%−26.4	+3.9%−8.6	+10.8%	−31.8%	Open →
Vertical spread by IVIncome · Defined risk	+5.9%−9.3	+18.1%−8.8	−32.2%−12.7	+4.2%−20.1	−11.6%−34.9	+32.3%+16.0	+0.8%−11.6	+0.6%	−55.0%	Open →
Short straddle → iron flyNeutral · Unhedged	+1.7%−13.5	+7.3%−19.6	+7.8%+27.3	+3.1%−21.1	+4.7%−18.6	+3.5%−12.9	+1.0%−11.5	+4.2%	−10.0%	Open →
Short straddle → iron flyNeutral · Hedged	−4.4%−19.6	+6.8%−20.1	+10.1%+29.6	+2.8%−21.5	+4.8%−18.5	+3.9%−12.4	+0.2%−12.3	+3.4%	−11.1%	Open →
Iron butterflyNeutral · Defined risk	−14.0%−29.2	+7.1%−19.8	−12.6%+6.9	+2.0%−22.3	−9.8%−33.1	−14.0%−30.4	+6.1%−6.3	−5.6%	−41.2%	Open →
Covered call ratio writeIncome · Unhedged	+16.4%+1.2	+29.6%+2.7	−0.5%+19.0	+11.6%−12.6	+5.4%−17.9	+7.2%−9.2	+9.3%−3.2	+11.2%	−22.2%	Open →
Covered call ratio writeIncome · Hedged	+19.5%+4.3	+31.4%+4.5	−0.8%+18.7	+11.3%−13.0	+5.2%−18.1	+7.0%−9.4	+8.9%−3.6	+11.6%	−18.4%	Open →
Stock repairGrowth · Unhedged	+25.3%+10.1	+34.9%+8.0	−15.1%+4.3	+26.4%+2.1	+26.6%+3.3	+14.2%−2.2	+3.7%−8.7	+15.7%	−35.2%	Open →
Stock repairGrowth · Hedged	+28.4%+13.2	+36.1%+9.2	−15.0%+4.5	+25.3%+1.0	+25.8%+2.5	+13.8%−2.5	+3.4%−9.1	+16.0%	−30.2%	Open →
Jade lizardNeutral · Unhedged	−1.0%−16.2	+5.2%−21.7	+2.8%+22.3	+7.4%−16.9	+8.3%−15.0	+4.4%−12.0	+6.5%−6.0	+4.8%	−10.5%	Open →
Jade lizardNeutral · Hedged	+0.1%−15.1	+4.3%−22.6	+3.3%+22.7	+7.2%−17.1	+6.0%−17.3	+4.2%−12.1	+5.7%−6.8	+4.5%	−7.2%	Open →
Shares collarGrowth · Hedged by design	+20.6%+5.4	+19.3%−7.6	−3.0%+16.5	+11.9%−12.3	+9.6%−13.7	+9.1%−7.2	+5.0%−7.5	+10.4%	−10.0%	Open →
Call diagonalGrowth · Defined risk	+103.6%+88.4	+86.6%+59.7	−25.7%−6.2	+49.5%+25.2	+22.7%−0.7	+23.9%+7.5	+8.7%−3.8	+32.7%	−27.4%	Open →
Put diagonalGrowth · Defined risk	−30.2%−45.4	−22.6%−49.5	+17.4%+36.9	−13.8%−38.1	−11.1%−34.4	−26.0%−42.3	−34.8%−47.2	−19.1%	−78.4%	Open →
Broken-wing put butterflyNeutral · Defined risk	−14.6%−29.8	+10.7%−16.2	−34.8%−15.3	+12.7%−11.6	+9.3%−14.0	+11.1%−5.2	+1.3%−11.2	−2.3%	−43.0%	Open →
Put 1-1-2Income · Unhedged	−4.6%−19.8	+1.3%−25.6	−4.2%+15.3	+5.4%−18.9	+5.8%−17.5	+2.5%−13.9	+3.7%−8.8	+1.4%	−8.9%	Open →
Put 1-1-2Income · Hedged	−4.4%−19.6	+0.7%−26.2	+2.8%+22.3	+5.8%−18.5	+5.7%−17.7	+4.9%−11.5	+3.8%−8.6	+2.8%	−6.1%	Open →
Call backspreadGrowth · Defined risk	−14.3%−29.5	−19.7%−46.6	−0.0%+19.5	−7.6%−31.9	−14.8%−38.1	−30.3%−46.6	−34.4%−46.9	−18.5%	−75.8%	Open →
Protective put · 90-day rolled putGrowth · Hedged by design	+57.0%+41.8	+80.4%+53.5	−17.8%+1.7	+32.0%+7.7	+49.5%+26.2	+22.4%+6.1	+15.2%+2.8	+31.3%	−31.9%	Open →
LEAPS + Married putGrowth · Hedged by design	+75.5%+60.3	+83.3%+56.4	−15.3%+4.2	+36.7%+12.4	+47.4%+24.1	+21.6%+5.2	+13.7%+1.2	+34.3%	−34.9%	Open →
Simple wheelIncome · Unhedged	+14.0%−1.2	+17.2%−9.7	−9.4%+10.1	+20.4%−3.9	+11.8%−11.5	+14.8%−1.5	+12.2%−0.3	+11.4%	−24.6%	Open →
Simple wheelIncome · Hedged	+18.6%+3.4	+19.1%−7.9	−8.8%+10.7	+19.5%−4.8	+11.9%−11.4	+13.6%−2.8	+10.3%−2.1	+11.9%	−19.3%	Open →

Strategy · QQQ	2020	2021	2022	2023	2024	2025	2026 YTD	CAGR	Max drawdown
Shares onlyBuy & hold QQQ	+45.1%buy & hold	+26.8%buy & hold	−33.1%buy & hold	+53.8%buy & hold	+24.8%buy & hold	+20.2%buy & hold	+12.6%buy & hold	+18.5%	−35.6%
LEAPS onlyGrowth · Unhedged	+174.0%+128.8	+46.1%+19.3	−57.6%−24.5	+128.2%+74.4	+47.1%+22.3	+32.9%+12.7	+22.5%+9.8	+38.3%	−61.1%	Open →
LEAPS onlyGrowth · Hedged	+193.0%+147.9	+45.9%+19.1	−54.6%−21.6	+111.9%+58.1	+45.1%+20.3	+33.4%+13.2	+20.5%+7.8	+38.9%	−58.0%	Open →
Shares + crash putGrowth · Hedged by design	+48.7%+3.5	+26.9%+0.1	−32.0%+1.0	+50.7%−3.1	+24.3%−0.6	+20.6%+0.4	+11.6%−1.0	+18.7%	−34.3%	Open →
LEAPS + Protective putGrowth · Hedged by design	+186.6%+141.5	+24.9%−1.9	−17.8%+15.3	+35.2%−18.6	+53.7%+28.8	+22.4%+2.3	+9.1%−3.5	+35.7%	−36.5%	Open →
LEAPS + Protective spreadsGrowth · Unhedged	+111.1%+66.0	+53.6%+26.8	−38.0%−4.9	+70.9%+17.1	+20.8%−4.1	+20.7%+0.5	+10.2%−2.4	+28.3%	−40.7%	Open →
LEAPS + Protective spreadsGrowth · Hedged	+138.8%+93.6	+63.3%+36.5	−26.2%+6.9	+53.3%−0.5	+19.7%−5.1	+19.1%−1.1	+7.1%−5.5	+32.1%	−28.3%	Open →
LEAPS + CollarGrowth · Hedged by design	+157.7%+112.5	+35.5%+8.6	−24.9%+8.2	+29.3%−24.5	+30.7%+5.9	+26.4%+6.2	−0.9%−13.5	+28.3%	−30.7%	Open →
PMCCIncome · Unhedged	+251.7%+206.6	+43.9%+17.1	−23.2%+9.8	+47.7%−6.1	+18.0%−6.8	+16.9%−3.3	+0.1%−12.6	+35.1%	−29.6%	Open →
PMCCIncome · Hedged	+270.8%+225.7	+43.8%+17.0	−22.6%+10.4	+44.7%−9.1	+17.8%−7.1	+17.9%−2.3	−0.9%−13.5	+35.9%	−28.8%	Open →
Covered callsIncome · Unhedged	+38.4%−6.7	+25.8%−1.0	−17.7%+15.4	+30.3%−23.5	+16.0%−8.8	+14.6%−5.6	−3.8%−16.5	+13.6%	−20.5%	Open →
Covered callsIncome · Hedged	+42.8%−2.3	+26.8%+0.0	−17.9%+15.1	+30.0%−23.8	+16.1%−8.7	+15.3%−4.9	−4.3%−17.0	+14.2%	−20.2%	Open →
Cash-secured putsIncome · Unhedged	+16.8%−28.3	+25.4%−1.4	−3.3%+29.7	+18.6%−35.2	+9.7%−15.1	+8.4%−11.7	+9.2%−3.4	+12.1%	−15.4%	Open →
Cash-secured putsIncome · Hedged	+10.7%−34.5	+18.4%−8.4	+0.2%+33.2	+12.8%−41.0	+7.5%−17.4	+7.8%−12.4	+6.1%−6.5	+9.1%	−6.9%	Open →
Put ratio spread 1×2Income · Unhedged	+2.1%−43.1	+2.1%−24.7	+1.7%+34.7	+6.0%−47.8	+9.3%−15.6	+8.1%−12.1	+9.3%−3.4	+5.6%	−4.8%	Open →
Put ratio spread 1×2Income · Hedged	+3.8%−41.4	+5.4%−21.4	+3.5%+36.5	+5.1%−48.7	+12.6%−12.3	+9.6%−10.5	+11.4%−1.2	+7.5%	−6.1%	Open →
Covered straddle wheelIncome · Unhedged	+5.7%−39.4	+6.6%−20.2	−4.1%+28.9	+13.4%−40.4	+8.2%−16.7	+4.0%−16.2	+7.9%−4.8	+6.0%	−9.1%	Open →
Covered straddle wheelIncome · Hedged	+6.0%−39.2	+6.1%−20.7	−3.8%+29.2	+13.3%−40.5	+8.3%−16.5	+4.1%−16.1	+7.2%−5.4	+5.9%	−9.1%	Open →
Short strangleNeutral · Unhedged	+0.5%−44.6	+6.5%−20.3	+2.6%+35.7	+9.0%−44.8	+4.7%−20.2	+3.3%−16.8	+3.4%−9.2	+4.4%	−7.1%	Open →
Short strangleNeutral · Hedged	+2.3%−42.8	+5.5%−21.3	+8.5%+41.6	+8.6%−45.2	+6.1%−18.7	+6.0%−14.2	+1.8%−10.8	+5.6%	−4.6%	Open →
Iron condorNeutral · Defined risk	+14.5%−30.6	+33.6%+6.7	+6.1%+39.2	+23.7%−30.1	−2.2%−27.1	−0.5%−20.7	+9.0%−3.6	+11.7%	−24.8%	Open →
Vertical spread by IVIncome · Defined risk	+56.1%+11.0	−15.1%−41.9	+1.6%+34.7	+25.0%−28.8	+1.8%−23.1	+32.9%+12.7	+13.6%+1.0	+14.8%	−45.7%	Open →
Short straddle → iron flyNeutral · Unhedged	+1.6%−43.6	+8.0%−18.8	−0.3%+32.8	+7.1%−46.6	+4.7%−20.1	+2.5%−17.7	−2.1%−14.7	+3.1%	−10.4%	Open →
Short straddle → iron flyNeutral · Hedged	−1.0%−46.2	+7.5%−19.3	+1.9%+35.0	+6.5%−47.3	+4.4%−20.5	+3.1%−17.0	−2.7%−15.3	+2.8%	−10.3%	Open →
Iron butterflyNeutral · Defined risk	−14.4%−59.6	+1.5%−25.3	−20.7%+12.3	+6.5%−47.3	−6.4%−31.2	−17.7%−37.9	−8.2%−20.8	−9.2%	−54.7%	Open →
Covered call ratio writeIncome · Unhedged	+21.2%−23.9	+17.5%−9.3	−5.5%+27.6	+16.1%−37.7	+3.9%−20.9	+6.2%−13.9	+5.2%−7.4	+9.1%	−12.0%	Open →
Covered call ratio writeIncome · Hedged	+24.4%−20.7	+18.6%−8.2	−5.8%+27.2	+16.1%−37.7	+4.0%−20.8	+7.0%−13.2	+4.6%−8.0	+9.6%	−11.2%	Open →
Stock repairGrowth · Unhedged	+59.2%+14.0	+33.0%+6.2	−22.6%+10.5	+43.8%−10.0	+28.3%+3.4	+15.9%−4.3	−1.6%−14.3	+19.8%	−28.2%	Open →
Stock repairGrowth · Hedged	+63.5%+18.3	+33.3%+6.5	−22.3%+10.8	+42.3%−11.5	+27.9%+3.1	+16.4%−3.7	−2.1%−14.7	+20.2%	−25.2%	Open →
Jade lizardNeutral · Unhedged	+0.1%−45.1	+7.1%−19.7	−1.6%+31.4	+9.5%−44.3	+6.5%−18.3	+5.2%−15.0	+6.9%−5.7	+4.9%	−9.3%	Open →
Jade lizardNeutral · Hedged	+3.3%−41.9	+4.5%−22.4	+0.4%+33.4	+9.2%−44.6	+7.3%−17.5	+2.2%−17.9	+3.2%−9.5	+4.3%	−7.5%	Open →
Shares collarGrowth · Hedged by design	+28.1%−17.1	+13.4%−13.4	−9.1%+24.0	+17.0%−36.7	+14.2%−10.6	+7.0%−13.2	+2.6%−10.0	+10.1%	−11.9%	Open →
Call diagonalGrowth · Defined risk	+284.9%+239.8	+55.9%+29.1	−26.9%+6.1	+44.8%−8.9	+6.0%−18.9	+27.3%+7.1	−7.1%−19.7	+35.3%	−30.0%	Open →
Put diagonalGrowth · Defined risk	−18.4%−63.5	−17.2%−44.0	+34.9%+67.9	−8.9%−62.7	−2.6%−27.5	−31.2%−51.4	−22.8%−35.4	−11.6%	−66.2%	Open →
Broken-wing put butterflyNeutral · Defined risk	−11.5%−56.6	+0.2%−26.6	−27.9%+5.2	+11.3%−42.5	+3.7%−21.1	+11.0%−9.2	−4.5%−17.1	−3.5%	−45.0%	Open →
Put 1-1-2Income · Unhedged	−0.6%−45.8	+1.2%−25.6	−5.9%+27.1	+6.6%−47.1	+6.0%−18.8	−0.4%−20.6	+4.6%−8.0	+1.6%	−7.1%	Open →
Put 1-1-2Income · Hedged	−1.1%−46.2	+0.7%−26.1	+3.1%+36.1	+5.9%−47.9	+5.5%−19.3	+2.8%−17.4	+3.9%−8.7	+3.0%	−5.0%	Open →
Call backspreadGrowth · Defined risk	−10.9%−56.0	−12.9%−39.7	−0.3%+32.7	−14.4%−68.2	−13.3%−38.1	−42.0%−62.1	+2.4%−10.2	−14.5%	−72.8%	Open →
Protective put · 90-day rolled putGrowth · Hedged by design	+100.9%+55.8	+16.9%−9.9	−36.0%−2.9	+53.8%−0.0	+57.3%+32.5	+24.1%+3.9	−2.1%−14.7	+24.1%	−45.1%	Open →
LEAPS + Married putGrowth · Hedged by design	+144.9%+99.8	+24.2%−2.6	−34.1%−1.0	+52.4%−1.4	+51.5%+26.6	+22.4%+2.3	−1.5%−14.1	+28.4%	−47.9%	Open →
Simple wheelIncome · Unhedged	+32.5%−12.6	+24.9%−1.9	−20.5%+12.6	+42.0%−11.8	+15.6%−9.3	+16.2%−4.0	+10.2%−2.4	+16.0%	−22.2%	Open →
Simple wheelIncome · Hedged	+28.3%−16.9	+21.1%−5.7	−19.3%+13.8	+41.1%−12.7	+14.9%−10.0	+15.9%−4.3	+7.2%−5.4	+14.5%	−21.2%	Open →

Strategy · IWM	2020	2021	2022	2023	2024	2025	2026 YTD	CAGR	Max drawdown
Shares onlyBuy & hold IWM	+18.5%buy & hold	+13.3%buy & hold	−21.6%buy & hold	+15.1%buy & hold	+10.1%buy & hold	+11.4%buy & hold	+15.4%buy & hold	+8.2%	−41.2%
LEAPS onlyGrowth · Unhedged	+125.6%+107.1	+19.5%+6.2	−42.8%−21.2	+29.9%+14.8	+20.8%+10.7	+20.6%+9.2	+35.1%+19.8	+22.1%	−75.9%	Open →
LEAPS onlyGrowth · Hedged	+156.5%+138.0	+16.3%+3.1	−35.3%−13.7	+23.7%+8.6	+13.6%+3.5	+19.5%+8.1	+27.9%+12.6	+22.9%	−69.0%	Open →
Shares + crash putGrowth · Hedged by design	+23.4%+5.0	+12.1%−1.1	−19.1%+2.5	+13.9%−1.2	+8.2%−1.9	+11.2%−0.2	+13.2%−2.2	+8.4%	−33.0%	Open →
LEAPS + Protective putGrowth · Hedged by design	+243.7%+225.2	+25.4%+12.1	−3.1%+18.5	+18.1%+2.9	+14.3%+4.2	+14.5%+3.1	+8.4%−7.0	+32.7%	−35.7%	Open →
LEAPS + Protective spreadsGrowth · Unhedged	+49.0%+30.5	+75.6%+62.3	−15.2%+6.4	+26.0%+10.9	+22.6%+12.5	+11.9%+0.5	+17.8%+2.4	+24.6%	−32.3%	Open →
LEAPS + Protective spreadsGrowth · Hedged	+87.9%+69.5	+83.0%+69.7	−2.4%+19.2	+24.7%+9.6	+19.0%+8.9	+9.0%−2.4	+13.1%−2.2	+30.3%	−23.4%	Open →
LEAPS + CollarGrowth · Hedged by design	+190.7%+172.2	+14.8%+1.6	−23.4%−1.7	+3.5%−11.7	+26.1%+16.0	+31.4%+20.0	+27.7%+12.3	+28.5%	−48.0%	Open →
PMCCIncome · Unhedged	+197.1%+178.6	+55.0%+41.8	−11.4%+10.3	−1.3%−16.4	+24.7%+14.6	+24.5%+13.1	+13.3%−2.0	+33.0%	−44.9%	Open →
PMCCIncome · Hedged	+228.1%+209.6	+49.2%+35.9	−8.7%+13.0	−1.2%−16.3	+20.5%+10.4	+23.7%+12.3	+10.9%−4.5	+33.5%	−40.5%	Open →
Covered callsIncome · Unhedged	+27.6%+9.1	+23.3%+10.0	−10.6%+11.0	+17.6%+2.5	+12.6%+2.5	+13.0%+1.6	+14.7%−0.7	+13.7%	−38.5%	Open →
Covered callsIncome · Hedged	+33.0%+14.5	+22.1%+8.8	−9.2%+12.4	+16.7%+1.6	+11.2%+1.1	+12.9%+1.5	+13.3%−2.0	+14.0%	−31.6%	Open →
Cash-secured putsIncome · Unhedged	+11.2%−7.2	+43.5%+30.3	−5.4%+16.2	+11.8%−3.3	+12.2%+2.1	+12.0%+0.6	+9.3%−6.1	+13.1%	−33.8%	Open →
Cash-secured putsIncome · Hedged	+27.1%+8.7	+35.9%+22.7	−3.8%+17.8	+11.2%−3.9	+10.1%−0.0	+10.5%−0.9	+7.2%−8.2	+13.7%	−7.3%	Open →
Put ratio spread 1×2Income · Unhedged	+4.4%−14.0	+4.2%−9.0	+11.9%+33.5	+9.3%−5.8	+7.4%−2.7	+1.9%−9.5	+7.4%−8.0	+6.8%	−21.7%	Open →
Put ratio spread 1×2Income · Hedged	+14.4%−4.1	+8.4%−4.9	+22.9%+44.5	+9.1%−6.0	+7.9%−2.2	+0.6%−10.8	+7.1%−8.3	+10.1%	−28.1%	Open →
Covered straddle wheelIncome · Unhedged	+12.4%−6.1	+17.0%+3.8	−1.4%+20.2	+10.8%−4.3	+10.6%+0.5	−1.3%−12.7	+9.4%−5.9	+8.2%	−16.5%	Open →
Covered straddle wheelIncome · Hedged	+15.5%−3.0	+15.5%+2.3	−0.7%+20.9	+10.9%−4.3	+10.5%+0.4	−0.7%−12.2	+8.7%−6.7	+8.5%	−13.5%	Open →
Short strangleNeutral · Unhedged	−4.6%−23.0	+18.3%+5.0	+13.1%+34.7	+11.3%−3.8	+11.6%+1.5	+2.2%−9.2	+5.7%−9.7	+8.2%	−19.4%	Open →
Short strangleNeutral · Hedged	+6.8%−11.6	+13.3%+0.0	+10.9%+32.5	+9.3%−5.8	+9.1%−1.0	+1.9%−9.6	+4.8%−10.6	+8.1%	−7.1%	Open →
Iron condorNeutral · Defined risk	+22.7%+4.3	+49.0%+35.7	+28.1%+49.8	+25.7%+10.6	+20.0%+9.9	−9.9%−21.3	+9.3%−6.1	+20.0%	−31.2%	Open →
Vertical spread by IVIncome · Defined risk	+8.8%−9.7	−14.9%−28.1	−0.5%+21.1	−6.4%−21.5	−38.4%−48.5	−17.6%−29.0	+16.4%+1.0	−9.4%	−62.8%	Open →
Short straddle → iron flyNeutral · Unhedged	+4.0%−14.4	+34.8%+21.6	+14.6%+36.2	+10.6%−4.5	+13.5%+3.4	−2.0%−13.4	+2.8%−12.5	+10.9%	−14.3%	Open →
Short straddle → iron flyNeutral · Hedged	−2.7%−21.2	+35.4%+22.1	+15.5%+37.1	+9.3%−5.8	+13.2%+3.1	−1.7%−13.1	+2.3%−13.1	+9.8%	−16.6%	Open →
Iron butterflyNeutral · Defined risk	−25.0%−43.5	−12.0%−25.3	−22.5%−0.9	+3.3%−11.8	−17.0%−27.1	+17.9%+6.5	+25.0%+9.6	−6.2%	−58.5%	Open →
Covered call ratio writeIncome · Unhedged	+13.1%−5.4	+41.9%+28.6	−2.5%+19.1	+4.7%−10.4	+5.6%−4.5	+0.6%−10.8	+12.1%−3.2	+10.2%	−31.3%	Open →
Covered call ratio writeIncome · Hedged	+19.2%+0.8	+41.7%+28.5	−1.6%+20.0	+4.4%−10.7	+4.5%−5.6	+0.7%−10.7	+10.9%−4.4	+10.9%	−25.2%	Open →
Stock repairGrowth · Unhedged	+26.5%+8.0	+26.4%+13.1	−14.9%+6.7	+10.3%−4.9	+10.6%+0.5	+11.1%−0.3	+11.4%−4.0	+11.1%	−42.5%	Open →
Stock repairGrowth · Hedged	+31.9%+13.4	+25.0%+11.8	−13.4%+8.2	+9.7%−5.4	+9.1%−1.0	+11.1%−0.3	+10.0%−5.4	+11.4%	−35.5%	Open →
Jade lizardNeutral · Unhedged	−4.6%−23.1	+21.2%+8.0	+1.5%+23.2	+14.0%−1.1	+10.3%+0.2	+5.6%−5.8	+7.8%−7.5	+7.9%	−24.4%	Open →
Jade lizardNeutral · Hedged	+2.1%−16.3	+18.9%+5.6	+7.5%+29.1	+11.7%−3.4	+10.6%+0.5	+5.0%−6.4	+5.6%−9.7	+8.9%	−14.7%	Open →
Shares collarGrowth · Hedged by design	+39.8%+21.3	+9.8%−3.4	−5.1%+16.5	+15.6%+0.5	+11.9%+1.8	+9.8%−1.7	+2.6%−12.8	+11.6%	−16.2%	Open →
Call diagonalGrowth · Defined risk	+61.2%+42.8	+20.0%+6.8	−27.1%−5.4	+23.5%+8.4	+29.8%+19.7	+28.3%+16.9	+11.3%−4.1	+18.6%	−44.3%	Open →
Put diagonalGrowth · Defined risk	−7.7%−26.2	−6.8%−20.0	+7.0%+28.6	−4.3%−19.4	−19.5%−29.6	−21.3%−32.8	−16.1%−31.4	−10.5%	−72.4%	Open →
Broken-wing put butterflyNeutral · Defined risk	−10.5%−28.9	+3.4%−9.8	−26.7%−5.1	+2.8%−12.3	+11.4%+1.3	−0.5%−11.9	+11.8%−3.5	−2.1%	−39.3%	Open →
Put 1-1-2Income · Unhedged	−8.4%−26.9	+2.2%−11.1	−1.6%+20.0	+5.0%−10.1	+6.3%−3.8	+4.1%−7.3	+5.4%−10.0	+1.8%	−12.7%	Open →
Put 1-1-2Income · Hedged	−8.6%−27.0	+2.3%−11.0	+3.5%+25.1	+4.5%−10.6	+5.7%−4.4	+5.5%−6.0	+4.8%−10.6	+2.5%	−12.3%	Open →
Call backspreadGrowth · Defined risk	−0.3%−18.8	−27.8%−41.1	−7.3%+14.3	+1.4%−13.7	−10.3%−20.4	−17.5%−28.9	−29.1%−44.5	−14.1%	−66.8%	Open →
Protective put · 90-day rolled putGrowth · Hedged by design	+156.5%+138.0	+31.6%+18.4	−16.1%+5.6	+18.0%+2.9	+12.9%+2.8	+15.8%+4.4	+13.4%−2.0	+26.2%	−42.9%	Open →
LEAPS + Married putGrowth · Hedged by design	+180.5%+162.1	+24.2%+10.9	−15.5%+6.1	+17.5%+2.4	+8.6%−1.5	+15.9%+4.5	+13.8%−1.6	+26.2%	−41.7%	Open →
Simple wheelIncome · Unhedged	+15.4%−3.1	+31.6%+18.3	−12.3%+9.3	+12.8%−2.3	+13.6%+3.5	+13.8%+2.4	+11.5%−3.9	+11.9%	−34.7%	Open →
Simple wheelIncome · Hedged	+23.2%+4.7	+30.1%+16.9	−12.0%+9.6	+12.4%−2.7	+11.2%+1.1	+13.6%+2.2	+7.0%−8.3	+11.8%	−28.5%	Open →

Strategy · NVDA	2020	2021	2022	2023	2024	2025	2026 YTD	CAGR	Max drawdown
Shares onlyBuy & hold NVDA	+117.7%buy & hold	+125.2%buy & hold	−50.3%buy & hold	+238.9%buy & hold	+171.2%buy & hold	+38.9%buy & hold	+0.1%buy & hold	+65.2%	−66.4%
LEAPS onlyGrowth · Unhedged	+61.7%−56.1	+92.5%−32.7	−43.5%+6.8	+156.8%−82.2	+166.5%−4.7	+34.6%−4.2	+6.7%+6.6	+51.5%	−60.9%	Open →
LEAPS onlyGrowth · Hedged	+61.9%−55.8	+76.2%−49.0	−44.7%+5.6	+159.2%−79.8	+181.6%+10.5	+41.8%+2.9	+5.9%+5.8	+51.5%	−65.3%	Open →
Shares + crash putGrowth · Hedged by design	+35.7%−82.1	+50.6%−74.5	−33.6%+16.7	+122.3%−116.7	+140.2%−31.0	+40.9%+2.0	−0.2%−0.3	+40.3%	−49.4%	Open →
LEAPS + Protective putGrowth · Hedged by design	+14.6%−103.1	+31.9%−93.3	−7.9%+42.4	+1.2%−237.7	+157.4%−13.8	+27.7%−11.2	+15.0%+15.0	+27.7%	−44.2%	Open →
LEAPS + Protective spreadsGrowth · Unhedged	+93.5%−24.3	+67.2%−58.0	−38.3%+12.0	+247.6%+8.6	+150.8%−20.3	+56.5%+17.6	+19.2%+19.1	+66.1%	−61.1%	Open →
LEAPS + Protective spreadsGrowth · Hedged	+80.9%−36.9	+53.3%−71.9	−37.8%+12.5	+251.2%+12.2	+228.4%+57.3	+54.0%+15.1	+16.9%+16.9	+68.5%	−63.9%	Open →
LEAPS + CollarGrowth · Hedged by design	+7.6%−110.1	+6.0%−119.1	−14.0%+36.3	+25.9%−213.1	+36.7%−134.5	+26.2%−12.6	+6.0%+5.9	+12.6%	−25.0%	Open →
PMCCIncome · Unhedged	+14.8%−102.9	+16.8%−108.4	−18.1%+32.2	+36.5%−202.5	+78.6%−92.6	+14.5%−24.3	−2.7%−2.8	+17.3%	−44.7%	Open →
PMCCIncome · Hedged	+11.3%−106.5	+7.1%−118.1	−13.2%+37.1	+24.4%−214.6	+67.9%−103.3	+21.4%−17.4	−3.2%−3.2	+14.6%	−34.0%	Open →
Covered callsIncome · Unhedged	+8.4%−109.3	+24.6%−100.6	−11.1%+39.2	+33.8%−205.1	+54.6%−116.6	+24.3%−14.6	−4.1%−4.2	+17.2%	−25.6%	Open →
Covered callsIncome · Hedged	+8.5%−109.3	+21.1%−104.1	−10.5%+39.8	+31.6%−207.4	+55.9%−115.3	+28.8%−10.1	−4.6%−4.7	+17.2%	−21.4%	Open →
Cash-secured putsIncome · Unhedged	+5.9%−111.8	+12.5%−112.7	−1.5%+48.9	+25.0%−214.0	+25.3%−145.9	+19.7%−19.2	+10.0%+9.9	+13.8%	−12.7%	Open →
Cash-secured putsIncome · Hedged	+3.2%−114.6	+8.3%−116.9	+1.3%+51.6	+17.2%−221.8	+16.4%−154.8	+14.4%−24.4	+9.4%+9.3	+10.1%	−9.4%	Open →
Put ratio spread 1×2Income · Unhedged	+1.0%−116.7	+4.0%−121.2	−0.8%+49.6	+13.0%−225.9	+15.8%−155.4	+17.1%−21.8	+7.7%+7.6	+8.2%	−8.0%	Open →
Put ratio spread 1×2Income · Hedged	+0.3%−117.4	+10.7%−114.5	−5.6%+44.7	+29.4%−209.5	+46.7%−124.5	+55.1%+16.2	+14.1%+14.1	+20.2%	−15.9%	Open →
Covered straddle wheelIncome · Unhedged	+2.9%−114.9	+5.2%−120.0	−1.5%+48.8	+13.2%−225.8	+23.0%−148.2	+35.4%−3.4	+5.8%+5.7	+11.6%	−9.6%	Open →
Covered straddle wheelIncome · Hedged	+4.5%−113.2	+4.2%−121.0	−1.4%+48.9	+11.3%−227.7	+32.7%−138.5	+33.4%−5.4	+6.1%+6.0	+12.5%	−9.6%	Open →
Short strangleNeutral · Unhedged	+1.1%−116.6	+4.1%−121.1	+4.1%+54.5	+10.8%−228.2	+3.3%−167.9	+8.5%−30.4	+5.4%+5.4	+5.4%	−3.0%	Open →
Short strangleNeutral · Hedged	+0.6%−117.1	+2.1%−123.1	+3.3%+53.7	+8.3%−230.7	+13.1%−158.1	+8.3%−30.6	+5.8%+5.7	+6.0%	−2.5%	Open →
Iron condorNeutral · Defined risk	−1.4%−119.1	+1.8%−123.4	−2.5%+47.8	+9.6%−229.4	+1.7%−169.4	+20.9%−18.0	+7.4%+7.3	+5.2%	−14.9%	Open →
Vertical spread by IVIncome · Defined risk	−0.2%−117.9	−1.6%−126.8	−3.3%+47.0	+2.8%−236.2	−5.8%−177.0	−15.8%−54.7	−30.1%−30.2	−8.6%	−47.9%	Open →
Short straddle → iron flyNeutral · Unhedged	+2.2%−115.5	+7.8%−117.4	+8.2%+58.5	+16.0%−223.0	+9.6%−161.5	+16.4%−22.4	+6.5%+6.4	+9.7%	−6.1%	Open →
Short straddle → iron flyNeutral · Hedged	+2.0%−115.8	+8.5%−116.7	+8.3%+58.6	+15.8%−223.1	+27.5%−143.7	+16.1%−22.7	+6.7%+6.6	+12.1%	−6.7%	Open →
Iron butterflyNeutral · Defined risk	−5.1%−122.8	−8.4%−133.5	−6.2%+44.1	−6.6%−245.6	−15.4%−186.6	−13.9%−52.7	−25.6%−25.7	−12.1%	−58.8%	Open →
Covered call ratio writeIncome · Unhedged	+7.0%−110.8	+9.4%−115.8	−6.7%+43.6	+34.8%−204.2	+53.2%−118.0	+22.4%−16.5	+13.4%+13.3	+18.1%	−19.0%	Open →
Covered call ratio writeIncome · Hedged	+7.9%−109.8	+7.2%−118.0	−7.0%+43.3	+36.4%−202.6	+59.5%−111.7	+28.3%−10.6	+13.3%+13.3	+19.6%	−18.4%	Open →
Stock repairGrowth · Unhedged	+13.0%−104.7	+18.7%−106.5	−11.0%+39.3	+44.3%−194.6	+62.2%−109.0	+30.0%−8.9	−8.5%−8.6	+19.2%	−24.7%	Open →
Stock repairGrowth · Hedged	+11.2%−106.5	+12.9%−112.3	−8.9%+41.4	+37.3%−201.7	+58.1%−113.0	+32.9%−6.0	−8.4%−8.5	+17.5%	−20.8%	Open →
Jade lizardNeutral · Unhedged	+0.4%−117.4	+1.6%−123.6	+1.9%+52.2	+10.6%−228.3	+6.2%−165.0	+10.3%−28.6	+1.7%+1.7	+4.7%	−7.0%	Open →
Jade lizardNeutral · Hedged	+0.4%−117.4	+1.3%−123.8	+1.8%+52.1	+8.8%−230.1	+16.9%−154.3	+8.6%−30.2	+0.3%+0.3	+5.4%	−5.3%	Open →
Shares collarGrowth · Hedged by design	+4.7%−113.0	+7.6%−117.6	−3.6%+46.7	+13.5%−225.4	+32.2%−138.9	+7.3%−31.6	−1.0%−1.0	+8.4%	−15.1%	Open →
Call diagonalGrowth · Defined risk	+44.1%−73.6	+34.8%−90.4	−26.7%+23.7	+102.1%−136.8	+171.8%+0.6	+23.4%−15.5	−4.2%−4.3	+38.3%	−38.0%	Open →
Put diagonalGrowth · Defined risk	−1.5%−119.2	−12.1%−137.3	+9.5%+59.8	−4.7%−243.6	−18.8%−190.0	+8.1%−30.8	−26.6%−26.7	−7.6%	−60.0%	Open →
Broken-wing put butterflyNeutral · Defined risk	−0.6%−118.4	−1.2%−126.4	−7.6%+42.7	+2.3%−236.6	−11.0%−182.1	−12.4%−51.2	−17.4%−17.5	−7.2%	−40.4%	Open →
Put 1-1-2Income · Unhedged	+0.2%−117.6	+0.6%−124.6	+0.3%+50.6	+5.9%−233.0	+5.2%−165.9	+4.3%−34.5	+3.4%+3.3	+2.9%	−1.4%	Open →
Put 1-1-2Income · Hedged	+0.3%−117.4	−0.3%−125.5	+0.9%+51.2	+5.0%−233.9	+5.3%−165.9	+4.6%−34.3	+3.5%+3.4	+2.8%	−1.8%	Open →
Call backspreadGrowth · Defined risk	−2.1%−119.8	+3.2%−122.0	+0.9%+51.2	+14.2%−224.7	+29.3%−141.9	−5.4%−44.3	−23.4%−23.4	+1.3%	−35.8%	Open →
Protective put · 90-day rolled putGrowth · Hedged by design	+7.3%−110.5	+11.6%−113.6	−13.0%+37.4	+45.8%−193.1	+52.0%−119.2	−0.5%−39.3	−9.1%−9.2	+11.3%	−33.6%	Open →
LEAPS + Married putGrowth · Hedged by design	+17.5%−100.2	+16.5%−108.7	−22.9%+27.4	+70.4%−168.6	+87.7%−83.5	+10.1%−28.8	+12.8%+12.7	+23.3%	−50.7%	Open →
Simple wheelIncome · Unhedged	+9.5%−108.2	+17.7%−107.5	−10.9%+39.4	+54.6%−184.4	+49.2%−122.0	+36.2%−2.7	+10.0%+9.9	+22.3%	−18.5%	Open →
Simple wheelIncome · Hedged	+8.0%−109.8	+13.2%−112.0	−8.3%+42.0	+45.2%−193.8	+65.6%−105.6	+40.0%+1.1	+7.9%+7.8	+22.7%	−17.2%	Open →

Strategy · AAPL	2020	2021	2022	2023	2024	2025	2026 YTD	CAGR	Max drawdown
Shares onlyBuy & hold AAPL	+76.7%buy & hold	+33.8%buy & hold	−26.8%buy & hold	+48.2%buy & hold	+30.1%buy & hold	+8.6%buy & hold	+28.6%buy & hold	+25.2%	−33.4%
LEAPS onlyGrowth · Unhedged	+209.8%+133.1	+21.7%−12.1	−32.3%−5.4	+49.5%+1.3	+48.2%+18.2	+10.8%+2.2	+34.7%+6.1	+36.4%	−39.4%	Open →
LEAPS onlyGrowth · Hedged	+218.8%+142.1	+16.1%−17.7	−32.5%−5.7	+52.0%+3.9	+48.7%+18.6	+11.5%+2.9	+32.1%+3.6	+36.1%	−40.1%	Open →
Shares + crash putGrowth · Hedged by design	+75.3%−1.4	+28.6%−5.2	−26.1%+0.7	+48.0%−0.2	+29.6%−0.5	+8.9%+0.4	+26.3%−2.2	+24.2%	−30.3%	Open →
LEAPS + Protective putGrowth · Hedged by design	+190.5%+113.8	−17.4%−51.2	−18.6%+8.2	+37.6%−10.6	+32.7%+2.6	+2.6%−5.9	+29.1%+0.6	+25.4%	−56.3%	Open →
LEAPS + Protective spreadsGrowth · Unhedged	+119.5%+42.8	+91.9%+58.1	−11.6%+15.3	+37.1%−11.1	+22.1%−7.9	+9.6%+1.0	+22.2%−6.4	+36.3%	−21.5%	Open →
LEAPS + Protective spreadsGrowth · Hedged	+121.1%+44.4	+91.2%+57.4	−4.6%+22.3	+36.4%−11.8	+20.9%−9.2	+8.3%−0.3	+18.3%−10.3	+36.7%	−16.7%	Open →
LEAPS + CollarGrowth · Hedged by design	+112.7%+36.0	+20.7%−13.2	−18.6%+8.2	+31.7%−16.5	+17.9%−12.2	+26.2%+17.6	+18.2%−10.4	+25.8%	−30.2%	Open →
PMCCIncome · Unhedged	+273.0%+196.3	+39.5%+5.7	−6.5%+20.3	+29.1%−19.1	+25.5%−4.5	+13.1%+4.5	+20.1%−8.4	+41.3%	−26.7%	Open →
PMCCIncome · Hedged	+282.0%+205.3	+34.4%+0.6	−6.3%+20.5	+30.2%−18.0	+25.7%−4.3	+13.6%+5.1	+18.4%−10.2	+41.0%	−30.4%	Open →
Covered callsIncome · Unhedged	+88.8%+12.0	+41.3%+7.5	−16.0%+10.8	+35.8%−12.4	+26.6%−3.4	+10.4%+1.8	+17.3%−11.2	+26.5%	−27.7%	Open →
Covered callsIncome · Hedged	+92.1%+15.4	+37.5%+3.7	−15.9%+10.9	+36.8%−11.4	+26.8%−3.3	+10.8%+2.2	+16.0%−12.6	+26.3%	−22.9%	Open →
Cash-secured putsIncome · Unhedged	+22.0%−54.7	+23.8%−10.0	−3.9%+22.9	+15.4%−32.8	+3.4%−26.7	+0.7%−7.8	+13.0%−15.6	+10.4%	−18.9%	Open →
Cash-secured putsIncome · Hedged	+14.9%−61.8	+16.1%−17.8	−0.8%+26.1	+11.3%−36.9	+1.7%−28.4	+0.1%−8.5	+9.5%−19.0	+7.5%	−8.9%	Open →
Put ratio spread 1×2Income · Unhedged	+9.8%−66.9	+5.8%−28.0	+7.2%+34.1	+8.7%−39.5	+8.0%−22.1	+5.5%−3.1	+12.2%−16.4	+8.3%	−12.4%	Open →
Put ratio spread 1×2Income · Hedged	+8.1%−68.7	+5.2%−28.6	+13.4%+40.2	+9.7%−38.5	+8.4%−21.7	+5.9%−2.6	+12.3%−16.2	+9.2%	−12.0%	Open →
Covered straddle wheelIncome · Unhedged	+11.9%−64.8	+12.2%−21.6	−5.2%+21.7	+21.3%−26.9	+12.9%−17.2	+3.6%−5.0	+11.6%−17.0	+9.7%	−13.5%	Open →
Covered straddle wheelIncome · Hedged	+16.0%−60.7	+10.8%−23.0	−4.7%+22.2	+20.4%−27.7	+12.4%−17.7	+4.0%−4.5	+10.8%−17.8	+9.9%	−12.9%	Open →
Short strangleNeutral · Unhedged	+2.2%−74.5	+4.7%−29.1	+6.9%+33.7	+10.9%−37.3	+6.0%−24.1	+2.8%−5.8	+0.4%−28.1	+4.9%	−5.2%	Open →
Short strangleNeutral · Hedged	+1.3%−75.4	+3.2%−30.6	+4.8%+31.7	+9.0%−39.2	+5.5%−24.6	−1.3%−9.9	−1.3%−29.8	+3.0%	−4.5%	Open →
Iron condorNeutral · Defined risk	−9.8%−86.5	+13.1%−20.7	+0.4%+27.2	+34.8%−13.4	+25.9%−4.2	−9.0%−17.6	−18.9%−47.5	+3.7%	−30.5%	Open →
Vertical spread by IVIncome · Defined risk	+6.9%−69.9	−0.3%−34.1	−20.7%+6.1	+26.2%−22.0	+38.6%+8.5	−5.7%−14.3	−36.6%−65.1	−1.8%	−53.9%	Open →
Short straddle → iron flyNeutral · Unhedged	−1.9%−78.6	+7.7%−26.1	+7.2%+34.0	+12.8%−35.4	+7.1%−23.0	−5.6%−14.1	+1.7%−26.8	+4.1%	−13.1%	Open →
Short straddle → iron flyNeutral · Hedged	−1.7%−78.4	+6.6%−27.2	+7.8%+34.6	+10.0%−38.2	+6.9%−23.2	−4.4%−13.0	+0.8%−27.8	+3.7%	−11.3%	Open →
Iron butterflyNeutral · Defined risk	−23.7%−100.4	−5.4%−39.3	−23.3%+3.5	−0.1%−48.3	−10.5%−40.6	−6.5%−15.1	−12.3%−40.9	−12.4%	−60.1%	Open →
Covered call ratio writeIncome · Unhedged	+26.1%−50.6	+24.3%−9.5	−3.9%+23.0	+23.7%−24.5	+1.8%−28.3	+1.8%−6.7	+6.1%−22.5	+11.1%	−21.6%	Open →
Covered call ratio writeIncome · Hedged	+26.1%−50.6	+21.0%−12.8	−3.5%+23.3	+23.6%−24.6	+1.9%−28.1	+2.2%−6.3	+4.7%−23.8	+10.5%	−19.0%	Open →
Stock repairGrowth · Unhedged	+49.6%−27.1	+38.4%+4.6	−17.7%+9.1	+34.6%−13.5	+30.9%+0.8	+2.2%−6.4	+11.9%−16.7	+19.7%	−26.0%	Open →
Stock repairGrowth · Hedged	+52.0%−24.7	+35.0%+1.1	−17.7%+9.1	+35.5%−12.6	+31.1%+1.0	+2.5%−6.0	+10.5%−18.0	+19.6%	−23.9%	Open →
Jade lizardNeutral · Unhedged	+0.6%−76.1	+5.4%−28.5	+1.6%+28.4	+11.6%−36.6	+7.1%−22.9	+2.0%−6.5	+7.9%−20.6	+5.2%	−7.0%	Open →
Jade lizardNeutral · Hedged	+3.0%−73.7	+5.0%−28.8	+2.5%+29.3	+11.6%−36.6	+6.4%−23.6	+0.6%−8.0	+6.4%−22.1	+5.1%	−4.4%	Open →
Shares collarGrowth · Hedged by design	+33.6%−43.1	+16.3%−17.5	−4.5%+22.3	+24.7%−23.5	+9.5%−20.5	+9.3%+0.8	+3.0%−25.5	+12.8%	−11.1%	Open →
Call diagonalGrowth · Defined risk	+198.0%+121.3	+42.3%+8.5	−28.6%−1.7	+67.3%+19.1	+22.9%−7.2	−1.6%−10.1	−6.2%−34.8	+29.0%	−32.1%	Open →
Put diagonalGrowth · Defined risk	−10.3%−87.0	−13.6%−47.4	+4.5%+31.3	−11.8%−60.0	−5.5%−35.6	−26.5%−35.1	−53.9%−82.5	−19.4%	−78.2%	Open →
Broken-wing put butterflyNeutral · Defined risk	−9.6%−86.3	−0.1%−34.0	−21.5%+5.3	+0.2%−48.0	+9.0%−21.1	−22.9%−31.5	+10.1%−18.5	−6.0%	−45.4%	Open →
Put 1-1-2Income · Unhedged	−5.8%−82.5	+3.6%−30.2	−6.5%+20.3	+4.6%−43.6	+5.1%−24.9	+4.1%−4.4	+3.2%−25.4	+1.1%	−10.6%	Open →
Put 1-1-2Income · Hedged	−5.2%−82.0	+2.3%−31.5	+4.5%+31.3	+6.1%−42.1	+5.1%−24.9	+4.1%−4.4	+3.2%−25.4	+2.9%	−8.7%	Open →
Call backspreadGrowth · Defined risk	+15.6%−61.2	−17.4%−51.3	−6.1%+20.7	−19.2%−67.3	+9.0%−21.0	−18.2%−26.8	−0.4%−29.0	−6.3%	−51.8%	Open →
Protective put · 90-day rolled putGrowth · Hedged by design	+111.9%+35.2	−18.1%−52.0	−34.1%−7.2	+27.6%−20.6	+32.7%+2.6	+7.1%−1.4	+37.6%+9.1	+16.5%	−57.7%	Open →
LEAPS + Married putGrowth · Hedged by design	+147.2%+70.5	−18.0%−51.8	−28.8%−2.0	+7.7%−40.4	+32.8%+2.7	+0.7%−7.9	+43.5%+14.9	+17.2%	−55.4%	Open →
Simple wheelIncome · Unhedged	+45.2%−31.5	+38.6%+4.7	−5.9%+20.9	+43.0%−5.2	+18.3%−11.7	+10.4%+1.8	+16.7%−11.9	+23.0%	−24.6%	Open →
Simple wheelIncome · Hedged	+43.4%−33.3	+37.7%+3.9	−5.3%+21.6	+43.6%−4.6	+17.9%−12.2	+8.8%+0.2	+19.6%−9.0	+23.0%	−22.4%	Open →

Gap to buy and hold: behind ahead Option prices before Feb 2024 are modelled from implied volatility; from Feb 2024 on they are real quotes. Hypothetical results, not advice: how they are made.

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