This is a list of non-directional option strategies, which profit from sideways market when underlying price does not move much to either side:
- Bear Put Ladder (also Long Put Ladder)
- Bull Call Ladder (also Long Call Ladder)
- Call Ratio Spread (also Ratio Call Spread, Bull Ratio Spread)
- Iron Butterfly
- Iron Condor
- Long Call Butterfly
- Long Call Condor
- Long Put Butterfly
- Long Put Condor
- Put Ratio Spread (also Ratio Put Spread, Bear Ratio Spread)
- Short Guts
- Short Straddle
- Short Strangle
The strategies in the above list generally have no directional preference – they should be traded when you expect the market to go sideways, with no big moves either up or down. The list does not include strategies with are technically also short volatility (have negative vega), but have significant directional bias (profit when underlying price goes to one side, and lose when it goes to the other side) – such as a short call or short put).
The opposite (often the actual inverse position) of non-directional strategies are long volatility strategies, which profit when underlying price makes a big move to either side.