Bull, Bear, Smile

Long, Short, or Delta Neutral

Bull

Bet on a volatile upward price movement.

• Long gamma (volatility).

• Long delta (price).

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Bear

Bet on a volatile downward price movement.

• Long gamma (volatility).

• Short delta (price).

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Smile

Bet on a volatility regardless of the price direction.

• Long gamma (volatility).

• Delta neutral (price).