{"slug":"series-7-options-chart","title":"Series 7 Options Cheat Sheet & Chart: Gain, Loss, Breakeven","description":"All 16 Series 7 and SIE options positions: max gain, max loss, breakeven, worked examples, payoff diagrams, a calculator and 4 exam questions solved. Free PDF.","updated":"2026-09-15","url":"https://www.everyexamprep.com/reports/series-7-options-chart","license":"Free to reuse and cite with attribution to Every Exam Prep and a link to the report URL.","columns":[{"name":"position","description":"Position"},{"name":"built_from","description":"Built from"},{"name":"market_attitude","description":"Market attitude"},{"name":"maximum_gain","description":"Maximum gain"},{"name":"maximum_loss","description":"Maximum loss"},{"name":"breakeven","description":"Breakeven"},{"name":"worked_example","description":"Worked example"},{"name":"note","description":"Note"},{"name":"source","description":"The publisher page this row was verified against."}],"rows":[{"position":"Long call","built_from":"Buy a call","market_attitude":"Bullish","maximum_gain":"Unlimited","maximum_loss":"premium","breakeven":"strike + premium","worked_example":"strike $50, premium $3: gain Unlimited, loss $3, breakeven $53 (per share)","note":"One option. Rights, not obligations. The most a buyer can lose is the premium.","source":""},{"position":"Long put","built_from":"Buy a put","market_attitude":"Bearish","maximum_gain":"strike − premium","maximum_loss":"premium","breakeven":"strike − premium","worked_example":"strike $50, premium $3: gain $47, loss $3, breakeven $47 (per share)","note":"One option. Gain is capped because the stock cannot fall below zero.","source":""},{"position":"Short (uncovered) call","built_from":"Sell a call, no stock owned","market_attitude":"Bearish or neutral","maximum_gain":"premium","maximum_loss":"Unlimited","breakeven":"strike + premium","worked_example":"strike $50, premium $3: gain $3, loss Unlimited, breakeven $53 (per share)","note":"One option. The riskiest position on the chart: the stock has no ceiling.","source":""},{"position":"Short (uncovered) put","built_from":"Sell a put","market_attitude":"Bullish or neutral","maximum_gain":"premium","maximum_loss":"strike − premium","breakeven":"strike − premium","worked_example":"strike $50, premium $3: gain $3, loss $47, breakeven $47 (per share)","note":"One option. Loss is large but finite: the writer may have to buy stock at the strike that is now worth zero.","source":""},{"position":"Covered call","built_from":"Own the stock, sell a call","market_attitude":"Neutral to mildly bullish (income)","maximum_gain":"(strike − stock cost) + premium","maximum_loss":"stock cost − premium","breakeven":"stock cost − premium","worked_example":"stock cost $48, strike $50, premium $3: gain $5, loss $45, breakeven $45 (per share)","note":"Stock plus one option. The call caps the upside at the strike; the premium lowers the cost basis.","source":""},{"position":"Protective put","built_from":"Own the stock, buy a put","market_attitude":"Bullish, with insurance","maximum_gain":"Unlimited","maximum_loss":"(stock cost − strike) + premium","breakeven":"stock cost + premium","worked_example":"stock cost $52, strike $50, premium $2: gain Unlimited, loss $4, breakeven $54 (per share)","note":"Stock plus one option. The put is a floor under the stock; the premium is the cost of the floor.","source":""},{"position":"Covered put","built_from":"Short the stock, sell a put","market_attitude":"Neutral to mildly bearish (income)","maximum_gain":"(short sale price − strike) + premium","maximum_loss":"Unlimited","breakeven":"short sale price + premium","worked_example":"short sale price $52, strike $50, premium $2: gain $4, loss Unlimited, breakeven $54 (per share)","note":"Stock plus one option. The short stock has unlimited risk and the short put does not hedge it.","source":""},{"position":"Protective call","built_from":"Short the stock, buy a call","market_attitude":"Bearish, with insurance","maximum_gain":"short sale price − premium","maximum_loss":"(strike − short sale price) + premium","breakeven":"short sale price − premium","worked_example":"short sale price $48, strike $50, premium $2: gain $46, loss $4, breakeven $46 (per share)","note":"Stock plus one option. The call caps the short seller's loss at the strike.","source":""},{"position":"Bull call spread (debit)","built_from":"Buy the lower-strike call, sell the higher-strike call","market_attitude":"Moderately bullish — debit spread; wants it to widen, hopes the options exercise","maximum_gain":"(higher strike − lower strike) − net debit","maximum_loss":"net debit","breakeven":"lower strike + net debit","worked_example":"lower strike $50, higher strike $55, premium paid $4, premium received $2, net debit $2: gain $3, loss $2, breakeven $52 (per share)","note":"Vertical spreads. Call spreads break even at the lower strike plus the net premium.","source":""},{"position":"Bear call spread (credit)","built_from":"Sell the lower-strike call, buy the higher-strike call","market_attitude":"Moderately bearish — credit spread; wants it to narrow, hopes the options expire","maximum_gain":"net credit","maximum_loss":"(higher strike − lower strike) − net credit","breakeven":"lower strike + net credit","worked_example":"lower strike $50, higher strike $55, premium received $4, premium paid $2, net credit $2: gain $2, loss $3, breakeven $52 (per share)","note":"Vertical spreads. A credit spread earns the net premium if both options expire worthless.","source":""},{"position":"Bull put spread (credit)","built_from":"Sell the higher-strike put, buy the lower-strike put","market_attitude":"Moderately bullish — credit spread; wants it to narrow, hopes the options expire","maximum_gain":"net credit","maximum_loss":"(higher strike − lower strike) − net credit","breakeven":"higher strike − net credit","worked_example":"lower strike $50, higher strike $55, premium paid $1.50, premium received $3.50, net credit $2: gain $2, loss $3, breakeven $53 (per share)","note":"Vertical spreads. Put spreads break even at the higher strike minus the net premium.","source":""},{"position":"Bear put spread (debit)","built_from":"Buy the higher-strike put, sell the lower-strike put","market_attitude":"Moderately bearish — debit spread; wants it to widen, hopes the options exercise","maximum_gain":"(higher strike − lower strike) − net debit","maximum_loss":"net debit","breakeven":"higher strike − net debit","worked_example":"lower strike $50, higher strike $55, premium received $1.50, premium paid $3.50, net debit $2: gain $3, loss $2, breakeven $53 (per share)","note":"Vertical spreads. A debit spread pays off when both options finish in the money.","source":""},{"position":"Long straddle","built_from":"Buy a call and a put, same strike and expiration","market_attitude":"Expects a big move, either direction","maximum_gain":"Unlimited","maximum_loss":"total premium","breakeven":"strike + total premium; strike − total premium","worked_example":"strike $50, call premium $3, put premium $2, total premium $5: gain Unlimited, loss $5, breakeven $45 and $55 (per share)","note":"Straddles and combinations. Two breakevens: the strike plus and minus the total premium paid.","source":""},{"position":"Short straddle","built_from":"Sell a call and a put, same strike and expiration","market_attitude":"Expects the stock to stay put","maximum_gain":"total premium","maximum_loss":"Unlimited","breakeven":"strike + total premium; strike − total premium","worked_example":"strike $50, call premium $3, put premium $2, total premium $5: gain $5, loss Unlimited, breakeven $45 and $55 (per share)","note":"Straddles and combinations. Profit only between the two breakevens; the short call makes the upside risk unlimited.","source":""},{"position":"Long combination (strangle)","built_from":"Buy a call and a put with different strikes or expirations","market_attitude":"Expects a big move, either direction","maximum_gain":"Unlimited","maximum_loss":"total premium","breakeven":"call strike + total premium; put strike − total premium","worked_example":"call strike $55, put strike $45, call premium $2, put premium $2, total premium $4: gain Unlimited, loss $4, breakeven $41 and $59 (per share)","note":"Straddles and combinations. Cheaper than a straddle because both options are out of the money; the stock must move further.","source":""},{"position":"Short combination (strangle)","built_from":"Sell a call and a put with different strikes or expirations","market_attitude":"Expects the stock to stay in a range","maximum_gain":"total premium","maximum_loss":"Unlimited","breakeven":"call strike + total premium; put strike − total premium","worked_example":"call strike $55, put strike $45, call premium $2, put premium $2, total premium $4: gain $4, loss Unlimited, breakeven $41 and $59 (per share)","note":"Straddles and combinations. Keeps the whole premium if the stock finishes between the strikes.","source":""}]}