Summary: Today, we will compare long deep in-the-money Puts to short out-of-the-money [Calls](https://www.tastytrade.com/tt/learn/naked-options) and short out-of-the-money [Puts](https://www.tastytrade.com/tt/learn/naked-options). ### Study * SPY, 2005-2016 * Buying 80 [Delta](https://www.tastytrade.com/tt/learn/delta) Puts * Selling 30 Delta Puts * Selling 30 Delta Calls * All held to [expiration](https://www.tastytrade.com/tt/learn/expiration) * Compared: * When SPY increased from entry to expiration * When SPY decreased from entry to expiration ###Results * Long Puts are only profitable on large down moves * When looking at all occurrences, both short calls and short puts have high success rates and net positive results, especially when combined. * This study did not take into account managing at 50%, which would likely improve short Puts and short Calls results. Check out the segment as Beef, Bat and Pete discuss their most important takeaways from the study.
