Option Strategies with Negative Delta

This is a list of option strategies which have negative delta (they generally profit when underlying price goes down):

• Bear Call Spread (also Short Call Spread, Credit Call Spread)
• Bear Put Spread (also Long Put Spread, Debit Put Spread)
• Covered Put
• Long Put
• Protective Call (also Married Call)
• Short Call (also Naked Call, Uncovered Call)
• Short Combo
• Strip
• Synthetic Covered Put
• Synthetic Long Put (also Synthetic Put)
• Synthetic Short Call
• Synthetic Short Stock (also Synthetic Short)

See also option strategies with positive delta and delta neutral strategies.