Option Strategies with Negative Vega

The following is a list of option strategies with negative vega:

• Bear Put Ladder (also Long Put Ladder)
• Bull Call Ladder (also Long Call Ladder)
• Call Ratio Spread (also Ratio Call Spread, Bull Ratio Spread)
• Covered Call
• Covered Put
• Covered Short Straddle
• Covered Short Strangle
• 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 Calendar Call Spread
• Short Calendar Put Spread
• Short Call (also Naked Call, Uncovered Call)
• Short Call Synthetic Straddle
• Short Call Synthetic Strangle
• Short Diagonal Call Spread
• Short Diagonal Put Spread
• Short Guts
• Short Put (also Naked Put, Uncovered Put)
• Short Put Synthetic Straddle
• Short Put Synthetic Strangle
• Short Straddle
• Short Strangle
• Synthetic Covered Call
• Synthetic Covered Put
• Synthetic Covered Strangle
• Synthetic Short Call
• Synthetic Short Put

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

Vega is one of option Greeks, which measures how the value of an option (or a combination of options) changes when implied volatility increases. Positive vega means that the position gains value with rising volatility, while negative vega means it loses.