# Ladders

## **Call Ladder**

<figure><img src="/files/kNZRCcZotoUGiz9Kie0v" alt="" width="356"><figcaption></figcaption></figure>

A long call ladder consists of buying a call at one strike and selling 2 calls at each of two higher strikes. &#x20;

User earns premium to enter the trade but posts collateral; ( collateral requirement can get mitigated by entering into a long farther out of the money call option; a call condor ).

## **Put Ladder**

<figure><img src="/files/swJLKP66nEhz988sVCAt" alt="" width="353"><figcaption></figcaption></figure>

A long put ladder consists of buying a put at one strike and selling 2 put at each of two lower strikes. &#x20;

User earns premium to enter the trade but posts collateral; ( collateral requirement can get mitigated by entering into a long farther out of the money put option; a put condor ).


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