> For the complete documentation index, see [llms.txt](https://docs.ithacaprotocol.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ithacaprotocol.io/docs/ithaca-app/trading/dynamic-option-strategies/ladders.md).

# 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 ).