Why chain options

A naked short call locks 100% of the underlying. A bull call spread (long one call, short a higher-strike call) caps your downside AND releases most of the collateral — Forge chains the two legs into a single vault position and releases the freed collateral back to you.

What Forge recognizes

Forge classifies a chain into one of several strategies:

• ▸Debit call spread (long call + short higher call, same expiry) — protective, 95% collateral freed.
• ▸Bull put spread (short put + long lower put, same expiry) — credit, frees collateral minus max loss.
• ▸Bear call spread (short call + long higher call, same expiry) — credit, frees collateral minus max loss.
• ▸Debit put spread (long put + short lower put, same expiry) — protective, 95% collateral freed.
• ▸Calendar spread (same strike, different expiry) — calendar debit/credit depending on legs.
• ▸Diagonal spread (different strike, different expiry) — hybrid of vertical + calendar.

How to build one

From the Options page Write tab, toggle Forge to expose the cover-option dropdown. Select an option you already hold or write as cover. The form previews the collateral saved and max loss before you sign.