Trading plan
Options Trading Plan: Rules, Risk, and Reviews
Options add dimensions stocks do not have — expiry, implied volatility, defined versus undefined risk. A plan keeps those moving parts from turning every trade into a one-off decision.
Start free — no cardWhy it matters
Why options demand a tighter plan
With options, the same directional view can be expressed a dozen ways, each with different risk, time decay, and volatility exposure. Without a plan, it is easy to drift into structures you do not fully understand or risk you did not mean to take.
An options plan fixes which strategies you trade and how you size them, so the decision at trade time is "does this fit my plan," not "which of these ten structures should I improvise today."
Components
What an options trading plan includes
Strategies you trade
The specific structures — verticals, spreads, single legs — you actually use, and when.
Defined vs. undefined risk
Your rule for when undefined-risk trades are allowed, if ever.
Expiry and time rules
How close to expiry you trade and how you handle theta decay.
Position sizing
Risk per trade in dollars at risk, not contract count.
Exit and adjustment rules
When you close, roll, or take assignment — decided in advance.
Example
An illustrative options plan
For example: trade only defined-risk vertical spreads; risk a fixed amount per position; avoid the final days into expiry; close at a set profit percentage or a defined loss; no undefined-risk trades.
Because each rule is concrete, you can grade yourself honestly afterward — did I stay defined-risk, did I respect the expiry rule, did I size right. That is what the review checks.
In Mettle
How to use this plan in Mettle
- 1
Write each setup as a play
Turn the plan into named plays with their rules, so every trade has something to be measured against.
- 2
Log trades against the play
Tag each trade to its play and record what actually happened, including deviations.
- 3
Review adherence weekly
Let the weekly review reflect how often you followed the plan and how those trades scored, so the plan stays enforced by feedback rather than willpower.
FAQ
Does Mettle build the plan or trade it for me?
No. Mettle does not generate plans, signal entries, or place trades — it is a journal and review tool. You write the plan; Mettle helps you turn it into plays, log trades against it, and review whether you actually followed it.
Are the scores objective or self-reported?
Self-reported, by design. No software can see whether you hesitated, chased, or broke your own rule — only you can. Mettle structures that self-report so it is fast, honest, and comparable week to week, and keeps its analysis grounded in what you actually logged.
Is Mettle free to start?
Yes. You get full access free for 14 days with no card. We only ask for a card once you have reviewed three sessions, after the product has earned a place in your routine.
Bring rules to your options
Write your options strategies as plays with defined risk, then log and review whether you followed them. Free to start, no card.
Start free — no cardMore on trading plans