Variable strategies provide variable return at the same or faster rate than owning the underlier outright in exchange for a cap at the ceiling price. Start to lose only if the underlier price drops below a cushion price.

You may choose a variable strategy if you believe that the underlying stock has the potential to go up, but are unsure about when to enter the position. The cushion provides a margin of safety against unforeseen dips in the underlying stock price.

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