Some option strategies

1. Bull call spread (bull) (vertical spread)
long call at lower strike price, short call at higher striker price.
2. Bear put spread (bear)
long put at higher strike price, short put at lower strike price.
3. Long butterfly (neutral, time erosion helps)
long lower strke call, short two calls at central strike combined with long call at equidistant higher strike price. Options should have same expiration.
Need to pinpoint the strike price at which equity will settle at expiration.
4. short butterfly
bullish on the increasing volatility. It requires the price of the underlying instrument moves in either direction and away from the central strike price chosen in the combination.
5. long condor(neutral, time erosion helps, volatility view decrease)
combine credit put spread and credit call spread using four strike prices. Buy put at lower strike, sell put at higher strike. Sell call at higher strike and buy call at highest strike price. Options should have same expiration.
6. short condor
7. Long straddle ( volatility increase, time erosion hurts)
Direction of the price movement is not important. Need an increase in either volatility or in the move of the price of underlying equity. Long straddle at equity's support or resistance.
Buy same strike call and put with same expiration.
8. short straddle
9. Long strangle ( volatility increase, time erosion hurts)
It is a less costly alternative to the long straddle. Need to have a larger movement in the price of underlying equity to breach the rquired payoff parameters.
buy lower strike put and higher strike call of same expiration
10. Short strangle
11. Ratio call spread (bull)
buy call option. sell multiple call options at higher strike price.
12. Ratio put spread (bear)
13. Collar (neutral/mildly bullish, time erosion helps)
similar to bull call spread.
long equity, long put option at lower strike price and short call option at higher strike price. Options should have same expiration.
14. Reversal
arbitrage opportunity.
15. Conversion.
arbitrage opportunity. Long equity, short call option and long put option with the same strike and expiration.
16. Long calendar spread (volatility decrease, time erosion helps)
short front month call(put), long back month call(put) with the same strike price. Benefit from the time decay of the front month options. Optimal profit occurs when the market price is at the strike price at expiration.
17. short calender spread.
volatility increase in front month, decrease in back month. Optimal profit occurs when the market price move away from the strike price at expiration.