Buy a Call (ATM) and sell a higher strike Call (OTM). Limited profit, but reduced cost. (Debit)

Sell a Put (ATM) and buy a lower strike Put (OTM). Profit from upward or sideways movement. (Credit)

Bullish/Protection Strategy. Buy the Asset + Buy Put (Protective Put). Limited loss, unlimited gain.

Bullish/Income Strategy. Buy the Asset + Sell Call (Covered Write). Generate income and reduce average cost.

Bullish/Income strategy. Sale of a Put with the strike value set aside in cash: collects the premium and, if assigned, buys the asset at the strike.

Buy a Put (ATM) and sell a lower strike Put (OTM). Protection against a drop at a lower cost. (Debit)

Sell a Call (ATM) and buy a higher strike Call (OTM). Profit from downward or sideways movement. (Credit)

Hedge Strategy. Buy the Asset + Buy Put (floor) + Sell Call (ceiling). Protection at reduced cost (Zero Cost Collar).

Horizontal Spread. Sell a short-dated Call and buy a longer-dated Call (same strike). Profit from time decay (Theta).

Sell Volatility. Bear Call Spread + Bull Put Spread. Profit if the asset stays sideways.

Bet on stability. Buy 1 Call A, Sell 2 Calls B, Buy 1 Call C (A < B < C equidistant). Max profit at middle strike (B).

Sell OTM Put + Sell OTM Call. Wider safety margin than Straddle (profit range). Unlimited Risk.

Buy a Call and Put at the same Strike (ATM). Profit from large movement in either direction.

Buy an OTM Call and OTM Put. Cheaper than Straddle, but requires even larger movement.