# Basic Options Strategies

#### Long Strangle

Similar to a long straddle, a long strangle involves purchasing a call option and a put option, but with different strike prices, to take advantage of a wider range of potential price movements.

#### Butterfly Spread

A neutral options strategy that combines long and short positions on multiple options with the same expiration date. It aims to profit from minimal price movement around a specific strike price.

#### Iron Condor

An options strategy involving four different strike prices. It combines a bull put spread and a bear call spread to profit from limited price movement within a specific range.

#### Calendar Spread

A strategy that involves buying and selling options with the same strike price but different expiration dates, aiming to benefit from time decay and changes in implied volatility.

#### Ratio Spread

A strategy that involves buying a certain number of options contracts and simultaneously selling a different number of options contracts to create a desired risk and reward profile.

#### Collar

A protective strategy that combines owning the underlying asset, selling a call option, and purchasing a put option to limit downside risk while capping potential gains.

#### Diagonal Spread

A strategy that combines options with different strike prices and expiration dates to create a desired risk and reward profile.

#### Synthetic Long

A position created by combining a long call option with a short put option, replicating the risk and reward profile of owning the underlying asset.

#### Synthetic Short

A position created by combining a short call option with a long put option, replicating the risk and reward profile of a short position in the underlying asset.

#### Box Spread

A strategy that involves buying a bull call spread and a bear put spread with the same strike prices to lock in a risk-free profit if the options are priced correctly.

#### Straddle Strangle Swap

A strategy that combines a long straddle with a short strangle by selling additional options with different strike prices to offset the cost of the long straddle.

#### Ratio Call Spread

A strategy that involves buying a certain number of call options and simultaneously selling a different number of call options to create a desired risk and reward profile.

#### Iron Butterfly

An options strategy that combines a bull put spread and a bear call spread to profit from minimal price movement within a specific range, while limiting both potential gains and losses.