# 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.grix.finance/grix/educational-resources/basic-options-strategies.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.