Sell OTM strangle, buy wider-wing protection. Range-bound, high-probability income.

Sell ATM straddle, buy OTM wings. Higher credit than Iron Condor with tighter range.

Buy ATM call + put. Profits from large moves either way; needs big breakout.

Sell ATM call + put. Collects max premium; unlimited risk if spot moves far.

Buy OTM call + put. Cheaper than straddle but needs a larger move to profit.

Buy ATM call, sell OTM call. Defined risk bullish view at lower cost than naked call.

Buy ATM put, sell OTM put. Defined risk bearish view at reduced debit.

1-2-1 spread: buy wings, sell 2x ATM. Max profit at ATM on expiry.

Asymmetric butterfly. Skewed payoff—often structured for a small net credit.

Sell near-dated ATM, buy far-dated ATM. Profits from theta + IV expansion in back month.

Long deep-ITM call (proxy for underlying) + short OTM call. Defined income strategy.

Long underlying (via deep-ITM call) + OTM put hedge. Insures against sharp downside.